Document:

Exhibit 10.3

 

 

 

Published CUSIP Numbers: [___]

 

[___]

 

FIVE YEAR CREDIT AGREEMENT

(SYNDICATED FACILITY AGREEMENT)

Dated as of November 18, 2015

among

 

TOYOTA MOTOR CREDIT CORPORATION,

TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.,

TOYOTA FINANCIAL SERVICES (UK) PLC,

TOYOTA LEASING GMBH,

TOYOTA CREDIT DE PUERTO RICO CORP.,

TOYOTA CREDIT CANADA INC.,

TOYOTA KREDITBANK GMBH,

and

TOYOTA FINANCE AUSTRALIA LIMITED (ABN
48 002 435 181)

as the Borrowers,

 

BNP PARIBAS

as Administrative Agent, Swing Line Agent
and Swing Line Lender

 

and

 

The Other Lenders Party Hereto

 

____________________________________________

 BNP PARIBAS SECURITIES CORP.

CITIGROUP GLOBAL MARKETS INC.

MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as Joint Lead Arrangers and Joint Book
Managers

_____________________________________________

 CITIBANK, N.A.,

as Syndication Agent and Swing Line Lender

______________________________________________

 BANK OF AMERICA, N.A.,

as Syndication Agent and Swing Line Lender

______________________________________________

 THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,

as Syndication Agent

 

 

     

     

    

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	1
	Section  1.1 Definitions	1
	Section  1.2 Other Interpretive Provisions	29
	Section  1.3 Accounting Terms	30
	Section  1.4 References to Agreements and Laws	30
	Section  1.5 Exchange Rates; Currency Equivalents	30
	Section  1.6 Additional Alternative Currencies	30
	Section 1.7 Change of Currency	31
	Section 1.8 Times of Day	31
	Section 1.9 Syndicated Facility Agreement	32
	ARTICLE II THE CREDITS	32
	Section 2.1 Committed Loans	32
	Section 2.2 Borrowings, Conversions and Continuations of Committed Loans	33
	Section 2.3 Money Market Loans	35
	Section 2.4 Prepayments	38
	Section 2.5 Termination or Reduction of Commitments	40
	Section 2.6 Repayment of Loans	41
	Section 2.7 Interest	41
	Section 2.8 Fees	42
	Section 2.9 Computation of Interest and Fees	43
	Section 2.10 Evidence of Debt	43
	Section 2.11 Payments Generally	44
	Section 2.12 Sharing of Payments	46

 

     

     

    

 

	Section 2.13 Extension of Revolving Maturity Date;	47
	Section 2.14 Increase in Commitments	48
	Section 2.15 Drawings of Bankers’ Acceptances, Drafts and BA Equivalent Notes	49
	Section 2.16 Swing Line Loans	53
	Section 2.17 Defaulting Lenders	56
	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY	58
	Section 3.1 Taxes	58
	Section 3.2 Illegality	60
	Section 3.3 Inability to Determine Rates	62
	Section 3.4 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans	64
	Section 3.5 Funding Losses	65
	Section 3.6 Matters Applicable to all Requests for Compensation	66
	ARTICLE IV CONDITIONS	66
	Section 4.1 Effectiveness	66
	Section 4.2 Conditions to all Loans	68
	ARTICLE V REPRESENTATIONS AND WARRANTIES	69
	Section  5.1 Corporate Existence and Power	69
	Section  5.2 Corporate and Governmental Authorization: No Contravention	69
	Section  5.3 Binding Effect	69
	Section  5.4 Financial Statements	69
	Section  5.5 Litigation	70
	Section  5.6 Taxes	70
	Section  5.7 Not an Investment Company	70
	Section  5.8 Disclosure	70
	Section  5.9 Representations as to Non-US Obligors	70

 

    ii 

     

    

 

	Section  5.10 Representations as to TCPR	71
	Section  5.11 Sanctions	71
	ARTICLE VI COVENANTS	72
	Section  6.1 Information	72
	Section  6.2 [Reserved]	73
	Section  6.3 Preservation and Maintenance of Corporate Existence	73
	Section  6.4 Compliance with Laws	74
	Section  6.5 Negative Pledge	74
	Section  6.6 Consolidations	76
	Section  6.7 Use of Proceeds	77
	ARTICLE VII DEFAULTS	78
	Section  7.1 Events of Default	78
	Section 7.2 Application of Funds	79
	ARTICLE VIII THE ADMINISTRATIVE AGENT	80
	Section 8.1 Appointment and Authorization of Administrative Agent	80
	Section 8.2 Delegation of Duties	80
	Section 8.3 Liability of Administrative Agent	81
	Section 8.4 Reliance by Administrative Agent	81
	Section 8.5 Notice of Default	81
	Section 8.6 Credit Decision; Disclosure of Information by Administrative Agent	82
	Section 8.7 Indemnification of Administrative Agent	82
	Section 8.8 Administrative Agent in its Individual Capacity	83
	Section 8.9 Successor Administrative Agent and Sub-Agents	83
	Section 8.10 Administrative Agent May File Proofs of Claim	84
	Section 8.11 Other Agents, Arrangers and Managers	85

 

    iii 

     

    

 

	Section 8.12 Canadian Sub-Agent	85
	ARTICLE IX MISCELLANEOUS	86
	Section 9.1 Amendments, Etc	86
	Section 9.2 Notices and Other Communications; Facsimile Copies	87
	Section 9.3 No Waiver; Cumulative Remedies	89
	Section 9.4 Attorney Costs, Expenses and Taxes	89
	Section 9.5 Indemnification by the Borrowers	90
	Section 9.6 Payments Set Aside	91
	Section 9.7 Successors and Assigns	91
	Section 9.8 Confidentiality	95
	Section 9.9 Set-off	96
	Section 9.10 Interest Rate Limitation	96
	Section 9.11 Counterparts	96
	Section 9.12 Integration	96
	Section 9.13 Survival of Representations and Warranties	97
	Section 9.14 Severability	97
	Section 9.15 Tax Forms	97
	Section 9.16 Australian GST	100
	Section 9.17 Replacement of Lenders	101
	Section 9.18 Governing Law	101
	Section 9.19 No Advisory or Fiduciary Responsibility	103
	Section 9.20 PATRIOT Act Notice	103
	Section 9.21 Judgment	103
	Section 9.22 Waiver of Right to Trial by Jury	104

    iv 

     

    

Schedules

 

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

    v 

     

    

FIVE YEAR CREDIT AGREEMENT 

 

THIS FIVE YEAR CREDIT
AGREEMENT (this “Agreement”) dated as of November 18, 2015 is made among TOYOTA MOTOR CREDIT CORPORATION, a California
corporation (“TMCC”), TOYOTA MOTOR FINANCE (NETHERLANDS) B.V., a corporation organized under the laws of the
Netherlands (“TMFNL”), TOYOTA FINANCIAL SERVICES (UK) PLC, a corporation organized under the laws of England
(“TFSUK”), TOYOTA LEASING GMBH, a corporation organized under the laws of Germany (“TLG”),
TOYOTA CREDIT DE PUERTO RICO CORP., a corporation organized under the laws of the Commonwealth of Puerto Rico (“TCPR”),
TOYOTA CREDIT CANADA INC., a corporation incorporated under the laws of Canada (“TCCI”), TOYOTA KREDITBANK GMBH,
a corporation organized under the laws of Germany (“TKG”), TOYOTA FINANCE AUSTRALIA LIMITED, ABN 48 002 435
181, a corporation incorporated under the laws of the Commonwealth of Australia (“TFA” and, together with TMCC, TMFNL,
TFSUK, TLG, TCPR, TCCI and TKG, the “Borrowers”), each lender from time to time party hereto (collectively,
the “Lenders” and, individually, a “Lender”), BNP PARIBAS, as Administrative Agent, Swing
Line Agent and Swing Line Lender, BNP PARIBAS SECURITIES CORP. (“BNPP Securities”), CITIGROUP GLOBAL MARKETS
INC. (“CGMI”), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (“MLPFS”) and THE BANK
OF TOKYO-MITSUBISHI UFJ, LTD. (“BTMU”), as Joint Lead Arrangers and Joint Book Managers, CITIBANK, N.A. and
BANK OF AMERICA, N.A., as Swing Line Lenders, and CITIBANK, N.A., BANK OF AMERICA, N.A. and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as Syndication Agents.

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

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

 

“Absolute
Rate Auction” means a solicitation of Money Market Quotes setting forth Money Market Absolute Rates pursuant to Section
2.3.

 

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

 

“Administrative
Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 9.2 with respect to such

 

     

     

    

currency, or such other address or account
with respect to such currency as the Administrative Agent may from time to time notify to the Borrowers and the Lenders.

 

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

 

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

 

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

 

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

 

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

 

“Aggregate
Tranche B Commitments” means the Tranche B Commitments of all the Tranche B Lenders; provided that in no event
shall the Aggregate Tranche B Commitments exceed US$866,600,000.

 

“Aggregate
Tranche C Commitments” means the Tranche C Commitments of all the Tranche C Lenders; provided that in no event
shall the Aggregate Tranche C Commitments exceed US$500,000,000.

 

“Agreement”
means this Credit Agreement.

 

“Alternative
Currency” means each of Euro, Sterling, Canadian Dollars and each other currency (other than US Dollars) that is approved
in accordance with Section 1.6 for Loans made to the Tranche A Borrowers or TCCI.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in US Dollars, the equivalent amount
thereof in the applicable Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot
Rate

 

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(determined in respect of the most recent
Revaluation Date) for the purchase of such Alternative Currency with US Dollars.

 

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

 

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

 

“Applicable
Minimum/Maximum Rate” means, as of any day, a percentage per annum determined by reference to the Public Debt Rating
in effect on such date as set forth below:

 

	
        Public Debt Rating

        S&P/Moody’s
	
        Applicable

        Minimum Rate

         
	
        Applicable

        Maximum Rate

         

	
        Level 1

        At least AA-/Aa3
	
        0.750%

         
	
        1.500%

         

	
        Level 2

        Less than Level 1 but at least
A+/A1
	
        0.875%

         
	
        1.625%

         

	
        Level 3

        Less than Level 2 but at least
A/A2
	
        1.000%

         
	
        1.750%

         

	
        Level 4

        Less than Level 3
	
        1.125%

         
	
        1.875%

         

 

“Applicable
Percentage” means, as of any day, a percentage per annum determined by reference to the Public Debt Rating in effect
on such date as set forth below:

 

	
        Public Debt Rating

        S&P/Moody’s
	
        Applicable

        Percentage

	
        Level 1

        At least AA-/Aa3
	
        0.080%

         

	
        Level 2

        Less than Level 1 but at least
A+/A1
	
        0.100%

         

	
        Level 3

        Less than Level 2 but at least
A/A2
	
        0.125%

         

	
        Level 4

        Less than Level 3
	
        0.150%

         

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“Applicable
Rate” means (i) for Eurocurrency Rate Loans, Swing Line Loans, Tranche C Loans, Bankers’ Acceptances, Drafts and
BA Equivalent Notes, as of any day, a percentage per annum equal to the Market Rate Spread on the Spread Determination Date in
relation to such day, less the Applicable Percentage in effect on such day and (ii) for Base Rate Loans or Canadian Prime Rate
Loans, a rate per annum that is 100 basis points lower than the rate determined in accordance with clause (i) above; provided
that in no event shall the Applicable Rate for Base Rate Loans or Canadian Prime Rate Loans be lower than 0.00%.

 

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

 

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

 

“Arranger”
means any of BNPP Securities, CGMI, MLPFS or BTMU, in its capacity as a joint lead arranger and a joint book manager.

 

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

 

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

 

“Audited Financial
Statements” means (i) for TMFNL, the audited statement of financial position of TMFNL as at, or for the fiscal year ended,
March 31, 2015 (or such later date for which audited financial statements are delivered pursuant to this Agreement) and the related
audited statement of comprehensive income, statement of changes in equity and statement of cash flows for such fiscal year, including
the notes thereto, (ii) for TCCI and TCPR, the audited balance sheet of such Borrower for the fiscal year ended March 31, 2015
(or such later date for which audited financial statements are delivered pursuant to this Agreement) and the related statement
of income or operations, shareholders’ equity and cash flows for such fiscal year, including the notes thereto, (iii) for
TMCC, the audited consolidated balance sheet of TMCC and its Subsidiaries for the fiscal year ended March 31, 2015 (or such later
date for which audited financial statements are delivered pursuant to this Agreement) and the related consolidated statement of
income or operations, shareholders’ equity and cash flows for such fiscal year of TMCC and its Subsidiaries, including the
notes thereto, (iv) for TFSUK and its Subsidiaries, the audited statements of financial position of TFSUK and its Subsidiaries
and of TFSUK, in each case, as at, or for the fiscal year ended, March 31, 2015 (or such later date for which audited financial
statements are delivered pursuant to this Agreement), the audited consolidated income statement, the audited consolidated and company
statements of comprehensive income, the audited consolidated and company statements of changes in equity and the audited consolidated

 

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and company cash flow
statements for such financial year of TFSUK and its Subsidiaries, including the notes thereto, (v) for TKG and TLG, the audited
balance sheet of each such Borrower for the fiscal year ended March 31, 2015 (or such later date for which audited financial statements
are delivered pursuant to this Agreement) and the related statement of income or operations and shareholders’ equity for
such fiscal year, including the notes thereto (presented in each case on a consolidated basis for TKG) and (vi) for TFA, the audited
annual financial statements of TFA for the fiscal year ended March 31, 2015 (or such later date for which audited financial statements
are delivered pursuant to this Agreement) (including a statement of income, a statement of financial position, a statement of changes
in equity and a statement of cash flows for such fiscal year, and the notes thereto) (presented in each case on a consolidated
basis for TFA).

 

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

 

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

 

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

 

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

 

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

 

“Australian
Sub-Agent’s Office” means the applicable Australian Sub-Agent’s address and, as appropriate, account as set
forth on Schedule 9.2, or such other address or account as such Australian Sub-Agent may from time to time notify to TFA
and the Tranche C Lenders.

 

“Australian
Swing Line Sublimit” means an amount equal to the least of (a) US$500,000,000, (b) the aggregate Swing Line Commitments
of the Swing Line Lenders in respect of Australian Dollars and (c) the Aggregate Commitments. The Australian Swing Line Sublimit
is part of, and not in addition to, the Swing Line Sublimit.

 

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

 

“BA Equivalent
Note” has the meaning specified in Section 2.15(i).

 

“BA Maturity
Date” means, for each Bankers’ Acceptance, Draft or BA Equivalent Note comprising part of the same Drawing, the
date on which the Face Amount for such Bankers’ Acceptance, Draft or BA Equivalent Note, as the case may be, becomes due
and payable in

 

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accordance with the provisions set forth
below, which shall be a Canadian Business Day occurring 30, 60, 90 or 180 days (or, subject to availability, such greater period
not to exceed 364 days) after the date on which such Bankers’ Acceptance, Draft or BA Equivalent Note is created and purchased
as part of any Drawing, as TCCI may select upon notice received by the Administrative Agent not later than 11:00 a.m. (Montreal
time) on a Canadian Business Day at least two Canadian Business Days prior to the date on which such Bankers’ Acceptance
or Draft is to be purchased or BA Equivalent Note is to be made (whether as a new Drawing or by renewal); provided, however,
that:

 

(a)TCCI
may not select any BA Maturity Date for any Bankers’ Acceptance, Draft or BA Equivalent Note that occurs after the then scheduled
latest Revolving Maturity Date;

 

(b)the
BA Maturity Date for all Bankers’ Acceptances, Drafts and BA Equivalent Notes comprising part of the same Drawing shall occur
on the same date; and

 

(c)whenever
the BA Maturity Date for any Bankers’ Acceptance, Draft or BA Equivalent Note would otherwise occur on a day other than a
Canadian Business Day, such BA Maturity Date shall be extended to occur on the next succeeding Canadian Business Day.

 

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

 

“Bankers’
Acceptance” has the meaning specified in Section 2.1(b).

 

“Base Rate”
means, (a) in respect of Tranche A or any Swing Line Loan, for any day, a fluctuating rate per annum equal to the highest of (i)
the Federal Funds Rate plus 1⁄2 of 1%, (ii) LIBOR applicable to US Dollars for an assumed Interest Period of one month
commencing on such day (or the most recent day, preceding such day, on which rates have been quoted for such a

 

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period) plus 1⁄2 of 1% (for
the avoidance of doubt, LIBOR for any day shall be based on the rate published by Reuters (or other commercially available source
providing quotations of LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. London time
on such day) and (iii) the rate of interest in effect for such day as publicly announced from time to time by BNP Paribas in the
United States as its “prime rate”; provided that, if the Base Rate would otherwise be less than zero, such Base
Rate shall instead be deemed for all purposes of this Agreement to be zero. The “prime rate” is a rate set by BNP Paribas
based upon various factors including BNP Paribas’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate and (b) in
respect of Tranche B, for any day, the fluctuating rate per annum equal to the highest of the rates determined in accordance with
clause (a)(i), clause (a)(ii), and the rate of interest in effect for such day as publicly announced from time to time by BNP Paribas
in Canada as its “prime rate” for US Dollars. Any change in such rate announced by BNP Paribas shall take effect at
the opening of business on the day specified in the public announcement of such change.

 

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

 

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

 

“Benefit Arrangement”
means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan
and which is maintained or otherwise contributed to by any member of the ERISA Group.

 

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

 

“Borrower”
means any of TMCC, TMFNL, TFSUK, TLG, TCPR, TCCI, TKG or TFA, as applicable.

 

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

 

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

 

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

 

“Business
Day” means (i) any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, any of the following: the state where the Administrative Agent’s Office is located,
California, New York, and San Juan, Puerto Rico, (ii) if such day relates to any Eurocurrency Rate Loan or Money Market LIBOR Loan
denominated in US Dollars, any such day on which dealings in US Dollar deposits are conducted by and between banks in the London
interbank eurodollar market, (iii) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan, Money Market
LIBOR Loan or Swing Line Loan denominated in Euro, a TARGET2 Day; (iv) if such day relates to any interest rate settings as to
a Eurocurrency Rate Loan, Money Market LIBOR Loan or Swing Line Loan denominated in a currency other than US Dollars or Euro, means
any such

 

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day on which dealings in deposits in the
relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency;
(v) if such day relates to any Tranche B Loan, a Canadian Business Day; and (vi) if such day relates to any Tranche C Loan or Swing
Line Loan made in Australian Dollars, an Australian Business Day.

 

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

 

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

 

“Canadian ITA”
means the Income Tax Act (Canada) as amended.

 

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

 

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

 

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

 

“Canadian
Sub-Agent” means BNP Paribas, acting through its Canada Branch.

 

“Canadian
Sub-Agent’s Office” means, with respect to Canadian Dollars, the Canadian Sub-Agent’s address and, as appropriate,
account as set forth on Schedule 9.2, or such other address or account with respect to such currency as the Canadian Sub-Agent
may from time to time notify to TCCI and the Tranche B Lenders.

 

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

 

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

 

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

 

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“Commitment
Cap” means, as to each Lender, the amount set opposite its name on Schedule 2.1 as such Lender’s “Commitment
Cap” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

 

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

 

“Committed
Loan” means a Committed Tranche A Loan, a Committed Tranche B Loan or a Committed Tranche C Loan.

 

“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other
and (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.2(a), which, if in writing, shall be substantially
in the form of Exhibit A-1.

 

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

 

“Committed
Tranche B Loan” means a loan made by, or the purchase or acceptance of Bankers’ Acceptances or purchase of Drafts
by, a Tranche B Lender pursuant to Section 2.1(b).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority)
to reject, repudiate, disavow or disaffirm any contracts or arrangements made with such Lender. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any one or more clauses (a) through (e) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(c)) upon delivery
of written notice of such determination to the Borrower, each Swing Line Lender and each Lender.

 

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

 

“Discount
Rate” means, in respect of any Bankers’ Acceptances or Drafts to be purchased by a Tranche B Lender pursuant to
Section 2.1(b): (i) for a Tranche B Lender that is a Schedule I Bank, the average rate (calculated on an annual basis of
a year of 365 days and rounded up to the nearest five decimal places, if such average is not such a multiple) for Canadian Dollar
bankers’ acceptances having a comparable term that appears on the Reuters Screen CDOR Page (or such other page as is a replacement
page for such bankers’ acceptances) at 10:00 a.m. (Montreal time) or, if such rate is not available at such time, the applicable
discount rate in respect of such Bankers’ Acceptances or Drafts shall be the average (as determined by the Canadian Sub-Agent)
of the respective actual discount rates (calculated on an annual basis of 365 days and rounded up to the nearest five decimal places,
if such average is not such a multiple), quoted to the Canadian Sub-Agent by each Canadian Reference Bank as the discount rate
at which such Canadian Reference Bank would purchase, as of 10:00 a.m. (Montreal time) on the date of such Drawing, its own bankers’
acceptances having an aggregate Face Amount equal to and with a term to maturity the same as the Bankers’ Acceptances or
Drafts to be acquired by such Lender as part of such Drawing (it being understood that the Canadian Sub-Agent shall not be required
to disclose to any party hereto any information regarding any Canadian Reference Bank or any rate provided by such Canadian Reference
Bank in accordance with this definition, including, without limitation, whether a Canadian Reference Bank has provided a rate or
the rate provided by any individual Canadian Reference Bank, and shall not make any such determination of the Discount Rate if
fewer than two Canadian Reference Banks provide quotes as provided in this clause (i)); and (ii) for each other Tranche B Lender
and any other Lender or Person, the average rate determined by the Canadian Sub-Agent pursuant to clause (i) plus 0.10%.

 

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

 

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“Draft”
means, at any time, either a depository bill within the meaning of the Depository Bills and Notes Act, or a bill of exchange
within the meaning of the Bills of Exchange Act (Canada), drawn by TCCI on a Lender or any other Person and bearing such
distinguishing letters and numbers as the Lender or the Person may determine, but which at such time has not been completed as
the payee or accepted by the Lender or the Person.

 

“Drawing”
means the simultaneous (i) creation and purchase of Bankers’ Acceptances by the Tranche B Lenders, in accordance with Section 2.15(a),
or (ii) the purchase of completed Drafts by a Tranche B Lender in accordance with Section 2.15(a).

 

“Drawing Fee”
means, with respect to each Draft drawn by TCCI and purchased by any Person on any Drawing Date and subject to the provisions of
Section 2.15, an amount equal to the product of (i) the Applicable Rate times the aggregate Face Amount of the Draft, multiplied
by (ii) a fraction the numerator of which is the number of days in the term to maturity of such Draft and the denominator of which
is 365 or 366, as applicable.

 

“Drawing Purchase
Price” means, with respect to each Bankers’ Acceptance or Draft to be purchased by any Tranche B Lender at any
time, the amount (adjusted to the nearest whole cent or, if there is no nearest whole cent, the next higher whole cent) obtained
by dividing (i) the aggregate Face Amount of such Bankers’ Acceptance, by (ii) the sum of (A) one and (B) the
product of (1) the Discount Rate applicable to such Tranche B Lender in effect at such time (expressed as a decimal) multiplied
by (2) a fraction the numerator of which is the number of days in the term to maturity of such Bankers’ Acceptance
or Draft and the denominator of which is 365 days.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Eurocurrency
Base Rate” has the meaning set forth in the definition of Eurocurrency Rate.

 

“Eurocurrency
Rate” means for any Interest Period with respect to any Eurocurrency Rate Loan, a rate per annum determined by the Administrative
Agent pursuant to the following formula:

 

	Eurocurrency
    Rate	=	Eurocurrency
    Base Rate	 
	 	 	1.00
    minus Eurocurrency Reserve Percentage	 

 

Where,

 

“Eurocurrency
Base Rate” means, for such Interest Period, the rate per annum equal to the ICE Benchmark Administration Limited LIBOR
Rate (or the successor thereto if ICE Benchmark Administration Limited is no longer making such a rate available) (“LIBOR”),
as published by Reuters (or other commercially available source providing quotations of LIBOR as designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period; provided that for any Eurocurrency Rate Loan denominated in Canadian Dollars, the Eurocurrency Base
Rate shall be the rate per annum determined in accordance with clause (ii) of the definition of Discount Rate. If such rate is
not available at such time for any reason, then the “Eurocurrency Base Rate” for such Interest Period shall be the
rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery on
the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued
or converted by BNP Paribas London and with a term equivalent to such Interest Period would be offered by BNP Paribas London (or
other BNP Paribas branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their
request at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period; provided
that, if the Eurocurrency Base Rate would otherwise be less than zero, such Eurocurrency Base Rate shall instead be deemed for
all purposes of this Agreement to be zero.

 

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“Eurocurrency
Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried
out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time
to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve
requirements) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency
Rate for each outstanding Eurocurrency Rate Loan shall be adjusted automatically as of the effective date of any change in the
Eurocurrency Reserve Percentage.

 

“Eurocurrency
Rate Loan” means a Committed Loan under Tranche A or Tranche B that bears interest at a rate based on the Eurocurrency
Rate. Eurocurrency Rate Loans may be denominated in US Dollars or in an Alternative Currency. All Committed Loans denominated in
an Alternative Currency (other than Canadian Dollar Loans made under Tranche B) must be Eurocurrency Rate Loans.

