Document:

Exhibit 4.5

  

   

    

  FORM OF ADMINISTRATION AGREEMENT

  among

  TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST,

  as Issuer,

  TOYOTA MOTOR CREDIT CORPORATION,

  as Administrator,

  and

  U.S. BANK NATIONAL ASSOCIATION,

  as Indenture Trustee

  

  

  Dated as of August 14, 2019

  
    
      

  

  TABLE OF CONTENTS

    

   

    

  Page

  

   

    

  
  	
          1.

        	
          DUTIES OF THE ADMINISTRATOR

        	
          2

        
	
          2.

        	
          RECORDS

        	
          8

        
	
          3.

        	
          COMPENSATION

        	
          8

        
	
          4.

        	
          ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER

        	
          8

        
	
          5.

        	
          INDEPENDENCE OF THE ADMINISTRATOR

        	
          8

        
	
          6.

        	
          NO JOINT VENTURE

        	
          8

        
	
          7.

        	
          OTHER ACTIVITIES OF ADMINISTRATOR

        	
          9

        
	
          8.

        	
          TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR

        	
          9

        
	
          9.

        	
          ACTION UPON TERMINATION, RESIGNATION OR REMOVAL

        	
          10

        
	
          10.

        	
          NOTICES

        	
          10

        
	
          11.

        	
          AMENDMENTS

        	
          11

        
	
          12.

        	
          SUCCESSOR AND ASSIGNS

        	
          12

        
	
          13.

        	
          GOVERNING LAW

        	
          13

        
	
          14.

        	
          HEADINGS

        	
          13

        
	
          15.

        	
          COUNTERPARTS

        	
          13

        
	
          16.

        	
          SEVERABILITY OF PROVISIONS

        	
          13

        
	
          17.

        	
          NOT APPLICABLE TO TMCC IN OTHER CAPACITIES

        	
          13

        
	
          18.

        	
          LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE

        	
          13

        
	
          19.

        	
          LIMITATION ON LIABILITY OF ADMINISTRATOR

        	
          13

        
	
          20.

        	
          ADDITIONAL REQUIREMENTS OF THE ADMINISTRATOR

        	
          14

        
	
          21.

        	
          NO PETITION

        	
          15

        
	
          22.

        	
          THIRD-PARTY BENEFICIARY

        	
          15

        
	
          23.

        	
          FORM 10-DS; INVESTOR COMMUNICATIONS

        	
          15

        
	
          24.

        	
          SUBMISSION TO JURISDICTION

        	
          17

        
	
          25.

        	
          WAIVER OF JURY TRIAL

        	
          17

        
	 	 	 
	 	 	 
	EXHIBITS
	  

        
	
          EXHIBIT A – FORM OF ANNUAL CERTIFICATION

        	
          A-1

        

  

  

  
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  ADMINISTRATION AGREEMENT, dated as of August 14, 2019 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2019-C
      OWNER TRUST, a Delaware statutory trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation, as administrator (the “Administrator”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual
      capacity but solely as Indenture Trustee (the “Indenture Trustee”).

  W I T N E S S E T H:

  WHEREAS, beneficial ownership interests in the Issuer represented by the Toyota Auto Receivables 2019-C Owner
      Trust Asset Backed Certificates (the “Certificates”) have been issued in connection with the formation of the Issuer pursuant to the Trust Agreement, dated as of April 30, 2019, as amended and restated by the Amended and Restated Trust Agreement,
      dated as of August 14, 2019 (the “Trust Agreement”), between Toyota Auto Finance Receivables LLC (“TAFR LLC”), a Delaware limited liability company, as depositor, and Wilmington Trust, National Association, not in its individual capacity but solely
      as owner trustee (the “Owner Trustee”), to the owners thereof (the “Owners”);

  WHEREAS, the Issuer is issuing the Toyota Auto Receivables 2019-C Owner Trust 2.10000% Asset Backed Notes,
      Class A-1, the Toyota Auto Receivables 2019-C Owner Trust 2.00% Asset Backed Notes, Class A-2a, the Toyota Auto Receivables 2019-C Owner Trust LIBOR plus 0.20% Asset Backed Notes, Class A-2b, the Toyota Auto Receivables 2019-C Owner Trust 1.91% Asset
      Backed Notes, Class A-3, the Toyota Auto Receivables 2019-C Owner Trust 1.88% Asset Backed Notes, Class A-4 and the Toyota Auto Receivables 2019-C Owner Trust 0.00% Asset Backed Notes Class B (collectively, the “Notes”) pursuant to the Indenture,
      dated as of August 14, 2019 (as amended and supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee (capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the
      Indenture, the Trust Agreement or the Sale and Servicing Agreement, dated as of August 14, 2019, among the Issuer, Toyota Motor Credit Corporation (“TMCC”), as servicer, and TAFR LLC, as seller (the “Sale and Servicing Agreement”), as the case may
      be);

  WHEREAS, TMCC and TAFR LLC have entered into the Receivables Purchase Agreement, dated as of August 14, 2019
      (the “Receivables Purchase Agreement”), by and between TMCC, as seller, and TAFR LLC, as purchaser;

  WHEREAS the Issuer has entered into certain agreements in connection with the issuance of the Certificate and
      the Notes, including the Trust Agreement, the Indenture, this Agreement, the Asset Representations Review Agreement and the Sale and Servicing Agreement (collectively, the “Basic Documents”);

  WHEREAS, pursuant to the Basic Documents, the Issuer, the Owner Trustee and the Indenture Trustee are required
      to perform certain duties in connection with the Certificate, the Notes and the assets pledged pursuant to the granting clause of the Indenture (the “Collateral”);

  WHEREAS the Issuer desires to appoint TMCC as administrator to perform certain of the duties of the Issuer and
      the Owner Trustee under the Basic Documents and to provide such

  
    
      

  

  
  

  

  additional services consistent with the terms of this Agreement and the Basic Documents as the Issuer and the Owner Trustee may
      from time to time request; and

  WHEREAS the Administrator has the capacity to provide the services required hereby and is willing to perform
      such services for the Issuer and the Owner Trustee on the terms set forth herein;

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

  1.               Duties of the Administrator.

  (a)  Duties

      with respect to the Note Depository Agreement and the Indenture.

  (i)            The Administrator agrees to perform all its duties as Administrator and the duties of the Issuer under the Indenture and the Note
      Depository Agreement.  In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Note Depository Agreement.  The Administrator shall monitor the performance of the Issuer and
      shall advise the Owner Trustee when action by the Issuer or the Owner Trustee is necessary to comply with the Issuer’s duties under the Indenture and the Note Depository Agreement.  The Administrator shall prepare, execute and file or deliver on
      behalf of the Issuer or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the
      Indenture and the Note Depository Agreement.  In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Indenture including, without limitation, such of the foregoing
      as are required with respect to the following matters under the Indenture (references are to sections of the Indenture):

  (A)              causing the Note Register to be kept, appointing the Note Registrar and giving the Indenture Trustee notice of any appointment
      of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.04);

  (B)               preparing the notification to Noteholders of the final principal payment on their Notes (Section 2.07(b));

  (C)             fixing or causing to be fixed any specified record date and notifying the Indenture Trustee and Noteholders with respect to
      special payment dates, if any (Section 5.04(b));

  (D)             preparing or obtaining the documents and instruments required for the proper authentication of Notes and delivering the same to
      the Indenture Trustee (Section 2.02);

  (E)               [reserved];

  
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  (F)               directing the Indenture Trustee to retain from amounts otherwise distributable to the Noteholders sufficient funds for the
      payment of any tax that is legally owed by the Trust (Section 2.07(c));

  (G)               preparing, obtaining and/or filing of all instruments, opinions and certificates and other documents required for the release
      of Collateral (Section 2.09);

  (H)              causing newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture
      regarding funds held in trust (Section 3.03);

  (I)                  directing the Indenture Trustee to deposit moneys with Paying Agents, if any, other than the Indenture Trustee (Section
      3.03);

  (J)                 obtaining and preserving or causing the Owner Trustee to obtain and preserve the Issuer’s
      qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument and agreement included in the
      Trust Estate (Section 3.04);

  (K)             preparing and filing all supplements, amendments, financing statements, continuation statements, instruments of further
      assurance and other instruments, in accordance with Sections 3.05 and 3.07(c) of the Indenture, necessary to protect the Trust Estate (Sections 3.05 and 3.07(c));

  (L)            delivering the required Opinions of Counsel on the Closing Date and annually, in accordance with Section 3.06 of the Indenture,
      and delivering the annual Officers’ Certificates and certain other statements as to compliance with the Indenture, in accordance with Section 3.09 of the Indenture (Sections 3.06 and 3.09);

  (M)           identifying to the Indenture Trustee in an Officers’ Certificate any Person with whom the Issuer has contracted to perform its
      duties under the Indenture (Section 3.07);

  (N)            notifying the Indenture Trustee and the Rating Agencies of any Servicer Default pursuant to the Sale and Servicing Agreement and,
      if such Servicer Default arises from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement, taking all reasonable steps available to remedy such failure (Section 3.07(d));

  (O)            preparing and obtaining documents and instruments required in connection with the consolidation, merger or transfer of assets of
      the Issuer (Section 3.10);

  
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  (P)             delivering notice to the Indenture Trustee of each Event of Default and each other default by the Servicer or the Seller under
      the Sale and Servicing Agreement (Section 3.19);

