Document:

Exhibit 4.7

  

  

  

  

  
    
 

  

  

  

  FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

  

  

  among

  

  

  TOYOTA AUTO RECEIVABLES 20[__]-[__] OWNER TRUST,

    as Issuer,

  

  

  TOYOTA MOTOR CREDIT CORPORATION,

    as Servicer and Administrator,

  

  

  and

  

  

  [__________],

    as Asset Representations Reviewer

  

  

  Dated as of [__________], 20[__]

  

  

  

  

  

  

  
    
 

  

  

  

  
    
      
 

  

  
  TABLE OF CONTENTS

  	
          ARTICLE I

        	
          USAGE AND DEFINITIONS

        	
          1

        
	 	 	 
	
          Section 1.1.

        	
          Usage and Definitions

        	
          1

        
	
          Section 1.2.

        	
          Additional Definitions

        	
          1

        
	 	 	 
	
          ARTICLE II

        	
          ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

        	
          2

        
	 	 	 
	
          Section 2.1.

        	
          Engagement; Acceptance

        	
          2

        
	
          Section 2.2.

        	
          Confirmation of Status

        	
          2

        
	 	 	 
	
          ARTICLE III

        	
          ASSET REPRESENTATIONS REVIEW PROCESS

        	
          3

        
	 	 	 
	
          Section 3.1.

        	
          Review Notice and Identification of Review Receivables

        	
          3

        
	
          Section 3.2.

        	
          Review Materials

        	
          3

        
	
          Section 3.3.

        	
          Performance of Reviews

        	
          3

        
	
          Section 3.4.

        	
          Review Reports

        	
          4

        
	
          Section 3.5.

        	
          Review Representatives

        	
          5

        
	
          Section 3.6.

        	
          Dispute Resolution

        	
          5

        
	
          Section 3.7.

        	
          Limitations on Review Obligations

        	
          5

        
	 	 	 
	
          ARTICLE IV

        	
          ASSET REPRESENTATIONS REVIEWER

        	
          6

        
	 	 	 
	
          Section 4.1.

        	
          Representations and Warranties

        	
          6

        
	
          Section 4.2.

        	
          Covenants

        	
          7

        
	
          Section 4.3.

        	
          Fees and Expenses

        	
          7

        
	
          Section 4.4.

        	
          Limitation on Liability

        	
          8

        
	
          Section 4.5.

        	
          Indemnification by Asset Representations Reviewer

        	
          9

        
	
          Section 4.6.

        	
          Indemnification of Asset Representations Reviewer

        	
          9

        
	
          Section 4.7.

        	
          Inspections of Asset Representations Reviewer

        	
          10

        
	
          Section 4.8.

        	
          Delegation of Obligations

        	
          10

        
	
          Section 4.9.

        	
          Confidential Information

        	
          10

        
	
          Section 4.10.

        	
          Personally Identifiable Information

        	
          12

        
	 	 	 
	
          ARTICLE V

        	
          RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

        	
          14

        
	 	 	 
	
          Section 5.1.

        	
          Eligibility Requirements for Asset Representations Reviewer

        	
          14

        
	
          Section 5.2.

        	
          Resignation and Removal of Asset Representations Reviewer

        	
          14

        
	
          Section 5.3.

        	
          Successor Asset Representations Reviewer

        	
          15

        
	
          Section 5.4.

        	
          Merger, Consolidation or Succession

        	
          15

        
	 	 	 
	
          ARTICLE VI

        	
          OTHER AGREEMENTS

        	
          15

        
	 	 	 
	
          Section 6.1.

        	
          Independence of Asset Representations Reviewer

        	
          15

        
	
          Section 6.2.

        	
          No Petition

        	
          16

        
	
          Section 6.3.

        	
          Limitation of Liability of Owner Trustee

        	
          16

        
	
          Section 6.4.

        	
          Termination of Agreement

        	
          16

        
	 	 	 
	
          ARTICLE VII

        	
          MISCELLANEOUS PROVISIONS

        	
          16

        
	 	 	 
	
          Section 7.1.

        	
          Amendments

        	
          16

        
	
          Section 7.2.

        	
          Assignment; Benefit of Agreement; Third Party Beneficiaries

        	
          17

        

   

  
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          Section 7.3.

        	
          Notices

        	
          17

        
	
          Section 7.4.

        	
          GOVERNING LAW

        	
          17

        
	
          Section 7.5.

        	
          WAIVER OF JURY TRIAL

        	
          17

        
	
          Section 7.6.

        	
          No Waiver; Remedies

        	
          18

        
	
          Section 7.7.

        	
          Severability

        	
          18

        
	
          Section 7.8.

        	
          Headings

        	
          18

        
	
          Section 7.9.

        	
          Counterparts and Electronic Signatures

          

        	
          18

        
	
          
            
              Section 7.10.

              

            

          

        	
          
            
              Submission to Jurisdiction

                
                  
                     

                  

                

              

            

          

        	 18

  Schedule A – Review Materials

  Schedule B – Representations, Warranties and Tests

  
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    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [__________], 20[__] (this “Agreement”), among TOYOTA AUTO
      RECEIVABLES 20[__]-[__] OWNER TRUST, a Delaware statutory trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the
      “Administrator”), and [__________], a [__________] (the “Asset Representations Reviewer”).

    WITNESSETH

    WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
      compliance with certain representations and warranties made with respect thereto; and

    WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms
      of this Agreement.

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

    ARTICLE I

      USAGE AND DEFINITIONS

    Section 1.1.     Usage and Definitions.  Capitalized terms used but not
      defined in this Agreement shall have the meanings ascribed to such terms in the Sale and Servicing Agreement.

    Section 1.2.     Additional Definitions.  The following terms have the
      meanings given below:

    “Annual Fee” has the meaning stated in Section 4.3(a).

    “Annual Period” has the meaning stated in Section 4.3(e).

    “Confidential Information” has the meaning stated in Section 4.9(b).

    “Contract” means, with respect to any Receivable, the original tangible record constituting or forming a part of
      such Receivable, or a copy or image of such original tangible record, together with (and as modified by) any correction notice issued by the Servicer to the related Obligor with respect thereto.

    “Information Recipients” has the meaning stated in Section 4.9(a).

    “Indemnified Parties” has the meaning stated in Section 4.6(a).

    “Indenture” means the Indenture, dated as of [__________], 20[__], between the Issuer and the Indenture Trustee, as the same may
      be amended, supplemented or modified from time to time.

    

    

    
      
        
 

    

    
    

    

    “Indenture Trustee” means [__________], as indenture trustee under the Indenture, and any successor thereto.

    “Issuer PII” has the meaning stated in Section 4.10(a).

    “PII” has the meaning stated in Section 4.10(a).

    “Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and
      each Review Receivable according to Section 3.3.

    “Review Fee” has the meaning stated in Section 4.3(b).

    “Review Materials” means, for a Review and a Review Receivable, the documents and other materials listed in
      Schedule A.

    “Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant
      to 12.02 of the Indenture.

    “Review Receivables” means those certain Receivables identified by the Servicer to the Asset Representations
      Reviewer following receipt of a Review Notice as not having been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents at or prior to the date of such Review Notice.

    “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section
      3.4.

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of [__________], 20[__], among
      the Issuer, the Seller and TMCC.

    “Test” has the meaning stated in Section 3.3(a).

    “Test Complete” has the meaning stated in Section 3.3(c).

    “Test Fail” has the meaning stated in Section 3.3(a).

    “Test Pass” has the meaning stated in Section 3.3(a).

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

    Section 2.1.     Engagement; Acceptance.  The Issuer hereby engages
      [__________] to act as the Asset Representations Reviewer for the Issuer.  [__________] hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms set forth in this Agreement.

