Document:

Exhibit 4.2

 

 

LAMB WESTON HOLDINGS, INC.,

as Issuer

 

4.375% Senior Notes due 2032

 

 

 

INDENTURE

 

Dated as of November 8, 2021

 

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I
 
 Definitions and Incorporation by Reference
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	17
	SECTION 1.03.	[Reserved]	17
	SECTION 1.04.	Rules of Construction	17
	SECTION 1.05.	Limited Condition Acquisitions	18
	 	 	 
	ARTICLE II
 
 The Notes
	 	 	 
	SECTION 2.01.	Amount of Notes	19
	SECTION 2.02.	Form and Dating	19
	SECTION 2.03.	Execution and Authentication	20
	SECTION 2.04.	Registrar and Paying Agent	20
	SECTION 2.05.	Paying Agent To Hold Money in Trust	21
	SECTION 2.06.	Holder Lists	21
	SECTION 2.07.	Transfer and Exchange	21
	SECTION 2.08.	Replacement Notes	30
	SECTION 2.09.	Outstanding Notes	30
	SECTION 2.10.	Cancellation	30
	SECTION 2.11.	Defaulted Interest	31
	SECTION 2.12.	CUSIP, ISIN or Common Code Numbers	31
	SECTION 2.13.	Calculation of Principal Amount of Notes	31
	 	 	 
	ARTICLE III
 
 Redemption
	 	 	 
	SECTION 3.01.	Notices to Trustee	31
	SECTION 3.02.	Selection of Notes To Be Redeemed	31
	SECTION 3.03.	Notice of Redemption	32
	SECTION 3.04.	Effect of Notice of Redemption	33
	SECTION 3.05.	Deposit of Redemption Price	33
	SECTION 3.06.	Notes Redeemed in Part	33
	 	 	 
	ARTICLE IV
 
 Covenants
	 	 	 
	SECTION 4.01.	[Reserved]	33
	SECTION 4.02.	Payment of Notes	33
	SECTION 4.03.	SEC Reports	33
	SECTION 4.04.	[Reserved]	34
	SECTION 4.05.	[Reserved]	34
	SECTION 4.06.	Limitation on Liens	34
	SECTION 4.07.	[Reserved]	34
	SECTION 4.08.	[Reserved]	34

 

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	SECTION 4.09.	[Reserved]	34
	SECTION 4.10.	[Reserved]	34
	SECTION 4.11.	[Reserved]	34
	SECTION 4.12.	Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event	35
	SECTION 4.13.	[Reserved]	36
	SECTION 4.14.	Limitation on Guarantees of Debt by Subsidiaries	36
	 	 	 
	ARTICLE V
 
 Successor Company
	 	 	 
	SECTION 5.01.	When Company May Merge or Transfer Assets	36
	 	 	 
	ARTICLE VI
 
 Defaults and Remedies
	 	 	 
	SECTION 6.01.	Events of Default	38
	SECTION 6.02.	Acceleration	39
	SECTION 6.03.	Other Remedies	39
	SECTION 6.04.	Waiver of Past Defaults	40
	SECTION 6.05.	Control by Majority	40
	SECTION 6.06.	Limitation on Suits	40
	SECTION 6.07.	Rights of Holders to Receive Payment	40
	SECTION 6.08.	Collection Suit by Trustee	40
	SECTION 6.09.	Trustee May File Proofs of Claim	41
	SECTION 6.10.	Priorities	41
	SECTION 6.11.	Undertaking for Costs	41
	SECTION 6.12.	Waiver of Stay or Extension Laws	41
	 	 	 
	ARTICLE VII
 
 Trustee
	 	 	 
	SECTION 7.01.	Duties of Trustee	41
	SECTION 7.02.	Rights of Trustee	42
	SECTION 7.03.	Individual Rights of Trustee	43
	SECTION 7.04.	Trustee’s Disclaimer	44
	SECTION 7.05.	Notice of Defaults	44
	SECTION 7.06.	[Reserved]	44
	SECTION 7.07.	Compensation and Indemnity	44
	SECTION 7.08.	Replacement of Trustee	45
	SECTION 7.09.	Successor Trustee by Merger	45
	SECTION 7.10.	Eligibility; Disqualification	45
	SECTION 7.11.	Preferential Collection of Claims Against Company	45
	 	 	 
	ARTICLE VIII
 
 Discharge of Indenture; Defeasance
	 	 	 
	SECTION 8.01.	Discharge of Liability on Notes; Defeasance	46
	SECTION 8.02.	Conditions to Defeasance	47
	SECTION 8.03.	Application of Trust Money	47
	SECTION 8.04.	Repayment to Company	48
	SECTION 8.05.	Indemnity for U.S. Government Obligations	48
	SECTION 8.06.	Reinstatement	48

 

 

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	ARTICLE IX
 
 Amendments
	 	 	 
	SECTION 9.01.	Without Consent of Holders	48
	SECTION 9.02.	With Consent of Holders	49
	SECTION 9.03.	[Reserved]	50
	SECTION 9.04.	Revocation and Effect of Consents and Waivers	50
	SECTION 9.05.	Notation on or Exchange of Notes	50
	SECTION 9.06.	Trustee To Sign Amendments	50
	SECTION 9.07.	Additional Voting Terms; Calculation of Principal Amount	50
	 	 	 
	ARTICLE X
 
 Guarantee
	 	 	 
	SECTION 10.01.	Guarantee of Notes	50
	SECTION 10.02.	Limitation on Liability	52
	SECTION 10.03.	Successors and Assigns	53
	SECTION 10.04.	No Waiver	53
	SECTION 10.05.	Modification	53
	SECTION 10.06.	Execution of Supplemental Indenture for Future Guarantors	53
	SECTION 10.07.	Non-Impairment	53
	 	 	 
	ARTICLE XI
 
 Miscellaneous
	 	 
	SECTION 11.01.	[Reserved]	53
	SECTION 11.02.	Notices	53
	SECTION 11.03.	Communication by Holders with Other Holders	54
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	54
	SECTION 11.05.	Statements Required in Certificate or Opinion	54
	SECTION 11.06.	Annual Officer’s Certificate as to Compliance	54
	SECTION 11.07.	When Notes Disregarded	55
	SECTION 11.08.	Rules by Trustee, Paying Agents and Registrar	55
	SECTION 11.09.	Legal Holidays	55
	SECTION 11.10.	Governing Law; Jury Trial Waiver	55
	SECTION 11.11.	No Recourse Against Others	55
	SECTION 11.12.	Successors	55
	SECTION 11.13.	Multiple Originals; Electronic Signature	55
	SECTION 11.14.	Table of Contents; Headings	56
	SECTION 11.15.	Force Majeure	56
	SECTION 11.16.	U.S.A. Patriot Act	56

 

EXHIBIT INDEX

 

	Exhibit A	-	Form of Initial Note
	Exhibit B	-	Form of Certificate of Transfer
	Exhibit C	-	Form of Certificate of Exchange
	Exhibit D	-	Form of Supplemental Indenture

 

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INDENTURE dated as of November 8, 2021 among LAMB
WESTON HOLDINGS, INC., a Delaware corporation (the “Company”), the Guarantors (as defined herein) party hereto from time to
time and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association organized under the laws of the United States of America, as
Trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the Holders of (i) $700,000,000 aggregate principal amount of the Company’s
4.375% Senior Notes due 2032 issued on the date hereof (the “Initial Notes”) and (ii) Additional Notes issued from time to
time (together with the Initial Notes, the “Notes”):

 

ARTICLE I

Definitions and Incorporation by Reference

 

SECTION 1.01.              
Definitions.

 

“2028 Notes” means the Company’s
4.875% Senior Notes due 2028 outstanding on the Issue Date that were issued pursuant to the 2028 Notes Indenture.

 

“2028 Notes Indenture” means that certain
Indenture, dated as of May 12, 2020, by and among the Company, the guarantors party thereto and Wells Fargo Bank, National Association,
as trustee, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“2030 Notes” means the Company’s
4.125% Senior Notes due 2030 outstanding on the Issue Date that were issued pursuant to the 2030 Notes Indenture.

 

“2030 Notes Indenture” means that certain
Indenture, dated as of November 8, 2021, by and among the Company, the guarantors party thereto and Computershare Trust Company, N.A.,
as trustee, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof,
relating to the issuance of the 2030 Notes.

 

“Additional Notes” means Notes issued
under the terms of this Indenture subsequent to the Issue Date, it being understood that any Notes issued in exchange for or replacement
of any Initial Note shall not be an Additional Note.

 

“Affiliate” means, with respect to
a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common Control with the Person specified.

 

“Applicable Premium” means with respect
to any Note on any redemption date, the greater of:

 

(1)               
1.0% of the principal amount of such Note; and

 

(2)               
the excess, if any, of:

 

(A)              
the present value at such redemption date of (i) the principal amount of such Note plus (ii) all scheduled remaining interest payments
due on such Note through January 31, 2027 (excluding accrued but unpaid interest to, but excluding, the redemption date), computed using
a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

(B)              
the principal amount of such Note.

 

“Applicable Procedures” means, with
respect to any payment, tender, redemption, transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures
of the Depositary, Euroclear and/or Clearstream that apply to such payment, tender, redemption, transfer or exchange.

 

     

     

    

 

“Attributable Debt” means, with respect
to any Sale and Leaseback Transaction, (i) with respect to any such lease that creates a Financing Lease Obligation, the Financing Lease
Obligation thereunder and (ii) with respect to any lease that does not result in a Financing Lease Obligation, the principal amount of
the Financing Lease Obligation that would result if such lease was treated as a Financing Lease Obligation (assuming an interest rate
for such lease equal to the interest rate applicable to the Notes).

 

“Attributed Principal Amount” means,
on any day, with respect to any Permitted Receivables Financing entered into by the Company or any Subsidiary, the aggregate amount (with
respect to any such transaction, the “Invested Amount”) paid to, or borrowed by, such Person as of such date under such Permitted
Receivables Financing, minus the aggregate amount received by the applicable Receivables Financier and applied to the reduction of the
Invested Amount under such Permitted Receivables Financing.

 

“Authentication Agent” means an institution,
reasonably acceptable to the Company, appointed by the Trustee to authenticate the Notes.

 

“Bankruptcy Law” means Title 11, United
States Code, or any similar Federal or state law for the relief of debtors.

 

“Board of Directors” means the Board
of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors.

 

“Business Day” means each day that
is not a Legal Holiday.

 

“Cash Equivalents” means:

 

(a)                
direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
(or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing
within one year from the date of acquisition thereof;

 

(b)               
investments in (1) commercial paper and variable or fixed rate notes issued by (A) any domestic commercial bank of recognized standing
having capital and surplus in excess of $250,000,000 or (B) any bank whose short-term commercial paper rating from S&P is at least
A-1 or from Moody’s is at least P-1 (any such bank described in this clause (b) being an “Approved Bank”) (or by the
parent company thereof) or (2) any commercial paper or variable rate notes issued by, or guaranteed by any domestic corporation rated
A-1 or better by S&P or P-1 or better by Moody’s, and in each case maturing within 270 days from the date of acquisition thereof;

 

(c)                
investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office
of any Approved Bank;

 

(d)               
repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a
financial institution satisfying the criteria described in clause (b) above;

 

(e)                
money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii)
are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and

 

(f)                 
other investments made for cash management purposes in any jurisdiction outside the United States where the Company or its Subsidiaries
conduct business that are classified as “cash equivalents” in accordance with GAAP.

 

“Change of Control” means the occurrence
of any of the following:

 

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(1)       any
 “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act except that a person will be deemed to be the beneficial owner of any
Equity Interests of the Company such person has the right to acquire, whether that right is exercisable immediately or only after the
passage of time), directly or indirectly (including as a result of a merger or consolidation of the Company), of more than 50% of the
voting power of the Equity Interests of the Company entitled to vote for members of the Board of Directors on a fully diluted basis;

 

(2)       the
sale, lease or transfer (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person other than the Company or a Subsidiary; or

 

(3)       the
shareholders of the Company shall have approved any plan of liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a Person shall not
be deemed to have beneficial ownership of Equity Interests subject to a stock purchase agreement, merger agreement or similar agreement
until the consummation of the transactions contemplated by such agreement unless such Person has the right to vote or direct the voting
of such Equity Interests.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event; provided, that no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

“Clearstream” means Clearstream Banking,
Société Anonyme or any successor securities clearing agency.

 

“Code” means the Internal Revenue Code
of 1986, as amended.

 

“Company” means the party named as
such in this Indenture until a successor replaces it pursuant to the applicable provisions hereof and, thereafter, means the successor.

 

“Consolidated EBITDA” means, for any
period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to:

 

(a)                
Consolidated Net Income for such period, plus

 

(b)                other
than with respect to clause (iv) below, an amount which, in the determination of Consolidated Net Income for such period, has been
deducted for, without duplication: (i) Consolidated Interest Expense, (ii) provision for taxes based on income, profits or capital
of the Company and its Subsidiaries, including, without limitation, federal, state, franchise, excise and similar taxes and foreign
withholding taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax
examinations, (iii) depreciation and amortization expense and all other non-cash charges (including impairment charges), expenses or
losses (except for any such expense that (x) requires accrual of a reserve for anticipated future cash payments for any period or
(y) represents a write-down of current assets), (iv) (1) pro forma costs savings permitted to be reflected in pro forma financial
statements prepared in accordance with Regulation S-X of the Exchange Act and (2) the amount of pro forma cost savings, operating
expense reductions and synergies (collectively, “Cost Savings”) that are reasonably expected by the Company to result
over the next succeeding four fiscal quarter period (calculated as though such Cost Savings had been realized on the first day of
such period) as a result of, or in connection with, actions (including any acquisition or disposition of a Subsidiary or line of
business, in each case, outside the ordinary course of business) consummated during such period or expected to be taken within
twelve months, provided that (A) such Cost Savings are reasonably identifiable, quantifiable and factually supportable, (B)
the aggregate amount of such Cost Savings added pursuant to this clause (iv)(2) during such period shall not exceed an amount equal
to 25.0% of Consolidated EBITDA for such period (calculated without giving effect to any amounts added back pursuant to this clause
(iv)(2)) and (C) such pro forma Cost Savings shall only be added back for quarters ending on or prior to the last day of the fourth
full fiscal quarter following the applicable action, and in each case described in this clause (iv), no Cost Savings shall be added
pursuant to this clause (iv) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether
through a pro forma adjustment or otherwise, for such period, (v) non-recurring, extraordinary or unusual cash charges, expenses or
losses, (vi) any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but
excluding ongoing royalty payments) made in connection with any acquisition of a Subsidiary or line of business outside the ordinary
course of business, (vii) the amount of write-offs or amortization of deferred financing fees, commissions, fees and expenses
(including any write-offs or amortization of fees and expenses related to Permitted Receivables Financings), (viii) losses from
foreign exchange translation adjustments or Swap Contracts during such period, (ix) losses associated with discontinued operations
(but only after such operations are no longer owned or operated by the Company or a Subsidiary), (x) acquisition integration costs
and fees, including cash severance payments made in connection with acquisitions, (xi) any costs or expenses incurred pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock
subscription or stockholders agreement to the extent that such costs or expenses are funded with cash proceeds contributed to the
capital of the Company or net cash proceeds of issuance of Equity Interests of the Company, and (xii) the fees and expenses paid to
third parties during such period that directly arise out of and are incurred in connection with any acquisition, investment, asset
disposition, issuance or repayment of debt, issuance of Equity Interests, refinancing transaction or amendment or other modification
of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction
undertaken but not completed, and including transaction expenses incurred in connection therewith) or early extinguishment of Debt
to the extent such items were subject to capitalization prior to the effectiveness of Financial Accounting Standards Board Statement
No. 141R, “Business Combinations,” but are required under such statement to be expensed currently, minus

 

(c)                
the following to the extent included in the determination of Consolidated Net Income for such period, without duplication: (i)
non-cash credits, income or gains, including non-cash gains from foreign exchange translation adjustments or Swap Contracts during such
period (but excluding any non-cash credits, income or gains that represent an accrual in the ordinary course), (ii) any extraordinary
or unusual income or gains (including amounts received on early terminations of Swap Contracts), (iii) any federal, state, local and foreign
income tax credits and (iv) income associated with discontinued operations (but only after such operations are no longer owned or operated
by the Company or a Subsidiary).

 

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“Consolidated Funded Debt” means, as
of any date of determination with respect to the Company and its Subsidiaries on a consolidated basis, without duplication, the sum of:
(a) the outstanding principal amount of all obligations for borrowed money, whether current or long-term, and all obligations evidenced
by bonds, debentures, notes, loan agreements or other similar instruments or upon which interest payments are customarily made; (b) all
obligations arising under letters of credit (including standby and commercial), but only to the extent consisting of unpaid reimbursement
obligations in respect of drawn amounts under letters of credit; (c) all Financing Lease Obligations; (d) all obligations issued or assumed
as the deferred purchase price of assets or services purchased (other than contingent earn-out payments and other contingent deferred
payments to the extent not fixed and payable, and trade debt Incurred in the ordinary course of business) which would appear as liabilities
on a balance sheet in accordance with GAAP; (e) all Disqualified Equity Interests of such Persons; (f) all guarantees by the Company or
a Subsidiary with respect to outstanding Debt of the type specified in clauses (a) through (e) above of another Person; and (g) all Debt
of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself
a corporation, limited liability company or similar limited liability entity organized under the laws of a jurisdiction other than the
United States or a state thereof) in which the Company or any of its Subsidiaries is a general partner or joint venturer, except to the
extent that Debt is expressly made non-recourse to such Person.

 

“Consolidated Interest Expense”
means, for any period, for the Company and its Subsidiaries on a consolidated basis without duplication, the following (in each case
as determined in accordance with GAAP): (a) all interest in respect of Consolidated Funded Debt (including the interest component of
synthetic leases, account receivables securitization programs, off balance sheet loans or similar off balance sheet financing
products) accrued during such period (whether or not actually paid during such period) determined after giving effect to any net
payments made or received under interest rate Swap Contracts minus (b) the sum of (i) all interest income during such period
and (ii) to the extent included in clause (a) above, the amount of write-offs or amortization of deferred financing fees,
commissions, fees and expenses (including write-offs or amortization of fees and expenses related to Permitted Receivables
Financings), and amounts paid (or plus any amounts received) on early terminations of Swap Contracts plus (c) the loss or
discount on the sale of Transferred Assets to any Receivables Financier in connection with a Permitted Receivables Financing.

 

“Consolidated Net Income” for any period
means the consolidated net income (or loss) attributable to the Company for such period determined on a consolidated basis in accordance
with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication:

 

(1)       the
net income (or loss) of any Person that is not a Subsidiary, except (i) to the extent such income has actually been distributed in cash
to the Company or any Subsidiary during such period and (ii) in the case of the Existing Joint Ventures, for other equity of the Company
and its Subsidiaries in the earnings of the Existing Joint Ventures in excess of the amount included pursuant to clause (1)(i) so long
as the amount included in this clause (1)(ii) for any period does not exceed 6.0% of Consolidated EBITDA for such period,

 

(2)       gains
and losses due solely to fluctuations in currency values and the related tax effects according to GAAP,

 

(3)       the
cumulative effect of any change in accounting principles, and

 

(4)       gains
and losses from dispositions of assets outside the ordinary course of business or upon early retirement of Debt.

 

“Consolidated Secured Net Leverage Ratio”
means, on any date, the ratio, determined on a Pro Forma Basis, of (a) Consolidated Funded Debt on such date that is secured by any Lien
on any assets of the Company or a Subsidiary, minus (i) unrestricted cash and Cash Equivalents of the Company and the Guarantors
(it being agreed that cash or Cash Equivalents (x) placed on deposit with a trustee to discharge or defease Debt or (y) to the extent
proceeds of Debt Incurred to finance an acquisition and held in escrow pending the consummation of such acquisition to consummate such
acquisition or prepay such Debt shall be considered unrestricted to the extent the related Debt is included in Consolidated Funded Debt)
and (ii) to the extent not prohibited from being distributed to the Company or any Guarantor pursuant to any applicable law, contractual
obligation or organizational document, 100% of the amount of unrestricted cash and Cash Equivalents of Subsidiaries that are not Guarantors
(it being agreed that cash or Cash Equivalents held in escrow to prepay Debt Incurred to consummate an acquisition shall be considered
unrestricted) to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such date (or, if such date is not
the last day of a fiscal quarter, ended on the last day of the fiscal quarter most recently ended prior to such date for which internal
financial statements are available at such time).

 

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“Consolidated Total Assets” means,
as of any date of determination, the total assets of the Company and its Subsidiaries on a consolidated basis (measured as of the last
day of the fiscal quarter most recently ended prior to such date of determination for which internal financial statements are available).

 

“Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 

“Custodian” means any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

“Debt” means, as of any date of
determination with respect to any Person, without duplication: (a) the outstanding principal amount of all obligations for borrowed
money, whether current or long-term and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments or upon which interest payments are customarily made; (b) the maximum amount available to be drawn under letters of
credit (including standby and commercial) and bankers’ acceptances, including unpaid reimbursement obligations in respect of
drawn amounts under letters of credit or bankers’ acceptance facilities; (c) all Attributable Debt and Financing Lease
Obligations and attributable indebtedness under synthetic leases, account receivables securitization programs, off-balance sheet
loans or similar off-balance sheet financing products; (d) all obligations of such Person under conditional sale or other title
retention agreements relating to assets purchased by such Person (other than customary reservations or retentions of title under
agreements with suppliers entered into in the ordinary course of business); (e) all obligations issued or assumed as the deferred
purchase price of assets or services purchased (other than contingent earn-out payments and other contingent deferred payments, and
trade debt Incurred in the ordinary course of business) which would appear as liabilities on a balance sheet; (f) all Disqualified
Equity Interests issued by such Person; (g) all net obligations of such Person under Swap Contracts; (h) all guarantees with respect
to outstanding Debt of the type specified in clauses (a) through (g) above of another person; (i) all Debt of the type specified in
clauses (a) through (h) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent
or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, assets owned or acquired by such
Person, whether or not the obligations secured thereby have been assumed; provided that if such Person has not assumed such
obligations, then the amount of Debt of such Person for purposes of this clause (i) shall be equal to the lesser of the amount of
the obligations of the holder of such obligations and the Fair Market Value of the assets of such Person which secure such
obligations; and (j) all Debt of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other
than a joint venture that is itself a corporation, limited liability company or similar limited liability entity organized under the
laws of a jurisdiction other than the United States or a state thereof) in which such Person is a general partner or joint venturer,
except to the extent that Debt is expressly made non-recourse to such Person.

 

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default; provided that any Default that results solely from the
taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous
Default is cured prior to becoming an Event of Default.

 

“Definitive Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with Section 2.07(c) hereof, substantially in the form of Exhibit
A except that such Note shall not bear the Global Notes Legend and shall not have the “Schedule of Increases or Decreases in Global
Note” attached thereto.

 

“Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, any Person specified in Section 2.04 hereof as the Depositary with respect
to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision
of this Indenture.

 

“Disqualified Equity Interests”
means any Equity Interest that, by its terms (or by the terms of any other Equity Interests into which it is convertible or for
which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable (other than
solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of
control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Notes), (b) is redeemable at the option of the holder thereof (other than
solely for Qualified Equity Interests and other than as a result of a change of control or asset sale so long as any rights of the
holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of
the Notes), or (c) is or becomes convertible into or exchangeable for Debt or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Stated Maturity of the Notes
at the time of issuance of such Equity Interests, but only with respect to that portion of the Equity Interests that would satisfy
clauses (a) through (c) prior to the date that is ninety-one (91) days after the Stated Maturity of the Notes at the time of
issuance of such Equity Interests; provided that (x) if such Equity Interests are issued pursuant to a plan for the benefit
of employees of the Company or any of its Subsidiaries, such Equity Interests shall not constitute Disqualified Equity Interests
solely because they may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or
regulatory obligations and (y) if such Equity Interests are held by any future, present or former employee, director, officer,
manager, member of management or consultant (or their respective Affiliates or immediate family members) of the Company or any of
its Subsidiaries, such Equity Interests shall not constitute Disqualified Equity Interests because such stock is redeemable or
subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other
stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from
time to time.

 

    -5-

     

    

 

“Dollar Equivalent” means, with respect
to any monetary amount in a currency other than U.S. dollars, at any time for the determination thereof, the amount of U.S. dollars obtained
by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with
the applicable foreign currency as published by the Federal Reserve Board on the date of such determination.

 

“Domestic Subsidiary” means any Subsidiary
of the Company that is incorporated or organized under the laws of the United States, any state thereof or the District of Columbia.

 

“DTC” means The Depository Trust Company.

 

“Equity Interests” means, with respect
to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options
or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests
in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests),
and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination,
in any case other than Debt securities convertible into or exchangeable for such capital stock or other ownership or profit interests
or warrants, options or other rights for the purchase or acquisition of such capital stock or other ownership or profit interests.

 

“Equity Offering” means any public
or private sale of common stock or Preferred Stock of the Company (excluding Disqualified Equity Interests), other than (1) public offerings
with respect to any of the Company’s common stock registered on Form S-4 or Form S-8 (or any successor form) and (2) issuances to
any Subsidiary of the Company.

 

“Euroclear” means Euroclear Bank S.A./N.V.,
as operator of the Euroclear system, or any successor securities clearing agency.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Existing Joint Ventures” means Lamb-Weston/Meijer
v.o.f., Lamb-Weston/RDO Frozen and Lamb Weston Alimentos Modernos SA.

 

“Fair Market Value” means with respect
to any Property or liability, the fair market value of such Property or liability as determined in good faith by the Company (including
as to the fair market value of all non-cash Properties and liabilities).

 

“Financing Lease Obligation” means
any obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP; and the amount
of Debt represented by that obligation shall be the capitalized amount of the obligations determined in accordance with GAAP; and the
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under that lease prior to the first date
upon which that lease may be terminated by the lessee without payment of a penalty. Notwithstanding the foregoing, any lease (whether
entered into before or after the Issue Date) that would have been classified as an operating lease (including the amount of the liability
in respect of the operating lease that would at such time be required to be reflected as a liability on a balance sheet) pursuant to GAAP
as in effect on December 31, 2018 will be deemed not to represent a Financing Lease Obligation or Debt. For purposes of Section 4.06,
a Financing Lease Obligation shall be deemed secured by a Lien on the Property being leased.

 

“Foreign Subsidiary” means (a)
any Subsidiary that is organized and existing under the laws of a jurisdiction other than the United States, any State thereof or
the District of Columbia, (b) any direct or indirect Subsidiary of a Foreign Subsidiary described in clause (a), and (c) any
Subsidiary incorporated or otherwise organized under the laws of the United States or any State thereof or the District of Columbia
that has no material assets other than Equity Interests in one or more Foreign Subsidiaries described in clause (a).

 

    -6-

     

    

 

“GAAP” means United States generally
accepted accounting principles as in effect on the Issue Date, including those set forth in the Accounting Standards Codification of the
Financial Accounting Standards Board and in the rules and regulations of the SEC governing the inclusion of financial statements (including
pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act.

 

“Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A, issued
in accordance with Section 2.01, 2.07(b) or 2.07(d) hereof.

 

“Global Notes Legend” means the legend
set forth in Section 2.07(g)(ii) hereof, which is required to be placed on all Global Notes issued under this Indenture.

 

“Guarantee” means the guarantee by
any Guarantor of the Company’s obligations under this Indenture and the Notes.

 

“guarantee” means, with respect to
any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable
instruments for deposit or collection) guaranteeing or intended to guarantee any Debt of any other Person in any manner, whether direct
or indirect, and including without limitation any obligation, whether or not contingent, (a) to purchase any such Debt or any property
constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such Debt or to maintain
working capital, solvency or other balance sheet condition of such other Person (including without limitation keep well agreements, maintenance
agreements or similar agreements or arrangements) for the benefit of any holder of Debt of such other Person, (c) to lease or purchase
assets, securities or services primarily for the purpose of assuring the holder of such Debt, or (d) to otherwise assure or hold harmless
the holder of such Debt against loss in respect thereof. The amount of any guarantee shall (subject to any limitations set forth therein)
be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Debt in respect of
which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by the guaranteeing Person in good faith. The term “guaranteed” has a meaning correlative thereto.

 

“Guarantor” means each Subsidiary of
the Company that executes this Indenture on the Issue Date and each other Subsidiary of the Company that thereafter guarantees the Notes
pursuant to the terms of this Indenture.

 

“Holder” means the Person in whose
name the Note is registered on the Note register described in Section 2.04.

 

“Incur” means, with respect to any
Debt or other obligation of any Person, to create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume, Guarantee
or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any Debt
or obligation on the balance sheet of that Person (and “Incurrence” and “Incurred” shall have meanings correlative
to the foregoing); provided, however, that a change in GAAP that results in an obligation of that Person that exists at
such time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of that Debt; provided, further,
however, that any Debt or other obligations of a Person existing at the time the Person becomes a Subsidiary (whether by merger,
consolidation, acquisition or otherwise) shall be deemed to be Incurred by that Subsidiary at the time it becomes a Subsidiary; and provided,
further, however, that solely for purposes of determining compliance with Section 4.06, the accrual of interest, the accretion
of accreted value, the payment of interest in the form of additional Debt and increases in the amount of Debt outstanding solely as a
result of fluctuations in the applicable Dollar Equivalent amount of any Debt will not be deemed to be an Incurrence of Liens, provided
that in the case of Debt sold at a discount or at a premium, the amount of the Debt Incurred shall at all times be the aggregate principal
amount at Stated Maturity.

 

    -7-

     

    

 

“Indenture” means this Indenture as
amended or supplemented from time to time.

 

“Indirect Participant” means a Person
who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes” has the meaning in
the second paragraph of the preamble.

 

“Investment” by any Person means any
direct or indirect loan (other than advances to customers and suppliers in the ordinary course of business), advance or other extension
of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services for
the account or use of others, or otherwise) to, or Incurrence of a guarantee of any obligation of, or purchase or acquisition of Equity
Interests, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. In determining the amount of
any Investment made by transfer of any Property other than cash, the Property shall be valued at its Fair Market Value at the time of
the Investment.

 

“Issue Date” means November 8, 2021.

 

“Legal Holiday” means a Saturday, a
Sunday or a day on which banking institutions are not required to be open in the State of New York or at a place of payment.

 

“Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, financing lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities,
any purchase option, call or similar right of a third party with respect to such securities.

 

“Limited Condition Acquisition” means
any acquisition, including by means of a merger, amalgamation or consolidation, by the Company or one or more of its Subsidiaries, the
consummation of which is not conditioned upon the availability of, or on obtaining, third party financing or in connection with which
any fee or expense would be payable by the Company or its Subsidiaries to the seller or target if financing to consummate the acquisition
is not obtained as contemplated by the definitive acquisition agreement in respect thereof.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

 

“Non-U.S. Person” means a Person who
is not a U.S. Person.

 

“Notes” has the meaning in the second
paragraph of the preamble.

 

“Notes Custodian” means the Trustee,
as custodian with respect to the Global Notes, or any successor entity thereto.

 

“Notes Document” means any of the Notes
(including Additional Notes), the Guarantees and this Indenture.

 

“Obligations” means, with respect to
any Debt, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, and other amounts payable
pursuant to the documentation governing such Debt.

 

“Offering Memorandum” means the offering
memorandum, dated October 19, 2021, relating to the offering of the Initial Notes.

 

“Officer” means the Chief Executive
Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer
or the Assistant Treasurer, the Secretary or the Assistant Secretary of the Company.

 

    -8-

     

    

 

“Officer’s Certificate” means
a certificate signed by an Officer of the Company and delivered to the Trustee.

 

“Opinion of Counsel” means a written
opinion from legal counsel which is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

 

“Pari Passu Debt” means: (a) with respect
to the Company, the Notes and any Debt which ranks pari passu in right of payment to the Notes (including, without limitation, the 2028
Notes and 2030 Notes); and (b) with respect to any Guarantor, its Guarantee and any Debt which ranks pari passu in right of payment to
such Guarantor’s Guarantee (including, without limitation, its guarantee of the 2028 Notes and 2030 Notes).

 

“Participant” means, with respect to
the Depositary, a Person who has an account with the Depositary (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted Encumbrances” means:

 

(a)                
Liens imposed by law for taxes that are not yet delinquent or are being contested in good faith;

 

(b)               
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or
are being contested in good faith;

 

(c)                
pledges and deposits under workers’ compensation, unemployment insurance and other social security laws or regulations;

 

(d)               
deposits or pledges to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

 

(e)                
judgment liens in respect of judgments (or appeal or surety bond relating to such judgments) that do not constitute an Event of
Default;

 

(f)                 
easements, zoning restrictions, licenses, title restrictions, rights-of-way and similar encumbrances on real property imposed by
law or incurred or granted by the Company or any Subsidiary in the ordinary course of business that do not secure any material monetary
obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of
business of the Company or any Subsidiary; and

 

(g)               
minor imperfections in title that do not materially detract from the value of the affected property or materially interfere with
the ordinary conduct of business of the Company or any Subsidiary;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Debt for borrowed money.

 

“Permitted Liens” means:

 

(a)       
Liens to secure Debt in an aggregate principal amount not to exceed (i) the aggregate principal amount of Debt outstanding and, without
duplication, commitments under the Senior Secured Credit Facilities as of the Issue Date plus (ii) the greater of (A) $650,000,000
and (B) 100% of Consolidated EBITDA for the most recently completed four fiscal quarter period for which internal financial statements
of the Company are available (determined on a pro forma basis) plus (iii) $100,000,000;

 

(b)       Permitted
Encumbrances;

 

(c)       Liens
securing Swap Contracts not entered into for speculative purposes;

 

    -9-

     

    

 

(d)       Liens
on the Property of the Company or any Subsidiary Incurred in the ordinary course of business to secure performance of obligations with
respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature
and Incurred in a manner consistent with industry practice, including banker’s liens and rights of set-off, in each case which are
not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price
of Property and which do not in the aggregate impair in any material respect the use of Property in the operation of the business of the
Company and the Subsidiaries taken as a whole;

 

(e)       Liens
on Property at the time the Company or any Subsidiary acquired the Property, including any acquisition by means of a merger or consolidation
with or into the Company or any Subsidiary; provided, however, that any Lien of this kind may not extend to any other Property
of the Company or any Subsidiary other than additions thereto and proceeds and products thereof; provided, further, however,
that the Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant
to which the Property was acquired by the Company or any Subsidiary;

 

(f)       Liens
on the Property of a Person at the time that Person becomes a Subsidiary; provided, however, that any Lien of this kind
may not extend to any other Property of the Company or any other Subsidiary other than additions thereto and proceeds and products thereof;
provided, further, however, that the Lien was not Incurred in anticipation of or in connection with the transaction
or series of transactions pursuant to which the Person became a Subsidiary;

 

(g)       pledges
or deposits by the Company or any Subsidiary under workers’ compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which the Company
or any Subsidiary is party, or deposits to secure public or statutory obligations of the Company or any Subsidiary, or deposits for the
payment of rent, in each case Incurred in the ordinary course of business;

 

(h)       Liens,
assignments and pledges of rights to receive premiums, interest or loss payments or otherwise arising in connection with workers’
compensation loss portfolio transfer insurance transactions or any insurance or reinsurance agreements pertaining to losses covered by
insurance, and Liens (including, without limitation and to the extent constituting Liens, negative pledges) in favor of insurers or reinsurers
on pledges or deposits by the Company or any Subsidiary under workmen’s compensation laws, unemployment insurance laws or similar
legislation;

 

(i)       utility
easements, building restrictions and such other encumbrances or charges against real Property as are of a nature generally existing with
respect to properties of a similar character;

 

(j)       Liens
to secure Purchase Money Debt and Financing Lease Obligations; provided that such Liens attach only to the assets acquired, constructed
or improved with the proceeds of the applicable Debt (or the Debt refinanced with Permitted Refinancing Debt) and additions thereto and
products and proceeds thereof;

 

(k)       Liens
in favor of surety bonds or letters of credit issued pursuant to the request of and for the account of the Company or a Subsidiary in
the ordinary course of its business; provided that these letters of credit do not constitute Debt;

 

(l)       leases
or subleases of real property granted by the Company or a Subsidiary to any other Person in the ordinary course of business and not materially
impairing the use of the real property in the operation of the business of the Company or the Subsidiary;

 

(m)       Liens
on intellectual property arising from intellectual property licenses entered into in the ordinary course of business;

 

(n)       Liens
attaching to or related to joint ventures, restricting Liens on interests in those joint ventures;

 

(o)       Liens
existing on the Issue Date not otherwise described in clause (a) above;

 

    -10-

     

    

 

(p)       [reserved];

 

(q)       Liens
on the Property of the Company or any Subsidiary to secure any Refinancing, in whole or in part, of any Debt secured by Liens referred
to in clause (e), (f) or (o) above; provided, however, that any Lien of this kind shall be limited to all or part of the
same Property that secured the original Lien (together with improvements and accessions to such Property) and the aggregate principal
amount of Debt that is secured by the Lien shall not be increased to an amount greater than the sum of:

 

(1)       the
outstanding principal amount of the Debt secured by Liens described under clause (e), (f) or (o) below, as the case may be, at the time
the original Lien became a Permitted Lien under this Indenture, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Company or the Subsidiary in connection
with the Refinancing;

 

(r)       Liens
not otherwise permitted by clauses (a) through (q) above securing Debt, so long as on a Pro Forma Basis (but excluding the cash proceeds
of such Debt for purposes of calculating the Consolidated Secured Net Leverage Ratio), the Consolidated Secured Net Leverage Ratio does
not exceed 3.50 to 1.00;

 

(s)       Liens
on cash or Cash Equivalents deposited with the Trustee or similar agent for the holders of any Debt pending the payment, purchase, defeasance
or other retirement of such Debt in connection with a Refinancing;

 

(t)       Liens
not otherwise permitted by clauses (a) through (s) above securing Debt and other obligations in an aggregate principal amount not in excess
of the greater of (i) $525.0 million and (ii) 12.5% of Consolidated Total Assets (measured as of the last day of the fiscal quarter most
recently ended prior to the date of Incurrence thereof for which internal financial statements are available at such time);

 

(u)       leases,
licenses, subleases or sublicenses and Liens on the property covered thereby, in each case, granted to others in the ordinary course of
business which do not (i) interfere in any material respect with the business of the Company or any Subsidiary, taken as a whole, or (ii)
secure any Debt;

 

(v)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company
or any Subsidiary in the ordinary course of business permitted by this Indenture;

 

(w)       Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other
brokerage accounts Incurred in the ordinary course of business and not for speculative purposes;

 

(x)       Liens
that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other
deposit-taking financial institutions and not given in connection with the issuance of Debt, (ii) relating to pooled deposit or sweep
accounts of the Company or any of the Subsidiaries to permit satisfaction of overdraft or similar obligations Incurred in the ordinary
course of business of the Company or any of the Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of any Subsidiary in the ordinary course of business;

 

(y)       Liens
on any cash earnest money deposits made by the Company or any of the Subsidiaries in connection with any letter of intent or purchase
agreement;

 

(z)       Liens
consisting of an agreement to dispose of any Property in a sale, transfer, lease, license or other disposition permitted under this Indenture,
to the extent that such sale, transfer, lease, license or other disposition would have been permitted on the date of the creation of such
Lien;

 

    -11-

     

    

 

(aa)      Liens on insurance policies and
the proceeds thereof securing the financing of the premiums with respect thereto;

 

(bb)      Liens on specific items of inventory
or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or bankers’
acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

 

(cc)      Liens on Property subject to
any Sale and Leaseback Transaction permitted under this Indenture and general intangibles related thereto;

 

(dd)      Liens securing obligations under
Swap Contracts in a net amount not to exceed $50.0 million; and

 

(ee)      Liens on Transferred Assets (as
defined in the definition of “Permitted Receivables Financing”) securing Debt in respect of any Permitted Receivables Financing.

 

“Permitted Receivables Financing” means
any one or more receivables financings in which (a) the Company or any Subsidiary (i) conveys or sells any accounts (as defined in the
Uniform Commercial Code as in effect in the State of New York), payment intangibles (as defined in the Uniform Commercial Code as in effect
in the State of New York), notes receivable or residuals (collectively, together with certain property relating thereto and the right
to collections thereon and any proceeds thereof, being the “Transferred Assets”) to any Person that is not a Subsidiary or
Affiliate of the Company (with respect to any such transaction, the “Receivables Financier”), (ii) borrows from such Receivables
Financier and secures such borrowings by a pledge of such Transferred Assets and/or (iii) otherwise finances its acquisition of such Transferred
Assets and, in connection therewith, conveys an interest in such Transferred Assets to the Receivables Financier or (b) the Company or
any Subsidiary sells, transfers, conveys or otherwise contributes any Transferred Assets to a Receivables Financing SPC, which Receivables
Financing SPC then (i) conveys or sells any such Transferred Assets (or an interest therein) to another Receivables Financier, (ii) borrows
from such Receivables Financier and secures such borrowings by a pledge of such Transferred Assets or (iii) otherwise finances its acquisition
of such Transferred Assets and, in connection therewith, conveys an interest in such Transferred Assets to such Receivables Financier;
provided that, as to either clause (a) or (b), (A) the aggregate Attributed Principal Amount for all such financings shall not
at any one time exceed $335.0 million and (B) such financings shall not involve any recourse to the Company or any Subsidiary (other than
a Receivables Financing SPC) for any reason other than (v) repurchases of non-eligible assets, (w) indemnifications for losses or dilution
other than credit losses related to the Transferred Assets, (x) any obligations not constituting Debt under servicing arrangements for
the receivables, (y) any interest rate swaps or currency swaps permitted hereunder and entered into in connection with a Permitted Receivables
Financing on a “back-to-back” basis with swaps entered into by a Receivables Financing SPC or (z) representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Company or any Subsidiary which the Company has determined in
good faith to be customary in a “non-recourse” receivables financing.

 

“Permitted Refinancing Debt” means
any Debt that Refinances any other Debt, including any successive Refinancings, so long as the new Debt is in an aggregate principal amount
(or if Incurred with original issue discount, an aggregate issue price) not in excess of the sum of:

 

(1)       the
aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding of the Debt being
Refinanced, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, related to the Refinancing.

 

    -12-

     

    

 

“Person” means any individual, corporation,
company (including any limited liability company), association, partnership, joint venture, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

 

“Preferred Stock” means any Equity
Interests of a Person, however designated, which entitle the holder thereof to a preference with respect to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other
class of Equity Interests issued by that Person.

 

“principal” of any Debt (including
the Notes) means the principal amount of such Debt plus the premium, if any, on such Debt.

 

“Pro Forma Basis” means, with respect
to compliance with any test or covenant hereunder, that all Specified Transactions occurring prior to the end of the applicable measurement
period (and following the last day of such measurement period and on or prior to the applicable date of determination) and the following
transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such
test or covenant and: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such
Specified Transaction, (i) in the case of a disposition of all or substantially all Equity Interests in any Subsidiary of the Company
owned by the Company or any of its Subsidiaries or any division or line of business, shall be excluded, and (ii) in the case of an acquisition
or investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Debt and (c)
any Debt Incurred or assumed by the Company or any of the Subsidiaries in connection therewith and if such Debt has a floating or formula
rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate
which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that (i) any cost savings
adjustments in connection therewith shall be subject to the limitations set forth in clause (b)(iv) of the definition of “Consolidated
EBITDA” and (ii) in connection with determining the permissibility of the Incurrence of any Debt secured by Liens pursuant
to clause (r) of the definition of “Permitted Liens” in a transaction that is substantially concurrent with the Incurrence
of any Debt secured by Liens pursuant to any other provision of the definition of “Permitted Liens,” the calculation of the
Consolidated Secured Net Leverage Ratio for purposes of such clause (r) shall not give effect to the substantially concurrent incurrence
of Liens pursuant to any other clause of the definition of “Permitted Liens.”

 

“Property” means, with respect to any
Person, any interest of that Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including
Equity Interests in, and other securities of, any other Person. For purposes of any calculation required pursuant to this Indenture, the
value of any Property shall be its Fair Market Value.

 

“Purchase Money Debt” means Debt:

 

(a)       consisting
of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase
money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of the Debt does not exceed
the anticipated useful life of the Property being financed, and

 

(b)       Incurred
to finance the acquisition, construction or lease by the Company or a Subsidiary of the Property, including additions and improvements
thereto;

 

provided, however, that the Debt is Incurred within 180
days after the acquisition, construction or lease of the Property by the Company or Subsidiary.

 

“QIB” means a “qualified institutional
buyer” as defined in Rule 144A.

 

“Qualified Equity Interests” means
any Equity Interests of the Company that are not Disqualified Equity Interests.

 

“Rating Agency” means each of Moody’s
and S&P; provided that if either such agency shall cease to provide ratings of the Notes for reasons beyond the Company’s
control, then such term shall also include any replacement credit ratings agency of nationally recognized standing that is selected by
the Company.

 

“Ratings Decline Period” means the
period that (i) begins on the earlier of (a) the date of the first public announcement of a transaction that, if consummated,
would constitute a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation
of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the
applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

 

“Ratings Event” means a downgrade by
one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating
of the Notes within the Ratings Decline Period by one or more Rating Agencies following which (except in the case of a withdrawal of a
rating) the rating of the Notes by each Rating Agency is below such Rating Agency’s rating of the Notes on the Issue Date; provided
that a Ratings Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Ratings
Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does
not publicly announce or confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event
or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change
of Control has occurred at the time of the Ratings Event).

 

    -13-

     

    

 

“Receivables Financier” has the meaning
set forth in the definition of “Permitted Receivables Financing.”

 

“Receivables Financing SPC” means (1)
a wholly owned direct Subsidiary of the Company which engages in no activities other than in connection with the financing of Transferred
Assets pursuant to a Permitted Receivables Financing that meets the following criteria: (a) no portion of the Debt or any other obligations
(contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations
(other than the principal of, and interest on, Debt) pursuant to customary securitization undertakings), (ii) is recourse to or obligates
the Company or any other Subsidiary of the Company in any way (other than pursuant to customary securitization undertakings) or (iii)
subjects any property or asset (other than the Transferred Assets) of the Company or any other Subsidiary of the Company, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to customary securitization undertakings, (b)
with which neither the Company nor any of its other Subsidiaries has any contract, agreement, arrangement or understanding (other than
pursuant to the Permitted Receivables Financing documentation (including with respect to the servicing of the accounts receivable and
related assets and the administration of the Receivables Financing SPC)) on terms less favorable to the Company or such Subsidiary than
those that might be obtained at the time from persons that are not Affiliates of the Company (as determined by the Company in good faith),
and (c) to which neither the Company nor any other Subsidiary of the Company has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results and (2) each general partner of any such Subsidiary
described in clause (1) that meets all of the criteria set forth in clause (1).

 

“Refinance” means, in respect of any
Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or retire, or to issue other Debt, in exchange or
replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings.

 

“Regulation S” means Regulation S promulgated
under the Securities Act.

 

“Regulation S Global Note” means a
Global Note in the form of Exhibit A bearing the Global Notes Legend and the Restricted Note Legend and the Regulation S Global Notes
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal
to the outstanding principal amount of the Regulation S Global Notes.

 

“Regulation S Global Notes Legend”
means the legend set forth in Section 2.07(g)(iii) hereof.

 

“repay” means, in respect of any Debt,
to repay, prepay, repurchase, redeem, legally defease, satisfy and discharge or otherwise retire that Debt. “repayment” shall
have a correlative meaning.

 

“Restricted Definitive Note” means
a Definitive Note bearing, or that is required to bear, the Restricted Notes Legend.

 

“Restricted Global Note” means a Global
Note bearing, or that is required to bear, the Restricted Notes Legend.

 

    -14-

     

    

 

“Restricted Notes Legend” means the
legend set forth in Section 2.07(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted
by the provisions of this Indenture.

 

“Restricted Period” means, in respect
of any Note issued under Regulation S, the 40-day distribution compliance period as defined in Regulation S applicable to such Note.

 

“Rule 144A” means Rule 144A promulgated
under the Securities Act.

 

“Rule 903” means Rule 903 promulgated
under the Securities Act.

 

“Rule 904” means Rule 904 promulgated
under the Securities Act.

 

“S&P” means Standard & Poor’s
Financial Services LLC, a division of S&P Global, Inc. and any successor thereto.

 

“Sale and Leaseback Transaction” means
any direct or indirect arrangement relating to Property now owned or hereafter acquired whereby the Company or a Subsidiary transfers
that Property to another Person and the Company or a Subsidiary leases it from that other Person together with any Refinancings thereof.

 

“SEC” means the Securities and Exchange
Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Senior Secured Credit Facilities”
means the credit facilities provided pursuant to (i) that certain credit agreement, dated as of November 9, 2016 (as amended through the
Issue Date), by and among the Company, the Guarantors, Bank of America, N.A., as administrative agent, the lenders party thereto from
time to time, and the other parties thereto and (ii) that certain credit agreement, dated as of June 28, 2019 (as amended through the
Issue Date), by and among the Company, the Guarantors, Northwest Farm Credit Services, PCA, as administrative agent, and the lenders party
thereto from time to time, including any related letters of credit, notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced from time to
time by one or more credit facilities, in which case, the credit agreement(s) or similar agreement(s) together with all other documents
and instruments related thereto shall constitute the “Senior Secured Credit Facilities” hereunder, whether with the same or
different agents and lenders.

 

“Significant Subsidiary” means any
Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated
by the SEC.

 

“Specified Transaction” means any
of the following: (i) any Investment by the Company or any Subsidiary in any Person other than a Person that was a Wholly Owned
Subsidiary on the first day of such period involving (x) the acquisition of a new Subsidiary or interest in a joint venture, (y) an
increase in the Company’s and its Subsidiaries’ consolidated economic ownership of a Subsidiary or (z) the acquisition
of a product line or business unit, (ii) any asset sale involving (x) the disposition of Equity Interests of a Subsidiary or joint
venture (other than to the Company or a Subsidiary) or (y) the disposition of a product line or business unit, (iii) any Incurrence
or repayment of Debt (in each case, other than revolving indebtedness in the ordinary course of business under revolving credit
facilities), (iv) any dividend, repurchase or redemption in respect of the Company’s Equity Interests and (v) any other
transaction specifically required to be given effect to on a Pro Forma Basis.