 

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

 

“Exempt Lender”
means a Tranche A Lender that is any of the following: (i) a Corporate Lender organized under the Laws of Puerto Rico, (ii) a Corporate
Lender organized under the Laws of a jurisdiction other than Puerto Rico that is engaged in the conduct of a trade or business
in Puerto Rico, or (iii) a Lender organized under the Laws of a jurisdiction other than Puerto Rico that is not engaged in the
conduct of a trade or business in Puerto Rico and that is not a “related person” to TCPR for purposes of Section 1231(a)(1)(A)(i)
of the Puerto Rico Code by reason of the fact that such Lender does not own, directly or indirectly in accordance with the attribution
rules of Section 1231(a)(3) of the Puerto Rico Code, 50% or more of the value of the stock of TCPR. As used in this definition,
“Corporate Lender” means a Lender that is taxable as a corporation under the Puerto Rico Code.

 

“Existing
Credit Facilities” means (a) the 364-Day Credit Agreement dated as of November 20, 2014 among TMCC, TMFNL, TFSUK, TLG,
TCPR, TCCI, TKG and TFA, the lenders party thereto, BNP Paribas, as administrative agent, swing line agent and swing line lender,
Citibank, N.A., as syndication agent and swing line lender, Bank of America, N.A., as syndication agent and swing line lender,
The Bank of Tokyo-Mitsubishi UFJ, Ltd., as syndication agent, and JPMorgan Chase Bank, N.A., as documentation agent, (b) the Three
Year Credit Agreement dated as of November 20, 2014, among TMCC, TMFNL, TFSUK, TLG, TCPR, TCCI, TKG and TFA, the lenders party
thereto, BNP Paribas, as administrative agent, swing line agent and swing line lender, Citibank, N.A., as syndication agent and
swing line lender, Bank of America, N.A., as syndication agent and swing line lender, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as
syndication agent, and JPMorgan Chase Bank, N.A., as documentation agent, and (c) the Five Year Credit Agreement dated as of November
20, 2014, among TMCC, TMFNL, TFSUK, TLG, TCPR, TCCI, TKG and TFA, the lenders party thereto, BNP Paribas, as administrative agent,
swing line agent and swing line lender, Citibank, N.A., as syndication agent and swing line lender, Bank of America, N.A., as syndication
agent and swing line lender, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as syndication agent, and JPMorgan Chase Bank, N.A., as documentation
agent.

 

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“Extension
Date” has the meaning specified in Section 2.13(a).

 

“Face Amount”
means, with respect to any Bankers’ Acceptance, Drafts or BA Equivalent Note, the amount payable to the holder of such Bankers’
Acceptance, Draft or BA Equivalent Note on its maturity date.

 

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

 

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

 

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

 

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

 

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

 

“GAAP”
means, (i) in the case of TMCC and TCPR, generally accepted accounting principles in the United States of America set forth in
the opinions and pronouncements of the Statements and Interpretations of the Financial Accounting Standards Board, FASB Staff Positions,
Accounting Research Bulletins and Accounting Principles Board Opinions of the American Institute of Certified Public Accountants
or agencies with similar functions of comparable stature and authority within the U.S. accounting profession, which are applicable
to the circumstances as of the date of determination, including the FASB Accounting Standards Codification and the Hierarchy of
Generally Accepted Accounting Principles, (ii) in the case of TCCI, accounting principles generally accepted in Canada as set out
in the Canadian Institute of Chartered Accountants Handbook - Accounting at the relevant time applied on a consistent basis, with
any changes thereto or deviations therefrom that are made with the prior approval of TCCI’s independent auditors in accordance
with promulgations of the Canadian Institute of Chartered Accountants, provided that, upon conversion by TCCI, as permitted
by GAAP, to Canadian accounting

 

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standards for private enterprises or International
Financial Reporting Standards, in each case, as set out in the Canadian Institute of Chartered Accountants Handbook - Accounting,
such standards for private enterprises or International Financial Reporting Standards shall instead apply, (iii) in the case of
TMFNL, International Financial Reporting Standards (“IFRS”) and interpretations issued by the International Financial
Reporting Interpretations Committee (“IFRIC”), as adopted by the European Union and the statutory provisions of Part
9, Book 2 of the Netherlands Civil Code, (iv) in the case of TFSUK, IFRS and IFRIC interpretations, as adopted by the European
Union and those parts of the Companies Act 2006 applicable to companies reporting under IFRS, (v) in the case of TFA, generally
accepted accounting principles, standards and practices in Australia as promulgated by the Australian Accounting Standards Board
from time to time or as otherwise required by mandatory provisions of applicable law and (vi) in the case of any other Borrower
to which United States generally accepted accounting principles are not applicable, accounting principles generally accepted in
the country in which such Borrower is organized, as adopted, recommended or declared by the applicable accounting board or similar
entity regularly determining such matters in such country, consistently applied.

 

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

 

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

 

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

 

“Interest
Payment Date” means, (a) as to any Eurocurrency Rate Loan, Tranche C Loan or Money Market Loan, the last day of each
Interest Period applicable to such Loan and the Revolving Maturity Date applicable to the Lender of such Loan; provided,
however, that if any Interest Period for a Eurocurrency Rate Loan or Money Market Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as
to any Base Rate Committed Loan, any Canadian Prime Rate Loan or any Swing Line Loan, the last Business Day of each March, June,
September and December and the Revolving Maturity Date applicable to the Lender of such Loan.

 

“Interest
Period” means, (a) as to each Eurocurrency Rate Loan, the period commencing on the date such Loan is disbursed or converted
to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the
applicable Borrower in its Committed Loan Notice, (b) as to each Money Market LIBOR Loan, the period commencing on the date such
Loan is disbursed and ending on the date that is such whole number of months thereafter as the applicable Borrower may elect in
accordance with Section 2.3, (c) as to each Money Market Absolute Rate Loan, the period commencing on the date such Loan
is disbursed and ending on the date that is such number of days thereafter (but not less than seven days) as the applicable Borrower
may elect in accordance with Section 2.3, (d) as to each Swing Line Loan, the period commencing on the date such Loan is
disbursed and ending on the date that is such number of days thereafter as the applicable Borrower may elect in accordance with
Section 2.16 and (e) as to each Tranche C Loan, the period commencing on the date such

 

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Loan is disbursed or converted to or continued
as a Tranche C Loan ending on the date one, two, three or six months thereafter, as selected by TFA in its Committed Loan Notice;
provided that:

 

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

 

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

 

(iii)no
Interest Period for a Eurocurrency Rate Loan or Tranche C Loan shall extend beyond the latest Revolving Maturity Date, and no Interest
Period for Money Market Loans shall extend beyond the Revolving Maturity Date applicable to the Lender of such Loans.

 

“Invitation
for Money Market Quotes” means an Invitation for Money Market Quotes substantially in the form of Exhibit F hereto.

 

“IRS” means
the United States Internal Revenue Service.

 

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

 

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

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify the applicable Borrower and the Administrative Agent.

 

“LIBOR”
has the meaning specified in the definition of “Eurocurrency Base Rate”.

 

“LIBOR Auction”
means a solicitation of Money Market Quotes setting forth Money Market Margins based on the Eurocurrency Rate pursuant to Section
2.3.

 

“Loan”
means an extension of credit by a Lender to a Borrower under Article II in the form of a Committed Loan, a Money Market
Loan or a Swing Line Loan.

 

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

 

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“Market Rate
Spread” means the credit default swap mid-rate spread of TMCC interpolated from the applicable Spread Determination Date
to the latest Revolving Maturity Date (or, if the period from such Spread Determination Date to the latest Revolving Maturity Date
is less than one year, then TMCC’s 1-year credit default swap spread based on the End of Day mid-rate spread), in each case,
established on the most recent Spread Determination Date and based on the credit default mid-rate spreads specified by Markit Group
Ltd., determined on the Spread Determination Date, subject to a minimum rate and a maximum rate equal to the Applicable Minimum/Maximum
Rate. If TMCC’s applicable credit default swap spreads, as specified by Markit Group Ltd. are unavailable on the Spread Determination
Date, then the Market Rate Spread shall be TMCC’s interpolated credit default swap mid-rate spread, as reasonably determined
on such Business Day by five reference banks selected by the Administrative Agent and TMCC, including BNPP Securities, CGMI and
BTMU. If the participant banks are unable to determine TMCC’s interpolated credit default swap mid-rate spread on the Spread
Determination Date, the Market Rate Spread shall be based on the last credit default swap spreads for TMCC reported by Markit Group
Ltd.

 

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

 

“Money Market
Absolute Rate” has the meaning set forth in Section 2.3(d)(ii).

 

“Money Market
Absolute Rate Loan” means a loan denominated in US Dollars to be made by a Lender pursuant to an Absolute Rate Auction.

 

“Money Market
Borrowing” means a borrowing consisting of simultaneous Money Market Loans of the same Type and, in the case of Money
Market LIBOR Loans bearing interest calculated based on the Eurocurrency Rate, having the same Interest Period made by a Lender
pursuant to Section 2.3.

 

“Money Market
LIBOR Loan” means a loan denominated in US Dollars to be made by a Lender pursuant to a LIBOR Auction (including such
a loan bearing interest at the Base Rate pursuant to Section 3.2).

 

“Money Market
Loan” means a Money Market LIBOR Loan or a Money Market Absolute Rate Loan.

 

“Money Market
Margin” has the meaning set forth in Section 2.3(d)(ii).

 

“Money Market
Quote” means an offer, substantially in the form of Exhibit G hereto, by a Lender to make a Money Market Loan
in accordance with Section 2.3.

 

“Money Market
Quote Request” means a Money Market Quote Request substantially in the form of Exhibit E hereto.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

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 Toyota – Five Year Credit Agreement (2015)
 

     

    

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

 

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

 

“Obligations”
means, with respect to any Borrower, all advances to, and debts, liabilities, obligations, covenants and duties of, such Borrower
arising under any Loan Document or otherwise with respect to any Loan made to such Borrower, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against such Borrower of any proceeding under any Debtor Relief Laws naming such
Borrower as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

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

 

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

 

“Other Taxes”
means any and all present or future stamp or documentary taxes and any other excise or property taxes or charges or similar levies
which arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration
of, or otherwise with respect to, any Loan Document, excluding, however (i) such taxes imposed as a result of an assignment
or participation (other than an assignment that occurs as a result of Borrower’s request pursuant to Section 9.17)
and (ii) such taxes, charges and levies payable in respect of any Money Market Loan for any reason except a Regulatory Change occurring
after the date that the Money Market Quote for such Money Market Loan was delivered.

 

“Outstanding
Amount” means (i) with respect to Committed Loans and Money Market Loans on any date, the aggregate outstanding principal
amount or in the case of Bankers’ Acceptances, Drafts and BA Equivalent Notes, Face Amount thereof after giving effect to
any borrowing and prepayments or repayments of Committed Loans and Money Market Loans, as

 

     19
 Toyota – Five Year Credit Agreement (2015)
 

     

    

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

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in US Dollars, the Federal Funds Rate, (b) with
respect to any amount denominated in Canadian Dollars, an overnight rate determined by the Applicable Agent in accordance with
banking industry rules on interbank compensation, (c) with respect to any amount denominated in an Alternative Currency other than
Canadian Dollars, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount
approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch
or Affiliate of BNP Paribas in the applicable offshore interbank market for such currency to major banks in such interbank market
and (d) with respect to any amount denominated in Australian Dollars, an overnight rate determined by the Administrative Agent,
the applicable Swing Line Agent or the Australian Sub-Agent, as the case may be, in accordance with banking industry rules on interbank
compensation. 

 

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

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to,
by any member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five
years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any
Person which was at such time a member of the ERISA Group.

 

“Platform”
has the meaning specified in Section 6.1.

 

“Pro Rata
Share” means (a) with respect to the commitments of each Applicable Tranche Lender at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Tranche A Commitment, Tranche
B Commitment or Tranche C Commitment of such Applicable Tranche Lender at such time and the denominator of which is the amount
of the Aggregate Tranche A Commitments, Aggregate Tranche B Commitments or Aggregate Tranche C Commitments, respectively, at such
time; provided that if the commitment of each Lender to make Tranche A Loans, Tranche B Loans or Tranche C Loans, as applicable,
has been terminated pursuant to Section 7.1, then the Pro Rata Share of each Applicable Tranche Lender shall be determined
based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments
made pursuant to the terms hereof. The initial Pro Rata Share of each Lender is set forth opposite the name of such Lender on Schedule
2.1 or in the Assignment and Assumption

 

     20
 Toyota – Five Year Credit Agreement (2015)
 

     

    

pursuant to which such Lender becomes a
party hereto, as applicable, and (b) with respect to the aggregate Commitments of all Lenders at any time, a fraction (expressed
as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of such Lender’s Commitment
Cap and the denominator of which is the aggregate amount of all the Lenders’ Commitment Caps at such time.

 

“Public Debt
Rating” means, as of any date, the rating that has been most recently announced by any of S&P or Moody’s, as
the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by TMCC or, if any such rating agency
shall have issued more than one such rating, the lowest such rating issued by such rating agency. For purposes of the foregoing,
(a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Maximum Rate and the
Applicable Percentage shall be determined by reference to the available rating; (b) if neither of S&P or Moody’s
shall have in effect a Public Debt Rating, the Applicable Maximum Rate and the Applicable Percentage will be set in accordance
with Level 4 under the definitions of “Applicable Maximum Rate” and “Applicable Percentage”;
(c) if both S&P and Moody’s have established ratings and those ratings shall fall within two different levels, the
Applicable Maximum Rate and the Applicable Percentage shall be based upon the higher rating, unless the lower rating is more than
one level below the higher rating, in which case the Applicable Maximum Rate and the Applicable Percentage shall be based upon
the rating that is one level lower than the higher rating; (d) if any rating established by S&P or Moody’s shall
be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency
making such change; and (e) if S&P or Moody’s shall change the basis or system on which ratings are established,
each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent
rating by S&P or Moody’s, as the case may be.

 

“Public Lender”
has the meaning specified in Section 6.1.

 

“Puerto Rico”
means the Commonwealth of Puerto Rico.

 

“Puerto Rico
Code” means the Puerto Rico Internal Revenue Code of 2011, as
amended and any successor statute.

 

“Register”
has the meaning set forth in Section 9.7(c).

 

“Regulation
U” means Regulation U of the FRB, as in effect from time to time.

 

“Regulatory
Change” shall mean, with respect to any Lender, the introduction of or any change in or in the interpretation of any
Law, or such Lender’s compliance therewith. For the avoidance of doubt, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, are deemed to have been introduced or adopted after the date hereof, regardless of the date enacted, adopted, issued, promulgated
or implemented.

 

     21
 Toyota – Five Year Credit Agreement (2015)
 

     

    

“Request for
Loans” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice,
(b) with respect to a Money Market Borrowing, a Notice of Money Market Borrowing (as defined in Section 2.3(f)) and (c)
with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required
Lenders” means, (a) with respect to matters related solely to the Tranche A Borrowers, to TCCI or to TFA, respectively,
as of any date of determination, Applicable Tranche Lenders having more than 50% of the Aggregate Commitments to such Borrower
(or, in the case of the Tranche A Borrowers, all of the Tranche A Borrowers) or, if the commitment of each Lender to make Tranche
A Loans, Tranche B Loans or Tranche C Loans, as applicable, has been terminated pursuant to Section 7.1, Applicable Tranche
Lenders holding in the aggregate more than 50% of the Total Outstandings applicable to Tranche A Borrowers, to TCCI or to TFA,
respectively (with the aggregate amount of each Lender’s risk participation and funded participation in Swing Line Loans
being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the
portion of the Total Outstandings applicable to a Borrower held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders and (b) in all other cases, Lenders having more than 50% of the aggregate
amount of all the Lenders’ Commitment Caps at such time or, to the extent the Commitments have been terminated, more than
50% of the Total Outstandings of all Loans, provided that the Commitment of, and the portion of the Total Outstandings held
or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer or assistant treasurer or any
other officer or representative of (i) the applicable Borrower, authorized by the board of directors (or equivalent governing body)
of the applicable Borrower or (ii) to the extent a Borrower’s Representative is permitted pursuant to this Agreement to act
on behalf of a Borrower, the applicable Borrowers’ Representative, authorized by the board of directors (or equivalent governing
body) of the applicable Borrowers’ Representative in respect of the applicable Borrower, in each case as set forth in a written
notice from such Borrower or such Borrowers’ Representative on behalf of such Borrower to the Administrative Agent. The Administrative
Agent may conclusively rely on each such notice unless and until a subsequent writing shall be delivered by a Borrower or Borrowers’
Representative on behalf of a Borrower to the Administrative Agent that identifies the prior writing that is to be superseded and
stating that it is to be so superseded. Any document delivered hereunder that is signed by a Responsible Officer of a Borrower
or a Responsible Officer of a Borrowers’ Representative on behalf of a Borrower shall be conclusively presumed to have been
authorized by all necessary corporate action on the part of such Borrower or such Borrowers’ Representative on behalf of
such Borrower.

 

“Revaluation
Date” means each of the following: (i) each date of a Borrowing of a Eurocurrency Rate Loan denominated in an Alternative
Currency, (ii) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.2,
(iii) each date of a Borrowing of a Tranche C Loan, (iv) each date of a continuation of a Tranche C Loan pursuant to Section 2.2,
and (v) such additional dates as the Administrative Agent shall determine or the Required Lenders shall request. 

 

     22
 Toyota – Five Year Credit Agreement (2015)
 

     

    

“Revolving
Maturity Date” means, the later of (a) November 18, 2020, and (b) if maturity is extended upon the request of the Borrowers
pursuant to Section 2.13(b), such extended revolving maturity date as determined pursuant to such Section; provided,
however, that the Revolving Maturity Date of any Lender that is a non-Consenting Lender to any requested extension pursuant
to Section 2.13(b) shall be the Revolving Maturity Date in effect immediately prior to the applicable Extension Date (as
such term is defined in Section 2.13(a)) for all purposes of this Agreement.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

“Same Day
Funds” means (a) with respect to disbursements and payments in US Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative
Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant
Alternative Currency.

 

“Sanctions”
means any economic or financial sanctions administered, enacted, imposed or enforced by the U.S. government (including, without
limitation, those administered by OFAC), the Australian Federal Government, the United Nations Security Council, the European Union,
the Federal Republic of Germany, or Her Majesty’s Treasury of the United Kingdom.

 

“Schedule
I Banks” shall mean, at any time, the Lenders that are listed in Schedule I to the Bank Act (Canada) at such time.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Significant
Subsidiary” means any Subsidiary which would meet the definition of “Significant Subsidiary” contained in
Regulation S-X (or similar successor provision) of the Securities and Exchange Commission.

 

“Special Notice
Currency” means at any time an Alternative Currency, other than the currency of a country that is a member of the Organization
for Economic Cooperation and Development at such time located in North America or Europe.

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity
as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation
is made; provided that the Administrative Agent may obtain such spot rate from another financial institution designated
by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate
for any such currency. 

 

“Spread Determination
Date” means the Business Day that is two Business Days prior to the day of delivery of the request to make, convert or
continue, as applicable, each Loan (and if such Loan is a Eurocurrency Rate Loan with an Interest Period longer than three months,
the

 

     23
 Toyota – Five Year Credit Agreement (2015)
 

     

    

Market Rate Spread shall be reset to the
Market Rate Spread as reported on the Business Day that is two Business Days prior to the day that is three months after the later
of (i) the day on which such Eurocurrency Rate Loan was made, converted or continued and (ii) the last day on which the Market
Rate Spread was reset).

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Sub-Agents”
means the Canadian Sub-Agent, the Australian Sub-Agent and each Swing Line Agent.

 

“Subsidiary”
means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting
power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly
owned by such Person; unless otherwise specified, “Subsidiary” means a Subsidiary of a Borrower.

 

“Swing Line
Agent” means each of (a) in the case of Swing Line Loans funded in US Dollars, BNP Paribas, (b) in the case of Swing
Line Loans funded in Canadian Dollars, BNP Paribas, (c) in the case of Swing Line Loans funded in Euro, Sterling or any other Alternative
Currency, BNP Paribas London and (d) in the case of Swing Line Loans funded in Australian Dollars, BNP Paribas, Sydney Branch.

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.16.

 

“Swing Line
Commitment” means, as to each Swing Line Lender and as to any currency, its obligation to make Swing Line Loans in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on
Schedule 2.1 as its “Swing Line Commitment” with respect to such currency, or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement.

 

“Swing Line
Lenders” means each of the Lenders that has a Swing Line Commitment on Schedule 2.1 hereto, or any successor swing
line lender hereunder.

 

“Swing Line
Loan” has the meaning specified in Section 2.16(a).

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.16(b), which, if in writing, shall
be substantially in the form of Exhibit A-2.

 

“Swing Line
Rate” means, (a) in respect of Swing Line Loans made in US Dollars or any Alternate Currency other than Canadian Dollars,
for any Interest Period, the sum of (i) the rate per annum determined by the applicable Swing Line Agent as the rate of interest
(rounded upward to the next 1/100th of 1%) at which deposits in the relevant currency for delivery on the first day of such Swing
Line Loan in Same Day Funds in the approximate amount of the Swing Line Loan being made by such Swing Line Agent (or its affiliate)
and with a term equivalent to such Interest Period would be offered by BNP Paribas London to major banks in the London or other
offshore interbank market for such currency at their request at approximately 11:00 a.m.

 

     24
 Toyota – Five Year Credit Agreement (2015)
 

     

    

(London time) on the first day of such
Swing Line Loan and (ii) the Applicable Rate, (b) in the case of Swing Line Loans made in Canadian Dollars, the sum of (i) the
Canadian Prime Rate and (ii) the Applicable Rate and (c) in the case of Swing Line Loans made in Australian Dollars, for any Interest
Period, the sum of (i) the rate per annum determined by the applicable Swing Line Agent as the rate of interest (rounded upward
to the next 1/100th of 1%) at which deposits in Australian Dollars for delivery on the first day of such Swing Line Loan in Same
Day Funds in the approximate amount of the Swing Line Loan being made by such Swing Line Agent (or its affiliate) and with a term
equivalent to such Interest Period would be offered by BNP Paribas, Sydney Branch to major banks in Sydney at their request at
approximately 11:00 a.m. (Sydney time) on the first day of such Swing Line Loan and (ii) the Applicable Rate.

 

“Swing Line
Sublimit” means an amount equal to the least of (a) US$1,250,000,000, (b) the aggregate Swing Line Commitments of the
Swing Line Lenders and (c) the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate
Commitments.

 

“TARGET2 Day”
means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) System (or, if such payment
system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable
replacement) is open for the settlement of payments in Euro.

 

“Taxes”
means, with respect to any payment by a Borrower under this Agreement or any other Loan Document, any and all present or future
taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities with respect
thereto (other than Other Taxes), excluding, (i) in the case of the Administrative Agent and each Lender, taxes imposed
on or measured by its net income (however denominated), and franchise and similar taxes (including branch profits taxes and backup
withholding of such taxes) imposed on it, by the jurisdiction (or any political subdivision thereof) under the Laws of which the
Administrative Agent or such Lender, as the case may be, is organized or where the Administrative Agent’s Office or a Lender’s
Lending Office is located or any other jurisdiction arising solely as
a result of such recipient engaging in a trade or business in such jurisdiction for tax purposes,
(ii) any (1) United States, the Netherlands or Puerto Rico withholding tax imposed on payments by the Tranche A Borrowers
under this Agreement or any other Loan Document, (2) Canadian withholding tax imposed on payments by TCCI, under this Agreement
or any other Loan Document to a Tranche B Lender that is subject to such withholding tax or (3) Australian withholding tax imposed
on payments by TFA, under this Agreement or any other Loan Document to a Tranche C Lender that is subject to such withholding
tax, in the case of either (1) or (2), (x) with respect to payments on a Money Market Loan, on the date that such Lender delivers
a Money Market Quote for such Money Market Loan (or designates a new Lending Office) and (y) with respect to all other payments,
on the date such Lender becomes a party to this Agreement (or designates a new Lending Office) and (iii) withholding Taxes imposed
under FATCA.

 

“TMC Consolidated
Subsidiary” means, at any date, a Subsidiary or other entity the accounts of which would be consolidated with those of
Toyota Motor Corporation in its consolidated financial statements if such statements were prepared as of such date.

 

     25
 Toyota – Five Year Credit Agreement (2015)
 

     

    

“Total Outstandings”
means (i) the aggregate Outstanding Amount of all Loans, (ii) when used in relation to the Tranche A Borrowers, the Outstanding
Amount of all Loans made to the Tranche A Borrowers, (iii) when used in relation to TCCI, the Outstanding Amount of all Loans made
to TCCI and (iv) when used in relation to TFA, the Outstanding Amount of all Loans made to TFA.

 

“Tranche A
Availability Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest
of (a) the Revolving Maturity Date applicable to such Lender, (b) the date of termination of the Aggregate Tranche A Commitments
pursuant to Section 2.5, and (c) the date of termination of the commitment of each Tranche A Lender to make Loans pursuant
to Section 7.1.