    Section 2.2.     Confirmation of Status.  The parties confirm that the
      Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this

    
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    Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

    Section 3.1.     Review Notice and Identification of Review Receivables. 
      Within [ten] ([10]) Business Days after delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will deliver a list of the Review Receivables to the Asset Representations Reviewer.  Upon receipt of a Review Notice and the
      related list of Review Receivables from the Servicer, the Asset Representations Reviewer will start a Review. Delivery of any Review Notice shall be made pursuant to Section 10.03 of the Sale and Servicing Agreement.

    Section 3.2.     Review Materials.

    (a)     Access to Review Materials.  Within sixty (60) days of the
      delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review Receivables in one or more of the following ways, to be determined in
      the sole discretion of the Servicer: (i) by providing access to the Servicer’s receivables systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations
      Reviewer has access, (iii) by providing scanned copies at an office of the Servicer where the Review Materials are located or (iv) in another manner agreed to between the Servicer and the Asset Representations Reviewer.  The Servicer may redact or
      remove PII from the Review Materials, but will use commercially reasonable efforts not to change the meaning or usefulness of the Review Materials for the Review.

    (b)     Missing or Insufficient Review Materials.  The Asset
      Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines that there are
      missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer and the Administrator promptly, and in any event no less than twenty (20) Business Days before completing the Review.  The Servicer will have
      fifteen (15) Business Days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct any such insufficiency.  If the missing or insufficient Review Materials or other documents or
      information have not been provided by the Servicer within such fifteen (15) Business Day period, the related Review Report will report a Test Fail for each Test in respect of which such missing or insufficient Review Materials is necessary to
      determine whether a Test Pass result is appropriate.

    Section 3.3.     Performance of Reviews.

    (a)     Test Procedures.  For a Review, the Asset Representations Reviewer
      will perform, for each Review Receivable, the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform the procedures described for such Test in
      Schedule B.  For each Test and Review Receivable, the

    
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    Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied
      (a “Test Fail”).

    (b)     Review Period.  The Asset Representations Reviewer will complete
      the Review of all of the Review Receivables within sixty (60) days after having received access to the Review Materials pursuant to Section 3.2(a).  However, if additional Review Materials are provided to the Asset Representations Reviewer in respect
      of any Review Receivables pursuant to Section 3.2(b), the Review period will be extended for an additional thirty (30) days in respect of any such Review Receivables.

    (c)     Completion of Review for Certain Review Receivables.  Following
      the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or
      purchased from the Issuer in accordance with the terms of the Basic Documents.  On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Review Receivable, and the Review of such Review
      Receivables will be considered complete (a “Test Complete”).  In this case, the related Review Report will indicate a Test Complete for such Review Receivable and the related reason.

    (d)     Previously Reviewed Receivable; Duplicative Tests.  If any Review
      Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review.  If the same
      Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable representation and warranty on
      the Review Report.

    (e)     Termination of Review.  If a Review is in process and the Notes
      will be paid in full on the next Payment Date, the Servicer or the Administrator will notify the Asset Representations Reviewer no less than ten (10) days before that Payment Date.  On receipt of such notice, the Asset Representations Reviewer will
      terminate the Review immediately and will not be obligated to deliver a Review Report.

    Section 3.4.     Review Reports.  Within five (5) days after the end of
      the applicable Review period under Section 3.3(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer, the Depositor, the Administrator and the Indenture Trustee a Review Report indicating for each Review Receivable whether
      there was a Test Pass, Test Fail or Test Complete for each related Test.  For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Receivable was a Test Fail as a result of
      missing or incomplete Review Materials.  The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations
      Reviewer will ensure that the Review Report does not contain any PII.  On reasonable request of the Servicer or the Administrator, the Asset Representations Reviewer will provide additional details on the Test results.

    
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    Section 3.5.     Review Representatives.

    (a)     Servicer Representative.  The Servicer will designate one or more
      representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the
      Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

    (b)     Asset Representations Reviewer Representative.  The Asset
      Representations Reviewer will designate one or more representatives who will be available to the Issuer, the Servicer and the Administrator during the performance of a Review.

    (c)     Questions About Review.  The Asset Representations Reviewer
      will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee, the Servicer or the Administrator until the earlier of (i) the payment in full of the
      Notes and (ii) two years after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons, and
      the Indenture Trustee will direct the Noteholders, to submit written questions or requests to the Servicer.

    Section 3.6.     Dispute Resolution.  If a Review Receivable that was the
      subject of a Review becomes the subject of a dispute resolution proceeding under Section 11.02 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the
      proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a
      party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.02 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed
      by the Issuer according to Section 4.3(d) of this Agreement.

    Section 3.7.     Limitations on Review Obligations.

    (a)     Review Process Limitations.  The Asset Representations Reviewer
      will have no obligation: (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct a Review under the Indenture; (ii) to determine which Receivables are the subject of a Review;
      (iii) to obtain or confirm the validity of the Review Materials; (iv) to obtain missing or insufficient Review Materials; (v) to take any action or cause any other party to take any action under any of the Basic Documents to enforce any remedies for
      breaches of representations or warranties; or (vi) to establish cause, materiality or recourse for any Test Fail as described in Section 3.3.

    (b)     Testing Procedure Limitations.  The Asset Representations Reviewer
      will only be required to perform the “Tests” described in Schedule B, and will not be obligated to perform additional procedures on any Review Receivable other than as specified in this Agreement.

    
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    However, the Asset Representations Reviewer may, in its discretion, (i) perform other tests that it deems reasonable and appropriate in
      determining whether the Review Receivables were in compliance with the representations and warranties made by TMCC and the Seller about the Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable, and (ii)
      provide additional information about any Review Receivable that it determines in good faith to be material to the related Review.

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

    Section 4.1.     Representations and Warranties.  The Asset
      Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

    (a)     Organization and Qualification.  The Asset Representations
      Reviewer is duly organized and validly existing as a [__________] in good standing under the laws of State of [__________].  The Asset Representations Reviewer is qualified as a foreign [__________] in good standing and has obtained all necessary
      licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals
      would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

    (b)     Power, Authority and Enforceability.  The Asset Representations
      Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal,
      valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’
      rights or by general equitable principles.

    (c)     No Conflicts and No Violation.  The completion of the
      transactions  contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan
      agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of
      any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an
      order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset
      Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

    (d)     No Proceedings.  To the Asset Representations Reviewer’s
      knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court,

    
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    regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer
      or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a
      material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

    (e)     Eligibility.  The Asset Representations Reviewer meets the
      eligibility requirements in Section 5.1.

    Section 4.2.     Covenants.  The Asset Representations Reviewer covenants
      and agrees that:

    (a)     Eligibility.  It will notify the Issuer, the Servicer and the
      Administrator promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

    (b)     Review Systems; Personnel.  It will maintain business process
      management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review
      Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this
      Agreement.

    (c)     Maintenance of Review Materials.  It will maintain copies of any
      Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of at least two years after any termination of this Agreement.

    (d)     Compliance with Applicable Law.  The Asset Representations
      Reviewer will act in accordance with all requirements applicable to an asset representations reviewer under applicable law (as amended from time to time) and other state or federal securities law applicable to asset representations reviewers in
      effect during the term of this Agreement.

    Section 4.3.     Fees and Expenses.

    (a)     Annual Fee.  As compensation for its activities hereunder, the
      Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period prior to the termination of the Issuer, in an amount equal to $[_____].

    (b)     Review Fee.  Following the completion of a Review and the delivery
      of the related Review Report pursuant to Section 3.4, or the termination of a Review according to Section 3.3(e), and the delivery to the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect thereof, the
      Asset Representations Reviewer will be entitled to a fee of $[____] for each Review Receivable for which the Review was started (the “Review Fee”).  However, no Review Fee will be charged for any Review Receivable which was

    
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    included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a
      termination of the Review according to Section 3.3(e) or due to missing or insufficient Review Materials under Section 3.2(b).

    (c)     Reimbursement of Travel Expenses.  If the Servicer provides access
      to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review, following the delivery to the Issuer, the Indenture Trustee, the
      Servicer and the Administrator of a detailed invoice in respect of such expenses; provided that such reimbursable expenses may not exceed $[_______].