  (Q)            causing the Servicer to comply with all of its duties and obligations with respect to the preparation of reports, the delivery of
      Officer’s Certificates and Opinions of Counsel and the giving of instructions and notices under the Sale and Servicing Agreement (Section 3.14);

  (R)            monitoring the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s
      Certificate and obtaining the Opinion of Counsel and the Independent Certificate (as defined in the Indenture) related thereto (Section 4.01);

  (S)            complying with any written directive of the Indenture Trustee with respect to the provision of relevant information and reasonable
      assistance with respect to the execution, delivery, filing and recordation of relevant transfer documentation and the delivery of related records and files, in connection with any sale by the Indenture Trustee of any portion of the Trust Estate in
      connection with any Event of Default (Section 5.04);

  (T)              delivering notice of any resignation of the Indenture Trustee received by the Administrator, and preparing notice to
      Noteholders of any removal of the Indenture Trustee and the appointment of a successor Indenture Trustee  for delivery to Noteholders by the successor Indenture Trustee (Section 6.08);

  (U)            preparing all written instruments required to confirm the authority of any co-trustee or separate trustee and any written
      instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee (Sections 6.08 and 6.10);

  (V)              delivering to the Rating Agencies notice of any merger or other transaction entered into by the Indenture Trustee (Section
      6.09);

  (W)         causing the Note Registrar to furnish to the Indenture Trustee the names and addresses of Noteholders during any period when the
      Indenture Trustee is not the Note Registrar (Section 7.01);

  (X)            preparing and, after execution by the Issuer and the Indenture Trustee, filing with the Commission and any applicable state
      agencies of documents required to be filed on a periodic basis with the Commission and any applicable state agencies (including any summaries thereof required by rules and regulations prescribed thereby), and providing such documents to the Indenture
      Trustee for delivery to the Noteholders (Section 7.03);

  (Y)             preparing and, after execution by the Indenture Trustee, providing to the Indenture Trustee for delivery to Noteholders and
      filing with the

  
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  Commission, any reports required by TIA Sections 313(a), (b) and (c); provided, that the Administrator will
      not be required to prepare reports required by TIA Sections 313(a)(1) and (a)(2) unless specifically directed in writing to do so by the Indenture Trustee and the Indenture Trustee provides the Administrator with all information necessary to prepare
      such reports (Section 7.04);

  (Z)              preparing the related Issuer Orders and all other actions necessary with respect to investment and reinvestment of funds in the
      Trust Accounts (Section 8.04);

  (AA)         preparing any Issuer Request and Officers’ Certificates and obtaining any Opinions of Counsel and Independent Certificates necessary
      for the release of the Trust Estate (Sections 8.05 and 8.06);

  (BB)          preparing Issuer Orders and obtaining Opinions of Counsel with respect to the execution of any supplemental indentures, preparing
      notices to the Noteholders with respect thereto and furnishing such notices to the Indenture Trustee for delivery to Noteholders (Sections 9.01, 9.02 and 9.03);

  (CC)          preparing new Notes conforming to the provisions of any supplemental indenture, as appropriate and delivering such Notes to the
      Owner Trustee for execution and to the Indenture Trustee for authentication (Section 9.07);

  (DD)         delivering to the Rating Agencies notice of any prospective termination of the Indenture pursuant to Section 10.01 of the Indenture
      (Section 10.01);

  (EE)           preparing forms of notices to Noteholders of any redemption of the Notes and furnishing such notices to the Indenture Trustee for
      delivery to Noteholders (Section 10.02);

  (FF)            preparing or obtaining all Officers’ Certificates, Opinions of Counsel and Independent Certificates with respect to any requests
      by the Issuer or the Indenture Trustee to take any action under the Indenture (Section 11.01(a));

  (GG)         preparing and delivering Officers’ Certificates and obtaining Independent Certificates, if necessary, for the release of property
      from the lien of the Indenture (Section 11.01(b));

  (HH)         notifying the Rating Agencies, upon any failure of the Indenture Trustee to give such notification, of the information required
      pursuant to Section 11.04 of the Indenture (Section 11.04);

  (II)             preparing and delivering to the Indenture Trustee for delivery to Noteholders any agreements with respect to alternate payment
      and notice provisions (Section 11.06); and

  
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  (JJ)              causing the recording of the Indenture, if applicable (Section 11.14).

  (ii)            The Administrator shall promptly pay to the Owner Trustee the amount of any fees, expenses and indemnification amounts not
      otherwise paid or reimbursed to it by the Issuing Entity on any Payment Date in accordance with the terms of this Agreement, Section 8.02 of the Trust Agreement and Section 5.06(b) or (c) of the Sale and Servicing Agreement; provided that the Owner
      Trustee shall promptly reimburse the Administrator for any such amounts to the extent the Owner Trustee subsequently receives payment or reimbursement in respect thereof from the Issuing Entity in accordance with the terms of Section 5.06(b) or (c)
      of the Sale and Servicing Agreement.

  (iii)            The Administrator shall promptly pay to the Indenture Trustee the amount of any fees, expenses and indemnification amounts not
      otherwise paid or reimbursed to it by the Issuing Entity on any Payment Date in accordance with the terms of the Indenture and Section 5.06(b) or (c) of the Sale and Servicing Agreement; provided that the Indenture Trustee shall promptly reimburse
      the Administrator for any such amounts to the extent the Indenture Trustee subsequently receives payment or reimbursement in respect thereof from the Issuing Entity in accordance with the terms of Section 5.06(b) or (c) of the Sale and Servicing
      Agreement.

  (b)  The

      Administrator shall cause the Issuer to use its best efforts to maintain the effectiveness of all licenses, if any, required to be held by the Issuer under the laws of any jurisdiction in connection with ownership of the Receivables or the terms set
      forth in the Trust Agreement and the Basic Documents and the transactions contemplated thereby until such time as the Issuer shall terminate in accordance with the terms of the Trust Agreement.

  (c)  Additional

      Duties.

  (i)            In addition to the duties of the Administrator set forth in Section 1(a), the Administrator shall perform such calculations, and
      shall prepare, execute and file or deliver on behalf of the Issuer or the Owner Trustee or shall cause the preparation by other appropriate persons of all such documents, reports, notices, filings, instruments, certificates and opinions as it shall
      be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Basic Documents, and at the request of the Owner Trustee shall take all appropriate action with respect thereto, that is the duty of the Issuer or the Owner
      Trustee to take pursuant to the Basic Documents.  Subject to Section 5 of this Agreement, and in accordance with the reasonable written directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such
      other activities in connection with the Basic Documents as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator.  The responsibilities of
      the Administrator shall include the execution and delivery of any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law, and the Owner Trustee hereby requests
      that the Administrator perform such obligations.

  
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  (ii)            Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be responsible for
      promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to the Certificateholder as contemplated in Section 5.02(c) of the Trust Agreement.  Any such notice shall
      specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

  (iii)            Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be responsible for
      performance of the duties set forth in Sections 5.04(a), (b), (c), (d) and (e) of the Trust Agreement with respect to, among other things, accounting and reports to the Certificateholder.

  (iv)            The Administrator shall perform the duties of the Administrator specified in Section 10.02 of the Trust Agreement required to be
      performed in connection with the resignation or removal of the Owner Trustee and any other duties expressly required to be performed by the Administrator under the Trust Agreement.

  (v)            In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into
      transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion,
      no less favorable to the Issuer than would be available from unaffiliated parties.

  (vi)            The Administrator shall provide notices to the Rating Agencies as required under the Basic Documents.

  (vii)            It shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s duty or responsibility, to cause the Issuer
      to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Issuer, its assets or the conduct of its business.

  (d)  Non-Ministerial

      Matters.

  (i)            With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take
      any action unless within a reasonable time before the taking of such action the Administrator shall have notified the Indenture Trustee or the Owner Trustee, as applicable, of the proposed action and the Indenture Trustee or the Owner Trustee, as
      applicable, shall not have withheld consent or provided an alternative direction.  For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation:

  (A)               the amendment of the Indenture or execution of any supplement to the Indenture;

  
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  (B)             the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against
      the Issuer (other than in connection with the collection of the Receivables);

  (C)              the amendment, change or modification of any of the Basic Documents;

  (D)            the appointment of successor Note Registrars, successor Paying Agents or successor Indenture Trustees pursuant to the Indenture or
      the appointment of successor Administrators or Successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations, under the Indenture; and

  (E)            the removal of the Indenture Trustee (as to which the Owner Trustee, but not the Indenture Trustee, will receive notice and
      opportunity to object).

  (ii)            Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make
      any payments to the Noteholders under the Basic Documents, (y) sell the Trust Estate pursuant to Section 5.04 of the Indenture or (z) take any other action that the Issuer directs the Administrator not to take on its behalf.

  2.              Records.  The Administrator shall maintain
      appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer, the Owner Trustee and the Indenture Trustee at any time during normal business
      hours upon reasonable advance written notice.

  3.                Compensation.  As
      compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to a fee in an amount to be agreed upon between the Servicer and the
      Administrator, and which shall be solely an obligation of the Servicer.

  4.            Additional Information to be Furnished to the Issuer. 
      The Administrator shall furnish to the Issuer from time to time such additional information regarding the Collateral as the Issuer shall reasonably request.