 

“Tranche A
Borrowers” means TMCC, TMFNL, TFSUK, TLG, TCPR and TKG.

 

“Tranche A
Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the Tranche A Borrowers pursuant
to Section 2.1(a) and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time
outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche A
Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement; provided that (a) the Tranche A Commitments
available to TKG shall not exceed US$500,000,000 in the aggregate for all Lenders, (b) the Tranche A Commitments available to TCPR
shall not exceed US$1,000,000,000 in the aggregate for all Lenders and (c) the Tranche A Commitments available to TLG shall not
exceed US$500,000,000 in the aggregate for all Lenders.

 

“Tranche A
Facility” means the aggregate of the Tranche A Commitments.

 

“Tranche A
Lender” means each Lender that has a Tranche A Commitment on Schedule 2.1 or any Lender to which a portion of
the Tranche A Commitment hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche A
Loan” means an extension of credit by a Lender to a Tranche A Borrower under Article II in the form of a Committed
Loan or a Money Market Loan. Tranche A Loans shall be denominated in US Dollars or any Alternative Currency.

 

“Tranche B
Availability Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest
of (a) the Revolving Maturity Date applicable to such Lender, (b) the date of termination of the Aggregate Tranche B Commitments
pursuant to Section 2.5, and (c) the date of termination of the commitment of each Tranche B Lender to make Loans pursuant
to Section 7.1.

 

“Tranche B
Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to TCCI pursuant to Section 2.1(b)
and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche B Commitment” or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as

 

     26
 Toyota – Five Year Credit Agreement (2015)
 

     

    

applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

 

“Tranche B
Facility” means the aggregate of the Tranche B Commitments.

 

“Tranche B
Lender” means each Lender that has a Tranche B Commitment on Schedule 2.1 or any Lender to which a portion of
the Tranche B Commitment hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche B
Loan” means an extension of credit by a Lender to TCCI under Article II and shall, unless the context otherwise
requires, be deemed to include Drafts accepted or purchased by any such Lender, and BA Equivalent Notes issued to such Lender in
exchange for Drafts. Tranche B Loans may be denominated in Canadian Dollars (as Canadian Prime Rate Loans, Bankers’ Acceptances,
Drafts or BA Equivalent Notes), US Dollars (as Base Rate Loans or Eurocurrency Rate Loans) or any Alternative Currency (as Eurocurrency
Rate Loans).

 

“Tranche C
Availability Period” means, with respect to any Lender, the period from and including the Closing Date to the earliest
of (a) the Revolving Maturity Date applicable to such Lender (b) the date of termination of the Aggregate Tranche C Commitments
pursuant to Section 2.5, and (c) the date of termination of the commitment of each Tranche C Lender to make Loans pursuant
to Section 7.1.

 

“Tranche C
Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to TFA pursuant to Section 2.1(c)
and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche C Commitment” or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement.

 

“Tranche C
Facility” means the aggregate of the Tranche C Commitments.

 

“Tranche C
Lender” means each Lender that has a Tranche C Commitment on Schedule 2.1 or any Lender to which a portion of
the Tranche C Commitment hereunder has been assigned pursuant to an Assignment and Assumption.

 

“Tranche C
Loan” means an extension of credit by a Lender to TFA under Article II. Except as provided in Section 2.16(c),
Tranche C Loans shall be denominated in Australian Dollars.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan, a Canadian Prime Rate Loan, a Eurocurrency Rate Loan, a Tranche
C Loan, a Money Market LIBOR Loan or a Money Market Absolute Rate Loan.

 

“UK CTA”
means the United Kingdom Corporation Tax Act 2009.

 

“UK ITA”
means the United Kingdom Income Tax Act 2007.

 

     27
 Toyota – Five Year Credit Agreement (2015)
 

     

    

“UK Qualifying
Lender” means (a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance
to TFSUK and is (i) a Lender: (1) which is a bank (as defined for the purpose of section 879 UK ITA) making an advance to TFSUK
under this Agreement; or (2) in respect of an advance made under this Agreement to TFSUK by a person that was a bank (as defined
for the purpose of section 879 UK ITA) at the time the advance was made, and which, with respect to (1) and (2) above, is within
the charge to United Kingdom corporation tax as regards any payment of interest made in respect of that advance or (in the case
of (1) above), which is a bank (as so designated) that would be within the charge to United Kingdom corporation tax as regards
any payment of interest made in respect of that advance apart from section 18A of the UK CTA; or (ii) a Lender which is: (1) a
company resident in the United Kingdom for United Kingdom tax purposes or (2) a company not so resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent establishment which brings into account interest payable in respect
of that advance in computing its chargeable profits (within the meaning given by section 19 of the UK CTA); or (iii) a UK Treaty
Lender or (b) a US LLC Lender.

 

“UK Qualifying
Non-Bank Lender” means a Lender which gives a UK Tax Confirmation in the Assignment and Assumption which it executes
on becoming a party to this Agreement.

 

“UK Tax Confirmation”
means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance
to TFSUK under this Agreement is either: (i) a company resident in the United Kingdom for United Kingdom tax purposes; or (ii)
a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account interest payable in respect of that advance in computing its chargeable profits (within the meaning
given by section 19 of the UK CTA).

 

“UK Treaty
Lender” means a Lender which:

 

		(i)	is treated as a resident of a jurisdiction having a double taxation agreement (a “Treaty”)
with the United Kingdom which makes provision for full exemption from Tax imposed by the United Kingdom on interest; and

 

		(ii)	does not carry on business in the United Kingdom through a permanent establishment with which that
Lender’s participation in respect of a Loan to TFSUK is effectively connected; and

 

		(iii)	is fully entitled to the benefits of the relevant Treaty (or if not so entitled, would have been
so entitled but for its failure to be so fully entitled being attributable to (x) the status of or any action or omission of TFSUK
or any affiliate thereof or to any relationship between the Lender and TFSUK or any affiliate thereof or (y) any steps taken or
to be taken pursuant to Section 9.17),

 

provided that “UK Treaty Lender”
shall mean any Lender in respect of a Loan to TFSUK, if such Lender becomes a Lender when an Event of Default has occurred and
is continuing.

 

“Unfunded
Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the value of all benefit liabilities
under such Plan, determined on a plan termination

 

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basis using the assumptions prescribed
by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such liabilities
under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date
for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC
or any other Person under Title IV of ERISA.

 

“United States”
and “U.S.” each means the United States of America, including the States and the District of Columbia, but excluding
its territories and possessions.

 

“Unused Tranche
A Commitment” means, with respect to any Tranche A Lender at any time (a) such Lender’s Tranche A Commitment at
such time minus (b) the sum of (i) the aggregate principal amount of all Tranche A Loans made by such Lender and outstanding
at such time plus (ii) such Lender’s Pro Rata Share of the aggregate principal amount of all Money Market Loans made
to the Tranche A Borrowers pursuant to Section 2.3 and outstanding at such time plus (iii) such Lender’s Pro
Rata Share of the aggregate principal amount of all Swing Line Loans made to the Tranche A Borrowers pursuant to Section 2.16
and outstanding at such time plus (iv) in the case of a Tranche A Lender that is (or has an Affiliate that is) a Tranche
B Lender, such Tranche B Lender’s Pro Rata Share of the Total Outstandings applicable to TCCI plus (v) in the case
of a Tranche A Lender that is (or has an Affiliate that is) a Tranche C Lender, such Tranche C Lender’s Pro Rata Share of
the Total Outstandings applicable to TFA.

 

“US Dollars”
and “US$” each means the lawful money of the United States.

 

“US LLC Lender”
means a Lender in respect of a Loan to TFSUK which is a US limited liability company that is fiscally transparent under the
laws of the United States and where each ultimate recipient of the interest payable to that Lender would be a UK Treaty Lender
were that ultimate recipient a Lender in respect of that Loan.

 

Section  1.2
Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

 

(a)The meanings of defined terms
are equally applicable to the singular and plural forms of the defined terms.

 

(b)(i)The words
“herein,” “hereto,” “hereof” and “hereunder” and words
of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision
thereof.

 

(ii)Article,
Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(iii)The
term “including” is by way of example and not limitation.

 

(iv)The
term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

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(c)In the computation of periods
of time from a specified date to a later specified date, the word “from” means “from and including;”
the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.”

 

(d)Section headings herein and
in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement
or any other Loan Document.

 

Section  1.3
Accounting Terms. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on
a consistent basis as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial
Statements.

 

Section  1.4
References to Agreements and Laws. Unless otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments,
restatements, extensions, supplements and other modifications thereto; and (b) references to any Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

 

Section  1.5
Exchange Rates; Currency Equivalents. (a) The Administrative Agent shall determine the Spot Rates as of each Revaluation
Date to be used for calculating Dollar Equivalent amounts of Loan and Outstanding Amounts denominated in Alternative Currencies
or Australian Dollars. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed
in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial
statements delivered by the Borrowers hereunder or calculating financial covenants hereunder or except as otherwise provided herein,
the applicable amount of any currency (other than US Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent
amount as so determined by the Administrative Agent.

 

(b)Wherever in this Agreement in
connection with a Committed Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate Loan, an amount, such as a
required minimum or multiple amount, is expressed in US Dollars, but such Committed Borrowing or Eurocurrency Rate Loan is denominated
in an Alternative Currency or Australian Dollars, such amount shall be the relevant Alternative Currency Equivalent or Australian
Dollar equivalent of such US Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being
rounded upward), as determined by the Administrative Agent.

 

Section  1.6
Additional Alternative Currencies. (a) The Tranche A Borrowers or TCCI may from time to time request that Eurocurrency Rate
Loans be made in a currency other than those specifically listed in the definition of “Alternative Currency;” provided
that such requested currency is a lawful currency (other than US Dollars) that is readily available and freely transferable and
convertible into US Dollars. In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request
shall be subject to the approval of the Administrative Agent and the Applicable Tranche Lenders.

 

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(b)Any such request shall be made
to the Administrative Agent not later than 11:00 a.m., 10 Business Days prior to the date of the desired Committed Loan (or such
other time or date as may be agreed by the Administrative Agent in its sole discretion). In the case of any such request pertaining
to Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each Applicable Tranche Lender thereof. Each such Lender
(in the case of any such request pertaining to Eurocurrency Rate Loans) shall notify the Administrative Agent, not later than 11:00
a.m., seven Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency
Rate Loans in such requested currency.

 

(c)Any failure by an Applicable
Tranche Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal
by such Lender to permit Eurocurrency Rate Loans to be made in such requested currency for the applicable tranche. If the Administrative
Agent and all the Applicable Tranche Lenders consent to making Eurocurrency Rate Loans in such requested currency under the applicable
tranche, the Administrative Agent shall so notify the Borrowers and such currency shall thereupon be deemed for all purposes to
be an Alternative Currency hereunder for purposes of any Committed Borrowings of Eurocurrency Rate Loans under such tranche. If
the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.6,
the Administrative Agent shall promptly so notify the Borrowers.

 

Section 1.7 Change
of Currency. (a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any
member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into
Euro at the time of such adoption (in accordance with the EMU Legislation). If, in relation to the currency of any such member
state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any
convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed
basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as
its lawful currency; provided that if any Committed Borrowing in the currency of such member state is outstanding immediately
prior to such date, such replacement shall take effect, with respect to such Committed Borrowing, at the end of the then current
Interest Period.

 

(b)Each provision of this Agreement
shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate
to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices
relating to the Euro.

 

(c)Each provision of this Agreement
also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be
appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the
change in currency.

 

Section 1.8 Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or
standard, as applicable).

 

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Section 1.9 Syndicated
Facility Agreement. The parties agree that this Agreement is a ‘syndicated facility agreement’ for the purposes
of section 128F of the Australian Tax Act.

 

ARTICLE II

 

THE CREDITS

 

Section 2.1 Committed
Loans. (a) Subject to the terms and conditions set forth herein, each Tranche A Lender severally agrees to make loans in US
Dollars or in one or more Alternative Currencies (each such loan, a “Committed Tranche A Loan”) to the Tranche
A Borrowers from time to time, on any Business Day during the Tranche A Availability Period of such Tranche A Lender, in an amount
not to exceed the amount of such Lender’s Unused Tranche A Commitment at such time. Within the limits of each Lender’s
Unused Tranche A Commitment, and subject to the other terms and conditions hereof, the Tranche A Borrowers may borrow under this
Section 2.1(a), prepay under Section 2.4, and reborrow under this Section 2.1(a). Committed Tranche A Loans
may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

 

(b)Subject to the terms and conditions
set forth herein, each Tranche B Lender severally agrees to make loans to TCCI in US Dollars or in one or more Alternative Currencies,
and (i) in the case of a Tranche B Lender willing and able to accept Drafts, to create acceptances (“Bankers’ Acceptances”)
by accepting Drafts and to purchase such Bankers’ Acceptances in accordance with Section 2.15(a) and (ii) in the case
of a Tranche B Lender which is unwilling or unable to accept Drafts, to purchase completed Drafts, which will not be accepted by
the Tranche B Lender or any other Tranche B Lender in accordance with Section 2.15 from time to time, on any Business Day
during the Tranche B Availability Period of such Tranche B Lender, in an aggregate amount not to exceed at any time outstanding
the amount of such Lender’s Tranche B Commitment; provided, however, that after giving effect to any Committed
Borrowing made by the Tranche B Lenders, (i) the Total Outstandings applicable to TCCI shall not exceed the Aggregate Tranche B
Commitments, and (ii) the aggregate Outstanding Amount of the Committed Tranche B Loans of any Tranche B Lender plus such
Lender’s ratable share of the Outstanding Amount of all Swing Line Loans made to TCCI shall not exceed such Lender’s
Tranche B Commitment. Within the limits of each Lender’s Tranche B Commitment, and subject to the other terms and conditions
hereof, TCCI may borrow under this Section 2.1(b), prepay under Section 2.4, and, reborrow under this Section
2.1(b). Committed Tranche B Loans may be Base Rate Loans, Eurocurrency Rate Loans, Canadian Prime Rate Loans, Bankers’
Acceptances or BA Equivalent Notes, as further provided herein.

 

(c)Subject to the terms and conditions
set forth herein, each Tranche C Lender severally agrees to make loans in Australian Dollars (each such loan, a “Committed
Tranche C Loan”) to TFA on any Business Day during the Tranche C Availability Period of such Tranche C Lender, in an
aggregate amount not to exceed at any time outstanding the amount of such Lender’s Tranche C Commitment; provided,
however, that after giving effect to any Committed Borrowing made by the Tranche C Lenders, (i) the Total Outstandings applicable
to TFA shall not exceed the Aggregate Tranche C Commitments, and (ii) the aggregate Outstanding Amount

 

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of the Committed Tranche C Loans of any
Tranche C Lender plus such Lender’s ratable share of the Outstanding Amount of all Swing Line Loans made to TFA plus,
in the case of a Tranche C Lender that is, or has an Affiliate that is, a Swing Line Lender having a Swing Line Commitment in Australian
Dollars and without duplication, such Lender’s (or Affiliate’s) Swing Line Loans made to TFA shall not exceed such
Lender’s Tranche C Commitment. Within the limits of each Lender’s Tranche C Commitment, and subject to the other terms
and conditions hereof, TFA may borrow under this Section 2.1(c), prepay under Section 2.4, and, reborrow under this
Section 2.1(c).

 

(d)After giving effect to Committed
Loans made pursuant to this Section 2.1, the aggregate Outstanding Amount of all Loans (other than Money Market Loans) made
by such Lender or its Affiliates shall not exceed such Lender’s Commitment Cap.

 

Section 2.2 Borrowings,
Conversions and Continuations of Committed Loans.

 

(a)Each Committed Borrowing, each
conversion of Committed Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans or continuation of Tranche
C Loans shall be made upon the applicable Borrower’s irrevocable notice to the Administrative Agent (or Canadian Sub-Agent,
in the case of Tranche B, or Australian Sub-Agent, in the case of Tranche C), which may be given by telephone. Each such notice
must be received by the Applicable Agent not later than 10:00 a.m. (Pacific time) in the case of Tranche A Loans, 9:00 a.m. (Pacific
time) in the case of Tranche B Loans, and 9:00 a.m. (Pacific time) in the case of Tranche C Loans, (i) three Business Days prior
to the requested date of any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in US Dollars or
of any conversion of Base Rate Loans to Eurocurrency Rate Loans denominated in US Dollars, (ii) four Business Days (or five
Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation
of Eurocurrency Rate Loans denominated in Alternative Currencies, (iii) four Business Days prior to the requested date of any Borrowing
or continuation of Tranche C Loans, (iv) on the requested date of any Borrowing of, or conversion of Eurocurrency Rate Loans
to, Base Rate Committed Loans, (v) on the requested date of any Borrowing of Canadian Prime Rate Loans and (vi) as set forth in
Section 2.15(a) for Bankers’ Acceptances, Drafts or BA Equivalent Notes. Each telephonic notice by a Borrower pursuant
to this Section 2.2(a) must be confirmed promptly by delivery to the Applicable Agent of a written Committed Loan Notice,
appropriately completed and signed by a Responsible Officer or any other Person designated in writing by a Responsible Officer
of such Borrower to the Applicable Agent. Except as otherwise provided in Section 2.15(a), each Borrowing of, conversion
to or continuation of Loans shall be (x) for Loans other than Tranche B Loans denominated in Canadian Dollars and other than Tranche
C Loans, in a principal amount of US$50,000,000 or a whole multiple of US$1,000,000 in excess thereof (or the Dollar Equivalent
thereof); provided that, in the case of TMFNL, such amount shall not be less than the Dollar Equivalent of EUR100,000 or
any other amount (or meeting any other criterion) as at any time ensures that it does not qualify as attracting funds from the
“public” under or pursuant to the Netherlands Financial Supervision Act (wet op het financieel toezicht), (y)
for Tranche B Loans denominated in Canadian Dollars, in a principal amount of CDN$5,000,000 or integral multiples of CDN$1,000,000
in excess thereof or (z) for Tranche C Loans, in a principal amount of A$5,000,000 or integral multiples of A$1,000,000 in excess
thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the applicable Borrower is

 

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requesting a Committed Borrowing, a conversion
of Committed Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans or Tranche C Loans, (ii) the requested
date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount
of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and (vi) the
currency of the Committed Loans to be borrowed. If any Borrower (other than TFA) fails to specify a currency in a Committed Loan
Notice requesting a Borrowing, then the Committed Loans so requested shall be made in US Dollars. If any Borrower (other than TFA)
fails to specify a Type of Committed Loan in a Committed Loan Notice or if such Borrower fails to give a timely notice requesting
a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, (x) in the case of Loans denominated
in Canadian Dollars, Canadian Prime Rate Loans or (y) in the case of Loans denominated in a currency other than Canadian Dollars,
Base Rate Loans in an amount being the Dollar Equivalent of such Loans; provided, however, that in the case of a
failure to timely request a continuation of Committed Loans denominated in an Alternative Currency other than Canadian Dollars,
such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month. Any such
automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect
to the applicable Eurocurrency Rate Loans. If the applicable Borrower requests a Borrowing of, conversion to, or continuation of
Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified
an Interest Period of one month. If TFA requests a Borrowing of, or continuation of Tranche C Loans in any such Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Committed
Loan may be converted into or continued as a Committed Loan denominated in a different currency, but instead must be prepaid in
the original currency of such Committed Loan and reborrowed in the other currency.

 

(b)Following receipt
of a Committed Loan Notice, the Administrative Agent shall promptly notify each appropriate Lender of the contents thereof and
the amount (and currency) of its Pro Rata Share of the applicable Committed Loans, and if no timely notice of a conversion
or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each appropriate Lender of the details
of any automatic conversion to Base Rate Loans or continuation of Committed Loans denominated in a currency other than US Dollars,
in each case as described in the preceding subsection. In the case of a Committed Borrowing, each Tranche A Lender shall make the
amount of its Committed Loan available to the Administrative Agent, each Tranche B Lender shall make the amount of its Committed
Loan available to the Canadian Sub-Agent and each Tranche C Lender shall make the amount of its Committed Loan available to the
Australian Sub-Agent, in Same Day Funds at the Administrative Agent’s Office for the applicable currency, the office of the
Canadian Sub-Agent located in Montreal, Canada, or the Australian Sub-Agent’s Office, as the case may be, not later than
1:00 p.m. on the Business Day specified, in the case of any Committed Loan denominated in US Dollars, and not later than the Applicable
Time specified by the Administrative Agent in the case of any Committed Loan in an Alternative Currency or Australian Dollars,
in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.2, the Applicable
Agent shall make all funds so received available to the applicable Borrower in like funds as received by the Administrative Agent,
the Canadian Sub-Agent or the Australian Sub-Agent either by (i)

 

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crediting the account of such Borrower
on the books of BNP Paribas with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with
instructions provided to (and reasonably acceptable to) the Administrative Agent, the Canadian Sub-Agent or the Australian Sub-Agent
by such Borrower.

 

(c)Except as otherwise
provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency
Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurocurrency
Rate Loans (whether in US Dollars or any Alternative Currency) without the consent of the applicable Required Lenders, and the
Required Lenders may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency
be prepaid, or redenominated into US Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current
Interest Period with respect thereto. Except as otherwise provided herein, a Tranche C Loan may be continued only on the last day
of an Interest Period for such Tranche C Loan.

 

(d)The Administrative
Agent shall promptly notify the applicable Borrower and the appropriate Lenders of the interest rate applicable to any Interest
Period for Eurocurrency Rate Loans upon determination of such interest rate. The determination of the Eurocurrency Rate by the
Administrative Agent shall be conclusive in the absence of manifest error. The Australian Sub-Agent shall promptly notify TFA and
the appropriate Lenders of the interest rate applicable to any Interest Period for Tranche C Loans upon determination of such interest
rate. The determination of the Bank Bill Rate by the Australian Sub-Agent shall be conclusive in the absence of manifest error.
At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the applicable Borrower and the appropriate
Lenders of any change in BNP Paribas’s prime rate used in determining the Base Rate promptly following the public announcement
of such change. At any time that Canadian Prime Rate Loans are outstanding, the Canadian Sub-Agent shall notify TCCI and the Tranche
B Lenders of any change in the Canadian Prime Rate promptly following the public announcement of a change in a Canadian Reference
Bank’s “prime rate” by any Canadian Reference Bank.

 

(e)After giving
effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than fifteen (15) Interest Periods in effect with respect to Committed Loans.

 

(f)Each Lender
at its option may make any Loans by causing any domestic or foreign branch or Affiliate of such Lender to make such Loans; provided
that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loans in accordance with
the terms of this Agreement and provided further that any exercise of such option shall not increase the Borrower’s
obligations under Section 3.1 or Section 3.4.

 

Section 2.3 Money
Market Loans.

 

(a)In addition to Committed Loans
pursuant to Section 2.1, the Tranche A Borrowers may, as set forth in this Section, request the appropriate Lenders during
the Tranche A Availability Period of such Lenders to make offers to make Money Market Loans in US Dollars

 

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to such Borrower; provided, however,
that after giving effect to any Money Market Borrowing the Total Outstandings applicable to the Tranche A Borrowers shall not exceed
the Aggregate Tranche A Commitments. The Lenders may, but shall have no obligation to, make such offers and the applicable Borrower
may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.

 

(b)When any Tranche A Borrower
wishes to request offers to make Money Market Loans under this Section, it shall transmit to the Administrative Agent by facsimile
transmission a Money Market Quote Request, appropriately completed and signed by a Responsible Officer or any other Person designated
in writing by a Responsible Officer of such Borrower to the Administrative Agent, so as to be received no later than 9:00 a.m.
on (x) the fourth Business Day prior to the date of Borrowing proposed therein, in the case of a LIBOR Auction or (y) the Business
Day next preceding the date of Borrowing proposed therein, in the case of an Absolute Rate Auction (or, in either case, such other
time or date as such Borrower and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not
later than the date of the Money Market Quote Request for the first LIBOR Auction or Absolute Rate Auction for which such change
is to be effective) specifying: (i) the proposed date of Borrowing, which shall be a Business Day, (ii) the aggregate amount of
such Borrowing, which shall be US$50,000,000 or a larger multiple of US$5,000,000 (provided that, in the case of TMFNL,
the aggregate amount of such Borrowing shall not be less than the Dollar Equivalent of EUR100,000 or any other amount (or meeting
any other criterion) as at any time ensures that it does not qualify as attracting funds from the “public” under or
pursuant to the Netherlands Financial Supervision Act (wet op het financieel toezicht)), (iii) the duration of the Interest
Period applicable thereto, subject to the provisions of the definition of Interest Period, and (iv) whether the Money Market Quotes
requested are to set forth a Money Market Margin or a Money Market Absolute Rate. The applicable Borrower may request offers to
make Money Market Loans for more than one Interest Period in a single Money Market Quote Request. No Money Market Quote Request
shall be given within five Business Days (or such other number of days as such Borrower and the Administrative Agent may agree)
of any other Money Market Quote Request.