    (d)     Dispute Resolution Expenses.  If the Asset Representations
      Reviewer participates in a dispute resolution proceeding under Section 3.6 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after
      the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses after receipt of a detailed invoice in respect thereof.

    (e)     Method of Payment.  The initial Annual Fee will become due and
      payable by TMCC within thirty (30) days of receipt by TMCC of an invoice in respect thereof.  Each other Annual Fee, and the amount of any properly invoiced fees, expenses or claims (including any Review Fee) to be reimbursed or paid by the Issuer
      pursuant to the terms of this Agreement, will become due and payable by the Issuer on the next Payment Date occurring at least five (5) Business Days after receipt by the Servicer of the related invoice from the Asset Representations Reviewer, in
      each case in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as applicable; provided that, (i) Annual Fees (other than the initial Annual Fee) will not be payable by the Issuer prior
      to the Payment Date immediately following the end of each annual period occurring on the anniversary of the Closing Date (each such period, an “Annual Period”), and (ii) the Asset Representations Reviewer must submit its invoice for any
      outstanding fees, expenses or claims not later than ten (10) Business Days before the final Payment Date.  The Servicer shall provide notice to the Asset Representations Reviewer of the final Payment Date at least fifteen (15) Business Days prior to
      such Payment Date.  In the event that any such properly invoiced fees, expenses or claims are not paid or reimbursed in full by the Issuer on the related Payment Date, TMCC shall promptly pay the Asset Representations Reviewer for any such unpaid
      amounts.  If, subsequent to any such payment by TMCC to the Asset Representations Reviewer described in the immediately preceding sentence, the Asset Representations Reviewer receives payment or reimbursement in respect of the related fee, expense or
      claim, in part or in full, from the Issuer, then the Asset Representations Reviewer shall promptly refund TMCC for the amount of such payment or reimbursement received from the Issuer on such subsequent date.

    Section 4.4.     Limitation on Liability.  The Asset Representations
      Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or
      negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, indirect or consequential

    
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    losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or
      damage and regardless of the form of action.

    Section 4.5.     Indemnification by Asset Representations Reviewer .  The
      Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses,
      damages and liabilities (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought by
      such indemnified parties) of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under
      this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement,
      the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

    Section 4.6.     Indemnification of Asset Representations Reviewer.

    (a)     Indemnification.  The Issuer will indemnify the Asset
      Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement
      (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
      negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

    (b)     Proceedings.  Promptly on receipt by an Indemnified Person of
      notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Issuer, the Servicer and the Administrator of the Proceeding.  The Issuer, the Servicer and the Administrator may participate in
      and assume the defense and settlement of a Proceeding at its expense.  If the Issuer, the Servicer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to
      the Indemnified Person, and so long as the Issuer, the Servicer or the Administrator assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer, the Servicer and the Administrator will not be
      liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer, the Servicer or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer, the
      Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Issuer, the Servicer and the Administrator and the
      Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

    (c)     Survival of Obligations.  The Issuer’s, the Servicer’s and the
      Administrator’s obligations under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

    
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    (d)     Repayment.  If the Issuer, the Servicer or the Administrator makes
      any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer, the Servicer or the
      Administrator, as applicable.

    Section 4.7.     Inspections of Asset Representations Reviewer.  The Asset
      Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer and the Administrator, during the Asset Representations Reviewer’s normal
      business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this
      Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the
      Issuer’s, the Servicer’s and the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Each of the Issuer, the Servicer and the
      Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required to make
      the disclosure under this Agreement or the other Basic Documents.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its
      obligations under this Agreement.

    Section 4.8.     Delegation of Obligations.  The Asset Representations
      Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer, the Servicer and the Administrator.

    Section 4.9.     Confidential Information.

    (a)     Treatment.  The Asset Representations Reviewer agrees to hold and
      treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. 
      The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Administrator, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or
      affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement.  The Asset Representations Reviewer
      agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by TMCC, the Issuer or any of their respective Affiliates or special purpose entities formed by any of the foregoing Persons on the basis of
      Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

    (b)     Definition.  “Confidential Information” means oral, written
      and electronic materials (irrespective of its source or form of communication) furnished before, on or after the

    
      10

      
        
 

    

    

    

    date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

    (i)       lists of Review Receivables and any related Review
      Materials;

    (ii)      origination and servicing guidelines, policies and
      procedures, and form contracts; and

    (iii)     notes, analyses, compilations, studies or other
      documents or records prepared by the Servicer or the Administrator, which contain information supplied by or on behalf of the Servicer, the Administrator or their respective representatives.

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a
      result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Servicer or the Administrator before its
      disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer, the Servicer or the Administrator and is not prohibited from transmitting the information to the
      Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’
      possession or (D) the Issuer, the Servicer or the Administrator provides permission to the applicable Information Recipients to release.

    (c)     Protection.  The Asset Representations Reviewer will take
      reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. 
      The Asset Representations Reviewer acknowledges that PII is also subject to the additional requirements in Section 4.10.

    (d)     Disclosure.  If the Asset Representations Reviewer is required by
      applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a required
      disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Servicer and the Administrator with notice of the requirement and will cooperate, at the
      Issuer’s or the Servicer’s expense, as applicable, in the Issuer’s or the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuer or the Servicer is unable to obtain a
      protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is
      legally required to disclose.

    (e)     Responsibility for Information Recipients.  The Asset
      Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients.

    (f)     Violation.  The Asset Representations Reviewer agrees that a
      violation of this Agreement may cause irreparable injury to the Issuer, the Servicer and the Administrator, and the

    
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    Issuer, the Servicer and the Administrator may seek injunctive relief in addition to legal remedies.  If an action is initiated by the
      Issuer, the Servicer or the Administrator to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

    Section 4.10.     Personally Identifiable Information.

    (a)     Definitions.  “PII” means information in any format about
      an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when
      used separately or in combination with other information could identify an individual.  “Issuer PII” means PII furnished by the Issuer, the Servicer, the Administrator or their respective Affiliates to the Asset Representations Reviewer and
      PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

    (b)     Use of Issuer PII.  The Issuer does not grant the Asset
      Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer
      and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally
      required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection
      policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical
      safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and
      (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data
      storage protection and data transmission protection) and physical security measures.

    (c)     Additional Limitations.  In addition to the use and protection
      requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

    (i)     The Asset Representations Reviewer will not disclose
      Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the prior consent of the Issuer or (C) as required by applicable
      law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuer
      PII of the

    
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    confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and
      protection of Issuer PII.

    (ii)     The Asset Representations Reviewer will not sell,
      disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

    (iii)     [Notwithstanding anything to the contrary contained
      in this Agreement, the Asset Representations Reviewer’s use and handling of Issuer PII shall also be subject to the terms and limitations described in that separate letter agreement between TMCC and the Asset Representations Reviewer dated [____],
      20[_] (the “Letter Agreement”) and, in the event of any conflict between the terms of the Letter Agreement and the terms of this Agreement related to the Asset Representations Reviewer’s use and handling of Issuer PII, the most restrictive of such
      terms shall govern.]

    (d)     Notice of Breach.  The Asset Representations Reviewer will notify
      the Issuer, the Servicer and the Administrator promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and,
      where applicable, immediately take action to prevent any further breach.

    (e)     Return or Disposal of Issuer PII.  Except where return or disposal
      is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a
      manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where
      the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

    (f)     Compliance; Modification.  The Asset Representations Reviewer will
      cooperate with and provide information to the Issuer, the Servicer and the Administrator regarding the Asset Representations Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer, the Issuer, the Servicer and the
      Administrator agree to modify this Section 4.10 as necessary for any party to comply with applicable law.