 

    -15-

     

    

 

 

“Stated Maturity” means, with respect
to any security, the date specified in the security as the fixed date on which the payment of principal of the security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of the security at
the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless that contingency has occurred).

 

“Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at
the time beneficially owned, or the management of which is otherwise Controlled, directly or indirectly through one or more intermediaries,
or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Swap Contract” means (a) any and all
rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such
master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities
under any Master Agreement.

 

“TIA” means the Trust Indenture Act
of 1939, as amended.

 

“Transferred Assets” has the meaning
set forth in the definition of “Permitted Receivables Financing.”

 

“Treasury Rate” means, as of any redemption
date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
prior to the redemption date (or, if such Statistical Release is no longer published or the relevant information does not appear thereon,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to January 31, 2027; provided,
however, that if the period from the redemption date to January 31, 2027 is less than one year, the weekly average yield on actively
traded United States Treasury securities adjusted to a constant maturity of one year will be used. The Company will (1) calculate the
Treasury Rate on the second Business Day preceding the applicable redemption date and (2) prior to such redemption date, file with the
Trustee an Officer’s Certificate setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each
in reasonable detail.

 

“Trust Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs such functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter
is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

 

“Trustee” means the party named as
such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

    -16-

    

    

 

“Uniform Commercial Code” means the
New York Uniform Commercial Code as in effect from time to time.

 

“United States” means the United States
of America (including the states and the District of Columbia) and its territories, possessions and other areas subject to its jurisdiction.

 

“Unrestricted Definitive Note” means
a Definitive Note that does not bear and is not required to bear the Restricted Notes Legend.

 

“Unrestricted Global Note” means a
permanent Global Note, substantially in the form of Exhibit A that bears the Global Notes Legend and that has the “Schedule of Increases
or Decreases in Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary,
representing Notes that do not bear the Restricted Notes Legend.

 

“U.S. Government Obligations” means
direct non-callable obligations of, or guaranteed by, the United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States is pledged.

 

“U.S. Person” means a U.S. person as
defined in Rule 902(k) under the Securities Act.

 

“Voting Stock” of any Person means
all classes of Equity Interests or other interests (including partnership interests) of that Person then outstanding and normally entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

“Wholly Owned Subsidiary” of any Person
means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’ qualifying shares) shall
at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person.

 

SECTION 1.02.              
Other Definitions.

 

	
    Term
	 	
    Defined in Section

	“Change of Control Offer”	 	4.12(a)
	“Change of Control Payment Date”	 	4.12(b)(B)
	“Change of Control Purchase Price”	 	4.12(a)
	“covenant defeasance option”	 	8.01(b)
	“Events of Default”	 	6.01
	“Guaranteed Obligations”	 	10.01(a)
	“LCA Election”	 	1.05
	“LCA Test Date”	 	1.05
	“legal defeasance option”	 	8.01(b)
	“Notes Register”	 	2.04
	“Paying Agent”	 	2.04
	“Registrar”	 	2.04
	“Successor Company”	 	5.01(a)
	“Successor Person”	 	5.01

 

SECTION 1.03.              
[Reserved].

 

SECTION 1.04.              
Rules of Construction. Unless the context otherwise requires:

 

(1)               
a term has the meaning assigned to it;

 

(2)               
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

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(3)               
 “or” is not exclusive;

 

(4)               
“including” means including without limitation;

 

(5)               
words in the singular include the plural and words in the plural include the singular;

 

(6)               
unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its nature as unsecured Debt;

 

(7)               
the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the issuer thereof dated such date prepared in accordance with GAAP;

 

(8)               
the principal amount of any Preferred Stock shall be the greater of (i) the maximum liquidation value of such Preferred Stock and
(ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock; and

 

(9)               
unless otherwise provided herein or in any other Notes Document, the words “execute”, “execution”, “signed”,
and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture,
any other Notes Document or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications)
shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee.

 

SECTION 1.05.               Limited
Condition Acquisitions. Notwithstanding anything in this Indenture to the contrary, when calculating any applicable ratio or
determining other compliance with this Indenture (including the determination of compliance with any provision of this Indenture
which requires that no Default or Event of Default has occurred and is continuing or would result therefrom) in connection with a
transaction undertaken in connection with the consummation of a Limited Condition Acquisition, the date of determination of such
ratio and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom, may, at
the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition
Acquisition, an “LCA Election”), be deemed to be the date the definitive agreements for such Limited Condition
Acquisition are entered into (the “LCA Test Date”) and if, after such ratios and other provisions are measured on a Pro
Forma Basis after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection
therewith (including any Incurrence of Debt and the use of proceeds thereof) as if they occurred at the beginning of the four
consecutive fiscal quarter period for which internal financial statements are available at such time ending prior to the LCA Test
Date, the Company or the applicable Subsidiary could have taken such action on the relevant LCA Test Date in compliance with such
ratios and provisions, such ratios and provisions shall be deemed to have been complied with. For the avoidance of doubt, (x) if any
of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA of the
Company) at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and other provisions will not be
deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition
Acquisition is permitted hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation of such
Limited Condition Acquisition or related Specified Transactions. If the Company has made an LCA Election for any Limited Condition
Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other
transaction on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition
Acquisition is consummated or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires
without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated (1) on a Pro Forma Basis
assuming such Limited Condition Acquisition and other transactions in connection therewith (including any Incurrence of Debt and the
use of proceeds thereof) have been consummated and (2) on a Pro Forma Basis but without giving effect to such Limited Condition
Acquisition and other transactions in connection therewith (including any Incurrence of Debt and use of proceeds thereof).

 

    -18-

    

    

 

ARTICLE II

The Notes

 

SECTION 2.01.              
Amount of Notes. The aggregate principal amount of Notes (other than Notes issued pursuant to Section 2.07) which may be
authenticated and delivered under this Indenture on the Issue Date is $700,000,000.

 

The Company may from time to time after the Issue
Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as such Additional Notes are issued in compliance
with the applicable provisions of this Indenture.

 

With respect to any Additional Notes issued after
the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Section 2.07, 2.08, 2.14, 3.08, 4.06(c) or 9.04), there shall be (a) established in or pursuant to a resolution of the
Board of Directors and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in
one or more indentures supplemental hereto, prior to the issuance of such Additional Notes:

 

(1)               
the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture;

 

(2)               
the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall
accrue; and

 

(3)               
if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in
such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes
in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in
Section 2.07 in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such
Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a
nominee thereof.

 

If any of the terms of any Additional Notes are
established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be
certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s
Certificate or an indenture supplemental hereto setting forth the terms of the Additional Notes.

 

The Initial Notes and any Additional Notes shall
be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and
offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes,
the Additional Notes will have a separate CUSIP number, if applicable.

 

SECTION 2.02.              
Form and Dating. Provisions relating to the Initial Notes are set forth in Section 2.07. The (i) Initial Notes and the Trustee’s
certificate of authentication and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially
in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations,
legends or endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or
usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date
of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000
and any integral multiples of $1,000 in excess thereof.

 

    -19-

    

    

 

SECTION 2.03.              
Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company
signed by one Officer of the Company (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $700,000,000
and (b) subject to the terms of this Indenture, Notes in an aggregate principal amount to be determined at the time of issuance and specified
therein. Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of the Notes
to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered Holder of each of the Notes
and delivery instructions. For the avoidance of doubt, the Company will be required to deliver an Opinion of Counsel with respect to
the authentication of the Initial Notes. Notwithstanding anything to the contrary in this Indenture, any issuance of Additional Notes
shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof.

 

One Officer of the Company shall sign the Notes
for the Company by manual or facsimile signature. The Company’s seal may be (but shall not be required to be) impressed, affixed,
imprinted or reproduced on the Notes and may be in facsimile form.

 

If an Officer whose signature is on a Note no longer
holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with
a written order of the Company in the form of an Officer’s Certificate for the authentication and delivery of such Notes, and the
Trustee in accordance with such written order of the Company shall authenticate and deliver such Notes.

 

A Note shall not be valid until an authorized signatory
of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note
has been authenticated under this Indenture.

 

The Trustee may appoint an Authentication Agent
reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, an Authentication Agent
may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An Authentication Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.

 

SECTION 2.04.              
Registrar and Paying Agent. The Company initially appoints DTC to act as Depositary with respect to the Global Notes. The
Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”)
and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register
(the “Notes Register”) of the Notes and of their transfer and exchange. The Company may have one or more co-registrars and
one or more additional paying agents. The term “Paying Agent” includes any additional paying agent.

 

The Company shall enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.07. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar,
co-registrar or transfer agent.

 

The Company initially appoints the Trustee as Registrar,
Paying Agent and the Notes Custodian with respect to the Global Notes.

 

The Company may remove any Registrar or
Paying Agent upon five Business Days’ prior written notice to such Registrar or Paying Agent and to the Trustee; provided, however,
that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying
Agent, as the case may be, as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or
Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as
Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent
may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may
resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08.

 

    -20-

    

    

 

SECTION 2.05.              
Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any Note, the Company shall
deposit with the Paying Agent (or if the Company or a Subsidiary thereof is acting as Paying Agent, segregate and hold in trust for the
benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require
each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Holder or
the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in
writing of any default by the Company in making any such payment. If the Company or a Wholly Owned Subsidiary acts as Paying Agent, it
shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this
Section, the Paying Agent shall have no further liability for the money delivered to the Trustee.

 

SECTION 2.06.              
Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holder. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing
at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders.

 

SECTION 2.07.              
Transfer and Exchange.

 

(a)                
Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.07, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto.
A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless, and, if applicable, subject to the limitation
on issuance of Definitive Notes set forth in Section 2.07(c)(ii), (i) the Depositary (x) notifies the Company that it is unwilling or
unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and,
in either case, a successor Depositary is not appointed by the Company within 120 days, (ii) the Company, at its option, notifies the
Trustee in writing that it elects to cause the issuance of Definitive Notes (although Regulation S Global Notes may not be exchanged for
Definitive Notes prior to (A) the expiration of the applicable Restricted Period and (B) the receipt by the Registrar of any certification
of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B)) or (iii) upon the request of a Holder if there shall have occurred
and be continuing an Event of Default with respect to the Notes and the Trustee has received a written request from the Depositary to
issue Definitive Notes. Upon the occurrence of any of the events described in clause (i), (ii) or (iii) above, Definitive Notes delivered
in exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced,
in whole or in part, as provided in Sections 2.08 and 2.14 hereof. Every Note authenticated and delivered in exchange for, or in lieu
of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Sections 2.08 or 2.14 hereof, shall be authenticated and delivered
in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in clause (i),
(ii) or (iii) above and pursuant to Section 2.07(c) hereof. A Global Note may not be exchanged for another Note other than as provided
in this Section 2.07(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided
in Section 2.07(b), (c) or (f) hereof.

 

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(b)               
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein
to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with
either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(i)          Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions
set forth in the Restricted Notes Legend; provided, that prior to the expiration of the Restricted Period, transfers of beneficial
interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person other than
pursuant to Rule 144A. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in
the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered
to the Registrar to effect the transfers described in this Section 2.07(b)(i).

 

(ii)         All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.07(b)(i) hereof, the transferor of such beneficial interest must deliver to
the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with
the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an
amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant
or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be
issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect
the transfer or exchange referred to in (1) above; provided, that in no event shall Definitive Notes be issued upon the transfer
or exchange of beneficial interests in a Regulation S Global Note prior to (x) the expiration of the applicable Restricted Period therefor
and (y) the receipt by the Registrar of any certification of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B). Upon satisfaction
of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 2.07(h) hereof.

 

(iii)        Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:

 

(A)        if
the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications in item (1) thereof; or

 

(B)         if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

(iv)       Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
if the exchange or transfer complies with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:

 

(1)                if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications
in item (1)(b) thereof; or

 

    -22-

    

    

 

(2)                if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder substantially
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
Section 2.07(b)(iv), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act

 

If any such transfer is effected pursuant
to Section 2.07(b)(iv) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt
of an authentication order in accordance with Section 2.03 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes
in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph
(iv) above.

 

(v)        
Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted Global
Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof
in the form of, a beneficial interest in a Restricted Global Note.

 

(c)                
Transfer or Exchange of Beneficial Interests for Definitive Notes.

 

(i)         
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in
a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events
described in clause (i), (ii) or (iii) of Section 2.07(a) hereof and receipt by the Registrar of the following documentation:

 

(A)       
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a)
thereof;

 

(B)        
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form
of Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)        
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)        
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a)
thereof;

 

(E)         
if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)          if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

 

    -23-

    

    

 

 

the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(h) hereof, and
the Company shall execute and, upon receipt of an authentication order, the Trustee shall authenticate and mail to the Person
designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c) shall be registered in such name or names and in
such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.07(c)(i) (except transfers pursuant to clause (F) above) shall bear the Restricted
Notes Legend and shall be subject to all restrictions on transfer contained therein

 

(ii)        
Beneficial Interests in Regulation S Global Note to Definitive Notes. Notwithstanding Sections 2.07(c)(i)(A) and (C) hereof,
a beneficial interest in the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes
delivery thereof in the form of a Definitive Note prior to (A) the expiration of the applicable Restricted Period therefor and (B) the
receipt by the Registrar of any certifications of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act,
except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903
or Rule 904.

 

(iii)       
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events described
in clause (i), (ii) or (iii) of Section 2.06(a) hereof and if the Registrar receives the following:

 

(A)       
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b)
thereof, or

 

(B)        
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form
of Exhibit B hereto, including the certifications in item (4) thereof,

 

and, in each such case set forth in this
Section 2.07(c)(iii), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities
Act

 

(iv)        Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an
Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events described in
clause (i), (ii) or (iii) of Section 2.07(a) hereof and satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section
2.07(h) hereof, and the Company shall execute and the Trustee, upon receipt of an authentication order, shall authenticate and mail
to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions
from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to
this Section 2.07(c)(iv) shall not bear the Restricted Notes Legend.

 

    -24-

    

    

 

(d)               
Transfer and Exchange of Definitive Notes for Beneficial Interests.

 

(i)          
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note
to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

 

(A)       
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)        
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)        
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)        
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a)
thereof;

 

(E)         
if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)         
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cancel the Restricted
Definitive Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable
Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause (C) above, the applicable
Regulation S Global Note.

 

(ii)                   
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

 

(1)                if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

 

(2)                if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and, in each such case set forth in this
Section 2.07(d)(ii), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

    -25-

    

    

 

Upon satisfaction of the applicable conditions
of this Section 2.07(d)(ii), the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note.

 

(iii)                   
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for
such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes:

 

If any such exchange or transfer from
a Definitive Note to a beneficial interest is effected pursuant to Section 2.07(d)(ii) or (iii) above at a time when an Unrestricted Global
Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred

 

(e)                
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly
endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed by such Holder
or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.07(e):

 

(i)         
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)   
     if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)        
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; or;

 

(C)        
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable.

 

(ii)        
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(1)                 if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

    -26-

    

    

 

(2)                if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications
in item (4) thereof,

 

and, in each such case set forth in this
subparagraph (D), if the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

(iii)       
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)                
[Intentionally Omitted].

 

(g)               
Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture:

 

(i)         
Restricted Notes Legend.

 

(A)       
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:

 

“THE
SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT
OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904
OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
(AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO REQUESTS), (2) TO THE ISSUER OR ITS SUBSIDIARIES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION
CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.”

 

    -27-

    

    

 

(B)         Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii)
or (e)(iii) of this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Restricted Notes
Legend.

 

(ii)        
Global Notes Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes
in the last sentence if DTC is not the Depositary):

 

“UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.,
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

(iii)       
Regulation S Global Notes Legend. Except as permitted by subparagraph (ii)(B) above, each Global Note and Definitive Note
issued in a transaction exempt from registration pursuant to Regulation S shall also bear the legend in substantially the following form:

 

“BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 

(h)               
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part,
each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.10 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such increase.

 

(i)                 
General Provisions Relating to Transfers and Exchanges.

 

(i)         
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an authentication order in accordance with Section 2.03 hereof or at the Registrar’s request.

 

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(ii)        
 No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for
any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 2.08, 2.14, 3.06 and 4.12 hereof).

 

(iii)       
Neither the Registrar nor the Company shall be required (A) to issue, to register the transfer of or to exchange any Notes during
a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the Notes to be redeemed under Section
3.03 hereof and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any Note so
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer
or exchange of a Note between a record date and the next succeeding interest payment date or (D) to register the transfer or exchange
of any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer.

 

(iv)      
Neither the Registrar nor the Company shall be required to register the transfer or exchange of any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part; provided, that new Notes will only be issued
in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

 

(v)       
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(vi)      
Prior to due presentment for the registration of a transfer of any Note, the Trustee, the Registrar, the Notes Custodian, the Paying
Agent and the Company shall deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of
the Trustee, the Notes Custodian, the Paying Agent or the Company shall be affected by notice to the contrary.

 

(vii)      
Upon surrender for registration of transfer of any Note at the office or agency of the Company designated in this Indenture, the
Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more
replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

(viii)     
At the option of the Holder, subject to Section 2.07(a) hereof, Notes may be exchanged for other Notes of any authorized denomination
or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any
Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and mail,
the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions
of Section 2.03 hereof.

 

(ix)        
All certifications, certificates and Opinions of Counsel required to be submitted pursuant to this Section 2.07 to effect a registration
of transfer or exchange may be submitted by facsimile.

 

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(x)         Neither
the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any responsibility with
respect to the Company’s compliance with any federal or state securities laws in connection with registrations of transfers
and exchanges of the Notes. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any
Notes (including any transfers between or among the Depository’s participants or beneficial owners of interests in any Global
Note) other than to require delivery of such certificates and other documentation, as is expressly required by, and to do so if and
when expressly required by, the terms of this Indenture or the Notes and to examine the same to determine substantial compliance as
to form with the express requirements hereof. Each Holder agrees to provide reasonable indemnity to the Company and the Trustee
against any liability that may result from the transfer, exchange or assignment of such Holder’s Notes in violation of any
provision of this Indenture and/or applicable United States Federal or state securities law.

 

(xi)       
The Company, the Trustee, and the Registrar reserve the right to require the delivery by any Holder or purchaser of a Note of such
legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer of any
Restricted Global Note or Restricted Definitive Note is being made in compliance with the Securities Act or the Exchange Act, or rules
or regulations adopted by the Commission from time to time thereunder, and applicable state securities laws.

 

(xii)       
The transferor of any Notes shall provide or cause to be provided to the Trustee all information reasonably necessary to allow
the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Section 6045 of the Code. In connection with any proposed exchange of a Definitive Note for a Global Note, the Company or the Depositary
shall be required to provide or cause to be provided to the Trustee all information reasonably necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of
the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information.

 

SECTION 2.08.              
Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that such Note
has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements
of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee and/or
the Authentication Agent, as applicable. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient
in the judgment of the Company and the Trustee (and the Paying Agent, Registrar and Authentication Agent, if not the Trustee) to protect
the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is
replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note.

 

Every replacement Note is an additional obligation
of the Company.

 

The provisions of this Section 2.08 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost,
destroyed or wrongfully taken Notes.

 

SECTION 2.09.              
Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee, except for those canceled by
it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 11.04, a Note
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

 

If a Note is replaced pursuant to Section 2.08
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender
of such Note and replacement thereof pursuant to Section 2.08.

 

If the Paying Agent segregates and holds in trust,
in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on
that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date
such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.               Cancellation.
The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel
and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation in its customary manner. The
Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation, except pursuant
to the terms of this Indenture. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms
of this Indenture.

 

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SECTION 2.11.              
Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest
then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the
defaulted interest to the persons who are Holders on a subsequent special record date. The Company shall fix or cause to be fixed any
such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver or cause to be delivered
to each affected Holder (with a copy to the Trustee) a notice that states the special record date, the payment date and the amount of
defaulted interest to be paid. The Trustee shall have no duty whatsoever to determine whether any defaulted interest is payable or the
amount thereof.

 

SECTION 2.12.              
CUSIP, ISIN or Common Code Numbers. The Company in issuing the Notes may use “CUSIP,” “ISIN” or
 “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “ISIN”
or “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that neither
the Company nor the Trustee shall have any responsibility for any defect in the “CUSIP,” “ISIN” or “Common
Code” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in such numbers.

 

SECTION 2.13.              
Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any date of determination, shall
be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or
other action of the Holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on
the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the Holders
of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding,
in each case, as determined in accordance with the preceding sentence, Section 2.08 and Section 11.07 of this Indenture. Any calculation
of the Applicable Premium made pursuant to this Indenture or the Notes shall be made by the Company and delivered to the Trustee pursuant
to an Officer’s Certificate. The Trustee shall have no liability or responsibility for any calculation made hereunder or in connection
herewith or for any information used in any such calculation.

 

ARTICLE III

Redemption

 

SECTION 3.01.              
Notices to Trustee. If the Company elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify the Trustee
in writing of the redemption date, the principal amount of Notes to be redeemed and that such redemption is being made pursuant to paragraph
5 of the Notes.

 

The Company shall give each notice to the Trustee
provided for in this Section 3.01 at least 5 Business Days before the date of giving the notice of redemption pursuant to Section 3.03,
unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of
Counsel from the Company to the effect that such redemption will comply with the conditions herein.

 

SECTION 3.02.               Selection
of Notes To Be Redeemed. In the event that less than all of the Notes are to be redeemed at any time, selection of such Notes
for redemption shall be made on a pro rata basis (subject to the rules of DTC) unless otherwise required by law or applicable stock
exchange requirements; provided, however, that such Notes shall only be redeemable in principal amounts of a minimum
of $2,000 or an integral multiple of $1,000 in excess thereof. The Trustee shall make the selection from outstanding Notes not
previously called for redemption. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of
Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed.

 

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SECTION 3.03.              
Notice of Redemption. Notice of redemption shall be mailed by first-class mail (or electronic transmission in the case of
Notes held in book-entry form) to each Holder of Notes to be redeemed at its registered address, at least 10 but not more than 60 days
before the redemption date, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance or a satisfaction and discharge of the Notes.

 

Notices of redemption may be subject to the satisfaction
of one or more conditions precedent established by the Company in its sole discretion, including completion of an Equity Offering or other
corporate transaction.

 

The notice shall identify the Notes to be redeemed
(including any CUSIP, Common Code or ISIN numbers) and shall state:

 

(1)               
the redemption date;

 

(2)               
the redemption price or the information specified in clause (a) of paragraph 5 of the Notes;

 

(3)               
the name and address of the applicable Paying Agent;

 

(4)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(5)               
if fewer than all the outstanding Notes are to be redeemed, the identification and principal amounts of the particular Notes to
be redeemed;

 

(6)               
subject to clauses (8) and (9) below, that, unless the Company defaults in making such redemption payment, interest on Notes (or
portion thereof) called for redemption ceases to accrue on and after the redemption date;

 

(7)               
that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if any, listed in such
notice or printed on the Notes;

 

(8)               
whether such notice is conditional and the timeframe for satisfying such conditions; and

 

(9)               
if such redemption is subject to satisfaction of one or more conditions precedent, that, in the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date or by the
redemption date so delayed.

 

The Company shall provide written notice of the
delay of such redemption date or the rescission of such notice of redemption (and rescission and cancellation of the redemption of the
Notes) to the Trustee no later than 10:00 a.m. Eastern Time (subject to the Applicable Procedures) on the redemption date or the redemption
date as so delayed. Upon receipt of such notice of the delay of such redemption date or the rescission of such notice of redemption, such
redemption date shall be automatically delayed or such notice of redemption shall be automatically rescinded, as applicable, and the redemption
of the Notes shall be automatically delayed or rescinded and cancelled, as applicable, as provided in such notice.

 

At the Company’s written request, the Trustee
shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that
the Officer’s Certificate delivered to the Trustee pursuant to Section 3.01 hereof requests that the Trustee give such notice and
sets forth the information to be stated in such notice as required by this Section 3.03.

 

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If the Company elects to provide, in lieu of the
redemption price, the information specified in clause (a) of paragraph 5 of the Notes in the notice of redemption, at the Company’s
written request, the Trustee shall give the notice of the redemption price, in the Company’s name and the Company’s expense,
one Business Day prior to the redemption date; provided, however, that the Company delivers an Officer’s Certificate to the Trustee
requesting that the Trustee give such notice and setting forth the information required to be stated in such notice.

 

SECTION 3.04.              
Effect of Notice of Redemption. Except as contemplated by Section 3.03, once notice of redemption is mailed, Notes called
for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the applicable
Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to, but excluding, the redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date
that is on or prior to the date of redemption). Failure to give notice or any defect in the notice to any Holder shall not affect the
validity of the notice to any other Holder.

 

SECTION 3.05.              
Deposit of Redemption Price. On or prior to 10:00 a.m., New York City time, on the Business Day immediately preceding the
anticipated redemption date, the Company shall deposit with the applicable Paying Agent (or, if the Company or a Wholly Owned Subsidiary
is the Paying Agent, shall segregate and hold in trust) money in U.S. Dollars sufficient to pay the redemption price of and accrued interest
(subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date that
is on or prior to the date of redemption) on all Notes to be redeemed on that date other than Notes or portions of Notes called for redemption
that have been delivered by the Company to the Trustee for cancellation.

 

SECTION 3.06.              
Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall
state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon surrender for cancellation of the original Note. Notes called for redemption become
due on the date fixed for redemption. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called
for redemption, unless the Company defaults in the payment of the redemption price.

 

ARTICLE IV

Covenants

 

SECTION 4.01.              
[Reserved].

 

SECTION 4.02.              
Payment of Notes. The Company shall promptly pay the principal of and interest on the Notes on the dates and in the manner
provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee
or the applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due.

 

The Company shall pay interest on overdue principal
at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the rate borne by the Notes
to the extent lawful.

 

SECTION 4.03.               SEC
Reports. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, the Company shall file with the SEC and provide the Trustee and Holders of Notes with annual reports and information,
documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation
subject to those Sections, and the information, documents and reports to be so filed and provided at the times specified for the
filing of the information, documents and reports under those Sections (provided that if the Company is not then subject to
the reporting requirements of the Exchange Act, then the time periods for filing applicable to the Company shall be that required of
a non-accelerated filer and in any case including any extension as would be permitted by Rule 12b-25 under the Exchange Act); provided, however,
that (x) (i) the Company shall not be so obligated to file the information, documents and reports with the SEC if the SEC does not
permit those filings and (ii) the electronic filing with the SEC through the SEC’s Electronic Data Gathering, Analysis, and
Retrieval System (or any successor system providing for free public access to such filings) shall satisfy the Company’s
obligation to provide such reports, information and documents to the Trustee and the Holders of Notes and (y) the Company shall not
be required to provide the type of information contemplated by Rule 3-10 of Regulation S-X with respect to separate financial
statements for Guarantors or any financial statements for unconsolidated subsidiaries or 50% or less-owned persons contemplated by
Rule 3-09 of Regulation S-X, or in each case any successor provisions.

 

    -33-

    

    

 

Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
knowledge or notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officer’s
Certificate). The Trustee shall have no obligation or responsibility, on a continuing basis or otherwise, to determine whether the Company
is required to file any reports or other information with the SEC, whether the Company’s information is available on EDGAR (or any
successor system) or publicly available on the Company’s website or whether the Company has otherwise delivered any notice or report
in accordance with the requirements specified in this Section 4.03.

 

SECTION 4.04.              
[Reserved].

 

SECTION 4.05.              
[Reserved].

 

SECTION 4.06.              
Limitation on Liens. The Company shall not, and shall not permit any Subsidiary to, directly or indirectly, Incur or suffer
to exist, any Lien (other than Permitted Liens) upon any of its Property (including Equity Interests of a Subsidiary), whether owned at
the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom, unless it has made or will make effective
provision whereby the Notes and the related Guarantees will be secured by that Lien equally and ratably with (or prior to) all other Debt
of the Company or any Subsidiary secured by that Lien for so long as such Lien is outstanding. Any Lien created for the benefit of the
Holders of the Notes pursuant to this Section 4.06 shall be automatically and unconditionally released and discharged upon the release
and discharge of such other Lien.

 

For purposes of determining compliance with this
Section 4.06, (A) a Lien securing an item of Debt need not be permitted solely by reference to one category of permitted Liens (or any
portion thereof) described in the definition of “Permitted Liens” or pursuant to the first paragraph of this Section 4.06
but may be permitted in part under any combination thereof and (B) if a Lien securing an item of Debt meets the criteria of one or more
of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant
to the first paragraph of this Section 4.06, the Company may, in its sole discretion, classify or reclassify, or later divide, classify
or reclassify (as if Incurred at such later time), such Lien securing such item of Debt (or any portion thereof) in any manner that complies
with this Section 4.06 and will be entitled to only include the amount and type of such Lien or such item of Debt secured by such Lien
(or any portion thereof) in one of the categories (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to the first paragraph of this Section 4.06.

 

With respect to any Lien securing Debt that was
permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also be permitted to secure any Increased Amount
of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Debt with the same terms.

 

SECTION 4.07.              
[Reserved].

 

SECTION 4.08.              
[Reserved].

 

SECTION 4.09.              
[Reserved].

 

SECTION 4.10.              
[Reserved].

 

SECTION 4.11.              
[Reserved].

 

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SECTION 4.12.              
Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event.

 

(a)                
Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes in
full, the Company shall be required to make an offer to repurchase all of the Notes pursuant to the offer described below (the “Change
of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101.0% of the principal amount
thereof, plus accrued and unpaid interest, if any, to, but excluding, the purchase date (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest payment date).

 

(b)               
Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to the consummation of
a Change of Control but after the applicable transaction that will constitute a Change of Control is publicly announced, the Company shall
send, by first-class mail (or electronic transmission in the case of Notes held in book-entry form), with a copy to the Trustee, to each
Holder of Notes, at such Holder’s address appearing in the Notes Register, a notice stating:

 

(A) that a Change of Control Triggering
Event has occurred or may occur and a Change of Control Offer is being made pursuant to this Section 4.12 and that all Notes timely tendered
will be accepted for repurchase;

 

(B) the Change of Control Purchase Price
and the purchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days
nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”);

 

(C) the circumstances and relevant facts
regarding the Change of Control Triggering Event; and

 

(D) the procedures that Holders of Notes
must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders of Notes must follow in order
to withdraw an election to tender Notes (or portions thereof) for payment.

 

(c)                
Holders electing to have a Note purchased shall be required to surrender the Note (for Notes held in book-entry form, in accordance
with the Applicable Procedures), with an appropriate form duly completed, to the Company or its agent at the address specified in the
notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election
if the Trustee or the Company receives not later than two Business Days prior to the Change of Control Payment Date a facsimile transmission
or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement
that such Holder is withdrawing its election to have such Note purchased (for Notes held in book-entry form, in accordance with the Applicable
Procedures).

 

(d)               
Prior to the Change of Control Payment Date, the Company shall irrevocably deposit with either the Trustee or with the Paying Agent
(or, if the Company or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash an amount
equal to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions
of this Section 4.12. On the Change of Control Payment Date, the Company shall deliver to the Trustee the Notes or portions thereof that
have been properly tendered to and are to be accepted by the Company for payment. The Trustee or the Paying Agent shall, on the Change
of Control Payment Date, mail or deliver payment to each tendering Holder of the Change of Control Purchase Price. In the event that the
aggregate Change of Control Purchase Price is less than the amount delivered by the Company to the Trustee or the Paying Agent, the Trustee
or the Paying Agent, as the case may be, shall deliver the excess to the Company immediately after the Change of Control Payment Date.

 

(e)                
The Company will not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change
of Control Offer.

 

    -35-

    

    

 

(f)                 
 The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the purchase of Notes pursuant to this Section 4.12. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section 4.12, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section 4.12 by virtue thereof.

 

(g)               
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw
such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as
described above, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Company or such third party
will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all the Notes that remain outstanding following such
purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the purchase
date in accordance with the provisions of Article III.

 

SECTION 4.13.              
[Reserved].

 

SECTION 4.14.              
Limitation on Guarantees of Debt by Subsidiaries. The Company shall not permit any Subsidiary that is a Wholly Owned Subsidiary
(or a Subsidiary that is a non-Wholly Owned Subsidiary if such Subsidiary guarantees other capital markets debt securities of the Company
or a Guarantor), other than a Guarantor, a Foreign Subsidiary or a Receivables Financing SPC, to guarantee the payment of any Debt of
the Company or any other Guarantor in excess of $200.0 million unless such Subsidiary within 30 days executes and delivers a supplemental
indenture to this Indenture substantially in the form of Exhibit D hereto providing for a Guarantee by such Subsidiary, except that
with respect to a guarantee of Debt of the Company or any Guarantor, if such Debt is by its express terms subordinated in right of payment
to the Notes or such Guarantor’s related Guarantee, any such guarantee by such Subsidiary with respect to such Debt shall be subordinated
in right of payment to such Guarantee substantially to the same extent as such Debt is subordinated to the Notes or such Guarantor’s
related Guarantee; provided that this Section 4.14 shall not be applicable to any guarantee of any Subsidiary that existed at the
time such Person became a Subsidiary and was not Incurred in connection with, or in contemplation of, such Person becoming a Subsidiary.

 

ARTICLE V

Successor Company

 

SECTION 5.01.              
When Company May Merge or Transfer Assets. The Company shall not merge, consolidate or amalgamate with or into (other than
a merger of a Wholly Owned Subsidiary into the Company), or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all its Property in any one transaction or series of transactions to, any Person unless:

 

(a)       the
Company shall be the surviving Person or the Person formed by that merger, consolidation or amalgamation or to which that sale, transfer,
assignment, lease, conveyance or disposition is made shall be a corporation, partnership or limited liability company organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia (such Person, as the case may be, being
herein called the “Successor Company”);

 

(b)       the
Successor Company (if other than the Company) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed
and delivered to the Trustee by that Successor Company, the due and punctual payment of the principal of, and premium, if any, and interest
on, all the Notes, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of
this Indenture to be performed by the Company;

 

(c)       immediately
after giving effect to such transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred
and be continuing; and

 

    -36-

    

    

 

(d)       the
Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s
Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section and that all conditions precedent herein provided for relating to the transaction and the execution and delivery of
a supplemental indenture, as applicable, have been satisfied.

 

The Successor Company shall succeed to, and be
substituted for, and may exercise every right and power of the Company under this Indenture, but the predecessor Company in the case of:

 

(a)       a
sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other disposition is
of all or substantially all the assets of the Company as an entirety or virtually as an entirety), or

 

(b)       a
lease,

 

in each case, shall not be released from any obligation to pay the
principal of, premium, if any, and interest on, the Notes.

 

Subject to Section 10.02(b) governing release of
a Guarantee upon the sale, disposition or transfer of a Guarantor, no Guarantor shall, and the Company shall not permit any such Guarantor
to, consolidate or merge with or into or wind up into (whether or not the Company or such Guarantor is the surviving Person), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions,
to any Person unless:

 

(1)          
(a)       such Guarantor is the surviving Person or the Person formed by that merger, consolidation or amalgamation or to which that
sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, partnership or limited liability company
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (such Guarantor or
such Person, as the case may be, being herein called the “Successor Person”);

 

(b)       the
Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and such
Guarantor’s related Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory
to the Trustee;

 

(c)       immediately
after giving effect to such transaction or series of transactions on a Pro Forma Basis, no Default or Event of Default shall have occurred
and be continuing; and

 

(d)       the
Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s
Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 5.01 and that all conditions precedent herein provided for relating to the transaction have been satisfied; or

 

(2)       such
Guarantor shall cease to be a Subsidiary as a result of such transaction.

 

In the case of clause (1) above, the Successor
Person will succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee and, except in
the case of (x) a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other
disposition is of all the assets of such Guarantor as an entirety or virtually as an entirety) or (y) a lease, such Guarantor shall automatically
be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing,
any Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or the Company.

 

    -37-

    

    

 

Any reference herein to a merger, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability
company, limited partnership or trust, or an allocation of assets to a series of a limited liability company, limited partnership or trust
(or the unwinding of such a division or allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition
or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company, limited partnership
or trust shall constitute a separate Person hereunder (and each division of any limited liability company, limited partnership or trust
that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

ARTICLE VI

Defaults and Remedies

 

SECTION 6.01.              
Events of Default. The following events shall be “Events of Default”:

 

(1)               
the Company defaults in any payment of interest on any Note when the same becomes due and payable, and such default continues for
a period of 30 days;

 

(2)               
the Company defaults in the payment of the principal of, or premium, if any, on any Note when the same becomes due and payable
at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise;

 

(3)               
the Company fails to comply with Article V;

 

(4)               
the Company fails to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is
the subject of the foregoing clause (1), (2) or (3)) and such failure continues for 60 days (other than with respect to Section 4.03,
which failure continues for 120 days) after written notice is given to the Company as specified below;

 

(5)               
a default under any Debt by the Company or any Subsidiary that results in acceleration of the maturity of that Debt, or failure
to pay any Debt at maturity, in either case giving effect to any applicable grace period, in an aggregate amount greater than $200.0 million
or its foreign currency equivalent at the time;

 

(6)               
the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)      commences a voluntary case;

 

(B)       consents to the entry of an order
for relief against it in an involuntary case;

 

(C)       consents to the appointment of
a Custodian of it or for any substantial part of its property; or

 

(D)       makes a general assignment for
the benefit of its creditors;

 

or takes any comparable action under any
foreign laws relating to insolvency;

 

(7)               
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)      is for relief against the Company
or any Significant Subsidiary in an involuntary case;

 

    -38-

    

    

 

(B)       appoints a Custodian of the Company
or any Significant Subsidiary or for any substantial part of its property;

 

(C)       orders the winding up or liquidation
of the Company or any Significant Subsidiary; or

 

(D)      grants any similar relief under
any foreign laws; and in each such case the order or decree remains unstayed and in effect for 30 days;

 

(8)               
any judgment or judgments for the payment of money in an aggregate amount in excess of $200.0 million (or its foreign currency
equivalent at the time), net of any amounts covered by insurance, that shall be rendered against the Company or any Subsidiary and that
shall not be waived, satisfied or discharged for any period of 60 consecutive days after such judgment or judgments have become final;
or

 

(9)               
the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect or be declared null and void
or any responsible Officer of any Guarantor that is a Significant Subsidiary, as the case may be, denies that it has any further liability
under its Guarantee or gives notice to such effect, other than by reason of the termination of this Indenture or the release of any such
Guarantee in accordance with this Indenture.

 

The foregoing will constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

 

A Default under clause (4) is not an Event of Default
until the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding notify the Company (and in
the case of such notice by Holders, the Trustee) of the Default (with a copy to the Trustee) and the Company does not cure that Default
within the time specified after receipt of such notice. The notice must specify the Default, demand that it be remedied and state that
such notice is a “Notice of Default”.

 

The Company shall deliver to the Trustee, within
30 days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any Default or Event of Default,
its status and what action the Company is taking or proposes to take with respect thereto.

 

SECTION 6.02.              
Acceleration. If an Event of Default with respect to the Notes (other than an Event of Default specified in Section 6.01(6)
or (7) with respect to the Company) shall have occurred and be continuing, the Trustee or the registered Holders of not less than 25%
in aggregate principal amount of Notes then outstanding may, by notice to the Company and the Trustee, declare to be immediately due and
payable the principal amount of all the applicable Notes then outstanding, plus accrued but unpaid interest to, but excluding, the date
of acceleration. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified
in Section 6.01(6) or (7) with respect to the Company occurs, the principal of and accrued and unpaid interest on all the Notes shall
be due and payable immediately without any declaration or other act by the Trustee or the Holder of the Notes. After any such acceleration
but before a judgment or decree based on acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the outstanding Notes by notice to the Trustee and the Company may rescind any declaration of acceleration if the rescission would
not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal,
premium, or interest that has become due solely because of the acceleration. No such rescission shall affect any subsequent Default or
impair any right consequent thereto.

 

SECTION 6.03.              
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes
or this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are
cumulative.

 

    -39-

    

    

 

SECTION 6.04.              
Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice
to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal of or interest
on a Note or (ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected.
When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent
right.

 

SECTION 6.05.              
Control by Majority. The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture
or that the Trustee determines is unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have
an affirmative duty to ascertain whether or not any such direction unduly prejudices the rights of such Holders) or would involve the
Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction. Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the
Trustee shall be under no obligation to exercise any of its rights or powers hereunder at the request or direction of any of the Holders,
unless the Holders shall have offered to the Trustee indemnity satisfactory to it against loss, liability or expense.

 

SECTION 6.06.              
Limitation on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:

 

(1)               
such Holder shall have previously given to the Trustee written notice of a continuing Event of Default;

 

(2)               
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made a written request, and
such Holder or Holders shall have offered security or indemnity, to the Trustee satisfactory to it against loss, liability or expense
to pursue such proceeding as trustee; and

 

(3)               
the Trustee has failed to institute such proceeding and has not received from the Holders of at least a majority in aggregate principal
amount of the Notes outstanding a direction inconsistent with such request, within 60 days after such notice, request and offer.

 

The foregoing limitations on the pursuit of remedies
by a Holder shall not apply to a suit instituted by a Holder of Notes for the enforcement of payment of the principal of, premium, if
any, or interest on such Note on or after the applicable due date specified in such Note. A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not
have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

SECTION 6.07.              
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the contractual right of any
Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes expressly set forth in this
Indenture or the Notes shall not be waived without the consent of such Holder.

 

SECTION 6.08.              
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in this Indenture.

 

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SECTION 6.09.               Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company,
its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any
election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding
is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due it for such compensation as agreed upon in writing by
the parties hereto, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the
Trustee under this Indenture, or in connection with the transactions contemplated hereunder. To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under this Indenture out of the estate, in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that
the holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise.

 

SECTION 6.10.              
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property
in the following order:

 

FIRST: to the Trustee, including its
agents and counsel, for amounts due under this Indenture;

 

SECOND: to Holders for amounts due and
unpaid on the Notes for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest, respectively; and

 

THIRD: to the Company or, to the extent
the Trustee collects any amount for any Guarantor, to such Guarantor.

 

The Trustee may fix a record date and payment date
for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date, the Company shall mail to each Holders
and the Trustee a notice that states the record date, the payment date and amount to be paid.

 

SECTION 6.11.              
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in
the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes then outstanding.

 

SECTION 6.12.              
Waiver of Stay or Extension Laws. Neither the Company nor any Guarantor (to the extent it may lawfully do so) shall not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
the Guarantors (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall
not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every
such power as though no such law had been enacted.

 

ARTICLE VII

Trustee

 

SECTION 7.01.              
Duties of Trustee.

 

(a)             
If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such Person’s own affairs.

 

    -41-

    

    

 

(b)            
 Except during the continuance of an Event of Default:

 

(1)               
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
duties, covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)               
in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements
of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein.

 

(c)            
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

(1)               
this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)               
the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; and

 

(3)               
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to the terms of this Indenture.

 

(d)           
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section
7.01.

 

(e)           
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 

(f)      
        Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law.

 

(g)             No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of
any of its rights or powers.

 

(h)            
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 7.01, and the provisions of this Article VII shall apply to the Trustee in its role
as Registrar, Paying Agent and Notes Custodian.

 

SECTION 7.02.              
Rights of Trustee.

 

(a)              
The Trustee may conclusively rely on any document (whether in its original or facsimile form) believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The
Trustee may, however, in its discretion make such further inquiry or investigation into such facts or matters as it may see fit and, if
the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.

 

(b)             
Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officer’s Certificate and an Opinion
of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel.

 

    -42-

    

    

 

(c)              
 The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care.

 

(d)              
Subject to Section 7.01(c), the Trustee shall not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers.

 

(e)               
The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)                
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified
herein.

 

(g)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such
request or direction.

 

(h)               
The Trustee may employ or retain accountants, appraisers or other experts or advisers as it may reasonably require for the purpose
of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on the part of any of them.

 

(i)                 
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(j)                 
The Trustee shall not be deemed to have notice of any Default or Event of Default unless (i) a Trust Officer has actual knowledge
thereof or (ii) written notice of any event which is in fact such a Default is received by the Trustee from the Company, any Guarantor
or any Holder of at least 25% in aggregate principal amount of the Notes then outstanding (in accordance with the notice provisions of
this Indenture) and such notice references the Notes and this Indenture.

 

(k)               
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder.

 

(l)                 
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)              
The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

(n)               
Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

The provisions of this Section 7.02 shall survive
satisfaction and discharge or the termination, for any reason, of this Indenture and the resignation and/or removal of the Trustee.

 

SECTION 7.03.              
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar or co-registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

    -43-

    

    

 

SECTION 7.04.              
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity, priority
or adequacy of this Indenture, the Notes or the Guarantees, it shall not be accountable for the Company’s use of the proceeds from
the Notes, and it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any other document
issued in connection with the sale of the Notes or in the Notes other than the certificate of authentication executed by the Trustee.

 

SECTION 7.05.              
Notice of Defaults. If a Default or Event of Default occurs and is continuing and if the Trustee has notice of such (as
set forth in Section 7.02(j)), the Trustee shall mail (or with respect to Notes held in book-entry form, to the extent permitted or required
by Applicable Procedures and regulations of the Depositary, send electronically) to each Holder notice of the Default or Event of Default
within 90 days after the Trustee has notice of such (as set forth in Section 7.02(j)). Except in the case of a Default or Event of Default
in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines
that withholding the notice is in the interests of Holders.

 

SECTION 7.06.              
[Reserved].

 

SECTION 7.07.              
Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services as
agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee upon request 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 Trustee’s agents, counsel, accountants and experts. The Company and the Guarantors,
jointly and severally, shall indemnify, defend, protect and hold harmless the Trustee (in its individual capacity and Trustee capacities)
and its agents, employees, officers and directors from and against any and all loss, liability, damages, cost, claim or expense (including
reasonable attorneys’ fees and taxes, other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it in connection with the acceptance or performance of its duties hereunder and/or the transactions contemplated under this Indenture
and the Trustee shall have no liability or responsibility for any action or inaction on the part of any Paying Agent, Registrar, Authentication
Agent or any successor trustee. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company shall not relieve the Company or any Guarantor of its obligations hereunder. The Company shall defend
the claim and the Trustee may have separate counsel and the Company and the Guarantors shall pay the reasonable fees and expenses of such
counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through
the Trustee’s own willful misconduct or gross negligence as finally adjudicated by a court of competent jurisdiction. The Company
need not pay for any settlement made by the Trustee without the Company’s consent, such consent not to be unreasonably withheld.
All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees,
agents, successors and assigns.

 

To secure the Company’s and the Guarantors’
payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected
by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. Such lien shall survive
the satisfaction and discharge of this Indenture.

 

The Company’s and the Guarantors’ payment
obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee and the discharge of this Indenture.
When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(6) or (7) with respect to the Company, the
expenses are intended to constitute expenses of administration under the Bankruptcy Law.

  

    -44-

    

    

 

SECTION 7.08.              
Replacement of Trustee. The Trustee may resign at any time by so notifying the Company in writing at least 30 days in advance
of such resignation and be discharged upon such resignation from the trust created hereby by so notifying the Company. The Holders of
a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee upon 30 days’ prior notice by so notifying
the Trustee in writing and may appoint a successor Trustee. No resignation or removal shall be effective until a successor Trustee has
been appointed and has accepted its appointment. The Company may, upon five Business Days’ notice, remove the Trustee if:

 

(1)               
 the Trustee fails to comply with Section 7.10;

 

(2)               
the Trustee is adjudged bankrupt or insolvent;

 

(3)               
a receiver or other public officer takes charge of the Trustee or its property; or

 

(4)               
the Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns, is removed by the Company
or by the Holders of a majority in aggregate principal amount of the Notes then outstanding and such Holders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee
shall mail, or otherwise deliver in accordance with the procedures of the Depositary in the case of Notes held in book-entry form, a notice
of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.07.

 

If a successor Trustee does not take office within
30 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the expense of the Company, or the Holders of 10% in
aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

If the Trustee fails to comply with Section 7.10,
any Holder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement or resignation
of the Trustee pursuant to this Section 7.08, the Company’s and the Guarantors’ obligations under Section 7.07 shall continue
for the benefit of the Trustee and survive the termination of this Indenture.

 

SECTION 7.09.              
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
or banking association without any further act shall be the successor Trustee.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any such
successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to
the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trustee shall have.

 

SECTION 7.10.              
Eligibility; Disqualification. The Trustee shall have (or, in the case of a corporation included in a bank holding company
system, the related bank holding company shall have) a combined capital and surplus of at least $50,000,000 as set forth in its (or its
related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with Section 310(b) of
the TIA, as amended, subject to the penultimate paragraph thereof.

 

SECTION 7.11.              
Preferential Collection of Claims Against Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any
creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a)
of the TIA to the extent indicated.

 

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ARTICLE VIII

 

Discharge of Indenture; Defeasance

 

SECTION 8.01.              
Discharge of Liability on Notes; Defeasance.

 

(a)                
This Indenture shall be discharged and shall cease to be of further effect as to all Notes and the related Guarantees, when either:

 

(1)             all Notes issued hereunder theretofore authenticated and delivered, except mutilated, lost or destroyed Notes which have been replaced
or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation;
or

 

(2)            (A) all Notes issued hereunder not theretofore delivered to the Trustee for cancellation have become due and payable by reason
of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and
redeemed within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders cash in U.S. dollars, U.S. Government Securities, or a combination thereof,
in such amounts as will be sufficient, in the opinion of a nationally recognized accounting firm (in the case of U.S. Government Securities),
without consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes not theretofore delivered to
the Trustee for cancellation for principal, premium, if any, and accrued interest to, but excluding, the date of maturity or redemption;

 

(B)       the
Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

(C)       the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the redemption date, as the case may be.

 

In addition, the Company shall deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

(b)               
Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its and the Guarantors’ obligations
under the Notes, the related Guarantees and this Indenture (“legal defeasance option”) or (ii) its obligations and those of
the Guarantors under Sections 4.06, 4.12 and 4.14 and the operation of Sections 6.01(5), 6.01(6), 6.01(7) and 6.01(8) (but, in the case
of Sections 6.01(6) and (7), with respect only to Significant Subsidiaries) (“covenant defeasance option”). The Company may
exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 

If the Company exercises its legal defeasance option,
payment of the Notes may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment
of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(4) (with respect to the covenants of Article
IV identified in the immediately preceding paragraph), 6.01(5), 6.01(6), 6.01(7) or 6.01(8) (with respect only to Significant Subsidiaries
in the case of Sections 6.01(6) and 6.01(7)). If the Company exercises its legal defeasance option or its covenant defeasance option,
each Guarantor shall be released from all of its obligations with respect to its Guarantee.