 

(c)Promptly upon
receipt of a Money Market Quote Request, the Administrative Agent shall send to the appropriate Lenders by facsimile transmission
an Invitation for Money Market Quotes, which shall constitute an invitation by the applicable Tranche A Borrower to each Lender
to submit Money Market Quotes offering to make the Money Market Loans to which such Money Market Quote Request relates in accordance
with this Section.

 

(d)(i)
Each Tranche A Lender may submit a Money Market Quote containing an offer or offers to make Money Market Loans in response
to any Invitation for Money Market Quotes made by a Tranche A Borrower. Each Money Market Quote must comply with the requirements
of this subsection (d) and must be submitted to the Administrative Agent by facsimile transmission at the Administrative Agent’s
Office not later than (x) 1:00 p.m. on the fourth Business Day prior to the proposed date of Borrowing, in the case of a LIBOR
Auction or (y) 9:00 a.m. on the proposed date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other
time or date as such Tranche A Borrower, and the Administrative Agent shall have mutually agreed and shall have notified to the
Lenders not later than the date of the Money Market Quote Request for the first LIBOR Auction or Absolute Rate Auction for which
such

 

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change is to
be effective); provided that Money Market Quotes submitted by the Administrative Agent (or any Affiliate of the Administrative
Agent) in the capacity of a Lender may be submitted, and may only be submitted, if the Administrative Agent or such Affiliate notifies
such Borrower of the terms of the offer or offers contained therein not later than 15 minutes prior to the deadline for the other
Lenders. Subject to Articles IV and VII, any Money Market Quote so made shall be irrevocable except with the written
consent of the Administrative Agent given on the instructions of such Tranche A Borrower.

 

(ii)Each
Money Market Quote shall specify (A) the proposed date of Borrowing; (B) the principal amount of the Money Market Loan for which
each such offer is being made, which principal amount (w) may be greater than or less than the Commitment of the quoting Lender,
(x) must be US$5,000,000 or a larger multiple of US$l,000,000, (y) may not exceed the principal amount of Money Market Loans for
which offers were requested and (z) may be subject to an aggregate limitation as to the principal amount of Money Market Loans
for which offers being made by such quoting Lender may be accepted; (C) in the case of a LIBOR Auction, the margin above or below
the applicable Eurocurrency Rate (the “Money Market Margin”) offered for each such Money Market Loan, expressed
as a percentage (specified to the nearest 1/10,000th of 1%) to be added to or subtracted from such base rate; (D) in the case of
an Absolute Rate Auction, the rate of interest per annum (specified to the nearest 1/10,000th of 1%) (the “Money Market
Absolute Rate”) offered for each such Money Market Loan; and (E) the identity of the quoting Lender. A Money Market Quote
may set forth up to five separate offers by the quoting Lender with respect to each Interest Period specified in the related Invitation
for Money Market Quotes.

 

(iii)Any
Money Market Quote shall be disregarded if it (A) is not substantially in conformity with the definition thereof or does not specify
all of the information required by subsection (d)(ii); (B) contains qualifying, conditional or similar language; (C) proposes terms
other than or in addition to those set forth in the applicable Invitation for Money Market Quotes; or (D) arrives after the time
set forth in subsection (d)(i).

 

(e)The Administrative
Agent shall promptly notify the applicable Tranche A Borrower of the terms (i) of any Money Market Quote submitted by a Lender
that is in accordance with subsection (d) and (ii) of any Money Market Quote that amends, modifies or is otherwise inconsistent
with a previous Money Market Quote submitted by such Lender with respect to the same Money Market Quote Request. Any such subsequent
Money Market Quote shall be disregarded by the Administrative Agent unless such subsequent Money Market Quote is submitted solely
to correct a manifest error in such former Money Market Quote. The Administrative Agent’s notice to the applicable Borrower
shall specify (i) the aggregate principal amount of Money Market Loans for which offers have been received for each Interest Period
specified in the related Money Market Quote Request, (ii) the respective principal amounts and Money Market Margins or Money Market
Absolute Rates, as the case may be, so offered and (iii) if applicable, limitations on the aggregate principal amount of Money
Market Loans for which offers in any single Money Market Quote may be accepted.

 

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(f)Not later than
10:00 a.m. on the third Business Day prior to the proposed date of Borrowing of Money Market LIBOR Loans or 9:00 a.m. on the Business
Day of the proposed date of Borrowing of Money Market Absolute Rate Loans (or such other time or date as the applicable Borrower
and the Administrative Agent shall have mutually agreed and shall have notified to the Lenders not later than the date of the Money
Market Quote Request for the first LIBOR Auction or Absolute Rate Auction for which such change is to be effective), the applicable
Tranche A Borrower shall notify the Administrative Agent of its acceptance or non-acceptance of the offers so notified to it pursuant
to subsection (e). In the case of acceptance, such notice (a “Notice of Money Market Borrowing”) shall specify
the aggregate principal amount of offers for each Interest Period that are accepted. The applicable Borrower may accept any Money
Market Quote in whole or in part; provided that (i) the aggregate principal amount of each Money Market Borrowing may not
exceed the applicable amount set forth in the related Money Market Quote Request; (ii) the principal amount of each Money Market
Borrowing must be US$50,000,000 or a larger multiple of US$5,000,000 (provided that, in the case of TMFNL, the aggregate
amount of such Borrowing shall not be less than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other
criterion) as at any time ensures that it does not qualify as attracting funds from the “public” under or pursuant
to the Netherlands Financial Supervision Act (wet op het financieel toezicht)); and (iii) acceptance of offers may only
be made on the basis of ascending Money Market Margins or Money Market Absolute Rates, as the case may be.

 

(g)If
offers are made by two or more Lenders with the same Money Market Margins or Money Market Absolute Rates, as the case may be, for
a greater aggregate principal amount than the amount in respect of which such offers are accepted for the related Interest Period,
the principal amount of Money Market Loans in respect of which such offers are accepted shall be allocated by the Administrative
Agent among such Lenders as nearly as possible (in multiples of US$1,000,000, as the Administrative Agent may deem appropriate)
in proportion to the aggregate principal amounts of such offers. Determinations by the Administrative Agent of the amounts of Money
Market Loans shall be conclusive in the absence of manifest error.

 

Section 2.4
Prepayments.

 

(a)The Tranche A Borrowers may,
upon notice to the Administrative Agent, TCCI may, upon notice to the Canadian Sub-Agent, and TFA may, upon notice to the Australian
Sub-Agent, at any time or from time to time voluntarily prepay Committed Loans (other than Bankers’ Acceptances, Drafts and
BA Equivalent Notes) or Money Market Loans made to it bearing interest at the Base Rate in whole or in part without premium or
penalty; provided that (i) such notice must be received by the Applicable Agent not later than (x) in the case of Tranche
A Loans, 10:00 a.m. (Pacific time), (A) two Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated
in US Dollars, (B) three Business Days (or four, in the case of prepayment of Loans denominated in Special Notice Currencies) prior
to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies, and (C) on the date of prepayment
of Base Rate Committed Loans or Money Market Loans bearing interest at the Base Rate pursuant to Section 3.2, (y) in the
case of Tranche B Loans, 9:00 a.m. (Pacific time) (A) two Business Days prior to the date of any date of prepayment of Eurocurrency
Rate Loans and (B) on the date of prepayment of Canadian Prime Rate Loans or (z) in the case of Tranche C Loans, 9:00 a.m. (Pacific
time) three Business Days prior to the date of any date of

 

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prepayment of Tranche C Loans; (ii) any
prepayment of Loans other than Tranche B Loans denominated in Canadian Dollars and other than Tranche C Loans shall be in a principal
amount of US$50,000,000 or a whole multiple of US$1,000,000 in excess thereof; (iii) any prepayment of Tranche B Loans denominated
in Canadian Dollars shall be in a principal amount of CDN$5,000,000 or a whole multiple of CDN$500,000 in excess thereof; and (iv)
any prepayment of Tranche C Loans shall be in a principal amount of A$5,000,000 or a whole multiple of A$500,000 in excess thereof.
Except as provided in the preceding sentence, a Borrower may not prepay all or any portion of the principal amount of any Money
Market Loan made to it prior to the last day of the Interest Period therefor. Each such notice shall specify the date and amount
of such prepayment, whether the Loans to be prepaid are Committed Loans or Money Market Loans, and the Type(s) of Loans to be prepaid.
The Applicable Agent will promptly notify each appropriate Lender of its receipt of each such notice and the contents thereof with
respect to Committed Loans, and of the amount of such Lender’s Pro Rata Share of such prepayment of such Committed Loans.
The Administrative Agent will promptly notify each Lender that has made a Money Market Loan that is to be prepaid of the receipt
by the Administrative Agent of each notice and the contents thereof with respect to such Money Market Loan and the contents thereof
and of the amount of such prepayment of such Money Market Loan. If such notice is given by a Borrower, such Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment
of a Eurocurrency Rate Loan or a Tranche C Loan shall be accompanied by all accrued interest thereon, together with any additional
amounts required pursuant to Section 3.5. Each such prepayment of Committed Loans shall be applied to the Committed Loans
of the appropriate Lenders in accordance with their respective Pro Rata Shares. Each such prepayment of Money Market Loans shall
be applied ratably to the Money Market Loans of the Lenders that made such Loans.

 

(b)(i) If for any reason the Total
Outstandings applicable to the Tranche A Borrowers at any time exceed the Aggregate Tranche A Commitments then in effect, then
the Tranche A Borrowers shall immediately prepay Loans in an aggregate amount equal to such excess, (ii) if for any reason the
Total Outstandings applicable to TKG at any time exceed US$500,000,000, TKG shall immediately prepay Loans in an aggregate amount
equal to such excess, (iii) if for any reason the Total Outstandings applicable to TCPR at any time exceed US$1,000,000,000, TCPR
shall immediately prepay Loans in an aggregate amount equal to such excess, (iv) if for any reason the Total Outstandings applicable
to TLG at any time exceed US$500,000,000, TLG shall immediately prepay Loans in an aggregate amount equal to such excess (v) if
for any reason the Total Outstandings applicable to TCCI at any time exceed the Aggregate Tranche B Commitments then in effect,
TCCI shall (x) immediately prepay Loans in an aggregate amount equal to such excess and (y) to the extent necessary after TCCI
has made all prepayments required pursuant to clause (x), cash collateralize the outstanding Bankers’ Acceptances, Drafts
and BA Equivalent Notes in accordance with Section 2.15(n) in an aggregate amount sufficient to eliminate such excess and
(vi) if for any reason the Total Outstandings applicable to TFA at any time exceed the Aggregate Tranche C Commitments then in
effect, TFA shall immediately prepay Loans in an aggregate amount equal to such excess.

 

(c)Any Borrower
may, upon notice to the applicable Swing Line Agent (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Loans made to it in whole or in part without premium or penalty; provided that (i) such notice

 

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must be received by the applicable Swing
Line Agent and the Administrative Agent not later than 10:00 a.m. (London time) in the case of any Swing Line Loans funded
in Europe, 10:00 a.m. (Pacific time) in the case of any Swing Line Loans funded in the United States, 9:00 a.m. (Pacific time)
in the case of any Swing Line Loans funded in Canada or 10:00 a.m. (Sydney time) in the case of any Swing Line Loans funded in
Australia on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of US$1,000,000. Each
such notice shall specify the date and amount of such prepayment. If such notice is given by the applicable Borrower, such Borrower
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

(d)If the Administrative
Agent notifies the Borrowers that the aggregate of a Lender’s Tranche A Loans, Tranche B Loans and Tranche C Loans plus
such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans exceeds such Lender’s Commitment Cap,
then within two Business Days after receipt of such notice, the Borrowers shall prepay Loans in an aggregate amount sufficient
to reduce the aggregate of such Lender’s Tranche A Loans, Tranche B Loans and Tranche C Loans plus such Lender’s
Pro Rata Share of the Outstanding Amount of all Swing Line Loans to an amount not to exceed 100% of such Lender’s Commitment
Cap then in effect.

 

Section 2.5 Termination
or Reduction of Commitments. (a) The Tranche A Borrowers may, upon notice to the Administrative Agent, terminate or from time
to time permanently reduce the Aggregate Tranche A Commitments; TCCI may, upon notice to the Canadian Sub-Agent and the Administrative
Agent, terminate the Aggregate Tranche B Commitments, or from time to time permanently reduce the Aggregate Tranche B Commitments;
and TFA may, upon notice to the Australian Sub-Agent and the Administrative Agent, terminate the Aggregate Tranche C Commitments,
or from time to time permanently reduce the Aggregate Tranche C Commitments; provided that (i) any such notice shall be
received by the Applicable Agent not later than 10:00 a.m. (Pacific time), on the Business Day immediately prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of US$25,000,000 or any whole multiple
of US$5,000,000 in excess thereof, (iii) such Borrower shall not terminate or reduce such Aggregate Commitments if, after giving
effect thereto and to any concurrent prepayments hereunder, the Total Outstandings applicable to such Borrower would exceed the
Aggregate Commitments applicable to such Borrower, and (iv) if, after giving effect to any reduction of the Aggregate Commitments,
the Swing Line Sublimit or the Australian Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall
be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice
of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the applicable
Commitment of each appropriate Lender according to its Pro Rata Share. All facility fees accrued for the account of the applicable
Borrower until the effective date of any termination of the applicable Aggregate Commitments shall be paid on the effective date
of such termination.

 

(b)Non-Ratable
Reduction. The Tranche A Borrowers, TCCI or TFA shall have the right, at any time, upon at least three Business Days’
notice to a Defaulting Lender (with a copy to the Administrative Agent), to terminate in whole such Defaulting Lender’s Tranche
A Commitments, Tranche B Commitments or Tranche C Commitments, respectively.

 

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Such termination shall
be effective, (x) with respect to such Defaulting Lender’s unused Tranche A Commitments, Tranche B Commitments or Tranche
C Commitments, as applicable, on the date set forth in such notice, provided, however, that such date shall be no
earlier than three Business Days after receipt of such notice and (y) with respect to each Tranche A Loan, Tranche B Loan or Tranche
C Loan outstanding to such Defaulting Lender, if such Loan is a Base Rate Loan or Canadian Prime Rate Loan, on the date set forth
in such notice and, if such Loan is a Eurocurrency Rate Loan, a Tranche C Loan, a Money Market LIBOR Loan or a Money Market Absolute
Rate Loan, on the last day of the then current Interest Period relating to such Loan. Upon termination of a Lender’s Commitment
under this Section 2.5(b), the Tranche A Borrowers, TCCI or TFA, as applicable, will pay or cause to be paid all principal
of, and interest accrued to the date of such payment on, Tranche A Loans, Tranche B Loans or Tranche C Loans, as applicable, owing
to such Defaulting Lender and pay any accrued facility fee payable to such Defaulting Lender pursuant to the provisions of Section
2.8(a), and all other amounts payable to such Defaulting Lender hereunder (including, but not limited to, any increased costs
or other amounts owing under Section 3.4 and any indemnification for Taxes under Section 3.1); and upon such payments, the
obligations of such Defaulting Lender hereunder shall, by the provisions hereof, be released and discharged; provided, however,
that (i) such Defaulting Lender’s rights under Sections 3.1, 3.4, 9.4 and 9.5, and its obligations
under Section 8.7 shall survive such release and discharge as to matters occurring prior to such date; and (ii) no claim
that the Tranche A Borrowers, TCCI or TFA may have against such Defaulting Lender arising out of such Defaulting Lender’s
default hereunder shall be released or impaired in any way. Subject to Section 2.14, the aggregate amount of the Commitments
of the Lenders once reduced pursuant to this Section 2.5(b) may not be reinstated; provided further, however,
that if pursuant to this Section 2.5(b), the Tranche A Borrowers, TCCI or TFA, as applicable, pay or cause to be paid to
a Defaulting Lender any principal of, or interest accrued on, the Tranche A Loans. Tranche B Loans or Tranche C Loans owing to
such Defaulting Lender, then the Tranche A Borrowers, TCCI or TFA, as applicable, shall pay or cause to be paid a ratable payment
of principal and interest to all Tranche A Lenders, Tranche B Lenders or Tranche C Lenders, as applicable, who are not Defaulting
Lenders.

 

Section 2.6 Repayment
of Loans.

 

(a)Each Borrower shall repay to
the Applicable Agent for the account of each Lender on the Revolving Maturity Date applicable to such Lender the aggregate principal
amount of Loans made to it by such Lender and outstanding on such date.

 

(b)Each Borrower shall repay each
Money Market Loan made to it on the earlier to occur of (i) the last day of the Interest Period therefor and (ii) the Revolving
Maturity Date applicable to the Lender that made such Money Market Loan.

 

(c)Each Borrower shall repay each
Swing Line Loan made to it on the earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the next
occurring Revolving Maturity Date.

 

Section 2.7 Interest.

 

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(a)Subject to the provisions of
subsection (b) below, (i) subject to Section 3.2, each Eurocurrency Rate Loan shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus
the Applicable Rate (as determined on the applicable Spread Determination Date); (ii) each Base Rate Committed Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate (as determined on the applicable Spread Determination Date); (iii) each Canadian Prime Rate Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to
the Canadian Prime Rate plus the Applicable Rate (as determined on the applicable Spread Determination Date); (iv) each
Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per
annum equal to the Swing Line Rate; (v) subject to Section 3.2, each Money Market LIBOR Loan shall bear interest on the
outstanding principal amount thereof for the Interest Period applicable thereto at a rate per annum equal to the sum of the Eurocurrency
Rate for such Interest Period plus or minus the Money Market Margin quoted by the Lender making such Loan; (vi) each
Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof for the Interest Period applicable
thereto at a rate per annum equal to the Money Market Absolute Rate quoted by the Lender making such Loan; and (vii) each Tranche
C Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the
Bank Bill Rate for such Interest Period plus the Applicable Rate (as determined on the applicable Spread Determination Date).

 

(b)If any amount payable by any
Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including
interest on past due interest) shall be due and payable on demand.

 

(c)Interest on each Loan shall
be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.
Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

 

Section 2.8 Fees.

 

(a)Facility Fee. TMCC, for
the account of the Borrowers, shall pay or cause to be paid to the Administrative Agent for the account of each Applicable Tranche
Lender in accordance with its Pro Rata Share, a facility fee in US Dollars equal to the Applicable Percentage times the
actual daily amount of the Aggregate Commitments of such Applicable Tranche Lenders, regardless of usage (or, if the Aggregate
Commitments of such Applicable Tranche Lenders have terminated, on the Outstanding Amount of all Loans and Swing Line Loans of
such Applicable Tranche Lender made to the applicable Borrower(s)), which fee shall accrue at all times during the Tranche A Availability
Period of such Lender, the Tranche B Availability Period of such Lender, or the Tranche C Availability Period of such Lender, as
applicable (and thereafter so long as any Loans or Swing Line Loans of such Applicable Tranche

 

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Lenders made to any Applicable Borrower
remain outstanding, including at any time during which one or more of the conditions in Article IV is not met; provided
that no such fee shall be paid on the unused Tranche A Commitments, unused Tranche B Commitments or unused Tranche C Commitments
of any Applicable Tranche Lender that is a Defaulting Lender. Facility fees shall be calculated quarterly in arrears, and are due
and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first
such date to occur after the Closing Date, and on the Revolving Maturity Date of such Applicable Tranche Lender (and, if applicable,
thereafter on demand). Notwithstanding the above, the facility fees payable to each Lender shall be calculated with respect to
such Lender’s Commitment Cap, such that in no event shall the aggregate amount of the facility fees paid to any Lender pursuant
to this Section 2.8(a) exceed the facility fees that would have been payable to such Lender if the aggregate amount of such
Lender’s Commitments were equal to the amount of its Commitment Cap.

 

(b)Other Fees. The
Borrowers shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in the amounts and at
the times specified in the Fee Letters, if any. Any such fees shall be fully earned when paid and shall not be refundable for any
reason whatsoever.

 

Section 2.9 Computation
of Interest and Fees. All computations (a) of interest for Base Rate Loans when the Base Rate is determined by BNP Paribas’s
United States “prime rate”, (b) of interest for Canadian Prime Rate Loans and (c) of interest for Tranche C Loans shall
be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All computations of Drawing Fees
shall be made on the basis of a year of 365 or 366 days, as applicable, and the term to maturity of the applicable Draft. All computations
of a Drawing Purchase Price shall be made on the basis of a year of 365 days, and the term to maturity of the applicable Draft.
All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results
in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the case of interest
in respect of Committed Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in
accordance with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue
on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is
repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one day.

 

Section 2.10 Evidence
of Debt. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and
by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent
and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to each Borrower and the
interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of any Borrower under the Loan Documents to pay any amount owing with respect to the Obligations of such Borrower.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Administrative Agent, each Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall

 

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evidence such Lender’s Loans in addition
to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount,
currency and maturity of its Loans and payments with respect thereto.

 

Section 2.11 Payments
Generally.

 

(a)All payments to be made by the
Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise
expressly provided herein and except with respect to principal of and interest on Loans denominated in an Alternative Currency
or Australian Dollars, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the applicable Administrative Agent’s (or in the case of Tranche B Lenders,
the Canadian Sub-Agent’s) Office in US Dollars and in Same Day Funds not later than 2:00 p.m. (or in the case of the Tranche
B Lenders, not later than 12:00 p.m.) on the dates specified herein. Except as otherwise expressly provided herein, all payments
by the Borrowers hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall be made
to the Administrative Agent (or in the case of TCCI, the Canadian Sub-Agent), for the account of the respective Lenders to which
such payment is owed, at the applicable Administrative Agent’s Office or Canadian Sub-Agent’s Office in such Alternative
Currency and in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on the dates specified
herein. Except as otherwise expressly provided herein, all payments by TFA hereunder with respect to principal and interest on
Tranche C Loans shall be made to the Australian Sub-Agent for the account of the respective Lenders to which such payment is owed,
through the applicable Australian Sub-Agent’s Office in Australian Dollars and in Same Day Funds not later than the Applicable
Time specified by the Australian Sub-Agent on the dates specified herein. Except as otherwise expressly provided herein, all payments
by (i) the Tranche A Borrowers shall be made to the Administrative Agent, (ii) TCCI shall be made to the Canadian Sub-Agent and
(iii) TFA shall be made to the Australian Sub-Agent, for the account of the respective Lenders to which such payment is owed. Without
limiting the generality of the foregoing, the Administrative Agent may require that (x) any payment by any Borrower due under this
Agreement, other than any payment to be made in respect of the Tranche B Facility or the Tranche C Facility, be made in the United
States, (y) any payments to be made by TCCI in respect of the Tranche B Facility be made in Canada and (z) any payment to be made
by TFA in respect of the Tranche C Facility be made through the applicable Australian Sub-Agent’s Office. If, for any reason,
any Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency or Australian Dollars,
such Borrower shall make such payment in US Dollars in the Dollar Equivalent of such currency payment amount. The Applicable Agent
will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like
funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent, the
Canadian Sub-Agent or the Australian Sub-Agent (i) after 2:00 p.m., in the case of payments in US Dollars, or (ii) after
the Applicable Time specified by the Administrative Agent, the Canadian Sub-Agent or the Australian Sub-Agent in the case of payments
in an Alternative Currency or Australian Dollars, shall in each case be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue.

 

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(b)If any payment to be made by
any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be. Whenever any payment hereunder in respect
of Bankers’ Acceptances, Drafts or BA Equivalent Notes shall be stated to be due on a day other than a Canadian Business
Day such payment shall be made on the next succeeding Canadian Business Day.

 

(c)Unless a Borrower or any Lender
has notified the Applicable Agent prior to the time any payment is required to be made by it to the Administrative Agent, the Canadian
Sub-Agent or the Australian Sub-Agent hereunder, that such Borrower or such Lender, as the case may be, will not make such payment,
the Administrative Agent, the Canadian Sub-Agent or the Australian Sub-Agent may assume that such Borrower or such Lender, as the
case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding
amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent,
the Canadian Sub-Agent or the Australian Sub-Agent in Same Day Funds, then:

 

(i)if
a Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Applicable Agent the portion of such
assumed payment that was made available to such Lender in Same Day Funds, together with interest thereon in respect of each day
from and including the date such amount was made available by the Administrative Agent, the Canadian Sub-Agent or the Australian
Sub-Agent to such Lender to the date such amount is repaid to the Administrative Agent, the Canadian Sub-Agent or the Australian
Sub-Agent in Same Day Funds at the Overnight Rate from time to time in effect; and

 

(ii)if
any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Applicable Agent the amount thereof in
Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Administrative
Agent, the Canadian Sub-Agent or the Australian Sub-Agent to the applicable Borrower to the date such amount is recovered by the
Administrative Agent, the Canadian Sub-Agent or the Australian Sub-Agent (the “Compensation Period”) at a rate
per annum equal to the Overnight Rate from time to time in effect. If such Lender pays such amount to the Administrative Agent,
the Canadian Sub-Agent or the Australian Sub-Agent, then such amount shall constitute such Lender’s Loan included in the
applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s, the Canadian Sub-Agent’s
or the Australian Sub-Agent’s demand therefor, the Administrative Agent or the Canadian Sub-Agent may make a demand therefor
upon the applicable Borrower, and such Borrower shall pay such amount to the Administrative Agent, the Canadian Sub-Agent or the
Australian Sub-Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest
applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its
Commitment or to prejudice any rights which the Administrative Agent, the Canadian Sub-Agent, the Australian Sub-Agent or any Borrower
may have against any Lender as a result of any default by such Lender hereunder.