    (g)     Audit of Asset Representations Reviewer.  The Asset
      Representations Reviewer will permit the Issuer, the Servicer and the Administrator and their authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s
      normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Issuer, the Servicer and the Administrator agree to make
      reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.  The Asset Representations Reviewer will also permit the Issuer, the Servicer and the Administrator, during normal business hours
      on reasonable advance written notice, to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

    
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    (h)     Affiliates and Third Parties.  If the Asset Representations
      Reviewer processes the PII of the Issuer’s, the Servicer’s or the Administrator’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third
      party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII-related terms of this Section 4.10 against the Asset
      Representations Reviewer as if each were a signatory to this Agreement.

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

    Section 5.1.     Eligibility Requirements for Asset Representations Reviewer. 
      The Asset Representations Reviewer must be a Person who (a) is not an Affiliate of TMCC, the Seller, the Issuer, the Servicer, the Administrator, the Indenture Trustee or the Owner Trustee and (b) is not an Affiliate of any Person that was engaged by
      TMCC or any underwriter of the Notes to perform any due diligence on the Receivables prior to the Closing Date.

    Section 5.2.     Resignation and Removal of Asset Representations Reviewer.

    (a)     No Resignation.  The Asset Representations Reviewer will not
      resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement
      permitted under applicable law.  In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Servicer and the Administrator, together with an Opinion of Counsel supporting its determination.

    (b)     Removal.  If any of the following events occur, the Issuer, by
      notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

    (i)      the Asset Representations Reviewer no longer meets
      the eligibility requirements in Section 5.1;

    (ii)     the Asset Representations Reviewer breaches of any of
      its representations, warranties, covenants or obligations in this Agreement; or

    (iii)     an Insolvency Event of the Asset Representations
      Reviewer occurs.

    (c)     Notice of Resignation or Removal.  The Issuer will notify the
      Servicer, the Administrator, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

    (d)     Continue to Perform After Resignation or Removal.  No resignation
      or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement
      according to Section 5.3(b).

    
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    Section 5.3.     Successor Asset Representations Reviewer .

    (a)     Engagement of Successor Asset Representations Reviewer.  Following
      the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

    (b)     Effectiveness of Resignation or Removal.  No resignation or
      removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer, the Servicer and the Administrator an agreement accepting its engagement and agreeing to
      perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer on substantially the same terms as this Agreement.

    (c)     Transition and Expenses.  If the Asset Representations Reviewer
      resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer, the Servicer and the Administrator and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
      Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this
      Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer, the Servicer, the Administrator or the successor Asset Representations
      Reviewer. To the extent expenses incurred by the Asset Representations Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay
      such expenses in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as applicable.

    Section 5.4.     Merger, Consolidation or Succession.  Any Person (a) into
      which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that
      Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement.  Such Person will execute and deliver to the Issuer, the Servicer and the Administrator an agreement to assume
      the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

    ARTICLE VI

      OTHER AGREEMENTS

    Section 6.1.     Independence of Asset Representations Reviewer.  The
      Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless authorized by the
      Issuer, the Servicer or the Administrator, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Servicer or the Administrator, respectively, and will not be considered an agent of any such Person.  Nothing
      in this Agreement will make the Asset Representations Reviewer and

    
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    the Issuer, the Servicer or the Administrator members of any partnership, joint venture or other separate entity or impose any liability
      as such on any of them.

    Section 6.2.     No Petition.  Each of the parties agrees that, before the
      date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all securities issued by the Seller, the Issuer or by a trust for which the Seller was a depositor, it will not start or pursue against, or
      join any other Person in starting or pursuing against the Seller or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will
      survive the termination of this Agreement.

    Section 6.3.     Limitation of Liability of Owner Trustee .  This
      Agreement has been signed on behalf of the Issuer by [__________], not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will [__________] in its individual capacity or a beneficial owner of the Issuer
      be liable for the Issuer’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

    Section 6.4.     Termination of Agreement.  This Agreement will terminate,
      except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

    Section 7.1.     Amendments.  The parties may amend this Agreement:

    (i)     to clarify an ambiguity, correct an error or correct
      or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case
      without the consent of the Noteholders or any other Person;

    (ii)     to add, change or eliminate terms of this Agreement,
      in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse
      effect on the Noteholders; or

    (iii)     to add, change or eliminate terms of this Agreement
      for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(ii), with the consent of a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single Class.

    
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    Section 7.2.     Assignment; Benefit of Agreement; Third Party Beneficiaries.

    (a)     Assignment.  Except as stated in Section 5.4, this Agreement may
      not be assigned by the Asset Representations Reviewer without the consent of the Issuer, the Servicer and the Administrator.

    (b)     Benefit of Agreement; Third-Party Beneficiaries.  This Agreement
      is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce
      this Agreement against the Asset Representations Reviewer, the Servicer and the Administrator.  No other Person will have any right or obligation under this Agreement.

    Section 7.3.     Notices.

    (a)     Notices to Parties.  All notices, requests, demands, consents,
      waivers or other communications to or from the parties must be in writing and will be considered given:

    (i)       for overnight mail, on delivery or, for registered
      first class mail, postage prepaid, three (3) days after deposit in the mail;

    (ii)      for a fax, when receipt is confirmed by telephone,
      reply email or reply fax from the recipient;

    (iii)     for an email, when receipt is confirmed by telephone
      or reply email from the recipient; and

    (iv)     for an electronic posting to a password-protected
      website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred.

    (b)     Notice Addresses.  Any notice, request, demand, consent, waiver or
      other communication will be addressed as stated in the Sale and Servicing Agreement or the Administration Agreement, as applicable, or to another address as a party may give by notice to the other parties.

    Section 7.4.     GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
        OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    Section 7.5. WAIVER OF JURY TRIAL.  EACH
        OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY 

     

      

    
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    IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
        HEREBY.

    Section 7.6.     No Waiver; Remedies.  No party’s failure or delay in
      exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other
      power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

    Section 7.7.     Severability.  If a part of this Agreement is held
      invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

    Section 7.8.     Headings.  The headings in this Agreement are included
      for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 7.9.        Counterparts and Electronic Signatures.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Each party agrees
      that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the
      purposes of validity, enforceability, and admissibility.

    
      Section 7.10.      Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of
        the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by
        law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

    

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
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    IN WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer have caused
      their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.

    	 	
            TOYOTA AUTO RECEIVABLES 20[__]-[__] OWNER TRUST, as Issuer

          
	 	 	 
	 	
            By:   

          	
            [__________], not in its individual capacity, but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            TOYOTA MOTOR CREDIT CORPORATION,

          
	 	 	
            as Servicer and Administrator

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            [__________],

          
	 	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    
      
        
 

    

    
    Schedule A

    Review Materials

    “Review Materials” means, with respect to each Receivable:

    
      		(a)	
              the Contract;

            

    

    
      		(b)	
              the original credit application executed by the related Obligor (or a photocopy or other image or electronic record thereof;

            

    

    
      		(c)	
              the original certificate of title (or evidence that such certificate of title has been applied for), or a photocopy or other image thereof, and of such documents that the Servicer shall keep on file evidencing the security interest in
                the related Financed Vehicle;

            

    

    
      		(d)	
              an electronic data tape describing certain characteristics of the Receivables as of the Cutoff Date or such other applicable date of determination (the “Data Tape”);

            

    

    
      		(e)	
              a list of approved contract forms for the Review Receivables, as provided by TMCC; and

            

    

    
      		(f)	
              such other documentation or information (whether tangible or electronic, and including, without limitation, screen prints or reports of the Servicer’s receivables and securitization systems) as the Servicer, as the case may be, may
                maintain and which the Servicer shall have determined to be relevant to any Test with respect to such Receivable.

            

    

    
      Sch. A-1

      
        
 

    

    
    Schedule B

    Representations, Warranties and Tests

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

          	
            Tests

          
	
            1.     Origination.  Each Receivable was originated in the United States by a Dealer for the retail sale of the related Financed Vehicle in the ordinary course of such
              Dealer’s business, has been fully and properly executed or electronically authenticated by the parties thereto, has been purchased by TMCC from such Dealer under an existing agreement with TMCC and has been validly assigned by such Dealer to
              TMCC.