 

Upon satisfaction of the conditions set forth herein
and upon request of the Company, accompanied by an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent specified herein relating to the defeasance contemplated have been complied with, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates.

 

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(c)                
 Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 7.07, 7.08, 8.05
and 8.06 and the rights and immunities of the Trustee under this Indenture shall survive until the Notes have been paid in full. Thereafter,
the Company’s obligations in Sections 7.07, 7.08, 8.05 and 8.06 and the rights and immunities of the Trustee under this Indenture
shall survive such satisfaction or discharge.

 

SECTION 8.02.              
Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option only if:

 

(1)               
the Company irrevocably deposits in trust with the Trustee money in U.S. Dollars or U.S. Government Obligations for the payment
of principal of and interest (including premium, if any) on the Notes to maturity or redemption;

 

(2)               
the Company delivers to the Trustee a certificate from a nationally recognized accounting firm expressing their opinion that the
payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money
without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest (including
premium, if any) when due on all the Notes to maturity or redemption, as the case may be;

 

(3)               
[reserved];

 

(4)               
no Default or Event of Default has occurred and is continuing on the date of the deposit and after giving effect thereto;

 

(5)               
the deposit does not constitute a default under any other material agreement or instrument binding on the Company or any Guarantor;

 

(6)               
in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as
a result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such defeasance had not occurred;

 

(7)               
in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred; and

 

(8)               
the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance of the Notes as contemplated by this Article VIII have been complied with.

 

Before or after a deposit, the Company may make
arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article III.

 

SECTION 8.03.              
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant
to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in
accordance with this Indenture to the payment of principal of and interest on the Notes.

 

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SECTION 8.04.              
Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon written request any
excess money or U.S. Government Obligations held by them upon satisfaction of the conditions and occurrence of the events set forth in
this Article VIII.

 

Subject to any applicable abandoned property law,
the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest
that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company for payment as general creditors.

 

SECTION 8.05.              
Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S.
Government Obligations.

 

SECTION 8.06.              
Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall
be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent
is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however,
that, if the Company has made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

 

ARTICLE IX

Amendments

 

SECTION 9.01.              
Without Consent of Holders. The Company, the Guarantors (except that no existing Guarantor will be required to execute any
amendment that solely relates to changes described in clause (5) below)) and the Trustee may amend this Indenture, the Notes and/or the
related Guarantees without notice to or consent of any Holder to:

 

(1)               
cure any ambiguity, omission, defect or inconsistency, as evidenced in an Officer’s Certificate;

 

(2)               
provide for the assumption by a successor entity of the obligations of the Company or any Guarantor under this Indenture;

 

(3)               
provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described
in Section 163(f)(2)(B) of the Code;

 

(4)               
comply with the rules of any applicable depositary;

 

(5)               
add a Guarantor with respect to the Notes;

 

(6)               
secure the Notes, to add to the covenants of the Company and the Guarantors for the benefit of the Holders or to surrender any
right or power herein conferred upon the Company or any Guarantor;

 

(7)               
make any change that does not adversely affect the rights of any Holder of the Notes in any material respect;

 

(8)               
comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under
the TIA;

 

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(9)               
 provide for the issuance of Additional Notes in accordance with this Indenture

 

(10)            
evidence and provide for the acceptance of an appointment under this Indenture of a successor trustee; or

 

(11)            
conform the text of this Indenture, the Notes or the related Guarantees to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such provision in the “Description of Notes” section of the Offering
Memorandum was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the related Guarantees as set forth
in an Officer’s Certificate.

 

After an amendment under this Section becomes effective,
the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section.

 

SECTION 9.02.              
With Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture, the Notes or the related
Guarantees without notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount
of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the
Notes). However, without the consent of each Holder affected thereby, an amendment may not:

 

(1)               
reduce the amount of Notes whose Holders must consent to an amendment or waiver;

 

(2)               
reduce the rate of or extend the time for payment of interest on any Note;

 

(3)               
reduce the principal of or extend the Stated Maturity of any Note;

 

(4)               
make any Note payable in money other than U.S. dollars;

 

(5)               
amend the contractual right expressly set forth in this Indenture or the Notes of any Holder to institute suit for the enforcement
of any payment on or with respect to that Holder’s Notes;

 

(6)               
subordinate the Notes to any other obligation of the Company

 

(7)               
except as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary in any manner materially adverse
to the Holders;

 

(8)               
reduce the premium payable upon the redemption of any Note or change the date on which any Note may be redeemed in accordance with
Article III;

 

(9)               
reduce the premium payable upon a Change of Control Triggering Event or, at any time after a Change of Control Triggering Event
has occurred, change the time by which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased
pursuant to that Change of Control Offer; or

 

(10)            
make any change in the amendment provisions hereof that require each Holder’s consent or in the waiver provisions hereof.

 

After an amendment under this Section 9.02 becomes
effective, the Company shall promptly mail (or send by electronic transmission in the case of Notes held in book-entry form) to Holders
(with a copy to the Trustee) a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves
the substance thereof.

 

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SECTION 9.03.              
[Reserved].

 

SECTION 9.04.              
Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent
or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment
or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes
effective upon the (i) receipt by the Company or the Trustee of consents by the Holders of the requisite principal amount of Notes, (ii)
satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment
or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Company, the Guarantors (as applicable) and
the Trustee.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled
to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

SECTION 9.05.              
Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return
such Note to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue
and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a
new Note shall not affect the validity of such amendment.

 

SECTION 9.06.              
Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article IX if the amendment
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment, the Trustee shall receive indemnity satisfactory to it and shall receive, and (subject to Section 7.01)
shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment
is authorized or permitted by this Indenture and is the legal, valid and binding obligation of the Company and the Guarantors, as applicable,
enforceable in accordance with its terms.

 

SECTION 9.07.              
Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent together
on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate
class on any matter. Determinations as to whether Holders of the requisite aggregate principal amount of Notes have concurred in any direction,
waiver or consent shall be made in accordance with this Article IX and Section 2.13.

 

ARTICLE X

Guarantee

 

SECTION 10.01.          
Guarantee of Notes.

 

(a)                 Each
Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, on a senior basis, as a primary obligor and not
merely as a surety, to each Holder and to the Trustee and its successors and assigns (i) the performance and punctual payment
when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Company under this Indenture and the
Notes, whether for payment of principal of, premium, if any, or interest on the Notes and all other monetary obligations of the
Company under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all
other obligations of the Company whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all
the foregoing being hereinafter collectively called the “Guaranteed Obligations”). The Guaranteed Obligations of all
Guarantors shall be unsecured. Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or
in part, without notice or further assent from any Guarantor, and that each Guarantor shall remain bound under this Article X
notwithstanding any extension or renewal of any Guaranteed Obligation.

 

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(b)               
Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and
also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations.
The obligations of each Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim
or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement
or otherwise; (ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release
of any security held by any Holder or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any Holder
or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the
ownership of each Guarantor, except as provided in Section 10.02(b). Each Guarantor hereby waives any right to which it may be entitled
to have its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full
amount claimed.

 

(c)                
Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used and depleted
as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such
Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an
action being initiated against such Guarantor.

 

(d)               
Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due
(and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security
held for payment of the Guaranteed Obligations.

 

(e)                
The Guarantee of each Guarantor is, to the extent and in the manner set forth in this Article X, equal in right of payment to all
existing and future Pari Passu Debt and senior in right of payment to all existing and future subordinated Debt of such Guarantor.

 

(f)                 
Except as expressly set forth in Sections 8.01(b), 10.02 and 10.05, the obligations of each Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the
invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing,
the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any
other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of
any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

 

(g)               
Each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations.
Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored
by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 

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

 

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(i)                 
Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed
Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it,
on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby
may be accelerated as provided in Article VI for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration
of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purposes of this Section 10.01.

 

(j)                 
Each Guarantor also agrees to pay any and all costs and expenses (including reasonable out-of-pocket attorneys’ fees and
expenses) Incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01.

 

(k)               
Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

SECTION 10.02.          
Limitation on Liability.

 

(a)                
Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without
rendering the Guarantee or this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable
to guarantees for obligations of affiliates.

 

(b)               
A Guarantee as to any Subsidiary that is (or becomes) a party hereto on the date hereof or that executes a supplemental indenture
in accordance with Section 4.14 and provides a guarantee of the Notes shall terminate and be of no further force or effect and such Guarantee
shall be deemed to be automatically released from all obligations under this Article X upon any of the following:

 

(1)               
any sale, exchange or transfer (by merger, consolidation or otherwise) of the Equity Interests of such Guarantor (including any
sale, exchange or transfer), after which the applicable Guarantor is no longer a Subsidiary;

 

(2)               
the release or discharge of the guarantee by such Guarantor of the Senior Secured Credit Facilities or the guarantee of any other
Debt that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee;

 

(3)               
if the Company exercises its legal defeasance option or its covenant defeasance option under Article VIII or if the Company’s
obligations under this Indenture are satisfied discharged in accordance with Article VIII; or

 

(4)               
with the consent of the Holders in accordance with Section 9.02.

 

The Company shall notify the Trustee of any Guarantor
that is released from its Guarantee. Upon delivery to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect
that all conditions precedent to release set forth in this Indenture have been satisfied, the Trustee shall execute and deliver an appropriate
instrument confirming the release of any such Guarantor upon the Company’s request.

 

    -52-

    

    

 

Each Guarantor that makes a payment under its Guarantee
shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor
in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors
at the time of such payment determined in accordance with GAAP.

 

SECTION 10.03.          
Successors and Assigns. This Article X shall be binding upon each Guarantor and its successors
and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer
or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the
Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 10.04.          
No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders
in exercising any right, power or privilege under this Article X shall operate as a waiver thereof, nor shall a single or partial exercise
thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have
under this Article X at law, in equity, by statute or otherwise.

 

SECTION 10.05.          
Modification. No modification, amendment or waiver of any provision of this Article X, nor
the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed
by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same,
similar or other circumstances.

 

SECTION 10.06.          
Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary of the Company
which is required to become a Guarantor of the Notes pursuant to Section 4.14 shall promptly execute and deliver to the Trustee a supplemental
indenture in the form of Exhibit D hereto pursuant to which such Subsidiary shall become a Guarantor under this Article X and shall
guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee
an Opinion of Counsel and an Officer’s Certificate stating that such supplemental indenture is authorized or permitted by this Indenture.

 

SECTION 10.07.          
Non-Impairment. The failure to endorse a Guarantee on any Note shall not affect or impair
the validity thereof.

 

ARTICLE XI

Miscellaneous

 

SECTION 11.01.          
Reserved.

 

SECTION 11.02.          
Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent by
facsimile (with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows:

 

if to the Company or a Guarantor:

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

    -53-

    

    

 

if to the Trustee:

Computershare Trust Company, N.A.

CTSO Mail Operations,

South Fourth Street, Seventh Floor

Minneapolis, MN 55415

Fax: 612-667-2160

Attention: Corporate Trust Services, Lamb Weston Account Manager

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Holder
shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given
to the Holders shall be given to the Depositary, in accordance with its applicable policies as in effect from time to time.

 

Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not the addressee receives it. Any notice or communication to the Trustee shall be
deemed delivered upon receipt.

 

SECTION 11.03.          
Communication by Holders with Other Holders. Holders may communicate pursuant to Section 312(b) of the TIA with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the
protection of Section 312(c) of the TIA.

 

SECTION 11.04.          
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take
or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the
signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

SECTION 11.05.          
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include:

 

(1)               
a statement that the individual making such certificate or opinion has read such covenant or condition;

 

(2)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)               
a statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)               
a statement as to whether or not, in the opinion of such individual, such covenant or condition has been fully complied with.

 

SECTION 11.06.           Annual
Officer’s Certificate as to Compliance. Not later than ninety days after each fiscal year end, beginning with the fiscal
year ending May 29, 2022, the Company shall deliver to the Trustee a certificate (which need not comply with Section 11.05 of this
Indenture) executed by the principal executive officer, principal financial officer or principal accounting officer of the Company
as to such officer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture, such
compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture.

 

    -54-

    

    

 

SECTION 11.07.          
When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Company, the Guarantors or by any Person directly or indirectly Controlling or Controlled
by or under direct or indirect common control with the Company or the Guarantors shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent,
only Notes that a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only
Notes outstanding at the time shall be considered in any such determination.

 

SECTION 11.08.          
Rules by Trustee, Paying Agents and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders.
The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions.

 

SECTION 11.09.          
Legal Holidays. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not
be affected.

 

SECTION 11.10.          
Governing Law; Jury Trial Waiver. THIS INDENTURE, THE NOTES AND THE RELATED GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY, THE GUARANTORS, THE HOLDERS AND
THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE RELATED GUARANTEES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 11.11.          
No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company or any Guarantor shall
not have any liability for any obligations of the Company or any Guarantor under the Notes, any Guarantee or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release
all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

 

SECTION 11.12.          
Successors. All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors.

 

SECTION 11.13.          
Multiple Originals; Electronic Signature. The parties may sign any number of copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. Delivery
of an executed signature page by facsimile or other electronic transmission (e.g., “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart hereof.

 

This Indenture and any certificate, agreement
or other document to be signed in connection with this In-denture and the transactions contemplated hereby shall be valid, binding,
and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i)
an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Indenture and any
certificate, agreement or other document to be signed in connection with this Indenture and the transactions contemplated hereby,
other than any Notes, any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant
provisions of the Uniform Commercial Code (collectively, “Signature Law”). Each electronic signature (except in the case
of any Notes) or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall
have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature (except in the
case of any Notes), of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For avoidance of doubt, original manual signatures shall be used for authentication of any Notes by the Trustee and for
execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or
intended character of the writings.

 

    -55-

    

    

 

SECTION 11.14.          
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

SECTION 11.15.          
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, (i)
any act or provision of any future law or regulation or governmental authority, (ii) strikes, (iii) work stoppages, (iv) accidents, (v)
acts of war or terrorism, (vi) civil or military disturbances, (vii) nuclear or natural catastrophes or acts of God, (viii) disease, (ix)
epidemic or pandemic, (x) quarantine, (xi) national emergency, (xii) interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services, (xiii) communications system failure, (xiv) malware or ransomware; (xv) unavailability of
the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or (xvi) unavailability of any securities
clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

SECTION 11.16.          
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.
The parties to this Indenture agree that they will provide the Trustee with such information within the Company’s custody or control
or as the Company may reasonably obtain that the Trustee may request in order for the Trustee to satisfy the requirements of the U.S.A.
Patriot Act.

 

[Remainder of page intentionally left blank.]

 

    -56-

    

    

 

IN WITNESS WHEREOF, the parties have caused this
Indenture to be duly executed as of the date first written above.

 

	 	LAMB WESTON HOLDINGS, INC.
	 	 
	 	By:	/s/ Ken Barfuss
	 	 	Name:      Ken Barfuss
	 	 	Title:        Vice President and Treasurer
	 	 
	 	 
	 	Lamb Weston, Inc.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name:     Gregory W. Jones
	 	 	Title:       President and Treasurer
	 	 
	 	 
	 	LAMB WESTON SALES, INC.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name:     Gregory W. Jones
	 	 	Title:       President and Treasurer
	 	 
	 	 
	 	 
	 	LAMB WESTON/MIDWEST, INC.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name:     Gregory W. Jones
	 	 	Title:       President and Treasurer
	 	 
	 	 
	 	LAMB WESTON BSW, LLC
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name:     Gregory W. Jones
	 	 	Title:       President and Treasurer
	 	  
	 	COMPUTERSHARE TRUST COMPANY, N.A.,
 as Trustee
	 	 
	 	By:	/s/ Karla D. Sjostrom
	 	 	Name:     Karla D. Sjostrom
	 	 	Title:       Vice President

 

[Signature Page to the
Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF INITIAL NOTE]

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

THE SECURITY (OR ITS PREDECESSOR)
EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO REQUESTS), (2) TO THE ISSUER OR ITS
SUBSIDIARIES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION
CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.

 

    A-1

     

    

 

[Restricted Notes Legend for
Notes Offered in Reliance on Regulation S]

 

BY ITS ACQUISITION HEREOF,
THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

[Definitive Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER,
THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

    A-2

     

    

 

  

[FORM OF FACE OF INITIAL NOTE]

 

LAMB WESTON HOLDINGS, INC.

 

	No. [ ]	$_________

 

4.375% Senior Notes due 2032

 

[144A CUSIP No. 513272 AE4]

[144A ISIN No. US513272AE49]

[Reg S CUSIP No. U5256P AE1]

[Reg S ISIN No. USU5256PAE17]

  

LAMB WESTON HOLDINGS, INC., a Delaware corporation,
promises to pay to [         ], or registered assigns, the principal sum of [             ] Dollars ($             ) [or such greater or lesser amount as may be indicated
on the attached Schedule of Increases or Decreases in Global Note] on January 31, 2032.

 

Interest Payment Dates: January 31 and July 31.

 

Record Dates: January 15 and July 15.

 

Additional provisions of this Note are set forth
on the other side of this Note.

 

    A-3

     

    

  

IN WITNESS WHEREOF, the parties have caused this
instrument to be duly executed.

 

	 	LAMB WESTON HOLDINGS, INC.
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

    A-4

     

    

  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

Dated:

 

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee, certifies that this is one of the Notes referred
to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

    A-5

     

    

 

 

[FORM OF REVERSE SIDE OF NOTE]

4.375% Senior Notes due 2032

 

		1.	Interest

 

LAMB WESTON HOLDINGS, INC., a Delaware corporation
(such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”),
promises to pay interest on the principal amount of this 4.375% Senior Note due 2032 (this “Note” and, together with any other
4.375% Senior Notes due 2032, the “Notes”) at the rate per annum shown above. The Company will pay interest semiannually on
January 31 and July 31 of each year, commencing July 31, 2022. Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from November 8, 2021. Interest shall be computed on the basis of a 360-day year of twelve
30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes plus 1% per annum, and it shall pay
interest on overdue installments of interest at the rate borne by the Notes to the extent lawful.

 

		2.	Method of Payment

 

The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15 next preceding
the interest payment date even if Notes are cancelled after the record date and on or before the interest payment date. Holders must surrender
Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States of America
that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Note (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified
by DTC. The Company will make all payments in respect of a Definitive Note (including principal, premium and interest), by mailing a check
to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the
case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the
payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying
Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other
date as the Trustee may accept in its discretion).

 

		3.	Paying Agent and Registrar

 

Initially, Computershare Trust Company, N.A. (the
 “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

 

		4.	Indenture

 

The Company issued the Notes under an Indenture
dated as of November 8, 2021 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms.

 

[This Note is one of the Initial Notes referred
to in the Indenture.] The Notes include the Initial Notes and any Additional Notes. The Initial Notes and any Additional Notes are treated
as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Subsidiaries
to, among other things, make certain Investments and create or incur Liens. The Indenture also imposes limitations on the ability of the
Company and each Guarantor to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise
dispose of all or substantially all of its Property.

 

    A-6

     

    

 

		5.	Optional Redemption

 

Except as set forth in the two succeeding paragraphs,
the Notes will not be redeemable at the option of the Company prior to January 31, 2027. Starting on that date, the Company may redeem
all or any portion of the Notes, at once or over time and from time to time, at the redemption prices set forth below, plus accrued and
unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date). The following prices are for Notes redeemed during the 12-month period
commencing on January 31 of the years set forth below, and are expressed as percentages of principal amount:

  

	Redemption Year	 	Price	 
	2027	 	 	102.188	%
	2028	 	 	101.458	%
	2029	 	 	100.729	%
	2030 and thereafter 	 	 	100.000	%

 

Prior to January 31, 2027, the Company may redeem
the Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption,
subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date.

 

In addition, until January 31, 2027, the Company
may, at any time and from time to time, redeem up to 40.0% of the aggregate principal amount of the Notes (including any Additional Notes)
at a redemption price equal to 104.375% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if
any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), in an amount no greater than the aggregate cash proceeds received from one or more
Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes)
remains outstanding immediately after the occurrence of each such redemption and (2) each such redemption occurs within 120 days
of the closing of such Equity Offering.

 

Notices of redemption may be subject to the satisfaction
of one or more conditions precedent established by the Company in its sole discretion, including completion of an Equity Offering or other
corporate transaction. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, that, in the Company’s
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may
not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption
date or by the redemption date so delayed. The Company shall provide written notice of the delay of such redemption date or the rescission
of such notice of redemption (and rescission and cancellation of the redemption of the Notes) to the Trustee no later than 10:00 a.m.
Eastern Time (subject to the Applicable Procedures) on the redemption date or the redemption date as so delayed. Upon receipt of such
notice of the delay of such redemption date or the rescission of such notice of redemption, such redemption date shall be automatically
delayed or such notice of redemption shall be automatically rescinded, as applicable, and the redemption of the Notes shall be automatically
delayed or rescinded and cancelled, as applicable, as provided in such notice.

 

		6.	Notice of Optional Redemption

 

Notice of redemption shall be mailed by
first-class mail (or electronic transmission in the case of Notes held in book-entry form) to each Holder of Notes to be redeemed at
its registered address, at least 10 but not more than 60 days before the redemption date, except that redemption notices may be sent
more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance or a satisfaction and discharge
of the Notes. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money
sufficient to pay the redemption price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption
date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after
such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

 

    A-7

     

    

 

		7.	Sinking Fund

 

The Notes are not subject to any sinking fund.

 

		8.	Repurchase of Notes at the Option of Holders upon Change
of Control Triggering Event

 

Upon a Change of Control Triggering Event, unless
the Company has exercised its right to redeem the Notes in full, the Company will be required to make an offer to repurchase all or any
part of the Notes of such Holder at a purchase price equal to 101% of the principal amount of the Notes to be repurchased, plus accrued
and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject
to the terms of, the Indenture.

 

		9.	Guarantee

 

The payment by the Company of the principal and
interest is unconditionally guaranteed on a joint and several senior unsecured basis by each of the Guarantors to the extent set forth
in the Indenture.

 

		10.	Denominations; Transfer; Exchange

 

The Notes are in registered form without coupons,
in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder shall transfer or exchange
Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior
to a selection of Notes to be redeemed or 15 days before an interest payment date.

 

		11.	Persons Deemed Owners

 

The registered Holder of this Note shall be treated
as the owner of it for all purposes.

 

		12.	Unclaimed Money

 

If money for the payment of principal or interest
remains unclaimed for two years, or prior to the applicable escheat date, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

		13.	Discharge and Defeasance

 

Subject to certain conditions, the Company at any
time may terminate some of or all its obligations under the Notes and the Indenture if the Company irrevocably deposits with the Trustee
money in U.S. dollars or U.S. Government Obligations for the payment of principal and interest (including premium, if any) on the Notes,
in each case to redemption or maturity.

 

		14.	Amendment, Waiver

 

Subject to certain exceptions set forth in the
Indenture, the Company, the Guarantors and the Trustee may, with or without the consent of the Holders, modify, amend or supplement the
Indenture, the Notes or the related Guarantees as provided in the Indenture.

 

    A-8

     

    

 

		15.	Defaults and Remedies

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of Notes then outstanding, subject to certain limitations, may
declare all the Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default and shall result
in the Notes being immediately due and payable upon the occurrence of such Events of Default without any further act of the Trustee or
any Holder.

 

Holders of Notes may not enforce the Indenture
or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity
or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then
outstanding may direct the Trustee in its exercise of any trust or power under the Indenture. The Holders of a majority in aggregate principal
amount of the Notes then outstanding, by written notice to the Company and the Trustee, may rescind any declaration of acceleration and
its consequences if the rescission would not conflict with any judgment or decree, and if all existing Events of Default have been cured
or waived except nonpayment of principal or interest that has become due solely because of the acceleration.

 

		16.	Trustee Dealings with the Company

 

The Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the
Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
the Trustee.

 

		17.	No Recourse Against Others

 

A director, officer, employee or stockholder, as
such, of the Company or any Guarantor shall not have any liability for any obligations of the Company or any Guarantor under the Notes,
the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting
a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the
Notes.

 

		18.	Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note.

 

		19.	Abbreviations

 

Customary abbreviations may be used in the name
of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights
of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

		20.	Governing Law

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

		21.	CUSIP Numbers

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has
directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. To the extent such numbers have been
issued, the Company has caused ISIN and Common Code numbers to be similarly printed on the Notes and has similarly instructed the
Trustee. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice
of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

    A-9

     

    

 

The Company will furnish to any Holder of Notes
upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. Requests may be made
to:

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Attention: General Counsel

 

    A-10

     

    

 

LAMB WESTON HOLDINGS, INC. 4.375% SENIOR NOTES
DUE 2032

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

The undersigned hereby assigns and transfers this Note to

  

(Print or type assignee’s name, address and
zip code)

  

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

and irrevocably appoint agent to transfer this Note on the books of
the Company. The agent may substitute another to act for him.

 

	Date:	 	 	[Your Signature:	 
	 	 	 	 	Sign exactly as your name appears on the other side of this Note.]1

	 	 
	 	[Holder name exactly as it appears on the
other side of this Note

  

	 	By:	 
	 	Name:
	 	Title]2

  

Signature Guarantee: _________________________________________________

Signature must be guaranteed by a participant in a recognized

signature guaranty medallion program or other signature

guarantor acceptable to the Trustee

 

	Date:	 	 	
	 	 	 	Signature of Signature Guarantee

 

 

1 For assignments by natural
persons.

 

2 For assignments by Holders
that are not natural persons.

 

    A-11

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial principal amount of this Global Note
is $[      ]. The following increases or decreases in this Global Note have been made:

 

	
    Date of

    Exchange
	
    Amount of decrease
    in

    Principal Amount of this

    Global Note
	
    Amount of increase
    in

    Principal Amount of this

    Global Note
	
    Principal amount
    of this

    Global Note following

    such decrease or increase
	
    Signature of
    authorized

    signatory of Trustee or

    Notes Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    A-12

     

    

 

 

LAMB WESTON HOLDINGS, INC. 4.375% SENIOR NOTES
DUE 2032

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to 4.12 (Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event) of the Indenture,
check the box:

 

Change of Control Triggering Event  ̈

 

If you want to elect to have only part of this
Note purchased by the Company pursuant to Section 4.12 (Repurchase of Notes at the Option of Holders upon Change of Control Triggering
Event) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof):

 

	$	 	 

 

	Date:	 	 	Your Signature:	 
	 	 	 	 	(Sign exactly as your name appears on the other side of the
Note)

 

	Signature Guarantee:	 	 
	 	Signature must be guaranteed by a participant in a recognized	 
	 	signature guaranty medallion program or other signature	 
	 	guarantor acceptable to the Trustee	 

 

    A-13

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

Computershare Trust Company, N.A.

Attn: Corporate Trust – DAPS Reorg

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Phone: 1-800-344-5128

Facsimile: 1-866-969-1290

Email: dapsreorg@wellsfargo.com

 

Re:       4.375% Senior Notes due 2032

 

Reference is hereby made to the Indenture, dated
as of November 8, 2021 (the “Indenture”), among Lamb Weston Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

___________________ (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________
in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest in the Global Note or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest in the Global Note or Definitive Note for its own account, or
for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such
account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements
of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States and
applicable securities laws of any other applicable jurisdiction.

 

2.  ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the
United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and
any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act
and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to
a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to
the restrictions on Transfer enumerated in the Restricted Notes Legend printed on the Regulation S Global Note and/or the Definitive
Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.  ̈
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States and the securities
laws of any other applicable jurisdiction, and accordingly the Transferor hereby further certifies that (check one):

 

(a)  ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b)  ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

(c)  ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act; or

 

(d)  ̈
such Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities
Act other than Rule 144A, Rule 903, or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States.

 

4.  ̈
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)  ̈ Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and the securities laws of any other applicable jurisdiction and (ii) the restrictions on
transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Notes Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)  ̈ Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and the securities laws of any other applicable jurisdiction and (ii) the
restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Notes
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)  ̈ Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and
the securities laws of any other applicable jurisdiction and (ii) the restrictions on transfer contained in the Indenture and the
Restricted Notes Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject
to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Restricted Global Notes or Restricted
Definitive Notes and in the Indenture.

 

    B-2

     

    

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

		 	 
	 	 	[Insert Name of Transferor]

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)  ̈
a beneficial interest in the:

 

     (i)  ̈
144A Global Note (CUSIP _________), or

 

     (ii)  ̈
Regulation S Global Note (CUSIP _________); or

 

(b)  ̈
a Restricted Definitive Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE OF (a) OR (b) OR
(c)]

 

(a)  ̈
a beneficial interest in the:

 

     (i)  ̈
144A Global Note (CUSIP _________), or

 

     (ii)  ̈
Regulation S Global Note (CUSIP _________), or

 

     (iii)  ̈
Unrestricted Global Note (CUSIP _________); or

 

(b)  ̈
a Restricted Definitive Note; or

 

(c)  ̈
an Unrestricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

    B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

Computershare Trust Company, N.A.

Attn: Corporate Trust – DAPS Reorg

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Phone: 1-800-344-5128

Facsimile: 1-866-969-1290

Email: dapsreorg@wellsfargo.com

 

Re:        4.375% Senior Notes due 2032

 

Reference is hereby made to the Indenture, dated
as of November 8, 2021 (the “Indenture”), among Lamb Weston Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

__________________________ (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $____________ in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.       Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note

 

(a)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Note and pursuant to and in accordance with the United States Securities Act of 1933, as amended
(the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Note and pursuant to and
in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend
are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

(c)  ̈ Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the
Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

(d)  ̈ Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of
a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

 

2.       Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

 

(a)  ̈ Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed
on such Restricted Definitive Note and in the Indenture and the Securities Act.

 

(b)  ̈ Check
if Exchange is from Restricted Definitive Notes to beneficial interest in a Restricted Global Note. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CIRCLE ONE] 144A Global Note, Regulation
S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Definitive Note and pursuant to and in accordance with the Securities Act, and in compliance with any
applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the
Restricted Notes Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

		 	 
	 	 	[Insert Name of Transferor]

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

    C-2

     

    

 

EXHIBIT D

 

[FORM OF]

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [           ], among [NEW GUARANTOR] (the “New
Guarantor”), a subsidiary of lamb weston holdings, inc., a Delaware corporation
(the “Company”), the Company and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association, as trustee under
the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Company, certain Guarantors and the Trustee
have heretofore executed an indenture, dated as of November 8, 2021 (as amended, supplemented or otherwise modified, the “Indenture”),
providing for the issuance of the Company’s 4.375% Senior Notes due 2032 (the “Notes”), initially in the aggregate
principal amount of $700,000,000;

 

WHEREAS Sections 4.14 and 10.07 of the Indenture
provide that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental
indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s Obligations under the Notes and
the Indenture pursuant to a Guarantee on the terms and conditions set forth herein; and

 

WHEREAS pursuant to Section 9.01 of the Indenture,
the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.       Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein
as therein defined, except that the term “Holders” in this Supplemental Indenture shall refer to the term “Holders”
as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders. The words “herein,”
 “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer
to this Supplemental Indenture as a whole and not to any particular Section hereof.

 

2.       Agreement
to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee
the Company’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article X
of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations
and agreements of a Guarantor under the Indenture.

 

3.       Notices.
All notices or other communications to the New Guarantor shall be given as provided in Section 11.02 of the Indenture.

 

4.       Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

 

5.       Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

    D-1

     

    

 

6.       Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. Additionally,
the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein,
all of which recitals or statements are made solely by the Company, the New Guarantor and the Guarantors, and the Trustee makes no representation
with respect to any such matters.

 

7.       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

 

8.       Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left blank.]

 

    D-2

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Indenture to be duly executed as of the date first written above.

 

	 	 	lamb weston holdings,
INC.
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

	 	 	[NEW GUARANTOR], as a Guarantor
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

	 	 	COMPUTERSHARE TRUST COMPANY, N.A.,
	 	 	as Trustee
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

    D-3Exhibit 10.1

 

 

   

Published CUSIP Numbers: [_________]

[_________]

 

364 DAY CREDIT AGREEMENT

(SYNDICATED FACILITY AGREEMENT)

Dated as of November 5, 2021

 

among

 

TOYOTA MOTOR CREDIT CORPORATION,

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.,

TOYOTA FINANCIAL SERVICES (UK) PLC,

TOYOTA CREDIT DE PUERTO RICO CORP.,

TOYOTA CREDIT CANADA INC.,

TOYOTA KREDITBANK GMBH,

and

TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002
435 181)

as the Borrowers,

 

BNP PARIBAS, 

as Administrative Agent, Swing Line Agent and Swing
Line Lender

 

and

 

The Other Lenders Party Hereto

____________________________________________

BNP PARIBAS SECURITIES CORP.,

BOFA SECURITIES, INC.,

CITIBANK, N.A., 

JPMORGAN CHASE BANK, N.A.,

and

MUFG BANK, LTD.,

as Joint Lead Arrangers and Joint Book Managers

_____________________________________________ 

CITIBANK, N.A., 

as Syndication Agent and Swing Line Lender 

______________________________________________

BANK OF AMERICA, N.A.,

as Syndication Agent and Swing Line Lender

______________________________________________

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent and Swing Line Lender

_____________________

MUFG BANK, LTD.,

as Syndication Agent

 

 

   

     

     

    

 

TABLE OF CONTENTS

 

	 	
    Page

     

	ARTICLE I DEFINITIONS	1
	 	 
	Section  1.1 Definitions	1
	 	 
	Section  1.2 Other Interpretive Provisions	30
	 	 
	Section  1.3 Accounting Terms	31
	 	 
	Section  1.4 References to Agreements
    and Laws	31
	 	 
	Section  1.5 Exchange Rates; Currency
    Equivalents	31
	 	 
	Section  1.6 [Reserved]	31
	 	 
	Section 1.7 Change of Currency	31
	 	 
	Section 1.8 Times of Day	32
	 	 
	Section 1.9 Syndicated Facility Agreement	32
	 	 
	Section 1.10 Interest Rates; Benchmark Notification	32
	 	 
	ARTICLE II THE CREDITS	33
	 	 
	Section 2.1 Committed Loans	33
	 	 
	Section 2.2 Borrowings, Conversions and Continuations
    of Committed Loans	34
	 	 
	Section 2.3 [Reserved]	37
	 	 
	Section 2.4 Prepayments	37
	 	 
	Section 2.5 Termination or Reduction of Commitments	38
	 	 
	Section 2.6 Repayment of Loans	40
	 	 
	Section 2.7 Interest	40
	 	 
	Section 2.8 Fees	41
	 	 
	Section 2.9 Computation of Interest and Fees	42
	 	 
	Section 2.10 Evidence of Debt	42
	 	 
	Section 2.11 Payments Generally	42

 

     

    	 

    

	Section 2.12 Sharing of Payments	45
	 	 
	Section 2.13 Renewal of Revolving Maturity Date;
    Conversion to Term Loans	46
	 	 
	Section 2.14 Increase in Commitments	47
	 	 
	Section 2.15 [Reserved]	48
	 	 
	Section 2.16 Swing Line Loans	48
	 	 
	Section 2.17 Defaulting Lenders	52
	 	 
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	54
	 	 
	Section 3.1 Taxes	54
	 	 
	Section 3.2 Illegality	57
	 	 
	Section 3.3 Inability to Determine Rates	58
	 	 
	Section 3.4 Increased Cost and Reduced Return;
    Capital Adequacy; Reserves on Term Rate Loans	60
	 	 
	Section 3.5 Funding Losses	61
	 	 
	Section 3.6 Matters Applicable to all Requests
    for Compensation	62
	 	 
	Section 3.7 Public Offer	63
	 	 
	Section 3.8 Reference Rate Replacement	64
	 	 
	ARTICLE IV CONDITIONS	67
	 	 
	Section 4.1 Effectiveness	67
	 	 
	Section 4.2 Conditions to all Loans	69
	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	69
	 	 
	Section  5.1 Corporate Existence and
    Power	69
	 	 
	Section  5.2 Corporate and Governmental
    Authorization: No Contravention	70
	 	 
	Section  5.3 Binding Effect	70
	 	 
	Section  5.4 Financial Statements	70
	 	 
	Section  5.5 Litigation	70
	 	 
	Section  5.6 Taxes	71

 

    		ii	Toyota
                                            - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

	Section  5.7 Not an Investment
    Company	71
	 	 
	Section  5.8 Disclosure	71
	 	 
	Section  5.9 Representations as to
    Non-US Obligors	71
	 	 
	Section  5.10 Representations as to
    TCPR	72
	 	 
	Section  5.11 Sanctions	72
	 	 
	Section  5.12 Compliance Policies	73
	 	 
	Section  5.13 Business Locations	73
	 	 
	ARTICLE VI COVENANTS	73
	 	 
	Section  6.1 Information	73
	 	 
	Section  6.2 Reserved	75
	 	 
	Section  6.3 Preservation and Maintenance
    of Corporate Existence	75
	 	 
	Section  6.4 Compliance with Laws	75
	 	 
	Section  6.5 Negative Pledge	75
	 	 
	Section  6.6 Consolidations	77
	 	 
	Section  6.7 Use of Proceeds	78
	 	 
	ARTICLE VII DEFAULTS	79
	 	 
	Section  7.1 Events of Default	79
	 	 
	Section 7.2 Application of Funds	81
	 	 
	ARTICLE VIII THE ADMINISTRATIVE AGENT	82
	 	 
	Section 8.1 Appointment and Authorization of
    Administrative Agent	82
	 	 
	Section 8.2 Delegation of Duties	82
	 	 
	Section 8.3 Liability of Administrative Agent	83
	 	 
	Section 8.4 Reliance by Administrative Agent	83
	 	 
	Section 8.5 Notice of Default	83
	 	 
	Section 8.6 Credit Decision; Disclosure
    of Information by Administrative Agent	84

 

    		iii	Toyota
                                            - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

	Section 8.7 Indemnification of Administrative
    Agent	84
	 	 
	Section 8.8 Administrative Agent in its Individual
    Capacity	85
	 	 
	Section 8.9 Successor Administrative Agent and
    Sub-Agents	85
	 	 
	Section 8.10 Administrative Agent May File Proofs
    of Claim	86
	 	 
	Section 8.11 Other Agents, Arrangers and Managers	87
	 	 
	Section 8.12 Erroneous Payments	87
	 	 
	ARTICLE IX MISCELLANEOUS	91
	 	 
	Section 9.1 Amendments, Etc	91
	 	 
	Section 9.2 Notices and Other Communications;
    Facsimile Copies	92
	 	 
	Section 9.3 No Waiver; Cumulative Remedies	95
	 	 
	Section 9.4 Attorney Costs, Expenses and Taxes	95
	 	 
	Section 9.5 Indemnification by the Borrowers	95
	 	 
	Section 9.6 Payments Set Aside	97
	 	 
	Section 9.7 Successors and Assigns	97
	 	 
	Section 9.8 Confidentiality	101
	 	 
	Section 9.9 Set-off	102
	 	 
	Section 9.10 Interest Rate Limitation	103
	 	 
	Section 9.11 Counterparts; Electronic Execution	103
	 	 
	Section 9.12 Integration	103
	 	 
	Section 9.13 Survival of Representations and
    Warranties	103
	 	 
	Section 9.14 Severability	104
	 	 
	Section 9.15 Tax Forms	104
	 	 
	Section 9.16 Australian GST	107
	 	 
	Section 9.17 Replacement of Lenders	108
	 	 
	Section 9.18 Governing Law	108

 

    		iv	Toyota
                                            - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

	Section 9.19 No Advisory or Fiduciary
    Responsibility	109
	 	 
	Section 9.20 PATRIOT Act Notice	110
	 	 
	Section 9.21 Judgment	110
	 	 
	Section 9.22 Acknowledgement and Consent to
    Bail-In of Certain Financial Institutions	111
	 	 
	Section 9.23 Stay Provisions	111
	 	 
	Section 9.24 Waiver of Right to Trial by Jury	112

 

	Schedules
	 	 
	Schedule 2.1	Commitments and Pro Rata Shares
	Schedule 9.2	Administrative Agent’s Office, Certain Addresses for Notices
	 	 
	 	 
	Exhibits
	 	 
	Exhibit A-1	Form of Committed Loan Notice
	Exhibit A-2	Form of Swing Line Loan Notice
	Exhibit B	Form of Note
	Exhibit C	[Reserved]
	Exhibit D	Form of Assignment and Assumption

 

    		v	Toyota
                                            - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

 

364 DAY CREDIT AGREEMENT

 

THIS 364 DAY CREDIT AGREEMENT
(this “Agreement”) dated as of November 5, 2021 is made among TOYOTA MOTOR CREDIT CORPORATION, a California corporation
(“TMCC”), TOYOTA MOTOR FINANCE (NETHERLANDS) B.V., a corporation organized under the laws of the Netherlands (“TMFNL”),
TOYOTA FINANCIAL SERVICES (UK) PLC, a corporation organized under the laws of England (“TFSUK”), TOYOTA CREDIT DE PUERTO
RICO CORP., a corporation organized under the laws of the Commonwealth of Puerto Rico (“TCPR”), TOYOTA CREDIT CANADA
INC., a corporation incorporated under the laws of Canada (“TCCI”), TOYOTA KREDITBANK GMBH, a corporation organized
under the laws of Germany (“TKG”), TOYOTA FINANCE AUSTRALIA LIMITED, ABN 48 002 435 181, a corporation incorporated
under the laws of the Commonwealth of Australia (“TFA” and, together with TMCC, TMFNL, TFSUK, TCPR, TCCI and TKG, the
“Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and, individually,
a “Lender”), BNP PARIBAS, as Administrative Agent, Swing Line Agent and Swing Line Lender, BNP PARIBAS SECURITIES CORP.
(“BNPP Securities”), BOFA SECURITIES, INC. (“BofA Securities”), CITIBANK, N.A. (“Citibank”),
JPMORGAN CHASE BANK, N.A. (“JPMorgan”), and MUFG BANK, LTD. (“MUFG”), as Joint Lead Arrangers and
Joint Book Managers, Citibank, BANK OF AMERICA, N.A. (“BofA”) and JPMorgan, as Swing Line Lenders, and Citibank, BofA,
JPMorgan and MUFG, as Syndication Agents.

 

WHEREAS, the Borrowers have
requested that the Lenders provide a revolving credit facility that may be converted to a term facility, and the Lenders are willing to
do so on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section  1.1 Definitions.
The following terms, as used herein, have the following meanings:

 

“Administrative Agent”
means BNP Paribas, in its capacity as Administrative Agent for the Lenders hereunder, and its successors in such capacity and, as the
context requires, includes the Australian Sub-Agent.

 

“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 9.2 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Borrowers and the Lenders.

 

     
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“Administrative Questionnaire”
means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to
the Administrative Agent (with a copy to the Borrowers) duly completed by such Lender.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power,
by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 

“Agent-Related Persons”
means the Administrative Agent, together with its Affiliates (including, in the case of BNP Paribas in its capacity as the Administrative
Agent and a Swing Line Agent, BNPP Securities as an Arranger, BNP Paribas London in its capacity as a Swing Line Agent, BNP Paribas, acting
through its Singapore Branch in its capacity as Australian Sub-Agent and a Swing Line Agent), and the officers, directors, employees,
agents and attorneys-in-fact of such Persons and Affiliates.

 

“Aggregate Commitments”
means (i) the Commitments of all the Lenders, (ii) when used in relation to the Tranche A Borrowers, the Aggregate Tranche A Commitments,
(iii) when used in relation to TCCI, the Aggregate Tranche B Commitments and (iv) when used in relation to the Tranche C Borrower, the
Aggregate Tranche C Commitments.

 

“Aggregate Tranche
A Commitments” means the Tranche A Commitments of all the Tranche A Lenders.

 

“Aggregate Tranche
B Commitments” means the Tranche B Commitments of all the Tranche B Lenders; provided that in no event shall the Aggregate
Tranche B Commitments exceed US$866,800,000.

 

“Aggregate Tranche
C Commitments” means the Tranche C Commitments of all the Tranche C Lenders; provided that in no event shall the Aggregate
Tranche C Commitments exceed US$666,800,000.

 

“Agreement”
means this Credit Agreement.

 

“Alternative Currency”
means each of Euro, Sterling and Canadian Dollars.

 

“Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in US Dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the
most recent Revaluation Date) for the purchase of such Alternative Currency with US Dollars.

 

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“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower or its Subsidiaries from time to
time concerning or relating to bribery or corruption.

 

“Applicable Agent”
means, with respect to all Tranche A Loans the Administrative Agent, with respect to all Tranche B Loans, the Administrative Agent and
with respect to all Tranche C Loans, the Australian Sub-Agent.

 

“Applicable Percentage”
means 0.030% per annum.

 

“Applicable Rate”
means (i) for Term Rate Loans, SONIA Loans, Swing Line Loans denominated in currencies other than Canadian Dollars, and Tranche C Loans,
as of any day, a percentage per annum equal to 0.830% and (ii) for Base Rate Loans, Canadian Prime Rate Loans and Swing Line Loans denominated
in Canadian Dollars, a rate per annum equal to 0.00%.

 

“Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency or Australian Dollars, the local time in the place of settlement
for such currency as may be determined by the Administrative Agent to be necessary for timely settlement on the relevant date in accordance
with normal banking procedures in the place of payment.

 

“Applicable Tranche
Lenders” means (i) with respect to the Tranche A Commitments or the Tranche A Borrowers, the Tranche A Lenders, (ii) with respect
to the Tranche B Commitments or TCCI, the Tranche B Lenders and (iii) with respect to the Tranche C Commitments or the Tranche C Borrower,
the Tranche C Lenders.

 

“Arranger”
means any of BNPP Securities, BofA Securities, Citibank, JPMorgan or MUFG, in its capacity as a joint lead arranger and a joint book manager.

 

“Assignment and Assumption”
means an Assignment and Assumption substantially in the form of Exhibit D.

 

“Attorney Costs”
means and includes, with respect to the Administrative Agent, all reasonable fees, expenses and disbursements of any law firm or other
external counsel and, with respect to any Lender, without duplication, the reasonable allocated cost of internal legal services and all
expenses and disbursements of internal counsel.

 

“Audited Financial
Statements” means (i) for TMFNL, the audited statement of financial position of TMFNL as at, or for the fiscal year ended, March
31, 2021 (or such later date for which audited financial statements are delivered pursuant to this Agreement) and the related audited
statement of comprehensive income, statement of changes in equity and statement of cash flows for such fiscal year, including the notes
thereto, (ii) for TCCI, the audited statement of financial position of TCCI as at, or for the fiscal year ended March 31, 2021 (or such
later date for which audited financial statements are delivered pursuant to this Agreement) and the related audited statement of income
and comprehensive income, statement of changes in equity and statement of cash flows for such fiscal year, including the notes thereto,
(iii) for TCPR, the

 

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audited balance sheet of TCPR
for the fiscal year ended March 31, 2021 (or such later date for which audited financial statements are delivered pursuant to this Agreement)
and the related consolidated statement of income or operations, shareholders’ equity and cash flows from such fiscal year, including
the notes thereto, (iv) for TMCC, the audited consolidated balance sheet of TMCC and its Subsidiaries for the fiscal year ended March
31, 2021 (or such later date for which audited financial statements are delivered pursuant to this Agreement) and the related consolidated
statement of income or operations, shareholders’ equity and cash flows for such fiscal year of TMCC and its Subsidiaries, including
the notes thereto, (v) for TFSUK and its Subsidiaries, the audited statements of financial position of TFSUK and its Subsidiaries and
of TFSUK, in each case, as at, or for the fiscal year ended, March 31, 2021 (or such later date for which audited financial statements
are delivered pursuant to this Agreement), the audited consolidated income statement, the audited consolidated and company statements
of comprehensive income, the audited consolidated and company statements of changes in equity and the audited consolidated and company
statements of cash flows for such financial year of TFSUK and its Subsidiaries, including the notes thereto, (vi) for TKG, the audited
balance sheet of TKG for the fiscal year ended March 31, 2021 (or such later date for which audited financial statements are delivered
pursuant to this Agreement) and the related statement of income or operations and shareholders’ equity for such fiscal year, including
the notes thereto (presented in each case on a consolidated basis for TKG) and (vii) for TFA and its Subsidiaries, the audited annual
financial statements of TFA for the fiscal year ended March 31, 2021 (or such later date for which audited financial statements are delivered
pursuant to this Agreement) (including a statement of comprehensive income, a statement of financial position, a statement of changes
in equity and a statement of cash flows for such fiscal year, and the notes thereto) (presented in each case on a consolidated basis for
TFA).

 

“Australian Business
Day” means a day of the year on which banks are not required or authorized by law to close in Sydney, Australia, Singapore or
New York, New York.

 

“Australian Corporations
Act” means the Corporations Act 2001 of Australia.

 

“Australian Dollars”
and “A$” each means the lawful money of Australia.

 

“Australian Reference
Bank” means BNP Paribas, Australia Branch, Citibank and MUFG; provided if any of such banks ceases to be a Tranche C
Lender, such bank shall also cease to be an Australian Reference Bank, and a successor Australian Reference Bank shall be chosen by the
Australian Sub-Agent from the Tranche C Lenders and identified as such by notice from the Australian Sub-Agent to the Tranche C Borrower
and the Tranche C Lenders, provided that such designated Tranche C Lender (i) has been approved by the Tranche C Borrower to perform
such role (such approval not to be unreasonably withheld) and (ii) has agreed to perform such role.

 

“Australian Sub-Agent”
means BNP Paribas, acting through its Singapore Branch.

 

“Australian Sub-Agent’s
Office” means the applicable Australian Sub-Agent’s address and, as appropriate, account as set forth on Schedule 9.2,
or such other address or account as

 

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such Australian Sub-Agent may from time to time
notify to the Tranche C Borrower and the Tranche C Lenders.

 

“Australian Swing
Line Sublimit” means an amount equal to the least of (a) US$333,400,000, (b) the aggregate Swing Line Commitments of the Swing
Line Lenders in respect of Australian Dollars and (c) the Aggregate Commitments. The Australian Swing Line Sublimit is part of, and not
in addition to, the Swing Line Sublimit.

 

“Australian Tax Act”
means the Income Tax Assessment Act 1936 of Australia and associated regulations and, where applicable, any replacement legislation including,
but not limited to, the Income Tax Assessment Act 1997 of Australia.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act
2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution
of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration
or other insolvency proceedings).