 

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A notice of the Applicable Agent to any
Lender or any Borrower with respect to any amount owing under this subsection (c) shall be conclusive, absent manifest error.

 

(d)If any Lender makes available
to the Applicable Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article
II, and such funds are not made available to the applicable Borrower by the Administrative Agent, the Canadian Sub-Agent or
the Australian Sub-Agent because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or
waived in accordance with the terms hereof, the Administrative Agent, the Canadian Sub-Agent or the Australian Sub-Agent shall
return such funds (in like funds as received from such Lender) to such Lender, without interest, on the succeeding Business Day.

 

(e)The obligations of the Lenders
hereunder to make Committed Loans and to fund participations in Swing Line Loans are several and not joint. The failure of any
Lender to make any Committed Loan or to fund participations in Swing Line Loans on any date required hereunder shall not relieve
any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any
other Lender to so make its Committed Loan or to fund participations in Swing Line Loans.

 

(f)Nothing herein shall be deemed
to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by
any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

(g)For the purposes of the Interest
Act (Canada) and disclosure under such act, whenever any interest or fees to be paid by TCCI under this Agreement is to be
calculated on the basis of a period of time that is less than a calendar year, the yearly rate of interest to which the rate determined
pursuant to such calculation is equivalent is the rate so determined multiplied by the number of days in the calendar year in which
the same is to be ascertained and divided by the actual number of days in such period of time.

 

(h)Notwithstanding any provision
of this Agreement, in no event shall the aggregate “interest” (as defined in section 347 of the Criminal Code
(Canada)) payable by TCCI under this Agreement exceed the effective annual rate of interest on the “credit advanced”
(as defined in that section) under this Agreement lawfully permitted by that section and, if any payment, collection or demand
pursuant to this Agreement in respect of “interest” (as defined in that section) payable by TCCI is determined to be
contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake
of TCCI, the Administrative Agent and the Lenders and the amount of such payment or collection shall be refunded to TCCI. For the
purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial
practices and principles over the relevant term and, in the event of dispute, a certificate of a Fellow of the Canadian Institute
of Actuaries appointed by the Administrative Agent will be prima facie evidence of such rate.

 

Section 2.12 Sharing
of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Committed Loans
made by it to a Borrower, or the participations in Swing Line Loans held by it resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of such Committed Loans or participations and accrued

 

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interest thereon greater than its pro
rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Applicable
Agent of such fact, and (b) purchase from the other Lenders (other than any Defaulting Lenders) such participations in the Committed
Loans and subparticipations in Swing Line Loans and Swing Line Loans made by them to such Borrower as shall be necessary to cause
such purchasing Lender to share the excess payment in respect of such Committed Loans and Swing Line Loans pro rata with each of
them; provided, however, that if all or any portion of such excess payment is thereafter recovered from the purchasing
Lender under any of the circumstances described in Section 9.6 (including pursuant to any settlement entered into by the
purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each other Lender shall repay to the
purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according
to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered from
the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount
so recovered, without further interest thereon. Each Borrower agrees that any Lender so purchasing a participation or subparticipation
from another Lender may, to the fullest extent permitted by Law, exercise all of its rights of payment (including any right of
set-off, but subject to Section 9.9) with respect to such participation or subparticipation as fully as if such Lender were
the direct creditor of such Borrower in the amount of such participation or subparticipation. The Applicable Agent will keep records
(which shall be conclusive and binding in the absence of manifest error) of participations or subparticipation purchased under
this Section and will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a
participation or subparticipation pursuant to this Section shall from and after such purchase have the right to give all notices,
requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased
to the same extent as though the purchasing Lender were the original owner of the Obligations purchased.

 

Section 2.13 Extension
of Revolving Maturity Date.

 

(a)Not earlier than 60 days prior
to, nor later than 30 days prior to, any anniversary of the Closing Date (an “Extension Date”), the Borrowers may,
upon notice to the Administrative Agent (which shall promptly notify the appropriate Lenders), request an extension of the Revolving
Maturity Date then in effect for a period of up to one year. Within 20 days of delivery of such notice, each appropriate Lender
shall notify the Administrative Agent whether or not it consents to such extension (which consent may be given or withheld in such
Lender’s sole and absolute discretion). Any Lender not responding within the above time period shall be deemed not to have
consented to such extension. The Administrative Agent shall notify the Borrowers and the appropriate Lenders of the Lenders’
responses not less than 24 days after receipt of notice of such extension request. If any Lender declines, or is deemed to have
declined, to consent to such extension, the applicable Borrower may, at its own expense, cause any such Lender to be replaced as
a Lender pursuant to Section 9.17.

 

(b)The applicable Revolving Maturity
Date shall be extended only if Lenders holding at least 51% of all outstanding Commitments (after giving effect to any replacements
of Lenders permitted herein) (the “Consenting Lenders”) have consented thereto. If so extended, the Revolving
Maturity Date, as to the Consenting Lenders, shall be extended for one year from the Revolving Maturity Date then in effect, effective
as of the applicable Extension Date. The

 

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Administrative Agent and the Borrowers
shall promptly confirm to the Lenders such extension. As a condition precedent to such extension, each Borrower shall deliver to
the Administrative Agent a certificate of such Borrower dated as of the Extension Date (in sufficient copies for each appropriate
Lender) signed by a Responsible Officer of such Borrower (i) certifying and attaching the resolutions adopted by such Borrower
approving or consenting to such extension and (ii) certifying that, before and after giving effect to such extension, (A) the representations
and warranties of such Borrower contained in Article V and the other Loan Documents are true and correct on and as of the
Extension Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case
they are true and correct as of such earlier date, and except that for purposes of this Section 2.13, the representations
and warranties contained in subsections (a) and (b) of Section 5.4 shall be deemed to refer to the most recent statements
furnished pursuant to subsections (a) and (b), respectively, of Section 6.1, and (B) no Default with respect to such Borrower
exists. The Borrowers shall prepay any Committed Loans outstanding on each Revolving Maturity Date (and pay any additional amounts
required pursuant to Section 3.5) to the extent necessary to keep outstanding Committed Loans ratable with any revised and
new Pro Rata Shares of all the Lenders.

 

(c)This Section shall supersede
any provisions in Section 2.12 or Section 9.1 to the contrary.

 

Section 2.14 Increase
in Commitments.

 

(a)Provided there exists no Default
applicable to any Tranche A Borrower, upon notice by TMCC to the Administrative Agent (which shall promptly notify the appropriate
Lenders), TMCC may from time to time, request an increase in the Aggregate Commitments applicable to all Tranche A Borrowers to
an amount (for all such requests) not exceeding US$5,660,000,000. At the time of sending such notice, TMCC (in consultation with
the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event
be less than 10 Business Days from the date of delivery of such notice to the appropriate Lenders). Each appropriate Lender shall
notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether
by an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any appropriate Lender not responding
within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify all
of the Tranche A Borrowers and each appropriate Lender of the Lenders’ responses to each request made hereunder. To achieve
the full amount of a requested increase, TMCC may also invite additional Eligible Assignees to become Lenders pursuant to a joinder
agreement in form and substance satisfactory to the Administrative Agent and its counsel; provided that the minimum commitment
of each such Eligible Assignee is not less than US$10,000,000. The consent of the Lenders is not required to increase the amount
of the Aggregate Tranche A Commitments pursuant to this Section, except that each appropriate Lender shall have the right to consent
to an increase in the amount of its Commitment as set forth in this Section 2.14(a). If the Lenders and Eligible Assignees
do not agree to increase the applicable Aggregate Tranche A Commitments by the amount requested by TMCC pursuant to this Section
2.14(a), TMCC may (i) withdraw its request for an increase in its entirety or (ii) accept, in whole or in part, the increases
that have been offered.

 

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(b)If the applicable Aggregate
Commitments are increased in accordance with this Section, the Administrative Agent and TMCC shall determine the effective date
(the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly
notify TMCC and the appropriate Lenders of the final allocation of such increase and the Increase Effective Date. As a condition
precedent to such increase, each Tranche A Borrower shall deliver to the Administrative Agent a certificate of such Tranche A Borrower
dated as of the Increase Effective Date (in sufficient copies for each appropriate Lender) signed by a Responsible Officer of such
Tranche A Borrower certifying that no Default applicable to such Tranche A Borrower exists. The Tranche A Borrowers shall prepay
any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section
3.5) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Pro Rata Shares arising from
any nonratable increase in the Commitments under this Section.

 

(c)This Section shall supersede
any provisions in Sections 2.12 or 9.1 to the contrary.

 

Section 2.15 Drawings
of Bankers’ Acceptances, Drafts and BA Equivalent Notes.

 

(a)Request for Drawing. Each
Drawing shall be made on notice, given not later than 11:00 a.m. (Montreal time) on a Canadian Business Day at least two Canadian
Business Days prior to the date of the proposed Drawing, by TCCI to the Canadian Sub-Agent, which shall give each Tranche B Lender
prompt notice thereof by telecopier. Each notice of a Drawing shall be in writing (including by telecopier), in substantially
the form of Exhibit A-1 hereto, specifying therein the requested (i) date of such Drawing (which shall be a Canadian Business
Day), (ii) aggregate Face Amount of such Drawing and (iii) initial BA Maturity Date for each Bankers’ Acceptance and Draft
comprising part of such Drawing; provided, however, that, if the Canadian Sub-Agent determines in good faith (which
determination shall be conclusive and binding upon TCCI) that the Drafts to be accepted and purchased (or purchased, as the case
may be) as part of any Drawing cannot, due solely to the requested aggregate Face Amount thereof, be accepted and/or purchased
ratably by the Tranche B Lenders in accordance with Section 2.1(b), then the aggregate Face Amount of such Bankers’
Acceptances to be created and purchased and Drafts to be purchased shall be reduced to such lesser amount as the Canadian Sub-Agent
determines will permit such Drafts comprising part of such Drawing to be so accepted and purchased (or to be purchased, as the
case may be). The Canadian Sub-Agent agrees that it will, as promptly as practicable, notify TCCI of the unavailability of Bankers’
Acceptances. Each Draft in connection with any requested Drawing (A) shall be in a minimum amount of CDN$5,000,000 or an integral
multiple of CDN$1,000,000 in excess thereof, and (B) shall be dated the date of the proposed Drawing. Each Tranche B Lender shall,
before 1:00 P.M. (Montreal time) on the date of each Drawing, (i) complete one or more Drafts in accordance with the related Committed
Loan Notice, accept such Drafts and purchase the Bankers’ Acceptances created thereby for the Drawing Purchase Price; or
(ii) complete one or more Drafts in accordance with the Committed Loan Notice and purchase such Drafts for the Drawing Purchase
Price and shall, before 1:00 P.M. (Montreal time) on such date, make available for the account of its Applicable Lending Office
to the Canadian Sub-Agent at its Canadian Sub-Agent’s Office, in same day funds, the Drawing Purchase Price payable by such
Tranche B Lender for such Drafts less the Drawing Fee payable to such Tranche B Lender with respect thereto under Section 2.15(b).
Upon the

 

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fulfillment of the applicable conditions
set forth in Section 4.2, the Canadian Sub-Agent will make the funds it has received from the Tranche B Lenders available
to TCCI by wire transfer in accordance with instructions provided to (and reasonably acceptable to) the Canadian Sub-Agent by the
Canadian Borrower.

 

(b)Drawing Fees. TCCI shall,
on the date of each Drawing and on the date of each renewal of any outstanding Bankers’ Acceptances or BA Equivalent Notes,
pay to the Canadian Sub-Agent, in Canadian Dollars, for the ratable account of the Tranche B Lenders accepting Drafts and purchasing
Bankers’ Acceptances or purchasing Drafts which have not been accepted by any Tranche B Lender, the Drawing Fee with respect
to such Drafts. TCCI irrevocably authorizes each such Tranche B Lender to deduct the Drawing Fee payable with respect to each Draft
of such Tranche B Lender from the Drawing Purchase Price payable by such Tranche B Lender in respect of such Draft in accordance
with this Section 2.15 and to apply such amount so withheld to the payment of such Drawing Fee for the account of TCCI
and, to the extent such Drawing Fee is so withheld and legally permitted to be so applied, TCCI’s obligations under the preceding
sentence in respect of such Drawing Fee shall be satisfied.

 

(c) Limitations on Drawings.
Anything in Section 2.15(a) to the contrary notwithstanding, TCCI may not select a Drawing if the obligation of the
Tranche B Lenders to purchase and accept Bankers’ Acceptances shall then be suspended pursuant to Section 2.15(e)
or 3.2(b).

 

(d)Binding Effect of Committed
Loan Notices. Each Committed Loan Notice for a Drawing shall be irrevocable and binding on TCCI. In the case of any proposed
Drawing, TCCI shall indemnify each Tranche B Lender (absent any gross negligence by the Tranche B Lender) against any loss, cost
or expense incurred by such Tranche B Lender as a result of any failure to fulfill on or before the date specified in the Committed
Loan Notice for such Drawing the applicable conditions set forth in Section 4.2, including, without limitation, any loss,
cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Tranche B Lender
to fund the Drawing Purchase Price to be paid by such Tranche B Lender for Drafts when, as a result of such failure, such Drafts
are not issued on such date (but, in any event, excluding any loss of profit and the Drawing Fee applicable to such Drafts).

 

(e)Circumstances Making Bankers’
Acceptances Unavailable. If the Canadian Sub-Agent in good faith determines that for any reason a market for Bankers’
Acceptances does not exist at any time or the Tranche B Lenders cannot for other reasons, after reasonable efforts, readily sell
Bankers’ Acceptances or perform their other obligations under this Agreement with respect to Bankers’ Acceptances,
the Canadian Sub-Agent will promptly so notify TCCI and each Tranche B Lender. Thereafter, TCCI’s right to request the acceptance
and/or purchase of Drafts shall be and remain suspended until the Canadian Sub-Agent determines and notifies TCCI and each Tranche
B Lender that the condition causing such determination no longer exists.

 

(f)Presigned Draft Forms.
To enable the Tranche B Lenders to create Bankers’ Acceptances or purchase Drafts, as the case may be, in accordance with
Section 2.1(b) and this Section 2.15, TCCI hereby appoints each Tranche B Lender as its attorney to sign
and endorse on its behalf (for the purpose of acceptance and/or purchase of Drafts pursuant to this

 

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Agreement), in handwriting or by facsimile
or mechanical signature as and when deemed necessary by such Tranche B Lender, blank forms of Drafts. In this respect, it is each
Tranche B Lender’s responsibility to maintain an adequate supply of blank forms of Drafts for acceptance under this Agreement.
TCCI recognizes and agrees that all Drafts signed and/or endorsed on its behalf by a Tranche B Lender shall bind TCCI as fully
and effectually as if signed in the handwriting of and duly issued by the proper signing officers of TCCI. Each Tranche B Lender
is hereby authorized (for the purpose of acceptance and/or purchase of Drafts pursuant to this Agreement) to complete and issue
such Drafts endorsed in blank in such face amounts as may be determined by such Tranche B Lender; provided that the aggregate
amount thereof is equal to the aggregate amount of Drafts required to be purchased by such Tranche B Lender. On request by TCCI,
a Tranche B Lender shall cancel all forms of Drafts which have been pre-signed or pre-endorsed by or on behalf of TCCI and which
are held by such Tranche B Lender and have not yet been issued in accordance herewith. Each Tranche B Lender further agrees to
retain such records in the manner and/or the statutory periods provided in the various Canadian provincial or federal statutes
and regulations which apply to such Tranche B Lender. Each Tranche B Lender shall maintain a record with respect to Drafts held
by it in blank hereunder, voided by it for any reason, accepted and purchased by it hereunder, and cancelled at their respective
maturities. Each Tranche B Lender agrees to provide such records to TCCI at TCCI’s expense upon request. Drafts shall be
signed by a duly authorized officer or officers of TCCI or by its attorneys, including its attorneys appointed pursuant to this
Section 2.15(f). Notwithstanding that any person whose signature appears on any Drafts as a signatory for TCCI may no longer
be an authorized signatory for TCCI at the date of issuance of any Drafts, such signature shall nevertheless be valid and sufficient
for all purposes as if such authority had remained in force at the time of such issuance, and any such Drafts so signed shall be
binding on TCCI.

 

(g)Distribution of Bankers’
Acceptances. Bankers’ Acceptances and Drafts purchased by a Tranche B Lender in accordance with the terms of Section 2.1(b)
and this Section 2.15 may, in such Tranche B Lender’s sole discretion, be held by such Tranche B Lender for its
own account until the applicable BA Maturity Date or sold, rediscounted or otherwise disposed of by it at any time prior thereto
in any relevant market therefor.

 

(h)Failure to Fund in Respect
of Drawings. The failure of any Tranche B Lender to fund the Drawing Purchase Price to be funded by it as part of any Drawing
shall not relieve any other Tranche B Lender of its obligation hereunder to fund its Drawing Purchase Price on the date of such
Drawing, but no Tranche B Lender shall be responsible for the failure of any other Tranche B Lender to fund the Drawing Purchase
Price to be funded or made, as the case may be by such other Tranche B Lender on the date of any Drawing.

 

(i)Issue of BA Equivalent Notes.
TCCI shall, at the request of a Tranche B Lender, issue one or more non-interest bearing promissory notes (each a “BA
Equivalent Note”) payable on the date of maturity of the unaccepted Draft referred to below, in such form as such Tranche
B Lender may specify, in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Drafts which such
Tranche B Lender has purchased or has arranged to have purchased in accordance with Section 2.1(b). TCCI and each Tranche
B Lender hereby acknowledge and agree that from time to time certain Tranche B Lenders may elect not to receive any BA
Equivalent Note, and TCCI and each applicable Tranche B Lender agrees that with respect to any such Tranche B Lender, in lieu
of receiving BA Equivalent Notes, the

 

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applicable Tranche B Loan may be evidenced
by a loan account which such Tranche B Lender shall maintain in its name, and in such event such loan account shall be entitled
to all the benefits of BA Equivalent Notes.

 

(j)Payment, Conversion or Renewal
of Bankers’ Acceptances. Upon the maturity of a Bankers’ Acceptance, Draft or BA Equivalent Note, TCCI may (i)
elect to issue a replacement Bankers’ Acceptance, Draft or BA Equivalent Note by giving a Committed Loan Notice in accordance
with Section 2.15(a), (ii) elect to have all or a portion of the Face Amount of such Bankers’ Acceptance, Draft or
BA Equivalent Note converted to a Canadian Prime Rate Loan, by giving a Notice of Borrowing in accordance with Section 2.2,
or (iii) pay, on or before 10:00 a.m. (Montreal time) on the maturity date for such Bankers’ Acceptance, Draft or BA Equivalent
Note, an amount in Canadian Dollars equal to the Face Amount of such Bankers’ Acceptance, Draft or BA Equivalent Note (notwithstanding
that a Tranche B Lender may be the holder thereof at maturity). Any such payment shall satisfy TCCI’s obligations under the
Bankers’ Acceptance, Draft or BA Equivalent Note to which it relates and the relevant Lender shall thereafter be solely responsible
for the payment of such Bankers’ Acceptances, Drafts or BA Equivalent Notes. During the existence of an Event of Default
with respect to TCCI, no Drawing may be requested, nor may any Bankers' Acceptance, Draft or BA Equivalent Note be renewed or continued
by TCCI, without the consent of the applicable Required Lenders, and the Required Lenders may demand that any or all of the then
outstanding Bankers' Acceptances, Drafts and BA Equivalent Notes be prepaid by TCCI on the last day of the then current BA Maturity
Date with respect thereto.

 

(k)Automatic Conversion.
If TCCI fails to pay any Bankers’ Acceptance, Draft or BA Equivalent Note when due, or to issue a replacement Bankers’
Acceptance, Draft or BA Equivalent Note in the Face Amount of such Bankers’ Acceptance, Draft or BA Equivalent Note pursuant
to Section 2.15 (j), the unpaid amount due and payable in respect thereof shall be converted, as of such date, and without
any necessity for TCCI to give a Notice of Borrowing in accordance with Section 2.2, to a Canadian Prime Rate Loan made
by the Tranche B Lenders ratably under this Agreement and shall bear interest calculated and payable as provided in Section
2.7.

 

(l)Payment of Bankers Acceptances
on Default. In the event that the maturity of outstanding Bankers’ Acceptances, Drafts and BA Equivalent Notes is accelerated
pursuant to Section 7.1, TCCI shall pay to the Canadian Sub-Agent in Canadian Dollars in same-day funds the aggregate principal
amount of all such Bankers’ Acceptances, Drafts and BA Equivalent Notes in satisfaction of its obligations in respect thereof.

 

(m)Inconsistencies. In the
event of any inconsistency between the provisions of this Section 2.15 and any other provision of Article II with respect
to Bankers’ Acceptances or BA Equivalent Notes, the provisions of this Section 2.15 shall prevail.

 

(n)Cash Collateralization.
Subject to Section 2.15(l), (i) an amount equal to the aggregate Face Amount of all Bankers’ Acceptances, Drafts
and BA Equivalent Notes which are subject to any voluntary or mandatory prepayment by TCCI shall be deposited by TCCI with the
Canadian Sub-Agent, in Canadian Dollars, until the BA Maturity Date of each such Bankers’ Acceptance, Drafts and BA Equivalent
Note and (ii) upon the BA Maturity Date of any Bankers’

 

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Acceptance, Draft or BA Equivalent Note
in respect of which any such deposit has been made, the Canadian Sub-Agent shall be, and hereby is, authorized (without notice
to or any further action by TCCI) to apply such amount (or the applicable portion thereof) to the payment of such Bankers’
Acceptance, Draft or BA Equivalent Note.

 

Section 2.16 Swing
Line Loans.

 

(a)The Swing
Line. Subject to the terms and conditions set forth herein each applicable Swing Line Lender severally agrees, in reliance
upon the agreements of the other Lenders set forth in this Section 2.16 to make loans (each such loan, a “Swing
Line Loan”) (x) in US Dollars or any Alternative Currency to the Borrowers other than TFA and (y) in Australian Dollars
to TFA, from time to time on any Business Day during the Availability Period applicable to such Swing Line Lender in an aggregate
amount not to exceed at any time outstanding (i) for each applicable Swing Line Lender, such Swing Line Lender’s applicable
Swing Line Commitment, (ii) for all Swing Line Loans made to the Borrowers other than TFA, the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when aggregated with the ratable share of the Outstanding Amount of Committed
Loans and Money Market Loans of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitments
or (iii) for all Swing Line Loans made to TFA, the amount of the Australian Swing Line Sublimit; provided, however,
that after giving effect to any Swing Line Loan, (i) the Total Outstandings in respect of the Tranche A Borrowers, TCCI or
TFA, respectively, shall not exceed the applicable Aggregate Commitments, (ii) the aggregate Outstanding Amount of the Committed
Loans of any Lender under the Tranche A Commitments, Tranche B Commitments or Tranche C Commitments, as applicable, plus
such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans to the applicable Borrower(s) shall not exceed
such Lender’s Commitment applicable to such Borrower(s) and (iii) the aggregate Outstanding Amount of Committed Loans of
any Lender under the Tranche A Facility, the Tranche B Facility and the Tranche C Facility, plus such Lender’s Pro
Rata Share of the Outstanding Amount of all Swing Line Loans, plus, in the case of a Swing Line Lender with a Swing Line
Commitment in Australian Dollars and without duplication, such Lender’s Swing Line Loans made to TFA shall not exceed such
Lender’s Commitment Cap and provided, further, that the Borrowers shall not use the proceeds of any Swing Line
Loan to refinance any outstanding Swing Line Loan. Each Swing Line Borrowing shall consist of borrowings made from the several
applicable Swing Line Lenders ratably to their respective applicable Swing Line Commitments. Within the foregoing limits, and subject
to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.16, prepay under Section 2.4,
and reborrow under this Section 2.16. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line
Loan in an amount equal to the product of such Lender’s ratable share times the amount of such Swing Line Loan.

