Document:

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                            ADMINISTRATION AGREEMENT

                                      among

                   TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST,
                                    as Issuer

                        TOYOTA MOTOR CREDIT CORPORATION,
                                as Administrator

                              THE BANK OF NEW YORK,
                              as Indenture Trustee

                                       and

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

                            Dated as of March 1, 2003

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>      <C>                                                                                                  <C>
1.       Duties of the Administrator.............................................................................2

2.       Records.................................................................................................9

3.       Compensation............................................................................................9

4.       Additional Information to be Furnished to the Issuer....................................................9

5.       Independence of the Administrator.......................................................................9

6.       No Joint Venture........................................................................................9

7.       Other Activities of Administrator.......................................................................9

8.       Term of Agreement; Resignation and Removal of Administrator.............................................9

9.       Action upon Termination, Resignation or Removal........................................................11

10.      Notices................................................................................................11

11.      Amendments.............................................................................................12

12.      Successor and Assigns..................................................................................12

13.      Governing Law..........................................................................................12

14.      Headings...............................................................................................12

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
</TABLE>

                                      -i-
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         ADMINISTRATION AGREEMENT dated as of March 1, 2003, among TOYOTA AUTO
RECEIVABLES 2003-A OWNER TRUST, a Delaware statutory trust (the "Issuer"),
TOYOTA MOTOR CREDIT CORPORATION, a California corporation, as administrator (the
"Administrator"), the bank of new york, a New York State banking institution,
not in its individual capacity but solely as Indenture Trustee (the "Indenture
Trustee") and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as Owner Trustee (the
"Owner Trustee").

                              W I T N E S S E T H:

         WHEREAS a beneficial ownership interest in the Issuer represented by
the Toyota Auto Receivables 2003-A Owner Trust Asset Backed Certificate (the
"Certificate") has been issued in connection with the formation of the Issuer
pursuant to the Trust Agreement dated as of February 24, 2003 as amended and
restated by the Amended and Restated Trust Agreement dated as of March 1, 2003
(the "Trust Agreement"), between Toyota Auto Finance Receivables LLC ("TAFR
LLC"), a Delaware limited liability company, as depositor, and the Owner
Trustee, to the owners thereof (the "Owners");

         WHEREAS the Issuer is issuing the Toyota Auto Receivables 2003-A Owner
Trust $432,500,000 1.17188% Asset Backed Notes, Class A-1, the Toyota Auto
Receivables 2003-A Owner Trust $375,000,000 1.28% Asset Backed Notes, Class A-2,
the Toyota Auto Receivables 2003-A Owner Trust $364,000,000 Floating Rate Asset
Backed Notes, Class A-3A, the Toyota Auto Receivables 2003-A Owner Trust
$125,000,000 1.69% Asset Backed Notes, Class A-3B and the Toyota Auto
Receivables 2003-A Owner Trust $206,000,000 2.20% Asset Backed Notes Class A-4
(collectively, the "Notes") pursuant to the Indenture dated as of March 1, 2003
(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 March 1, 2003, 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 March 1, 2003 (the "Receivables Purchase Agreement"), by
and among 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 Administration Agreement, the Sale and Servicing
Agreement, the Revolving Liquidity Note Agreement and the Interest Rate Swap
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, the Revolving Liquidity Note and the assets
pledged pursuant to the granting clause of the Indenture (the "Collateral");

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         WHEREAS the Issuer, the Owner Trustee and the Indenture Trustee desire
to appoint TMCC as administrator to perform certain of the duties of the Issuer,
the Owner Trustee and the Indenture 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 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 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
             for execution by 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 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 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 the notification of the Indenture Trustee and Noteholders
                with respect to special payment dates, if any (Section 5.04(d));

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                    (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) approving the form and substance of an Opinion of
                Counsel or a representation letter of the transferee in
                connection with the transfer of the Class A-1 Notes (Section
                2.04(b));

                    (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 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
                Section 3.05 of the Indenture, necessary to protect the Trust
                Estate (Section 3.05);

                    (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(b));

                    (N) notifying the Indenture Trustee and the Rating Agencies
                of any Servicer Default pursuant to the Sale and Servicing
                Agreement and, if such

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                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 for the release of the Issuer from its obligations
                under the Indenture (Section 3.10(b));

                    (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) 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);

                    (R) 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);

                    (S) 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);

                    (T) 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);