 

“Bank Bill Rate”
means, for an Interest Period for each advance comprising part of the same Borrowing, an interest rate per annum equal to (a) the rate
percent per annum determined by the Australian Sub-Agent being the average bid rate for Bills (rounded up to 4 decimal places) quoted
on page “BBSY” (or any page that replaces that page) on the Reuters Monitor System at or about 10:30 a.m. (Sydney time) on
the first day of such Interest Period for a period equal to, or most closely approximating, such Interest Period; or (b) if the Bank Bill
Rate cannot be determined in accordance with clause (a) of this definition, the rate percent per annum determined by the Australian Sub-Agent
as the average of the rates quoted to the Australian Sub-Agent by each Australian Reference Bank for the purchase of Bills accepted by
such Australian Reference Bank which have a tenor equal to such Interest Period and a face value equal to the amount of the applicable
advance (it being understood that the Australian Sub-Agent shall not be required to disclose to any party hereto any information regarding
any Australian Reference Bank or any rate provided by such Australian Reference Bank in accordance with this definition, including, without
limitation, whether an Australian Reference Bank has provided a rate or the rate provided by any individual Australian Reference Bank,
and shall not make any such determination of the Bank Bill Rate if fewer than two Australian Reference Banks provide quotes as provided
in this clause (b)); provided that, if the Bank Bill Rate would otherwise be less than zero, such Bank Bill Rate shall instead
be deemed for all purposes of this Agreement to be zero.

 

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“Base Rate”
means, (a) in respect of Tranche A, for any day, a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus
1⁄2 of 1%, (ii) Term SOFR for an assumed Interest Period of one month plus 1⁄2 of 1% and (iii) the rate of interest in effect
for such day as publicly announced from time to time by BNP Paribas in the United States as its “prime rate”; provided
that, if the Base Rate would otherwise be less than zero, the Base Rate shall instead be deemed for all purposes of this Agreement to
be zero. The “prime rate” is a rate set by BNP Paribas based upon various factors including BNP Paribas’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced
at, above, or below such announced rate and (b) in respect of Tranche B, for any day, the fluctuating rate per annum equal to the highest
of the rates determined in accordance with clause (a)(i), clause (a)(ii), and the rate of interest in effect for such day as publicly
announced from time to time by BNP Paribas in Canada as its “prime rate” for US Dollars. Any change in such rate announced
by BNP Paribas shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Committed
Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate Loan”
means a Loan denominated in US Dollars that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in US Dollars.

 

“Benchmark”
has the meaning specified in Section 3.8.

 

“Benchmark Replacement”
has the meaning specified in Section 3.8.

 

“Benchmark Transition
Event” has the meaning specified in Section 3.8.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Bill”
means a bill of exchange as defined in the Bills of Exchange Act 1909 of Australia.

 

“Borrower”
means any of TMCC, TMFNL, TFSUK, TCPR, TCCI, TKG or TFA, in its capacity as a borrower under the Tranche A Facility, the Tranche B Facility
or the Tranche C Facility, as applicable.

 

“Borrower Materials”
has the meaning specified in Section 6.1.

 

“Borrowers’
Representative” has the meaning specified in Section 9.2(e).

 

“Borrowing”
means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

“Business Day”
means (i) any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are
in fact closed in, any of the

 

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following: the state where the Administrative
Agent’s Office is located, Texas, New York, Chicago and San Juan, Puerto Rico; (ii) if such day relates to any interest rate settings
as to a Term Rate Loan or Swing Line Loan denominated in Euro, a TARGET2 Day; (iii) if such day relates to any interest rate settings
as to a SONIA Loan or Swing Line Loan denominated in Sterling, a SONIA Business Day; (iv) if such day relates to any Tranche B Loan, a
Canadian Business Day; and (v) if such day relates to any Tranche C Loan or Swing Line Loan made in Australian Dollars, an Australian
Business Day.

 

“Canadian Business
Day” means a day of the year on which banks are not required or authorized by law to close in Toronto, Ontario or in Montreal,
Quebec, Canada or New York, New York.

 

“Canadian Dollars”
and “CDN$” each means the lawful money of Canada.

 

“Canadian Prime Rate”
means, on any day, a fluctuating rate of interest per annum equal to the average of the rates of interest per annum most recently announced
by each Canadian Reference Bank as its reference rate of interest for loans made in Canadian Dollars to Canadian customers and designated
as such Canadian Reference Bank’s “prime rate” (a Canadian Reference Bank’s “prime rate” being a rate
set by such Canadian Reference Bank based upon various factors, including such Canadian Reference Bank’s costs and desired returns
and general economic conditions, and is used as a reference point for pricing some loans, which may be priced at, above or below such
announced rate). Any change in such rate announced by the Administrative Agent
shall take effect at the opening of business on the day specified in the public announcement of such change. Each interest rate
based upon the Canadian Prime Rate shall be adjusted simultaneously with any change in the Canadian Prime Rate; provided that,
if the Canadian Prime Rate would otherwise be less than zero, such Canadian Prime Rate shall instead be deemed for all purposes of this
Agreement to be zero.

 

“Canadian Prime Rate
Loan” means a Tranche B Loan denominated in Canadian Dollars that bears interest based on the Canadian Prime Rate.

 

“Canadian Reference
Banks” means BNP Paribas, acting through its Canada Branch, Citibank, N.A., Canadian Branch and The Toronto Dominion Bank.

 

“CDOR”
has the meaning specified in the definition of “Term Rate”.

 

“Closing Date”
means the first date all the conditions precedent in Section 4.1 are satisfied or waived in accordance with Section 4.1
(or, in the case of Section 4.1(b), waived by the Person entitled to receive the applicable payment).

 

“Code”
means the Internal Revenue Code of 1986, as amended and any successor statute.

 

“Commitment”
means, as to each Lender, its Tranche A Commitment, its Tranche B Commitment or its Tranche C Commitment, as applicable.

 

“Commitment Cap”
means, as to each Lender, the amount set opposite its name on Schedule 2.1 as such Lender’s “Commitment Cap”
or in the Assignment and Assumption

 

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pursuant to which such Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type and Tranche and, in the case of Term Rate Loans or Tranche
C Loans, having the same Interest Period, made by each of the appropriate Lenders pursuant to Section 2.1.

 

“Committed Loan”
means a Committed Tranche A Loan, a Committed Tranche B Loan or a Committed Tranche C Loan, or any of the foregoing, as the context requires.

 

“Committed Loan Notice”
means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other or (c) a continuation of Term
Rate Loans, pursuant to Section 2.2(a), which, if in writing, shall be substantially in the form of Exhibit A-1. A Committed
Loan Notice for a Term Rate Loan or Tranche C Loan with an Interest Period extending beyond the Revolving Maturity Date may only be delivered
concurrently with (or, in the case of (b) or (c) above, concurrently with or subsequently to) a notice of election by such Borrower to
extend the Maturity Date applicable to such Borrower to the Term Maturity Date pursuant to Section 2.13(c).

 

“Committed Tranche
A Loan” means a loan made by a Tranche A Lender pursuant to Section 2.1(a).

 

“Committed Tranche
B Loan” means a loan made by a Tranche B Lender pursuant to Section 2.1(b).

 

“Committed Tranche
C Loan” means a loan made by a Tranche C Lender pursuant to Section 2.1(c).

 

“Conforming Changes”
means, with respect to either the use or administration of Term SOFR, Daily Simple SONIA, SONIA or the use, administration, adoption or
implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition
of “Base Rate,” the definition of “Business Day,” the definition of “SONIA Business Day,” the definition
of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous
definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments
of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback
periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Administrative
Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice
for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably
necessary in connection with the administration of this Agreement and the other Loan Documents).

 

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“Consenting Lenders”
has the meaning specified in Section 2.13(b).

 

“Consolidated Subsidiary”
means, with respect to any Person, at any date any Subsidiary or other entity the accounts of which would be consolidated with those of
such Person in its consolidated financial statements if such statements were prepared as of such date.

 

“Control”
has the meaning specified in the definition of “Affiliate.”

 

“Daily Simple SOFR”
means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day “SOFR
Determination Date”) that is five U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government
Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government
Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on
the SOFR Administrator’s Website, and (b) zero%. If by 4:00 p.m. (Central time) on the second U.S. Government Securities Business
Day immediately following any SOFR Determination Date, the SOFR in respect of such SOFR Determination Date has not been published on the
SOFR Administrator’s Website and a Benchmark Transition Event with respect to the Daily Simple SOFR has not occurred, then the SOFR
for such SOFR Determination Date will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day
for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this
sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three consecutive SOFR Rate Days. Any change
in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice
to the Borrowers.

 

“Daily Simple SONIA”
means, for any day (a “SONIA Interest Day”), a rate per annum equal to the greater of (a) SONIA for the day that is
five SONIA Business Days prior to (A) if such SONIA Interest Day is a SONIA Business Day, such SONIA Interest Day or (B) if such SONIA
Interest Day is not a SONIA Business Day, the SONIA Business Day immediately preceding such SONIA Interest Day and (b) zero.

 

“Debtor Relief Law”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Default”
means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would,
unless cured or waived, become an Event of Default.

 

“Default Excess”
means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s ratable portion of the aggregate outstanding
principal amount of the Loans of all Lenders (calculated as if all Defaulting Lenders had funded all of their respective

 

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Defaulted Loans) over the aggregate outstanding
principal amount of all Loans actually funded by such Defaulting Lender.

 

“Default Period”
means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Defaulted Loan and ending on the earlier
of the following dates: (i) the date on which (a) the Default Excess with respect to such Defaulting Lender has been reduced to zero (whether
by the funding of any Defaulted Loan by such Defaulting Lender or by the non-pro-rata application of any prepayment pursuant to Section
2.17) and (b) such Defaulting Lender shall have delivered to TMCC, the applicable Borrower and the Administrative Agent a written
reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments; and (ii) the date on which TMCC, the
applicable Borrower, the Administrative Agent and the Required Lenders waive in writing all defaults relating to the failure of such Defaulting
Lender to fund.

 

“Default Rate”,
with respect to any Loan, means an interest rate equal to the interest rate (including the Applicable Rate) otherwise applicable to such
Loan plus 2% per annum, to the fullest extent permitted by applicable Laws.

 

“Defaulted Loan”
means any Loan that a Defaulting Lender has failed to make.

 

“Defaulting
Lender” means, subject to Section 2.17(c), any Lender that (a) has failed to fund any portion of the Committed Loans (unless such
Lender notifies the Administrative Agent and the applicable Borrower in writing that such position is based on such Lender’s good
faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has
not been satisfied) or participations in Swing Line Loans required to be funded by it hereunder within two Business Days of the date
required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within two Business Days of the date when due, and such failure is continuing, unless the
subject of a good faith dispute, (c) has notified any Borrower or the Administrative Agent in writing, or has made a public statement
to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing
or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent
(specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or
generally under other agreements in which it commits to extend credit, (d) has failed, within three Business Days after written request
by the Administrative Agent or any Borrower, acting in good faith, to provide a certification in writing from an authorized officer of
such Lender that it will comply with its obligations to fund prospective Committed Loans and participations in Swing Line Loans required
to be funded by it hereunder, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (d) upon receipt
of such certification in form and substance reasonably satisfactory to the Administrative Agent and such Borrower, or (e) is
or becomes (or whose parent company is or becomes) (i) the subject of a bankruptcy, insolvency, receivership or conservatorship proceeding
or (ii) the subject of a Bail-In Action; provided, however, that a Lender shall not be a Defaulting Lender solely by virtue of
the ownership or acquisition of any ownership interest in such Lender or parent company thereof or the exercise of control over a Lender
or parent company thereof by a governmental authority

 

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or instrumentality thereof so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate,
disavow or disaffirm any contracts or arrangements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more clauses (a) through (e) above shall be conclusive and binding absent manifest error, and
such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(c)) upon delivery of written notice of such determination
to the Borrowers, each Swing Line Lender and each Lender.

 

“Designated Person”
means a person or entity named as a “Specially Designated National and Blocked Person” on the most current list published
by OFAC at its official website, or any replacement website or a person or entity similarly named on any Sanctions-related list officially
published by the Australian Federal Government, the United Nations Security Council, the European Union, the Federal Republic of Germany
or Her Majesty’s Treasury of the United Kingdom, or in each case on any replacement official publication of such list.

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in US Dollars, such amount, and (b) with respect to any amount
denominated in any Alternative Currency or Australian Dollars, the equivalent amount thereof in US Dollars as determined by the Administrative
Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of US Dollars
with such currency.

 

“DTTP Filing”
means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by TFSUK, which (i) where it relates to a UK Treaty Lender
or US LLC Lender which becomes party hereto on the date hereof, contains the scheme reference number and jurisdiction of tax residence
stated opposite that Lender’s name in Schedule 2.1, and is filed with HM Revenue & Customs within 30 days of the date
of this Agreement; or (ii) where it relates to a UK Treaty Lender or US LLC Lender that is an Eligible Assignee and becomes a party hereto
after the date hereof, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the
relevant Assignment and Assumption, and is filed with HM Revenue & Customs within 30 days of the date of that Assignment and Assumption.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA
Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a)
of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described
in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

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“Eligible Assignee”
has the meaning specified in Section 9.7(i).

 

“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European
currency.

 

“Environmental Laws”
means any and all Laws relating to the environment, the effect of the environment on human health or to emissions, discharges or releases
of pollutants, contaminants, hazardous substances or wastes into the environment including, without limitation, ambient air, surface water,
ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.

 

“ERISA Group”
means any Borrower organized under the laws of the United States or any State thereof, the District of Columbia or Puerto Rico, any Subsidiary
of such Borrower and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under
common control which, together with such Borrower, or any such Subsidiary, are treated as a single employer under Section 414 of the Code.

 

“€STR”
means the Euro Short Term Rate as administered by the European Central Bank (or any other Person which takes over the administration of
that rate, the “€STR Administrator”) displayed on the €STR Administrator’s website, currently at http://www.ecb.europa.eu,
or any successor source for €STR identified as such by the €STR Administrator from time to time on the Business Day preceding
the date of determination; provided, that if €STR would otherwise be less than zero, €STR shall instead be deemed for
all purposes of this Agreement to be zero. If on any day €STR has not been published on the €STR Administrator’s website,
then €STR for such day will be €STR as published in respect of the first preceding Business Day for which €STR was published
on the €STR Administrator’s website.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in
effect from time to time.

 

“EURIBOR”
has the meaning specified in the definition of “Term Rate”.

 

“Euro”
and “EUR” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

 

“Event of Default”
has the meaning set forth in Section 7.1.

 

“Exempt Lender”
means a Tranche A Lender that is any of the following: (i) a Lender organized under the Laws of Puerto Rico, (ii) a Lender organized under
the Laws of a jurisdiction other than Puerto Rico that is engaged in the conduct of a trade or business in Puerto Rico, or (iii) a Lender
organized under the Laws of a jurisdiction other than Puerto Rico that is not engaged in the conduct of a trade or business in Puerto
Rico and that is not a “related person”

 

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to TCPR, as such term is defined in Sections 1062.11(a)(4)
and 1092.01(a)(3) of the Puerto Rico Code.

 

“Existing Credit
Facilities” means (a) the 364-Day Credit Agreement dated as of November 6, 2020 among TMCC, TMFNL, TFSUK, TCPR, TCCI, TKG, TFA
and KINTO Deutschland GmbH (formerly Toyota Leasing GmbH), the financial institutions from time to time party thereto as lenders and BNP
Paribas, as administrative agent, and (b) the Three Year Credit Agreement and the Five Year Credit Agreement, each dated as of November
8, 2019 and among TMCC, TMFNL, TFSUK, TCPR, TCCI, TKG, TFA and KINTO Deutschland GmbH (formerly Toyota Leasing GmbH), the financial institutions
from time to time party thereto as lenders and BNP Paribas, as administrative agent.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements with respect thereto and any treaty,
law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the
U.S. and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members
of the Federal Reserve System, as published by the Federal Reserve Bank on the Business Day next succeeding such day; provided
that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to BNP Paribas on such day on such transactions as determined by the Administrative Agent.

 

“Fee Letters”
means the fee letters, if any, among TMCC, the Administrative Agent and any Arranger, entered into in connection with this Agreement.

 

“FEMA”
has the meaning set forth in Section 5.11.

 

“Foreign Lender”
has the meaning set forth in Section 9.15(a)(i).

 

“FRB” means
the Board of Governors of the Federal Reserve System of the United States.

 

“GAAP”
means, (i) in the case of TMCC and TCPR, generally accepted accounting principles in the United States of America set forth in the opinions
and pronouncements of the Statements and Interpretations of the Financial Accounting Standards Board, FASB Staff Positions, Accounting
Research Bulletins and Accounting Principles Board Opinions of the American Institute of Certified Public Accountants or agencies with
similar functions of comparable stature and

 

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authority within the U.S. accounting profession,
which are applicable to the circumstances as of the date of determination, including the FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles, (ii) in the case of TCCI, accounting principles generally accepted in Canada as
set out in the Canadian Institute of Chartered Accountants Handbook - Accounting at the relevant time applied on a consistent basis, with
any changes thereto or deviations therefrom that are made with the prior approval of TCCI’s independent auditors in accordance with
promulgations of the Canadian Institute of Chartered Accountants, provided that, upon conversion by TCCI, as permitted by GAAP,
to Canadian accounting standards for private enterprises or International Financial Reporting Standards, in each case, as set out in the
Canadian Institute of Chartered Accountants Handbook - Accounting, such standards for private enterprises or International Financial Reporting
Standards shall instead apply, (iii) in the case of TMFNL, International Financial Reporting Standards (“IFRS”) and
interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”), as adopted by
the European Union and the statutory provisions of Part 9, Book 2 of the Netherlands Civil Code, (iv) in the case of TFSUK, international
accounting standards in conformity with the requirements of the Companies Act 2006, (v) in the case of TFA, generally accepted accounting
principles, standards and practices in Australia as promulgated by the Australian Accounting Standards Board from time to time or as otherwise
required by mandatory provisions of applicable Law and (vi) in the case of any other Borrower to which United States generally accepted
accounting principles are not applicable, accounting principles generally accepted in the country in which such Borrower is organized,
as adopted, recommended or declared by the applicable accounting board or similar entity regularly determining such matters in such country,
consistently applied.

 

“Governmental Authority”
means any nation or government, any state, provincial or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, central bank, intergovernmental or supranational body or other entity exercising executive, legislative, taxing, regulatory
or administrative powers or functions of or pertaining to government.

 

“Indemnified Liabilities”
has the meaning set forth in Section 9.5.

 

“Indemnitees”
has the meaning set forth in Section 9.5.

 

“Interest Payment
Date” means, (a) as to any Term Rate Loan or Tranche C Loan, the last day of each Interest Period applicable to such Loan and
the Maturity Date; provided, however, that if any Interest Period for a Term Rate Loan or Tranche C Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any Base
Rate Committed Loan, any Canadian Prime Rate Loan or any Swing Line Loan, the last Business Day of each March, June, September and December,
the Revolving Maturity Date of such Loan, and, if later than the Revolving Maturity Date, the Maturity Date applicable to the Borrower
of such Loan; and (c) as to any SONIA Loan, each date that is on the numerically corresponding day in each calendar month that is one
month after the Borrowing of such Loan (provided that (i) if any such date would be a day other than a Business Day, such date shall be
extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which
case such date shall be

 

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the next preceding Business Day, (ii) the Interest
Payment Date with respect to any Borrowing that occurs on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in any applicable calendar month) shall be the last Business Day of any such succeeding applicable calendar
month, and (iii) the date of a Borrowing of any SONIA Loan initially shall be the date on which such Loan is made and thereafter shall
be the effective date of the most recent conversion or continuation of such Loan or Borrowing) and the Revolving Maturity Date of such
Loan, and, if later than the Revolving Maturity Date, the Maturity Date applicable to the Borrower of such Loan.

 

“Interest Period”
means, (a) as to each Term Rate Loan denominated in US Dollars, the period commencing on the date such Loan is disbursed or converted
to or continued as a Term Rate Loan and ending on the date one month thereafter, (b) as to each Term Rate Loan denominated in Canadian
Dollars, the period commencing on the date such Loan is disbursed or converted to or continued as a Term Rate Loan and ending on the date
one or three months thereafter, as selected by the applicable Borrower in its Committed Loan Notice, (c) as to each Term Rate Loan denominated
in Euro, the period commencing on the date such Loan is disbursed or converted to or continued as a Term Rate Loan and ending on the date
one, three or six months thereafter, as selected by the applicable Borrower in its Committed Loan Notice, (d) as to each Swing Line Loan
denominated in Australian Dollars, the period commencing on the date such Loan is disbursed and ending on the date that is such number
of days thereafter as the applicable Borrower may elect in accordance with Section 2.16 and (e) as to each Tranche C Loan, the
period commencing on the date such Loan is disbursed or converted to or continued as a Tranche C Loan ending on the date one, two, three
or six months thereafter, as selected by the Tranche C Borrower in its Committed Loan Notice; provided that:

 

(i)       any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless
such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(ii)       any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such
Interest Period; and

 

(iii)       no
Interest Period for a Term Rate Loan or Tranche C Loan shall extend beyond the Maturity Date applicable to such Borrower.

 

Notwithstanding the foregoing, a Borrower
may select an Interest Period for a Term Rate Loan or Tranche C Loan which would end after the Revolving Maturity Date only if it has
previously delivered, or delivers concurrently with the applicable Committed Loan Notice, an election to extend the Maturity Date to the
Term Maturity Date pursuant to Section 2.13(c).

 

“IRS” means the United
States Internal Revenue Service.

 

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“Laws”
means, collectively, all federal, state and local statutes, executive orders, treaties, rules, guidelines, regulations, ordinances, codes
and administrative authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders of any Governmental Authority.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and any other Person that shall have become a party hereto pursuant to
an assignment made in accordance with Section 9.7, other than any Person that ceases to be a party hereto in accordance with the
terms hereof pursuant to such assignment, and, as the context requires, includes each Swing Line Lender.

 

“Lending Office”
means, as to any Lender, the office, offices, branch, branches, Affiliate or Affiliates of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office, offices, branch, branches, Affiliate or Affiliates as such Lender may from time to
time notify the applicable Borrower and the Administrative Agent; provided that, for the avoidance of doubt, any action taken by
an Affiliate of such Lender shall be taken on behalf of the Lender and not on such Affiliate’s own behalf.

 

“Loan”
means an extension of credit by a Lender to a Borrower under Article II in the form of a Committed Loan or a Swing Line Loan, including
a Loan converted to a Term Loan pursuant to Section 2.13(c).

 

“Loan Documents”
means this Agreement, each Note, and each Fee Letter.

 

“Material Adverse
Effect” means with respect to any Borrower, a material adverse change in the business, financial position or results of operations
of such Borrower and its Consolidated Subsidiaries, considered as a whole.

 

“Maturity Date”
means, with respect to each Borrower, the Revolving Maturity Date, or if the Loans made to such Borrower are converted to Term Loans pursuant
to Section 2.13, the Term Maturity Date applicable to such Borrower.

 

“Multiemployer Plan”
means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA
Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including
for these purposes any Person which ceased to be a member of the ERISA Group during such five year period.

 

“Note”
or “Notes” means a promissory note or promissory notes made by a Borrower in favor of a Lender evidencing Loans made
by such Lender to such Borrower, substantially in the form of Exhibit B.

 

“Obligations”
means, with respect to any Borrower, all advances to, and debts, liabilities, obligations, covenants and duties of, such Borrower arising
under any Loan Document or otherwise with respect to any Loan made to such Borrower, whether direct or indirect (including

 

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those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against
such Borrower of any proceeding under any Debtor Relief Laws naming such Borrower as the debtor in such proceeding, regardless of whether
such interest and fees are allowed claims in such proceeding.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Offshore Associate”
means an associate (as defined in section 128F(9) of the Australian Tax Act):

 

(a)       which
is a non-resident of Australia and does not become a Lender or receive a payment in carrying on a business in Australia at or through
a permanent establishment of the associate in Australia; or

 

(b)       which
is a resident of Australia and which becomes a Lender or receives a payment in carrying on a business in a country outside Australia at
or through a permanent establishment of the associate in that country;

 

and, in each case, which does
not become a Lender in the capacity of a dealer, manager or underwriter in relation to the invitation, or a clearing house, custodian,
funds manager or responsible entity of a registered scheme or does not receive payment in the capacity of a clearing house, custodian,
paying agent, funds manager or responsible entity of a registered scheme.

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents with respect to any jurisdiction other than the United States or Puerto Rico); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and
any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.

 

“Other Taxes”
means any and all present or future stamp or documentary taxes and any other excise or property taxes or charges or similar levies which
arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise
with respect to, any Loan Document, excluding, however such taxes imposed as a result of an assignment or participation (other
than an assignment that occurs as a result of a Borrower’s request pursuant to Section 9.17).

 

“Outstanding Amount”
means (i) with respect to Committed Loans on any date, the aggregate outstanding principal amount after giving effect to any borrowing
and prepayments or

 

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repayments of Committed Loans occurring on such
date; and (ii) with respect to Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of such Swing Line Loans occurring on such date.

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in US Dollars, the Federal Funds Rate, (b) with respect to any amount denominated
in Canadian Dollars, Euro or Sterling, an overnight rate determined by the Applicable Agent in accordance with banking industry rules
on interbank compensation and (c) with respect to any amount denominated in Australian Dollars, an overnight rate determined by the Administrative
Agent, the applicable Swing Line Agent or the Australian Sub-Agent, as the case may be, in accordance with banking industry rules on interbank
compensation.

 

“Participant”
has the meaning set forth in Section 9.7(d).

 

“Participating Member
States” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five years been
maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was
at such time a member of the ERISA Group.

 

“Platform”
has the meaning specified in Section 6.1.

 

“Principal Officer”
means any of the chief executive officer, president, chief financial officer, treasurer, vice president responsible for treasury and assistant
treasurer.

 

“Pro Rata Share”
means (a) with respect to the commitments of each Applicable Tranche Lender at any time, a fraction (expressed as a percentage, carried
out to the eighth decimal place), the numerator of which is the amount of the Tranche A Commitment, Tranche B Commitment or Tranche C
Commitment of such Applicable Tranche Lender at such time and the denominator of which is the amount of the Aggregate Tranche A Commitments,
Aggregate Tranche B Commitments or Aggregate Tranche C Commitments, respectively, at such time; provided that if the commitment
of each Lender to make Tranche A Loans, Tranche B Loans or Tranche C Loans, as applicable, has been terminated pursuant to Section
7.1 or if the Loans have been converted to Term Loans pursuant to Section 2.13(c), then the Pro Rata Share of each

 

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Applicable Tranche Lender shall be determined
based on the Pro Rata Share of such Lender immediately prior to such termination or conversion and after giving effect to any subsequent
assignments made pursuant to the terms hereof. The initial Pro Rata Share of each Lender is set forth opposite the name of such Lender
on Schedule 2.1 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, and (b)
with respect to the aggregate Commitments of all Lenders at any time, a fraction (expressed as a percentage, carried out to the eighth
decimal place), the numerator of which is the amount of such Lender’s Commitment Cap and the denominator of which is the aggregate
amount of all the Lenders’ Commitment Caps at such time.

 

“Public Lender”
has the meaning specified in Section 6.1.

 

“Puerto Rico”
means the Commonwealth of Puerto Rico.

 

“Puerto Rico Code”
means the Puerto Rico Internal Revenue Code of 2011, as amended and any successor statute.

 

“Register”
has the meaning set forth in Section 9.7(c).

 

“Regulation U”
means Regulation U of the FRB, as in effect from time to time.

 

“Regulatory Change”
shall mean, with respect to any Lender, the introduction of or any change in or in the interpretation of any Law made after the date such
Lender becomes a party to this Agreement, or such Lender’s compliance therewith. For the avoidance of doubt, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, are deemed to have been introduced or adopted after the date hereof, regardless of the date enacted, adopted, issued, promulgated
or implemented.

 

“Request for Loans”
means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, and (b) with respect to
a Swing Line Loan, a Swing Line Loan Notice.

 

“Required Lenders”
means, (a) with respect to matters related solely to the Tranche A Borrowers, to TCCI or to the Tranche C Borrower, respectively, as of
any date of determination, Applicable Tranche Lenders having more than 50% of the Aggregate Commitments to such Borrower (or, in the case
of the Tranche A Borrowers, all of the Tranche A Borrowers) or, if the commitment of each Lender to make Tranche A Loans, Tranche B Loans
or Tranche C Loans, as applicable, has been terminated pursuant to Section 7.1 or if the Loans have been converted to Term Loans
pursuant to Section 2.13(c), Applicable Tranche Lenders holding in the aggregate more than 50% of the Total Outstandings applicable
to Tranche A Borrowers, to TCCI or to the Tranche C Borrower, respectively (with the aggregate amount of each Lender’s risk participation
and funded participation in Swing Line Loans being deemed “held” by such Lender for purposes

 

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of this definition); provided that the
Commitment of, and the portion of the Total Outstandings applicable to a Borrower held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders and (b) in all other cases, Lenders having more than 50% of the
aggregate amount of all the Lenders’ Commitment Caps at such time or, to the extent the Commitments have been terminated or the
Loans have been converted to Term Loans, more than 50% of the Total Outstandings of all Loans, provided that the Commitment of,
and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Lenders.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means any of (a) the Principal Officers and (b) any other officer or representative of (i) the applicable Borrower, authorized by the
board of directors (or equivalent governing body) of the applicable Borrower or (ii) to the extent a Borrower’s Representative is
permitted pursuant to this Agreement to act on behalf of a Borrower, the applicable Borrowers’ Representative, authorized by the
board of directors (or equivalent governing body) of the applicable Borrowers’ Representative in respect of the applicable Borrower,
in each case as set forth in this clause (b) in a written notice from such Borrower or such Borrowers’ Representative on behalf
of such Borrower to the Administrative Agent. The Administrative Agent may conclusively rely on each such notice unless and until a subsequent
writing shall be delivered by a Borrower or Borrowers’ Representative on behalf of a Borrower to the Administrative Agent that identifies
the prior writing that is to be superseded and stating that it is to be so superseded. Any document delivered hereunder that is signed
by a Responsible Officer of a Borrower or a Responsible Officer of a Borrowers’ Representative on behalf of a Borrower shall be
conclusively presumed to have been authorized by all necessary corporate action on the part of such Borrower or such Borrowers’
Representative on behalf of such Borrower.

 

“Revaluation Date”
means each of the following: (a) each date of a Borrowing of a Term Rate Loan denominated in an Alternative Currency, (b) each date of
a continuation of a Term Rate Loan denominated in an Alternative Currency pursuant to Section 2.2, (c) each date of a Borrowing
of a Tranche C Loan, (d) each date of a continuation of a Tranche C Loan pursuant to Section 2.2, and (e) such additional
dates as the Administrative Agent shall determine or the Required Lenders shall request.

 

“Revolving Maturity
Date” means the later of (a) November 4, 2022, and (b) if maturity is extended upon the request of the Borrowers pursuant to
Section 2.13(b), such extended revolving maturity date as determined pursuant to such Section; provided, however,
that the Revolving Maturity Date of any Lender that is a non-Consenting Lender to any requested extension pursuant to Section 2.13(b)
shall be the Revolving Maturity Date in effect immediately prior to the applicable Revolving Renewal Effective Date (as such term is defined
in Section 2.13(b)) for all purposes of this Agreement.

 

“Revolving Renewal
Effective Date” has the meaning specified in Section 2.13(b).

 

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“Same Day Funds”
means (a) with respect to disbursements and payments in US Dollars, immediately available funds, (b) with respect to disbursements and
payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent to be customary in the place
of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency and (c) with
respect to disbursements and payments in Australian Dollars, same day or other funds as may be determined by the Australian Sub-Agent
to be customary in the place of disbursement or payment for the settlement of international banking transactions in Australian Dollars.

 

“Sanctions”
means any economic or financial sanctions administered, enacted, imposed or enforced by the U.S. government (including, without limitation,
those administered by OFAC), the Australian Federal Government, the United Nations Security Council, the European Union, the Federal Republic
of Germany or Her Majesty’s Treasury of the United Kingdom.

 

“Schedule I Banks”
shall mean, at any time, the Lenders that are listed in Schedule I to the Bank Act (Canada) at such time.

 

“SEC” means
the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Significant Subsidiary”
means any Subsidiary which would meet the definition of “Significant Subsidiary” contained in Regulation S-X (or similar successor
provision) of the Securities and Exchange Commission.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“SONIA”
means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

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“SONIA Business Day”
means, for any Loan denominated in Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed
for general business in London.

 

“SONIA Loan”
means a Loan that bears interest at a rate based on Daily Simple SONIA.

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the
spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office
at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided
that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the
Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Sub-Agents”
means the Australian Sub-Agent and each Swing Line Agent.

 

“Subsidiary”
means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power
to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned
by such Person; unless otherwise specified, “Subsidiary” means a Subsidiary of a Borrower.

 

“Swing Line Agent”
means each of (a) in the case of Swing Line Loans funded in US Dollars, BNP Paribas, (b) in the case of Swing Line Loans funded in Canadian
Dollars, BNP Paribas, (c) in the case of Swing Line Loans funded in Euro or Sterling, BNP Paribas London and (d) in the case of Swing
Line Loans funded in Australian Dollars, BNP Paribas, acting through its Singapore Branch.

 

“Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.16.

 

“Swing Line Commitment”
means, as to each Swing Line Lender and as to any currency, its obligation to make Swing Line Loans in an aggregate principal amount at
any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Swing
Line Commitment” with respect to such currency, or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Swing Line Lenders”
means each of the Lenders that has a Swing Line Commitment on Schedule 2.1 hereto, or any successor swing line lender hereunder.

 

“Swing Line Loan”
has the meaning specified in Section 2.16(a).

 

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“Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.16(b), which, if in writing, shall be substantially
in the form of Exhibit A-2.

 

“Swing Line Rate”
means, (a) in respect of Swing Line Loans made in US Dollars, the sum of (i) Daily Simple SOFR and (ii) the Applicable Rate(provided that,
if Daily Simple SOFR or a Benchmark Replacement is not available for any reason, the Swing Line Rate in respect of Swing Line Loans made
in US Dollars will be the sum of (i) the Base Rate and (ii) the Applicable Rate for Base Rate Loans), (b) in respect of Swing Line Loans
made in Euro, the sum of (i) €STR and (ii) the Applicable Rate, (c) in respect of Swing Line Loans made in Sterling, the sum of (i)
Daily Simple SONIA and (ii) the Applicable Rate, (d) in the case of Swing Line Loans made in Canadian Dollars, the sum of (i) the Canadian
Prime Rate and (ii) the Applicable Rate and (e) in the case of Swing Line Loans made in Australian Dollars, for any Interest Period, the
sum of (i) the rate per annum determined by the applicable Swing Line Agent as the rate of interest (rounded upward to the next 1/100th
of 1%) at which deposits in Australian Dollars for delivery on the first day of such Swing Line Loan in Same Day Funds in the approximate
amount of the Swing Line Loan being made by such Swing Line Agent (or its affiliate) and with a term equivalent to such Interest Period
would be offered by BNP Paribas, Australia Branch to major banks in Sydney at their request at approximately 11:00 a.m. (Sydney time)
on the first day of such Swing Line Loan and (ii) the Applicable Rate; provided that, if the Swing Line Rate in respect of any
Swing Line Loans would otherwise be less than zero, such Swing Line Rate shall instead be deemed for all purposes of this Agreement to
be zero.

 

“Swing Line Sublimit”
means an amount equal to the least of (a) US$1,250,000,000, (b) the aggregate Swing Line Commitments of the Swing Line Lenders and (c)
the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“TARGET2 Day”
means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System (or, if such payment
system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement)
is open for the settlement of payments in Euro.

 

“Taxes”
means, with respect to any payment by a Borrower under this Agreement or any other Loan Document, any and all present or future taxes,
duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect thereto (other
than Other Taxes), excluding, (i) in the case of the Administrative Agent and each Lender, taxes imposed on or measured by its
net income (however denominated), and franchise and similar taxes (including branch profits taxes and backup withholding of such taxes)
imposed on it, by the jurisdiction (or any political subdivision thereof) under the Laws of which the Administrative Agent or such Lender,
as the case may be, is organized or where the Administrative Agent’s Office or a Lender’s Lending Office is located or
any other jurisdiction arising solely as a result of such recipient engaging in a trade or business in such jurisdiction for tax purposes
or otherwise having a present or former connection with such jurisdiction (other than connections arising from such recipient having
executed, delivered, become party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned 

 

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an
interest in any Loan or Loan Document), (ii) any (1) United States, the Netherlands or Puerto Rico
withholding tax imposed on payments by the Tranche A Borrowers under this Agreement or any other Loan Document or (2) Canadian withholding
tax imposed on payments by TCCI under this Agreement or any other Loan Document, in the case of (1) or (2) pursuant to a law in effect
on the date such Lender becomes a party to this Agreement (or designates a new Lending Office) except to the extent that, pursuant to
Section 3.1, amounts with respect to such Taxes were payable to such Lender’s assignor immediately before such Lender became
a party hereto (or to such Lender immediately before it changed its Lending Office) and (iii) withholding Taxes imposed under FATCA.

 

“Term Extension Effective
Date” has the meaning specified in Section 2.13(c).

 

“Term Loan Conversion
Fee” means, with respect to any Borrower, a fee in US Dollars to be paid to the Administrative Agent on the Term Extension Effective
Date by such Borrower, for the account of each Lender in accordance with its Pro Rata Share, in an amount equal to 0.50% of the Outstanding
Amount on the Term Extension Effective Date of Loans of such Lender made to such Borrower that are converted into Term Loans on the Term
Extension Effective Date.

 

“Term Loans”
of a Borrower means each Loan made to such Borrower that is outstanding (after giving effect to any prepayments of Loans on such date)
on the date that such Borrower elects to convert such Loans to term Loans in accordance with Section 2.13(c).

 

“Term Maturity Date”
applicable to a Borrower means the date selected by such Borrower that is no later than one year from the Revolving Maturity Date upon
conversion of the Loans made to such Borrower to Term Loans in accordance with Section 2.13(c).

 

“Term Rate”
means for any Interest Period (a) with respect to any Term Rate Loan denominated in US Dollars, a rate per annum equal to Term SOFR with
a term equivalent to such Interest Period; (b) with respect to any Term Rate Loan denominated in Canadian Dollars, a rate per annum equal
to the Canadian Dollar Offered Rate (“CDOR”), as published by Reuters (or other commercially available source providing
quotations of CDOR as designated by the Administrative Agent from time to time if CDOR quotations are not published by Reuters) at or
about 10:00 a.m. (Montreal time) on the first day of such Interest Period (or if such day is not a Business Day, then on the immediately
preceding Business Day with a term equivalent to such Interest Period); and (c) with respect to any Term Rate Loan denominated in Euro,
a rate per annum equal to the Euro interbank offered rate administered by the European Money Markets Institute (or the successor thereto
if the European Money Markets Institute is no longer the administrator of such rate) (“EURIBOR”), as published by Reuters
(or other commercially available source providing quotations of EURIBOR as designated by the Administrative Agent from time to time if
EURIBOR quotations are not published by Reuters) at or about 11:00 a.m., Central European time, two Business Days prior to the commencement
of such Interest Period with a term equivalent to such Interest Period; provided that, if the Term Rate would otherwise be less
than zero, such Term Rate shall instead be deemed for all purposes of this Agreement to be zero.

 

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“Term Rate Loan”
means a Committed Loan under Tranche A or Tranche B that bears interest at a rate based on a Term Rate. Term Rate Loans may be denominated
in US Dollars, Euro or Canadian Dollars. All Committed Loans denominated in Euro or Canadian Dollars (other than Canadian Dollar Loans
made under Tranche B) must be Term Rate Loans.

 

“Term SOFR”
means,

 

(a)       for
any calculation with respect to a Term Rate Loan denominated in US Dollars, the Term SOFR Reference Rate for a tenor comparable to the
applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two U.S. Government
Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided,
however, that if as of 4:00 p.m. (Central time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities
Business Days prior to such Periodic Term SOFR Determination Day, and

 

(b)       for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “ABR Term SOFR Determination Day”) that is two U.S. Government Securities Business Days prior to such day, as such
rate is published by the Term SOFR Administrator; provided, however, that if as of 4:00 p.m. (Central time) on any ABR Term SOFR
Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark
Transition Event with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for
such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term
SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities
Business Day is not more than three U.S. Government Securities Business Days prior to such ABR SOFR Determination Day;

 

provided, further, that if Term SOFR determined as provided
above (including pursuant to the proviso under clause (a) or clause (b) above) shall ever be less than zero, then Term SOFR shall be deemed
to be zero.

 

“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative
Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

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“TMC Consolidated
Subsidiary” means, at any date, a Subsidiary or other entity the accounts of which would be consolidated with those of Toyota
Motor Corporation in its consolidated financial statements if such statements were prepared as of such date.

 

“Total Outstandings”
means (i) the aggregate Outstanding Amount of all Loans, (ii) when used in relation to the Tranche A Borrowers, the Outstanding Amount
of all Loans made to the Tranche A Borrowers, (iii) when used in relation to TCCI, the Outstanding Amount of all Loans made to TCCI and
(iv) when used in relation to the Tranche C Borrower, the Outstanding Amount of all Loans made to the Tranche C Borrower.

 

“Tranche”
means any of the Tranche A Facility, the Tranche B Facility or the Tranche C Facility, as the context may require.

 

“Tranche A Availability
Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest of (a) the Revolving
Maturity Date applicable to such Lender, (b) the date of termination of the Aggregate Tranche A Commitments pursuant to Section 2.5,
and (c) the date of termination of the commitment of each Tranche A Lender to make Loans pursuant to Section 7.1. For the avoidance
of doubt, clause (c) of this definition shall be triggered when the commitment of all Tranche A Lenders has been terminated pursuant to
Section 7.1 as to all Tranche A Borrowers in their capacity as Tranche A Borrowers.

 

“Tranche A Borrowers”
means TMCC, TFA, TMFNL, TFSUK, TCPR and TKG, each in its capacity as a Borrower under the Tranche A Facility.

 

“Tranche A Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to the Tranche A Borrowers pursuant to Section 2.1(a) and
(b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche A Commitment” or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement; provided that (a) the Tranche A Commitments available to TKG shall not exceed US$500,000,000 in the aggregate
for all Lenders, (b) the Tranche A Commitments available to TFA shall not exceed US$333,400,000 in the aggregate for all Lenders, and
(c) the Tranche A Commitments available to TCPR shall not exceed US$333,400,000 in the aggregate for all Lenders.

 

“Tranche A Facility”
or “Tranche A” means the aggregate of the Tranche A Commitments.

 

“Tranche A Lender”
means each Lender that has a Tranche A Commitment on Schedule 2.1 or any Lender to which a portion of the Tranche A Commitment
hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche A Loan”
means an extension of credit by a Lender to a Tranche A Borrower under Article II in the form of a Committed Loan, including a
Loan converted to a Term Loan

 

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pursuant to Section 2.13(c). Tranche A
Loans shall be denominated in US Dollars or any Alternative Currency.

 

“Tranche B Availability
Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest of (a) the Revolving
Maturity Date applicable to such Lender, (b) the date of termination of the Aggregate Tranche B Commitments pursuant to Section 2.5,
and (c) the date of termination of the commitment of each Tranche B Lender to make Loans pursuant to Section 7.1.

 

“Tranche B Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to TCCI pursuant to Section 2.1(b) and (b) purchase participations
in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s
name on Schedule 2.1 as its “Tranche B Commitment” or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Tranche B Facility”
or “Tranche B” means the aggregate of the Tranche B Commitments.

 

“Tranche B Lender”
means each Lender that has a Tranche B Commitment on Schedule 2.1 or any Lender to which a portion of the Tranche B Commitment
hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche B Loan”
means an extension of credit by a Lender to TCCI under Article II in the form of a Committed Loan, including a Loan converted to
a Term Loan pursuant to Section 2.13(c). Tranche B Loans may be denominated in Canadian Dollars (as Canadian Prime Rate Loans or
Term Rate Loans), US Dollars (as Base Rate Loans or Term Rate Loans), Euros (as Term Rate Loans) or Sterling (as SONIA Loans).

 

“Tranche C Availability
Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest of (a) the Revolving
Maturity Date applicable to such Lender, (b) the date of termination of the Aggregate Tranche C Commitments pursuant to Section 2.5,
and (c) the date of termination of the commitment of each Tranche C Lender to make Loans pursuant to Section 7.1.

 

“Tranche C Borrower”
means TFA in its capacity as the Borrower under the Tranche C Facility. For the avoidance of doubt, TFA is both a Tranche A Borrower and
the Tranche C Borrower.

 

“Tranche C Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to the Tranche C Borrower pursuant to Section 2.1(c) and (b)
purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set
forth opposite such Lender’s name on Schedule 2.1 as its “Tranche C Commitment” or in the Assignment and Assumption
pursuant to which such

 

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Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Tranche C Facility”
or “Tranche C” means the aggregate of the Tranche C Commitments.

 

“Tranche C Lender”
means each Lender that has a Tranche C Commitment on Schedule 2.1 or any Lender to which a portion of the Tranche C Commitment
hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche C Loan”
means an extension of credit by a Lender to the Tranche C Borrower under Article II, in the form of a Committed Loan, including
a Loan converted to a Term Loan pursuant to Section 2.13(c). Except as provided in Section 2.16(c), Tranche C Loans shall
be denominated in Australian Dollars.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan, a Canadian Prime Rate Loan, a Term Rate Loan, a SONIA Loan or a Tranche
C Loan.

 

“UK CTA”
means the United Kingdom Corporation Tax Act 2009.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK ITA”
means the United Kingdom Income Tax Act 2007.

 

“UK Qualifying Lender”
means (a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance to TFSUK and is (i) a Lender:
(1) which is a bank (as defined for the purpose of section 879 UK ITA) making an advance to TFSUK under this Agreement; or (2) in respect
of an advance made under this Agreement to TFSUK by a person that was a bank (as defined for the purpose of section 879 UK ITA) at the
time the advance was made, and which, with respect to (1) and (2) above, is within the charge to United Kingdom corporation tax as regards
any payment of interest made in respect of that advance or (in the case of (1) above), which is a bank (as so designated) that would be
within the charge to United Kingdom corporation tax as regards any payment of interest made in respect of that advance apart from section
18A of the UK CTA; or (ii) a Lender which is: (1) a company resident in the United Kingdom for United Kingdom tax purposes or (2) a company
not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment which brings into
account interest payable in respect of that advance in computing its chargeable profits (within the meaning given by section 19 of the
UK CTA); or (iii) a UK Treaty Lender or (b) a US LLC Lender.

 

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“UK Qualifying Non-Bank
Lender” means a Lender which gives a UK Tax Confirmation in the Assignment and Assumption which it executes on becoming a party
to this Agreement.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“UK Tax Confirmation”
means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance to
TFSUK under this Agreement is either: (i) a company resident in the United Kingdom for United Kingdom tax purposes; or (ii) a company
not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings
into account interest payable in respect of that advance in computing its chargeable profits (within the meaning given by section 19 of
the UK CTA).

 

“UK Treaty Lender”
means a Lender which:

 

		(i)	is treated as a resident of a jurisdiction having a double taxation agreement (a “Treaty”)
with the United Kingdom which makes provision for full exemption from Tax imposed by the United Kingdom on interest; and

 

		(ii)	does not carry on business in the United Kingdom through a permanent establishment with which that Lender’s
participation in respect of a Loan to TFSUK is effectively connected; and

 

		(iii)	is fully entitled to the benefits of the relevant Treaty (or if not so entitled, would have been so entitled
but for its failure to be so fully entitled being attributable to (x) the status of or any action or omission of TFSUK or any affiliate
thereof or to any relationship between the Lender and TFSUK or any affiliate thereof or (y) any steps taken or to be taken pursuant to
Section 9.15),

 

provided that “UK Treaty Lender”
shall mean any Lender in respect of a Loan to TFSUK, if such Lender becomes a Lender when an Event of Default has occurred and is continuing.

 

“United States”
and “U.S.” each means the United States of America, including the States and the District of Columbia, but excluding
its territories and possessions.

 

“Unused Tranche A
Commitment” means, with respect to any Tranche A Lender at any time (a) such Lender’s Tranche A Commitment at such time
minus (b) the sum of (i) the aggregate principal amount of all Tranche A Loans made by such Lender and outstanding at such time
plus (ii) such Lender’s Pro Rata Share of the aggregate principal amount of all Swing Line Loans made to the Tranche A Borrowers
pursuant to Section 2.16 and outstanding at such time plus (iii) in the case of a Tranche A Lender that is (or has an Affiliate
that is) a Tranche B Lender, such Tranche B Lender’s Pro Rata Share of the Total Outstandings applicable to TCCI plus (iv)
in the case of a Tranche A Lender that is (or has an Affiliate that is) a Tranche C Lender, such Tranche C Lender’s Pro Rata Share
of the Total Outstandings applicable to the Tranche C Borrower.

 

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“US Dollars”
and “US$” each means the lawful money of the United States.

 

“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities.

 

“US LLC Lender”
means a Lender in respect of a Loan to TFSUK which is a U.S. limited liability company that is fiscally transparent under the laws of
the United States; where the members of that Lender are the beneficial owners of the interest payable to that Lender and are resident
in the U.S. for tax purposes; and where each member of that Lender would be a UK Treaty Lender were that member a Lender in respect of
that Loan.

 

“Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

Section  1.2 Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document:

 

(a)       The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)           (i)       The words “herein,”
“hereto,” “hereof” and “hereunder” and words of similar import when used in any
Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

 

(ii)        Article,
Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(iii)       The
term “including” is by way of example and not limitation.

 

(iv)       The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(c)       In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”;
and the word “through” means “to and including”.

 

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(d)       Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

Section  1.3 Accounting
Terms. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis as in
effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements.

 

Section  1.4 References
to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization Documents, agreements (including
the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto; and (b) references to any Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Law.

 

Section  1.5 Exchange
Rates; Currency Equivalents. (a) The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for
calculating Dollar Equivalent amounts of Loan and Outstanding Amounts denominated in Alternative Currencies or Australian Dollars. Such
Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the
applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrowers
hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other
than US Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent.