          	
            Test 1-1: Dealer Address

            Confirm the Dealer address on the Contract is a United States address.

            Test 1-2: Contract Signed

            Confirm the Obligor(s) and Dealer signed the Contract.

            Test 1-3: Valid Assignee

            Confirm TMCC, or a name included in the list of acceptable name variations, is identified as the assignee in either the Assignment section of the Contract or separate assignment document.

            Test 1-4: Valid Assignor Signature

            Confirm the Contract was completed electronically or if completed on paper, confirm the Dealer signature is present as assignor on the Contract or separate assignment document.

          
	
            2.    Security Interest.  With respect to each Receivable, as of the Closing Date, TMCC has, or has started procedures that will result in TMCC having, a perfected, first
              priority security interest in the related Financed Vehicle, which security interest was validly created and is assignable by the Seller to the Purchaser, and by the Purchaser to the Issuer.

          	
            Test 2-1: Lienholder

            Confirm the title documents identify either TMCC, or a name included in the list of acceptable name variations, as the first lienholder.

            Test 2-2:  Obligor Name

            Confirm the Obligor name(s) on the Contract, taking into account any amendments or correction notices, match(es) the name(s) on the title documents.

            Test 2-3:  Valid VIN

            Confirm the vehicle identification number on the Contract, taking into account any amendments or correction notices, matches the vehicle identification number on the title documents.

          
	
            3.     Simple Interest.  Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments
              in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

          	
            Test 3-1: Payments

            Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if any.  Sum the first payment (if any), the product of the number of payments (or
              the number of regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the Total of Payments in the Truth in Lending section of the Contract.

            Test 3-2: Simple Interest

            Observe the Contact and confirm it is a Simple Interest Method Contract.

          

    
      Sch. B-1

      
        
 

    

    

    

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

          	
            Tests

          
	
            4.     Prepayment.  Each Receivable allows for prepayment without penalty.

          	
            Test 4-1: Prepayment

            Confirm the Contract provides a prepayment disclosure that does not require a penalty.

          
	
            5.     Compliance with Law.  To the Seller’s knowledge, each Receivable complied in all material respects at the time it was originated with all requirements of applicable
              federal, state and local laws, and regulations thereunder.

          	
            Test 5-1: Complete Contract

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

          
	
            6.     Binding Obligation.  Each Receivable is on a form contract containing customary and enforceable provisions that includes rights and remedies allowing the holder to
              enforce the obligation and realize on the related Financed Vehicle and represents the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as
              enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity and consumer protection laws, regardless
              of whether such enforceability is considered in a proceeding in equity or at law.

          	
            Test 6-1:  Valid Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 6-2: Contract Executed

            Confirm the Obligor(s) signed the Contract.

          
	
            7.     No Government Obligors.  None of the Receivables is due from the United States or any state or local government, or from any agency, department or instrumentality of
              the United States or any state or local government.

          	
            Test 7-1: Personal Use

            Review the Obligor section on the Contract and confirm the Obligor name(s)  is that of a natural person.

            Test 7-2: No Government Obligor

            If the Obligor section on the Contract does not report a natural person’s name or an obvious non-governmental business, confirm internet search results show no indication of the Obligor(s) to be a government
              agency, department, political subdivision or instrumentality.

          
	
            8.     Receivables in Force.  As of the Cutoff Date, no Receivable has been satisfied, nor has any Financed Vehicle been released in whole or in part from the lien granted by
              the related Receivable.

          	
            Test 8-1: Active Account

            Observe the Receivable in TMCC’s Data Tape, and confirm it was an active account on the Cutoff Date.

          

    
      Sch. B-2

      
        
 

    

    

    

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

          	
            Tests

          
	
            9.     No Amendments or Waivers.  As of the Cutoff Date, no material provision of a Receivable has been amended, modified or waived in a manner that is prohibited by the
              provisions of the Sale and Servicing Agreement.

          	
            Test 9-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 9-2: Modification

            Review the Data Tape and the Contract (as amended by any related correction notice, if any) and confirm that, as of the Cutoff Date,  there is no revision to the following terms:

            i.          APR

            ii.         Original Contract Term

            iii.        Monthly Payment

            iv.        Total Amount Financed

            v.         Make / Model / Model Year

            vi.        Simple Interest Method Loan

             

          
	
            10.   No Defenses.  To the Seller’s knowledge, as of the Closing Date, no Receivable is subject to any right of rescission, setoff, counterclaim or defense, nor has any such
              right been asserted or threatened with respect to any Receivable.

          	
            Test 10-1: No Litigation

            Review the Review Materials and confirm there is no evidence of litigation or other attorney involvement as of the Closing Date.

          
	
            11.   No Payment Default.  Except for payment delinquencies that have been continuing for a period of not more than [__] days, no payment default under the terms of any
              Receivable exists as of the Cutoff Date.

          	
            Test 11-1: Delinquency

            Observe TMCC’s Data Tape and confirm the Receivable was not more than [__] days delinquent as of the Cutoff Date.

          
	
            12.   No Repossession.  No Financed Vehicle has been repossessed without reinstatement as of the Cutoff Date.

          	
            Test 12-1: Repossession Inventory

            Observe TMCC’s receivables systems and confirm the Receivable was not held in repossession inventory as of the Cutoff Date.

          
	
            13.   Insurance.  The terms of each Receivable require the related Obligor to obtain and maintain physical damage insurance covering the related Financed Vehicle in accordance
              with TMCC’s normal requirements.  No Financed Vehicle was subject to force-placed insurance.

          	
            Test 13-1: Physical Damage Covered

            Confirm the Contract contains language that required the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.

            Test 13-2: No Force-Placed Insurance

            Confirm the Review Materials contain no evidence the Financed Vehicle was subject to force-placed insurance.

          

    
      Sch. B-3

      
        
 

    

    

    

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

          	
            Tests

          
	
            14.   Good Title.  Immediately prior to the transfer and assignment herein contemplated, the Seller had good and marketable title to each Receivable free and clear of all
              Liens and rights of others (other than pursuant to the Basic Documents) and, immediately upon the transfer and assignment thereof, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens and rights of
              others (other than pursuant to the Basic Documents).

          	
            Test 14-1: Sole Lienholder

            Confirm the title documents designate TMCC, or a name included in the list of acceptable name variations as the sole lien holder and that no other lien holder is listed.

            Test 14-2: No Transfer of Title

            Confirm the title documents indicate the Receivable has not been sold, assigned, or transferred to any other entity.

          
	
            15.   Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable
              under this Agreement, or pursuant to the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable.  The terms of each Receivable do not limit the right of the owner of such Receivable to
              sell such Receivable.

          	
            Test 15-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 15-2: Assignability

            Confirm the Contract does not contain language that limits the sale or transfer of the Receivable.

          
	
            16.  Additional Representations and Warranties.  (A) Each Receivable is being serviced by TMCC as of the Closing Date; (B) as of the Cutoff Date, each Receivable is secured by
              a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle; (C) no Receivable was more than [_] days past due as of the Cutoff Date; and (D) as of the Cutoff Date, no Receivable was noted in the records of TMCC or
              the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.

          	
            Test 16(A):  Servicing

            Confirm the Review Materials show the Receivable was being serviced by TMCC as of the Closing Date.

            Test 16(B):  Financed Vehicle

            
              Review the Contract and confirm the Financed Vehicle is a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle.

            

            Test 16(C):  Delinquency

            Confirm the Data Tape shows the Receivable is not more than [__] days past due as of the Cut-off Date.

            Test 16(D):  No Bankruptcy

            Confirm the Data Tape shows the Obligor was not noted as being the subject of any bankruptcy or insolvency proceeding as of the Cutoff Date.

          

    

    

    

    

  

  Sch. B-4Exhibit 4.8

  

  

  (Multicurrency-Cross Border)

  ISDA

    International Swap Dealers Association, Inc.