                    (U) providing to the Rating Agencies copies of any amendment
                or supplement to the Interest Rate Swap Agreement (Section
                6.14(c));

                    (V) notifying the Swap Counterparty of any proposed
                amendment or supplement to any of the Basic Documents (Section
                6.14(d));

                    (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

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                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 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) 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);

                    (EE) 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));

                    (FF) 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));

                    (GG) 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);

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

                    (II) causing the recording of the Indenture, if applicable
                (Section 11.14); and

                (ii) The Administrator also will:

                    (A) pay the Indenture Trustee from time to time the
                reasonable compensation provided for in the Indenture with
                respect to services rendered by the Indenture Trustee under the
                Indenture (which compensation shall not be limited by any
                provision of law in regard to the compensation of a Trustee of
                an express trust);

                    (B) reimburse the Indenture Trustee upon its request for all
                reasonable expenses, disbursements and advances incurred or made
                by the Indenture Trustee in accordance with any provision of the
                Indenture (including the reasonable compensation, expenses and
                disbursements of its agents and counsel) to the extent the
                Indenture Trustee is entitled to such reimbursement by the
                Issuer under the Indenture;

                    (C) indemnify the Indenture Trustee for, and hold it
                harmless against, any losses, liability or expense incurred
                without negligence or bad faith on the part of the Indenture
                Trustee, arising out of or in connection with the acceptance or
                administration of the trusts and duties contemplated by the
                Indenture, including the reasonable costs and expenses of
                defending itself against any claim or liability in connection
                therewith, to the extent the Indenture Trustee is entitled to
                such indemnification from the Issuer under the Indenture; and

                    (D) indemnify the Owner Trustee for, and hold it harmless
                against, any loss, liability or expense incurred without
                negligence or bad faith on the part of the Owner Trustee,
                arising out of or in connection with the acceptance or
                administration of the transactions contemplated by the Trust
                Agreement, the Indenture, the Note Depository Agreement or this
                Administration Agreement, including the reasonable costs and
                expenses of defending itself against any claim or liability in
                connection with the exercise or performance of any of their
                powers or duties under the Trust Agreement to the extent the
                Owner Trustee is entitled to such indemnification under Section
                8.02 of the Trust Agreement.

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         (b) Duties under Revolving Liquidity Note Agreement. The Administrator
shall deliver appropriate draw requests pursuant to Sections 2.1 or 2.2 of the
Revolving Liquidity Note Agreement for execution and delivery by the Indenture
Trustee 24 or more hours before the Servicer is required to put cash in the
Collection Account.

         (c) Additional Duties.

             (i) In addition to the duties of the Administrator set forth above,
         the Administrator shall perform such calculations, and shall prepare
         for execution by the Issuer or the Owner Trustee 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 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, other
         than delivery thereof to Noteholders or the Certificateholder, 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 Collateral
         (including 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.
         Such responsibilities shall include, and the Owner Trustee hereby
         requests that the Administrator, execute and deliver any filings,
         certificates, affidavits or other instruments required under the
         Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law,
         and obtain and maintain any licenses required to be obtained or
         maintained by the Trust under the Pennsylvania Motor Vehicle Sales
         Finance Act. In addition, the Administrator shall promptly notify the
         Indenture Trustee and the Owner Trustee in writing of any amendment to
         the Pennsylvania Motor Vehicle Sales Finance Act that would affect the
         duties or obligations of the Indenture Trustee, or the Owner Trustee
         under any Basic Document and shall assist the Indenture Trustee or the
         Owner Trustee in obtaining and maintaining any licenses required to be
         obtained or maintained by the Indenture Trustee or the Owner Trustee
         thereunder. In connection therewith, the Administrator shall pay all
         fees and expenses of obtaining and maintaining any such licenses under
         such Act and Code.

             (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 of the Owner Trustee set forth in Sections
         5.04(a), (b), (c) and (d) of the Trust Agreement with respect to, among
         other things, accounting and reports to the Certificateholder.

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             (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.

         (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;

                (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

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         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 of
$200.00 per month 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 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 dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.

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

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             (c) Subject to Sections 8(e) and 8(f), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 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 10 days (or, if
             such default cannot be cured in such time, shall not give within
             such 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 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
             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 days after the happening 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 each Rating Agency has provided to the Owner Trustee and
the Indenture Trustee written notice that the proposed appointment will not
result in the reduction or withdrawal of any rating then assigned by such Rating
Agency to any Class of Notes.

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             (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.