 

(b)       Wherever
in this Agreement in connection with a Committed Borrowing, conversion, continuation or prepayment of a Term Rate Loan, an amount, such
as a required minimum or multiple amount, is expressed in US Dollars, but such Committed Borrowing or Term Rate Loan is denominated in
an Alternative Currency or Australian Dollars, such amount shall be the relevant Alternative Currency Equivalent or Australian Dollar
equivalent of such US Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward),
as determined by the Administrative Agent.

 

Section  1.6 [Reserved].

 

Section 1.7 Change of Currency.
(a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union
that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance
with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this
Agreement in respect of that currency shall be inconsistent with any convention or practice in the European Union interbank market for
the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect
from the date on which such

 

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member state adopts the Euro as its lawful currency;
provided that if any Committed Borrowing in the currency of such member state is outstanding immediately prior to such date, such
replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period.

 

(b)       Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions
or practices relating to the Euro.

 

(c)       Each
provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices
relating to the change in currency.

 

Section 1.8 Times of Day.
Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

 

Section 1.9 Syndicated
Facility Agreement. The parties agree that this Agreement is a ‘syndicated facility agreement’ for the purposes of section
128F of the Australian Tax Act.

 

Section 1.10 Interest Rates;
Benchmark Notification. The interest rate on a Loan denominated in US Dollars or an Alternative Currency may be derived from an interest
rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a
Benchmark Transition Event, Section 3.8 provides a mechanism for determining an alternative rate of interest. The Administrative Agent
does not warrant or accept any responsibility for, and shall not have any liability with respect to whether the composition or characteristics
of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence
of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance
or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the
calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement)
and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information
sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates
referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to any Borrower,
any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential
damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation
of any such rate (or component thereof) provided by any such information source or service.

 

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ARTICLE II

 

THE CREDITS

 

Section 2.1 Committed Loans.
(a) Subject to the terms and conditions set forth herein, each Tranche A Lender severally agrees to make loans in US Dollars or in one
or more Alternative Currencies (each such loan, a “Committed Tranche A Loan”) to the Tranche A Borrowers from time
to time, on any Business Day during the Tranche A Availability Period, in an amount not to exceed the amount of such Lender’s Unused
Tranche A Commitment at such time. Within the limits of each Lender’s Unused Tranche A Commitment, and subject to the other terms
and conditions hereof, the Tranche A Borrowers may borrow under this Section 2.1(a), prepay under Section 2.4, and, unless
converted to a Term Loan pursuant to Section 2.13(c), reborrow under this Section 2.1(a). Committed Tranche A Loans may
be Base Rate Loans, Term Rate Loans or SONIA Loans, as further provided herein.

 

(b)       Subject
to the terms and conditions set forth herein, each Tranche B Lender severally agrees to make loans to TCCI in US Dollars or in one or
more Alternative Currencies (each such loan, a “Committed Tranche B Loan”), on any Business Day during the Tranche
B Availability Period of such Tranche B Lender, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s
Tranche B Commitment; provided, however, that after giving effect to any Committed Borrowing made by the Tranche B Lenders,
(i) the Total Outstandings applicable to TCCI shall not exceed the Aggregate Tranche B Commitments, and (ii) the aggregate Outstanding
Amount of the Committed Tranche B Loans of any Tranche B Lender plus such Lender’s ratable share of the Outstanding Amount
of all Swing Line Loans made to TCCI shall not exceed such Lender’s Tranche B Commitment. Within the limits of each Lender’s
Tranche B Commitment, and subject to the other terms and conditions hereof, TCCI may borrow under this Section 2.1(b), prepay under
Section 2.4, and, unless converted to a Term Loan pursuant to Section 2.13(c), reborrow under this Section 2.1(b).
Committed Tranche B Loans may be Base Rate Loans, Term Rate Loans, SONIA Loans or Canadian Prime Rate Loans, as further provided herein.

 

(c)       Subject
to the terms and conditions set forth herein, each Tranche C Lender severally agrees to make loans in Australian Dollars (each such loan,
a “Committed Tranche C Loan”) to the Tranche C Borrower on any Business Day during the Tranche C Availability Period,
in an aggregate amount not to exceed at any time the amount of such Lender’s Tranche C Commitment; provided, however,
that after giving effect to any Committed Borrowing made by the Tranche C Lenders, (i) the Total Outstandings applicable to the Tranche
C Borrower shall not exceed the Aggregate Tranche C Commitments, and (ii) the aggregate Outstanding Amount of the Committed Tranche C
Loans of any Tranche C Lender plus such Lender’s ratable share of the Outstanding Amount of all Swing Line Loans made to
the Tranche C Borrower plus, in the case of a Tranche C Lender that is, or has an Affiliate that is, a Swing Line Lender having
a Swing Line Commitment in Australian Dollars and without duplication, such Lender’s (or Affiliate’s) Swing Line Loans made
to the Tranche C Borrower shall not exceed such Lender’s Tranche C Commitment. Within the limits of each Lender’s Tranche
C Commitment, and subject to the other terms and conditions hereof, the Tranche C Borrower may borrow under

 

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Tranche C pursuant to the terms set forth in this
Section 2.1(c), prepay under Section 2.4, and, unless converted to a Term Loan pursuant to Section 2.13(c), reborrow
under this Section 2.1(c).

 

(d)      After giving effect to Committed Loans
made pursuant to this Section 2.1, the aggregate Outstanding Amount of all Loans made by such Lender or its Affiliates shall not
exceed such Lender’s Commitment Cap.

 

Section 2.2 Borrowings,
Conversions and Continuations of Committed Loans.

 

(a)       Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Term Rate Loans or continuation
of Tranche C Loans shall be made upon the applicable Borrower’s irrevocable notice to the Administrative Agent (or Australian Sub-Agent,
in the case of Tranche C), which may be given by telephone. Each such notice must be received by the Applicable Agent not later than 12:00
noon (Central time) in the case of Tranche A Loans, 11:00 a.m. (Central time) in the case of Tranche B Loans, and 11:00 a.m. (Central
time) in the case of Tranche C Loans, (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation
of Term Rate Loans denominated in US Dollars or of any conversion of Base Rate Loans to Term Rate Loans denominated in US Dollars, (ii)
four Business Days prior to the requested date of any Borrowing or continuation of Term Rate Loans denominated in Alternative Currencies
or SONIA Loans, (iii) four Business Days prior to the requested date of any Borrowing or continuation of Tranche C Loans, (iv) on the
requested date of any Borrowing of, or conversion of Term Rate Loans denominated in US Dollars to Base Rate Committed Loans, and (v) on
the requested date of any Borrowing of Canadian Prime Rate Loans. Each telephonic notice by a Borrower pursuant to this Section 2.2(a)
must be confirmed promptly by delivery to the Applicable Agent of a written Committed Loan Notice, appropriately completed and signed
by a Responsible Officer or any other Person designated in writing by a Responsible Officer of such Borrower to the Applicable Agent.
Each Borrowing of, conversion to or continuation of Loans shall be (x) for Loans other than Tranche B Loans denominated in Canadian Dollars
and other than Tranche C Loans, in a principal amount of US$50,000,000 or a whole multiple of US$1,000,000 in excess thereof (or the Dollar
Equivalent thereof); provided that, in the case of TMFNL, such amount shall not be less than the Dollar Equivalent of EUR100,000
or any other amount (or meeting any other criterion) as at any time ensures that it does not qualify as attracting funds from the “public”
under or pursuant to the Netherlands Financial Supervision Act (wet op het financieel toezicht), (y) for Tranche B Loans denominated in
Canadian Dollars, in a principal amount of CDN$5,000,000 or integral multiples of CDN$1,000,000 in excess thereof or (z) for Tranche C
Loans, in a principal amount of A$5,000,000 or integral multiples of A$1,000,000 in excess thereof. Each Committed Loan Notice (whether
telephonic or written) shall specify (i) whether the applicable Borrower is requesting a Committed Borrowing, a conversion of Committed
Loans from one Type to the other, or a continuation of Term Rate Loans or Tranche C Loans, (ii) the requested date of the Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted
or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (v) if applicable,
the duration of the Interest Period with respect thereto and (vi) the currency of the Committed Loans to be borrowed. If any Borrower
(other than the Tranche C Borrower) fails to specify a currency in a Committed Loan Notice requesting a Borrowing, then the

 

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Committed Loans so requested shall be made in
US Dollars. If any Borrower (other than the Tranche C Borrower) fails to specify a Type of Committed Loan (other than for Loans denominated
in Sterling) in a Committed Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or continuation of a
Term Rate Loan, then the applicable Committed Loans shall be made as, or converted to, (w) in the case of Committed Loans for Tranche
B denominated in Canadian Dollars, Canadian Prime Rate Loans, (x) in the case of Committed Loans for Tranche A denominated in Canadian
Dollars, Term Rate Loans in Canadian Dollars with an Interest Period of one month, (y) in the case of Committed Loans denominated in US
Dollars, Base Rate Loans, and (z) in the case of Committed Loans denominated in Euro, Term Rate Loans in Euro with an Interest Period
of one month. Any such automatic conversion shall be effective as of the last day of the Interest Period then in effect with respect to
the applicable Term Rate Loans. If the applicable Borrower requests a Borrowing of, conversion to, or continuation of Term Rate Loans
denominated in Canadian Dollars or Euro in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed
to have specified an Interest Period of one month. If the Tranche C Borrower requests a Borrowing of, or continuation of Tranche C Loans
in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of
one month. Other than as expressly provided in this Agreement, no Committed Loan may be converted into or continued as a Committed Loan
denominated in a different currency, but instead must be prepaid in the original currency of such Committed Loan and reborrowed in the
other currency.

 

Notwithstanding the foregoing, if after giving
effect to the making of any Tranche A Loans, Tranche B Loans or Tranche C Loans, the Unused Tranche A Commitment would be less than or
equal to the Dollar Equivalent of EUR 300,000,000 (as determined by the Administrative Agent), then, only to the extent TKG has not borrowed
EUR 300,000,000 as of the date such Loan is to be made, such Loans shall not be made without the consent of TKG (which consent may be
waived only by TKG).

 

(b)       Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each appropriate Lender of the contents thereof and
the amount (and currency) of its Pro Rata Share of the applicable Committed Loans, and if no timely notice of a conversion or continuation
is provided by the applicable Borrower, the Administrative Agent shall notify each appropriate Lender of the details of any automatic
conversion to Base Rate Loans or conversion or continuation of Committed Loans denominated in Canadian Dollars or Euro, in each case as
described in the preceding subsection. In the case of a Committed Borrowing, each Tranche A Lender shall make the amount of its Committed
Loan available to the Administrative Agent, each Tranche B Lender shall make the amount of its Committed Loan available to the Administrative
Agent and each Tranche C Lender shall make the amount of its Committed Loan available to the Australian Sub-Agent, in Same Day Funds at
the Administrative Agent’s Office for the applicable currency or the Australian Sub-Agent’s Office, as the case may be, not
later than 1:00 p.m. on the Business Day specified, in the case of any Committed Loan denominated in US Dollars, and not later than the
Applicable Time specified by the Administrative Agent in the case of any Committed Loan in an Alternative Currency or Australian Dollars,
in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.2, the Applicable
Agent shall make all funds so received available to the applicable

 

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Borrower in like funds as received by the Administrative
Agent or the Australian Sub-Agent either by (i) crediting the account of such Borrower on the books of BNP Paribas with the amount of
such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent or the Australian Sub-Agent by such Borrower.

 

(c)       Except
as otherwise provided herein, a Term Rate Loan may be continued or converted only on the last day of an Interest Period for such Term
Rate Loan. During the existence of an Event of Default under Section 7.1(a) or Section 7.1(f), no Loans may be requested
as, converted to or continued as Term Rate Loans without the consent of the applicable Required Lenders, and the Required Lenders may
demand that any or all of the then outstanding Term Rate Loans denominated in Euro or Term Rate Loans denominated in Canadian Dollars
be prepaid, or redenominated into US Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest
Period with respect thereto. Except as otherwise provided herein, a Tranche C Loan may be continued only on the last day of an Interest
Period for such Tranche C Loan.

 

(d)       The
Administrative Agent shall promptly notify the applicable Borrower and the appropriate Lenders of the interest rate applicable to any
Interest Period for Term Rate Loans upon determination of such interest rate. The determination of the Term Rate by the Administrative
Agent shall be conclusive in the absence of manifest error. The Australian Sub-Agent shall promptly notify the Tranche C Borrower and
the appropriate Lenders of the interest rate applicable to any Interest Period for Tranche C Loans upon determination of such interest
rate. The determination of the Bank Bill Rate by the Australian Sub-Agent shall be conclusive in the absence of manifest error. At any
time that Base Rate Loans are outstanding, the Administrative Agent shall notify the applicable Borrower and the appropriate Lenders of
any change in BNP Paribas’s prime rate used in determining the Base Rate promptly following the public announcement of such change.
At any time that Canadian Prime Rate Loans are outstanding, the Administrative Agent shall notify TCCI and the Tranche B Lenders of any
change in the Canadian Prime Rate promptly following the public announcement of a change in a Canadian Reference Bank’s “prime
rate” by any Canadian Reference Bank.

 

(e)       After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than fifteen (15) Interest Periods in effect with respect to Committed Loans.

 

(f)       Each
Lender at its option may make any Loans by causing any domestic or foreign branch or Affiliate of such Lender to make such Loans; provided
that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loans in accordance with the
terms of this Agreement and provided further that any exercise of such option shall not increase the Borrower’s obligations
under Section 3.1 or Section 3.4.

 

(g)       In
connection with the use or administration of Term SOFR, Daily Simple SONIA or SONIA, the Administrative Agent will have the right, with
the consent of TMCC to make Conforming Changes from time to time and, notwithstanding anything to the contrary

 

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herein, any amendments implementing such Conforming
Changes will become effective without any further action or consent of any other party to this Agreement. The Administrative Agent will
promptly notify the Borrowers and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration
of Term SOFR, Daily Simple SONIA or SONIA.

 

Section 2.3 [Reserved].

 

Section 2.4 Prepayments.

 

(a)       The
Tranche A Borrowers may, upon notice to the Administrative Agent, TCCI may, upon notice to the Administrative Agent, and the Tranche C
Borrower may, upon notice to the Australian Sub-Agent, at any time or from time to time voluntarily prepay Committed Loans made to it
in whole or in part without premium or penalty (other than as provided in Section 3.5); provided that (i) such notice must
be received by the Applicable Agent not later than (x) in the case of Tranche A Loans, 12:00 noon (Central time), (A) two Business Days
prior to any date of prepayment of Term Rate Loans denominated in US Dollars, (B) three Business Days prior to any date of prepayment
of Term Rate Loans denominated in Alternative Currencies, (C) two Business Days prior to any date of prepayment of SONIA Loans, and (D) on
the date of prepayment of Base Rate Committed Loans bearing interest at the Base Rate pursuant to Section 3.2, (y) in the case
of Tranche B Loans, 11:00 a.m. (Central time) (A) two Business Days prior to the date of any date of prepayment of Term Rate Loans and
(B) on the date of prepayment of Canadian Prime Rate Loans or (z) in the case of Tranche C Loans, 11:00 a.m. (Central time) three Business
Days prior to the date of any date of prepayment of Tranche C Loans; (ii) any partial prepayment of Loans other than Tranche B Loans denominated
in Canadian Dollars and other than Tranche C Loans shall be in a principal amount of US$50,000,000 or a whole multiple of US$1,000,000
in excess thereof; (iii) any partial prepayment of Tranche B Loans denominated in Canadian Dollars shall be in a principal amount of CDN$5,000,000
or a whole multiple of CDN$500,000 in excess thereof; and (iv) any partial prepayment of Tranche C Loans shall be in a principal amount
of A$5,000,000 or a whole multiple of A$500,000 in excess thereof. Each such notice shall specify the date and amount of such prepayment,
and the Type(s) of Loans to be prepaid. The Applicable Agent will promptly notify each appropriate Lender of its receipt of each such
notice and the contents thereof, and of the amount of such Lender’s Pro Rata Share of such prepayment of such Committed Loans. If
such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be
due and payable on the date specified therein. Any prepayment of a Term Rate Loan or a Tranche C Loan shall be accompanied by all accrued
interest thereon, together with any additional amounts required pursuant to Section 3.5. Each such prepayment of Committed Loans
shall be applied to the Committed Loans of the appropriate Lenders in accordance with their respective Pro Rata Shares.

 

(b)       (i)
If for any reason the Total Outstandings applicable to the Tranche A Borrowers at any time exceed the Aggregate Tranche A Commitments
then in effect, then the Tranche A Borrowers shall immediately prepay Loans in an aggregate amount equal to such excess, (ii) if for any
reason the Total Outstandings applicable to TKG at any time exceed US$500,000,000, TKG shall immediately prepay Loans in an aggregate
amount equal to such

 

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excess, (iii) if for any reason the Total Outstandings
applicable to TCPR at any time exceed US$333,400,000, TCPR shall immediately prepay Loans in an aggregate amount equal to such excess,
(iv) if for any reason the Total Outstandings applicable to TFA under Tranche A at any time exceed US$333,400,000, TFA shall immediately
prepay Loans in an aggregate amount equal to such excess, (v) if for any reason the Total Outstandings applicable to TCCI at any time
exceed the Aggregate Tranche B Commitments then in effect, TCCI shall immediately prepay Loans in an aggregate amount equal to such excess
and (vi) if for any reason the Total Outstandings applicable to the Tranche C Borrower at any time exceed the Aggregate Tranche C Commitments
then in effect, the Tranche C Borrower shall immediately prepay Loans in an aggregate amount equal to such excess.

 

(c)       Any
Borrower may, upon notice to the applicable Swing Line Agent (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Loans made to it in whole or in part without premium or penalty; provided that (i) such notice must
be received by the applicable Swing Line Agent and the Administrative Agent (x) not later than 10:00 a.m. (London time) in the case
of any Swing Line Loans to be funded in Europe, 12:00 noon (Central time) in the case of any Swing Line Loans to be funded in the United
States, or 11:00 a.m. (Central time) in the case of any Swing Line Loans to be funded in Canada, in each case, on the date of the prepayment
or (y) not later than 8:00 p.m. (Sydney time) on the immediately preceding Business Day prior to the date of the prepayment, in the case
of any Swing Line Loans to be funded in Australia, and (ii) any partial prepayment shall be in a minimum principal amount of US$1,000,000.
Each such notice shall specify the date and amount of such prepayment. If such notice is given by the applicable Borrower, such Borrower
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

(d)       If
the Administrative Agent notifies the Borrowers that the aggregate of a Lender’s Tranche A Loans, Tranche B Loans and Tranche C
Loans plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans plus, without duplication,
the Outstanding Amount of all Swing Line Loans made by such Lender in its capacity as a Swing Line Lender, exceeds such Lender’s
Commitment Cap, then within two Business Days after receipt of such notice, the Borrowers shall prepay Loans in an aggregate amount sufficient
to reduce the aggregate of such Lender’s Tranche A Loans, Tranche B Loans and Tranche C Loans plus such Lender’s Pro
Rata Share of the Outstanding Amount of all Swing Line Loans to an amount not to exceed 100% of such Lender’s Commitment Cap then
in effect.

 

Section 2.5 Termination
or Reduction of Commitments. (a) The Tranche A Borrowers may, upon notice to the Administrative Agent, terminate or from time to time
permanently reduce the Aggregate Tranche A Commitments; TCCI may, upon notice to the Administrative Agent, terminate the Aggregate Tranche
B Commitments, or from time to time permanently reduce the Aggregate Tranche B Commitments; and the Tranche C Borrower may, upon notice
to the Australian Sub-Agent and the Administrative Agent, terminate the Aggregate Tranche C Commitments, or from time to time permanently
reduce the Aggregate Tranche C Commitments; provided that (i) any such notice shall be received by the Applicable Agent not later
than 12:00 noon (Central time), on the Business Day immediately prior to the date of termination or reduction, (ii) any such partial reduction
shall be in an aggregate amount of US$25,000,000 or

 

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any whole multiple of US$5,000,000 in excess thereof,
(iii) such Borrower shall not terminate or reduce such Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Outstandings applicable to such Borrower would exceed the Aggregate Commitments applicable to such Borrower, and
(iv) if, after giving effect to any reduction of the Aggregate Commitments, the Swing Line Sublimit or the Australian Swing Line Sublimit
exceeds the amount of the Aggregate Commitments, such Swing Line Sublimit or Australian Swing Line Sublimit, as applicable, shall be automatically
reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction
of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the applicable Commitment of each appropriate
Lender according to its Pro Rata Share. All facility fees accrued for the account of the applicable Borrower until the effective date
of any termination of the applicable Aggregate Commitments shall be paid on the effective date of such termination.

 

(b)       Termination
of a Tranche A Borrower. Upon the payment in full of all Loans made to any Tranche A Borrower and performance in full of all other
accrued obligations of such Tranche A Borrower under this Agreement, any Tranche A Borrower may, upon notice to the Administrative Agent,
and so long as such Tranche A Borrower has not delivered a request for a Borrowing pursuant to Section 2.2(a) or Section 2.16(b)
which remains outstanding, terminate the Tranche A Commitments with respect to itself. Upon receipt of such notice of termination by the
Administrative Agent, (x) such Tranche A Borrower’s status as a “Tranche A Borrower” shall immediately terminate and
such Tranche A Borrower shall cease to have the rights and obligations of a Tranche A Borrower hereunder (other than such rights and obligations
that are expressly stated to survive the payment in full of amounts and obligations owing under this Agreement and the other Loan Documents
and the termination of this Agreement and the other Loan Documents) and (y) the Lenders shall be under no further obligation to make any
Loans hereunder to such Tranche A Borrower. The Administrative Agent will promptly notify the Lenders of any such notice of termination.

 

(c)       Non-Ratable
Reduction. The Tranche A Borrowers, TCCI or the Tranche C Borrower shall have the right, at any time, upon at least three Business
Days’ notice to a Defaulting Lender (with a copy to the Administrative Agent), to terminate in whole such Defaulting Lender’s
Tranche A Commitments, Tranche B Commitments or Tranche C Commitments, respectively. Such termination shall be effective, (x) with respect
to such Defaulting Lender’s unused Tranche A Commitments, Tranche B Commitments or Tranche C Commitments, as applicable, on the
date set forth in such notice, provided, however, that such date shall be no earlier than three Business Days after receipt
of such notice and (y) with respect to each Tranche A Loan, Tranche B Loan or Tranche C Loan outstanding to such Defaulting Lender, if
such Loan is a Base Rate Loan, Canadian Prime Rate Loan or SONIA Loan, on the date set forth in such notice and, if such Loan is a Term
Rate Loan or a Tranche C Loan, on the last day of the then current Interest Period relating to such Loan. Upon termination of a Lender’s
Commitment under this Section 2.5(c), the Tranche A Borrowers, TCCI or the Tranche C Borrower, as applicable, will pay or cause
to be paid all principal of, and interest accrued to the date of such payment on, Tranche A Loans, Tranche B Loans or Tranche C Loans,
as applicable, owing to such Defaulting Lender and pay any accrued facility fee payable to such Defaulting

 

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Lender pursuant to the provisions
of Section 2.8(a), and all other amounts payable to such Defaulting Lender hereunder (including, but not limited to, any increased
costs or other amounts owing under Section 3.4 and any indemnification for Taxes under Section 3.1); and upon such payments,
the obligations of such Defaulting Lender hereunder shall, by the provisions hereof, be released and discharged; provided, however,
that (i) such Defaulting Lender’s rights under Sections 3.1, 3.4, 9.4 and 9.5, and its obligations under
Section 8.7 shall survive such release and discharge as to matters occurring prior to such date; and (ii) no claim that the Tranche
A Borrowers, TCCI or the Tranche C Borrower may have against such Defaulting Lender arising out of such Defaulting Lender’s default
hereunder shall be released or impaired in any way. Subject to Section 2.14, the aggregate amount of the Commitments of the Lenders
once reduced pursuant to this Section 2.5(c) may not be reinstated; provided further, however, that if pursuant to
this Section 2.5(c), the Tranche A Borrowers, TCCI or the Tranche C Borrower, as applicable, pay or cause to be paid to a Defaulting
Lender any principal of, or interest accrued on, the Tranche A Loans, Tranche B Loans or Tranche C Loans owing to such Defaulting Lender,
then the Tranche A Borrowers, TCCI or the Tranche C Borrower, as applicable, shall pay or cause to be paid a ratable payment of principal
and interest to all Tranche A Lenders, Tranche B Lenders or Tranche C Lenders, as applicable, who are not Defaulting Lenders.

 

Section 2.6 Repayment of
Loans.

 

(a)       Each
Borrower shall repay to the Applicable Agent for the account of each Lender on the Maturity Date applicable to such Borrower and such
Lender the aggregate principal amount of Loans made to it by such Lender and outstanding on such date.

 

(b)       Each
Borrower shall repay each Swing Line Loan made to it on the earlier to occur of (i) the date ten Business Days after such Loan is made
and (ii) the Revolving Maturity Date.

 

Section 2.7 Interest.

 

(a)       Subject
to the provisions of subsection (b) below, (i) subject to Section 3.2, each Term Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Term Rate for such Interest Period plus the
Applicable Rate; (ii) each SONIA Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to Daily Simple SONIA plus the Applicable Rate; (iii) each Base Rate Committed Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate; (iv) each Canadian Prime Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable
borrowing date at a rate per annum equal to the Canadian Prime Rate plus the Applicable Rate; (v) each Swing Line Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Swing Line Rate;
and (vi) each Tranche C Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum
equal to the Bank Bill Rate for such Interest Period plus the Applicable Rate.

 

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(b)       If
any amount payable by any Borrower under any Loan Document is not paid when due (after giving effect to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable on demand.

 

(c)       Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified
herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

 

Section 2.8 Fees.

 

(a)       Facility
Fee. TMCC, for the account of the Borrowers, shall pay or cause to be paid to the Administrative Agent for the account of each Applicable
Tranche Lender in accordance with its Pro Rata Share, a facility fee in US Dollars equal to the Applicable Percentage times the
actual daily amount of the Aggregate Commitments of such Applicable Tranche Lenders, regardless of usage (or, if the Aggregate Commitments
of such Applicable Tranche Lenders have terminated, on the Outstanding Amount of all Loans and Swing Line Loans of such Applicable Tranche
Lender made to the applicable Borrower(s)), which fee shall accrue at all times during the Tranche A Availability Period, the Tranche
B Availability Period, or the Tranche C Availability Period, as applicable (and thereafter so long as any Loans or Swing Line Loans of
such Applicable Tranche Lenders made to any applicable Borrower remain outstanding, including the Loans converted to Term Loans pursuant
to Section 2.13(c)), including at any time during which one or more of the conditions in Article IV is not met, but shall
terminate upon termination of the applicable availability period or upon conversion of the applicable Loans to Term Loans pursuant to
Section 2.13(c); provided that no such fee shall be paid on the unused Tranche A Commitments, unused Tranche B Commitments
or unused Tranche C Commitments of any Applicable Tranche Lender that is a Defaulting Lender. Facility fees shall be calculated quarterly
in arrears, and are due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Closing Date, and on the Maturity Date (and, if applicable, thereafter on demand). Notwithstanding
the above, the facility fees payable to each Lender shall be calculated with respect to such Lender’s Commitment Cap, such that
in no event shall the aggregate amount of the facility fees paid to any Lender pursuant to this Section 2.8(a) exceed the facility
fees that would have been payable to such Lender if the aggregate amount of such Lender’s Commitments were equal to the amount of
its Commitment Cap.

 

(b)       Other
Fees. The Borrowers shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the amounts
and at the times specified in the Fee Letters, if any. Any such fees shall be fully earned when paid and shall not be refundable for any
reason whatsoever.

 

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Section 2.9 Computation
of Interest and Fees. All computations of interest for (a) Base Rate Loans when the Base Rate is determined by BNP Paribas’s
United States “prime rate”, (b) Canadian Prime Rate Loans, (c) SONIA Loans and (d) Tranche C Loans shall be made on the basis
of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on
the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed
on the basis of a 365-day year), or, in the case of interest in respect of Committed Loans denominated in Alternative Currencies as to
which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue on each Loan for the
day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is
paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear
interest for one day.

 

Section 2.10 Evidence of
Debt. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Loans made by the Lenders to each Borrower and the interest and payments thereon. Any failure
to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of any Borrower under the Loan Documents
to pay any amount owing with respect to the Obligations of such Borrower. In the event of any conflict between the accounts and records
maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records
of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative
Agent, each Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable),
amount, currency and maturity of its Loans and payments with respect thereto.

 

Section 2.11 Payments Generally.

 

(a)       All
payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in an Alternative
Currency or Australian Dollars, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of
the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in US Dollars and in Same
Day Funds not later than 2:00 p.m. (or in the case of the Tranche B Lenders, not later than 12:00 p.m.) on the dates specified herein.
Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans
denominated in an Alternative Currency shall be made to the Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the applicable Administrative Agent’s Office in such Alternative Currency and in Same Day Funds not later than
the Applicable Time specified by the Administrative Agent on the dates specified herein. Except as otherwise expressly provided herein,
all payments by the Tranche C Borrower hereunder with respect to principal and interest on Tranche C Loans shall be made to the Australian
Sub-Agent for the

 

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account of the respective Lenders to which such
payment is owed, through the applicable Australian Sub-Agent’s Office in Australian Dollars and in Same Day Funds not later than
the Applicable Time specified by the Australian Sub-Agent on the dates specified herein. Except as otherwise expressly provided herein,
all payments by (i) the Tranche A Borrowers shall be made to the Administrative Agent, (ii) TCCI shall be made to the Administrative Agent
and (iii) the Tranche C Borrower shall be made to the Australian Sub-Agent, for the account of the respective Lenders to which such payment
is owed. Without limiting the generality of the foregoing, the Administrative Agent may require that (x) any payment by any Borrower due
under this Agreement, other than any payment to be made in respect of the Tranche B Facility or the Tranche C Facility, be made in the
United States, (y) any payments to be made by TCCI in respect of the Tranche B Facility be made in Canada and (z) any payment to be made
by the Tranche C Borrower in respect of the Tranche C Facility be made through the applicable Australian Sub-Agent’s Office. If,
for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency or Australian
Dollars, such Borrower shall make such payment in US Dollars in the Dollar Equivalent of such currency payment amount. The Applicable
Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like
funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent or the Australian
Sub-Agent (i) after 2:00 p.m., in the case of payments in US Dollars, or (ii) after the Applicable Time specified by the Administrative
Agent or the Australian Sub-Agent in the case of payments in an Alternative Currency or Australian Dollars, shall in each case be deemed
received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.

 

(b)       If
any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

(c)       Unless
a Borrower or any Lender has notified the Applicable Agent prior to the time any payment is required to be made by it to the Administrative
Agent or the Australian Sub-Agent hereunder, that such Borrower or such Lender, as the case may be, will not make such payment, the Administrative
Agent or the Australian Sub-Agent may assume that such Borrower or such Lender, as the case may be, has timely made such payment and may
(but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to
the extent that such payment was not in fact made to the Administrative Agent or the Australian Sub-Agent in Same Day Funds, then:

 

(i)       if
a Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Applicable Agent the portion of such assumed
payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day from and including
the date such amount was made available by the Administrative Agent or the Australian Sub-Agent to such Lender to the date such amount
is repaid to the Administrative Agent or the Australian Sub-Agent in Same Day Funds at the Overnight Rate from time to time in effect;
and

 

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(ii)       if
any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Applicable Agent the amount thereof in Same Day
Funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent or the Australian
Sub-Agent to the applicable Borrower to the date such amount is recovered by the Administrative Agent or the Australian Sub-Agent (the
“Compensation Period”) at a rate per annum equal to the Overnight Rate from time to time in effect. If such Lender
pays such amount to the Administrative Agent or the Australian Sub-Agent, then such amount shall constitute such Lender’s Loan included
in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s or the Australian
Sub-Agent’s demand therefor, the Administrative Agent may make a demand therefor upon the applicable Borrower, and such Borrower
shall pay such amount to the Administrative Agent or the Australian Sub-Agent, together with interest thereon for the Compensation Period
at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any
Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent, the Australian Sub-Agent
or any Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

A notice of the Applicable Agent to any Lender
or any Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

 

(d)       If
any Lender makes available to the Applicable Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions
of this Article II, and such funds are not made available to the applicable Borrower by the Administrative Agent or the Australian
Sub-Agent because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or waived in accordance
with the terms hereof, the Administrative Agent or the Australian Sub-Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest, on the succeeding Business Day.

 

(e)       The
obligations of the Lenders hereunder to make Committed Loans and to fund participations in Swing Line Loans are several and not joint.
The failure of any Lender to make any Committed Loan or to fund participations in Swing Line Loans on any date required hereunder shall
not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Committed Loan or to fund participations in Swing Line Loans.

 

(f)       Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation
by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

(g)       For
the purposes of the Interest Act (Canada) and disclosure under such act, whenever any interest or fees to be paid by TCCI under
this Agreement is to be calculated on the basis of a period of time that is less than a calendar year, the yearly rate of interest to
which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by

 

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the number of days in the calendar year in which
the same is to be ascertained and divided by the actual number of days in such period of time.

 

(h)       Notwithstanding
any provision of this Agreement, in no event shall the aggregate “interest” (as defined in section 347 of the Criminal
Code (Canada)) payable by TCCI under this Agreement exceed the effective annual rate of interest on the “credit advanced”
(as defined in that section) under this Agreement lawfully permitted by that section and, if any payment, collection or demand pursuant
to this Agreement in respect of “interest” (as defined in that section) payable by TCCI is determined to be contrary to the
provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of TCCI, the Administrative
Agent and the Lenders and the amount of such payment or collection shall be refunded to TCCI. For the purposes of this Agreement, the
effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the
relevant term and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative
Agent will be prima facie evidence of such rate.

 

Section 2.12 Sharing of
Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Committed Loans made by
it to a Borrower, or the participations in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion
of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Applicable Agent of such fact, and
(b) purchase from the other Lenders (other than any Defaulting Lenders) such participations in the Committed Loans and subparticipations
in Swing Line Loans and Swing Line Loans made by them to such Borrower as shall be necessary to cause such purchasing Lender to share
the excess payment in respect of such Committed Loans and Swing Line Loans pro rata with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described
in Section 9.6 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall
to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with
an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s
required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by
the purchasing Lender in respect of the total amount so recovered, without further interest thereon. Each Borrower agrees that any Lender
so purchasing a participation or subparticipation from another Lender may, to the fullest extent permitted by Law, exercise all of its
rights of payment (including any right of set-off, but subject to Section 9.9) with respect to such participation or subparticipation
as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation or subparticipation. The Applicable
Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations or subparticipation
purchased under this Section 2.12 and will in each case notify the Lenders following any such purchases or repayments. Each Lender
that purchases a participation or subparticipation pursuant to this Section 2.12 shall from and after such purchase have the right
to give all notices, requests, demands, directions and other communications under

 

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this Agreement with respect to the portion of
the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

Section 2.13 Renewal of
Revolving Maturity Date; Conversion to Term Loans.

 

(a)       Not
earlier than 60 days prior to, nor later than 30 days prior to, any anniversary of the Closing Date, the Borrowers may, upon notice to
the Administrative Agent (which shall promptly notify the appropriate Lenders), request a renewal of the Revolving Maturity Date then
in effect for a period of up to 364 days. Within 20 days of delivery of such notice, each appropriate Lender shall notify the Administrative
Agent whether or not it consents to such renewal (which consent may be given or withheld in such Lender’s sole and absolute discretion).
Any Lender not responding within the above time period shall be deemed not to have consented to such renewal. The Administrative Agent
shall notify the Borrowers and the appropriate Lenders of the Lenders’ responses not less than 24 days after receipt of notice of
such renewal request. If any Lender declines, or is deemed to have declined, to consent to such renewal, the applicable Borrower may,
at its own expense, cause any such Lender to be replaced as a Lender pursuant to Section 9.17. The Borrowers shall be deemed to
have withdrawn any request to renew the Revolving Maturity Date if any Borrower delivers a notice of election (or is required to deliver
a notice of election or is deemed under Section 2.13(d) to have elected) to convert the Loans to Term Loans pursuant to Section
2.13(c).

 

(b)       The
Revolving Maturity Date shall be renewed only if Lenders holding at least 51% of all outstanding Commitments (after giving effect to any
replacements of Lenders permitted herein) (the “Consenting Lenders”) have consented thereto. If so renewed, the Revolving
Maturity Date, as to the Consenting Lenders, shall be renewed to a requested date up to 364 days from the Revolving Maturity Date then
in effect, effective as of the Revolving Maturity Date then in effect (such existing Revolving Maturity Date being the “Revolving
Renewal Effective Date”). The Administrative Agent and the Borrowers shall promptly confirm to the Lenders such renewal and
the Revolving Renewal Effective Date. As a condition precedent to such renewal, each Borrower shall deliver to the Administrative Agent
a certificate of such Borrower dated as of the Revolving Renewal Effective Date signed by a Responsible Officer of such Borrower (i) certifying
and attaching the resolutions adopted by such Borrower approving or consenting to such renewal and (ii) certifying that, before and after
giving effect to such renewal, (A) the representations and warranties of such Borrower contained in Article V and the other Loan
Documents are true and correct on and as of the Revolving Renewal Effective Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of
this Section 2.13, the representations and warranties contained in subsections (a) and (b) of Section 5.4 shall be deemed
to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.1, and (B) no
Default with respect to such Borrower exists. The applicable Borrower shall prepay any Committed Loans made to such Borrower outstanding
on the Revolving Renewal Effective Date (and pay any additional amounts required pursuant to Section 3.5) to the extent necessary
to keep outstanding Committed Loans made to such Borrower ratable with any revised and new Pro Rata Shares of all the Lenders.

 

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(c)       Term
Loan Conversion. Not later than seven Business Days prior to the Revolving Maturity Date, any Borrower may, upon notice to the Administrative
Agent (which shall promptly notify the appropriate Lenders), elect to convert any outstanding Committed Loans made to such Borrower into
term Loans payable on the date (the “Term Maturity Date”) selected by such Borrower, but in no event later than one
year from the Revolving Maturity Date. Concurrently with delivering any Request for Loans relating to Term Rate Loans with an Interest
Period ending after the Revolving Maturity Date, such Borrower shall deliver a notice to the Administrative Agent that it elects to convert
such Loans into term Loans in accordance with the preceding sentence. If a Borrower so elects to convert any Loans made to it to term
Loans, subject to the satisfaction of the conditions precedent contained in this Section 2.13(c), the Maturity Date applicable
to such Borrower shall automatically be extended to the Term Maturity Date effective as of the Revolving Maturity Date then in effect
(such existing Revolving Maturity Date being the “Term Extension Effective Date”), and, on and after the Term Extension
Effective Date, the Loans made to and selected by such Borrower shall be term Loans that (i) may not be reborrowed once repaid, (ii) in
the case of loans denominated in US Dollars, may be converted from Base Rate Loans to Term Rate Loans and from Term Rate Loans to Base
Rate Loans and, in the case of Loans denominated in Canadian Dollars, may be continued as Canadian Prime Rate Loans or as Term Rate Loans
as provided therein, (iii) bear interest on the outstanding principal amount thereof in accordance with Section 2.7 and (iv) are
payable in full on the Term Maturity Date applicable to such Borrower. The Administrative Agent and the applicable Borrower shall promptly
confirm to the appropriate Lenders such extension and the Term Extension Effective Date. As conditions precedent to such extension, (A)
the applicable Borrower shall pay to the Administrative Agent the Term Loan Conversion Fee, and (B) the applicable Borrower shall deliver
to the Administrative Agent a certificate of such Borrower dated as of the Term Extension Effective Date signed by a Responsible Officer
of such Borrower certifying that no Default applicable to such Borrower exists.

 

(d)       Any election by a Tranche A Borrower
made pursuant to Section 2.13(c) in relation to the Tranche A Loans made to such Tranche A Borrower shall be immediately binding
on all other Tranche A Borrowers, without further action or notice by the Administrative Agent.

 

(e)       This
Section 2.13 shall supersede any provisions in Section 2.12 or Section 9.1 to the contrary.

 

Section 2.14 Increase in
Commitments.

 

(a)       Provided
there exists no Default applicable to any Tranche A Borrower, upon notice by TMCC to the Administrative Agent (which shall promptly notify
the appropriate Lenders), TMCC may from time to time, request an increase in the Aggregate Commitments applicable to all Tranche A Borrowers
to an amount (for all such requests) not exceeding US$5,660,000,000. At the time of sending such notice, TMCC (in consultation with the
Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less
than ten Business Days from the date of delivery of such notice to the appropriate Lenders). Each appropriate Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal
to, greater than, or less than its Pro Rata Share of such requested

 

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increase. Any appropriate Lender not responding
within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify all of the
Tranche A Borrowers and each appropriate Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount
of a requested increase, TMCC may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form
and substance satisfactory to the Administrative Agent and its counsel; provided that the minimum commitment of each such Eligible
Assignee is not less than US$10,000,000. The consent of the Lenders is not required to increase the amount of the Aggregate Tranche A
Commitments pursuant to this Section 2.14(a), except that each appropriate Lender shall have the right to consent to an increase
in the amount of its Commitment as set forth in this Section 2.14(a). If the Lenders and Eligible Assignees do not agree to increase
the applicable Aggregate Tranche A Commitments by the amount requested by TMCC pursuant to this Section 2.14(a), TMCC may (i) withdraw
its request for an increase in its entirety or (ii) accept, in whole or in part, the increases that have been offered.

 

(b)       If
the applicable Aggregate Commitments are increased in accordance with this Section, the Administrative Agent and TMCC shall determine
the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent
shall promptly notify TMCC and the appropriate Lenders of the final allocation of such increase and the Increase Effective Date. As a
condition precedent to such increase, each Tranche A Borrower shall deliver to the Administrative Agent a certificate of such Tranche
A Borrower dated as of the Increase Effective Date signed by a Responsible Officer of such Tranche A Borrower certifying that no Default
applicable to such Tranche A Borrower exists. The Tranche A Borrowers shall prepay any Committed Loans outstanding on the Increase Effective
Date (and pay any additional amounts required pursuant to Section 3.5) to the extent necessary to keep the outstanding Committed
Loans ratable with any revised Pro Rata Shares arising from any nonratable increase in the Commitments under this Section.

 

(c)       This
Section 2.14 shall supersede any provisions in Sections 2.12 or 9.1 to the contrary.

 

Section 2.15 [Reserved].

 

Section 2.16 Swing Line
Loans.

 

(a)       The
Swing Line. Subject to the terms and conditions set forth herein each applicable Swing Line Lender severally agrees, in reliance upon
the agreements of the other Lenders set forth in this Section 2.16 to make loans (each such loan, a “Swing Line Loan”)
(x) in US Dollars or any Alternative Currency to the Borrowers (other than the Tranche C Borrower) and (y) in Australian Dollars to the
Tranche C Borrower, from time to time on any Business Day during the Tranche A Availability Period, the Tranche B Availability Period
or the Tranche C Availability Period, as applicable, in an aggregate amount not to exceed at any time outstanding (i) for each applicable
Swing Line Lender, such Swing Line Lender’s applicable Swing Line Commitment, (ii) for all Swing Line Loans made to the Borrowers
other than the Tranche C Borrower, the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated
with the ratable share of the Outstanding Amount of Committed Loans

 

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of the Lender acting as Swing Line Lender, may
exceed the amount of such Lender’s Commitments or (iii) for all Swing Line Loans made to the Tranche C Borrower, the amount of the
Australian Swing Line Sublimit; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings
in respect of the Tranche A Borrowers, TCCI or the Tranche C Borrower, respectively, shall not exceed the applicable Aggregate Commitments,
(ii) the aggregate Outstanding Amount of the Committed Loans of any Lender under the Tranche A Commitments, Tranche B Commitments
or Tranche C Commitments, as applicable, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans
to the applicable Borrower(s) shall not exceed such Lender’s Commitment applicable to such Borrower(s), (iii) the aggregate Outstanding
Amount of Committed Loans of any Lender under the Tranche A Facility, the Tranche B Facility and the Tranche C Facility, plus such
Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans, plus, in the case of a Swing Line Lender and without
duplication, such Lender’s Swing Line Loans shall not exceed such Lender’s Commitment Cap, and (iv) if after giving effect
to any Swing Line Loan the Unused Tranche A Commitment would be less than or equal to the Dollar Equivalent of EUR 300,000,000 (as determined
by the Administrative Agent), then, only to the extent TKG has not borrowed EUR 300,000,000 as of the date such Loan is to be made, such
Swing Line Loan shall not be made without the consent of TKG (which consent may be waived only by TKG) and provided, further,
that the Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Each Swing Line Borrowing
shall consist of borrowings made from the several applicable Swing Line Lenders ratably to their respective applicable Swing Line Commitments.
Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.16,
prepay under Section 2.4, and reborrow under this Section 2.16. Immediately upon the making of a Swing Line Loan, each Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in
such Swing Line Loan in an amount equal to the product of such Lender’s ratable share times the amount of such Swing Line
Loan.

 

(b)       Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the applicable Borrower’s irrevocable notice to the applicable Swing
Line Agent and the Administrative Agent, which (x) in the case of Swing Line Loans requested by notice to the Administrative Agent, may
be given by telephone and (y) in the case of Swing Line Loans requested by notice to a Swing Line Agent, may not be given by telephone,
but may be given by electronic delivery, confirmed promptly by delivery to the applicable Swing Line Agent and the Administrative Agent
of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the applicable Borrower. Each such
notice must be received by the applicable Swing Line Agent and the Administrative Agent (i) not later than 10:00 a.m. (London time)
in the case of any Swing Line Loans to be funded in Europe, 12:00 noon (Central time) in the case of any Swing Line Loans to be funded
in the United States, or 11:00 a.m. (Central time) in the case of any Swing Line Loans to be funded in Canada, in each case, on the requested
borrowing date or (ii) not later than 8:00 p.m. (Sydney time) on the immediately preceding Business Day prior to the requested borrowing
date, in the case of any Swing Line Loans to be funded in Australia, and shall specify (A) the amount and currency to be borrowed, which
shall be a minimum of US$1,000,000, (or CDN$500,000 where the Swing Line Borrowing is requested by TCCI or A$500,000 where the Swing Line
Borrowing is requested by the Tranche

 

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C Borrower) (provided that, in the case
of TMFNL, such amount shall not be less than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other criterion)
as at any time ensures that it does not qualify as attracting funds from the “public” under or pursuant to the Netherlands
Financial Supervision Act (wet op het financieel toezicht)), (B) the requested borrowing date, which shall be a Business Day and
(C) if denominated in Australian Dollars, the Interest Period applicable to such Swing Line Borrowing. Each such telephonic notice must
be confirmed promptly by delivery to the applicable Swing Line Agent and the Administrative Agent of a written Swing Line Loan Notice,
appropriately completed and signed by a Responsible Officer of the applicable Borrower. Promptly after receipt by the applicable Swing
Line Agent of any telephonic Swing Line Loan Notice, such Swing Line Agent will confirm with the Administrative Agent (by telephone or
in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, such Swing Line Agent will notify
the Administrative Agent (by telephone or in writing) of the contents thereof, and will notify each Swing Line Lender (by telephone or
in writing) of the contents thereof. Unless the applicable Swing Line Agent has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. (London time, in the case of any Swing Line Loan to be
funded in Europe, New York City time, in the case of any Swing Line Loan to be funded in North America or Sydney time, in the case of
any Swing Line Loan to be funded in Australia) on the date of the proposed Swing Line Borrowing (I) directing each Swing Line Lender not
to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.16(a),
or (II) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms
and conditions hereof, each applicable Swing Line Lender will, not later than 3:00 p.m. (London time, in the case of any Swing Line Loan
to be funded in Europe, Central time, in the case of any Swing Line Loan to be funded in the United States, Montreal time, in the case
of any Swing Line Loan to be funded in Canada or Sydney time, in the case of any Swing Line Loan to be funded in Australia) on the borrowing
date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the applicable Borrower at its office
by crediting the account of such Borrower on the books of the applicable Swing Line Agent in Same Day Funds or as otherwise directed by
such Borrower.

 

(c)       Refinancing
of Swing Line Loans.

 

(i)       The
Swing Line Lenders at any time in their respective sole and absolute discretion may direct the applicable Swing Line Agent to request,
on behalf of the applicable Borrower (and each Borrower hereby irrevocably authorizes each Swing Line Agent to so request on its behalf),
that each Lender make a Base Rate Committed Loan or a Committed Tranche C Loan, as applicable, for the account of such Borrower in an
amount equal to such Lender’s ratable share of (A) the amount of Swing Line Loans made to such Borrower and then outstanding, in
the case of Swing Line Loans denominated in US Dollars, (B) the Dollar Equivalent of the amount of Swing Line Loans made to such Borrower
and then outstanding, in the case of Swing Line Loans denominated in any Alternative Currency or (C) the amount of Swing Line Loans made
to the Tranche C Borrower. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice
for purposes hereof) and in accordance

 

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with the requirements of Section
2.2, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans or Committed Tranche
C Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.2. The applicable
Swing Line Agent shall furnish the applicable Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such
notice to the Applicable Agent. Each Lender shall make an amount equal to its ratable share of the amount specified in such Committed
Loan Notice available to the Applicable Agent in Same Day Funds for the account of the applicable Swing Line Lenders at (x) the Administrative
Agent’s Office for US Dollar-denominated payments or (y) the Australian Sub-Agent’s Office for Australian Dollar-denominated
payments, in each case not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.16(c)(ii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan or a Committed Tranche C Loan, as applicable,
to the applicable Borrower in such amount. The Applicable Agent shall remit the funds so received to the Swing Line Lenders.

 

(ii)       If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.16(c)(i), the
request for Base Rate Committed Loans submitted by the applicable Swing Line Agent as set forth herein shall be deemed to be a request
by such Swing Line Agent that each Lender fund its risk participation in the relevant Swing Line Loan and each such Lender’s payment
to the Administrative Agent for the account of the Swing Line Lenders pursuant to Section 2.16(c)(i) shall be deemed payment in
respect of such participation.

 

(iii)       If
any Lender fails to make available to the Applicable Agent for the account of the Swing Line Lenders any amount required to be paid by
such Lender pursuant to the foregoing provisions of this Section 2.16(c) by the time specified in Section 2.16(c)(i), the
Swing Line Lenders shall be entitled to recover from such Lender (acting through the Applicable Agent), on demand, such amount with interest
thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing
Line Lenders at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing
or similar fees customarily charged by the applicable Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant
Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of a Swing Line Lender
submitted to any Lender (through the Applicable Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent
manifest error.