  5.            Independence of the Administrator.  For all purposes of
      this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Owner Trustee or the Indenture Trustee with respect to the manner in which it accomplishes the performance of its
      obligations hereunder.  Unless expressly authorized by the Issuer hereunder or otherwise, the Administrator shall have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise be or be
      deemed an agent of the Issuer, the Owner Trustee or the Indenture Trustee.

  6.             No Joint Venture.  Nothing contained in this
      Agreement shall (i) constitute the Administrator and any of the Issuer, the Owner Trustee or the Indenture Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate

  
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  entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any 
      express, implied or apparent authority to incur any obligation or liability on behalf of the others.

  7.            Other Activities of Administrator.  Nothing herein
      shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its or their sole discretion, from acting as an administrator for any other person or entity, or in a similar capacity therefor, even though such person or
      entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

  8.            Term of Agreement; Resignation and Removal of Administrator.

  (a)  This

      Agreement shall continue in force until the termination of the Issuer, upon which event this Agreement shall automatically terminate, except for Sections 1(a)(ii), 1(a)(iii) and 21 hereof, which shall each survive termination of this Agreement.

  (b)  Subject

      to Sections 8(e) and 8(f), the Administrator may resign its duties hereunder by providing the Issuer with at least thirty (30) days prior written notice.

  (c)  Subject

      to Sections 8(e) and 8(f), the Issuer may remove the Administrator without cause by providing the Administrator with at least thirty (30) days prior written notice.

  (d)  Subject

      to Sections 8(e) and 8(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur:

  (i)            the Administrator shall fail to perform in any material respect any of its duties under this Agreement and, after notice of such
      default, shall not cure such default within ten (10) days (or, if such default cannot be cured in such time, shall not give within such ten (10) days such assurance of timely and complete cure as shall be reasonably satisfactory to the Issuer);

  (ii)            the entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the
      appointment of a trustee in bankruptcy, conservator, receiver or liquidator for the Administrator (or, so long as the Administrator is TMCC, the Seller) in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of their respective affairs, and the continuance of any such decree or order unstayed and in effect for a period of ninety (90) consecutive days; or

  (iii)          the consent by the Administrator (or, so long as the Administrator is TMCC, the Seller) to the appointment of a trustee in
      bankruptcy, conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Administrator (or, so long as the Administrator is TMCC, the
      Seller) of or relating to substantially all of their property, or the Administrator (or, so long as the Administrator is TMCC, the Seller) shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
      advantage of any applicable insolvency or reorganization statute, make an

  
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  assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations.

  The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section shall
      occur, it shall give written notice thereof to the Issuer, the Owner Trustee and the Indenture Trustee within seven (7) days after the occurrence of such event.

  (e)  No

      resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the
      terms of this Agreement in the same manner as the Administrator is bound hereunder.

  (f)  The

      appointment of any successor Administrator shall be effective only after the Rating Agency Condition has been satisfied.

  (g)  Subject

      to Section 8(e) and 8(f), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator shall immediately resign and such Successor Servicer shall automatically
      succeed to the rights, duties and obligations of the Administrator under this Agreement; provided that if the successor Administrator is not an
      affiliate of TMCC, such successor Administrator shall not be required to make any payments as set forth in Sections 1(a)(ii) and (iii) of this Agreement.

  9.               Action upon Termination, Resignation or Removal. 
      Promptly upon the effective date of termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b), (c), (d) or (g), respectively, the Administrator shall be entitled to be paid all
      fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal.  The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to or to the order of the Issuer all property and
      documents of or relating to the Collateral then in the custody of the Administrator.  In the event of the resignation or removal of the Administrator pursuant to Section 8(b), (c), (d) or (g), respectively, the Administrator shall cooperate with the
      Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

  10.            Notices.  Any notice, report or other communication
      given hereunder shall be in writing and addressed as follows:

  (a)  if

      to the Issuer, to:

  Toyota Auto Receivables 2019-C Owner Trust

  c/o Wilmington Trust, National Association

  Rodney Square North

  1100 North Market Street

  Wilmington, DE 19890

  Attention: Corporate Trust Administration

  

  

  with a copy to:

  Toyota Auto Receivables 2019-C Owner Trust

  
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  6565 Headquarters Drive, W2-5A

  Plano, Texas 75024-5965

  Attention: General Counsel

  (b)  if

      to the Administrator, to:

  Toyota Motor Credit Corporation

  6565 Headquarters Drive, W2-3D

  Plano, Texas 75024-5965

  Attention:  Treasury Operations Department

  With a copy by electronic mail to: TFS_Treasury_Operations@toyota.com

  (c)  if

      to the Indenture Trustee, to:

  U.S. Bank National Association

  190 South LaSalle Street

      Chicago, IL 60603

      Attention: Toyota Auto Receivables 2019-C Owner Trust

  or to such other address as any party shall have provided to the other parties in writing.  Any notice required to be in writing
      hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand delivered to the address of such party as provided above.

  11.            Amendments.  This Agreement may be amended from time to
      time by a written amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee, with the consent of the Owner Trustee, and without the consent of any of the Noteholders or the Certificateholders, to cure any
      ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the
      Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the
      Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in respect of such proposed
      amendment.

  This Agreement may also be amended from time to time by the Issuer, the Administrator and the Indenture
      Trustee, with the consent of the Owner Trustee and, if the interests of the Noteholders are materially and adversely affected, with the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class
      of Notes, acting together as a single Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or
      Certificateholders under this Agreement.

  No amendment otherwise permitted under this Section 11 (except as described in the last sentence of this
      paragraph) may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without
      the consent

  
    11

    
      

  

  

  

  of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates
      which are required to consent to any such amendment without the consent of the Noteholders and Certficateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above shall be deemed to not adversely affect
      any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately preceding sentence shall be permitted unless an Officer’s Certificate shall have been
      delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder whose
      consent was not obtained.  Notwithstanding the immediately preceding two sentences, this Agreement may also be amended by the parties hereto, without the consent of the Noteholders or the Certificateholders, for the purpose of conforming the
      provisions in this Agreement to the descriptions thereof contained in the prospectus, dated August 6, 2019, related to the offering of the Notes.

  Promptly after the execution of any such amendment or consent, the Administrator shall furnish written
      notification of the substance of such amendment or consent to the Certificateholder and each of the Rating Agencies.

  It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee
      pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization
      of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe.

  Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall
      be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement.  The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such
      amendment which affects its own rights, duties or immunities under this Agreement or otherwise.  The fees and expenses of the Owner Trustee and the Indenture Trustee in connection with any amendment or supplement hereto shall be paid by the
      Administrator.

  12.            Successor and Assigns.  This Agreement may not be
      assigned by the Administrator unless such assignment is consented to in writing by the Issuer, the Owner Trustee and the Indenture Trustee, and the conditions precedent to appointment of a successor Administrator set forth in Section 8 are
      satisfied.  An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder.  Notwithstanding the foregoing, this Agreement may be assigned by
      the Administrator without the consent of the Issuer, the Owner Trustee and the Indenture Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator, provided that such
      successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as
      the Administrator is bound hereunder.  Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

  
    12

    
      

  

  

  

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

  14.            Headings.  The section headings hereof have been
      inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

  15.            Counterparts.  This Agreement may be executed in
      counterparts, each of which when so executed shall together constitute but one and the same agreement.

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

  17.            Not Applicable to TMCC in Other Capacities.  Nothing in
      this Agreement shall affect any obligation, right or benefit TMCC may have in any other capacity or under any Basic Document.

  18.            Limitation of Liability of Owner Trustee and Indenture Trustee. 

      Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and by U.S. Bank
      National Association, not in its individual capacity but solely in its capacity as Indenture Trustee under the Indenture.  In no event shall Wilmington Trust, National Association, in its individual capacity, U.S. Bank National Association, in its
      individual capacity, or the Certificateholder have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto,
      as to all of which recourse shall be had solely to the assets of the Issuer, and the Owner Trustee shall be entitled to the benefits of the terms and provisions of the Trust Agreement.

  19.            Limitation on Liability of Administrator.  Neither the
      Administrator nor any of the directors, officers, employees or agents of the Administrator shall be under any liability to the Seller, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholder, except as provided
      under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Administrator or any such person against any
      liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement.  The Administrator and any director,
      officer, employee or agent of

  
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  the Administrator may rely in good faith on any document of any kind prima facie properly executed and submitted by any person
      respecting any matters arising under this Agreement.

  20.            Additional Requirements of the Administrator.

  (a)    Reporting

      Requirements.

  (i)            If so requested by the Issuer for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any
      class of asset-backed securities, the Administrator shall (i) notify the Issuer in writing of any material litigation or governmental proceedings pending against the Administrator and (ii) provide to the Issuer a description of such proceedings.

  (ii)            As a condition to the succession to the Administrator by any Person as permitted by Section 8 hereof, the Administrator shall
      provide to the Issuer, at least ten (10) Business Days prior to the effective date of such succession or appointment, (x) written notice to the Issuer, of such succession or appointment and (y) in writing all information in order to comply with its
      reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.

  (iii)            In addition to such information as the Administrator, as administrator, is obligated to provide pursuant to other provisions of
      this Agreement, if so requested by the Issuer, the Administrator shall provide such information regarding the performance or servicing of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with
      Item 1121 of Regulation AB.