  MASTER AGREEMENT

    

    

    dated as of [________], 20[__]

  

  

  

  

  [__________] and TOYOTA AUTO RECEIVABLES 20[__]-[_] 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 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

    
      
 

  

  

  

  (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

    
      
 

  

  

  

  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

    
      
 

  

  

  

  (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

    
      
 

  

  

  

  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

    
      
 

  

  

  

  (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

    
      
 

  

  

  

  (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

    
      
 

  

  

  

  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

  
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  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.

  
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  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 Termination 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).

  
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  (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.

  
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  (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.

  
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  (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.

  
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  (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.

  
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  (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

  
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  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

  
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  (ii)              waives any objection which it may have at anytime 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.

  “Applicable Rate” means:—

  
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  (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 having
    or having had a permanent establishment or fixed place of business in such jurisdiction,

  
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  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) 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 the
    underlying obligation was absolute or contingent and assuming the satisfaction of each

  
    20

    
      
 

  

  

  

  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

    
      
 

  

  

  

  “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

    
      
 

  

  

  

  “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

    
      
 

  

  

  

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

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    24

    
      
 

  

  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.

  

  

  	
          [__________]

        	
          TOYOTA AUTO RECEIVABLES 20[__]-[_] OWNER TRUST*

        
	 	 	
          (Name of Party)

        
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
          By:

        	
          _____________________________

        	
          By:

        	
          _____________________________

        
	 	
          Name:

        	 	
          Name:

        
	 	
          Title:

        	 	
          Title:

        
	 	
          Date:

        	 	
          Date:

        
	 	 	 	
          *  [______________], not in its individual capacity, but solely as Owner Trustee

        

  

  

  

  

  
    
      
 

  

  
  SCHEDULE TO THE MASTER AGREEMENT

    DATED AS OF [________], 20[__]

    BETWEEN

    [__________] (“PARTY A”)

    AND

    TOYOTA AUTO RECEIVABLES 20[__]-[_] OWNER TRUST (“PARTY B”)

  Reference is made to the Sale and Servicing Agreement, dated as of [________], 20[__] (the “Sale and Servicing Agreement”), among Party
    B, as Issuer, Toyota Auto Finance Receivables LLC, as Seller, and Toyota Motor Credit Corporation, as Servicer and Sponsor.  Capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Sale and Servicing
    Agreement.

  
    	15.	
            Termination Provisions.

          

  

  
    	(a)	
            “Specified Entity” means in relation to Party A for the purpose of:

          

  

  Section 5(a)(v), [None]

    Section 5(a)(vi), [None]

    Section 5(a)(vii), [None]

    Section 5(b)(iv), [None]

  and in relation to Party B for the purpose of:

  Section 5(a)(v), None

    Section 5(a)(vi), None

    Section 5(a)(vii), None

    Section 5(b)(iv), None

  
    	(b)	
            “Specified Transaction” has the meaning specified in Section 14.

          

  

  
    	(c)	
            The “Breach of Agreement” provisions of Section 5(a)(ii) will not apply to Party B.

          

  

  
    	(d)	
            The “Credit Support Default” provisions of Section 5(a)(iii) will not apply to Party A and will not apply to Party B.

          

  

  

  

  
    	(e)	
            The “Misrepresentation” provisions of Section 5(a)(iv) will not apply to Party B.

          

  

  
    	(f)	
            The “Default Under The Specified Transaction” provisions of Section 5(a)(v) will not apply to Party B.

          

  

  
    	(g)	
            The “Cross Default” provisions of Section 5(a)(vi) will not apply to Party B.

          

  

  
    	(h)	
            The “Tax Event Upon Merger” provisions of Section 5(b)(iii) will not apply to Party B.

          

  

  
    	(i)	
            The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to Party A and will not apply to Party B.

          

  

  
    1

    
      
 

  

  

  

  
    	(j)	
            The “Automatic Early Termination” provisions of Section 6(a) will not apply to Party A and will not apply to Party B.

          

  

  
    	(k)	
            Payments On Early Termination.  “Market Quotation” and “Second Method” will apply for the purpose of Section 6(e) of this Agreement; provided, however, that
              (x) except as otherwise specified in this Part 1(k), notwithstanding the definition of “Replacement Transaction” contained in the definition of “Market Quotation” in Section 14 of this Agreement, the Replacement Transaction will have a
              notional balance in each future Calculation Period (as defined in the relevant Transaction) equal to an amount determined in good faith and in a commercially reasonable manner by the Non-defaulting Party or the party that is not the Affected
              Party based on its expected schedule of the “Notional Amount” of such Transaction in each such future Calculation Period (and in determining such expected Notional Amount in each such future Calculation Period, such party will as primary
              although not exclusive considerations take into account: (a) the [Class [__] Note Balance] as of the Early Termination Date; and (b) the amortization rate of the Receivables from the Effective Date of the Transaction until the Early
              Termination Date without reference to the reduction in the [Class [__] Note Balance] as a direct result of any sale of Receivables pursuant to Section 5.04 of the Indenture but taking into account the amortization rate of the Receivables
              remaining following such sale of Receivables; and (y) in the case of the Additional Termination Event specified below (A) in Part 1(m)(i) of this Schedule that occurs other than as a result of an amendment after the date hereof to the
              Investment Company Act of 1940, as amended, or the promulgation of regulations thereunder after the date hereof, or (B) in Part 1(m)(iv) of this Schedule, in either case, the related Settlement Amount for each Party will be deemed to be zero.

          

  

  
    	(l)	
            “Termination Currency” means United States Dollars.

          

  

  
    	(m)	
            “Additional Termination Event” will apply.  Any of the following shall constitute an Additional Termination Event:

          

  

  
    		(i)	
            Investment Company.  Party B becomes subject to registration as an “investment company” for purposes of the Investment Company Act of 1940, as amended (in which event Party A and Party B
              shall be the Affected Parties and all Transactions shall be Affected Transactions).

          

  

  
    		(ii)	
            Event of Default Under the Sale and Servicing Agreement.  Any “Event of Default” (as defined in the Sale and Servicing Agreement) shall occur and be continuing (in which event Party B shall be the sole Affected Party and all
              Transactions shall be Affected Transactions).

          

  

  
    		(iii)	
            [Eligible Hedge Counterparty].  If Party A ceases to be an “[Eligible Hedge Counterparty]” (as defined in the Sale and Servicing Agreement) and does not, within the relevant timeframes set out therein, comply with the requirements
              set out in Section [____] of the Sale and Servicing Agreement (in which event Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions).

          

  

  
    2

    
      
 

  

  

  

  
    		(iv)	
            Exercise of Optional Purchase of All Receivables.  The Servicer (or any successor to the Servicer) exercises its option to purchase the corpus of the Trust Estate pursuant to Section 9.01 of the Sale and Servicing Agreement (in
              which event Party A and Party B shall be the Affected Parties and all Transactions shall be Affected Transactions).

          

  

  

  

  
    	16.	
            Tax Representations

          

  

  (a)           Payer
        Representations.  For the purpose of Section 3(e) of this Agreement, Party A and Party B each make the following representation:

  

  

  It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant
    Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Sections 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement.  In making this
    representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the
    accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it
    will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

  

  

  (b)           Payee
        Representations.  For the purpose of Section 3(f) of this Agreement:―

  

  

  
    		(i)	
            Party A and Party B each make the following representation:―

          

  

  

  

  It is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States federal
    income tax purposes.

  

  

  
    		(ii)	
            Party A and Party B each make the following representation:― 

          

  

  It is an exempt recipient (as that term is used in section 1.6049-4(c) of United States Treasury Regulations).

  

  

  
    	17.	
            Agreement to Deliver Documents

          

  

  For the purpose of Section 4(a) of this Agreement, each party agrees to deliver the following documents as applicable:

  
    		(a)	
            Tax forms, documents or certificates to be delivered are:

          

  

  

  

  
    3

    
      
 

  

  

  

  	
          Party required to

            deliver document

        	
          Form/Document/Certificate

        	
          Date by which to be

            delivered

        
	
          Party A and Party B

        	
          Any document required or reasonably requested to allow the other party to make payments under this Agreement without any deduction or withholding for or on account of any Tax or with such deduction or withholding
            at a reduced rate.