 

(b)Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the applicable Borrower’s irrevocable notice to the applicable
Swing Line Agent and the Administrative Agent, which (x) in the case of Swing Line Loans requested by notice to the Administrative
Agent, may be given by telephone and (y) in the case of Swing Line Loans requested by notice to a Swing Line Agent, may not be
given by telephone, but may be given by electronic delivery, confirmed promptly by delivery to the applicable Swing Line Agent
and the

 

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Administrative Agent of an original Swing
Line Loan Notice, appropriately completed and signed by a Responsible Officer of the applicable Borrower. Each such notice must
be received by the applicable Swing Line Agent and the Administrative Agent not later than 10:00 a.m. (London time) in the
case of any Swing Line Loans to be funded in Europe, 10:00 a.m. (Pacific time) in the case of any Swing Line Loans to be funded
in the United States, 9:00 a.m. (Pacific time) in the case of any Swing Line Loans to be funded in Canada or 9:00 a.m. (Sydney
time) in the case of any Swing Line Loans to be funded in Australia on the requested borrowing date, and shall specify (i) the
amount and currency to be borrowed, which shall be a minimum of US$1,000,000, (or CDN$500,000 where the Swing Line Borrowing is
requested by TCCI or A$500,000 where the Swing Line Borrowing is requested by TFA) (provided that, in the case of TMFNL,
such amount shall not be less than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other criterion) as
at any time ensures that it does not qualify as attracting funds from the “public” under or pursuant to the Netherlands
Financial Supervision Act (wet op het financieel toezicht)), (ii) the requested borrowing date, which shall be a Business
Day and (iii) the Interest Period applicable to such Swing Line Borrowing. Each such telephonic notice must be confirmed promptly
by delivery to the applicable Swing Line Agent and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the applicable Borrower. Promptly after receipt by the applicable Swing Line Agent
of any telephonic Swing Line Loan Notice, such Swing Line Agent will confirm with the Administrative Agent (by telephone or in
writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, such Swing Line Agent will notify
the Administrative Agent (by telephone or in writing) of the contents thereof, and will notify each Swing Line Lender (by telephone
or in writing) of the contents thereof. Unless the applicable Swing Line Agent has received notice (by telephone or in writing)
from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. (London time, in the case of any Swing
Line Loan to be funded in Europe, New York City time, in the case of any Swing Line Loan to be funded in North America or Sydney
time, in the case of any Swing Line Loan to be funded in Australia) on the date of the proposed Swing Line Borrowing (A) directing
each Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first
sentence of Section 2.16(a), or (B) that one or more of the applicable conditions specified in Article IV is not
then satisfied, then, subject to the terms and conditions hereof, each applicable Swing Line Lender will, not later than 3:00 p.m.
(London time, in the case of any Swing Line Loan to be funded in Europe, Pacific time, in the case of any Swing Line Loan to be
funded in the United States, Montreal time, in the case of any Swing Line Loan to be funded in Canada or Sydney time, in the case
of any Swing Line Loan to be funded in Australia) on the borrowing date specified in such Swing Line Loan Notice, make the amount
of its Swing Line Loan available to the applicable Borrower at its office by crediting the account of such Borrower on the books
of the applicable Swing Line Agent in Same Day Funds or as otherwise directed by such Borrower.

 

(c)Refinancing
of Swing Line Loans.

 

(i)The
Swing Line Lenders at any time in their respective sole and absolute discretion may direct the applicable Swing Line Agent to request,
on behalf of the applicable Borrower (and each Borrower hereby irrevocably authorizes each Swing Line Agent to so request on its
behalf), that each Lender make a Base Rate Committed Loan for the account of such Borrower in an amount equal to such Lender’s
ratable share of

 

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(A) the amount of Swing Line
Loans made to such Borrower and then outstanding, in the case of Swing Line Loans denominated in US Dollars, or (B) the Dollar
Equivalent of the amount of Swing Line Loans made to such Borrower and then outstanding, in the case of Swing Line Loans denominated
in any Alternative Currency or Australian Dollars. Such request shall be made in writing (which written request shall be deemed
to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.2, without regard
to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion
of the Aggregate Commitments and the conditions set forth in Section 4.2. The applicable Swing Line Agent shall furnish
the applicable Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Applicable
Agent. Each Lender shall make an amount equal to its ratable share of the amount specified in such Committed Loan Notice available
to the Applicable Agent in Same Day Funds for the account of the applicable Swing Line Lenders at the Administrative Agent’s
Office, the Canadian Sub-Agent’s Office or the Australian Sub-Agent’s Office, as applicable, for US Dollar-denominated
payments not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.16(c)(ii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the applicable Borrower in
such amount. The Applicable Agent shall remit the funds so received to the Swing Line Lenders.

 

(ii)If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.16(c)(i),
the request for Base Rate Committed Loans submitted by the applicable Swing Line Agent as set forth herein shall be deemed to be
a request by such Swing Line Agent that each Lender fund its risk participation in the relevant Swing Line Loan and each such Lender’s
payment to the Administrative Agent for the account of the Swing Line Lenders pursuant to Section 2.16(c)(i) shall be deemed
payment in respect of such participation.

 

(iii)If
any Lender fails to make available to the Applicable Agent for the account of the Swing Line Lenders any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.16(c) by the time specified in Section 2.16(c)(i),
the Swing Line Lenders shall be entitled to recover from such Lender (acting through the Applicable Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swing Line Lenders at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any
administrative, processing or similar fees customarily charged by the applicable Swing Line Lender in connection with the foregoing.
If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case
may be. A certificate of a Swing Line Lender submitted to any Lender (through the Applicable Agent) with respect to any amounts
owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this
Section 2.16(c) shall be

 

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absolute and unconditional and
shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such
Lender may have against any Swing Line Lender, any Borrower or any other Person for any reason whatsoever, (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,
however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.16(c) is subject
to the conditions set forth in Section 4.2. No such funding of risk participations shall relieve or otherwise impair the
obligation of any Borrower to repay Swing Line Loans made to it, together with interest as provided herein.

 

(d)Repayment
of Participations.

 

(i)At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the applicable Swing Line Lender
receives any payment on account of such Swing Line Loan, such Swing Line Lender will promptly distribute to such Lender its ratable
share thereof in the same funds as those received by such Swing Line Lender.

 

(ii)If
any payment received by a Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by such Swing Line Lender under any of the circumstances described in Section 9.6 (including pursuant to any settlement
entered into by such Swing Line Lender in its discretion), each Lender shall pay to such Swing Line Lender its ratable share thereof
on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of
the applicable Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(e)Interest
for Account of Swing Line Lenders. The applicable Swing Line Agent shall be responsible for invoicing the applicable Borrower
for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this
Section 2.16 to refinance such Lender’s ratable share of any Swing Line Loan, interest in respect of such ratable
share shall be solely for the account of the respective Swing Line Lenders.

 

(f)Payments
Directly to Swing Line Lender. Each Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans made directly to the applicable Swing Line Agent, for the account of the respective Swing Line Lenders.

 

Section 2.17 Defaulting
Lenders.

 

(a) Generally.
Anything contained herein to the contrary notwithstanding, (i) to the extent permitted by applicable law, until such time
as the Default Excess with respect to such Defaulting Lender shall have been reduced to zero, any prepayment of the Loans shall,
if the Tranche A Borrowers, TCCI or TFA, as applicable, so direct at the time of making such prepayment, be applied to the Loans
of other Applicable Tranche Lenders as if such Defaulting Lender had no Tranche A Loans, Tranche B Loans or Tranche C Loans, as
applicable,

 

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outstanding; (ii) such Defaulting
Lender’s unused Aggregate Commitments shall be excluded for purposes of calculating the facility fee payable to Lenders pursuant
to Section 2.8(a) in respect of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting
Lender shall not be entitled to receive any facility fee with respect to its unused Commitment(s) pursuant to Section 2.8(a)
for any Default Period with respect to such Defaulting Lender; and (iii) the aggregate amount of the Tranche A Loans, Tranche
B Loans and Tranche C Loans as at any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted
Loans of such Defaulting Lender. No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise
expressly provided in this Section 2.17(a), performance by any Borrower or any Lender of its obligations hereunder shall
not be excused or otherwise modified as a result of any failure by a Defaulting Lender to fund or the operation of this Section
2.17(a). The rights and remedies against a Defaulting Lender under this Section 2.17(a) are in addition to other rights
and remedies that the Borrowers, the Administrative Agent or any other Lender may have against such Defaulting Lender with respect
to any Defaulted Loan.

 

(b)Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 9.9 shall be applied at such time or times as may be determined
by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Swing Line Lender hereunder; third, as the Borrower that made such payment may request (so long as
no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by the Administrative Agent; fourth, if so determined by the Administrative
Agent and the applicable Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement; fifth, to the payment of any amounts
owing to the Lenders or the Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any
Lender or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; sixth, so long as no Default exists, to the payment of any amounts owing to the applicable
Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender
as a result of such Defaulting Lender's breach of its obligations under this Agreement; and seventh, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of
the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y)
such Loans were made at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall
be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of such Defaulting Lender until such time as all Loans and Swing Line Loans are held by the Lenders pro rata in accordance
with the Commitments under the applicable facility. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender

 

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pursuant to this Section 2.17(b)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(c)Defaulting
Lender Cure. If the Borrowers, the Administrative Agent and each Swing Line Lender agree in writing that a Lender is no longer
a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in
such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary
to cause the Loans and funded and unfunded participations in Swing Line Loans to be held pro rata by the Lenders in accordance
with the Commitments under the applicable Tranche, whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while
that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

ARTICLE III

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

Section 3.1 Taxes.

 

(a)Subject to the other provisions
of this Section 3.1 and Section 9.15, any and all payments by any Borrower to or for the account of the Administrative
Agent or any Lender under any Loan Document shall be made free and clear of and without deduction for any and all present or future
Taxes. If any Borrower shall be required by any Laws to deduct any Taxes or Other Taxes from or in respect of any sum payable under
any Loan Document to the Administrative Agent or any Lender, (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 3.1(a)), each
of the Administrative Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been
made, (ii) such Borrower shall make such deductions, (iii) such Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, such Borrower
shall furnish to the Administrative Agent (which shall forward the same to such Lender) the original or a certified copy of a receipt
evidencing payment thereof or other evidence of such payment.

 

(b)In addition, each Borrower agrees
to pay to each appropriate Lender Other Taxes incurred by such Lender.

 

(c)Each Borrower agrees to indemnify
the Administrative Agent and each appropriate Lender for (i) the full amount of Taxes and Other Taxes (including any Taxes or Other
Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 3.1(c)) paid by the Administrative Agent
and such Lender and (ii) any liability (including

 

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additions to tax, penalties, interest and
expenses) arising therefrom or with respect thereto. Payment under this Section 3.1(c) shall be made within 15 days after
the date the Lender or the Administrative Agent makes a demand therefor.

 

(d)In the case of interest payments
made by TKG or TLG, this Section 3.1 shall only apply to a Lender who is the legal and beneficial owner of amounts received
pursuant to this Agreement and has provided evidence to TKG or TLG: (i) that such Lender is a person (a corporate body or an individual)
which is, for taxation purposes, resident outside of the territory of the Federal Republic of Germany, (ii) if such Lender is a
partnership, that all direct and indirect partners of that partnership are persons who are, for taxation purposes, resident outside
of the territory of the Federal Republic of Germany, and does not hold any amounts received pursuant to this Agreement through
a permanent establishment or a permanent representative in Germany or (iii) that such Lender qualifies as a credit institution
or financial institution within the meaning of the German Banking Act (Kreditwesengesetz).

 

(e)TFSUK is not required to pay
additional amounts to a Lender (other than a new Lender pursuant to a request by a Borrower under Section 9.17) pursuant
to Section 3.1 in respect of any Tax that is required by the United Kingdom to be withheld from a payment of interest on
a Loan made to TFSUK if at the time the payment falls due: (i) the relevant Lender is not a UK Qualifying Lender and that Tax would
not have been required to be withheld had that Lender been a UK Qualifying Lender unless the reason that that Lender is not a UK
Qualifying Lender is a change after the date on which it became a Lender under this Agreement in (or in the interpretation, administration
or application of) any law or double taxation agreement or any published practice or published concession of any relevant Governmental
Authority; (ii) the relevant Lender is a UK Qualifying Lender solely by virtue of (a)(ii) of the definition of UK Qualifying Lender
and (1) an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section
931 of the UK ITA which relates to the payment and that Lender has received from TFSUK a certified copy of that Direction; and
(2) that Tax would not have been required to be withheld had that Direction not been made; (iii) the relevant Lender is a UK Qualifying
Lender solely by virtue of (a)(ii) of the definition of UK Qualifying Lender and (1) the relevant Lender has not given a UK Tax
Confirmation to TFSUK; and (2) that Tax would not have been required to be withheld had the Lender given a UK Tax Confirmation
to TFSUK, on the basis that the UK Tax Confirmation would have enabled TFSUK to have formed a reasonable belief that the payment
was an "excepted payment" for the purpose of section 930 of the UK ITA; or (iv) the relevant Lender is a UK Treaty Lender
and TFSUK is able to demonstrate that that Tax is required to be withheld as a result of the failure of the relevant Lender to
comply with its obligations under Section 9.15(a). Any Lender which is a Lender in respect of a Loan to TFSUK shall promptly
notify the Administrative Agent and TFSUK if (i) it is not, or ceases to be, a UK Qualifying Lender, for whatever reason, or (ii)
it is a UK Qualifying Non-Bank Lender and there is any change in the position from that set out in the UK Tax Confirmation it has
given.

 

(f)TFA is not required
to pay additional amounts to a Tranche C Lender (other than a new Tranche C Lender pursuant to a request by TFA under Section
9.17) pursuant to this Section 3.1 in respect of any Tax that is required by the Commonwealth of Australia or any political
sub-division thereof to be withheld or deducted from a payment of interest on a Loan made to TFA if at the time the payment falls
due (i) the relevant Tranche C Lender is an

 

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“associate” (as defined in
section 128F(9) of the Australian Tax Act) of TFA that is either (a) a non-resident of Australia which does not make the relevant
Loan in carrying on a business at or through a permanent establishment in Australia or (b) a resident of Australia that makes the
relevant Loan in carrying on a business at or through a permanent establishment outside Australia, (ii) the payment could have
been made to the relevant Tranche C Lender without any withholding or deduction in respect of such Tax if, before TFA makes a relevant
payment, the relevant Tranche C Lender, or an entity acting on behalf of such Tranche C Lender, provided TFA with any of its name,
address, tax file number, (if applicable) an Australian business number, registration number or similar details of any relevant
tax exemption, or (iii) the withholding or deduction in respect of such Tax is in respect to any withholding or deduction on account
of TFA receiving a direction under section 255 of the Australian Tax Act or section 260-5 of Schedule 1 to the Taxation Administration
Act 1953 of Australia or any similar law.

 

(g)If the Administrative Agent
or a Lender shall become aware that it is entitled to claim a refund from a Governmental Authority in respect of, or remission
for, Taxes or Other Taxes as to which it has received additional amounts under this Section 3.1, such Administrative Agent
or Lender shall promptly notify the applicable Borrower and Agent (as applicable) of the availability of such claim and, to the
extent that the Lender or the Administrative Agent (as applicable) determines in good faith that making such claim will not have
an adverse effect on its taxes or business operation, shall, within 60 days of receipt of a request by such Borrower, make such
claim. If the Administrative Agent or Lender (acting in good faith) determines, in its sole discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by such Borrower or with respect to which such Borrower
has paid amounts pursuant to this Section 3.1, it shall pay over the amount of such refund to such Borrower, net of all
out-of-pocket expenses of the Administrative Agent or such Lender (but amounts hereby recovered by the Borrower shall not exceed
the indemnity payments made, or the amounts paid, as applicable, by such Borrower under this Section 3.1) and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund or credit); provided, however,
that such Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent or any Lender
be required to pay any amount to the Borrowers pursuant to this paragraph (f) the payment of which would place the Administrative
Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent or such Lender would have been in
if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 3.1(f)
shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its Taxes which it deems confidential) to any Borrower or any other Person.

 

(h) The agreements in this Section
shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.

 

Section 3.2 Illegality.

 

(a)If any Lender
determines that any Regulatory Change occurring on or after the date of this Agreement has made it unlawful, or that any Governmental
Authority has asserted that it is

 

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unlawful as a result of such Regulatory
Change, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans (whether denominated
in US Dollars or an Alternative Currency) or Money Market LIBOR Loans, or to determine or charge interest rates based upon the
Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase
or sell, or to take deposits of, US Dollars or any Alternative Currency in the applicable interbank market, then, on notice thereof
by such Lender to the applicable Borrower through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency
Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in US Dollars, to convert Base Rate
Committed Loans to Eurocurrency Rate Loans or to make a Money Market LIBOR Loan for which a Money Market Quote has been delivered
shall be suspended until such Lender notifies the Administrative Agent and the applicable Borrower that the circumstances giving
rise to such determination no longer exist (and such Lender shall give such notice promptly upon receiving knowledge that such
circumstances no longer exist). If a Lender shall determine that it may not lawfully continue to maintain and fund any of its outstanding
Eurocurrency Rate Loans or Money Market LIBOR Loans to maturity and shall so specify in a notice pursuant to the preceding sentence,
upon receipt of such notice, the applicable Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent),
prepay or, if applicable and such Loans are denominated in US Dollars, convert all Eurocurrency Rate Loans or Money Market LIBOR
Loans, as the case may be, of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurocurrency Rate Loans or Money Market LIBOR Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the applicable
Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending
Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise
be materially disadvantageous to such Lender.

 

(b)Notwithstanding any other provision
of this Agreement, if the introduction of or any change in the interpretation of any law or regulation shall make it unlawful,
or any central bank or other governmental authority shall assert that it is unlawful, for any Tranche B Lender or its Lending Office
to perform its obligations hereunder to complete and accept Drafts, to purchase Bankers’ Acceptances or to purchase Drafts
or to continue to fund or maintain Bankers’ Acceptances or BA Equivalent Notes hereunder, then, on notice thereof and demand
therefor by such Tranche B Lender to TCCI through the Administrative Agent (i) an amount equal to the aggregate Face Amount
of all Bankers’ Acceptances, Drafts and BA Equivalent Notes outstanding at such time shall, upon such demand, be deposited
by TCCI with the Administrative Agent in accordance with Section 2.15(l) until the BA Maturity Date of each such Bankers’
Acceptance, Drafts and BA Equivalent Note, (ii) upon the BA Maturity Date of any Bankers’ Acceptance, Draft or BA Equivalent
Note in respect of which any such deposit has been made, the Administrative Agent shall be, and hereby is, authorized (without
notice to or any further action by TCCI) to apply such amount (or the applicable portion thereof) to the payment of such Bankers’
Acceptance, Draft or BA Equivalent Note or (iii) the obligation of the Tranche B Lenders to complete and accept Drafts and
purchase Bankers’ Acceptances and to purchase Drafts that have not been accepted by a Tranche B Lender shall be suspended
until the Administrative Agent shall notify TCCI that such Tranche B Lender has determined that the

 

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circumstances causing such suspension no
longer exist (and such Lender shall give such notice promptly upon receiving knowledge that such circumstances no longer exist).

 

(c) Notwithstanding any other provision
of this Agreement, if in respect of any Loan made under this Agreement to TFA, it becomes unlawful or impossible (as a result of
a change in law or regulation) in any jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement
or to fund or maintain its participation in any Loan:

 

		(i)	such Lender shall forthwith notify the Australian Sub-Agent and TFA;

 

		(ii)	such Lender’s obligations under this Agreement in respect to such Loan are immediately suspended
for the duration of such illegality or other effect;

 

		(iii)	such Lender may, by notice to the Australian Sub-Agent and TFA, cancel such Lender’s available
Tranche C Commitment with immediate effect;

 

		(iv)	without limiting Sections 3.2(c)(ii) and 3.2(c)(iii), such Lender shall consult and negotiate in
good faith with TFA for a period not exceeding 30 days with a view to determining whether amendments can be made to this Agreement
to enable all or a part of such Loan to continue to be provided to TFA; and

 

		(v)	if no such amendments are agreeable to TFA and such Lender and the illegality or other effect is
continuing:

 

		(1)	such Lender or TFA may notify the other party and the Australian Sub-Agent that such Loan is to
be terminated and, to the extent it has not already been so cancelled in accordance with Section 3.2(c)(iii), such Lender’s
available Tranche C Commitment will be cancelled as of the ninetieth day after the date such notice is delivered to the other party;
and

 

		(2)	TFA shall repay such Loan, together with all accrued but unpaid interest and other unpaid amounts
owing in respect of such Loan, in full on:

 

		(A)	the later of the last day of the current Interest Period for such Loan and the ninetieth day after
notice has been given in accordance with Section 3.2(c)(v)(1); or

 

		(B)	if earlier, the last day of any applicable grace period permitted by law.

 

Section 3.3 Inability
to Determine Rates. (a) If the applicable Required Lenders determine that for any reason in connection with any request for
a Eurocurrency Rate Loan or a conversion to or continuation thereof that (a) deposits (whether in US Dollars or an Alternative
Currency) are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount
and Interest Period of such Eurocurrency Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurocurrency
Base Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in US Dollars
or an Alternative Currency) made to a Borrower, or (c) the

 

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Eurocurrency Base Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan made to a Borrower does not adequately and fairly reflect the
cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify such Borrower and each Lender. Thereafter,
the obligation of the appropriate Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies to
such Borrower shall be suspended until the Administrative Agent (upon the instruction of the applicable Required Lenders) revokes
such notice (which revocation shall be made promptly upon such instruction from the applicable Required Lenders). Upon receipt
of such notice, the applicable Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency
Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request
for a Committed Borrowing of Base Rate Loans in the amount specified therein.

 

(b)If the Australian
Sub-Agent determines that, in relation to a Tranche C Loan for any Interest Period,

 

		(i)	at or about 1:00 p.m. (Sydney time) on the first day of the relevant Interest Period the Bank Bill
Rate is not available and none or only one of the Australian Reference Banks supplies a rate to the Australian Sub-Agent to determine
the Bank Bill Rate for the relevant currency and period (in which case each Tranche C Lender will be an “Affected Tranche
C Lender”); or

 

		(ii)	in relation to a Tranche C Loan for which the interest rate per annum was to have been Bank Bill
Rate, before 5:00 p.m. (Sydney time) on the Business Day after the first day of the relevant Interest Period, the Australian Sub-Agent
receives notifications from a Tranche C Lender or Tranche C Lenders whose participations in that Tranche C Loan exceed 50% of that
Tranche C Loan, that as a result of market circumstances not limited to it the cost to it of funding its participation in the Tranche
C Loan is or would be in excess of Bank Bill Rate (in which case an “Affected Tranche C Lender” will be each
Tranche C Lender which gives such a notification).

 

then it shall promptly notify TFA and the
Tranche C Lenders, and the rate of interest on each Affected Tranche C Lender's participation in that Tranche C Loan for the Interest
Period shall be the rate per annum which is the sum of:

 

(x)the Applicable
Rate; and

 

		(y)	the rate notified to the Australian Sub-Agent by that Affected Tranche C Lender as soon as practicable
and in any event no later than the Business Day before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that Affected Tranche C Lender of funding its participation in that
Tranche C Loan from whatever source or sources it may reasonably select.

 

Each Affected Tranche C Lender shall determine
the rate notified by it under sub-paragraph (b)(y) above in good faith. The rate so notified and any other notification under this
Section 3.3(b) will be conclusive and binding on the parties in the absence of manifest error.

 

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Section 3.4 Increased
Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans.

 

(a)If on or after (i) the date
hereof, in the case of Eurocurrency Rate Loans, Tranche C Loans, Bankers’ Acceptances, Drafts and BA Equivalent Notes, or
(ii) the date that a Money Market Quote is given for a Money Market LIBOR Loan, any Lender determines that as a result of a Regulatory
Change, there shall be a material increase in the cost to such Lender of agreeing to make or making, continuing, converting to,
funding or maintaining Eurocurrency Rate Loans, Tranche C Loans or Money Market LIBOR Loan or of purchasing, accepting, making,
continuing, converting to or maintaining Bankers’ Acceptances or BA Equivalent Notes, or a reduction in the amount received
or receivable by such Lender in connection with any Eurocurrency Rate Loan, Tranche C Loan, Money Market LIBOR Loan, Bankers’
Acceptance, Draft or BA Equivalent Note (excluding for purposes of this subsection (a) reserve requirements utilized in the determination
of the Eurocurrency Rate), then from time to time within 15 days of demand by such Lender setting forth the amount or amounts necessary
to compensate such Lender, together with a reasonable basis therefor (with a copy of such demand to the Administrative Agent),
subject to Section 3.4(c), the applicable Borrower shall pay to such Lender such additional amounts as are sufficient to
compensate such Lender for such increased cost incurred or reduction suffered.

 

(b)If any Lender determines that
the introduction of any Law after the date hereof regarding capital adequacy or liquidity or any change therein or in the interpretation
thereof, or compliance by such Lender (or its Lending Office) therewith or as a result of any Regulatory Change, has the effect
of materially reducing the rate of return on the capital of, or imposing material additional costs associated with liquidity requirements
imposed by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States financial regulatory authorities on, such Lender or any corporation controlling such Lender as a direct consequence
of such Lender’s obligations hereunder, then from time to time upon demand of such Lender (with a copy of such demand to
the Administrative Agent), subject to Section 3.4(c),the applicable Borrower shall pay within 15 days of demand by such
Lender such additional amounts as are sufficient to compensate such Lender for such reduction suffered.