         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 or the Owner Trustee, to:

                     Toyota Auto Receivables 2003-A Owner Trust
                     In care of:  U.S. Bank Trust National Association
                     300 Delaware Avenue, Suite 813
                     Wilmington, Delaware  19801-1515
                     Attention:  Toyota Auto Receivables 2003-A Owner Trust

                     with a copy to:

                     400 N. Michigan Avenue, 2nd Floor
                     Chicago, Illinois  60611
                     Attention:  Toyota Auto Receivables 2003-A Owner Trust

             (b) if to the Administrator, to:

                     Toyota Motor Credit Corporation
                     19001 South Western Avenue
                     Torrance, California  90509
                     Attention:  Vice President, Treasury Department

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             (c) if to the Indenture Trustee, to:

                     Toyota Auto Receivables 2003-A Owner Trust
                     In care of:  The Bank of New York
                     101 Barclay Street, 8 West
                     New York, New York  10286
                     Attention:  Asset Backed Securities -
                                 Toyota Auto Receivables 2003-A 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,
the Owner Trustee and the Indenture Trustee, without the consent of any
Noteholders or the Certificateholders, for the purpose of adding any provisions
to or modifying or changing in any manner or eliminating any of the provisions
of this Agreement; provided that such amendment does not and will not, in the
Opinion of Counsel satisfactory to the Indenture Trustee, materially and
adversely affect the interest of any Noteholder or Certificateholder.

         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.

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

         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.

                                       12
<PAGE>

         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 U.S. Bank Trust National Association, not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer,
and by The Bank of New York, not in its individual capacity but solely in its
capacity as Indenture Trustee under the Indenture. In no event shall U.S. Bank
Trust National Association, in its individual capacity, The Bank of New York, 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.

         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 Administration Agreement, for any action taken or for refraining from
the taking of any action pursuant to this Administration 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 Administration Agreement. The Administrator and any director,
officer, employee or agent of 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 Administration Agreement.

                                       13
<PAGE>

         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 2003-A OWNER TRUST

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

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

                                TOYOTA MOTOR CREDIT CORPORATION,
                                  as Administrator

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

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

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

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

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

                                      S-1<PAGE>

(MULTICURRENCY--CROSS BORDER)

                           ISDA (Registered Trademark)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                           dated as of March 27, 2003

TOYOTA MOTOR CREDIT CORPORATION and TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.       INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for

<PAGE>

         payments in the required currency. Where settlement is by delivery
         (that is, other than by payment), such delivery will be made for
         receipt on the due date in the manner customary for the relevant
         obligation unless otherwise specified in the relevant Confirmation or
         elsewhere in this Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      NETTING.  If on any date amounts would otherwise be payable:-

         (i)      in the same currency; and

         (ii)     in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)      DEDUCTION OR WITHHOLDING FOR TAX.

         (i) GROSS-UP. All payments under this Agreement will be made without
         any deduction or withholding for or on account of any Tax unless such
         deduction or withholding is required by any applicable law, as modified
         by the practice of any relevant governmental revenue authority, then in
         effect. If a party is so required to deduct or withhold, then that
         party ("X") will:-

             (1) promptly notify the other party ("Y") of such requirement;

                                       2
<PAGE>

             (2) pay to the relevant authorities the full amount required to be
             deducted or withheld (including the full amount required to be
             deducted or withheld from any additional amount paid by X to Y
             under this Section 2(d)) promptly upon the earlier of determining
             that such deduction or withholding is required or receiving notice
             that such amount has been assessed against Y;

             (3) promptly forward to Y an official receipt (or a certified
             copy), or other documentation reasonably acceptable to Y,
             evidencing such payment to such authorities; and

             (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
             the payment to which Y is otherwise entitled under this Agreement,
             such additional amount as is necessary to ensure that the net
             amount actually received by Y (free and clear of Indemnifiable
             Taxes, whether assessed against X or Y) will equal the full amount
             Y would have received had no such deduction or withholding been
             required. However, X will not be required to pay any additional
             amount to Y to the extent that it would not be required to be paid
             but for:-

                 (A) the failure by Y to comply with or perform any agreement
                 contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                 (B) the failure of a representation made by Y pursuant to
                 Section 3(f) to be accurate and true unless such failure would
                 not have occurred but for (I) any action taken by a taxing
                 authority, or brought in a court of competent jurisdiction, on
                 or after the date on which a Transaction is entered into
                 (regardless of whether such action is taken or brought with
                 respect to a party to this Agreement) or (II) a Change in Tax
                 Law.