 

(iv)       Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section
2.16(c) shall be absolute, irrevocable and unconditional and shall not be affected by any circumstance, including (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have against any Swing Line Lender, any Borrower or any other Person
for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other

 

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occurrence, event or condition, whether
or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant
to this Section 2.16(c) is subject to the conditions set forth in Section 4.2. No such funding of risk participations shall
relieve or otherwise impair the obligation of any Borrower to repay Swing Line Loans made to it, together with interest as provided herein.

 

(d)       Repayment
of Participations.

 

(i)       At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the applicable Swing Line Lender receives
any payment on account of such Swing Line Loan, such Swing Line Lender will promptly distribute to such Lender its ratable share thereof
in the same funds as those received by such Swing Line Lender.

 

(ii)       If
any payment received by a Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by such
Swing Line Lender under any of the circumstances described in Section 9.6 (including pursuant to any settlement entered into by
such Swing Line Lender in its discretion), each Lender shall pay to such Swing Line Lender its ratable share thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum
equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the applicable Swing Line Lender.
The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)       Interest
for Account of Swing Line Lenders. The applicable Swing Line Agent shall be responsible for invoicing the applicable Borrower for
interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section
2.16 to refinance such Lender’s ratable share of any Swing Line Loan, interest in respect of such ratable share shall be solely
for the account of the respective Swing Line Lenders.

 

(f)       Payments
Directly to Swing Line Lender. Each Borrower shall make all payments of principal and interest in respect of the Swing Line Loans
made directly to the applicable Swing Line Agent, for the account of the respective Swing Line Lenders.

 

Section 2.17 Defaulting
Lenders.

 

(a)        Generally.
Anything contained herein to the contrary notwithstanding, (i) to the extent permitted by applicable Law, until such time as the
Default Excess with respect to such Defaulting Lender shall have been reduced to zero, any prepayment of the Loans shall, if the Tranche
A Borrowers, TCCI or the Tranche C Borrower, as applicable, so direct at the time of making such prepayment, be applied to the Loans of
other Applicable Tranche Lenders as if such Defaulting Lender had no Tranche A Loans, Tranche B Loans or Tranche C Loans, as applicable,
outstanding; (ii) such Defaulting Lender’s unused Aggregate Commitments shall be excluded for purposes of calculating the facility
fee payable to Lenders pursuant to Section 2.8(a) in respect of any day during any Default Period with respect to such Defaulting
Lender,

 

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and such Defaulting Lender shall not be entitled
to receive any facility fee with respect to its unused Commitment(s) pursuant to Section 2.8(a) for any Default Period with respect
to such Defaulting Lender; and (iii) the aggregate amount of the Tranche A Loans, Tranche B Loans and Tranche C Loans as at any date
of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. No Commitment
of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.17(a), performance
by any Borrower or any Lender of its obligations hereunder shall not be excused or otherwise modified as a result of any failure by a
Defaulting Lender to fund or the operation of this Section 2.17(a). The rights and remedies against a Defaulting Lender under this
Section 2.17(a) are in addition to other rights and remedies that the Borrowers, the Administrative Agent or any other Lender may
have against such Defaulting Lender with respect to any Defaulted Loan.

 

(b)       Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 9.9 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Swing Line Lender hereunder;
third, as the Borrower that made such payment may request (so long as no Event of Default under Section 7.1(a) or
Section 7.1(f) has occurred and is continuing with respect to such Borrower), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth,
if so determined by the Administrative Agent and the applicable Borrower, to be held in a deposit account and released pro rata in order
to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fifth,
to the payment of any amounts owing to the Lenders or the Swing Line Lenders as a result of any judgment of a court of competent jurisdiction
obtained by any Lender or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; sixth, so long as no Event of Default under Section 7.1(a) or Section 7.1(f) has occurred
and is continuing with respect to such Borrower, to the payment of any amounts owing to the applicable Borrower as a result of any judgment
of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court
of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which
such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth
in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on
a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and Swing Line
Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable facility. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting

 

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Lender pursuant to this Section 2.17(b)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(c)       Defaulting
Lender Cure. If the Borrowers, the Administrative Agent and each Swing Line Lender agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of
the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments under the applicable
Tranche, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

 

ARTICLE III

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

Section 3.1 Taxes.

 

(a)       Subject
to the other provisions of this Section 3.1 and Section 9.15, any and all payments by any Borrower to or for the account
of the Administrative Agent or any Lender under any Loan Document shall be made free and clear of and without deduction for any and all
present or future Taxes. If any Borrower shall be required by any Laws to deduct any Taxes or Other Taxes from or in respect of any sum
payable under any Loan Document to the Administrative Agent or any Lender, (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 3.1(a)), each
of the Administrative Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made,
(ii) such Borrower shall make such deductions, (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority
or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, such Borrower shall furnish
to the Administrative Agent (which shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment
thereof or other evidence of such payment.

 

(b)       In
addition, each Borrower agrees to pay to each appropriate Lender Other Taxes incurred by such Lender.

 

(c)       Each
Borrower agrees to indemnify the Administrative Agent and each appropriate Lender for (i) the full amount of Taxes and Other Taxes (including
any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 

 

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3.1(c)) paid by the Administrative Agent
and such Lender and (ii) any liability (including additions to tax, penalties, interest and expenses) arising therefrom or with respect
thereto. Payment under this Section 3.1(c) shall be made within 15 days after the date the Lender or the Administrative Agent makes
a demand therefor.

 

(d)       In
the case of interest payments made by TKG, this Section 3.1 shall only apply to a Lender who is the legal and beneficial owner of amounts
received pursuant to this Agreement and has provided evidence to TKG: (i) that such Lender is a person (a corporate body or an individual)
which is, for taxation purposes, resident outside of the territory of (1) the Federal Republic of Germany and (2) a Non-Cooperative Jurisdiction
(as defined below), (ii) if such Lender is a partnership, that all direct and indirect partners of that partnership are persons who are,
for taxation purposes, resident outside of the territory of (1) the Federal Republic of Germany and (2) a Non-Cooperative Jurisdiction,
and does not hold any amounts received pursuant to this Agreement through a permanent establishment or a permanent representative in Germany
or (iii) that such Lender qualifies as a credit institution or financial institution within the meaning of the German Banking Act (Kreditwesengesetz).
“Non-Cooperative Jurisdiction” means any non-cooperative state or territory (nicht kooperatives Steuerhoheitsgebiet)
as set out in the regulation (as amended from time to time) referred to in Section 3 paragraph 1 of the German Tax Haven Act (Steueroasen-Abwehrgesetz).

 

(e)       TFSUK
is not required to pay additional amounts to a Lender (other than a new Lender pursuant to a request by a Borrower under Section 9.17)
pursuant to Section 3.1 in respect of any Tax that is required by the United Kingdom to be withheld from a payment of interest
on a Loan made to TFSUK if at the time the payment falls due: (i) the relevant Lender is not a UK Qualifying Lender and that Tax would
not have been required to be withheld had that Lender been a UK Qualifying Lender unless the reason that that Lender is not a UK Qualifying
Lender is a change after the date on which it became a Lender under this Agreement in (or in the interpretation, administration or application
of) any law or double taxation agreement or any published practice or published concession of any relevant Governmental Authority; (ii)
the relevant Lender is a UK Qualifying Lender solely by virtue of (a)(ii) of the definition of UK Qualifying Lender and (1) an officer
of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the UK ITA
which relates to the payment and that Lender has received from TFSUK a certified copy of that Direction; and (2) that Tax would not have
been required to be withheld had that Direction not been made; (iii) the relevant Lender is a UK Qualifying Lender solely by virtue of
(a)(ii) of the definition of UK Qualifying Lender and (1) the relevant Lender has not given a UK Tax Confirmation to TFSUK; and (2) that
Tax would not have been required to be withheld had the Lender given a UK Tax Confirmation to TFSUK, on the basis that the UK Tax Confirmation
would have enabled TFSUK to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of
section 930 of the UK ITA; or (iv) the relevant Lender is a UK Treaty Lender or a US LLC Lender and TFSUK is able to demonstrate that
that Tax is required to be withheld as a result of the failure of the relevant Lender to comply with its obligations under Section
9.15(a). Any Lender which is a Lender in respect of a Loan to TFSUK shall promptly notify the Administrative Agent and TFSUK if (i)
it is not, or ceases to be, a UK Qualifying Lender, for whatever reason, or (ii) it is a

 

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UK Qualifying Non-Bank Lender and there is any
change in the position from that set out in the UK Tax Confirmation it has given.

 

(f)       TFA
is not required to pay additional amounts to a Tranche A Lender or a Tranche C Lender pursuant to this Section 3.1 in respect of
any Tax that is required by the Commonwealth of Australia or any political sub-division thereof to be withheld or deducted from a payment
of interest on a Loan made to TFA if at the time the payment falls due (i) the relevant Tranche A Lender or the relevant Tranche C Lender
is an Offshore Associate of TFA, (ii) the payment could have been made to the relevant Tranche A Lender or the relevant Tranche C Lender
without any withholding or deduction in respect of such Tax if, before TFA makes a relevant payment, the relevant Tranche A Lender or
the relevant Tranche C Lender, or an entity acting on behalf of such Tranche A Lender or such Tranche C Lender, provided TFA with any
of its name, address, tax file number, (if applicable) an Australian business number, registration number or similar details of any relevant
tax exemption, or (iii) the withholding or deduction in respect of such Tax is in respect to any withholding or deduction on account of
TFA receiving a direction under section 255 of the Australian Tax Act or section 260-5 of Schedule 1 to the Taxation Administration Act
1953 of Australia or any similar law.

 

(g)       If
the Administrative Agent or a Lender shall become aware that it is entitled to claim a refund from a Governmental Authority in respect
of, or remission for, Taxes or Other Taxes as to which it has received additional amounts under this Section 3.1, such Administrative
Agent or Lender shall promptly notify the applicable Borrower and Agent (as applicable) of the availability of such claim and, to the
extent that the Lender or the Administrative Agent (as applicable) determines in good faith that making such claim will not have an adverse
effect on its taxes or business operation, shall, within 60 days of receipt of a request by such Borrower, make such claim. If the Administrative
Agent or Lender (acting in good faith) determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as
to which it has been indemnified by such Borrower or with respect to which such Borrower has paid amounts pursuant to this Section
3.1, it shall pay over the amount of such refund to such Borrower, net of all out-of-pocket expenses of the Administrative Agent or
such Lender (but amounts hereby recovered by the Borrower shall not exceed the indemnity payments made, or the amounts paid, as applicable,
by such Borrower under this Section 3.1) and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund or credit); provided, however, that such Borrower, upon the request of the Administrative Agent
or such Lender, agrees to repay the amount paid over to the Administrative Agent or such Lender in the event the Administrative Agent
or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph
(g), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrowers pursuant to this paragraph
(g) the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative
Agent or such Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been
paid. This Section 3.1(g) shall not be construed to require the Administrative Agent or any Lender to make available its tax returns
(or any other information relating to its Taxes which it deems confidential) to any Borrower or any other Person.

 

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(h)        The
agreements in this Section 3.1 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.

 

Section 3.2 Illegality.

 

(a)       If
any Lender determines that any Regulatory Change has made it unlawful, or that any Governmental Authority has asserted that it is unlawful
as a result of such Regulatory Change, for any Lender or its applicable Lending Office to make, maintain or fund any Loans (other than
Base Rate Loans or Tranche C Loans), or to determine or charge interest rates based upon any Benchmark, then, on notice thereof by such
Lender to the applicable Borrower through the Administrative Agent as to such illegality), any obligation of such Lender to make or continue
Loans associated with such Benchmark or, in the case of Term Rate Loans in US Dollars, to convert Base Rate Committed Loans to Term Rate
Loans or, in the case of Tranche B Loans in Canadian Dollars, to convert Canadian Prime Rate Loans to Term Rate Loans, shall be suspended
until such Lender notifies the Administrative Agent and the applicable Borrower that the circumstances giving rise to such determination
no longer exist (and such Lender shall give such notice promptly upon receiving knowledge that such circumstances no longer exist). If
a Lender shall determine that it may not lawfully continue to maintain and fund any of its outstanding Loans (other than Base Rate Loans
or Tranche C Loans) to maturity and shall so specify in a notice pursuant to the preceding sentence, upon receipt of such notice, the
applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), elect to either (i) promptly prepay
all such Loans of such Lender or (ii) immediately convert all such Loans of such Lender to Base Rate Loans in US Dollars in the amount
of the Dollar Equivalent. In the event such Loans are Term Loans, such prepayment or conversion will occur either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Term Rate Loans to such day, or promptly prepay or immediately
convert, if such Lender may not lawfully continue to maintain such Term Rate Loans. Upon any such prepayment or conversion, the applicable
Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office
if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially
disadvantageous to such Lender.

 

(b)       [Reserved.]

 

(c)        Notwithstanding
any other provision of this Agreement, if in respect of any Tranche C Loan made under this Agreement to the Tranche C Borrower, it becomes
unlawful or impossible (as a result of any Regulatory Change) in any jurisdiction for a Tranche C Lender to perform any of its obligations
as contemplated by this Agreement or to fund or maintain its participation in any Tranche C Loan:

 

		(i)	such Tranche C Lender shall forthwith notify the Australian Sub-Agent and the Tranche C Borrower;

 

		(ii)	such Tranche C Lender’s obligations under this Agreement in respect to such Tranche C Loan are immediately
suspended for the duration of such illegality or other effect;

 

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		(iii)	such Tranche C Lender may, by notice to the Australian Sub-Agent and the Tranche C Borrower, cancel such
Tranche C Lender’s available Tranche C Commitment with immediate effect;

 

		(iv)	without limiting Sections 3.2(c)(ii) and 3.2(c)(iii), such Tranche C Lender shall consult
and negotiate in good faith with the Tranche C Borrower for a period not exceeding 30 days with a view to determining whether amendments
can be made to this Agreement to enable all or a part of such Tranche C Loan to continue to be provided to the Tranche C Borrower; and

 

		(v)	if no such amendments are agreeable to the Tranche C Borrower and such Tranche C Lender and the illegality
or other effect is continuing:

 

		(1)	such Lender or the Tranche C Borrower may notify the other party and the Australian Sub-Agent that such
Loan is to be terminated and, to the extent it has not already been so cancelled in accordance with Section 3.2(c)(iii), such Lender’s
available Tranche C Commitment will be cancelled as of the 90th day after the date such notice is delivered to the other party; and

 

		(2)	the Tranche C Borrower shall repay such Loan, together with all accrued but unpaid interest and other
unpaid amounts owing in respect of such Loan, in full on:

 

		(A)	the later of the last day of the current Interest Period for such Loan and the 90th day after notice has
been given in accordance with Section 3.2(c)(v)(1); or

 

		(B)	if earlier, the last day of any applicable grace period permitted by law.

 

Section 3.3 Inability
to Determine Rates. (a) (i) If, prior to the commencement of any Interest Period (or, in the case of any Benchmark that is not a Term
Rate, on any Business Day), the Administrative Agent determines (which determination shall be conclusive absent manifest error) that for
any reason (other than a Benchmark Transition Event) adequate and reasonable means do not exist for determining any Benchmark pursuant
to the definition thereof, the Administrative Agent will promptly so notify any affected Borrower and each Lender. Upon receipt of such
notice, (1) the applicable Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of any Loan at such
Benchmark or, failing that, will be deemed to have converted such request into a request for a Base Rate Loan in US Dollars in the amount
of the Dollar Equivalent, (2) any outstanding affected Term Rate Loans will be deemed to have been converted to a Base Rate Loan in US
Dollars in the amount of the Dollar Equivalent at the end of the applicable Interest Period, (3) any outstanding affected Loans that are
not Term Rate Loans will be deemed to have been converted immediately to a Base Rate Loan in US Dollars in the amount of the Dollar Equivalent,
and (iv) in the case of any such

 

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notice regarding any Benchmark used as a component
of Base Rate, such component will not be used in any determination of Base Rate Loans until such notice is revoked.

 

(ii) If, prior to the commencement
of any Interest Period, the applicable Required Lenders determine that as a result of a Regulatory Change, the Term Rate for any requested
currency and Interest Period with respect to a proposed Term Rate Loan or conversion to or continuation thereof does not adequately and
fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify any affected Borrower and
each Lender. Thereafter, (A) the obligation of the appropriate Lenders to make or maintain Term Rate Loans in the affected currency or
currencies and affected Interest Periods to such Borrower shall be suspended until the Administrative Agent (upon the instruction of the
applicable Required Lenders) revokes such notice (which revocation shall be made promptly upon such instruction from the applicable Required
Lenders) and (B) in the case of any such notice pursuant to clause (ii) of this Section 3.3(a) regarding Term SOFR for an Interest Period
of one-month, the Term SOFR component shall not be utilized in determining the Base Rate until such notice is revoked. Upon receipt of
such notice, the applicable Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Term Rate Loans
in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Committed
Borrowing of Base Rate Loans in the amount specified therein or the Dollar Equivalent thereof in the event of a Committed Borrowing denominated
in an Alternative Currency.

 

(b)       If
the Australian Sub-Agent determines that, in relation to a Tranche C Loan for any Interest Period,

 

		(i)	at or about 1:00 p.m. (Sydney time) on the first day of the relevant Interest Period the Bank Bill Rate
is not available and none or only one of the Australian Reference Banks supplies a rate to the Australian Sub-Agent to determine the Bank
Bill Rate for the relevant currency and period (in which case each Tranche C Lender will be an “Affected Tranche C Lender”);
or

 

		(ii)	in relation to a Tranche C Loan for which the interest rate per annum was to have been Bank Bill Rate,
before 5:00 p.m. (Sydney time) on the Business Day after the first day of the relevant Interest Period, the Australian Sub-Agent receives
notifications from a Tranche C Lender or Tranche C Lenders whose participations in that Tranche C Loan exceed 50% of that Tranche C Loan,
that as a result of market circumstances not limited to it the cost to it of funding its participation in the Tranche C Loan is or would
be in excess of Bank Bill Rate (in which case an “Affected Tranche C Lender” will be each Tranche C Lender which gives
such a notification).

 

then it shall promptly notify the Tranche C Borrower
and the Tranche C Lenders, and the rate of interest on each Affected Tranche C Lender’s participation in that Tranche C Loan for
the Interest Period shall be the rate per annum which is the sum of:

 

		(x)	the Applicable Rate; and

 

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		(y)	the rate notified to the Australian Sub-Agent by that Affected Tranche C Lender as soon as practicable
and in any event no later than the Business Day before interest is due to be paid in respect of that Interest Period, to be that which
expresses as a percentage rate per annum the cost to that Affected Tranche C Lender of funding its participation in that Tranche C Loan
from whatever source or sources it may reasonably select.

 

Each Affected Tranche C Lender shall determine
the rate notified by it under sub-paragraph (b)(y) above in good faith. The rate so notified and any other notification under this Section
3.3(b) will be conclusive and binding on the parties in the absence of manifest error.

 

Section 3.4 Increased Cost
and Reduced Return; Capital Adequacy; Reserves on Term Rate Loans.

 

(a)       (i)
If in the case of Term Rate Loans, any Lender determines that as a result of the introduction of any regulation issued by the Federal
Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement)
with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D) after the
date such Lender becomes a party to this Agreement, there shall be an increase in the cost to such Lender of agreeing to make or making,
continuing, converting to, funding or maintaining Term Rate Loans or a reduction in the amount received or receivable by such Lender in
connection with any Term Rate Loan, or

 

(ii) if in the case of Term
Rate Loans or Tranche C Loans, any Lender determines that as a result of a Regulatory Change, there shall be a material increase in the
cost to such Lender of agreeing to make or making, continuing, converting to, funding or maintaining Term Rate Loans or Tranche C Loans
or a reduction in the amount received or receivable by such Lender in connection with any Term Rate Loan or Tranche C Loan,

 

then from time to time within
15 days of demand by such Lender setting forth the amount or amounts necessary to compensate such Lender, together with a reasonable basis
therefor (with a copy of such demand to the Administrative Agent), subject to Section 3.4(c), the applicable Borrower shall pay
to such Lender such additional amounts as are sufficient to compensate such Lender for such increased cost incurred or reduction suffered.

 

(b)       If
any Lender determines that the introduction of any Law after the date such Lender becomes a party to this Agreement regarding capital
adequacy or liquidity or any change therein or in the interpretation thereof, or compliance by such Lender (or its Lending Office) therewith
or as a result of any Regulatory Change, has the effect of materially reducing the rate of return on the capital of, or imposing material
additional costs associated with liquidity requirements imposed by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States financial regulatory authorities on, such Lender or any corporation
controlling such Lender as a direct consequence of such Lender’s obligations hereunder, then from time to time upon demand of such
Lender (with a copy of such demand to the Administrative Agent), subject to Section 3.4(c),

 

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the applicable Borrower shall pay within 15 days
of demand by such Lender such additional amounts as are sufficient to compensate such Lender for such reduction suffered.

 

(c)       Promptly
after receipt of knowledge of any Regulatory Change or other event that will entitle any Lender to compensation under this Section
3.4, such Lender shall give notice thereof to the applicable Borrower and the Administrative Agent certifying the basis for such request
for compensation in accordance with Section 3.6(a) and shall (i) exercise reasonable efforts (consistent with its internal policy
and legal and regulatory restrictions) to minimize any such increased cost and (ii) designate a different Lending Office if such designation
will avoid, or reduce the amount of, compensation payable under this Section 3.4 and will not, in the good faith judgment of such
Lender, otherwise be materially disadvantageous to such Lender. Notwithstanding anything in Sections 3.4(a) or 3.4(b) to
the contrary, no Borrower shall be obligated to compensate any Lender for any amount arising or accruing before 90 days prior to the date
on which such Lender gives notice to such Borrower and the Administrative Agent under this Section 3.4(c) (except that, if the
Regulatory Change or other event giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to
above shall be extended to include the period of retroactive effect thereof).

 

(d)       Notwithstanding
anything to the contrary contained in this Agreement, (i) this Section 3.4 shall not apply to taxes, and (ii) all indemnification
(including with respect to increased costs and reduction in amounts received) relating to or attributable to taxes shall be governed solely
and exclusively by Section 3.1.

 

(e)        The
agreements in this Section 3.4 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.

 

(f)        Notwithstanding
any other provision in this Section 3.4, no Lender shall demand compensation for any increased cost pursuant to this Section
3.4 if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances
under comparable provisions of other credit agreements; provided that no Lender shall be required to disclose any confidential
or proprietary information in respect of such demand.

 

Section 3.5 Funding Losses.
Within 15 days after delivery of the certificate described in the Section 3.6(a) by any Lender (with a copy to the Administrative
Agent) from time to time, each Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or
expense incurred by it as a result of each of the following (except to the extent incurred by any Lender as a result of any action taken
pursuant to Section 3.2):

 

(a)       any
continuation, conversion, payment or prepayment of any Term Rate Loan or Tranche C Loan made to such Borrower on a day other than the
last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)       any
failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Term Rate Loan or Tranche C Loan on the date or in the amount notified by such Borrower;

 

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(c)       any
failure by any Borrower to make payment of any Loan denominated in an Alternative Currency or Australian Dollars on its scheduled due
date or any payment thereof in a different currency; or

 

(d)       any
assignment of a Term Rate Loan or Tranche C Loans on a day other than the last day of the Interest Period therefor as a result of a request
by such Borrower pursuant to Section 9.17;

 

including any foreign exchange loss and any loss
or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate
the deposits from which such funds were obtained but excluding loss of anticipated profits or margin for the period after which any such
payment or failure to convert, borrow or prepay. The applicable Borrower shall also pay any customary administrative fees charged by such
Lender in connection with the foregoing.

 

The agreements in this Section 3.5 shall
survive the termination of the Aggregate Commitments and repayment of all other Obligations.

 

Section 3.6 Matters Applicable
to all Requests for Compensation.

 

(a)       A
certificate of the Administrative Agent or any Lender claiming compensation under this Article III and setting forth in reasonable
detail the additional amount or amounts to be paid to it hereunder shall be conclusive and binding upon all parties hereto in the absence
of manifest error. In determining such amount, the Administrative Agent or such Lender may use any reasonable averaging and attribution
methods.

 

(b)       If
(i) the obligation of any Lender to make any Loan associated with any Benchmark shall be suspended pursuant to Section 3.2 or (ii)
any Lender has demanded compensation under Section 3.1 or Section 3.4 the applicable Borrower may give notice to such Lender
through the Administrative Agent that, unless and until such Lender notifies such Borrower that the circumstances giving rise to such
suspension or demand for compensation no longer exist, effective 5 Business Days after the date of such notice from such Borrower (A)
all Loans associated with such Benchmark which would otherwise be made by such Lender shall be made instead as Base Rate Loans (on which
interest and principal shall be payable contemporaneously with the related Loans associated with such Benchmark of the other Lenders),
and (B) after each of such Lender’s Loans associated with such Benchmark has been repaid, all payments of principal which would
otherwise be applied to such Loans shall be applied to repay such Lender’s Base Rate Loans instead.

 

(c)       If
any Lender makes a claim for compensation or other payment under Section 3.1 or Section 3.4 or if any Lender determines
that it is unlawful or impermissible for it to make, maintain or fund Loans associated with any Benchmark pursuant to Section 3.2,
the applicable Borrower may replace such Lender in accordance with Section 9.17.

 

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(d)       Prior
to giving notice pursuant to Section 3.2 or to demanding compensation or other payment pursuant to Section 3.1 or Section
3.4, each Lender shall consult with the applicable Borrower and the Administrative Agent with reference to the circumstances giving
rise thereto; provided that nothing in this Section 3.6(d) shall limit the right of any Lender to require full performance
by such Borrower of its obligations under such Sections.

 

Section 3.7 Public Offer.

 

(a)        In
relation to Tranche A and Tranche C, BNP Paribas undertakes, represents and warrants to TFA as follows:

 

(i)       on
behalf of TFA it has made, or it will make before the 30th day after the date of this Agreement, invitations to become a Tranche
A Lender and invitations to become a Tranche C Lender under this Agreement, either:

 

(A) in the form agreed
with TFA to at least ten parties, each of whom, as at the date the relevant invitation is made, BNP Paribas’s relevant officers
involved in the transaction on a day to day basis believe carries on the business of providing finance or investing or dealing in securities
in the course of operating in financial markets, for the purposes of Section 128F(3A)(a)(i) of the Australian Tax Act, and each of whom
has been disclosed to TFA; or

 

(B) in an electronic
form that is used by financial markets for dealing in debentures (as defined in Section 128F(9) of the Australian Tax Act) or debt interests
(as defined in Sections 974-15 and 974-20 of the Income Tax Assessment Act 1997) such as Reuters or Bloomberg;

 

(ii)       at
least ten of the parties to whom BNP Paribas has made or will make invitations referred to in paragraph (i)(A) are not, as at the date
the invitations are made, to the knowledge of the relevant officers of BNP Paribas involved in the transaction, associates (as defined
in section 128F(9) of the Australian Tax Act) of any of the others of those ten offerees; and

 

(iii)       it
has not made and will not make offers or invitations referred to in paragraph (i)(A) to parties whom its relevant officers involved in
the transaction on a day to day basis are aware are Offshore Associates of TFA.

 

(b)       TFA
confirms that none of the potential offerees whose names were disclosed to it by BNP Paribas before the date of this Agreement were known
or suspected by it to be an Offshore Associate of TFA.

 

(c)       Each
Tranche A Lender and each Tranche C Lender represents and warrants to TFA that at the time it received the invitation it was carrying
on a business of providing finance, or investing or dealing in securities, in the course of operating in financial markets.

 

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(d)       BNP
Paribas and each Lender will provide to TFA when reasonably requested by TFA any factual information in its possession or which it is
reasonably able to provide to assist TFA to demonstrate that section 128F of the Australian Tax Act has been satisfied where to do so
will not in BNP Paribas’s or such Lender’s reasonable opinion breach any law or regulation or any duty of confidence.

 

(e)       If,
for any reason, the requirements of section 128F of the Australian Tax Act have not been satisfied in relation to interest payable on
a Tranche A Loan or a Tranche C Loan (except to an Offshore Associate of TFA), then on request by the Administrative Agent or TFA, each
party shall co-operate and take steps reasonably requested with a view to satisfying those requirements:

 

(i)       where
a party breached Section 3.7(a) or Section 3.7(c), at the cost of that party; or

 

(ii)       in
all other cases, at the cost of TFA.

 

Section 3.8 Reference Rate
Replacement.

 

Notwithstanding anything to the contrary herein
or in any other Loan Document:

 

(a)       Upon
the occurrence of a Benchmark Transition Event as to any Benchmark, the applicable Benchmark Replacement will replace the applicable then-current
Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark at or after 4:00 p.m. (Central
time) on the fifth Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has
not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
At any time that the administrator of the applicable then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark
or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement
or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended
to measure and that representativeness will not be restored, any Borrower may revoke any request made by such Borrower for a borrowing
of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark
until such Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark,
and, failing that, such Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to
Base Rate Loans in US Dollars in the amount of the Dollar Equivalent. During the period referenced in the foregoing sentence, the component
of Base Rate based upon such Benchmark (if any) will not be used in any determination of Base Rate Loans.

 

(b)       In
connection with the implementation and administration of a Benchmark Replacement, the Administrative Agent, with the consent of TMCC,
will have the right to make

 

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Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective
without any further action or consent of any other party to this Agreement.

 

(c)       The
Administrative Agent will promptly notify the Borrowers and the Lenders of (i) the implementation of any Benchmark Replacement and (ii)
the effectiveness of any Conforming Changes. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 3.8(d). Any determination, decision or election that may be made by the Administrative
Agent, TMCC or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.8, including any determination with
respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take
or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.8.

 

(d)       At
any time (including in connection with the implementation of a Benchmark Replacement), (i) if the applicable then-current Benchmark is
a term rate (including Term SOFR, CDOR or EURIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable
or non-representative for the applicable Benchmark (including applicable Benchmark Replacement) settings and (ii) the Administrative Agent
may reinstate any such previously removed tenor for the applicable Benchmark (including applicable Benchmark Replacement) settings.

 

 (e)        As used in this Section 3.8:

 

“Available Tenor”
means, as of any date of determination and with respect to the applicable then-current Benchmark, as applicable, (i) if the applicable
then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period
or (ii) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement
as of such date.

 

“Benchmark”
means for (i) for Term Rate Loans made in US Dollars, Term SOFR, (ii) for Swing Line Loans made in US Dollars, Daily Simple SOFR, (iii)
for Term Rate Loans made in Euro, EURIBOR, (iv) for Swing Line Loans made in Euro, €STR, (v) for Term Rate Loans made in Canadian
Dollars, CDOR, (vi) for Canadian Prime Rate Loans and Swing Line Loans made in Canadian Dollars, Canadian Prime Rate, and (vii) for SONIA
Loans, Daily Simple SONIA; provided that if a Benchmark Transition Event has occurred with respect to any initial Benchmark or
any then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement for such initial or then-current Benchmark
to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.8(a). Any reference
to “Benchmark” shall include, as applicable, the published component used in the calculation thereof.

 

“Benchmark Replacement”
means, for any Available Tenor:

 

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(i)       for
Term SOFR, the first alternative set forth below that can be determined by the Administrative Agent:

 

(1)       Daily
Simple SOFR, and

 

(2)       the
sum of (A) the alternate benchmark rate and (B) an adjustment (which may be a positive or negative value or zero), in each case, that
has been selected by the Administrative Agent and TMCC as the replacement for such Available Tenor of such Benchmark giving due consideration
to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body,
for US Dollar-denominated syndicated credit facilities at such time;

 

(ii)       for
all other Benchmarks, the sum of (1) the alternate benchmark rate and (2) an adjustment (which may be a positive or negative value or
zero), in each case, that has been selected by the Administrative Agent and TMCC as the replacement for such Available Tenor of such Benchmark
giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant
Governmental Body, for the applicable currency-denominated syndicated credit facilities at such time;

 

provided that, if the applicable Benchmark
Replacement as determined pursuant to clause (i) or (ii) above would be less zero%, the Benchmark Replacement will be deemed to be zero%
for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Transition
Event” means, with respect to any then-current Benchmark, the occurrence of a public statement or publication of information
by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark,
the Relevant Governmental Body, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority
with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over
the administrator for such Benchmark, announcing or stating that (i) such administrator has ceased or will cease on a specified date to
provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (ii) all Available Tenors of
such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to
measure and that representativeness will not be restored.

 

“Relevant Governmental
Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in US Dollars, the FRB and/or the Federal
Reserve Bank of New York, the SOFR Administrator or Term SOFR Administrator, as applicable, or a committee officially endorsed or convened
by the FRB and/or the Federal Reserve Bank of New York or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement
in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England
or, in each case, any successor thereto, (iii) with respect to a

 

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Benchmark Replacement in respect of Loans denominated
in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any
successor thereto and (iv) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (1) the central
bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible
for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group
or committee officially endorsed or convened by (A) the central bank for the currency in which such Benchmark Replacement is denominated,
(B) any central bank or other supervisor that is responsible for supervising either (x) such Benchmark Replacement or (y) the administrator
of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part
thereof.

 

ARTICLE IV

 

CONDITIONS

 

Section
4.1 Effectiveness. This Agreement shall become effective, and the commitments under each Existing Credit Facility shall be automatically
terminated, on the date that each of the following conditions shall have been satisfied:

 

(a)       Receipt
by the Administrative Agent of the following, each of which shall be originals or facsimiles unless otherwise specified, each properly
executed by a Responsible Officer of the applicable Borrower, each dated the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and its legal
counsel:

 

(i)       executed
counterparts of this Agreement;

 

(ii)       a
Note executed by each Borrower in favor of each Lender requesting a Note provided such request is received by the relevant Borrower not
later than five Business Days prior to the Closing Date;

 

(iii)       such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Borrower
as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized
to act as a Responsible Officer in connection with this Agreement and the other Loan Documents;

 

(iv)       such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Borrower is duly organized or formed,
and that such Borrower is validly existing, in good standing and qualified to engage in business, in its jurisdiction of organization;

 

(v)       a
favorable opinion of Eversheds Sutherland (US) LLP, counsel to TMCC, addressed to the Administrative Agent and each Lender;

 

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(vi)       a
favorable opinion of Pietrantoni Méndez & Alvarez LLP, counsel to TCPR, addressed to the Administrative Agent and each Lender;

 

(vii)       a
favorable opinion of Stikeman Elliott LLP, counsel to TCCI, addressed to the Administrative Agent and each Lender;

 

(viii)       favorable
opinions of Freshfields Bruckhaus Deringer LLP, counsel to TMFNL, TFSUK and TKG, addressed to the Administrative Agent and each Lender;

 

(ix)       a
favorable opinion of King & Wood Mallesons, counsel to TFA, addressed to the Administrative Agent and each Lender;

 

(x)       on
the Closing Date, the following statements shall be true and the Administrative Agent shall have received for the account of each Lender
a certificate of a Responsible Officer of each Borrower, stating that:

 

		(A)	the representations and warranties contained in Article V hereof are correct on and as of the
Closing Date; and

 

		(B)	no event has occurred and is continuing that constitutes
a Default; and

 

(xi)       such
other assurances, certificates, documents or consents as the Administrative Agent, the Swing Line Lenders or the applicable Required Lenders
reasonably may require.

 

(b)       Any
fees required to be paid pursuant to the Fee Letters on or before the Closing Date shall have been paid.

 

(c)       The
Borrowers shall have paid in full all indebtedness, interest, fees and other amounts outstanding under the Existing Credit Facilities
and the Existing Credit Facilities shall have been terminated. Each of the Lenders that is a party to any of the Existing Credit Facilities
hereby waives, upon execution of this Agreement, any applicable requirement of prior notice under such credit agreement relating to the
termination of commitments thereunder.

 

(d)       Each
Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver, to each Lender
that so requests, a Beneficial Ownership Certification in relation to such Borrower.

 

Without limiting the generality
of the provisions of Section 8.3, for purposes of determining compliance with the conditions specified in this Section 4.1,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

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Section 4.2 Conditions
to all Loans. The obligation of each Lender to honor any Request for Loans (other than a Committed Loan Notice requesting only a conversion
of Committed Loans or a continuation of Term Rate Loans or Tranche C Loans) made by any Borrower is subject to the following conditions
precedent:

 

(a)       The
representations and warranties of such Borrower contained in Article V (except for the representations and warranties set forth
in Section 5.4(b), 5.5(a) or 5.8(b), the accuracy of which it is expressly agreed shall not be a condition to making
Loans) shall be true and correct in all material respects on and as of the date of such Loan, except (A) to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such
earlier date, (B) for purposes of this Section 4.2, the representations and warranties contained in Section 5.4(a) shall
be deemed to refer to the most recent statements furnished from time to time pursuant to Section 6.1(a) and (C) the representations
and warranties contained in Section 5.1(c), Section 5.2(ii) and (iii) and Section 5.6 shall be true and correct in
all respects.

 

(b)       No
Default with respect to such Borrower shall exist, or would result from such proposed Loan.

 

(c)       The
Applicable Agent or appropriate Swing Line Agent, as applicable, shall have received a Request for Loans in accordance with the requirements
hereof.

 

Each Request for Loans (other
than a Committed Loan Notice requesting only a conversion of Committed Loans or a continuation of Term Rate Loans or Tranche C Loans)
submitted by any Borrower shall be deemed to be a representation and warranty by such Borrower that the conditions specified in Sections
4.2(a) and (b) have been satisfied on and as of the date of the applicable Loans.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

Each Borrower represents and
warrants to the Administrative Agent and the Lenders, as to itself only and not as to any other Borrower, that:

 

Section  5.1 Corporate
Existence and Power. Such Borrower (a) is duly organized, validly existing and in good standing under the Laws of its jurisdiction
of organization, (b) has all organizational powers to execute, deliver and perform its obligations under the Loan Documents to which it
is a party and (c) is qualified to carry on its business as now conducted under the Laws of each jurisdiction where the conduct of its
business requires such qualification; except in the case referred to in clause (c), to the extent that failure to do so would not reasonably
be expected to have a Material Adverse Effect with respect to such Borrower.

 

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Section  5.2 Corporate
and Governmental Authorization: No Contravention. The execution, delivery and performance by such Borrower of this Agreement and each
other Loan Document are within such Borrower’s organizational powers, have been duly authorized by all necessary organizational
action, require no action by or in respect of, or filing with, any Governmental Authority except such as have been obtained and do not
contravene, or constitute a default under, (i) any provision of the Organization Documents of such Borrower, (ii) any provision of applicable
Law or (iii) any provision of any agreement, judgment, injunction, order, decree or other instrument binding upon such Borrower or any
of its Subsidiaries, and in each case referred to in clauses (ii) and (iii), where such contravention or default, individually or in the
aggregate, would be reasonably likely to have a Material Adverse Effect with respect to such Borrower.

 

Section  5.3 Binding
Effect. This Agreement constitutes a valid and binding agreement of such Borrower and each other Loan Document, when executed and
delivered by such Borrower in accordance with this Agreement, will constitute a valid and binding obligation of such Borrower, in each
case enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

Section  5.4 Financial
Statements.

 

(a)       The
Audited Financial Statements applicable to such Borrower (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein and (ii) fairly present in all material respects (A) in the case of
TMCC, the consolidated financial position of TMCC and its Consolidated Subsidiaries as of such date and their consolidated results of
operations and cash flow for such fiscal year, (B) in the case of TFSUK, the consolidated financial position of TFSUK and its Consolidated
Subsidiaries as of such date and their consolidated results of operations for such fiscal year, (C) in the case of TKG, the consolidated
financial position of TKG and its Consolidated Subsidiaries as of such date and their consolidated results of operations for such fiscal
year, (D) in the case of TFA, the consolidated financial position of TFA and its Consolidated Subsidiaries as of such date and their consolidated
results of operations for such fiscal year and (E) in the case of each other Borrower, the financial position of such Borrower as of such
date and its results of operations and cash flow for such fiscal year.

 

(b)       Except
as publicly disclosed or disclosed by a Borrower to the Lenders prior to the date hereof, since the date of the Audited Financial Statements,
there has been no material adverse change in the business, financial position or results of operations of such Borrower and its Consolidated
Subsidiaries, considered as a whole.

 

Section  5.5 Litigation.
There is no action, suit or proceeding pending against, or to the knowledge of such Borrower threatened against or affecting, such Borrower
or any of its Subsidiaries before any court, arbiter, or Governmental Authority (a) in which there is a reasonable likelihood of an adverse
decision which would have a Material Adverse Effect with respect to such Borrower, or (b) which contests the validity of this Agreement
or any Loan Document.

 

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Section  5.6 Taxes.
Such Borrower has paid or caused to be paid duly and within any appropriate time limits all material taxes, except (a) any tax that is
being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance
with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

 

Section  5.7 Not
an Investment Company. Such Borrower is not an “investment company” within the meaning of the Investment Company Act of
1940, as amended.

 

Section  5.8 Disclosure.
(a) All written information heretofore furnished by such Borrower to the Administrative Agent or any Lender for purposes of or in connection
with this Agreement or any transaction contemplated hereby is, and all such written information hereafter furnished by such Borrower to
the Administrative Agent or any Lender, taken as a whole, will be true and accurate in every material respect, on the date as of which
such information is delivered or certified; provided that, with respect to projected financial information, such Borrower represents
only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time of preparation
(it being understood that projections are not to be viewed as facts and that actual results may differ significantly from such projections).

 

(b) As of the Closing Date,
the information included in any Beneficial Ownership Certification provided by such Borrower to any Lender in connection with this Agreement
is true and accurate in every material respect.

 

Section  5.9 Representations
as to Non-US Obligors. Each of TMFNL, TFSUK, TCCI, TKG and TFA (each, a “Non-US Obligor”) additionally represents
and warrants to the Administrative Agent and the Lenders that:

 

(a)       Such
Non-US Obligor is subject to Laws with respect to its obligations under this Agreement and the other Loan Documents to which it is
a party (collectively as to such Non-US Obligor, the “Applicable Non-US Obligor Documents”), and the execution, delivery
and performance by such Non-US Obligor of the Applicable Non-US Obligor Documents constitute and will constitute private and commercial
acts and not public or governmental acts. Neither such Non-US Obligor nor any of its property has any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) under the laws of the jurisdiction in which such Non-US Obligor is organized and existing in respect of its obligations
under the Applicable Non-US Obligor Documents.

 

(b)       The
Applicable Non-US Obligor Documents are in proper legal form under the Laws of the jurisdiction in which such Non-US Obligor is organized
and existing for the enforcement thereof against such Non-US Obligor under the Laws of such jurisdiction, and to ensure the legality,
validity, enforceability, priority or admissibility in evidence of the Applicable Non-US Obligor Documents. It is not necessary to ensure
the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Non-US Obligor Documents that the Applicable
Non-US

 

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Obligor Documents be filed, registered
or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which such Non-US Obligor is organized
and existing or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Non-US Obligor Documents
or any other document, except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required
to be made until the Applicable Non-US Obligor Document or any other document is sought to be enforced and (ii) any charge or tax as has
been timely paid.

 

(c)       There
are no Other Taxes imposed by any Governmental Authority in or of the jurisdiction in which such Non-US Obligor is organized and existing
on or by virtue of the execution or delivery of the Applicable Non-US Obligor Documents.

 

(d)       The
execution, delivery and performance of the Applicable Non-US Obligor Documents executed by such Non-US Obligor are, under applicable foreign
exchange control regulations of the jurisdiction in which such Non-US Obligor is organized and existing, not subject to any notification
or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or obtained until a later date (provided
that any notification or authorization described in clause (ii) shall be made or obtained as soon as is reasonably practicable).

 

Section 5.10 Representations
as to TCPR. TCPR additionally represents and warrants to the Administrative Agent and each Lender that it does not own directly or
indirectly in accordance with the attribution rules of Section 1092.01(a)(3)(B) of the Puerto Rico Code fifty percent (50%) or more of
the value of the stock of any Lender.

 

Section 5.11 Sanctions.
Such Borrower is not currently the subject of any Sanctions, nor, to the knowledge of such Borrower, is any director, officer or employee
of such Borrower currently the subject of any Sanctions applicable to such Borrower.

 

The representation and warranty
given in this Section 5.11 shall not be made by nor apply to any Borrower that qualifies as a resident party domiciled in the Federal
Republic of Germany (Inländer) within the meaning of Sect. 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz)
in so far as it would result in a violation of or conflict with Sect. 7 German Foreign Trade Regulation (Außenwirtschaftsverordnung),
any provision of Council Regulation (EC) 2271/96 or any other anti-boycott statute.

 

The representation and warranty
given in this Section 5.11 shall not be made by nor apply to TCCI only in so far as it would result in a violation of or conflict
with the Foreign Extraterritorial Measures Act (Canada) (together with all amendments, supplements and replacements thereof from time
to time is herein referred to as “FEMA”), the Foreign Extraterritorial Measures (United States) Order 1992 made under
the authority of FEMA, together with all amendments, supplements and replacements thereof from time to time, and any other orders issued
under FEMA.

 

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It is acknowledged and agreed
that the representation and warranty given in this Section 5.11 is only sought and given to the extent that to do so would be permissible
pursuant to any applicable anti-boycott statute such as (i) Regulation (EC) 2271/96 (including as it forms part of United Kingdom domestic
law by virtue of the European Union (Withdrawal) Act 2018) and/or (ii) any associated and applicable national law, instrument or regulation
in the European Union or the United Kingdom related thereto and/or (iii) any similar law, instrument or regulation.

 

Section 5.12 Compliance
Policies. Each Borrower has implemented and maintains in effect corporate policies reasonably designed to promote compliance by such
Borrower, its Subsidiaries and their respective employees with Anti-Corruption Laws applicable to such Borrower and with applicable Sanctions
applicable to such Borrower.

 

Section 5.13 Business
Locations. No Borrower nor any Subsidiary of a Borrower has a physical place of business or is organized or resident in Cuba, Iran,
North Korea, Syria or Crimea.

 

ARTICLE VI

 

COVENANTS

 

Each Borrower agrees that,
so long as any Lender has any Commitment hereunder to such Borrower or any Loan or any Obligation of such Borrower hereunder shall remain
unpaid or unsatisfied:

 

Section  6.1 Information.
Such Borrower will deliver to the Administrative Agent and each of the Lenders:

 

(a)       as
soon as available and in any event within 180 days after the end of each fiscal year of such Borrower, a consolidated balance sheet or
statement of financial position of such Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated
statements of income (or comprehensive income) and cash flows for such fiscal year (to the extent that such Borrower is required to prepare
statements of cash flows in accordance with GAAP), setting forth in each case in comparative form the figures for the previous fiscal
year, all reported on by independent public accountants of nationally recognized standing;

 

(b)       as
soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of such Borrower,
a consolidated balance sheet of such Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated
statements of income and cash flows for such quarter and for the portion of such Borrower’s fiscal year ended at the end of such
quarter setting forth in the case of such statements of income and cash flow in comparative form the figures for the corresponding quarter
and the corresponding portion of such Borrower’s fiscal year; provided, however, that no Borrower other than TMCC
and TCPR shall be required to provide financial information under this subsection (b);

 

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(c)       within
ten days after any Principal Officer of such Borrower obtains knowledge of any Default in respect of such Borrower, if such Default is
then continuing, a certificate of a Principal Officer of such Borrower setting forth the details thereof and the action which such Borrower
is taking or proposes to take with respect thereto;

 

(d)       [reserved];

 

(e)       from
time to time such additional information regarding the financial position or business of such Borrower and its Subsidiaries as the Administrative
Agent, at the request of any Lender, may reasonably request.

 

Documents required to be delivered
pursuant to Section 6.1(a) or (b) may be delivered electronically and, if delivered as described below, shall be deemed
to have been delivered on the earlier of the date (i) on which such Borrower posts such documents, or provides a link thereto on such
Borrower’s website on the Internet at the website address listed on Schedule 9.2; (ii) on which such documents are posted
on the Securities and Exchange Commission’s website (www.sec.gov) or on the website for the London Stock Exchange (www.londonstockexchange.com);
or (iii) on which such documents are posted on such Borrower’s behalf on any website to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website such as IntraLinks or DebtDomain or whether sponsored by the Administrative
Agent); provided that (x) such Borrower shall deliver electronic copies of such documents to the Administrative Agent if any Lender
requests such Borrower to deliver such copies, each time such request is made and (y) in the case of clause (i), such Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent, which shall notify the Lenders, of the posting of any such documents.
The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and
in any event shall have no responsibility to monitor compliance by any Borrower with any such request for delivery, and each Lender shall
be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

Each Borrower hereby acknowledges
that (a) the Administrative Agent, the Sub-Agents and the Arrangers will make available to the Lenders materials and/or information provided
by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to any of the Borrowers
or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ securities. The Administrative Agent, the Sub-Agents, the Arrangers and each Borrower hereby
agree that (v) no Borrower Materials shall be made available to Public Lenders unless such Borrower has clearly and conspicuously marked
such Borrower Materials “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (w) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the
Administrative Agent, the Sub-Agents, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public
information with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws

 

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(provided, however, that to the
extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.8); (x) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”;
(y) the Administrative Agent, the Sub-Agents and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Investor” and (z) no personal identifiable
information or personal data, including any Beneficial Ownership Certification, shall be made available, posted to or transmitted through
any Platform.

 

Section 6.2 [Reserved].

 

Section 6.3 Preservation
and Maintenance of Corporate Existence. Such Borrower will preserve, renew and keep in full force and effect, and will cause each
Significant Subsidiary to preserve, renew and keep in full force and effect, their respective corporate existence and their respective
rights, privileges and franchises necessary or desirable in the normal conduct of business; provided that neither such Borrower
nor any of its Significant Subsidiaries shall be required to preserve any right, privilege or franchise to the extent the non-preservation
of such right, privilege or franchise would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower
or such Significant Subsidiary; and provided further that nothing in this Section 6.3 shall prohibit (i) any merger or consolidation
involving such Borrower which is permitted by Section 6.6, (ii) the merger of a Significant Subsidiary into such Borrower or the
merger or consolidation of a Significant Subsidiary with or into another Person if the corporation surviving such consolidation or merger
is a Significant Subsidiary and if, in each case, after giving effect thereto, no Default with respect to such Borrower shall have occurred
and be continuing or (iii) the termination of the corporate existence of any Significant Subsidiary if such Borrower in good faith determines
that such termination is in the best interest of such Borrower and is not materially disadvantageous to the Lenders.