 

(c)Promptly after receipt of knowledge
of any Regulatory Change or other event that will entitle any Lender to compensation under this Section 3.4, such Lender
shall give notice thereof to the applicable Borrower and the Administrative Agent certifying the basis for such request for compensation
in accordance with Section 3.6(a) and shall (i) exercise reasonable efforts (consistent with its internal policy and legal
and regulatory restrictions) to minimize any such increased cost and (ii) designate a different Lending Office if such designation
will avoid, or reduce the amount of, compensation payable under this Section 3.4 and will not, in the good faith judgment
of such Lender, otherwise be materially disadvantageous to such Lender. Notwithstanding anything in Sections 3.4(a) or 3.4(b)
to the contrary, no Borrower shall be obligated to compensate any Lender for any amount arising or accruing before 90 days prior
to the date on which such Lender gives notice to such Borrower and the Administrative Agent under this Section 3.4(c) (except
that, if the Regulatory Change or other event giving rise to such

 

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increased costs or reductions is retroactive,
then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof).

 

(d)Notwithstanding anything to
the contrary contained in this Agreement, (i) this Section 3.4 shall not apply to taxes, and (ii) all indemnification (including
with respect to increased costs and reduction in amounts received) relating to or attributable to taxes shall be governed solely
and exclusively by Section 3.1.

 

(e) The agreements in this Section
shall survive the termination of the Aggregate Commitments and repayment of all other Obligations.

 

(f) Notwithstanding any other provision
in this Section, no Lender shall demand compensation for any increased cost pursuant to this Section if it shall not at the time
be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions
of other credit agreements; provided that no Lender shall be required to disclose any confidential or proprietary information in
respect of such demand.

 

Section 3.5 Funding
Losses. Within 15 days after delivery of the certificate described in the Section 3.6(a) by any Lender (with a copy
to the Administrative Agent) from time to time, each Borrower shall promptly compensate such Lender for and hold such Lender harmless
from any loss, cost or expense incurred by it as a result of each of the following (except to the extent incurred by any Lender
as a result of any action taken pursuant to Section 3.2):

 

(a)any continuation, conversion,
payment or prepayment of any Loan made to such Borrower other than a Base Rate Loan or a Canadian Prime Rate Loan on a day other
than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise);

 

(b)any failure by such Borrower
(for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than
a Base Rate Loan or a Canadian Prime Rate Loan on the date or in the amount notified by such Borrower;

 

(c)any failure by any Borrower
to make payment of any Loan (or interest due thereon) denominated in an Alternative Currency or Australian Dollars on its scheduled
due date or any payment thereof in a different currency; or

 

(d)any assignment of a Eurocurrency
Rate Loan or Tranche C Loans on a day other than the last day of the Interest Period therefor as a result of a request by such
Borrower pursuant to Section 9.17;

 

including any foreign exchange loss and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable
to terminate the deposits from which such funds were obtained but excluding loss of anticipated profits or margin for the period
after which any such payment or failure to convert, borrow or prepay. The applicable Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing.

 

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The agreements in this Section shall survive
the termination of the Aggregate Commitments and repayment of all other Obligations.

 

Section 3.6 Matters
Applicable to all Requests for Compensation.

 

(a)A certificate of the Administrative
Agent or any Lender claiming compensation under this Article III and setting forth in reasonable detail the additional amount
or amounts to be paid to it hereunder shall be conclusive and binding upon all parties hereto in the absence of manifest error.
In determining such amount, the Administrative Agent or such Lender may use any reasonable averaging and attribution methods.

 

(b)If (i) the obligation of any
Lender to make Eurocurrency Rate Loans shall be suspended pursuant to Section 3.2 or (ii) any Lender has demanded compensation
under Section 3.1 or Section 3.4 with respect to Eurocurrency Rate Loans, the applicable Borrower may give notice
to such Lender through the Administrative Agent that, unless and until such Lender notifies such Borrower that the circumstances
giving rise to such suspension or demand for compensation no longer exist, effective 5 Business Days after the date of such notice
from such Borrower (A) all Loans which would otherwise be made by such Lender as Eurocurrency Rate Loans shall be made instead
as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Eurocurrency Rate Loans
of the other Lenders), and (B) after each of such Lender’s Eurocurrency Rate Loans has been repaid, all payments of principal
which would otherwise be applied to Eurocurrency Rate Loans shall be applied to repay such Lender’s Base Rate Loans instead.

 

(c)If any Lender makes a claim
for compensation or other payment under Section 3.1 or Section 3.4 or if any Lender determines that it is unlawful
or impermissible for it to make, maintain or fund Eurocurrency Rate Loans or Money Market LIBOR Loans pursuant to Section 3.2,
the applicable Borrower may replace such Lender in accordance with Section 9.17.

 

(d)Prior to giving notice pursuant
to Section 3.2 or to demanding compensation or other payment pursuant to Section 3.1 or Section 3.4, each
Lender shall consult with the applicable Borrower and the Administrative Agent with reference to the circumstances giving rise
thereto; provided that nothing in this Section 3.6(d) shall limit the right of any Lender to require full performance
by such Borrower of its obligations under such Sections.

 

ARTICLE IV

 

CONDITIONS

 

Section
4.1 Effectiveness. This Agreement shall become effective, and the commitments under each of the Existing Credit Facilities
shall be automatically terminated, on the date that each of the following conditions shall have been satisfied:

 

(a)Receipt by the Administrative
Agent of the following, each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified,
each properly executed by a Responsible Officer of the applicable Borrower, each dated the Closing Date (or,

 

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in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and its
legal counsel:

 

(i)executed
counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent and each Borrower;

 

(ii)a
Note executed by each Borrower in favor of each Lender requesting a Note;

 

(iii)such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Borrower as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents;

 

(iv)such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Borrower is duly organized
or formed, and that such Borrower is validly existing, in good standing and qualified to engage in business, in its jurisdiction
of organization;

 

(v)a
favorable opinion of Reed Smith LLP, counsel to TMCC, addressed to the Administrative Agent and each Lender;

 

 

(vi)a
favorable opinion of Pietrantoni Méndez & Alvarez LLP, counsel to TCPR, addressed to the Administrative Agent and each
Lender;

 

(vii)a
favorable opinion of Stikeman Elliott LLP, counsel to TCCI, addressed to the Administrative Agent and each Lender;

 

(viii)favorable
opinions of Freshfields Bruckhaus Deringer LLP, counsel to TMFNL, TFSUK, TKG and TLG, addressed to the Administrative Agent and
each Lender;

 

(ix)a
favorable opinion of King & Wood Mallesons, counsel to TFA, addressed to the Administrative Agent and each Lender;

 

(x)on
the Closing Date, the following statements shall be true and the Administrative Agent shall have received for the account of each
Lender a certificate of a Responsible Officer of each Borrower, stating that:

 

(A) the
representations and warranties contained in Article V hereof are correct on and as of the Closing Date; and

 

(B) no
event has occurred and is continuing that constitutes a Default; and

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(xi)such
other assurances, certificates, documents or consents as the Administrative Agent, the Swing Line Lenders or the applicable Required
Lenders reasonably may require.

 

(b)Any fees required to be paid
pursuant to the Fee Letters on or before the Closing Date shall have been paid.

 

(c)The Borrowers shall have paid
in full all indebtedness, interest, fees and other amounts outstanding under each Existing Credit Facility and each Existing Credit
Facility shall have been terminated. Each of the Lenders that is a party to any Existing Credit Facility hereby waives, upon execution
of this Agreement, any applicable requirement of prior notice under such credit agreement relating to the termination of commitments
thereunder.

 

Without limiting the
generality of the provisions of Section 8.3, for purposes of determining compliance with the conditions specified in this
Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.

 

Section 4.2 Conditions
to all Loans. The obligation of each Lender to honor any Request for Loans (other than a Committed Loan Notice requesting only
a conversion of Committed Loans to the other Type, or a continuation of Eurocurrency Rate Loans or Tranche C Loans) made by any
Borrower is subject to the following conditions precedent:

 

(a)The representations and warranties
of such Borrower contained in Article V (except for the representations and warranties set forth in Section 5.4(b),
the accuracy of which it is expressly agreed shall not be a condition to making Loans) shall be true and correct in all material
respects on and as of the date of such Loan, except (A) to the extent that such representations and warranties specifically refer
to an earlier date, in which case they shall be true and correct as of such earlier date, (B) for purposes of this Section 4.2,
the representations and warranties contained in Section 5.4(a) shall be deemed to refer to the most recent statements furnished
from time to time pursuant to Section 6.1(a) and (C) the representations and warranties contained in Section 5.1,
Section 5.2(ii) and Section 5.5 shall be true and correct in all respects.

 

(b)No Default with respect to such
Borrower shall exist, or would result from such proposed Loan.

 

(c)The Applicable Agent or appropriate
Swing Line Agent, as applicable, shall have received a Request for Loans in accordance with the requirements hereof.

 

Each Request for Loans
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurocurrency
Rate Loans or Tranche C Loans) submitted by any Borrower shall be deemed to be a representation and warranty by such Borrower that
the conditions specified in Sections 4.2(a) and (b) have been satisfied on and as of the date of the applicable Loans.

 

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ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

Each Borrower represents
and warrants to the Administrative Agent and the Lenders, as to itself only and not as to any other Borrower, that:

 

Section  5.1
Corporate Existence and Power. Such Borrower is duly organized, validly existing and in good standing under the Laws of
its jurisdiction of organization, and has all organizational powers and is qualified to carry on its business as now conducted.

 

Section  5.2
Corporate and Governmental Authorization: No Contravention. The execution, delivery and performance by such Borrower of
this Agreement and each other Loan Document are within such Borrower’s organizational powers, have been duly authorized by
all necessary organizational action, require no action by or in respect of, or filing with, any Governmental Authority except such
as have been obtained and do not contravene, or constitute a default under, (i) any provision of applicable Law or of the Organization
Documents of such Borrower or (ii) of any agreement, judgment, injunction, order, decree or other instrument binding upon such
Borrower or any of its Subsidiaries where such default, individually or in the aggregate, would be reasonably likely to have a
Material Adverse Effect with respect to such Borrower.

 

Section  5.3
Binding Effect. This Agreement constitutes a valid and binding agreement of such Borrower and each other Loan Document,
when executed and delivered by such Borrower in accordance with this Agreement, will constitute a valid and binding obligation
of such Borrower, in each case enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

Section  5.4
Financial Statements.

 

(a)The Audited
Financial Statements applicable to such Borrower (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein and (ii) fairly present in all material respects (A) in the
case of TMCC, the consolidated financial position of TMCC and its Consolidated Subsidiaries as of such date and their consolidated
results of operations and cash flows for such fiscal year, (B) in the case of TFSUK, the consolidated financial position of TFSUK
and its Consolidated Subsidiaries as of such date and their consolidated results of operations for such fiscal year, (C) in the
case of TKG, the consolidated financial position of TKG and its Consolidated Subsidiaries as of such date and their consolidated
results of operations for such fiscal year, (D) in the case of TFA, the consolidated financial position of TFA and its Consolidated
Subsidiaries as of such date and their consolidated results of operations for such fiscal year and (E) in the case of each other
Borrower, the financial position of such Borrower as of such date and its results of operations and cash flow for such fiscal year.

 

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(b)Except as publicly
disclosed, since the date of the Audited Financial Statements, there has been no material adverse change in the business, financial
position or results of operations of such Borrower and its Consolidated Subsidiaries, considered as a whole.

 

Section  5.5
Litigation. There is no action, suit or proceeding pending against, or to the knowledge of such Borrower threatened against
or affecting, such Borrower or any of its Subsidiaries before any court, arbiter, or Governmental Authority in which there is a
reasonable likelihood of an adverse decision which would have a Material Adverse Effect with respect to such Borrower, or which
contests the validity of this Agreement or any Loan Document.

 

Section  5.6
Taxes. Such Borrower has paid or caused to be paid all material taxes before the same have become delinquent, except (a)
any tax that is being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have
been provided in accordance with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to result
in a Material Adverse Effect.

 

Section  5.7
Not an Investment Company. Such Borrower is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

Section  5.8
Disclosure. All written information heretofore furnished by such Borrower to the Administrative Agent or any Lender for
purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such written information hereafter
furnished by such Borrower to the Administrative Agent or any Lender will be true and accurate in every material respect, on the
date as of which such information is delivered or certified; provided that, with respect to projected financial information,
the Borrowers represent only that such information was prepared in good faith based upon assumptions believed by them to be reasonable
at the time of preparation (it being understood that projections are not to be viewed as facts and that actual results may differ
significantly from such projections).

 

Section  5.9
Representations as to Non-US Obligors. Each of TMFNL, TFSUK, TLG, TCCI, TKG and TFA (each, a “Non-US Obligor”)
additionally represents and warrants to the Administrative Agent and the Lenders that:

 

(a)Such
Non-US Obligor is subject to Laws with respect to its obligations under this Agreement and the other Loan Documents to which
it is a party (collectively as to such Non-US Obligor, the “Applicable Non-US Obligor Documents”), and the execution,
delivery and performance by such Non-US Obligor of the Applicable Non-US Obligor Documents constitute and will constitute private
and commercial acts and not public or governmental acts. Neither such Non-US Obligor nor any of its property has any immunity from
jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Non-US Obligor is organized and existing
in respect of its obligations under the Applicable Non-US Obligor Documents.

 

(b)The
Applicable Non-US Obligor Documents are in proper legal form under the Laws of the jurisdiction in which such Non-US Obligor is
organized and

 

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existing for the enforcement
thereof against such Non-US Obligor under the Laws of such jurisdiction, and to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Non-US Obligor Documents. It is not necessary to ensure the legality, validity,
enforceability, priority or admissibility in evidence of the Applicable Non-US Obligor Documents that the Applicable Non-US Obligor
Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction
in which such Non-US Obligor is organized and existing or that any registration charge or stamp or similar tax be paid on or in
respect of the Applicable Non-US Obligor Documents or any other document, except for (i) any such filing, registration, recording,
execution or notarization as has been made or is not required to be made until the Applicable Non-US Obligor Document or any other
document is sought to be enforced and (ii) any charge or tax as has been timely paid.

 

(c)There
are no Other Taxes imposed by any Governmental Authority in or of the jurisdiction in which such Non-US Obligor is organized and
existing on or by virtue of the execution or delivery of the Applicable Non-US Obligor Documents.

 

(d)The
execution, delivery and performance of the Applicable Non-US Obligor Documents executed by such Non-US Obligor are, under applicable
foreign exchange control regulations of the jurisdiction in which such Non-US Obligor is organized and existing, not subject to
any notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or obtained until
a later date (provided that any notification or authorization described in clause (ii) shall be made or obtained as soon
as is reasonably practicable).

 

Section  5.10
Representations as to TCPR. TCPR additionally represents and warrants to the Administrative Agent and each Lender that it
does not own directly or indirectly in accordance with the attribution rules of Section 1231(a)(3) of the Puerto Rico Code fifty
percent (50%) or more of the value of the stock of any Lender.

 

Section  5.11
Sanctions . Such Borrower is not currently the subject of any Sanctions, nor, to the knowledge of such Borrower,
is any director, officer or employee of such Borrower currently the subject of any Sanctions applicable to such Borrower.

 

The representation given
in this Section 5.11 shall not be made by nor apply to any Borrower that qualifies as a resident party domiciled in the Federal
Republic of Germany (Inländer) within the meaning of Sect. 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz)
in so far as it would result in a violation of or conflict with Sect. 7 German Foreign Trade Regulation (Außenwirtschaftsverordnung),
any provision of Council Regulation (EC) 2271/96 or any other anti-boycott statute.

 

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ARTICLE VI

 

COVENANTS

 

Each Borrower agrees
that, so long as any Lender has any Commitment hereunder to such Borrower or any Loan or any Obligation of such Borrower hereunder
shall remain unpaid or unsatisfied:

 

Section  6.1
Information. Such Borrower will deliver to the Administrative Agent and each of the Lenders:

 

(a)as soon as available
and in any event within 180 days after the end of each fiscal year of such Borrower, a consolidated balance sheet or statement
of financial position of such Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated
statements of income (or comprehensive income) and cash flows for such fiscal year (to the extent that such Borrower is required
to prepare statements of cash flows in accordance with GAAP), setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by independent public accountants of nationally recognized standing;

 

(b)as soon as available
and in any event within 60 days after the end of each of the first three quarters of each fiscal year of such Borrower, a consolidated
balance sheet of such Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements
of income and cash flows for such quarter and for the portion of such Borrower’s fiscal year ended at the end of such quarter
setting forth in the case of such statements of income and cash flow in comparative form the figures for the corresponding quarter
and the corresponding portion of such Borrower’s fiscal year; provided, however, that no Borrower other than
TMCC and TCPR shall be required to provide financial information under this subsection (b);

 

(c)within 10 days
after any officer of such Borrower obtains knowledge of any Default in respect of such Borrower, if such Default is then continuing,
a certificate of a Responsible Officer of such Borrower setting forth the details thereof and the action which such Borrower is
taking or proposes to take with respect thereto;

 

(d)promptly after
the same are available, copies of all registration statements (other than exhibits thereto and any registration statements (x)
on Form S-3 or its equivalent or (y) in connection with asset securitization transactions) and reports on Forms 10-K, 10-Q and
8-K (or their equivalents) which such Borrower shall have filed in the United States with the SEC under Section 13 or 15(d) of
the Securities Exchange Act of 1934 and not otherwise required to be delivered to the Administrative Agent pursuant hereto; and

 

(e)from time to
time such additional information regarding the financial position or business of such Borrower and its Subsidiaries as the Administrative
Agent, at the request of any Lender, may reasonably request.

 

Documents required
to be delivered pursuant to Section 6.1(a), (b) or (d) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the earlier

 

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of the date (i) on which such Borrower
posts such documents, or provides a link thereto on such Borrower's website on the Internet at the website address listed on Schedule
9.2; (ii) on which such documents are posted on the Securities and Exchange Commission’s website (www.sec.gov) or on
the website for the London Stock Exchange (www.londonstockexchange.com); or (iii) on which such documents are posted on such Borrower’s
behalf on any website to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
such as IntraLinks or DebtDomain or whether sponsored by the Administrative Agent); provided that (i) such Borrower shall
deliver electronic copies of such documents to the Administrative Agent if any Lender requests such Borrower to deliver such copies,
each time such request is made and (ii) such Borrower shall notify (which may be by facsimile or electronic mail) the Administrative
Agent, which shall notify the Lenders, of the posting of any such documents. The Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by any Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents.

 

Each Borrower hereby acknowledges that
(a) the Administrative Agent, the Sub-Agents and the Arrangers will make available to the Lenders materials and/or information
provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower
Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders
(each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with
respect to any of the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may
be engaged in investment and other market-related activities with respect to such Persons’ securities. The Administrative
Agent, the Sub-Agents, the Arrangers and each Borrower hereby agree that (w) no Borrower Materials shall be made available to Public
Lenders unless such Borrower has clearly and conspicuously marked such Borrower Materials “PUBLIC” which, at a minimum,
shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Sub-Agents, the Arrangers
and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrowers
or their respective securities for purposes of United States Federal and state securities laws (provided, however,
that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.8); (y)
all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Investor;” and (z) the Administrative Agent, the Sub-Agents and the Arrangers shall treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Investor.”

 

Section  6.2
[Reserved] .

 

Section 6.3 Preservation
and Maintenance of Corporate Existence . Such Borrower will preserve, renew and keep in full force and effect, and will cause
each Significant Subsidiary to preserve, renew and keep in full force and effect, their respective corporate existence and their
respective rights, privileges and franchises necessary or desirable in the normal conduct of business; provided that nothing
in this Section 6.3 shall prohibit (i) any merger or consolidation

 

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involving such Borrower which is permitted
by Section 6.6, (ii) the merger of a Significant Subsidiary into such Borrower or the merger or consolidation of a Significant
Subsidiary with or into another Person if the corporation surviving such consolidation or merger is a Significant Subsidiary and
if, in each case, after giving effect thereto, no Default with respect to such Borrower shall have occurred and be continuing or
(iii) the termination of the corporate existence of any Significant Subsidiary if such Borrower in good faith determines that such
termination is in the best interest of such Borrower and is not materially disadvantageous to the Lenders and provided further
that neither such Borrower nor any of its Significant Subsidiaries shall be required to preserve any right, privilege or franchise
if the board of directors (or equivalent governing body) of such Borrower or such Significant Subsidiary shall determine that the
preservation thereof is no longer desirable in the conduct of the business of such Borrower or such Significant Subsidiary, as
the case may be, and that the loss thereof is not disadvantageous in any material respect to such Borrower or such Significant
Subsidiary.

 

Section  6.4
Compliance with Laws. Such Borrower will comply, and cause each Significant Subsidiary to comply, with all applicable Laws
(including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except (i) where failure
to do so would not reasonably be expected to result in (x) a Material Adverse Effect with respect to such Borrower or Significant
Subsidiary or (y) a material impairment of the rights and remedies of the Administrative Agent or any Lender under this Agreement
or (ii) where the necessity of compliance therewith is contested in good faith by appropriate proceedings.

 

Section  6.5
Negative Pledge. Such Borrower will not pledge or otherwise subject to any lien any property or assets of such Borrower
to secure any indebtedness for borrowed money incurred, issued, assumed or guaranteed by such Borrower unless the Loans and the
Obligations of such Borrower under this Agreement are secured by such pledge or lien equally and ratably with all other indebtedness
secured thereby so long as such other indebtedness shall be so secured; provided, however, that such covenant will
not apply to liens securing indebtedness which do not in the aggregate at any one time outstanding exceed 20% of Net Tangible Assets
(as defined below) of such Borrower and its Consolidated Subsidiaries and also will not apply to:

 

(a)the pledge of
any assets of such Borrower to secure any financing by such Borrower of the exporting of goods to or between, or the marketing
thereof in, jurisdictions other than the United States (as to TMCC only), Puerto Rico (as to TCPR only), Canada (as to TCCI only),
the Netherlands (as to TMFNL only), Germany (as to TKG and TLG only), Australia (as to TFA only) and the United Kingdom (as to
TFSUK only) in connection with which such Borrower reserves the right, in accordance with customary and established banking practice,
to deposit, or otherwise subject to a lien, cash, securities or receivables, for the purpose of securing banking accommodations
or as the basis for the issuance of bankers’ acceptances or in aid of other similar borrowing arrangements;

 

(b)the pledge of
receivables of such Borrower payable in currencies other than US Dollars to secure borrowings in jurisdictions other than the United
States (as to TMCC only), Puerto Rico (as to TCPR only), Canada (as to TCCI only), the Netherlands (as to TMFNL only), Germany
(as to TKG and TLG only), Australia (as to TFA only) and the United Kingdom (as to TFSUK only);

 

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(c)any deposit
of assets of such Borrower in favor of any governmental bodies to secure progress, advance or other payments under a contract or
statute;

 

(d)any lien or
charge on any property of such Borrower, tangible or intangible, real or personal, existing at the time of acquisition or construction
of such property (including acquisition through merger or consolidation) or given to secure the payment of all or any part of the
purchase or construction price thereof or to secure any indebtedness incurred prior to, at the time of, or within one year after,
the acquisition or completion of construction thereof for the purpose of financing all or any part of the purchase or construction
price thereof;

 

(e)bankers’
liens or rights of offset (including any pledges further to general terms and conditions of a Dutch bank);

 

(f)any lien securing
the performance of any contract or undertaking not directly or indirectly in connection with the borrowing of money, obtaining
of advances or credit or the securing of debt, if made and continuing in the ordinary course of business;

 

(g)any lien to
secure non-recourse obligations in connection with such Borrower’s engaging in leveraged or single-investor lease transactions;

 

(h)any lien to
secure payment obligations with respect to (x) rate swap transactions, swap options, basis swaps, forward rate transactions, commodity
swaps, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, credit protection transactions, credit swaps, credit default swaps, credit default options,
total return swaps, credit spread transactions, repurchase transactions, reverse repurchase transactions, buy/sell-back transactions,
securities lending transactions, weather index transactions, or forward purchases or sales of a security, commodity or other financial
instrument or interest (including any option with respect to any of these transactions), or (y) transactions that are similar to
those described above;

 

(i)for the avoidance
of doubt, any lien or security interest granted or arising in connection with a bona fide securitization transaction by
which such Borrower sells vehicle loan receivables, vehicle installment contracts, vehicle leases (together with or without the
underlying vehicles), and/or other accounts receivable or assets, the records relating thereto and the proceeds, rights and benefits
accruing to it thereunder (the “Securitized Assets”) and underlying vehicles or assets if not included with
the Securitized Assets to a trust or entity established for the purpose of, among other things, purchasing, holding or owning Securitized
Assets;

 

(j)any extension,
renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien, charge or pledge
referred to in the foregoing clauses (a) to (i), inclusive, of this Section 6.5; provided, however, that the
amount of any and all obligations and indebtedness secured thereby shall not exceed the amount thereof so secured immediately prior
to the time of such extension, renewal or replacement and that such extension, renewal or replacement shall be limited to all or
a part of the property which secured the charge or lien so extended, renewed or replaced (plus improvements on such property);
and

 

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(k)in the case
of TFA, any security interest provided for by one of the following transactions if the transaction does not secure payment or performance
of an obligation: (a) a transfer of an account or chattel paper; (b) a commercial consignment; or (c) a PPS lease, where “account”,
“chattel paper”, “commercial consignment” and “PPS lease” have the same meanings given to them
in the Personal Property Securities Act 2009 of Australia.