           

        	
          Promptly upon the earlier of (i) reasonable demand by the other party and (ii) learning that the form or document is required.

        

  
    		(b)	
            Other documents to be delivered are:

          

  

  	
          Party required to deliver document

        	
          Form/Document/Certificate

        	
          Date by which

            to be delivered

        	
          Covered by Section 3(d) Representation

        
	
          Party A and

            Party B

        	
          Certificate or other documents evidencing the authority of the party entering into this Agreement and the persons acting on behalf of such party

           

        	
          At or promptly following the execution of this Agreement, and, if a Confirmation so requires it on or before the date set forth therein

        	
          Yes

        
	
          Party A

        	
          Legal Opinions in the form reasonably acceptable to the other party

           

        	
          At or promptly following the execution of this Agreement

           

        	
          No

        
	
          Party B

        	
          If requested by Party A, all servicing reports required to be provided by or to Party B under the Sale and Servicing Agreement

        	
          Promptly following receipt in the case of reports received and simultaneously with the date furnished in the case of reports sent

        	
          No

        

  
    	18.	
            Miscellaneous

          

  

  
    	(a)	
            Addresses For Notices: For the purpose of Section 12(a) of this Agreement:

              

              Address for notices or communications to Party A:

          

  

  Address:               [__________]

  (For all purposes)

  

  

  Address for notices or communications to Party B:

  
    	Address:	
            Toyota Auto Receivables 20[__]-[_] Owner Trust

              c/o [__________], as Owner Trustee

          

  

  [__________]

  (For all purposes)

  

  

  
    4

    
      
 

  

  

  

  
    	(b)	
            Process Agent.  For the purpose of Section 13(c):

          

  

  Party A appoints as its Process Agent: Not Applicable

  Party B appoints as its Process Agent: Not Applicable

  
    	(c)	
            Offices.  The provisions of Section 10(a) will apply to this Agreement.

          

  

  
    	(d)	
            Multibranch Party.  For the purpose of Section 10:

          

  

  Party A is not a Multibranch Party.

  Party B is not a Multibranch Party.

  
    	(e)	
            Calculation Agent.  Party A will be the Calculation Agent.  All calculations by the Calculation Agent (the “CA”) shall be made in good faith and through the exercise of the CA’s commercially
              reasonable judgment.

          

  

  
    	(f)	
            Credit Support Document.  Details of any Credit Support Document:

          

  

  Party A: None.

  Party B: None.

  
    	(g)	
            Credit Support Provider.

          

  

  Party A: Not Applicable

  Party B: Not Applicable

  
    	(h)	
            Governing Law.  This Agreement and each Confirmation will be governed by and construed in accordance with the laws of the State of New York, without reference to its choice of law doctrine.

          

  

  
    	(i)	
            Waiver of Jury Trial.  Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any proceedings relating to this Agreement.

          

  

  
    	(j)	
            “Affiliate” will have the meaning specified in Section 14 of this Agreement.

          

  

  
    	19.	
            Other Provisions

          

  

  
    	(a)	
            Gross-Up, Liability.  Neither Party A nor Party B will in any circumstance be required to pay additional amounts in respect of any Indemnifiable Tax or be under any obligation to pay to the other
              any amount in respect of any liability of such other for or on account of any Tax and, accordingly, Section 2(d)(i)(4) and Section 2(d)(ii) of this Agreement shall not apply.

          

  

  
    	(b)	
            Section 6(b)(iii) shall not apply.

          

  

  
    5

    
      
 

  

  

  

  
    	(c)	
            Section 6(b)(iv) is hereby amended by (i) deleting the words “a Credit Event Upon Merger” wherever they appear in that provision.

          

  

  
    	(d)	
            Section 7 is hereby amended to read in its entirety as follows:

          

  

  Except as stated under Section 6(b)(ii) of the Agreement and as provided in this Section 7, neither Party A nor
    Party B is permitted to assign, novate or transfer as a whole or in part any of its rights, obligations or interests under this Agreement.  Party A may transfer this Agreement to an Eligible Hedge Counterparty (the “Transferee”), on ten (10) Business
    Days’ prior written notice, provided that (i)  Party A delivers an opinion of independent counsel of recognized standing in form and substance reasonably satisfactory to the Indenture Trustee confirming that
    as of the date of such transfer the Transferee will not, as a result of such transfer, be required to withhold or deduct on account of tax under this Agreement; and (ii) a Termination Event or Event of Default will
    not occur under this Agreement as a result of such transfer.

  
    	(e)	
            Additional Representations.  Section 3 is hereby amended by adding at the end thereof the following Subparagraphs:

          

  

  (g)              It is
      entering into this Agreement and any other documentation relating to this Agreement as principal (and not as agent or in any other capacity, fiduciary or otherwise).

  (h)              It is
      an “eligible contract participant” as defined in the Commodity Exchange Act, as amended, and the material terms of the Agreement have been, and the material terms of each Transaction will be, subject to individual negotiations by the parties.

  (i) It hereby acknowledges and agrees that this Agreement and each Transaction hereunder or thereunder is intended to be a “swap agreement” as that term
      is defined in the U.S. Bankruptcy Code (as amended from time to time) and that the rights granted to each party under Section 6 include a contractual right to terminate a “swap agreement” and to offset and net out termination values and payment
      amounts in connection therewith.

  
    	(f)	
            Confirmations.  Each Confirmation supplements, forms part of, and will be read and construed as one with this Agreement.

          

  

  
    	(g)	
            Interest Rate and Currency Exchanges Definitions.  Reference is hereby made to the 2006 ISDA Definitions, published by the International Swaps and Derivatives Association, Inc. (the “Definitions”),
              which are hereby incorporated by reference herein.

          

  

  
    	(h)	
            No Set-off.  Without affecting the provisions of this Agreement requiring the calculation of certain net payment amounts, all payments under this Agreement will be made without set-off or
              counterclaims.

          

  

  
    	(i)	
            Inconsistency.  In the event of an inconsistency among or between any of the following documents, the relevant document first listed below shall govern.

          

  

  
    		(i)	
            Confirmation;

          

  

  
    6

    
      
 

  

  

  

  
    		(ii)	
            Schedule;

          

  

  
    		(iii)	
            Definitions;

          

  

  
    		(iv)	
            Sections 1 through 14 of this Agreement.

          

  

  
    	(j)	
            (i)  Default Interest; Other Amounts.  Section 2(e) of this Agreement is hereby amended by adding the following at the end of the first sentence thereof:

          

  

  ; provided, however, that this Section 2(e) shall not apply to either Party
    A or Party B if its failure to pay is caused solely by such party becoming required to deduct or withhold on account of any Tax as set out in Section 2(d)(i); provided, further, that this Section 2(e) shall not apply to Party B if its failure to pay is
    caused by a shortfall of funds in the Collection Account as applied in accordance with Section [____] of the Sale and Servicing Agreement.

  (ii)  Payment Date.  Section 6(d)(ii) of this Agreement is hereby amended by
    adding the following at the end thereof:

  ; provided, however, that in no event shall any interest accrue or be
    payable with respect to any amount payable by Party B under this Section 6(d)(ii) to the extent that such amount is not paid by Party B on a Payment Date and such failure to pay is caused by a shortfall of funds in the Collection Account available to
    pay such amount as a Hedge Termination Payment in accordance with Section [____] of the Sale and Servicing Agreement.

  
    	(k)	
            Scope of Obligations of the Owner Trustee.  The parties hereto agree that:

          

  

  
    		(i)	
            This Agreement is executed and delivered by [__________], not individually or personally but solely in its capacity as Owner Trustee on behalf of Party B, in the exercise of the powers and authority conferred and vested in the Owner
              Trustee under the Trust Agreement.