  (b)  Report

      on Assessment of Compliance and Attestation.  On or before ninety (90) days after the end of each fiscal year, commencing with the fiscal year ended December 31, 2019, the Administrator shall, if requested by the Issuer, not later than March 1st of the calendar year in which such certification is to be delivered, deliver to the Issuer and any other Person that will be responsible for signing a Sarbanes
      Certification on behalf of an asset-backed issuer with respect to a securitization transaction, a certification in the form attached hereto as Exhibit A.  The Administrator acknowledges that the Issuer may rely on the certification provided by the
      Administrator pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.  The Issuer shall not request delivery of such certification unless the Depositor is required under the Exchange Act to file an annual
      report on Form 10-K with respect to an issuing entity whose asset pool includes the Receivables.

  (c)  Intent

      of the Parties; Reasonableness. The Issuer and the Administrator acknowledge and agree that the purpose of Section 20 of this Agreement is to facilitate compliance by the Issuer with the provisions of Regulation AB and related rules and regulations
      of the Commission.

  Neither the Issuer nor the Administrator shall exercise its right to request delivery of information or other
      performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
      disclosure comparable to that required under the Securities Act).  The Administrator acknowledges that interpretations of

  
    14

    
      

  

  

  

  the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its
      staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Indenture Trustee, the Servicer or any other party to the Transaction Documents in good faith
      for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Administrator shall cooperate fully with the Issuer to deliver to the Issuer (including any of its assignees
      or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Issuer, to permit the Issuer to comply with the provisions of Regulation AB.

  The Issuer (including any of its assignees or designees) shall cooperate with the Administrator by providing
      timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the Issuer’s reasonable judgment, to comply with Regulation AB.

  21.            No Petition.  Each of the parties hereto, by entering
      into this Agreement, hereby covenants and agrees that it shall not at any time acquiesce, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or
      sustaining a case against the Issuer or the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or the
      Depositor, as the case may be, or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this
      Agreement or any of the Basic Documents prior to the date that is one year and one day after the date on which the Indenture is terminated.  This Section 21 shall survive the termination of this Agreement and the termination of the Administrator
      under this Agreement.

  22.           Third-Party Beneficiary.  The Owner Trustee is a
      third-party beneficiary of this Agreement and is entitled to the rights and benefits given to the Owner Trustee hereunder and may enforce the provisions applicable to the Owner Trustee as if the Owner Trustee were a party hereto.

  23.    
          Form 10-Ds; Investor Communications.

  (a)  Form

      10-Ds.

  (i)            If the Administrator receives a notice from the Servicer pursuant to Section 11.01(a) of the Sale and Servicing Agreement
      regarding the occurrence of a Delinquency Trigger with respect to a Collection Period, and describing the related rights of Noteholders and Note Owners, the Administrator shall include the contents of such notice in the Form 10-D for such Collection
      Period filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof.

  (ii)            If the Administrator receives a notice from the Indenture Trustee pursuant to Section 12.01 of the Indenture indicating that
      sufficient Requesting Noteholders have properly and timely requested a vote to cause the ARR Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset

  
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  Representations Review Agreement, the Administrator shall: (1) promptly set a deadline for the receipt of
      Noteholder votes on that matter, which shall be a date not earlier than one hundred fifty (150) days after the date on which the Form 10-D describing the occurrence of the related Delinquency Trigger shall have been filed by the Administrator
      pursuant to the terms of Section 1(a)(i)(Y) hereof; (2) promptly prepare and send to the Indenture Trustee and each Noteholder (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing
      Agency) a notice (A) stating that there will be a Noteholder vote pursuant to Section 12.02 of the Indenture on whether to initiate an Asset Representations Review of the ARR Receivables by the Asset Representations Reviewer pursuant to the Asset
      Representations Review Agreement, and (B) describing those procedures, including the means by which Noteholders and Note Owners may make their votes known to the Indenture Trustee and the related voting deadline that will be used to calculate whether
      the requisite amount of Noteholders have cast affirmative votes to direct the Indenture Trustee to notify the Asset Representations Reviewer to commence an Asset Representations Review; and (3) include the contents of such notice in the next Form
      10-D to be filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof, so long as the Administrator receives such notice at least two (2) Business Days before the filing deadline for that Form 10-D, in which case such information will be
      included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof.

  (iii)            If the Administrator receives a notice from the Indenture Trustee pursuant to Section 12.02 of the Indenture indicating that
      sufficient Noteholders have voted to cause the ARR Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement, the Administrator shall include the contents of such notice in
      the next Form 10-D to be filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof.

  (iv)            After receipt by the Administrator of a Review Report, the Administrator will include a summary of such report in the next Form
      10-D to be filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof, so long as the report is received by the Administrator at least two (2) Business Days before the filing deadline for that Form 10-D, in which case such the summary will be
      included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 1(a)(i)(Y) hereof.  The Form 10-D filed pursuant to this clause (iv) will also specify the means by which Noteholders and Verified Note Owners may notify
      the Indenture Trustee, TMCC and the Depositor in writing that it considers any non-compliance of any representation to be a breach of the applicable Basic Document, or request in writing that an ARR Receivable be repurchased.

  (v)            In the event of any resignation, removal, replacement or substitution of the Asset Representations Reviewer, or the appointment of
      a new Asset Representations Reviewer, pursuant to the terms of the Asset Representations Review Agreement, the Administrator will report the occurrence of such event, together with a description of the circumstances surrounding the change and, if
      applicable, information regarding the new Asset Representations Reviewer, in the Form 10-D filed by the

  
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  Administrator pursuant to Section 1(a)(i)(Y) hereof for the Collection Period in which such change occurs.

  (b)  Investor

      Communications.  If the Administrator receives, during any Collection Period, a request from a Noteholder or Verified Note Owner to communicate with other Noteholders and Note Owners regarding the exercise of rights under the terms of the Basic
      Documents, the Administrator will include in the Form 10-D for the such Collection Period the following information, to the extent provided by the Noteholder or Verified Note Owner in its request: (i) the name of the Noteholder or Verified Note Owner
      making the request, (ii) the date the request was received; (iii) a statement that the Administrator has received the request from that Noteholder or Verified Note Owner that it is interested in communicating with other Noteholders and Note Owners
      with regard to the possible exercise of rights under the Basic Documents; and (iv) a description of the method other Noteholders and Note Owners may use to contact the requesting Noteholder or Verified Note Owner.  The Administrator is not required
      to include any additional information regarding the Noteholder or Verified Note Owner and its request in the Form 10-D, and is required to disclose a Noteholder’s or a Verified Note Owner’s request only where the communication relates to the exercise
      by a Noteholder or Verified Note Owner of its rights under the Basic Documents.  The Administrator will be responsible for the expenses of administering the investor communications provisions set forth in this Section 23(b), which will be compensated
      by means of the fee payable to it by the Servicer, as described in Section 3.

  24.   Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District
      Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it
      may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

  25.  WAIVER OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  
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  IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and
      year first above written.

  

  

  TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST

  
    
      	

            	By:	
              WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

            

    

  

  By:        ____________________________________________

  Name:

  Title:

  TOYOTA MOTOR CREDIT CORPORATION,

  as Administrator

  By:        ____________________________________________

  Name:

  Title:

  U.S. BANK NATIONAL ASSOCIATION,

  not in its individual capacity but solely as Indenture Trustee

  By:        ____________________________________________

  Name:

  Title:

  
    
      

  

  
  EXHIBIT A

  

  

  FORM OF ANNUAL CERTIFICATION

  
    
      	Re:	
              The Administration Agreement, dated as of August 14, 2019 (the “Agreement”), among Toyota Auto Receivables 2019-C Owner Trust (the “Issuer”), Toyota Motor Credit
                  Corporation (the “Administrator”), and U.S. Bank National Association (the “Indenture Trustee”).

            

    

  

  I, ________________________________, the _______________________ of [NAME OF COMPANY] (the “Company”), certify
      to the Issuer and Toyota Auto Finance Receivables LLC (the “Depositor”) and their officers that:

  1.            I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Toyota Auto Receivables 2019-C
      Owner Trust (the “Exchange Act periodic reports”);

  2.            Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

  3.            Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange
      Act periodic reports; and

  4.            All the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria
      for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report.
      Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

  In giving the certifications above, I have reasonably relied on information provided to me by the following
      unaffiliated parties: [_____________].

  Dated:            _________________________

  

  

  By:  ___________________________

      Name:

      Title:

   

    

   

    

   

    

  A-1Exhibit 4.6

     

    FORM OF SECURITIES ACCOUNT CONTROL AGREEMENT

     

    (Toyota Auto Receivables 2019-C Owner Trust Reserve Account)

     

    This Securities Account Control Agreement (the “Agreement”) is dated as of August 14, 2019 and entered into between Toyota Auto Finance Receivables LLC (the

        “Pledgor”), a Delaware limited liability company, U.S. Bank National Association, in its capacity as Indenture Trustee on behalf of the holders of the Notes referred to below (in such capacity, the “Indenture Trustee,” also referred to herein as the “Secured Party”) under the Indenture (the “Indenture”), dated as of August 14, 2019, between Toyota Auto Receivables 2019-C Owner Trust, a statutory trust formed pursuant to the laws of the
        State of Delaware (the “Issuer”), and U.S. Bank
          National Association, in its capacity as securities intermediary (in such capacity, the “Securities Intermediary”).  Capitalized terms
        used but not defined herein shall have the meanings ascribed thereto in the Sale and Servicing Agreement dated as of August 14, 2019, between the Issuer, Toyota Auto Finance Receivables LLC, as seller, and Toyota Motor Credit Corporation (“TMCC”), as servicer (the “Sale and Servicing
          Agreement”).