        (ii) LIABILITY. If:-

             (1) X is required by any applicable law, as modified by the
             practice of any relevant governmental revenue authority, to make
             any deduction or withholding in respect of which X would not be
             required to pay an additional amount to Y under Section 2(d)(i)(4);

             (2) X does not so deduct or withhold; and

             (3) a liability resulting from such Tax is assessed directly
             against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e)      DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount

                                       3

<PAGE>

to the other party on demand in the same currency as such overdue amount, for
the period from (and including) the original due date for payment to (but
excluding) the date of actual payment, at the Default Rate. Such interest will
be calculated on the basis of daily compounding and the actual number of days
elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in the
performance of any obligation required to be settled by delivery, it will
compensate the other party on demand if and to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement.

3.       REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:-

(a)      BASIC REPRESENTATIONS.

         (i) STATUS. It is duly organised and validly existing under the laws of
         the jurisdiction of its organisation or incorporation and, if relevant
         under such laws, in good standing;

         (ii) POWERS. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which is it a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorise such execution, delivery and
         performance;

         (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) CONSENTS. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganisation,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

(b)      ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

                                       4
<PAGE>

(c)      ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)      ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)      PAYER TAX REPRESENTATION. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true.

(f)      PAYEE TAX REPRESENTATIONS. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.       AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

(a)      FURNISH SPECIFIED INFORMATION. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:-

         (i) any forms, documents or certificates relating to taxation
         specified in the Schedule or any Confirmation;

         (ii) any other documents specified in the Schedule or any
         Confirmation; and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)      MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other
authority that are required to be obtained by it

                                       5
<PAGE>

with respect to this Agreement or any Credit Support Document to which it is a
party and will use all reasonable efforts to obtain any that may become
necessary in the future.

(c)      COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      TAX AGREEMENT. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning
of such failure.

(e)      PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organised, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.       EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)      EVENTS OF DEFAULT. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:-

         (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) CREDIT SUPPORT DEFAULT.

               (1) Failure by the party or any Credit Support Provider of such
               party to comply with or perform any agreement or obligation to be
               complied with or performed by it in accordance with any Credit
               Support Document if such failure is continuing after any
               applicable grace period has elapsed;

                                       6
<PAGE>

               (2) the expiration or termination of such Credit Support Document
               or the failing or ceasing of such Credit Support Document to be
               in full force and effect for the purpose of this Agreement (in
               either case other than in accordance with its terms) prior to the
               satisfaction of all obligations of such party under each
               Transaction to which such Credit Support Document relates without
               the written consent of the other party; or

               (3) the party or such Credit Support Provider disaffirms,
               disclaims, repudiates or rejects, in whole or in part, or
               challenges the validity of, such Credit Support Document;

         (iv)  MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
         or in part, a Specified Transaction (or such action is taken by any
         person or entity appointed or empowered to operate it or act on its
         behalf);

         (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however
         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii) BANKRUPTCY. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:-

                                       7
<PAGE>

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or (B) is not
                  dismissed, discharged, stayed or restrained in each case
                  within 30 days of the institution or presentation thereof; (5)
                  has a resolution passed for its winding-up, official
                  management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its assets or has a distress, execution,
                  attachment, sequestration or other legal process levied,
                  enforced or sued on or against all or substantially all its
                  assets and such secured party maintains possession, or any
                  such process is not dismissed, discharged, stayed or
                  restrained, in each case within 30 days thereafter; (8) causes
                  or is subject to any event with respect to it which, under the
                  applicable laws of any jurisdiction, has an analogous effect
                  to any of the events specified in clauses (1) to (7)
                  (inclusive); or (9) takes any action in furtherance of, or
                  indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts; or

         (viii)   MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:-

                  (1) the resulting, serving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b)      TERMINATION EVENTS. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such Party of any event specified below constitutes an illegality if
the event is specified in (i) below, a Tax Event if the event specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant

                                       8

<PAGE>

to (iv) below or an Additional Termination Event if the event is specified
pursuant to (v) below:-