 

Section 6.4 Compliance
with Laws. Such Borrower will comply, and cause each Significant Subsidiary to comply, with all applicable Laws (including, without
limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except (i) where failure to do so would not reasonably
be expected to result in (x) a Material Adverse Effect with respect to such Borrower or Significant Subsidiary or (y) a material impairment
of the rights and remedies of the Administrative Agent or any Lender under this Agreement or (ii) where the necessity of compliance therewith
is contested in good faith by appropriate proceedings.

 

Section 6.5 Negative
Pledge. Such Borrower will not pledge or otherwise subject to any lien any property or assets of such Borrower to secure any indebtedness
for borrowed money incurred, issued, assumed or guaranteed by such Borrower unless the Loans and the Obligations of such Borrower under
this Agreement are secured by such pledge or lien equally and ratably with all other indebtedness secured thereby so long as such other
indebtedness shall be so secured; provided, however, that such covenant will not apply to liens securing indebtedness which
do not in the aggregate at any one time outstanding exceed 20% of Net Tangible Assets (as defined below) of such Borrower and its Consolidated
Subsidiaries and also will not apply to:

 

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(a)       the
pledge of any assets of such Borrower to secure any financing by such Borrower of the exporting of goods to or between, or the marketing
thereof in, jurisdictions other than the United States (as to TMCC only), Puerto Rico (as to TCPR only), Canada (as to TCCI only), the
Netherlands (as to TMFNL only), Germany (as to TKG only), Australia (as to TFA only) and the United Kingdom (as to TFSUK only) in connection
with which such Borrower reserves the right, in accordance with customary and established banking practice, to deposit, or otherwise subject
to a lien, cash, securities or receivables, for the purpose of securing banking accommodations or as the basis for the issuance of bankers’
acceptances or in aid of other similar borrowing arrangements;

 

(b)       the
pledge of receivables of such Borrower payable in currencies other than US Dollars to secure borrowings in jurisdictions other than the
United States (as to TMCC only), Puerto Rico (as to TCPR only), Canada (as to TCCI only), the Netherlands (as to TMFNL only), Germany
(as to TKG only), Australia (as to TFA only) and the United Kingdom (as to TFSUK only);

 

(c)       any
deposit of assets of such Borrower in favor of any governmental bodies to secure progress, advance or other payments under a contract
or statute;

 

(d)       any
lien or charge on any property of such Borrower, tangible or intangible, real or personal, existing at the time of acquisition or construction
of such property (including acquisition through merger or consolidation) or given to secure the payment of all or any part of the purchase
or construction price thereof or to secure any indebtedness incurred prior to, at the time of, or within one year after, the acquisition
or completion of construction thereof for the purpose of financing all or any part of the purchase or construction price thereof;

 

(e)       bankers’
liens or rights of offset (including any pledges further to general terms and conditions of a Dutch bank);

 

(f)       any
lien securing the performance of any contract or undertaking not directly or indirectly in connection with the borrowing of money, obtaining
of advances or credit or the securing of debt, if made and continuing in the ordinary course of business;

 

(g)       any
lien to secure non-recourse obligations in connection with such Borrower’s engaging in leveraged or single-investor lease transactions;

 

(h)       any
lien to secure payment obligations with respect to (x) rate swap transactions, swap options, basis swaps, forward rate transactions, commodity
swaps, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, credit protection transactions, credit swaps, credit default swaps, credit default options, total return swaps, credit
spread transactions, repurchase transactions, reverse repurchase transactions, buy/sell-back transactions, securities lending transactions,
weather index transactions, or forward purchases or sales of a security, commodity or other financial instrument or interest (including
any option

 

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with respect to any of these transactions), or
(y) transactions that are similar to those described above;

 

(i)       for
the avoidance of doubt, any lien or security interest granted or arising in connection with a bona fide securitization transaction
by which such Borrower sells vehicle loan receivables, vehicle installment contracts, vehicle leases (together with or without the underlying
vehicles), and/or other accounts receivable or assets, the records relating thereto and the proceeds, rights and benefits accruing to
it thereunder (the “Securitized Assets”) and underlying vehicles or assets if not included with the Securitized Assets
to a trust or entity established for the purpose of, among other things, purchasing, holding or owning Securitized Assets;

 

(j)       any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien, charge or pledge
referred to in the foregoing clauses (a) to (i), inclusive, of this Section 6.5; provided, however, that the amount
of any and all obligations and indebtedness secured thereby shall not exceed the amount thereof so secured immediately prior to the time
of such extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or a part of the property
which secured the charge or lien so extended, renewed or replaced (plus improvements on such property); and

 

(k)       in
the case of TFA, any security interest provided for by one of the following transactions if the transaction does not secure payment or
performance of an obligation: (a) a transfer of an account or chattel paper; (b) a commercial consignment; or (c) a PPS lease, where “account”,
“chattel paper”, “commercial consignment” and “PPS lease” have the same meanings given to them in
the Personal Property Securities Act 2009 of Australia.

 

“Net Tangible Assets”
means, with respect to any Borrower, the aggregate amount of assets (less applicable reserves and other properly deductible items) of
such Borrower and its Consolidated Subsidiaries after deducting therefrom all goodwill, trade names, trademarks, patents, unamortized
debt discount and expense and other like intangibles of such Borrower and its Consolidated Subsidiaries, all as set forth on the most
recent balance sheet or statement of financial position of such Borrower and its Consolidated Subsidiaries prepared in accordance with
GAAP.

 

Section 6.6 Consolidations.
Mergers and Sales of Assets. (a) Such Borrower shall not consolidate with or merge into any other Person or convey, transfer or
lease (whether in one transaction or in a series of transactions) all or substantially all of its properties and assets to any Person,
unless:

 

(i)       the
Person formed by such consolidation or into which such Borrower is merged or the Person which acquires by conveyance or transfer, or which
leases, all or substantially all of the properties and assets of such Borrower shall be a Person organized and existing under the Laws
of the jurisdiction of organization of such Borrower, the United States of America, any State thereof, the District of Columbia or Puerto
Rico or, in the case of TCCI, Canada or any province of Canada or, in the case of TFA, the Commonwealth of Australia or any political
sub-division thereof (the “Successor Corporation”) and shall expressly assume, by an amendment or supplement

 

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to this Agreement,
signed by such Borrower and such Successor Corporation and delivered to the Administrative Agent, such Borrower’s obligation with
respect to the due and punctual payment of the principal of and interest on all the Loans made to such Borrower and the due and punctual
payment of all other Obligations payable by such Borrower hereunder and the performance or observance of every covenant herein on the
part of such Borrower to be performed or observed;

 

(ii)       immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of such Borrower as a result of such
transaction as having been incurred by such Borrower at the time of such transaction, no Default with respect to such Borrower shall have
happened and be continuing;

 

(iii)       if,
as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of such Borrower would become
subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by Section 6.5 hereof,
such Borrower or the Successor Corporation, as the case may be, takes such steps as shall be necessary effectively to secure the Loans
and the Obligations of such Borrower under this Agreement equally and ratably with (or prior to) all indebtedness secured thereby; and

 

(iv)       such
Borrower has delivered to the Administrative Agent a certificate signed by a Responsible Officer, together with, in the case of consolidation
or merger in which such Borrower is not the surviving Person, (A) a written opinion or opinions of counsel satisfactory to the Administrative
Agent (who may be counsel to such Borrower), stating that such amendment or supplement to this Agreement complies with this Section
6.6 and that all conditions precedent herein provided for relating to such transaction have been complied with, and (B) any materials
or information reasonably requested by any Lender through the Administrative Agent to comply with “know your customer” or
similar identification procedures under applicable laws and regulations.

 

(b)       Upon
any consolidation or merger or any conveyance, transfer or lease of all or substantially all of the properties and assets of such Borrower
in accordance with Section 6.6(a), the Successor Corporation shall succeed to, and be substituted for, and may exercise every right
and power of, such Borrower under this Agreement and the Loans with the same effect as if the Successor Corporation had been named as
a Borrower therein and herein, and thereafter, such then existing Borrower, except in the case of a lease of such then existing Borrower’s
properties and assets, shall be released from its liability as obligor on any of the Loans and under this Agreement.

 

Section  6.7 Use
of Proceeds. The proceeds of the Loans made under this Agreement will be used by such Borrower for its general corporate purposes
and will not be used directly, or knowingly indirectly, (a) to support activity in or with a country or region officially and comprehensively
sanctioned by the United States, the United Nations, the United Kingdom or the European Union, (b) to fund activities or business of any
Designated Person subject to official Sanctions imposed by the United States, the United Nations, Her Majesty’s Treasury of the
United Kingdom or the European Union, except to the extent such activity or business would

 

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not be prohibited for a U.S., U.K. or European
Union Person pursuant to Sanctions or (c) for any payments to any governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, or, in any material respect, any other Person in
order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, or other applicable Anti-Corruption Law. None of such proceeds will be used, directly or indirectly for the purpose, whether
immediate, incidental or ultimate of buying or carrying any “margin stock” within the meaning of Regulation U. After application
of the proceeds of any Loan, not more than 25% of the assets of the Borrower of such Loan that are subject to a restriction on sale, pledge,
or disposal under this Agreement will be represented by “margin stock,” as that term is defined in Regulation U of the FRB.
During the Tranche A Availability Period, the Tranche B Availability Period, and the Tranche C Availability Period, as applicable, subject
to the other terms and conditions of this Agreement, such Borrower may request and use the proceeds of Loans of one Type to repay outstanding
Loans of another Type and to repay outstanding Swing Line Loans.

 

The covenant given in this
Section 6.7 shall not be made by nor apply to any Borrower that qualifies as a resident party domiciled in the Federal Republic
of Germany (Inländer) within the meaning of Sect. 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz)
in so far as it would result in a violation of or conflict with Sect. 7 German Foreign Trade Regulation (Außenwirtschaftsverordnung),
any provision of Council Regulation (EC) 2271/96 or any other anti-boycott statute.

 

The covenant given in this
Section 6.7 shall not be made by nor apply to TCCI only in so far as it would result in a violation of or conflict with FEMA, the
Foreign Extraterritorial Measures (United States) Order 1992 made under the authority of FEMA, together with all amendments, supplements
and replacements thereof from time to time, and any other orders issued under FEMA.

 

It is acknowledged and agreed
that the covenant given in this Section 6.7 is only sought and given to the extent that to do so would be permissible pursuant
to any applicable anti-boycott statute such as (i) Regulation (EC) 2271/96 and/or (ii) any associated and applicable national law, instrument
or regulation in the European Union or the United Kingdom related thereto and/or (iii) any similar law, instrument or regulation.

 

ARTICLE VII

 

DEFAULTS

 

Section  7.1 Events
of Default. If one or more of the following events (“Events of Default”) shall have occurred and be continuing
with respect to a Borrower:

 

(a)       such
Borrower shall fail to pay (i) any principal of any Loan made to it when due, (ii) any interest on any Loan of such Borrower or a facility
fee under Section 2.8(a) owed by such Borrower within five Business Days after the same becomes due, or (iii) any other fees or

 

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other amounts payable by such Borrower hereunder
for a period of 30 days after receipt of notice of such failure by such Borrower from the Administrative Agent;

 

(b)       such
Borrower shall fail to observe or perform any covenant contained in Section 6.1(c), Section 6.5, Section 6.6 or Section
6.7;

 

(c)       such
Borrower shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a)
or (b) above) for 30 days after notice thereof has been given to such Borrower by the Administrative Agent at the request of any Lender;

 

(d)       any
representation or warranty made by such Borrower in this Agreement or in any certificate or other document delivered pursuant to this
Agreement shall prove to have been incorrect in any material respect when made (or deemed made);

 

(e)       indebtedness
for borrowed money of such Borrower and any of its Subsidiaries in an aggregate outstanding amount in excess of (i) in the case of TMCC,
US$600,000,000 or its Dollar Equivalent, (ii) in the case of TFSUK, TMFNL, TCCI or TFA, US$150,000,000 or its Dollar Equivalent and (iii)
in the case of each other Borrower, US$100,000,000 or its Dollar Equivalent, shall not be paid when due or shall be accelerated prior
to its stated maturity date and, within ten days after written notice thereof is given to such Borrower(s) by the Administrative Agent,
such indebtedness shall not be discharged or such acceleration shall not be rescinded or annulled;

 

(f)       such
Borrower or any Significant Subsidiary of such Borrower shall commence or consent to the commencement of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee,
custodian, conservator, liquidator, rehabilitator (which, in the case of TFA, shall include any administrator, receiver and manager or
controller as defined in the Australian Corporations Act) or similar officer for it or for all or any material part of its property; or
any receiver, trustee, custodian, conservator, liquidator, rehabilitator (which, in the case of TFA, shall include any administrator,
receiver and manager or controller as defined in the Australian Corporations Act) or similar officer is appointed without the application
or consent of any such Borrower or such Significant Subsidiary of such Borrower and the appointment continues undischarged or unstayed
for 90 calendar days; or any proceeding under any Debtor Relief Law relating to any such Borrower or such Significant Subsidiary of such
Borrower or to all or any material part of its respective property is instituted without the consent of such Borrower or such Significant
Subsidiary of such Borrower and continues undismissed or unstayed for 90 calendar days, or an order for relief is entered in any such
proceeding; provided that, as to TKG, a mere notification of an imminent illiquidity pursuant to Section 46(b) sub-section 1, second
half sentence of the German Banking Act (Kreditwesengesetz) to BaFin shall not be an Event of Default;

 

(g)       any
member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of US$600,000,000 which it shall have
become liable to pay under Title IV of ERISA or as a result of one or more of the following: (i) termination of a Plan

 

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by any member of an ERISA Group, any plan administrator
or any combination of the foregoing; (ii) the PBGC instituting proceedings under Title IV of ERISA to terminate, or to cause a trustee
to be appointed to administer any Plan, or the PBGC being entitled to obtain a decree adjudicating that any Plan must be terminated; or
(iii) a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or
more Multiemployer Plans which would cause one or more members of the ERISA Group to incur a current payment obligation in excess of $600,000,000;
provided that no Default or Event of Default under this Section 7.1(g) shall be deemed to have occurred if any Borrower
or member of the ERISA Group shall have made arrangements satisfactory to the PBGC and the Required Lenders to discharge or otherwise
satisfy such liability (including by the posting of a bond or other security);

 

(h)       judgments
or orders for the payment of money in excess of (i) in the case of TMCC, US$600,000,000 or its Dollar Equivalent, (ii) in the case of
TFSUK, TMFNL, TCCI or TFA, US$150,000,000 or its Dollar Equivalent and (iii) in the case of each other Borrower, US$100,000,000 or its
Dollar Equivalent, in the aggregate shall be rendered against such Borrower or any Significant Subsidiary of such Borrower and such judgments
or orders shall continue unsatisfied and unstayed for a period of 60 days (for this purpose, a judgment shall effectively be stayed during
a period when it is not yet due and payable), provided, however, that any such judgment or order shall not be an Event of
Default under this Section 7.1(h) if and for so long as (i) the amount of such judgment or order is covered by a valid and binding
policy of insurance between the defendant and the insurer covering payment thereof and (ii) such insurer, which shall be rated at least
“A” by A.M. Best Company, has been notified of, and has not disputed the claim made for payment of, the amount of such judgment
or order; or

 

(i)       such
Borrower shall cease to be a TMC Consolidated Subsidiary;

 

then, and in every such event, the Administrative
Agent shall, at the request of, or may, with the consent of, the applicable Required Lenders and after notice to TMCC and the applicable
Borrower (i) terminate the commitment of each Lender to make Loans to such Borrower, and they shall thereupon terminate, and (ii) declare
the unpaid principal amount of all outstanding Loans made to such Borrower, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document by such Borrower to be immediately due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by each Borrower; provided, however, that
upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans to such Borrower shall automatically terminate, the unpaid principal amount
of all outstanding Loans made to such Borrower and all interest and other amounts as aforesaid shall automatically become due and payable.

 

Section 7.2 Application
of Funds.  After the exercise of remedies provided for in Section 7.1 (or after the Loans have automatically become immediately
due and payable), any amounts received on account of the Obligations of any Borrower shall be applied by the Administrative Agent in the
following order:

 

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first, to payment
of that portion of the Obligations of such Borrower constituting fees, indemnities, expenses and other amounts (including Attorney Costs
and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 

second, to payment
of that portion of the Obligations of such Borrower constituting fees, indemnities and other amounts (other than principal and interest)
payable to the appropriate Lenders (including Attorney Costs and amounts payable under Article III), ratably among them in proportion
to the amounts described in this clause Second payable to them;

 

third, to payment
of that portion of the Obligations of such Borrower constituting accrued and unpaid interest on the Loans, ratably among the appropriate
Lenders in proportion to the respective amounts described in this clause Third payable to them;

 

fourth, to payment
of that portion of the Obligations of such Borrower constituting unpaid principal of the Loans, ratably among the appropriate Lenders
in proportion to the respective amounts described in this clause Fourth held by them; and

 

fifth, the balance,
if any, after all of the Obligations of such Borrower have been indefeasibly paid in full, to such Borrower or as otherwise required by
Law.

 

ARTICLE VIII

 

THE ADMINISTRATIVE AGENT

 

Section 8.1 Appointment
and Authorization of Administrative Agent. Each Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent
to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and
perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers
as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document,
the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative
Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative
Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan
Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties.

 

Section 8.2 Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents,
employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining
to such duties. The Administrative Agent shall not be

 

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responsible for the negligence or misconduct of
any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct.

 

Section 8.3 Liability of
Administrative Agent. No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under
or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence
or willful misconduct in connection with its duties expressly set forth herein) or (b) be responsible in any manner to any Lender or Participant
for any recital, statement, representation or warranty made by any Borrower or any officer thereof, contained herein or in any other Loan
Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative
Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, or for any failure of any Borrower or any other party to any Loan Document
to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or Participant
to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement
or any other Loan Document, or to inspect the properties, books or records of any Borrower or any Affiliate thereof.

 

Section 8.4 Reliance by
Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, facsimile or telephone message,
electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the Borrowers), independent
accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing
to take any action under any Loan Document unless it shall first receive such advice or concurrence of the applicable Required Lenders
as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all
cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a
request or consent of the applicable Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance)
and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

Section 8.5 Notice of Default.
The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except with respect to
defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders,
unless the Administrative Agent shall have received written notice from a Lender or a Borrower referring to this Agreement, describing
such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its
receipt of any such notice. The Administrative Agent shall take such action with respect to such Default as may be directed by the applicable
Required Lenders in accordance with Article VII; provided,

 

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however, that unless and until the Administrative
Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders.

 

Section 8.6 Credit Decision;
Disclosure of Information by Administrative Agent. Each Lender acknowledges that no Agent-Related Person has made any representation
or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent to and acceptance of any assignment
or review of the affairs of any Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any
Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their
possession. Each Lender acknowledges that it has, independently and without reliance upon any Agent-Related Person and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property,
financial and other condition and creditworthiness of each Borrower, and all applicable bank or other regulatory Laws relating to the
transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to a Borrower hereunder.
Each Lender also acknowledges that it will, independently and without reliance upon any Agent-Related Person and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking
or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform
itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of each Borrower. Except
for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative
Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of any Borrower or any of its Affiliates which may come into the
possession of any Agent-Related Person.

 

Section 8.7 Indemnification
of Administrative Agent. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand
each Agent-Related Person (to the extent not reimbursed by or on behalf of the Borrowers and without limiting the obligation of the Borrowers
to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it;
provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified
Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such
Agent-Related Person’s own gross negligence or willful misconduct; provided, however, that no action taken in accordance
with the directions of the applicable Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes
of this Section 8.7; provided, further, that such Indemnified Liability was incurred by or asserted against such
Agent-Related Person acting as or for the Administrative Agent in connection with such capacity. Without limitation of the foregoing,
each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including
Attorney Costs) incurred by the

 

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Administrative Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated
by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrowers.
The undertaking in this Section 8.7 shall survive termination of the Aggregate Commitments, the payment of all other Obligations
and the resignation of the Administrative Agent.

 

Section 8.8 Administrative
Agent in its Individual Capacity. BNP Paribas and its Affiliates may make loans to, issue letters of credit for the account of, accept
deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other
business with each Borrower and its Affiliates as though BNP Paribas were not the Administrative Agent hereunder and without notice to
or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, BNP Paribas or its Affiliates may receive information
regarding a Borrower or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of a
Borrower or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to
them. With respect to its Loans, BNP Paribas shall have the same rights and powers under this Agreement as any other Lender and may exercise
such rights and powers as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” include
BNP Paribas in its individual capacity.

 

Section 8.9 Successor Administrative
Agent and Sub-Agents.

 

(a) The Administrative Agent
and each Sub-Agent may resign as Administrative Agent or Sub-Agent, as applicable, upon 30 days’ notice to the applicable Lenders.
If the Person serving as Administrative Agent or a Sub-Agent is a Defaulting Lender pursuant to clause (e) of the definition thereof,
the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrowers and such Person, remove such
Person as Administrative Agent or Sub-Agent. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”),
then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. If (i) the Administrative
Agent resigns or is removed under this Agreement, the Required Lenders shall appoint from among the Lenders a successor administrative
agent for the Lenders, (ii) the Australian Sub-Agent resigns or is removed, the Required Lenders referred to in paragraph (a) in the definition
of “Required Lenders” shall appoint from among the Tranche C Lenders a successor Australian sub-agent, and (iii) any Swing
Line Agent resigns, the Required Lenders shall appoint from among the Swing Line Lenders a successor replacement Swing Line agent, which
shall be a bank with an office in the United Kingdom, United States, Canada or Australia, as applicable, or an Affiliate of any such bank
with an office in the United Kingdom, United States, Canada or Australia, as applicable, which successor, in each case, shall consent
to such appointment and shall be consented to by the Borrowers in writing at all times other than during the existence of an Event of
Default under Section 7.1(a) or Section 7.1(f) (which consent of the Borrowers shall not be unreasonably withheld). If no
such successor is so appointed prior to the

 

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effective date of the resignation or removal of
the Administrative Agent or applicable Sub-Agent, the Administrative Agent or Sub-Agent, as applicable, may appoint, after consulting
with the Lenders and the Borrowers, a successor which meets the qualifications set forth above and consents to the appointment. Upon the
acceptance of its appointment as successor administrative agent or sub-agent hereunder, the Person acting as such successor administrative
agent or sub-agent shall succeed to all the rights, powers and duties of the retiring or removed Administrative Agent or Sub-Agent and
the term “Administrative Agent” or “Sub-Agent”, as applicable, shall mean such successor administrative agent
or sub-agent, and the retiring or removed Administrative Agent’s or Sub-Agent’s appointment, powers and duties as Administrative
Agent or Sub-Agent shall be terminated. After any retiring or removed Administrative Agent’s or Sub-Agent’s resignation or
removal hereunder as Administrative Agent or Sub-Agent, the provisions of this Article VIII and Sections 9.4 and 9.5
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or Sub-Agent under this
Agreement. If no successor administrative agent or sub-agent, as applicable, has accepted appointment as Administrative Agent or Sub-Agent
by the date which is 30 days following a retiring Administrative Agent’s or Sub-Agent’s notice of resignation, the retiring
Administrative Agent’s or Sub-Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform
all of the duties of the Administrative Agent or Sub-Agent hereunder until such time, if any, as the Required Lenders appoint a successor
agent as provided for above.

 

(b) Notwithstanding anything
to the contrary contained herein, if at any time BNP Paribas assigns all of its Commitments and Committed Loans pursuant to Section
9.7(b), BNP Paribas and its Affiliates may, upon 30 days’ notice to the Borrowers, each resign as Swing Line Agent and Swing
Line Lender. In the event of any such resignation as Swing Line Agent and Swing Line Lender, the Borrowers shall be entitled to appoint
from among the Lenders successor Swing Line Agent(s) and successor Swing Line Lender hereunder; provided, however, that
such successor Swing Line Agent(s) or successor Swing Line Lender consents to such appointment; and provided further, however,
that no failure by the Borrowers to appoint any such successor shall affect the resignation of BNP Paribas and its Affiliates as such
Swing Line Agent and Swing Line Lender. If BNP Paribas (and its Affiliates) resigns as a Swing Line Agent and Swing Line Lender, it shall
retain all the rights of such Swing Line Agent and Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it
and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans
or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.16(c). Upon the appointment of successor Swing
Line Agent(s) and Swing Line Lender, such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring Swing Line Agents and Swing Line Lender.

 

Section 8.10 Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to a Borrower, the Administrative Agent (irrespective of whether
the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent shall have made any demand on such Borrower) shall be entitled and empowered, by intervention in such proceeding
or otherwise:

 

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(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing by such Borrower and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Section 2.8 and Section 9.4) allowed in such judicial proceeding; and

 

(b)       to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 2.8 and Section
9.4. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt
on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section 8.11 Other Agents,
Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as
a “syndication agent,” “co-agent,” “book manager,” “lead manager,” “arranger,”
“lead arranger” or “co-arranger” shall have any right, power, obligation, liability, responsibility or duty under
this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none
of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender
acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into
this Agreement or in taking or not taking action hereunder.

 

Section 8.12 Erroneous Payments.

 

(a)       If
the Administrative Agent (x) notifies a Lender or any Person who has received funds on behalf of a Lender (any such Lender or other recipient
(and each of their respective successors and assigns), a “Payment Recipient”) that the Administrative Agent has determined
in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as
set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its
Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether
or not known to such Lender or other Payment Recipient on its behalf) (any

 

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such funds, whether transmitted or received as
a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous
Payment”) and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall
at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section
8.12 and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient
who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter
(or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the
amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in Same Day Funds (in the currency so received),
together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including
the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative
Agent in Same Day Funds at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under
this clause (a) shall be conclusive, absent manifest error.

 

(b)       Without
limiting immediately preceding clause (a), each Lender or any Person who has received funds on behalf of a Lender (and each of
their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment,
prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates)
(x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment
or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that
was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates),
or (z) that such Lender, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole
or in part), then in each such case:

 

		(i)	it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y),
an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or
(B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment,
prepayment or repayment; and

 

		(ii)	such Lender shall (and shall use commercially reasonable efforts to cause any other recipient that receives
funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of
the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of
its receipt of such payment, prepayment or repayment, the details thereof (in

 

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reasonable detail) and that it is so
notifying the Administrative Agent pursuant to this Section 8.12(b).

 

For the avoidance of doubt, the failure to deliver
a notice to the Administrative Agent pursuant to this Section 8.12(b) shall not have any effect on a Payment Recipient’s
obligations pursuant to Section 8.12(a) or on whether or not an Erroneous Payment has been made.

 

(c)       Each
Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under
any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender under any Loan Document with respect
to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned
under immediately preceding clause (a); provided that to the extent any amount subject to such setoff was paid by a Borrower
in satisfaction of the Obligations, such Lender agrees that the Obligations payable by such Borrower shall not be increased as a result
of such setoff.

 

(d)       (i)
In the event that (1) an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor in accordance with Section 8.12(a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or
from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount,
an “Erroneous Payment Return Deficiency”), (2) in the case of TMFNL, such Erroneous Payment Return Deficiency is not
less than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other criterion) as at any time ensures that it does
not qualify as attracting funds from the “public” under or pursuant to the Netherlands Financial Supervision Act (wet op
het financieel toezicht), and (3) in the case of a Tranche A Loan or Tranche C Loan, there will remain at least
two Tranche A Lenders and at least two Tranche C Lenders, upon the Administrative Agent’s notice to such Lender at any time,
then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed
to have assigned its Loans (but not its Commitments) of the relevant Tranche with respect to which such Erroneous Payment was made (the
“Erroneous Payment Impacted Tranche”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser
amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted
Tranche, the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus
any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together
with the Borrowers) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating
an Assignment and Assumption by reference pursuant to an approved electronic platform as to which the Administrative Agent and such parties
are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such
Loans to the applicable Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect
the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the
Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become
a Lender, as applicable, hereunder with respect to such

 

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Erroneous Payment Deficiency Assignment and the
assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding,
for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which
shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrowers shall each be deemed to have waived any consents
required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the
Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous
Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with
the terms of this Agreement.

 

(ii) Subject to
Section 9.7 (but excluding, in all events, any assignment consent or approval requirements other than from any Borrower), the Administrative
Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds
of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale
of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender
(and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing
by the applicable Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution
in respect of principal and interest, received by the Administrative Agent on or with respect to any such Loans acquired from such Lender
pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Loans are then owned by the Administrative Agent)
and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing
to the applicable Lender from time to time.

 

(e)       The
parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous
Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof)
for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case
of any Payment Recipient who has received funds on behalf of a Lender, to the rights and interests of such Lender) under the Loan Documents
with respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the Borrowers’
Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations
in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous
Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by any Borrower; provided that this Section
8.12 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the
due date for), the Obligations of any Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been
payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance
of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such

 

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Erroneous Payment is, and solely with respect
to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the applicable Borrower
for the purpose of making a payment on the Obligations. Notwithstanding anything to the contrary herein or in any other Loan Document,
the provisions of this Section 8.12 relating to Erroneous Payments will not constitute, create or otherwise alter any Obligations
on the part of any of the Borrowers under the Loan Documents or otherwise.

 

(f)       To
the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on “discharge
for value” or any similar doctrine.

 

(g)       Each
party’s obligations, agreements and waivers under this Section 8.12 shall survive the resignation or replacement of the Administrative
Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1 Amendments,
Etc. Except as otherwise set forth in the last sentence of this Section 9.1, no amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by any Borrower therefrom, shall be effective unless in writing
signed by the applicable Required Lenders and the applicable Borrower, and acknowledged by the Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such amendment, waiver or consent shall:

 

(a)       waive
any condition set forth in Section 4.1(a) without the written consent of each Lender;

 

(b)       extend
or increase the Commitment or Commitment Cap of any Lender (or reinstate any Commitment terminated pursuant to Section 7.1) without
the written consent of such Lender;

 

(c)       postpone
any date fixed by this Agreement or any other Loan Document for any scheduled payment of principal, interest, fees or other amounts due
to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly and adversely
affected thereby;

 

(d)       reduce
the principal of, or the rate of interest specified herein on, any Loan, or any fees or other amounts payable hereunder or under any other
Loan Document without the written consent of each Lender directly and adversely affected thereby; provided, however, that
only the

 

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consent of the applicable Required Lenders shall
be necessary to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay interest at the Default
Rate;

 

(e)       change
Section 2.12 or Section 7.2 in a manner that would alter the pro rata sharing of payments required thereby without the written
consent of each directly and adversely affected Lender;

 

(f)       amend
the definition of “Alternative Currency” without the written consent of each directly and adversely affected Lender; or

 

(g)       change
any provision of this Section 9.1 or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each directly and adversely affected Lender;

 

provided further, that (i) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, directly
and adversely affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (ii) no amendment,
waiver or consent shall, unless in writing and signed by a Swing Line Lender in addition to the Lenders required above, directly and adversely
affect the rights or duties of such Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing
and signed by the applicable Swing Line Agent in addition to the Lenders required above, directly and adversely affect the rights or duties
of such Swing Line Agent under this Agreement; and (iv) each Fee Letter may be amended, or rights or privileges thereunder waived, in
a writing executed only by the parties thereto.

 

In addition, notwithstanding
anything in this Section 9.1 to the contrary, if the Administrative Agent and the Borrowers shall have jointly identified a manifest
error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent
and the Borrowers shall be permitted to amend such provision and, in each case, the Administrative Agent shall promptly notify the Lenders
of such amendment and such amendment shall become effective without any further action or consent of any other party to any Loan Document
if the same is not objected to in writing by the Required Lenders to the Administrative Agent within ten Business Days following receipt
of notice thereof.

 

Section 9.2 Notices and
Other Communications; Facsimile Copies.

 

(a)       General.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile transmission and electronic mail), all such written notices shall be mailed, faxed or delivered to the applicable address,
facsimile number or (subject to subsection (c) below) electronic mail address, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

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(i)       if
to a Borrower, the Administrative Agent or any Swing Line Agent, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule 9.2 or to such other address, facsimile number, electronic mail address or telephone
number as shall be designated by such party in a notice to the other parties; provided that, certain of the Borrowers cannot receive
and, therefore, none of the Borrowers approve delivery of electronic communications with attachments that have been compressed (including,
without limitation, “zipped files”); and

 

(ii)       if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire
or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice
to the Borrowers and the Administrative Agent.

 

Except as otherwise set forth herein, all such
notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party
hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered
by mail, four Business Days after deposit in the mail, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been
confirmed by telephone; and (D) if delivered by electronic mail (subject to the provisions of subsection (c) below), when delivered; provided,
however, that notices and other communications to the Administrative Agent pursuant to Article II shall not be effective
until actually received by such Person. In no event shall a voicemail message be effective as a notice, communication or confirmation
hereunder.

 

(b)       Effectiveness
of Facsimile Documents and Signatures. Loan Documents may be transmitted by facsimile and electronic mail (subject to the provisions
of Section 9.2(c)). The Borrowers may require that any such documents and signatures be confirmed by a manually-signed original
thereof; provided, however, that the failure to request or deliver the same shall not limit the effectiveness of any facsimile
or electronic mail document or signature.

 

(c)       Use
of Electronic Mail. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, any Swing Line Agent or
any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
For the avoidance of doubt, certain of the Borrowers cannot receive and, therefore, none of the Borrowers approve or have approved delivery
of electronic communications with attachments that have been compressed (including, without limitation, “zipped files”).

 

(d)       Reliance
by Administrative Agent, the Swing Line Agents and Lenders. The Administrative Agent, the Swing Line Agents and the Lenders shall
be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices)

 

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purportedly given by or on behalf of a Responsible
Officer of a Borrower or any other Person designated in writing by a Responsible Officer of a Borrower to the Administrative Agent and
the applicable Swing Line Agent even if (i) such notices were not otherwise made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied
from any confirmation thereof. The Borrowers shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses
and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Responsible Officer of
a Borrower or any other Person designated in writing by a Responsible Officer of a Borrower to the Administrative Agent. All telephonic
notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording; provided that all such recorded telephonic notices to and other communications with the Administrative
Agent are subject to the Administrative Agent’s confidentiality obligations pursuant to Section 9.8.

 

(e)       Designation
of Representative for Borrowers. Each of TMCC, TCPR, TCCI and TFA (each, an “Other Borrower”), by its execution
of this Agreement, hereby irrevocably appoints each of TMCC and TMFNL, acting alone, and with full power of substitution, as its agent
and representative hereunder (in such capacity, each a “Borrowers’ Representative”), and hereby authorizes, directs
and empowers each of TMCC and TMFNL, acting alone, and with full power of substitution, to act for and in the name of such Other Borrower
and as its agent and representative hereunder and under the other instruments and agreements referred to herein. TMCC and TMFNL hereby
accept each such appointment. Each Other Borrower hereby irrevocably authorizes each of TMCC and TMFNL, acting alone and with full power
of substitution, to take such action on such Other Borrower’s behalf and to exercise such powers hereunder, under the other Loan
Documents, and under the other agreements and instruments referred to herein or therein as may be contemplated being taken or exercised
by such Other Borrower by the terms hereof and thereof, together with such powers as may be incidental thereto, including, without limitation,
to borrow hereunder and deliver Requests for Loans hereunder, to convert, continue, repay or prepay Loans made hereunder, to increase,
reduce or terminate the Commitments, to pay interest, fees, costs and expenses incurred in connection with the Loans, this Agreement,
the other Loan Documents, and the other agreements and instruments referred to herein or therein, to receive from or deliver to the Administrative
Agent or any Sub-Agent any notices, statements, reports, certificates or other documents or instruments contemplated herein, in the other
Loan Documents or in any other agreement or instrument referred to herein, to receive from or transmit to the Administrative Agent or
any Sub-Agent any Loan proceeds or payments, and to execute any agreements, amendments, modifications, supplements or other documents
or instruments in connection with this Agreement or the other Loan Documents on its behalf, and in each case such Other Borrower shall
be bound as though the Other Borrower itself had duly taken such action. The Administrative Agent, each Sub-Agent and each Lender shall
be entitled to rely on the appointment and authorization of each Borrowers’ Representative with respect to all matters related to
this Agreement, the other Loan Documents and any other agreements or instruments referred to herein or therein whether or not any particular
provision hereof or thereof specifies that such matters may or shall be undertaken by Borrowers’ Representative. In reliance hereon,
the Administrative Agent, each Sub-Agent

 

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and each Lender may deal with either of the Borrowers’
Representatives alone with the same effect as if the Administrative Agent, such Sub-Agent or such Lender had dealt with each Other Borrower
separately and individually. In the event of any conflict between any notices, communications or other acts of the Borrowers’ Representative
and those of any Other Borrower, the notices, communications and acts of the Borrowers’ Representative shall prevail.

 

Section 9.3 No Waiver;
Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising,
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 exclusive of any rights, remedies, powers
and privileges provided by Law.

 

Section 9.4 Attorney Costs
and Expenses. The Borrowers agree (a) to pay or reimburse the Administrative Agent for all reasonable and demonstrable costs and expenses
incurred in connection with the development, preparation, negotiation and execution of this Agreement and the other Loan Documents and
any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated
hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including
all Attorney Costs of a single counsel (and one local counsel in each jurisdiction where required or other additional counsel to the extent
required due to a conflict of interest), and (b) to pay or reimburse the Administrative Agent and each Lender for all costs and expenses
incurred in connection with the enforcement, attempted enforcement, or preservation of any rights or remedies under this Agreement or
the other Loan Documents (including all such costs and expenses incurred during any “workout” or restructuring in respect
of the Obligations and during any legal proceeding, including any proceeding under any Debtor Relief Law), including all Attorney Costs.
The foregoing costs and expenses shall include all reasonable search and filing charges and fees and taxes related thereto, and other
reasonable out-of-pocket expenses incurred by the Administrative Agent and the reasonable cost of independent public accountants and other
outside experts retained by the Administrative Agent or any Lender. All amounts due under this Section 9.4 shall be payable within
15 Business Days after delivery to the Borrowers of a certificate setting forth in reasonable detail the basis for the amounts demanded.
The agreements in this Section 9.4 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.
Notwithstanding anything to the contrary contained in this Agreement, (i) this Section 9.4 shall not govern any indemnification
or other amounts relating to or attributable to taxes, and (ii) all indemnification and other amounts relating or attributable to taxes
shall be governed solely and exclusively by Section 3.1.

 

Section 9.5 Indemnification
by the Borrowers. (a) Whether or not the transactions contemplated hereby are consummated, the Borrowers shall indemnify and
hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents
and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind
or nature whatsoever

 

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(collectively “Losses”) which
may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection
with (i) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument
delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii)
any Commitment, Loan or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation
for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee
is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements are (x) determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim
brought by any Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other
Loan Document if any Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction or (z) result from a claim not involving an act or omission of any Borrower and that is brought by an Indemnitee against
another Indemnitee (other than against any Arranger or the Administrative Agent in their capacities as such); provided further,
that the obligations of any Borrower under this Section 9.5 to indemnify any Indemnitee for any Loss with respect solely to such
portion of any Loss relating to or calculated based on the loss of principal, interest or fees shall be limited solely to the amount of
principal, interest or fees owed by such Borrower as otherwise provided in this Agreement, and such indemnity obligations as to such amounts
shall not be joint and several to all Borrowers. No Indemnitee shall be liable for any damages arising from the use by others of any information
or other materials obtained through a Platform in connection with this Agreement, except to the extent such damages resulted from the
gross negligence or willful misconduct of such Indemnitee or in violation of clause (z) of the final paragraph of Section 6.1 (in
each case, as determined by a court of competent jurisdiction in a final and nonappealable judgment), nor shall any Indemnitee have any
liability for any indirect or consequential damages relating to this Agreement or any other Loan Document or arising out of its activities
in connection herewith or therewith (whether before or after the Closing Date).

 

(b)       An
Indemnitee shall give prompt notice to the Borrowers of any claim asserted in writing, or the commencement of any action or proceeding,
in respect of which indemnity may be sought hereunder. All amounts due under this Section 9.5 shall be payable within 15 Business
Days after the Borrowers receive demand therefor setting forth in reasonable detail the basis for such demand.

 

(c)       In
the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by any Borrower, any Borrower’s equityholders or creditors
or an Indemnitee or any other person or entity, whether or not an Indemnitee is otherwise a party thereto.

 

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(d)       The
agreements in this Section 9.5 shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

(e)       Notwithstanding
the foregoing, the Borrowers shall not, in connection with any single proceeding or series of related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm or internal legal department (in addition to any local counsel) for
all Indemnitees, such firm or internal legal department to be selected by the Administrative Agent; provided that if an Indemnitee
shall have reasonably concluded that (i) there may be legal defenses available to it which are different from or additional to those available
to other Indemnitees and may conflict therewith or (ii) the representation of such Indemnitee and the other Indemnitees by the same counsel
would otherwise be inappropriate under applicable principles of professional responsibility, such Indemnitee shall have the right to select
and retain separate counsel to represent such Indemnitee in connection with such proceeding(s) at the expense of the Borrowers. Notwithstanding
anything to the contrary contained in this Agreement, (i) this Section 9.5 shall not govern Losses or other amounts relating to
or attributable to taxes, and (ii) all Losses and other amounts relating or attributable to taxes shall be governed solely and exclusively
by Section 3.1.

 

Section 9.6 Payments Set
Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent or any Lender, or the Administrative
Agent or any Lender exercises any right of set-off, and such payment or the proceeds of such set-off or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the
Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off
had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount
so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment
is made at a rate per annum equal to the Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment.

 

Section 9.7 Successors
and Assigns.

 

(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender (other than as permitted by Section 6.6) and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this
Section 9.7, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section 9.7, or (iii)
by way of pledge or assignment of a security interest subject to the restrictions of subsection (g) of this Section 9.7 (and any
other attempted assignment, transfer or participation by any party

 

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hereto or any Participant or prospective Participant
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this
Section 9.7 and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

(b)       Any
Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Committed Loans (including for purposes of this subsection (b), participations in Swing Line
Loans) at the time owing to it); provided that any assignment shall be subject to the following additional conditions: (i) so long
as no Event of Default under Section 7.1(a) or Section 7.1(f) has occurred and is continuing in respect of a Borrower, such
Borrower consents to the assignment (such consent not to be unreasonably withheld or delayed, reasonable considerations to include the
credit rating/quality of such Person, whether such Person is, or is affiliated with, a vehicle finance company affiliate of a vehicle
manufacturer, or such Person would reasonably be expected to increase such Borrower’s payments under or resulting from Article
III); (ii) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Committed
Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined
in Section 9.7(i)) with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Committed
Loans outstanding thereunder) subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than US$10,000,000 (provided that, in the case of TMFNL, such amount shall not be less
than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other criterion) as at any time ensures that it does not
qualify as attracting funds from the “public” under or pursuant to the Netherlands Financial Supervision Act (wet op het
financieel toezicht)) unless the Administrative Agent otherwise consents (such consent not to be unreasonably withheld or delayed);
(iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Committed Loans or the Commitment assigned; (iv) any assignment of a Commitment must be approved
by the Administrative Agent (which approval shall not be unreasonably withheld or delayed) unless the Person that is the proposed assignee
is itself a Lender or an Affiliate of a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee);
(v) if the assigning Lender has a Commitment in more than one Tranche, such Lender shall make a pro rata assignment to its assignee of
its Commitments under each such Tranche; (vi) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of US$3,500, which fee may be waived by the Administrative Agent
in its sole discretion; and (vii) in respect of a Tranche A Loan or a Tranche C Loan, there will remain at least two Tranche A Lenders
and at least two Tranche C Lenders after the assignment. Subject to acceptance and recording thereof by the Administrative Agent pursuant
to Section 9.7(c), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder
shall be a party to this

 

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Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.1 (with respect to
periods it was a Lender), 3.4, 3.5, 9.4 and 9.5 with respect to facts and circumstances occurring prior to
the effective date of such assignment). Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with Section 9.7(d). If the Eligible Assignee is required to deliver documents pursuant to Section 9.15, it shall deliver
those documents to the applicable Borrower and the Administrative Agent in accordance with Section 9.15.

 

(c)       The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at the Administrative Agent’s
Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts of (and stated interest on) the Loans owing to each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)       Any
Lender may at any time, without the consent of, or notice to, any Borrower, the Administrative Agent or any Swing Line Lender, sell participations
to any Person (other than a natural person, a Borrower or any of the Borrowers’ Affiliates or any Person that is, or is affiliated
with, a vehicle finance company affiliate of a vehicle manufacturer) (each, a “Participant”) in all or a portion of
such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including
such Lender’s participations in Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations, (iii) in the case of TMFNL, the amount of such participations sold shall not be less than the Dollar Equivalent of
EUR 100,000 or any other amount (or meeting any other criterion) as at any time ensures that it does not qualify as attracting funds from
the “public” under or pursuant to the Netherlands Financial Supervision Act (wet op het financieel toezicht) and (iv) the
Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification

 

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or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, waiver or other modification described in the first proviso to Section 9.1 that directly affects such Participant.
Subject to subsection (e) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections
3.1, 3.4 and 3.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.9 as
though it were a Lender, provided such Participant agrees to be subject to Section 2.12 as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

(e)       A
Participant shall not be entitled to receive any greater payment under Sections 3.1, 3.4 or 3.5 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant unless the sale of the participation
to such Participant is made with the Borrowers’ prior written consent. A Participant shall not be entitled to the benefits of Section
3.1 unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of
each Borrower, to comply with Section 9.15 as though it were a Lender.

 

(f)       Each
Lender that sells a participation interest in all or a portion of such Lender’s rights and obligations under this Agreement shall
record, acting solely for this purpose as non-fiduciary agent of the Borrowers, in book entries (as defined in Temporary Treasury Regulation
§5f.103-1) maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive
payments in respect of such participating interest.

 

(g)       Any
Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over such Lender; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto.

 

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(h)       Where
a Lender (the “Designating Lender”) has designated in its Administrative Questionnaire an Affiliate of the Designating
Lender as the entity which shall participate in or make Loans to a particular Borrower (i) the Commitment shall be held by the Designating
Lender, (ii) such Affiliate shall be entitled to all rights and benefits (other than voting rights, which remain with the Designating
Lender) under this Agreement relating to its participation in any Loan and (iii) the Designating Lender shall procure that such Affiliate
complies with the corresponding duties in relation to such Loan.

 

(i)       As
used herein, the following terms have the following meanings:

 

“Eligible Assignee”
means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved
by (i) the Administrative Agent and (ii) unless an Event of Default under Section 7.1(a) or Section 7.1(f) has occurred
and is continuing with respect to such Borrower, the applicable Borrower (each such approval not to be unreasonably withheld or delayed,
reasonable considerations to include the credit rating/quality of such Person, whether such Person is, or is affiliated with, a vehicle
finance company affiliate of a vehicle manufacturer, or such Person would reasonably be expected to increase such Borrower’s payments
under or resulting from Article III); provided that, notwithstanding the foregoing (x) no Person shall qualify as an Eligible
Assignee without the approval of each Swing Line Lender (such approval not to be unreasonably withheld or delayed), (y) “Eligible
Assignee” shall not include a Borrower or any of the Borrowers’ Affiliates and (z) “Eligible Assignee” shall not
include any Person that is not a regulated lending institution in the United States, Canada, Japan, Australia, the United Kingdom or the
European Union.

 

“Fund” means any
Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“Approved Fund” means
any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender.

 

Section 9.8 Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made have been informed of the confidential
nature of such Information and have agreed to keep such Information confidential); (b) to the extent requested by any regulatory
authority or self-regulatory body, including in connection with a pledge or assignment in accordance with Section 9.7(g); (c) to
the extent required by applicable Laws or by any subpoena or similar legal process provided that the Borrowers are given prompt
notice of such subpoena or other process (unless the Administrative Agent or Lender is legally prohibited from giving such notice); provided
that such Person shall not be held liable for the failure to provide such notice;

 

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(d) to any other party to this Agreement; (e)
in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder; (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any Eligible
Assignee of or Participant in, or any prospective Eligible Assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s
or prospective counterparty’s professional advisor) to any credit derivative or credit insurance transaction relating to obligations
of a Borrower; (g) with the consent of the applicable Borrower; (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than a Borrower, who did not acquire such information as a result of a breach of this Section; or (i) to
the National Association of Insurance Commissioners or any other similar organization. In addition, the Administrative Agent and the Lenders
may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers
to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration and management
of this Agreement, the other Loan Documents, the Commitments, and the Loans. For the purposes of this Section, “Information”
means all information received from a Borrower relating to such Borrower or its business, other than any such information that is available
to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by such Borrower; provided that, in the
case of information received from a Borrower after the date hereof, such information is clearly identified in writing at the time of delivery
as confidential. Other than with respect to the information referenced in clause (z) of the final paragraph of Section 6.1, any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information.

 

Section 9.9 Set-off.
Upon the occurrence and during the continuance of any Event of Default with respect to a Borrower, nothing in this Agreement shall preclude
any Lender, at any time and from time to time, from exercising any right of set-off, counterclaim, or other rights it may have independent
of and otherwise than under this Agreement or from applying amounts realized against any and all Obligations owing by such Borrower to
such Lender hereunder or under any other Loan Document, now or hereafter existing; provided that in the event that any Defaulting
Lender shall exercise any such right of set-off, (x) all amounts so set-off shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing
to such Defaulting Lender as to which it exercised the right of set-off. Each Lender agrees promptly to notify the applicable Borrower
and the Administrative Agent after any such set-off and application made by such Lender; provided, however, that the failure
to give such notice shall not affect the validity of such set-off and application.

 

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Section 9.10 Interest Rate
Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid
under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the applicable Borrower.

 

Section 9.11 Counterparts;
Electronic Execution.

 

(a)       This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page of any Loan Document, Committed Loan Notice, Swing
Line Loan Notice or Assignment and Assumption by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as of delivery of a manually executed counterpart thereof.