     

    PRELIMINARY STATEMENTS

     

    A.     Trust Agreement.  The Issuer was formed as a Delaware statutory trust pursuant to the Trust Agreement, dated as of April 30, 2019, as the same has
        been amended and restated by the Amended and Restated Trust Agreement, dated as of August 14, 2019 (the “Trust Agreement”), by and between Toyota
        Auto Finance Receivables LLC and Wilmington Trust, National Association, as owner trustee (in such capacity and not individually, the “Owner Trustee”).

     

    B.     Administration Agreement.  Concurrently herewith, the Issuer, the Indenture Trustee and TMCC have entered into the Administration Agreement
        pursuant to which TMCC will perform certain administrative tasks on behalf of the Indenture Trustee and the Issuer (when acting in such capacity, TMCC is referred to herein as the “Administrator”).

     

    C.     Indenture.  Concurrently herewith, the Issuer and Indenture Trustee have entered into the Indenture pursuant to which the Issuer will issue
        asset-backed notes (the “Notes”) in the principal amounts and for purposes specified therein.

     

    D.     Intention.  The

        Pledgor intends to establish the Reserve Account, as described in Section 5.07 of the Sale and Servicing Agreement, and intends to pledge to and to grant “control” thereof (as such term is defined in the Uniform Commercial Code as in effect on the
        date hereof in New York (the “UCC”)) to the Indenture Trustee (as Secured Party) pursuant to the terms of this Agreement.  It is the intention of
        the parties hereto that Securities Intermediary be bound to the terms of this Agreement and be obligated to perform the duties of Securities Intermediary described herein.

     

    NOW, THEREFORE, in consideration of the premises herein contained and in order to induce the Issuer and Indenture Trustee to execute and deliver the
        Indenture, to induce the Issuer to purchase the Receivables in contemplation of issuing the Notes, to induce the Indenture Trustee to authenticate the Notes and for other good consideration, the receipt and adequacy of

     

    
      
        

    

    
    which are hereby acknowledged, Pledgor, Securities Intermediary and Secured Party hereby agree as follows:

     

    Section 1.     Definitions.

     

    (a) Specific Definitions.  The following terms used in this Agreement shall
        have the following meanings:

     

    “Broker-Dealer” means a person registered as a broker or dealer under the Securities Exchange Act of 1934, as amended.

     

    “Collateral” means
        (i) the Reserve Account, (ii) any amounts held from time to time in the Reserve Account, (iii) all Investments, including all Financial Assets, security entitlements, securities (whether certificated or uncertificated), instruments, accounts,
        general intangibles and deposits representing or evidencing any Investments, (iv) all interest, dividends, cash, instruments, securities and other property from time to time received, receivable or otherwise distributed in respect of or in exchange
        for any or all of the Collateral, and (v) to the extent not covered by clauses (i) through (iv) above, all proceeds of any or all of the foregoing Collateral.

     

    “Entitlement Order”
        has the meaning ascribed to the term “entitlement order” in Article 8 of the UCC.

     

    “Financial Asset”
        has the meaning ascribed to the term “financial asset” in Article 8 of the UCC.

     

    “Investments” means
        any Financial Assets credited to the Reserve Account, and any other property acquired by Securities Intermediary as securities intermediary hereunder in exchange for, with proceeds from or distributions on, or otherwise in respect of any
        Investments.

     

    “Overnight Investments”
        means Investments of the kind described in clause (i) of the definition of “Eligible Investments” in the Sale and Servicing Agreement.

     

    “Suspension Period”
        means any period (i) beginning promptly after receipt by Securities Intermediary of written notice from Secured Party, substantially in the form of the Prohibition Notice attached to this Agreement as Attachment 1, suspending Pledgor’s right to direct the investment of funds held for the credit of the Reserve Account, and (ii) ending promptly after receipt by Securities Intermediary of written notice
        from Secured Party, substantially in the form of the Rescission of Prohibition Notice attached to this Agreement as Attachment 2, rescinding the preceding Prohibition Notice.

     

    (b) General Provisions.  Unless otherwise defined herein or in the Sale and
        Servicing Agreement, terms used in Articles 8 and 9 of the UCC are used herein as therein defined.  Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or
        plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
        Agreement.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

     

    
      2

      
        

    

    Section 2.     Establishment and Operation of Reserve Account.

     

    (a) Establishment of Reserve Account.  Pledgor and Secured Party hereby
        authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a)
        of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 2019-C Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the
        person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account.  Secured Party and Pledgor agree that this account shall be the Reserve Account.

     

    (b) Acknowledgement of Receipt of Investments.  Securities Intermediary
        acknowledges the transfer by, or on behalf of, Pledgor, and the acquisition by Securities Intermediary, of cash in the amount of $3,125,000 for the credit of the Reserve Account.

     

    (c) Operations of the Reserve Account.  The Reserve Account shall be
        operated, and all Investments shall be acquired and registered or held (as applicable), in accordance with the terms of this Agreement.  No funds shall be withdrawn from or deposited into the Reserve Account, except as provided in the Indenture and
        the Sale and Servicing Agreement.  To the extent that the Indenture and the Sale and Servicing Agreement require payments into the Reserve Account, the provisions set forth herein shall govern.

     

    (d) Account Statements.  Securities Intermediary shall send Secured Party and
        Pledgor written account statements with respect to the Reserve Account not less frequently than monthly.  Reports or confirmation of the execution of orders and statements of account shall be conclusive if not objected to in writing within thirty
        (30) days after delivery.

     

    (e) Hague Securities Convention.  There are no agreements (other than this
        Agreement, the Indenture and the Sale and Servicing Agreement) that govern the Reserve Account.

     

    Section 3.     Mechanics of Deposits of Funds or Investments to the Reserve Account.

     

    (a) Transfers to the Reserve Account.  Any transfers of funds to the Reserve
        Account shall be made by wire transfer (or, if applicable, intra-bank transfer) of immediately available funds addressed as follows:

     

    U.S. Bank National Association

    ABA No.: 091000022

    SWIFT: USBKUS44IMT

        Acct Name: Global Structured Finance

        Account #: 173103322058

        Ref: TAOT 2019-C Reserve account # 222881001

    

    

    Transfers of Financial Assets to the Reserve Account shall be permitted by book-entry from securities accounts maintained with Securities
        Intermediary.

     

    
      3

      
        

    

    (b) Notice of Transfers.  In the event of any transfer of funds or Financial
        Assets to the Reserve Account pursuant to any provision of Section 4, Secured Party, or Pledgor, as the case may be, shall promptly, after initiating or sending out written instructions with respect to such transfer, give notice to the other such
        party by facsimile of the date and amount of such transfer.

     

    Section 4.     Eligible Investments and Transfers of Amounts in the Reserve Account.

     

    (a) Strict Compliance.  Funds or credit balances held by Securities
        Intermediary in the Reserve Account shall not be (i) invested or reinvested, (ii) sold or redeemed, or (iii) transferred from the Reserve Account, in either case except as provided in this Section 4.

     

    (b) Pledgor’s Right to Direct Investment.  Except during any Suspension
        Period, Securities Intermediary shall, (i) in accordance with Pledgor’s written Entitlement Orders given to Securities Intermediary from time to time, sell or redeem Investments, and apply amounts transferred to or held for the credit of the
        Reserve Account to make investments for credit to the Reserve Account, in Securities Intermediary’s name and as custodian under this Agreement, in Eligible Investments, or release such amounts to, or to the order of, Pledgor and (ii) on each
        Payment Date prior to the occurrence of an Event of Default that results in the acceleration of the Notes that has not been rescinded under the Indenture, release all income from the investment of funds in the Reserve Account from the security
        interest granted to the Indenture Trustee in this Agreement and pay such amounts to, or to the order of, the Pledgor.  During any Suspension Period and at any time after the occurrence of an Event of Default that results in the acceleration of the
        Notes which has not been rescinded under the Indenture, Pledgor’s right to direct such investments under this Section 4(b) shall be suspended, and Securities Intermediary shall not accept Entitlement Orders with respect to the Reserve Account from
        any person other than Secured Party; and any credit balances shall be invested and reinvested only as provided in Section 4(c).

     

    (c) Secured Party’s Right to Direct Investment.  During any Suspension Period
        and at any time after the occurrence of an Event of Default that results in the acceleration of the Notes which has not been rescinded under the Indenture, Securities Intermediary shall, in accordance with Secured Party’s written Entitlement Orders
        (which may be prepared and delivered by the Administrator acting in its capacity as such) given to Securities Intermediary from time to time, sell or redeem Investments, and apply amounts transferred to or held for the credit of the Reserve Account
        to make investments for credit to the Reserve Account, in Securities Intermediary’s name and as custodian under this Agreement, in Eligible Investments, or release such amounts to or to the order of the Secured Party. If no such written Entitlement
        Order has been given to Securities Intermediary, such amounts will be invested in accordance with the last provided instruction or if no such instruction was provided shall remain uninvested.