         (i)      ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):-

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

         (ii)     TAX  EVENT. Due to (x) any action taken by a taxing authority,
         or brought in a court of competent jurisdiction, on or after the date
         on which a Transaction is entered into (regardless of whether such
         action is taken or brought with respect to a party to this Agreement)
         or (y) a Change in Tax Law, the party (which will be the Affected
         Party) will, or there is a substantial likelihood that it will, on the
         next succeeding Scheduled Payment Date (1) be required to pay to the
         other party an additional amount in respect of an Indemnifiable Tax
         under Section 2(d)(i)(4) (except in respect of interest under Section
         2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount
         is required to be deducted or withheld for or on account of a Tax
         (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e))
         and no additional amount is required to be paid in respect of such Tax
         under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A)
         or (B));

         (iii)    TAX EVENT UPON MERGER. The party (the "Burdened  Party") on
         the next succeeding Scheduled Payment Date will either (1) be required
         to pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv)     CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the

                                       9

<PAGE>

         resulting, surviving or transferee entity is materially weaker than
         that of X, such Credit Support Provider or such Specified Entity, as
         the case may be, immediately prior to such action (and, in such event,
         X or its successor or transferee, as appropriate, will be the Affected
         Party); or

         (v)      ADDITIONAL TERMINATION EVENT. If any "Additional Termination
         Event" is specified in the Schedule or any Confirmation as applying,
         the occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c)      EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an
Event of Default.

6.       EARLY TERMINATION

(a)      RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event
of Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i)      NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii)     TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality
         under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
         Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
         Party is the Affected Party, the Affected Party will, as a condition to
         its right to designate an Early Termination Date under Section
         6(b)(iv), use all reasonable efforts (which will not require such party
         to incur a loss, excluding immaterial, incidental expenses) to transfer
         within 20 days after it gives notice under Section 6(b)(i) all its
         rights and obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

                                       10
<PAGE>

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii)    TWO AFFECTED PARTIES. If an Illegality under Section
         5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
         each party will use all reasonable efforts to reach agreement within 30
         days after notice thereof is given under Section 6(b)(i) on action to
         avoid that Termination Event.

         (iv)     RIGHT TO TERMINATE.  If:-

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not
                  the Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then continuing, designate a day not earlier than the day such
         notice is effective as an Early Termination Date in respect of all
         Affected Transactions.

(c)      EFFECT OF DESIGNATION.

         (i) If notice designating an Early TerminaFtion Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

                                       11
<PAGE>

(d)      CALCULATIONS.

         (i)      STATEMENT. On or as soon as reasonably practicable following
         the occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii)     PAYMENT DATE. An amount calculated as being due in respect of
         any Early Termination Date under Section 6(e) will be payable on the
         day that notice of the amount payable is effective (in the case of an
         Early Termination Date which is designated or occurs as a result of an
         Event of Default) and on the day which is two Local Business Days after
         the day on which notice of the amount payable is effective (in the case
         of an Early Termination Date which is designated as a result of a
         Termination Event.) Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

          (i)     EVENTS OF DEFAULT. If the Early Termination Date results from
          an Event of Default:-

                  (1)   FIRST METHOD AND MARKET QUOTATION. If the First Method
                  and Market Quotation apply, the Defaulting Party will pay to
                  the Non-defaulting Party the excess, if a positive number, of
                  (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party.

                  (2)   FIRST METHOD AND LOSS. If the First Method and Loss
                  apply, the Defaulting Party will pay to the Non-defaulting
                  Party, if a positive number, the Non-defaulting Party's Loss
                  in respect of this Agreement.

                                       12
<PAGE>

                  (3)   SECOND METHOD AND MARKET QUOTATION. If the Second Method
                  and Market Quotation apply, an amount will be payable equal to
                  (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4)   SECOND METHOD AND LOSS. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

(ii)              TERMINATION EVENTS. If the Early Termination Date results
                  from a Termination Event:-

                  (1)   ONE AFFECTED PARTY. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

                  (2)      TWO AFFECTED PARTIES.  If there are two Affected
                  Parties:-

                           (A) if Market Quotation applies, each party will
                           determine a Settlement Amount in respect of the
                           Terminated Transactions, and an amount will be
                           payable equal to (I) the sum of (a) one-half of the
                           difference between the Settlement Amount of the party
                           with the higher Settlement Amount ("X") and the
                           Settlement Amount of the party with the lower
                           Settlement Amount ("Y") and (b) the Termination
                           Currency Equivalent of the Unpaid Amounts owing to X
                           less (II) the Termination Currency Equivalent of the
                           Unpaid Amounts owing to Y; and

                           (B) if Loss applies, each party will determine its
                           Loss in respect of this Agreement (or, if fewer than
                           all the Transactions are being terminated, in
                           respect of all Terminated Transactions) and an
                           amount will be payable equal to one-half of the
                           difference between the Loss of the party with the
                           higher Loss ("X") and the Loss of the party with the
                           lower Loss ("Y").