          

  

  
    		(ii)	
            Each of the representations, undertakings and agreements herein made on the part of Party B is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of
              binding only Party B.

          

  

  
    		(iii)	
            The Owner Trustee shall not be required to expend or risk its own funds or otherwise incur any liability in connection with this Agreement, and Party A shall not bring any claim whatsoever against the Owner Trustee in its individual
              capacity or against the assets of the Owner Trustee (other than the assets of Party B).

          

  

  
    	(l)	
            Non-Petition.  Party A agrees, prior to the date that is one (1) year and one (1) day after the payment in full of all indebtedness for borrowed money of Party B, not to acquiesce, petition or
              otherwise, directly or indirectly, invoke, or cause Party B to invoke, the process of any government or political subdivision or any agency, authority, bureau,

          

  

  
    7

    
      
 

  

  

  

  central bank, commission, department or instrumentality of either, or any court, federal or state
    regulatory authority, tribunal, grand jury or arbitrator, in each case, whether foreign or domestic for the purpose of (a) commencing or sustaining a case against Party B, under any federal or state bankruptcy, insolvency or similar law (including the
    United States Bankruptcy Code, Title 11 United States Code, as amended), (b) appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official for Party B, or any substantial part of the property of Party B, or (c)
    ordering the winding up or liquidation of the affairs of Party B.

  
    	(m)	
            Limited Recourse.  Notwithstanding anything to the contrary contained herein, the obligations of Party B under this Agreement are limited recourse obligations of Party B, payable solely from the
              Collateral, subject to and in accordance with the terms of the Sale and Servicing Agreement, and, following realization of the Collateral, any claims of Party A against Party B shall be extinguished and shall not thereafter revive.  None of
              the trustees, officers or administrators of Party B shall be liable for any amount due from Party B under this Agreement.  It is understood that the foregoing provisions shall not (i) prevent recourse to the Collateral for the sums due or to
              become due to Party A under Agreement (subject to the priority of payments set forth in the Sale and Servicing Agreement and subject to sub-section (l) above) or (ii) constitute a waiver, release or discharge of any obligation of Party B
              arising under this Agreement until the Collateral has been realized and the proceeds applied in accordance with the Sale and Servicing Agreement, whereupon any outstanding obligation of Party B under this Agreement shall be extinguished. 
              This paragraph shall survive any termination of this Agreement.

          

  

   

   

   

   

  

     

  

  

  
    8

    
      
 

  

  

  

  IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized officers as of [________],
    20[__].

  

  

  	 	
          [__________]

        
	 	 	 	 
	 	 	 	 
	 	
          By:

        	
                                                                                          

        
	 	 	
          Name:

        
	 	 	
          Title:

        
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
          Confirmed as of the date first written:

        
	 	 	 	 
	 	
          TOYOTA AUTO RECEIVABLES 20[__]-[_] OWNER TRUST

        
	 	 	 	 
	 	 	 	 
	 	
          By:

        	
          [__________], not in its individual capacity but solely as Owner Trustee

        
	 	 	 	 
	 	 	 	 
	 	 	
          By: 

        	
                                                                                    

        
	 	 	 	
          Name:

        
	 	 	 	
          Title:

        

  

  

  

  

  

  

  

  

  

  

  
    
      
 

  

  CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP TRANSACTION UNDER 1992 MASTER AGREEMENT

  
    	TO:	
            Toyota Auto Receivables [__]-[__] Owner Trust (“Party B”)

          

  

  c/o [__________], as Owner Trustee

  [__________]

  

  

  FROM:           [__________] (“Party A”)

  

  

  
    	DATE:	
            [________], 20[__]

          

  

  The purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between the parties
    hereto on the Trade Date specified below (the “Swap Transaction”).  This letter agreement constitutes a “Confirmation” as referred to in the Master Agreement specified below.

  
    	1.	
            The definitions and provisions contained in the 2006 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc., the “Definitions”) are incorporated into this Confirmation.  In the event of any
              inconsistency between the Definitions and this Confirmation, this Confirmation will govern.  Terms not otherwise defined herein or in the Definitions shall have the respective meanings set forth in the Sale and Servicing Agreement, dated as
              of [________], 20[__], among Party B, as Issuer, Toyota Auto Finance Receivables LLC, as Seller, and Toyota Motor Credit Corporation, as Sponsor and Servicer.

          

  

  This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement between the parties hereto
    dated as of [________], 20[__] (the “Agreement”), and all provisions contained or incorporated by reference in the Agreement shall govern this Confirmation except as expressly modified below.

  Party A and Party B acknowledge that this Swap Transaction relates to the [Class [__] Notes] issued by Party B
    pursuant to the Indenture, dated as of [________], 20[__], between Party B, as issuer, and [__________], as indenture trustee and securities intermediary.

  
    	2.	
            The terms of the particular Swap Transaction to which this Confirmation relates are as follows:

          

  

  	
          Trade Date:

        	
          [________], 20[__].

        
	 	 
	
          Effective Date:

        	
          [________], 20[__].

        
	 	 
	
          Termination Date:

        	
          The earlier of the (a) the date on which the [Class [__] Note Balance] hereunder has been reduced to zero or (b) the [Class [__] Final Maturity
              Date], subject to early termination in accordance with the

        

  
    
      
 

  

  
  

  

  	 	
          terms of the Agreement.

        
	 	 
	
          Notional Amounts:

        	
          For each Calculation Period, the [Class [__] Note Balance] as of the close of business on the first day of the related Floating Rate Calculation
              Period.

        
	 	 
	
          Fixed Amounts:

        	 
	 	 
	
          Fixed Rate Payer:

        	
          Party B.

        
	 	 
	
          Fixed Rate Payer Payment Dates:

        	
          The [__] day of each month, commencing [________], 20[__], subject to adjustment in accordance with the Following Business Day Convention.

        
	 	 
	
          Fixed Rate:

        	
          [____]%.

        
	 	 
	
          Fixed Rate Day Count Fraction:

        	
          30/360.

        
	 	 
	
          Floating Amounts:

        	 
	 	 
	
          Floating Rate Payer:

        	
          Party A.

        
	 	 
	
          Floating Rate Payer Payment Dates:

        	
          The [__] day of each month, commencing [________], 20[__], subject to adjustment in accordance with the Modified Following Business Day Convention.

        
	 	 
	
          Floating Rate:

        	
          [____]%.

        
	 	 
	
          Designated Maturity:

        	
          One month.

        
	 	 
	
          Spread:

        	
          Zero.

        
	 	 
	
          Initial Floating Rate:

        	
          [____]%.

        
	 	 
	
          Floating Rate Day Count Fraction:

        	
          Actual/360.

        
	 	 
	
          Reset Date:

        	
          The first day of each Calculation Period.

        
	 	 
	
          Compounding:

        	
          Inapplicable.

        
	 	 
	
          Business Days:

        	
          New York, New York, Wilmington, Delaware and [__________].

        
	 	 
	
          Calculation Agent:

        	
          Party A.

        

  
    2

    
      
 

  

  

  

  3. Account Details.

  	
                            Payments to Party A:

        	
          To be provided in writing by Party A.

        
	 	 
	
                            Payments to Party B:

        	
          To be provided in writing by Party B.

        

  

  

  

  

  [Signature Page Follows]

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    3

    
      
 

  

  Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and
    returning it to us.

  

  

  Yours sincerely,

    

    

    [__________]

  

    

    

    By:                                                                                   

     Name:

     Title:

  

  

  

  

  	 	
          Confirmed as of the date above:

        
	 	 
	 	
          TOYOTA AUTO RECEIVABLES 20[__]-[_] OWNER TRUST

        
	 	 	 	 
	 	
          By:

        	
          [__________], not in its individual capacity but solely as Owner Trustee

        
	 	 	 	 
	 	 	 	 
	 	 	
          By:

        	
          ______________________________________

        
	 	 	 	
          Name

        
	 	 	 	
          Title:

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