     

    (d) Overnight Investments.  To the extent that, as of 12:00 noon, New York
        time on any Business Day, there are credit balances expected to remain after settlement of all pending transactions in the Reserve Account, unless otherwise instructed by Secured Party (or by Administrator acting in its capacity as such, or by
        Pledgor at all times other than during a Suspension Period or at any time after the occurrence of an Event of Default that results in the

     

    
      4

      
        

    

    acceleration of the Notes which has not been rescinded under the Indenture), Securities Intermediary shall apply the expected credit balances
        to acquire Overnight Investments in accordance with the last provided instruction relating to Overnight Investments.  Any Overnight Investments shall be held for the credit of the Reserve Account from which the proceeds for acquisition was derived.

     

    (e) Actions of Securities Intermediary on Purchase of Investments.  Promptly
        upon the purchase, acquisition or transfer for credit of the Reserve Account of any Investment, Securities Intermediary shall take all steps that it customarily takes in the ordinary course of its business to ensure that such Investment is credited
        on its books to the Reserve Account.  Without limiting the generality of the foregoing, Securities Intermediary shall promptly (i) send to Pledgor and Secured Party a written confirmation of the acquisition of such Investment, and (ii) indicate by
        book entry in its records that such Investment has been credited to, and is held for the credit of, the Reserve Account.  Securities Intermediary agrees with Pledgor and Secured Party that any credit balances or property credited to, or held for
        the credit of, the Reserve Account shall be treated as “Financial Assets” as that term is defined in Section 8-102(a)(9)(iii) of the UCC.  The Pledgor and Secured Party acknowledge that to the extent regulations of the Comptroller of the Currency
        or other applicable regulatory entity grant the Pledgor and Secured Party the right to receive individual confirmations of security transactions at no additional cost, as they occur, the Pledgor and Secured Party specifically waive receipt of such
        confirmations to the extent permitted by law. Securities Intermediary will furnish the Pledgor and Secured Party periodic cash transaction statements that include detail for all investment transactions made by Securities Intermediary hereunder.

     

    (f) Grant of Control.  Anything contained herein to the contrary
        notwithstanding, Securities Intermediary shall, if and as directed in writing by Secured Party, without the consent of Pledgor, whether during a
        Suspension Period or otherwise, (i) comply with Entitlement Orders originated by Secured Party with respect to the Reserve Account, and any Security Entitlements therein, (ii) transfer, sell or redeem any of the Collateral, (iii) transfer any or
        all of the Collateral to any account or accounts designated by Secured Party, including an account established in Secured Party’s name (whether at Secured Party or Securities Intermediary or otherwise), (iv) register title to any Collateral in any
        name specified by Secured Party consistent with the policies or practices of the applicable depository, including the name of Secured Party or any of its nominees or agents, without reference to any interest of Pledgor, or (v) otherwise deal with
        the Collateral as directed by Secured Party.  Nothing contained in this paragraph shall constitute a waiver by Pledgor of any rights or remedies it may have against Secured Party under this Agreement or any other agreement.

     

    (g) Deposit of Proceeds.  Subject to Section 4(b), any interest, cash
        dividends or other cash distributions received in respect of any Investments and the net proceeds of any sale or payment of any Investments
        shall be promptly credited to, and held for the credit of the Reserve Account, and any distribution of property other than cash in respect of any Investment shall be credited to, and held for the credit of, the Reserve Account.

     

    (h) Valuation of Collateral.  Securities Intermediary shall provide view only
        access to its systems to Secured Party for the purpose of communicating data as to the Reserve Account as of that date.

     

    
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    Section 5.     Grant of Security Interest in Reserve Account; Covenant Against Creation of other
        Interests.

     

    (a) Security Interest.  Pledgor hereby grants to the Indenture Trustee, for
        the benefit of the Holders of Notes, all of the Pledgor’s right, title and interest in and to the Collateral, whether now or hereafter existing or in which the Pledgor now has or hereafter acquires an interest and wherever the same may be located. 
        Securities Intermediary hereby acknowledges the security interest granted by the Pledgor in favor of the Indenture Trustee, for the benefit of the Holders of Notes, in the Collateral and acknowledges that, on each Payment Date (i) prior to the
        occurrence of an Event of Default that results in an acceleration of the Notes that has not been rescinded under the Indenture and (ii) for so long as a Suspension Period is not continuing on such Payment Date, all income from the investment of
        funds in the Reserve Account will be (i) released from the security interest granted to the Indenture Trustee in this Agreement and (ii) paid to, or to the order of, the Pledgor.

     

    (b) Acknowledgement of Securities Intermediary’s Role.  Securities
        Intermediary hereby further acknowledges that, during any Suspension Period, it holds the Reserve Account, and all Security Entitlements therein, as custodian for, for the benefit of, and subject to the control of, Secured Party.  During any
        Suspension Period, Securities Intermediary shall, by book entry or otherwise, indicate that the Reserve Account, and all Security Entitlements registered to or held therein, are subject to the control of Secured Party as provided in Sections 4(c),
        4(e) and 4(f).  Securities Intermediary hereby further acknowledges that, subject to Section 4(f), at all times other than during a Suspension Period, it shall hold the Reserve Account, and all Security Entitlements therein, as custodian for, for
        the benefit of, and subject to the direction of, Pledgor at all times other than during a Suspension Period, Securities Intermediary shall, by book entry or otherwise, indicate that the Reserve Account, and all Security Entitlements registered to
        or held therein, are subject to the direction of Pledgor as provided in Section 4(b).

     

    (c) Securities Intermediary Has No Notice of Adverse Claims.  Securities
        Intermediary represents and warrants that (i) it has no notice of any Adverse Claim against any of the Collateral other than the claim of Secured Party under this Agreement, the Sale and Servicing Agreement and the Indenture; and (ii) it is not
        party to any agreement other than this Agreement that governs its rights or duties, or limits or conflicts with the rights of Secured Party, including the exclusive right of Secured Party to control as provided in Section 4(f), with respect to the
        Reserve Account.

     

    (d) Securities Intermediary Shall Not Acknowledge Other Claims.  Securities
        Intermediary agrees that, except as expressly provided in this Agreement (including Sections 4(b)) or with the written consent of Secured Party, it shall not agree to or acknowledge (i) any right by any Person other than Secured Party to originate
        Entitlement Orders or control with respect to the Reserve Account; or (ii) any limitation on the right of Secured Party to originate Entitlement Orders with respect to or direct the transfer of any Investments or cash credited to the Reserve
        Account.

     

    
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    Section 6.     Securities Intermediary Maintenance of the Reserve Account.

     

    (a) Transactions Shall Comply With Rules.  The parties acknowledge that all
        transactions in Financial Assets under this Agreement shall be in accordance with the rules and customs of the exchange, market or clearing organization, if any, in which the transactions are executed or settled and in conformity with applicable
        law and regulations of governmental authorities and future amendments or supplements thereto.

     

    (b) Risk of Investments and Transactions.  It is not the intention of the
        parties that Securities Intermediary should bear any investment risk associated with Eligible Investments or Overnight Investments acquired for the credit of the Reserve Account in accordance with Section 4.  Any losses or gains realized on such
        Investments shall be charged or credited to the Reserve Account, as appropriate.  On committing to a transaction for the credit of the Reserve Account pursuant to an instruction permitted in accordance with Section 4, Securities Intermediary may,
        (i) pending settlement, block (A) the Investments to be sold or (B) credit balances sufficient to settle any acquisition, or the Investment the liquidation of which will yield funds sufficient to settle any acquisition and, (ii) at the time of
        settlement, deliver such Investments or funds in accordance with the rules, custom or practice of the particular market.

     

    (c) Use of Intermediaries and Nominees.  Securities Intermediary is
        authorized, subject to Secured Party’s written instructions, to register any Financial Assets acquired by Securities Intermediary pursuant to this Agreement in the name of Securities Intermediary or in the name of its nominee, or to cause such
        securities to be registered in the name of a Federal reserve bank or a recognized securities intermediary or clearing corporation, or any nominee thereof.  Securities Intermediary may at any time and from time to time appoint, and may at any time
        remove, any bank, trust company, clearing corporation, or Broker-Dealer as its agent to carry out such of the provisions of this Agreement.  The appointment or use of any intermediary, or the appointment of any such agent, shall not relieve
        Securities Intermediary of any responsibility or liability under this Agreement.

     

    (d) Corporate Actions.  Except as otherwise set forth herein, Pledgor and
        Secured Party agree that Securities Intermediary shall have no responsibility for ascertaining or acting upon any calls, conversions, exchange offers, tenders, interest rate changes or similar matters relating to any Financial Assets credited to or
        held for the credit of the Reserve Account (except based on written instructions originated by Pledgor or Secured Party), or for informing Pledgor or Secured Party with respect thereto, whether or not Securities Intermediary has, or is deemed to
        have, knowledge of any of the aforesaid.  Securities Intermediary is authorized to withdraw securities sold or otherwise disposed of, and to credit the Reserve Account with the proceeds thereof or make such other disposition thereof as may be
        directed in accordance with this Agreement.  Securities Intermediary is further authorized to collect all income and other payments which may become due on Financial Assets credited to the Reserve Account, to surrender for payment maturing
        obligations and those called for redemption and to exchange certificates in temporary form for like certificates in definitive form, or, if the par value of any shares is changed, to effect the exchange for new certificates.  It is understood and
        agreed by Pledgor and Secured Party that, although Securities Intermediary will use reasonable efforts to effect the transactions set forth in the preceding sentence, Securities Intermediary shall incur no

     

    
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    liability for its failure to effect the same unless its failure is the result of negligence or willful misconduct.