                  If the amount payable is a positive number, Y will pay it to
                  X; if it is a negative number, X will pay the absolute value
                  of that amount to Y.

                                       13
<PAGE>

         (iii)    ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv)     PRE-ESTIMATE. The parties agree that if Market Quotation
         applies an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

7.       TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:-

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       CONTRACTUAL CURRENCY

(a)      PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable law,
any obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

                                       14
<PAGE>

(b)      JUDGMENTS. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)      SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)      EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

9.       MISCELLANEOUS

(a)      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)      SURVIVAL OF  OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

                                       15

<PAGE>

(e)      COUNTERPARTS AND CONFIRMATIONS.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power
or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)      HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      OFFICES; MULTIBRANCH PARTIES

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or organisation of such party, the
obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be
repeated by such party on each date on which a Transaction is entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.      EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any

                                       16

<PAGE>

Credit Support Document to which the Defaulting Party is a party or by reason
of the early termination of any Transaction, including, but not limited to,
costs of collection.

12.      NOTICES

(a)      EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:-

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form,
         it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      GOVERNING LAW AND JURISDICTION

(a)      GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      JURISDICTION.  With  respect to any suit, action or proceedings
relating to this Agreement ("Proceedings"), each party irrevocably:-

         (i)      submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

                                       17
<PAGE>

         (ii)     waives any objection which it may have at any time to the
         laying of venue of any Proceedings brought in any such court, waives
         any claim that such Proceedings have been brought in an inconvenient
         forum and further waives the right to object, with respect to such
         Proceedings, that such court does not have any jurisdiction over such
         party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d)      WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.      DEFINITIONS

As used in this Agreement:-

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

                                       18
<PAGE>

"APPLICABLE RATE" means:-

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or

                                       19

<PAGE>

having or having had a permanent establishment or fixed place of business in
such jurisdiction, but excluding a connection arising solely from such recipient
or related person having executed, delivered, performed its obligations or
received a payment under, or enforced, this Agreement or a Credit Support
Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether

                                       20

<PAGE>

the underlying obligation was absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under
Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date. For this purpose, Unpaid
Amounts in respect of the Terminated Transaction or group of Terminated
Transactions are to be excluded but, without limitation, any payment or delivery
that would, but for the relevant Early Termination Date, have been required
(assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included. The Replacement Transaction would be subject
to such documentation as such party and the Reference Market-maker may, in good
faith, agree. The party making the determination (or its agent) will request
each Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time zones)
on or as soon as reasonably practicable after the relevant Early Termination
Date. The day and time as of which those quotations are to be obtained will be
selected in good faith by the party obliged to make a determination under
Section 6(e), and, if each party is so obliged, after consultation with the
other. If more than three quotations are provided, the Market Quotation will be
the arithmetic mean of the quotations, without regard to the quotations having
the highest and lowest values. If exactly three such quotations are provided,
the Market Quotation will be the quotation remaining after disregarding the
highest and lowest quotations. For this purpose, if more than one quotation has
the same highest value or lowest value, then one of such quotations shall be
disregarded. If fewer than three quotations are provided, it will be deemed that
the Market Quotation in respect of such Terminated Transaction or group of
Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

                                       21
<PAGE>

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:-

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

                                       22
<PAGE>

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the

                                       23
<PAGE>

Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

                                       24

<PAGE>

LA1:999107                                          S-1
                  IN WITNESS WHEREOF the parties have executed this document on
the respective dates specified below with effect from the date specified on the
first page of this document.

<TABLE>
<CAPTION>

TOYOTA MOTOR CREDIT CORPORATION                               TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST*
         (Name of Party)                                               (Name of Party)
<S>                                                           <C>

By:    /s/ George E. Borst                                    By:    /s/ Nancie J. Arvin
   --------------------------------------------------            -----------------------
     Name:     George E. Borst                                     Name:     Nancie J. Arvin
     Title:    President and Chief Executive                       Title:    Vice President
               Officer                                             Date:     March 27, 2003
     Date:     March 27, 2003                                      *  U.S. Bank Trust National Association as Owner
                                                                      Trustee
</TABLE>

                                      S-1

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