 

(b)       The
words “execution,” “signed,” “signature” and words of like import in any Loan Document, Committed
Loan Notice, Swing Line Loan Notice and Assignment and Assumption shall be deemed to include electronic signatures or electronic records,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

 

Section 9.12 Integration.
This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject
matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between
the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided
that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document shall
not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto
and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

 

Section 9.13 Survival of
Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation
made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may
have had notice or knowledge of any Default at the time of any Borrowing and shall continue in full force and effect as long as any Loan
or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

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Section 9.14 Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity
and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of
a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 9.15 Tax Forms.

 

(a)       (i)
Each Tranche A Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code (a “Foreign
Lender”) shall deliver to TMCC (with a copy to the Administrative Agent), prior to becoming a party to this Agreement (or upon
accepting an assignment of an interest herein) two duly signed completed copies of (x) IRS Form W-8BEN, W-8BEN-E or any successor thereto
(relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on payments to be made to such
Foreign Lender pursuant to this Agreement), (y) IRS Form W-8ECI or any successor thereto (relating to payments to be made to such Foreign
Lender pursuant to this Agreement) or (z) such other evidence satisfactory to TMCC and the Administrative Agent that such Foreign Lender
is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption pursuant to Section 881(c) or 871(h)
of the Code. Thereafter and from time to time, and as reasonably requested by TMCC in writing, each such Foreign Lender shall, to the
extent it may lawfully do so, (A) promptly submit to TMCC (with a copy to the Administrative Agent) such additional duly completed and
signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing
authorities) as may then be available under then current United States Laws and regulations to avoid, or such evidence as is satisfactory
to TMCC of any available exemption from or reduction of, United States withholding taxes in respect of all payments to be made to such
Foreign Lender by TMCC pursuant to this Agreement, (B) promptly notify the Administrative Agent of any change in circumstances which would
modify or render invalid any claimed exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it,
in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to
avoid any requirement of applicable Laws that TMCC make any deduction or withholding for or on account of United States taxes from amounts
payable to such Foreign Lender. In addition, in relation to all payments to be made to a Tranche A Lender by TFSUK, such Lender shall
cooperate, to the extent it is able to do so, with TFSUK in completing any procedural formalities necessary for TFSUK to obtain authorization
to make such a payment without a deduction or withholding for or on account of UK Taxes including, to the extent reasonably practicable,
making and filing an appropriate application for relief under a double taxation agreement; provided that, nothing in this Agreement
shall require a UK Treaty Lender to register under the HMRC DT Treaty Passport scheme or apply the HMRC DT Treaty Passport scheme to any
loan if it has so registered and if a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance
with Section 9.15(a)(ix) below, no Borrower shall make a DTTP Filing or file any other form relating to the HMRC DT Treaty

 

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Passport scheme in respect of that Lender’s
Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.

 

(ii)        [Reserved].

 

(iii)       With
respect to each Tranche A Lender, to the extent under applicable Law such Lender can provide TKG with a certificate, statement or form
required by the German taxing authorities in order to be eligible for exemption from, or reduction of, withholding taxes under German
tax law, such Lender shall execute and deliver such certificate, statement or form at the time it becomes a party to this Agreement and
from time to time as reasonably requested by TKG.

 

(iv)       As
of the date that each Lender becomes a Tranche A Lender under this Agreement, each such Lender represents and warrants to the Administrative
Agent and TCPR that it is an Exempt Lender and agrees that, if Puerto Rico or United States taxing authorities at any time after the date
of this Agreement require that such Lender deliver any certificate, statement or form as a condition to exemption from, or reduction of,
withholding taxes under the Puerto Rico Code or the Code on any payments by TCPR to such Lender under this Agreement, such Lender shall
deliver such certificate, statement or form to the Administrative Agent prior to becoming a party to this Agreement (or upon accepting
an assignment of an interest herein). Thereafter and from time to time or as reasonably requested by TCPR in writing, each such Lender,
to the extent it may lawfully do so, shall (A) promptly submit to TCPR (with a copy to the Administrative Agent) such duly completed and
signed certificates, statements or forms as shall be adopted from time to time by the relevant Puerto Rico or United States taxing authorities
and such other evidence as is satisfactory to TCPR of any available exemption from, or reduction of, Puerto Rico and United States withholding
taxes in respect of all payments to be made to such Lender by TCPR pursuant to this Agreement, (B) promptly notify the Administrative
Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (C) take such steps
as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including
the re-designation of its Lending Office) to avoid any requirement of applicable Laws that TCPR make any deduction or withholding on or
account of Puerto Rico taxes from amounts payable to such Lender.

 

(v)       If
a payment made to the Administrative Agent or a Tranche A Lender hereunder would be subject to U.S. federal withholding tax imposed by
FATCA if the Administrative Agent or such Tranche A Lender were to fail to comply with the applicable requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Administrative Agent or such Tranche A Lender shall deliver
to TMCC and the Administrative Agent, as applicable, at the time or times prescribed by law and at such time or times reasonably requested
by TMCC or the Administrative Agent, such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by TMCC or the Administrative Agent as may be necessary for TMCC or
the Administrative Agent to comply with its obligations under FATCA, to determine that the Administrative Agent or such Tranche A Lender
has complied with its obligations under FATCA or to determine the amount, if any, to deduct and withhold from such

 

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payment. Solely for purposes of this clause (v),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(vi)       Each
Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid or payable to
such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to TMCC
(with a copy to the Administrative Agent) on the date when such Lender ceases to act for its own account with respect to any portion of
any such sums paid or payable, and at such other times as may be necessary in the determination of TMCC or the Administrative Agent (in
the reasonable exercise of its discretion), (A) two duly signed completed copies of the certificates, statements or forms required to
be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which such Lender
acts for its own account that is not, in the case of a Tranche A Lender, subject to Puerto Rico or United States withholding tax; and
(B) any information such Lender chooses to transmit with such certificates, statements or forms, and any other certificate or statement
of exemption required under the Code.

 

(vii)       No
Borrower (other than TFSUK) shall be required to pay any additional amount to any Lender under Section 3.1 (A) with respect to
any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits
pursuant to this Section 9.15(a) or (B) if such Lender shall have failed to satisfy its obligations under this Section 9.15(a);
provided that if such Lender shall have satisfied the requirement of this Section 9.15(a) on the date such Lender became
a Lender or ceased to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Section
9.15(a) shall relieve such Borrower of its obligation to pay any amounts pursuant to Section 3.1 in the event that, as a result
of any change in any applicable Law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration
or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date
establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the
Loan Documents is not subject to withholding or is subject to withholding at a reduced rate.

 

(viii)       The
Administrative Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the
Loan Documents with respect to which a Borrower is not required to pay additional amounts under this Section 9.15(a).

 

(ix)       (A)
A UK Treaty Lender or a US LLC Lender, which becomes party hereto on the date hereof that holds a passport under the HMRC DT Treaty Passport
scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax
residence opposite its name in Schedule 2.1; and (B) a UK Treaty Lender or a US LLC Lender, which becomes a party hereto after
the date hereof that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement,
shall confirm its scheme reference number and its jurisdiction of tax residence in the Assignment and Assumption which it executes, and,
in each case, having done so, that Lender shall be under no obligation pursuant to Section 9.15(a)(i) above in relation to all
payments to be made by TFSUK to such Lender.

 

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(x)       If
a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 9.15(ix) above
and (A) TFSUK has not made a DTTP Filing in respect of that Lender; or (B) TFSUK has made a DTTP Filing in respect of that Lender but
(1) that DTTP Filing has been rejected by HM Revenue & Customs; or (2) HM Revenue & Customs has not given TFSUK authority to make
payments to that Lender without a deduction or withholding for or on account of UK Taxes within 60 days of the date of the DTTP Filing,
and in each case, TFSUK has notified that Lender in writing, that Lender and TFSUK shall co-operate in completing any additional procedural
formalities necessary for TFSUK to obtain authorization to make that payment without a deduction or withholding for or on account of UK
Taxes.

 

(xi)       TFSUK
shall, promptly on making a DTTP Filing, deliver a copy of that DTTP Filing to the Administrative Agent for delivery to the relevant Lender.

 

(b)       Upon
the request of TMCC or the Administrative Agent in writing, each Lender that is a “United States person” within the meaning
of Section 7701(a)(30) of the Code shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If such
Lender fails to deliver such forms, then TMCC or the Administrative Agent may withhold from any interest payment to such Lender an amount
equivalent to the applicable back-up withholding tax imposed by the Code and no party hereto shall have any obligation to pay any additional
amount to any Lender under Section 3.1 in respect of such withholding.

 

(c)       If
any Governmental Authority asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any
tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor,
including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this
Section, and costs and expenses (including Attorney Costs) of the Administrative Agent. The obligation of the Lenders under this Section
shall survive the termination of the Aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative
Agent.

 

Section 9.16 Australian GST.

 

(a)       All
consideration, relating to TFA’s participation hereunder, to be paid or provided under or in connection with this Agreement has
been calculated without regard to GST. If all or part of any such consideration is the consideration for a taxable supply or chargeable
with GST then, when the recipient of the taxable supply provides the consideration (or first part of it):

 

		(i)	it must pay to the supplier an additional amount equal to that consideration (or part) multiplied by the
appropriate rate of GST as provided for under the relevant GST Law; and

 

		(ii)	the supplier will promptly provide to the recipient a tax invoice complying with the relevant law relating
to GST.

 

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(b)       However,
if an adjustment event (for the purposes of the relevant GST Law) arises in respect of any consideration provided by a recipient for a
taxable supply which is chargeable with GST then the additional amount paid pursuant to Section 9.16(a) must be adjusted to reflect
the adjustment event and the recipient or the supplier (as the case may be) must make any payments necessary to reflect the adjustment.

 

(c)       This
Section 9.16 does not apply to the extent that the GST on the supply is payable by the recipient under Division 84 of the GST Act.

 

(d)       A
term which has a defined meaning in the GST Law has the same meaning when used in this Section 9.16. For the purposes of this Section
9.16: (i) “GST” has the same meaning as given to the term “GST” under the GST Act; (ii) “GST
Act” means the Australian A New Tax System (Goods and Services Tax) Act 1999 of Australia; and “GST Law”
has the same meaning as given to the term “GST law” under the GST Act.

 

Section 9.17 Replacement
of Lenders. Under any circumstances set forth herein providing that a Borrower shall have the right to replace a Lender as a party
to this Agreement and (i) if any Lender is a Defaulting Lender or (ii) any Lender fails to consent to an amendment, modification or waiver
of this Agreement that pursuant to the terms hereof requires consent of all of the Lenders or all of the Lenders affected thereby (provided
that, (x) such amendment, modification, waiver or currency request has been consented to by the Required Lenders and (y) all such non-consenting
Lenders are replaced on the same terms) or (iii) any Lender provides written notice under Section 3.8(a) of its objection to any
amendment providing a Benchmark Replacement, TMCC may, upon notice to such Lender and the Administrative Agent, replace such Lender by
causing such Lender to assign its Commitment (with the assignment fee to be paid by TMCC in such instance) pursuant to Section 9.7(b)
to one or more other Lenders or Eligible Assignees procured by TMCC; provided, however, that if TMCC elects to exercise such rights
with respect to any Lender pursuant to Section 3.6(c), it shall be obligated to replace all Lenders that have made similar requests
for compensation pursuant to Section 3.1 or 3.4. The applicable Borrower shall (y) pay in full all principal, accrued interest,
accrued fees and other amounts owing to such Lender through the date of replacement (including any amounts payable pursuant to Section
3.5) and (z) release such Lender from its obligations under the Loan Documents. Any Lender being replaced shall execute and deliver
an Assignment and Assumption with respect to such Lender’s Commitment and outstanding Loans.

 

Section 9.18 Governing
Law.

 

(a)       THIS
AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, the LAW OF THE STATE OF NEW YORK applicable
to agreements made and to be performed entirely within such State; PROVIDED THAT THE ADMINISTRATIVE Agent
AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

(b)       ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE

 

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COURTS OF THE STATE OF NEW YORK SITTING IN THE
COUNTY OF NEW YORK IN THE CITY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH BORROWER, THE ADMINISTRATIVE Agent AND EACH LENDER
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH BORROWER, THE ADMINISTRATIVE
Agent AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH BORROWER, THE ADMINISTRATIVE
Agent AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS,
WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

 

(c)       EACH
BORROWER OTHER THAN TMCC HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS TMCC, IN THE CASE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT
IN THE UNITED STATES OF AMERICA AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN
RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS THAT MAY BE SERVED IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY LOAN DOCUMENT, AND TMCC HEREBY IRREVOCABLY ACCEPTS SUCH DESIGNATION, APPOINTMENT
AND EMPOWERMENT. SUCH SERVICE MAY BE MADE BY MAILING (BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) OR DELIVERING A COPY OF SUCH PROCESS
TO SUCH BORROWER IN CARE OF TMCC AT TMCC’S ADDRESS SPECIFIED IN SCHEDULE 9.2, AND EACH BORROWER HEREBY IRREVOCABLY AUTHORIZES
AND DIRECTS TMCC TO ACCEPT SUCH SERVICE ON ITS BEHALF. AS AN ALTERNATIVE METHOD OF SERVICE, THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE
OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING (BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) OF COPIES OF
SUCH PROCESS TO TMCC OR THE BORROWER OR SUCH LOAN PARTY AT ITS ADDRESS SPECIFIED IN SCHEDULE 9.2. NOTHING IN THIS AGREEMENT WILL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section 9.19 No Advisory
or Fiduciary Responsibility In connection with all aspects of each transaction contemplated hereby (including in connection with any
amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative
Agent, the Sub-Agents, the Arrangers and the Lenders are arm’s-length commercial transactions between such Borrower and its Affiliates,
on the one hand, and the Administrative Agent, the Sub-Agents, the Arrangers and

 

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the Lenders, on the other hand, (B) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it
has deemed appropriate, and (C) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of
the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Sub-Agents, the Arrangers
and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower or any of its Affiliates, or any other Person
and (B) none of the Administrative Agent, the Sub-Agents, the Arrangers or the Lenders has any obligation to such Borrower or any of its
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent, the Sub-Agents, the Arrangers and the Lenders and their respective Affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of such Borrower and its Affiliates, and neither the Administrative
Agent, nor any Sub-Agent, nor any Arranger, nor any Lender has any obligation to disclose any of such interests to the Borrower or its
Affiliates. To the fullest extent permitted by law, each of the Borrowers hereby waives and releases any claims that it may have against
the Administrative Agent, the Sub-Agents, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.

 

Section 9.20 PATRIOT Act
Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf
of any Lender) hereby notifies each Borrower that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies such
Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify such Borrower in accordance with the Act, and each Borrower agrees to provide such information in its
possession upon the reasonable request of a Lender or the Administrative Agent.

 

Section 9.21 Judgment.
(a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in US Dollars, Canadian Dollars
or Australian Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the
rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase US Dollars,
Canadian Dollars or Australian Dollars with such other currency at BNP Paribas’s principal office in London at 11:00 a.m. (London
time) on the Business Day preceding that on which final judgment is given.

 

(b)       The
obligation of any Borrower in respect of any sum due from it in any currency (the “Primary Currency”) to any Lender
or the Administrative Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that
on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be), of any sum adjudged to be so due
in such other currency, such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking procedures
purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary

 

    		110	Toyota - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

Currency so purchased is less than such sum due to such Lender or the Administrative Agent (as the case may be) in the applicable Primary
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative
Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to
any Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, such Lender or the Administrative Agent
(as the case may be) agrees to remit to such Borrower such excess.

 

Section 9.22 Acknowledgement
and Consent to Bail-In of Certain Financial Institutions. Notwithstanding anything to the contrary in this Agreement or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on
it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion
Powers of the applicable Resolution Authority.

 

Section 9.23 Stay Provisions.
Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between
or among the parties to this Agreement, each of the parties to this Agreement acknowledges and accepts that if a transaction relating
to or under this Agreement qualifies as a Covered Agreement and relates to a Regulated Entity, and only to the extent that any relevant
party is not an Excluded Counterparty:

 

		(a)	the provisions regarding:

 

    		111	Toyota - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

		(i)	the suspension of any payment or delivery obligation in accordance with articles 33a and 69 BRRD as implemented
by the applicable national law;

 

		(ii)	the restriction of enforcement of any security interest in accordance with article 70 BRRD as implemented
by the applicable national law; and/or

 

		(iii)	the suspension of any termination rights and other contractual rights under the transaction in accordance
with article 71 BRRD as implemented by the applicable national law,

 

may be applied to
the transaction;

 

		(b)	the provisions regarding the exclusion of certain contractual terms in early intervention and resolution
in accordance with article 68 BRRD as implemented by the applicable national law will apply, and

 

		(c)	each of the parties accepts and agrees to be bound by the effect of a temporary suspension of payment
or delivery obligations, termination rights and other contractual rights or a temporary restriction of enforcement of any security interest,
in each case resulting from the exercise of measures pursuant to articles 33a, 69, 70 and 71 BRRD as implemented by the applicable national
law with respect to the transaction, and accepts and agrees that they are bound by the provisions regarding the exclusion of certain contractual
terms in early intervention and resolution in accordance with article 68 BRRD as implemented by the applicable national law.

 

		(d)	The following defined terms shall apply to this Section 9.23:

 

“BRRD”
means Directive 2014/59/EU of the European Parliament and of the Council of the European Union, establishing a framework for the recovery
and resolution of credit institutions and investment firms, as amended or replaced from time to time;

 

“Covered
Agreement” means a financial contract within the meaning of article 2 (1) no. 100 BRRD as implemented by the applicable national
law which is governed by a law other than the law of a member state of the European Union;

 

“Excluded
Counterparty” means a “participant in a system”, an “operator of systems”, a “central counterparty”,
or a “central bank” pursuant to article 71 (3) BRRD as implemented by the applicable national law; and

 

“Regulated
Entity” means any entity that is subject to the requirements set forth under Article 71a of BRRD as transposed by the relevant
national law.

 

Section 9.24 Waiver of
Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,

 

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DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER
ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT
TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED
IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature pages follow]

 

    		113	Toyota - 364 Day Credit Agreement
	 	 	 
	 	 
 
	 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	TOYOTA MOTOR CREDIT CORPORATION
	 	 
	 	 
	 	 
	 	By:	/s/ James
    Schofield
	 	Name:	James Schofield
	 	Title:	Vice President – Finance, Treasury, Competitiveness,
    and Mergers & Acquisitions

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.
	 	 
	 	 
	 	 
	 	By:	/s/ Akihiko
    Sekiguchi
	 	Name:	Akihiko Sekiguchi
	 	Title:	Executive Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA FINANCIAL SERVICES (UK) PLC
	 	 
	 	 
	 	 
	 	By:	/s/ Francis
    Kenny
	 	Name:	Francis Kenny
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA CREDIT DE PUERTO RICO CORP.
	 	 
	 	 
	 	 
	 	By:	/s/ James
    Schofield
	 	Name:	James Schofield
	 	Title:	Vice President – Finance, Treasury, Competitiveness,
    and Mergers & Acquisitions
	 	 	Toyota Motor Credit Corporation

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA CREDIT CANADA INC.
	 	 
	 	 
	 	 
	 	By:	/s/ Fernando
    Belfiglio
	 	Name:	Fernando Belfiglio
	 	Title:	Vice-President, Finance

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA KREDITBANK GMBH
	 	 
	 	 
	 	 
	 	By:	/s/ Christian
    Ruben
	 	Name:	Christian Ruben
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ George
    Juganar
	 	Name:	George Juganar
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	TOYOTA FINANCE AUSTRALIA LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Pasquale
    Guerrera
	 	Name:	Pasquale Guerrera
	 	Title:	Chief Financial Officer

 

 

	 	 
	 	 
	 	By:	/s/ Adam
    Hopkins
	 	Name:	Adam Hopkins
	 	Title:	Company Secretary

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BNP PARIBAS,
    as Administrative Agent, a Swing Line Agent, a Swing Line Lender and a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Christopher
    Sked
	 	Name:	Christopher Sked
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Nicolas
    Doche
	 	Name:	Nicolas Doche
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BNP PARIBAS,
    acting through its Canada Branch,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Edouard
    Sinor
	 	Name:	Edouard Sinor
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Nicolas
    Brazeau
	 	Name:	Nicolas Brazeau
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BNP PARIBAS, AUSTRALIA branch,
	 	as a Swing Line Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Mark
    Hutchinson
	 	Name:	Mark Hutchinson
	 	Title:	 

 

 

	 	 
	 	 
	 	By:	/s/ Jason
    Douglas
	 	Name:	Jason Douglas
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BNP PARIBAS LONDON,
	 	as a Swing Line Agent
	 	 
	 	 
	 	 
	 	By:	/s/ Ben
    South
	 	Name:	Ben South
	 	Title:	Director

 

 

	 	 
	 	 
	 	By:	/s/ Louise
    Watts
	 	Name:	Louise Watts
	 	Title:	Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BNP PARIBAS, ACTING THROUGH ITS
    Singapore branch,
	 	as Australian Sub-Agent and a Swing Line Agent
	 	 
	 	 
	 	 
	 	By:	/s/ Tan
    Siew Chin
	 	Name:	Tan Siew Chin
	 	Title:	Authorised Signatory

 

 

	 	 
	 	 
	 	By:	/s/
    Joelle Neo
	 	Name:	Joelle Neo
	 	Title:	Authorised Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CITIBANK, N.A., as a Syndication Agent, Swing Line Lender
    and a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Susan
    M. Olsen
	 	Name:	Susan M. Olsen
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CITIBANK, N.A., CANADIAN BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Siddharth
    Sagar
	 	Name:	Siddharth Sagar
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CITIBANK, N.A., SYDNEY BRANCH,
	 	as a Swing Line Lender and a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Roderick
    V. H. Hill
	 	Name:	Roderick V. H. Hill
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Matthew
    Sandham
	 	Name:	Matthew Sandham
	 	Title:	Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANK OF AMERICA, N.A.,
	 	as a Syndication Agent, Swing Line Lender and a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Albert
    Wheeler
	 	Name:	Albert Wheeler
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANK OF AMERICA, N.A., CANADA BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Medina
    Sales de Andrade
	 	Name:	Medina Sales de Andrade
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	MUFG BANK, LTD,
	 	as a Syndication Agent and as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Yoichiro
    Nishikawa
	 	Name:	Yoichiro Nishikawa
	 	Title:	Head of Japanese Corporate Banking (East)

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Andrew
    Kristiansen
	 	Name:	Andrew Kristiansen
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Yohei
    Kanamura
	 	Name:	Yohei Kanamura
	 	Title:	Executive Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Yu
    Fujii
	 	Name:	Yu Fujii
	 	Title:	Managing Director
	 	 	Corporate Banking Department 1

 

 

	 	 
	 	 
	 	By:	/s/ Masaki
    Matsumoto
	 	Name:	Masaki Matsumoto
	 	Title:	Corporate Banking Department 1

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SUMITOMO MITSUI BANKING CORPORATION, SYDNEY BRANCH
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Hiroshi
    Umeyama
	 	Name:	Hiroshi Umeyama
	 	Title:	Head of Australia, Japanese and Korean
	 	 	Corporate Banking, Asia Pacific

 

 

	 	 
	 	 
	 	By:	/s/ Takahiro
    Ishii
	 	Name:	Takahiro Ishii
	 	Title:	Executive Director & Head of Marketing
	 	 	(Australia), Japanese and Korean Corporate
	 	 	Banking, Asia Pacific

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SUMITOMO MITSUI BANKING CORPORATION, CANADA
    BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Taichi
    Maeda
	 	Name:	Taichi Maeda
	 	Title:	Executive Director
	 	 	Head of Corporate Banking Japanese & Asian

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	MIZUHO BANK, LTD.,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Shohei
    Yamazaki
	 	Name:	Shohei Yamazaki
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Benjamin
    Lennon
	 	Name:	Benjamin Lennon
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SOCIÉTÉ GENERALE,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Kimberly
    Metzger
	 	Name:	Kimberly Metzger
	 	Title:	Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Sara
    DIAS
	 	Name:	Sara DIAS
	 	Title:	Managing Director, Head of Multinationals

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BARCLAYS BANK IRELAND PLC,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Mark
    Pope
	 	Name:	Mark Pope
	 	Title:	Assistant Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE TORONTO-DOMINION BANK, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Maria
    Macchiaroli
	 	Name:	Maria Macchiaroli
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE TORONTO-DOMINION BANK,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Maria
    Macchiaroli
	 	Name:	Maria Macchiaroli
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE TORONTO-DOMINION BANK, as Lending Office for Loans
    to TFSUK,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Andrew
    Williams
	 	Name:	Andrew Williams
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Robert
    Grillo
	 	Name:	Robert Grillo
	 	Title:	Executive Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANCO SANTANDER, S.A., NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Pablo
    Urgoiti
	 	Name:	Pablo Urgoiti
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Rita
    Walz-Cuccioli
	 	Name:	Ritz Walz-Cuccioli
	 	Title:	Executive Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	COMMERZBANK AG, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Michael
    Ravelo
	 	Name:	Michael Ravelo
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Mathew
    Ward
	 	Name:	Mathew Ward
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Brett
    M. Justman
	 	Name:	Brett M. Justman
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Gordon
    Yip
	 	Name:	Gordon Yip
	 	Title:	Director

 

 

	 	 
	 	 
	 	By:	/s/ Christopher
    Rosenkranz
	 	Name:	Christopher Rosenkranz
	 	Title:	Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	MORGAN STANLEY BANK, N.A.,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Michael
    King
	 	Name:	Michael King
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANK OF MONTREAL,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Chris
    Clark
	 	Name:	Chris Clark
	 	Title:	Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANK OF MONTREAL, LONDON BRANCH
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Richard
    Pittam
	 	Name:	Richard Pittam
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Scott
    Matthews
	 	Name:	Scott Matthews
	 	Title:	Managing Director

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Sushant
    Pathak
	 	Name:	Sushant Pathak
	 	Title:	Director, Corporate Banking

 

 

	 	 
	 	 
	 	By:	/s/ Matthew
    Reis
	 	Name:	Matthew Reis
	 	Title:	Executive Director, Corporate Banking

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Andrew
    Campbell
	 	Name:	Andrew Campbell
	 	Title:	Authorized Signatory

 

 

	 	 
	 	 
	 	By:	/s/ Albert
    Comas
	 	Name:	Albert Comas
	 	Title:	Authorized Signatory

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Hortense
    Degroote
	 	Name:	Hortense Degroote
	 	Title:	Executive Director, Corporate Banking

 

 

	 	 
	 	 
	 	By:	/s/ Roger
    Harvey
	 	Name:	Roger Harvey
	 	Title:	Managing Director, Corporate Banking

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE BANK OF NOVA SCOTIA,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Michelle
    C. Phillips
	 	Name:	Michelle C. Phillips
	 	Title:	Managing Director

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE BANK OF NEW YORK MELLON,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Tak
    Cheng
	 	Name:	Tak Cheng
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	THE NORTHERN TRUST COMPANY,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Will
    Hicks
	 	Name:	Will Hicks
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	UNICREDIT BANK AG, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Tom
    Taylor
	 	Name:	Tom Taylor
	 	Title:	Managing Director

 

 

	 	 
	 	 
	 	By:	/s/ Akash
    Jethwani
	 	Name:	Akash Jethwani
	 	Title:	Analyst

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANCO BRADESCO S.A., NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Roberto
    E. Schwartz
	 	Name:	Roberto E. Schwartz
	 	Title:	Dep. General Manager

 

 

	 	 
	 	 
	 	By:	/s/ Amir
    da Silva
	 	Name:	Amir
    da Silva
	 	Title:	Operations Manager

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	BANK OF CHINA, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Raymond Qiao
	 	Name:	Raymond Qiao
	 	Title:	Executive Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	FIFTH THIRD BANK, N.A., as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Jody
    A. Shoup
	 	Name:	Jody A. Shoup
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	FIFTH THIRD BANK, N.A.,
	 	Operating through its Canadian Branch, as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ John
    Basaraba
	 	Name:	John Basaraba
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

	 	SUMITOMO MITSUI TRUST BANK, LIMITED, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	 
	 	By:	/s/ Rumiko
    Endo
	 	Name:	Rumiko Endo
	 	Title:	Vice President

 

 

    [Signature Page to Toyota 364-Day Credit Agreement]

    	 

    

SCHEDULE
2.1

 

COMMITMENTS

AND PRO RATA SHARES

 

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)
	BNP Paribas (Tranche B Commitment is held by BNP Paribas, acting through its Canada Branch), DTTP Number: 5/B/255139/DTTP	333,333,333.33	9,681,257.86	53,347,555.55	312,500,000.00	44,466,666.67	333,333,333.33
	Citibank, N.A. (Tranche B Commitment is held by Citibank, N.A., Canadian Branch), DTTP Number: 13/C/62301/DTTP	333,333,333.33	9,681,257.86	53,347,555.55	312,500,000.00	44,466,666.66	333,333,333.33
	Bank of America, N.A. (Tranche B Commitment is held by Bank of America, Canada Branch), DTTP Number: 13/B/7418/DTTP	333,333,333.33	9,681,257.86	53,347,555.55	312,500,000.00	33,333,333.34	333,333,333.33
	MUFG Bank, Ltd., DTTP Number: 43/B/322072/DTTP 	333,333,333.33	9,681,257.86	53,347,555.55	-	-	333,333,333.33
	JPMorgan Chase Bank, N.A., DTTP Number: 13/M/268710/DTTP	333,333,333.33	9,681,257.86	53,347,555.55	312,500,000.00	44,466,666.66	333,333,333.33

 

    1

    	 

    

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)
	Sumitomo Mitsui Banking Corporation (Tranche B Commitment is held by Sumitomo Mitsui Banking Corporation, Canada Branch and Tranche  C Commitment is held by Sumitomo Mitsui Banking Corporation, Sydney Branch), DTTP Number: 43/S/274647/DTTP	268,333,333.34	6,676,729.56	23,339,555.56	-	-	268,333,333.34
	Mizuho Bank, Ltd., DTTP Number: 43/M/274822/DTTP	268,333,333.34	6,676,729.56	23,339,555.56	-	-	268,333,333.34
	Royal Bank of Canada, DTTP Number: 3/R70780/DTTP	268,333,333.34	268,333,333.34	23,339,555.56	-	-	268,333,333.34
	Societe Generale, DTTP Number: 5/S/70085/DTTP	268,333,333.34	6,676,729.56	23,339,555.56	-	-	268,333,333.34
	The Hongkong and Shanghai Banking Corporation Limited, DTTP Number: 99/H/358123/DTTP	268,333,333.34	6,676,729.56	23,339,555.56	-	-	268,333,333.34
	Barclays Bank Ireland PLC, DTTP Number: N/A	235,000,000.00	-	23,339,555.56	-	-	235,000,000.00
	The Toronto-Dominion Bank, DTTP Number: 3/T/80000/DTTP	235,000,000.00	235,000,000.00	23,339,555.56	-	-	235,000,000.00
	Australia and New Zealand Banking Group Limited, DTTP Number: 2/A/204986/DTTP	166,666,666.67	-	166,666,666.67	-	166,666,666.67	166,666,666.67
	Banco Santander, S.A., New York Branch, DTTP Number: 9/S/267974/DTTP	166,666,666.66	-	-	-	-	166,666,666.66

 

    2

    	 

    

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)
	Commerzbank AG, New York Branch, DTTP Number: 7/C/25382/DTTP	166,666,666.66	-	-	-	-	166,666,666.66
	U.S. Bank National Association, DTTP Number: 13/U/62184/DTTP	166,666,666.66	6,676,729.55	11,669,777.77	-	-	166,666,666.66
	Credit Agricole Corporate and Investment Bank, DTTP Number: 005/C/0222082/DTTP	156,666,666.67	-	11,669,777.77	-	-	156,666,666.67
	Morgan Stanley Bank, N.A., DTTP Number: 13/M/307216/DTTP	150,000,000.00	-	-	-	-	150,000,000.00
	Bank of Montreal, DTTP Number: 3/M/270436/DTTP	91,666,666.67	91,666,666.67	-	-	-	91,666,666.67
	Canadian Imperial Bank of Commerce/ Canadian Imperial Bank of Commerce, London Branch (Tranche B Commitment is held by Canadian Imperial Bank of Commerce), DTTP Number: N/A	91,666,666.67	91,666,666.67	11,669,777.77	-	-	91,666,666.67
	The Bank of Nova Scotia, DTTP Number: 3/T/366714	91,666,666.67	91,666,666.67	11,669,777.78	-	-	91,666,666.67
	The Bank of New York Mellon, DTTP Number: 13/B/357401/DTTP	50,000,000.00	-	-	-	-	50,000,000.00
	The Northern Trust Company, DTTP Number: 13/N/60122/DTTP	45,000,000.00	-	-	-	-	45,000,000.00

 

    3

    	 

    

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)
	UniCredit Bank AG, New York Branch, DTTP Number: 7/U/237605/DTTP	45,000,000.00	-	11,669,777.78	-	-	45,000,000.00
	Banco Bradesco S.A., New York Branch, DTTP Number: N/A 	33,333,333.33	-	-	-	-	33,333,333.33
	Bank of China, New York Branch, DTTP Number: 23/B/368424/DTTP	33,333,333.33	-	-	-	-	33,333,333.33
	Fifth Third Bank, N.A., DTTP Number: 13/F/24267/DTTP	33,333,333.33	6,676,729.56	11,669,777.78	-	-	33,333,333.33
	Sumitomo Mitsui Trust Bank, Limited, New York Branch, DTTP Number: 43/S/70935/DTTP	33,333,333.33	-	-	-	-	33,333,333.33
	TOTAL:	5,000,000,000.00	866,800,000.00	666,800,000.00	1,250,000,000.00	333,400,000.00	5,000,000,000.00

 

    4

    	 

    

	Lender	Pro Rata Share of Tranche A	Pro Rata Share of Tranche B	Pro Rata Share of Tranche C	Pro Rata Share of Commitment Cap
	BNP Paribas (Tranche B Commitment is held by BNP Paribas, acting through its Canada Branch)	6.66666667%	1.11689638%	8.00053323%	6.66666667%
	Citibank, N.A. (Tranche B Commitment is held by Citibank, N.A., Canadian Branch)	6.66666667%	1.11689638%	8.00053323%	6.66666667%
	Bank of America, N.A. (Tranche B Commitment is held by Bank of America, Canada Branch)	6.66666667%	1.11689638%	8.00053323%	6.66666667%
	MUFG Bank, Ltd.	6.66666667%	1.11689638%	8.00053323%	6.66666667%
	JPMorgan Chase Bank, N.A. 	6.66666667%	1.11689638%	8.00053323%	6.66666667%
	Sumitomo Mitsui Banking Corporation (Tranche B Commitment is held by Sumitomo Mitsui Banking Corporation, Canada Branch and Tranche  C Commitment is held by Sumitomo Mitsui Banking Corporation, Sydney Branch)	5.36666667%	0.77027337%	3.50023329%	5.36666667%
	Mizuho Bank, Ltd.	5.36666667%	0.77027337%	3.50023329%	5.36666667%
	Royal Bank of Canada	5.36666667%	30.95677588%	3.50023329%	5.36666667%
	Societe Generale	5.36666667%	0.77027337%	3.50023329%	5.36666667%
	The Hongkong and Shanghai Banking Corporation Limited	5.36666667%	0.77027337%	3.50023329%	5.36666667%
	Barclays Bank Ireland PLC	4.70000000%	0.00000000%	3.50023329%	4.70000000%
	The Toronto-Dominion Bank	4.70000000%	27.11121366%	3.50023329%	4.70000000%
	Australia and New Zealand Banking Group Limited	3.33333333%	0.00000000%	24.99500100%	3.33333333%
	Banco Santander, S.A., New York Branch	3.33333333%	0.00000000%	0.00000000%	3.33333333%
	Commerzbank AG, New York Branch	3.33333333%	0.00000000%	0.00000000%	3.33333333%
	U.S. Bank National Association	3.33333333%	0.77027337%	1.75011664%	3.33333333%

 

    5

    	 

    

	Lender	Pro Rata Share of Tranche A	Pro Rata Share of Tranche B	Pro Rata Share of Tranche C	Pro Rata Share of Commitment Cap
	Credit Agricole Corporate and Investment Bank	3.13333333%	0.00000000%	1.75011664%	3.13333333%
	Morgan Stanley Bank, N.A.	3.00000000%	0.00000000%	0.00000000%	3.00000000%
	Bank of Montreal, Chicago Branch	1.83333333%	10.57529611%	0.00000000%	1.83333333%
	Canadian Imperial Bank of Commerce/ Canadian Imperial Bank of Commerce, London Branch (Tranche B Commitment is held by Canadian Imperial Bank of Commerce)	1.83333333%	10.57529611%	1.75011664%	1.83333333%
	The Bank of Nova Scotia	1.83333333%	10.57529611%	1.75011664%	1.83333333%
	The Bank of New York Mellon	1.00000000%	0.00000000%	0.00000000%	1.00000000%
	The Northern Trust Company	0.90000000%	0.00000000%	0.00000000%	0.90000000%
	UniCredit Bank AG, New York Branch	0.90000000%	0.00000000%	1.75011664%	0.90000000%
	Banco Bradesco S.A., New York Branch	0.66666667%	0.00000000%	0.00000000%	0.66666667%
	Bank of China, New York Branch	0.66666667%	0.00000000%	0.00000000%	0.66666667%
	Fifth Third Bank, N.A.	0.66666667%	0.77027337%	1.75011664%	0.66666667%
	Sumitomo Mitsui Trust Bank, Limited, New York Branch	0.66666667%	0.00000000%	0.00000000%	0.66666667%
	TOTAL:	100.00000000%	100.00000000%	100.00000000%	100.00000000%

 

    6

    	 

    

exhibit
a-1

 

FORM OF COMMITTED LOAN NOTICE

 

Date: ___________, _____

 

		To:	BNP Paribas, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain 364 Day Credit Agreement, dated as of November 5, 2021 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among
Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation organized under the
laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England, Toyota Credit de Puerto
Rico Corp., a corporation organized under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of
Canada, Toyota Kreditbank GmbH, a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated
under the laws of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing
Line Agent and Swing Line Lender, BNP Paribas Securities Corp., Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and MUFG
Bank, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, N.A. as Swing
Line Lenders and Citibank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., as Syndication Agents.

 

The undersigned hereby requests (select one):

 

☐
A Borrowing of Committed Loans                       ☐  A
conversion or continuation of Loans

 

		1.	On _______________________________ (a Business
Day).

 

		2.	In the amount of [US$][CDN$][€][£][A$]__________.

 

		3.	Comprised of __________________.[Type of Committed Loan requested]

 

		4.	For Term Rate Loans denominated in CDN$ or € or Tranche
C Loans: with an Interest Period of ___months.

 

		5.	Tranche [A][B][C].

 

[The Committed Borrowing requested
herein complies with the proviso to the first sentence of Section 2.1[(a)][(b)]] of the Agreement.]

 

[After giving effect to the
requested Committed Borrowing, the Unused Tranche A Commitment will exceed the Dollar Equivalent of EUR 300,000,000 (as determined by
the

 

    1

    	 

    

Administrative Agent)] [After giving effect to
the requested Committed Borrowing, the Unused Tranche A Commitment will be less than or equal to the Dollar Equivalent of EUR 300,000,000
(as determined by the Administrative Agent), and TKG has borrowed EUR 300,000,000 as of the date of the proposed Committed Borrowing.]
[After giving effect to the requested Committed Borrowing, (x) the Unused Tranche A Commitment will be less than or equal to the Dollar
Equivalent of EUR 300,000,000 (as determined by the Administrative Agent), (y) TKG has not borrowed EUR 300,000,000 as of the date the
proposed Committed Borrowing is to be made, and (z) the consent of TKG for the proposed Committed Borrowing has been obtained or has been
waived by TKG.]

 

[The undersigned hereby represents
and warrants that the conditions set forth in Section 4.2(a) and (b) have been satisfied on and as of the date the Committed
Loans are borrowed.]

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	 
	 	[as Borrowers’ Representative for]
	 	 
	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[Toyota Finance Australia Limited]
	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 

 

    2

    	 

    

exhibit
a-2

 

FORM OF SWING LINE LOAN NOTICE

 

Date: ___________, _____

 

		To:	BNP Paribas, as Swing Line Agent

BNP Paribas, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain 364 Day Credit Agreement, dated as of November 5, 2021 (as amended, restated, extended, supplemented or otherwise modified in
writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among
Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation organized under the
laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England, Toyota Credit de Puerto
Rico Corp., a corporation organized under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of
Canada, Toyota Kreditbank GmbH, a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated
under the laws of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing
Line Agent and Swing Line Lender, BNP Paribas Securities Corp., Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and MUFG
Bank, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, N.A. as Swing
Line Lenders and Citibank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., as Syndication Agents.

 

The undersigned hereby requests a Swing Line Loan:

 

		1.	On _________________________________ (a Business Day).

 

		2.	In the amount of [US$][CDN$][€][£][A$] ________________________
..

 

		3.	[For an Interest Period of _________.]1

 

		4.	Tranche [A][B][C].

 

The Swing Line Borrowing requested herein complies
with the requirements of the provisos to the first sentence of Section 2.16(a) of the Agreement.

 

[After giving effect to the
requested Swing Line Loan, the Unused Tranche A Commitment will exceed the Dollar Equivalent of EUR 300,000,000 (as determined by the
Administrative Agent)] [After giving effect to the requested Swing Line Loan, the Unused Tranche A Commitment will be less than or equal
to the Dollar Equivalent of EUR 300,000,000

 

 

1 For requests of Swing Line
Loans denominated in A$.

 

    1

    	 

    

(as determined by the Administrative Agent), and
TKG has borrowed EUR 300,000,000 as of the date of the proposed Swing Line Loan.] [After giving effect to the requested Swing Line Loan,
(x) the Unused Tranche A Commitment will be less than or equal to the Dollar Equivalent of EUR 300,000,000 (as determined by the Administrative
Agent), (y) TKG has not borrowed EUR 300,000,000 as of the date the proposed Swing Line Loan is to be made, and (z) the consent of TKG
for the proposed Swing Line Loan has been obtained or has been waived by TKG.]

 

The undersigned hereby represents and warrants
that the conditions set forth in Section 4.2(a) and (b) have been satisfied on and as of the date the Swing Line Loans are
borrowed.

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	 
	 	[as Borrowers’ Representative for]
	 	 
	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[Toyota Finance Australia Limited]
	 	 
	 	 
	 	 
	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 

 

    2

    	 

    

exhibit
b

 

FORM OF NOTE

 

__________, 20___

 

FOR VALUE RECEIVED, the undersigned
(the “Borrower”), hereby promises to pay, without setoff or counterclaim, to _____________________ (the “Lender”),
in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made
by the Lender to the Borrower under that certain 364 Day Credit Agreement, dated as of November 5, 2021 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used
herein as therein defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V.,
a corporation organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws
of England, Toyota Credit de Puerto Rico Corp., a corporation organized under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation
organized under the laws of Canada, Toyota Kreditbank GmbH, a corporation organized under the laws of Germany, Toyota Finance Australia
Limited, a corporation incorporated under the laws of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP
Paribas, as Administrative Agent, Swing Line Agent and Swing Line Lender, BNP Paribas Securities Corp., Citibank, N.A., BofA Securities,
Inc., JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A., Bank of America,
N.A. and JPMorgan Chase Bank, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A. and MUFG
Bank, Ltd., as Syndication Agents.

 

The Borrower promises to pay
interest on the unpaid principal amount of each Loan made by the Lender to the Borrower from the date of such Loan until such principal
amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest
shall be made to the Administrative Agent for the account of the Lender in the currency of such Loan in immediately available funds at
the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest,
to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at
the per annum rate set forth in the Agreement.

 

This Note is one of the Notes
referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. Any attempted assignment, transfer or participation of this Note in violation of Section 9.7 of the Agreement shall
be null and void. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts
then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.
Loans made by the Lender to the Borrower shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary
course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans to
the Borrower and payments with respect thereto.

 

[Signature page follows]

    1

    	 

    

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[Toyota Finance Australia Limited]
	 	 
	 	 
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    2

    	 

    

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type of Loan Made	 	Amount of Loan Made	 	End of Interest Period	 	Amount of Principal or Interest Paid This Date	 	Outstanding Principal Balance This Date	 	Notation Made By	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    3

    	 

    

exhibit
c

 

[Reserved]

 

     

     

    

exhibit
d

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption
as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender under the Credit
Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and
(ii) to the extent permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor
(in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at Law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

 

1.       Assignor:      ______________________________

 

2.       Assignee:      ______________________________
[and is an Affiliate/Approved Fund of [identify Lender]2]

 

3.       Borrower(s):[Toyota Motor
Credit Corporation] [Toyota Motor Finance (Netherlands) B.V.] [Toyota Financial Services (UK) PLC] [Toyota Credit de Puerto Rico Corp.]
[Toyota Credit Canada Inc.] [Toyota Kreditbank GmbH] [Toyota Finance Australia Limited]

 

 

2 Select as applicable.

 

    1

    	 

    

4.       Administrative
Agent: BNP Paribas, as the administrative agent under the Credit Agreement

 

5.       Credit
Agreement: 364 Day Credit Agreement, dated as of November 5, 2021 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein defined), among
Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation organized under the
laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England, Toyota Credit de Puerto
Rico Corp., a corporation organized under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of
Canada, Toyota Kreditbank GmbH, a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated
under the laws of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing
Line Agent and Swing Line Lender, BNP Paribas Securities Corp., Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and MUFG
Bank, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, N.A. as Swing
Line Lenders and Citibank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., as Syndication Agents.

 

6.       Assigned
Interest:3

 

	
    Facility Assigned:

    Tranche [A][B][C]
	
    Aggregate

    

    Amount of

    

    Tranche [A][B][C] Commitment/Loans

    

    for all Lenders*
	
    Amount of

    

    Tranche [A][B][C] Commitment/Loans

    

    Assigned*
	
    Percentage

    

    Assigned of

    

    Tranche [A][B][C] Commitment/Loans4
	
    Assignee’s

    

    Commitment Cap

	 	 	 	 	 
	Commitment/Committed Loans being assigned	US$_____________	US$______________	______________%	US$________________

 

 

 

* Amount to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.

3 The reference to “Loans”
in the table should be used only if the Credit Agreement provides for Term Loans.

4 Set forth, to at least 8 decimals,
as a percentage of the Commitment/Loans of all Lenders thereunder.

  

    2

    	 

    

[7.        Trade Date:__________________]5

 

[8.        UK Tax Confirmation: The Assignee
confirms that the person beneficially entitled to interest payable to that Lender in respect of a Loan to TFSUK is either: (i) a company
resident in the United Kingdom for United Kingdom tax purposes; or (ii) a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment which brings into account interest payable in respect of that Loan
in computing its chargeable profits (within the meaning given by section 19 of the UK CTA).]6

 

[9.        HMRC DT Treaty Passport: The
Assignee confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number:__________) and is tax resident
in ___________, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests
that the Administrative Agent notify TFSUK that it wishes the scheme to apply to the Credit Agreement and that TFSUK should make a DTTP
Filing.]7

 

Effective Date: __________________,
20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

 

5 To be completed if the Assignor
and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

6 Include in this Section 8
if the Borrower is TFSUK and the Assignee comes within (a)(ii) of the definition of UK Qualifying Lender in Section 1.1.

7 This confirmation must be included
if the Borrower is TFSUK and the Assignee holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to
the Credit Agreement.

 

    3

    	 

    

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	ASSIGNOR	 
	[NAME OF ASSIGNOR]	 
	 	 
	 	 
	By:	 	 
	 	Title:	 	 

 

 

	ASSIGNEE	 
	

                    [NAME OF ASSIGNEE]
	 
	 	 
	 	 
	By:	 	 
	 	Title:	 	 

 

 

    4

    	 

    

	[Consented to and]8 Accepted:	 
		 
		 
	[NAME OF ADMINISTRATIVE AGENT], as	 
	Administrative Agent	 
		 
		 
	By:		 
	 	Title:		 

 

 

	[Consented to:]9	 
	 	 
	 	 
	By:		 
	 	Title:		 

 

 

 

8 To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

9 To be added only if the consent of
the applicable Borrower and/or other parties is required by the terms of the Credit Agreement.

 

    5

    	 

    

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

(364 Day Credit Agreement, dated as of November
5, 2021 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”;
the terms defined therein being used herein as therein defined), among TOYOTA MOTOR CREDIT CORPORATION, a California corporation, TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V., a corporation organized under the laws of the Netherlands, TOYOTA FINANCIAL SERVICES (UK) PLC, a corporation
organized under the laws of England, TOYOTA CREDIT DE PUERTO RICO CORP., a corporation organized under the laws of Puerto Rico, TOYOTA
CREDIT CANADA INC., a corporation organized under the laws of Canada, TOYOTA KREDITBANK GMBH, a corporation organized under the laws of
Germany, TOYOTA FINANCE AUSTRALIA LIMITED, a corporation incorporated under the laws of the Commonwealth of Australia, the Lenders from
time to time party thereto, BNP PARIBAS, as Administrative Agent, Swing Line Agent and Swing Line Lender, BNP PARIBAS SECURITIES CORP.,
CITIBANK, N.A., BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A., and MUFG BANK, LTD., as Joint Lead Arrangers and Joint Book Managers,
CITIBANK, N.A., BANK OF AMERICA, N.A., and JPMORGAN CHASE BANK, N.A., as Swing Line Lenders and CITIBANK, N.A., BANK OF AMERICA, N.A.,
JPMORGAN CHASE BANK, N.A. and MUFG BANK, LTD., as Syndication Agents.)

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.       Representations
and Warranties.

 

1.1.       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim created by the Assignor and (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Loan Documents or any collateral thereunder, (iii) the financial condition of any Borrower or any of its Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by any Borrower or any of its Affiliates or any
other Person of any of their respective obligations under any Loan Document.

 

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may
be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement
as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received
a copy of the Credit Agreement,

 

     

     

    

together with copies of the most recent financial
statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest
on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other
Lender, and (v) attached hereto is any withholding tax documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative
Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned interest (including payments
of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after the Effective
Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to
the Effective Date or with respect to the making of this assignment directly between themselves.

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile or electronic mail
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption; provided that, delivery by electronic
mail to any Borrower remains subject to the provisions of Section 9.2(c) of the Credit Agreement. This Assignment and Assumption shall
be governed by, and construed in accordance with, the Law of the State of New York.

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