     

    (e) Disclosure of Account Relationships.  Pledgor and Secured Party
        acknowledge that Securities Intermediary may be required to disclose to securities issuers the name, address and securities positions with respect to Financial Assets credited to the Reserve Account, and hereby consent to such disclosures.

     

    (f) Forwarding of Documents.  Securities Intermediary shall forward to
        Pledgor and, if requested, Secured Party, or notify Pledgor and, if requested, Secured Party by telephone of, all written communications received by Securities Intermediary as owner of any Financial Assets credited to the Reserve Account and which
        are intended to be transmitted to the beneficial owner thereof.

     

    (g) Direction in Disputes.  Subject to Section 4(f), Pledgor, Securities
        Intermediary and Secured Party hereby agree that in the event any dispute arises with respect to the payment, ownership or right to possession of the Reserve Account or any other Collateral credited to or held therein Securities Intermediary shall
        take or refrain from taking such actions with respect to the Reserve Account as may be directed by (a) Secured Party during the Suspension Period and (b) Pledgor other than during the Suspension Period.

     

    (h) No Setoff, etc.  Securities Intermediary shall not exercise on its own
        behalf any claim, right of set-off, banker’s lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Securities

        Intermediary may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Reserve Account.  Except for claims for deductions permitted in the
        preceding sentence, Securities Intermediary agrees that any security interest it may have in the Reserve Account or any security entitlement carried therein shall be subordinate and junior to the interest of Secured Party.

     

    (i) Only Agreement.  This Agreement shall govern the actions, rights and
        obligations of Securities Intermediary, and shall determine the governing law, with respect to the Reserve Account and the Collateral notwithstanding any term or condition in any agreement other than this Agreement as it may be amended,
        supplemented or otherwise modified in writing.

     

    (j) Care of Financial Assets.  Securities Intermediary shall maintain
        possession or control of all Financial Assets credited to the Reserve Account by segregating such Financial Assets from its proprietary assets and keeping

        them free of any lien, charge or claim of any third party granted or created by Securities Intermediary.  Securities Intermediary shall take such other steps to ensure that Financial Assets credited to the Reserve Account are identified as being
        held for customers of Securities Intermediary as may be required under applicable law or in accordance with custom and practice in the industry.

     

    (k) Further Actions.  Pledgor and Securities Intermediary shall take such
        further actions as Secured Party shall reasonably request as being necessary or desirable to maintain or achieve perfection or priority of Secured Party’s security interest with respect to the Collateral and to permit Secured Party to exercise its
        rights with respect to the Collateral.

     

    
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    Section 7.     Limitations on Duties, and Exculpation and Indemnification, of Securities Intermediary.

     

    (a) Limitation on Duty of Care; Exculpation.  Securities Intermediary’s duties hereunder are only
        those specifically provided herein, and Securities Intermediary shall incur no liability whatsoever for any actions or omissions hereunder except for any such liability arising out of or in connection with Securities Intermediary’s negligence or
        willful misconduct.  Securities Intermediary has no obligation to ensure the sufficiency of this Agreement or the arrangements described hereunder to satisfy any objectives of Secured Party or Pledgor.  Securities Intermediary shall have no duty to
        supervise or to provide investment counseling or advice to Pledgor or Secured Party with respect to the purchase, sale, retention or other disposition of any Financial
        Assets held hereunder.  Except as specifically otherwise provided in this Agreement, Securities Intermediary shall not be responsible for enforcing compliance by the other parties to this Agreement with their respective duties and obligations to each other under this or any other Agreement.

     

    (b) Consultation with Counsel.  Securities Intermediary may consult with, and
        obtain, at the expense of Pledgor, advice from, legal counsel as to the construction of any of the provisions of this Agreement, and shall incur no liability in acting in good faith in accordance with the reasonable advice and opinion of such
        counsel.

     

    (c) Reasonable Reliance.  Securities Intermediary shall be fully protected
        and shall suffer no liability in acting in accordance with any written instructions reasonably believed by it to have been given (i) by Secured Party (or from the Administrator purporting to be acting in its capacity as such) with respect to any
        aspect of the operation of the Reserve Account (including any such instructions relating to any investment or transfer of any amounts held therein) or (ii) by Pledgor, to the extent provided in Section 4(b), with respect to the Reserve Account.

     

    (d) Expenditure of Funds.  No provision of this Agreement shall require
        Securities Intermediary 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, if it shall have reasonable grounds to believe that
        repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

     

    (e) Resignation.  Securities Intermediary may at any time resign by giving
        thirty (30) days written notice of resignation to the Secured Party and the Pledgor; provided however that no such resignation of Securities Intermediary shall be effective until a successor Securities Intermediary has been appointed and is serving
        pursuant to the terms hereof.  Upon receiving notice of such resignation, the Pledgor shall promptly appoint a successor, and upon acceptance by the successor of such appointment, release the resigning Successor Intermediary from its obligations
        hereunder by written instrument, a copy of which instrument shall be delivered to the other parties hereto, Securities Intermediary and the successor Securities Intermediary.  If no successor shall have been so appointed and have accepted
        appointment within forty-five (45) days after the giving of such notice of resignation, the resigning Securities Intermediary may petition any court of competent jurisdiction on for the appointment of such successor.

     

    
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    (f) Indemnity.  The Pledgor shall indemnify Securities Intermediary and its
        officers, directors, employees and agents against any and all loss, liability or expense (including, but not limited to, reasonable legal fees and expenses and including any such reasonable fees, costs and expenses incurred in connection with any
        enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Issuer) incurred by it in connection with the administration of this trust and the performance of its duties
        hereunder not resulting from its own willful misconduct, negligence or bad faith.  Securities Intermediary shall notify the Pledgor promptly of any claim for which it may seek indemnity.  Failure by Securities Intermediary to so notify the Pledgor
        shall not relieve the Pledgor of its obligations hereunder.  The Pledgor need not reimburse any expense or indemnify against any loss, liability or expense incurred by Securities Intermediary through Securities Intermediary’s own willful
        misconduct, negligence or bad faith.  The provisions of this Section 7(f) shall survive the termination of this Agreement or the earlier resignation or removal of Securities Intermediary

     

    Section 8.    
          Representations and Warranties By Securities Intermediary.  Securities Intermediary hereby represents and warrants to Pledgor and Secured Party as follows:

     

    (a) Corporate Power.  Securities Intermediary has all necessary corporate
        power and authority to enter into and perform this Agreement.

     

    (b) Execution Authorized.  The execution, delivery and performance of this
        Agreement by Securities Intermediary have been duly authorized by all necessary corporate action on the part of Securities Intermediary.

     

    (c) Securities Intermediary.  Securities Intermediary is a “securities
        intermediary” (as that term is defined in Section 8-102(a)(14) of the UCC), and is acting in such capacity with respect to the Reserve Account.  Securities Intermediary is not a “clearing corporation” (as that term is defined in Section 8-102(a)(5)
        of the UCC).  Securities Intermediary has at the time of this Agreement and shall continuously maintain a place of business in the United States at which any of the activities of Securities Intermediary are carried on and which (i) alone or
        together with other offices of Securities Intermediary or with other persons acting for Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts, (B) administers payments or corporate
        actions relating to securities held with Securities Intermediary or such other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii)  is identified by an account number, bank code,
        or other specific means of identification as maintaining securities accounts in the United States.

     

    Section 9.    
          Termination.  All rights to the Reserve Account and all other Collateral registered to or held therein shall revert to Pledgor, upon Securities Intermediary’s receipt of written notice, signed by an authorized officer of Secured Party,
        that the Indenture has terminated.

     

    Section 10.     Resignation and Removal of Securities Intermediary.

     

    (a) Removal.  Securities Intermediary may be removed at any time by written
        notice given by Secured Party to Securities Intermediary and Pledgor, but such removal shall not

     

    
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    become effective until a successor Securities Intermediary shall have been appointed by Secured Party and shall have accepted such
        appointment in writing.

     

    (b) Resignation.  Securities Intermediary may resign at any time by giving
        not less than thirty (30) days’ written notice to Secured Party and Pledgor, but such .removal

        shall not become effective until a successor Securities Intermediary (i) shall have been appointed by Secured Party and (ii) shall have accepted such appointment in writing.  If an instrument of acceptance by a successor Securities Intermediary
        shall not have been delivered to the resigning Securities Intermediary within sixty (60) days after the giving of any such notice of resignation, the resigning Securities Intermediary may, at the expense of Pledgor, petition any court of competent
        jurisdiction for the appointment of a successor Securities Intermediary.

     

    (c) Successor Securities Intermediary.  Any successor Securities Intermediary
        shall be a bank or trust company, having capital and surplus of at least $50 million, located in the State of New York.

     

    (d) Process of Succession.  Upon the appointment of a successor Securities
        Intermediary and its acceptance of such appointment, the resigning or removed Securities Intermediary shall transfer all items of Collateral held by it to such successor (which items of Collateral shall be transferred to new Reserve Account
        established and maintained by such successor).  Following such appointment all references herein to Securities Intermediary shall be deemed a reference to such successor; provided that the provisions of Section 7 hereof shall continue to inure to the benefit of the resigning or removed Securities Intermediary with respect to any actions taken or omitted to be taken by it under this
        Agreement while it was Securities Intermediary hereunder.

     

    Section 11.     Secured
          Party as Indenture Trustee.  Secured Party shall at all times be the same Person that is the Indenture Trustee under the Indenture.  Resignation or removal of the Indenture Trustee under the Indenture shall also constitute substitution of
        a successor Secured Party under this Agreement.  Upon the acceptance of any appointment as successor Indenture Trustee under the Indenture, that successor Indenture Trustee shall thereupon succeed to and become vested with all the rights, powers,
        privileges and duties of the retiring or removed Secured Party under this Agreement, and the retiring or removed Secured Party under this Agreement shall promptly (i) transfer to such successor Secured Party all items of Collateral held by Secured
        Party, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Secured Party under this Agreement, and (ii) execute and deliver to such successor Secured Party such
        documents and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Secured Party of the security interests created hereunder, whereupon such retiring or removed Secured Party shall be
        discharged from its duties and obligations under this Agreement.

     

    Section 12.     CHOICE OF
          LAW.  BOTH THIS AGREEMENT AND THE RESERVE ACCOUNT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (REGARDLESS OF ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
        NEW YORK)).  REGARDLESS OF ANY PROVISION IN ANY OTHER AGREEMENT, FOR

     

    
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    PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE SECURITIES INTERMEDIARY’S JURISDICTION, THE RESERVE ACCOUNT AND SECURITIES ENTITLEMENTS
        RELATED THERETO SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.  THE PARTIES WILL NOT AGREE TO ANY AMENDMENT TO THIS
        AGREEMENT OR THE INDENTURE TO CHANGE THE GOVERNING LAW TO ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

     

    Section 13.    
          Amendments.  This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Pledgor, the Indenture Trustee and Securities Intermediary, and without the consent of any of the Noteholders or the
        Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in
        any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the
        Servicer to the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in
        respect of such proposed amendment.

     

    This Agreement may also be amended from time to time by the Pledgor, the Indenture Trustee and Securities Intermediary
        and, if the interests of the Noteholders are materially and adversely affected, with the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of Notes, acting together as a single Class,
        for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

     

    No amendment otherwise permitted under this Section 13 may (x) increase or reduce in any manner the amount of, or
        accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders adversely
        affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certificateholders adversely affected thereby; provided, that any amendment
        referred to in clause (x) or (y) above shall be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately
        preceding sentence shall be permitted unless an Officer’s Certificate shall have been delivered by the Servicer to the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely
        affect the interest of any Noteholder or Certificateholder whose consent was not obtained.

     

    Prior to the execution of any amendment to this Agreement, the Indenture Trustee shall be entitled to receive and rely
        upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. Promptly after the execution of any such amendment or consent, the Indenture Trustee shall furnish written notification of the

     

    
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    substance of such amendment or consent to the Certificateholder and the Administrator and the Administrator shall provide such notification
        to each of the Rating Agencies.

     

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to
        this Section 13 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization of the
        execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe.

     

    Section 14.     Tax
          Reporting.  All items of income, gain, expense and loss recognized in the Securities Accounts shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of
        the Pledgor.

     

    Section 15.    
          Compensation.  Pledgor shall pay to Securities Intermediary from time to time reasonable compensation for its services hereunder.  Pledgor shall reimburse Securities Intermediary upon request for all reasonable disbursements, expenses and
        advances incurred or made by it.  Such expenses shall include the reasonable compensation, disbursements and expenses of Securities Intermediary’s agents and counsel.

     

    Section 16.    
          Successors.  The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors.

     

    Section 17.     Notices. 
        Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic
        confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below.

     

    Section 18.     Submission
          to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to
        this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an
        inconvenient forum.

     

    Section 19.     WAIVER OF
          JURY TRIAL.   EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
        THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    
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            Pledgor:

          	
            Toyota Auto Finance Receivables LLC

            6565 Headquarters Drive, W2-3D

            Plano, Texas 75024-5965

            Attention:  Treasury Operations Department

            Fax: (310) 381-7739

            With a copy by electronic mail to: TFS_TREASURY_Operations@toyota.com

          
	 	 
	 	
            With a copy to:

            Toyota Auto Finance Receivables LLC

            6565 Headquarters Drive, W2-5A

            Plano, Texas 75024-5965

            Attention:  General Counsel

            Fax: (310) 381-7739

          
	 	 
	
            Secured Party:

          	
            U.S. Bank National Association

            190 S. LaSalle Street, 7th Floor

            Chicago, Illinois 60603

            Attention: Toyota Auto Receivables 2019-C Owner Trust

          
	 	 
	
            Securities Intermediary:

          	
            U.S. Bank National Association

            190 S. LaSalle Street, 7th Floor

            Chicago, Illinois 60603

            Attention: Toyota Auto Receivables 2019-C Owner Trust

          
	 	 
	 	 

    Any party may change its address for notices in the manner set forth above.

     

    Section 20.    
          Counterparts.  This Agreement may be executed in any manner of counterparts, all of which shall constitute in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this
        Agreement, by signing and delivering one or more counterparts.

     

    Section 21.     No
          Petition.  Each of the parties hereto, by entering into this Agreement, hereby covenants and agrees that it shall not at any time acquiesce, petition or otherwise invoke or cause the Issuer or the Pledgor to invoke the process of any court
        or government authority for the purpose of commencing or sustaining a case against the Issuer or the Pledgor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
        sequestrator or other similar official of the Issuer or the Pledgor, as the case may be, or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Pledgor, in connection with any
        obligations relating to the Notes, the Certificates, this Agreement or any of the Basic Documents prior to the date that is one year and one day after the date on which the Indenture is terminated.  This Section 21 shall survive the termination of
        this Agreement and the termination of Securities Intermediary under this Agreement.

     

    [Remainder of page intentionally left blank]

     

    
      14

      
        

    

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

     

    	 	
            TOYOTA AUTO FINANCE RECEIVABLES LLC

          
	 	 	 
	 	
            By:

          	
                                                                                     

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            as Securities Intermediary and Indenture Trustee

          
	 	 	 
	 	
            By:

          	
                                                                                     

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

    

    

    
      
        

    

    Attachment 1

    FORM OF PROHIBITION NOTICE

    Date:

     

    U.S. Bank National Association

    190 S. LaSalle Street, 7th Floor

    Chicago, Illinois 60603

    Attention: Toyota Auto Receivables 2019-C Owner Trust

    

    

    Toyota Auto Finance Receivables LLC

    6565 Headquarters Drive, W2-3D

    Plano, Texas 75024-5965

    Attention:  Treasury Operations Department

     

    Toyota Auto Finance Receivables LLC

    6565 Headquarters Drive, W2-5A

    Plano, Texas 75024-5965

    Attention:  General Counsel

     

    Re:    Prohibition

          Notice:  Toyota Auto Receivables 2019-C Owner Trust - Reserve Account

     

    Ladies and Gentlemen:

     

    Pursuant to the Securities Account Control Agreement (the “Agreement”) dated as of August 14, 2019 and entered into between Toyota Auto
        Finance Receivables LLC, U.S. Bank National Association, in its capacity as Indenture Trustee, and U.S. Bank National Association, in its capacity as Securities Intermediary, we hereby give you this Prohibition Notice and notify you of the
        commencement of a Suspension Period.  Until further notice from the undersigned substantially in the form of Attachment 2 to the Agreement, Securities Intermediary shall not accept or follow instructions from Pledgor pursuant to Section 4(b) of the
        Agreement.

     

    Capitalized terms used and not otherwise defined in this notice are used with their respective meanings in the Agreement.

     

    Yours truly,

     

    U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and Secured Party

     

    By:                                                                             

     

    Its:                                                                              

    

    

    
      
        

    

    Attachment 2

    FORM OF RESCISSION OF PROHIBITION NOTICE

    Date:

     

    U.S. Bank National Association

    190 S. LaSalle Street, 7th Floor

    Chicago, Illinois 60603

    Attention: Toyota Auto Receivables 2019-C Owner Trust

    

    

    Toyota Auto Finance Receivables LLC

    6565 Headquarters Drive, W2-3D

    Plano, Texas 75024-5965

    Attention:  Treasury Operations Department

     

    Toyota Auto Finance Receivables LLC

    6565 Headquarters Drive, W2-5A

    Plano, Texas 75024-5965

    Attention:  General Counsel

     

    
      
        	

              	Re:	
                Rescission of Prohibition Notice:  Toyota Auto Receivables
                      2019-C Owner Trust - Reserve Account

              

      

    

     

    Ladies and Gentlemen:

     

    Pursuant to the Securities Account Control Agreement (the “Agreement”) dated as of August 14, 2019, and entered into between Toyota Auto
        Finance Receivables LLC, U.S. Bank National Association, in its capacity as Indenture Trustee, and U.S. Bank National Association, in its capacity as Securities Intermediary, we hereby notify you of the rescission by Secured Party of the
        Prohibition Notice dated               , 20__ and the end of the related Suspension Period.  You are hereby instructed that you shall accept and follow
        written instructions from Pledgor pursuant to Section 4(b) of the Agreement.

     

    Capitalized terms used and not otherwise defined in this notice are used with their respective meanings in the Agreement.

     

    Yours truly,

     

    U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and Secured Party

     

    By:                                                                             

     

    Its:

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