 

“Net Tangible
Assets” means, with respect to any Borrower, the aggregate amount of assets (less applicable reserves and other properly
deductible items) of such Borrower and its Consolidated Subsidiaries after deducting therefrom all goodwill, trade names, trademarks,
patents, unamortized debt discount and expense and other like intangibles of such Borrower and its Consolidated Subsidiaries, all
as set forth on the most recent balance sheet of such Borrower and its Consolidated Subsidiaries prepared in accordance with GAAP.

 

Section  6.6
Consolidations.  Mergers and Sales of Assets. (a) Such Borrower shall not consolidate with or merge into any other
Person or convey, transfer or lease (whether in one transaction or in a series of transactions) all or substantially all of its
properties and assets to any Person, unless:

 

(i)the
Person formed by such consolidation or into which such Borrower is merged or the Person which acquires by conveyance or transfer,
or which leases, all or substantially all of the properties and assets of such Borrower shall be a Person organized and existing
under the Laws of the jurisdiction of organization of such Borrower, the United States of America, any State thereof, the District
of Columbia or Puerto Rico or, in the case of TCCI, Canada or any province of Canada or, in the case of TFA, the Commonwealth of
Australia or any political sub-division thereof (the “Successor Corporation”) and shall expressly assume, by
an amendment or supplement to this Agreement, signed by such Borrower and such Successor Corporation and delivered to the Administrative
Agent, such Borrower’s obligation with respect to the due and punctual payment of the principal of and interest on all the
Loans made to such Borrower and the due and punctual payment of all other Obligations payable by such Borrower hereunder and the
performance or observance of every covenant herein on the part of such Borrower to be performed or observed;

 

(ii)immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of such Borrower as a result
of such transaction as having been incurred by such Borrower at the time of such transaction, no Default with respect to such Borrower
shall have happened and be continuing;

 

(iii)if,
as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of such Borrower would
become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by Section 6.5
hereof, such Borrower or the Successor Corporation, as the case may be, takes such steps as shall be necessary effectively to secure
the Loans and the Obligations of such Borrower under this Agreement equally and ratably with (or prior to) all indebtedness secured
thereby; and

 

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(iv)such
Borrower has delivered to the Administrative Agent a certificate signed by a Responsible Officer, together with, in the case of
consolidation or merger in which such Borrower is not the surviving Person, a written opinion or opinions of counsel satisfactory
to the Administrative Agent (who may be counsel to such Borrower), stating that such amendment or supplement to this Agreement
complies with this Section 6.6 and that all conditions precedent herein provided for relating to such transaction have been
complied with.

 

(b)Upon any consolidation
or merger or any conveyance, transfer or lease of all or substantially all of the properties and assets of such Borrower in accordance
with Section 6.6(a), the Successor Corporation shall succeed to, and be substituted for, and may exercise every right and
power of, such Borrower under this Agreement and the Loans with the same effect as if the Successor Corporation had been named
as a Borrower therein and herein, and thereafter, such Borrower, except in the case of a lease of such Borrower’s properties
and assets, shall be released from its liability as obligor on any of the Loans and under this Agreement.

 

Section  6.7
Use of Proceeds. The proceeds of the Loans made under this Agreement will be used by such Borrower for its general corporate
purposes and will not be used directly, or knowingly indirectly, (a) to support activity in or with a country officially sanctioned
by the United States, the United Nations or the European Union, (b) to fund activities or business of any Designated Person subject
to official sanctions imposed by the United States, the United Nations or the European Union, except to the extent such activity
or business would not be prohibited for a U.S. or European Union person pursuant to Sanctions or (c) for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977 or other applicable Anti-Corruption Law. None of such proceeds will be used, directly
or indirectly for the purpose, whether immediate, incidental or ultimate of buying or carrying any “margin stock” within
the meaning of Regulation U. After application of the proceeds of any Loan, not more than 25% of the assets of the Borrower of
such Loan that are subject to a restriction on sale, pledge, or disposal under this Agreement will be represented by "margin
stock," as that term is defined in Regulation U of the Board of Governors of the United States Federal Reserve System. During
the Tranche A Availability Period and the Tranche B Availability Period, as applicable, subject to the other terms and conditions
of this Agreement, such Borrower may request and use the proceeds of Loans of one Type to repay outstanding Loans of another Type.

 

The covenant given in this Section 6.7
shall not be made by nor apply to any Borrower that qualifies as a resident party domiciled in the Federal Republic of Germany
(Inländer) within the meaning of Sect. 2 paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz)
in so far as it would result in a violation of or conflict with Sect. 7 German Foreign Trade Regulation (Außenwirtschaftsverordnung),
any provision of Council Regulation (EC) 2271/96 or any other anti-boycott statute.

 

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ARTICLE VII

 

DEFAULTS

 

Section  7.1
Events of Default. If one or more of the following events (“Events of Default”) shall have occurred and
be continuing with respect to a Borrower:

 

(a)such Borrower
shall fail to pay when due any principal of any Loan made to it or shall fail to pay within 5 days of the due date thereof any
interest on any Loan, any fees or any other amount payable by it hereunder;

 

(b)such Borrower
shall fail to observe or perform any covenant contained in Section 6.1(c), Section 6.5, Section 6.6 or Section
6.7;

 

(c)such Borrower
shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a)
or (b) above) for 30 days after notice thereof has been given to such Borrower by the Administrative Agent at the request of any
Lender;

 

(d)any representation
or warranty made by such Borrower in this Agreement or in any certificate or other document delivered pursuant to this Agreement
shall prove to have been incorrect in any material respect when made (or deemed made);

 

(e)indebtedness
for borrowed money of such Borrower and any of its Subsidiaries in an aggregate outstanding amount in excess of (i) in the case
of TMCC, US$500,000,000 or its Dollar Equivalent, (ii) in the case of TFSUK, TMFNL, TCCI or TFA, US$150,000,000 or its Dollar Equivalent
and (iii) in the case of each other Borrower, US$100,000,000 or its Dollar Equivalent, shall not be paid when due or shall be accelerated
prior to its stated maturity date and, within 10 days after written notice thereof is given to such Borrower(s) by the Administrative
Agent, such indebtedness shall not be discharged or such acceleration shall not be rescinded or annulled;

 

(f)such Borrower
or any Significant Subsidiary of such Borrower shall commence or consent to the commencement of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator (which, in the case of TFA, shall include any administrator, receiver
and manager or controller as defined in the Australian Corporations Act) or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator (which, in the case of TFA, shall
include any administrator, receiver and manager or controller as defined in the Australian Corporations Act) or similar officer
is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 90 calendar
days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property
is instituted without the consent of such Person and continues undismissed or unstayed for 90 calendar days, or an order for relief
is entered in any such proceeding; provided that, as to TKG, a mere notification of an imminent illiquidity pursuant to
Section 46(b) sub-section 1, second half sentence of the German Banking Act (Kreditwesengesetz) to BaFin shall not be an
Event of Default;

 

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(g)any member of
the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of US$500,000,000 which it shall have become
liable to pay under Title IV of ERISA or as a result of one or more of the following: (i) termination of a Plan by any member of
an ERISA Group, any plan administrator or any combination of the foregoing; (ii) the PBGC instituting proceedings under Title IV
of ERISA to terminate, or to cause a trustee to be appointed to administer any Plan, or the PBGC being entitled to obtain a decree
adjudicating that any Plan must be terminated; or (iii) a complete or partial withdrawal from, or a default, within the meaning
of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which would cause one or more members of the ERISA
Group to incur a current payment obligation in excess of $500,000,000; provided that no Default or Event of Default under
this Section 7.1(g) shall be deemed to have occurred if any Borrower or member of the ERISA Group shall have made arrangements
satisfactory to the PBGC and the Required Lenders to discharge or otherwise satisfy such liability (including by the posting of
a bond or other security);

 

(h)judgments or
orders for the payment of money in excess of (i) in the case of TMCC, US$500,000,000 or its Dollar Equivalent, (ii) in the case
of TFSUK, TMFNL, TCCI or TFA, US$150,000,000 or its Dollar Equivalent and (iii) in the case of each other Borrower, US$100,000,000
or its Dollar Equivalent, in the aggregate shall be rendered against such Borrower or any Significant Subsidiary of such Borrower
and such judgments or orders shall continue unsatisfied and unstayed for a period of 60 days (for this purpose, a judgment shall
effectively be stayed during a period when it is not yet due and payable), provided, however, that any such judgment or
order shall not be an Event of Default under this Section 7.1(h) if and for so long as (i) the amount of such judgment or
order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and
(ii) such insurer, which shall be rated at least “A” by A.M. Best Company, has been notified of, and has not disputed
the claim made for payment of, the amount of such judgment or order; or

 

(i)such Borrower
shall cease to be a TMC Consolidated Subsidiary;

 

then, and in every such event, the Administrative
Agent shall, at the request of, or may, with the consent of, the applicable Required Lenders and after notice to TMCC and the applicable
Borrower (i) terminate the commitment of each Lender to make Loans to such Borrower, and they shall thereupon terminate, and (ii)
declare the unpaid principal amount of all outstanding Loans made to such Borrower, all interest accrued and unpaid thereon, and
all other amounts owing or payable hereunder or under any other Loan Document by such Borrower to be immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Borrower; provided,
however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under
the Bankruptcy Code of the United States, the obligation of each Lender to make Loans to such Borrower shall automatically terminate,
the unpaid principal amount of all outstanding Loans made to such Borrower and all interest and other amounts as aforesaid shall
automatically become due and payable.

 

Section 7.2 Application
of Funds.  After the exercise of remedies provided for in Section 7.1 (or after the Loans have automatically become
immediately due and payable), any amounts

 

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received on account of the Obligations
of any Borrower shall be applied by the Administrative Agent in the following order:

 

first,
to payment of that portion of the Obligations of such Borrower constituting fees, indemnities, expenses and other amounts (including
Attorney Costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 

second,
to payment of that portion of the Obligations of such Borrower constituting fees, indemnities and other amounts (other than principal
and interest) payable to the appropriate Lenders (including Attorney Costs and amounts payable under Article III), ratably
among them in proportion to the amounts described in this clause Second payable to them;

 

third,
to payment of that portion of the Obligations of such Borrower constituting accrued and unpaid interest on the Loans, ratably among
the appropriate Lenders in proportion to the respective amounts described in this clause Third payable to them;

 

fourth,
to payment of that portion of the Obligations of such Borrower constituting unpaid principal of the Loans, ratably among the appropriate
Lenders in proportion to the respective amounts described in this clause Fourth held by them; and

 

fifth,
the balance, if any, after all of the Obligations of such Borrower have been indefeasibly paid in full, to such Borrower or as
otherwise required by Law.

 

ARTICLE VIII

 

THE ADMINISTRATIVE AGENT

 

Section 8.1 Appointment
and Authorization of Administrative Agent.  Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such
powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together
with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein
or in any other Loan Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set
forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or Participant,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence,
the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties.

 

Section 8.2 Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through
agents, employees or

 

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attorneys-in-fact and shall be entitled
to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent
shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross
negligence or willful misconduct.

 

Section 8.3 Liability
of Administrative Agent. No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of
them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for
its own gross negligence or willful misconduct in connection with its duties expressly set forth herein) or (b) be responsible
in any manner to any Lender or Participant for any recital, statement, representation or warranty made by any Borrower or any officer
thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to
or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for
any failure of any Borrower or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Lender or Participant to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Borrower or any Affiliate thereof.

 

Section 8.4 Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, facsimile or
telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including
counsel to the Borrowers), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent
shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice
or concurrence of the applicable Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the applicable Required
Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

Section 8.5 Notice
of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default, except
with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the
account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or a Borrower referring
to this Agreement, describing such Default and stating that such notice is a “notice of default.” The Administrative
Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to
such Default as

 

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may be directed by the applicable Required
Lenders in accordance with Article VII; provided, however, that unless and until the Administrative Agent
has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default as it shall deem advisable or in the best interest of the Lenders.

 

Section 8.6 Credit
Decision; Disclosure of Information by Administrative Agent. Each Lender acknowledges that no Agent-Related Person has made
any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent to and
acceptance of any assignment or review of the affairs of any Borrower or any Affiliate thereof, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons
have disclosed material information in their possession. Each Lender acknowledges that it has, independently and without reliance
upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal
of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of
each Borrower, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its
own decision to enter into this Agreement and to extend credit to a Borrower hereunder. Each Lender also acknowledges that it will,
independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of each Borrower. Except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall
not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of any Borrower or any of its Affiliates which may come
into the possession of any Agent-Related Person.

 

Section 8.7 Indemnification
of Administrative Agent. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon
demand each Agent-Related Person (to the extent not reimbursed by or on behalf of the Borrowers and without limiting the obligation
of the Borrowers to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
incurred by it; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of
any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or willful misconduct; provided,
however, that no action taken in accordance with the directions of the applicable Required Lenders shall be deemed to constitute
gross negligence or willful misconduct for purposes of this Section; provided, further, that such Indemnified Liability
was incurred by or asserted against such Agent-Related Person acting as or for the Administrative Agent in connection with such
capacity. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable
share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with
the preparation, execution, delivery, administration,

 

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modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative
Agent is not reimbursed for such expenses by or on behalf of the Borrowers. The undertaking in this Section shall survive termination
of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent.

 

Section 8.8 Administrative
Agent in its Individual Capacity. BNP Paribas and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each Borrower and its Affiliates as though BNP Paribas were not the Administrative Agent hereunder and without
notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, BNP Paribas or its Affiliates may
receive information regarding a Borrower or any of its Affiliates (including information that may be subject to confidentiality
obligations in favor of a Borrower or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation
to provide such information to them. With respect to its Loans, BNP Paribas shall have the same rights and powers under this Agreement
as any other Lender and may exercise such rights and powers as though it were not the Administrative Agent, and the terms “Lender”
and “Lenders” include BNP Paribas in its individual capacity.

 

Section 8.9 Successor
Administrative Agent and Sub-Agents.

 

a) The Administrative Agent and each Sub-Agent
may resign as Administrative Agent or Sub-Agent, as applicable, upon 30 days’ notice to the applicable Lenders. If the Person
serving as Administrative Agent or a Sub-Agent is a Defaulting Lender pursuant to clause (e) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers and such Person, remove such Person
as Administrative Agent or Sub-Agent. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective
Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
If (i) the Administrative Agent resigns or is removed under this Agreement, the Required Lenders shall appoint from among the Lenders
a successor administrative agent for the Lenders, which such successor administrative agent shall have entered into a licensing
arrangement with Markit Group Ltd., (ii) the Canadian Sub-Agent resigns or is removed, the Required Lenders referred to in paragraph
(a) in the definition of “Required Lenders” shall appoint from among the Tranche B Lenders a successor Canadian
sub-agent, which shall be a bank that is not a non-resident of Canada for purposes of Part XIII of the Canadian ITA, (iii) the
Australian Sub-Agent resigns or is removed, the Required Lenders referred to in paragraph (a) in the definition of “Required
Lenders” shall appoint from among the Tranche C Lenders a successor Australian sub-agent, and (iv) any Swing Line Agent resigns,
the Required Lenders shall appoint from among the Swing Line Lenders a successor replacement Swing Line agent, which shall be a
bank with an office in the United Kingdom, United States, Canada or Australia, as applicable, or an Affiliate of any such bank
with an office in the United Kingdom, United States, Canada or Australia, as applicable, which successor, in each case, shall consent
to such appointment and shall be

 

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consented to by the Borrowers in writing
at all times other than during the existence of an Event of Default (which consent of the Borrowers shall not be unreasonably withheld).
If no such successor is so appointed prior to the effective date of the resignation or removal of the Administrative Agent or applicable
Sub-Agent, the Administrative Agent or Sub-Agent, as applicable, may appoint, after consulting with the Lenders and the Borrowers,
a successor which meets the qualifications set forth above and consents to the appointment. Upon the acceptance of its appointment
as successor administrative agent or sub-agent hereunder, the Person acting as such successor administrative agent or sub-agent
shall succeed to all the rights, powers and duties of the retiring or removed Administrative Agent or Sub-Agent and the term “Administrative
Agent” or “Sub-Agent”, as applicable, shall mean such successor administrative agent or sub-agent, and the retiring
or removed Administrative Agent’s or Sub-Agent’s appointment, powers and duties as Administrative Agent or Sub-Agent
(and, in the case of the Administrative Agent, the Administrative Agent’s licensing arrangement with Markit) shall be terminated.
After any retiring or removed Administrative Agent’s or Sub-Agent’s resignation or removal hereunder as Administrative
Agent or Sub-Agent, the provisions of this Article VIII and Sections 9.4 and 9.5 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was Administrative Agent or Sub-Agent under this Agreement. If no
successor administrative agent or sub-agent, as applicable, has accepted appointment as Administrative Agent or Sub-Agent by the
date which is 30 days following a retiring Administrative Agent’s or Sub-Agent’s notice of resignation, the retiring
Administrative Agent’s or Sub-Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall
perform all of the duties of the Administrative Agent or Sub-Agent hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above.

 

(b) Notwithstanding
anything to the contrary contained herein, if at any time BNP Paribas assigns all of its Commitments and Committed Loans pursuant
to subsection 9.7(b), BNP Paribas and its Affiliates may, upon 30 days’ notice to the Borrowers, each resign as Swing
Line Agent and Swing Line Lender. In the event of any such resignation as Swing Line Agent and Swing Line Lender, the Borrowers
shall be entitled to appoint from among the Lenders successor Swing Line Agent(s) and successor Swing Line Lender hereunder; provided,
however, that such successor Swing Line Agent(s) or successor Swing Line Lender consents to such appointment; and provided
further, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of BNP
Paribas and its Affiliates as such Swing Line Agent and Swing Line Lender. If BNP Paribas (and its Affiliates) resigns as a Swing
Line Agent and Swing Line Lender, it shall retain all the rights of such Swing Line Agent and Swing Line Lender provided for hereunder
with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to
require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.16(c). Upon the appointment of successor Swing Line Agent(s) and Swing Line Lender, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring Swing Line Agents and Swing Line Lender.

 

Section 8.10 Administrative
Agent May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to a Borrower, the Administrative Agent (irrespective
of whether the principal of any Loan shall then be due and payable as herein

 

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expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on such Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise

 

(a)to file and
prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing by such Borrower and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders and the Administrative Agent under Section 2.8 and Section 9.4) allowed in such judicial proceeding; and

 

(b)to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Section 2.8 and Section 9.4. Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment
or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect
of the claim of any Lender in any such proceeding.

 

Section 8.11 Other
Agents, Arrangers and Managers. None of the Lenders or other Persons identified on the facing page or signature pages of this
Agreement as a “syndication agent,” “co-agent,” “book manager,” “lead manager,”
“arranger,” “lead arranger” or “co-arranger” shall have any right, power, obligation, liability,
responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without
limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship
with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so
identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

 

Section 8.12 Canadian
Sub-Agent. The Canadian Sub-Agent is not a non-resident of Canada for purposes of Part XIII of the Canadian ITA and, as such,
it and not the Administrative Agent has been designated under this Agreement to carry out certain duties of the Administrative
Agent in respect of TCCI. The Canadian Sub-Agent shall be subject to each of the obligations in this Agreement to be performed
by the Administrative Agent, and each of TCCI and the Tranche B Lenders agrees that the Canadian Sub-Agent shall be entitled to
exercise each of the rights and shall be entitled to each of the benefits of the Administrative Agent under this Agreement as relate
to the performance of its obligations hereunder. References in Sections 2.15 and 3.1 and

 

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in the definition of “Taxes”
in Section 1.1 to the Administrative Agent shall also include the Canadian Sub-Agent.

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.1 Amendments,
Etc. Except as otherwise set forth in the last sentence of this Section, no amendment or waiver of any provision of this Agreement
or any other Loan Document, and no consent to any departure by any Borrower therefrom, shall be effective unless in writing signed
by the applicable Required Lenders and the applicable Borrower, and acknowledged by the Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such amendment, waiver or consent shall:

 

(a)waive any condition set forth
in Section 4.1(a) without the written consent of each Lender;

 

(b)extend or increase the Commitment
or Commitment Cap of any Lender (or reinstate any Commitment terminated pursuant to Section 7.1) without the written consent
of such Lender;

 

(c)postpone any date fixed by this
Agreement or any other Loan Document for any scheduled payment of principal, interest, fees or other amounts due to the Lenders
(or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby;

 

(d)reduce the principal of, or
the rate of interest specified herein on, any Loan, or any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby; provided, however, that only the consent of
the applicable Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation
of any Borrower to pay interest at the Default Rate;

 

(e)change Section 2.12 or
Section 7.2 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of
each affected Lender;

 

(f)amend Section 1.6
or the definition of “Alternative Currency” without the written consent of each affected Lender; or

 

(g)change any provision of this
Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of
Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender that has a Commitment under the affected Tranche;

 

provided further, that (i)
no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of

 

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the Administrative Agent under this Agreement
or any other Loan Document; (ii) no amendment, waiver or consent shall, unless in writing and signed by a Swing Line Lender in
addition to the Lenders required above, affect the rights or duties of such Swing Line Lender under this Agreement; (iii) no amendment,
waiver or consent shall, unless in writing and signed by the applicable Swing Line Agent in addition to the Lenders required above,
affect the rights or duties of such Swing Line Agent under this Agreement; and (iv) each Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein,
any amendment or waiver of any term of any Money Market Loan (except the increase in the principal amount thereof or the extension
of any Interest Period until after the Revolving Maturity Date applicable to the Borrower of such Loan) made by a Lender hereunder
shall be effective if signed by such Lender and the applicable Borrower and acknowledged by the Administrative Agent.

 

Section 9.2 Notices
and Other Communications; Facsimile Copies. 

 

(a)General. Unless otherwise
expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including by facsimile
transmission),all such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or (subject
to subsection (c) below) electronic mail address, and all notices and other communications expressly permitted hereunder to be
given by telephone shall be made to the applicable telephone number, as follows:

 

(i)if
to a Borrower, the Administrative Agent or any Swing Line Agent, to the address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule 9.2 or to such other address, facsimile number, electronic mail address or
telephone number as shall be designated by such party in a notice to the other parties; and

 

(ii)if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by
such party in a notice to the Borrowers and the Administrative Agent.

 

Except as otherwise
set forth herein, all such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i)
actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of
the relevant party hereto; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered
by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (subject to the provisions
of subsection (c) below), when delivered; provided, however, that notices and other communications to the Administrative
Agent pursuant to Article II shall not be effective until actually received by such Person. In no event shall a voicemail
message be effective as a notice, communication or confirmation hereunder.

 

(b)Effectiveness of Facsimile
Documents and Signatures. Loan Documents may be transmitted and/or signed by facsimile. The effectiveness of any such documents
and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding
on the Borrowers, the Administrative Agent, the applicable Swing Line Agent(s)

 

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and the Lenders. The Borrowers may also
require that any such documents and signatures be confirmed by a manually-signed original thereof; provided, however,
that the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature.

 

(c)Use of Electronic Mail.
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent
that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, any Swing Line
Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

(d)Reliance by Administrative
Agent, the Swing Line Agents and Lenders. The Administrative Agent, the Swing Line Agents and the Lenders shall be entitled
to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by
or on behalf of a Responsible Officer of a Borrower or any other Person designated in writing by a Responsible Officer of a Borrower
to the Administrative Agent and the applicable Swing Line Agent even if (i) such notices were not otherwise made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify each Agent-Related Person and
each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly
given by or on behalf of a Responsible Officer of a Borrower or any other Person designated in writing by a Responsible Officer
of a Borrower to the Administrative Agent. All telephonic notices to and other communications with the Administrative Agent may
be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

(e)Designation of Representative
for Borrowers. Each of TMCC, TCPR, TCCI and TFA (each, an “Other Borrower”), by its execution of
this Agreement, hereby irrevocably appoints each of TMCC and TMFNL, acting alone, and with full power of substitution, as its agent
and representative hereunder (in such capacity, each a “Borrowers’ Representative”), and hereby authorizes,
directs and empowers each of TMCC and TMFNL, acting alone, and with full power of substitution, to act for and in the name of such
Other Borrower and as its agent and representative hereunder and under the other instruments and agreements referred to herein.
TMCC and TMFNL hereby accept each such appointment. Each Other Borrower hereby irrevocably authorizes each of TMCC and TMFNL, acting
alone and with full power of substitution, to take such action on such Other Borrower’s behalf and to exercise such powers
hereunder, under the other Loan Documents, and under the other agreements and instruments referred to herein or therein as may
be contemplated being taken or exercised by such Other Borrower by the terms hereof and thereof, together with such powers as may
be incidental thereto, including, without limitation, to borrow hereunder and deliver Requests for Loans hereunder, to convert,
continue, repay or prepay Loans made hereunder, to increase, reduce or terminate the Commitments, to pay interest, fees, costs
and expenses incurred in connection with

 

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the Loans, this Agreement, the other Loan
Documents, and the other agreements and instruments referred to herein or therein, to receive from or deliver to the Administrative
Agent or any Sub-Agent any notices, statements, reports, certificates or other documents or instruments contemplated herein, in
the other Loan Documents or in any other agreement or instrument referred to herein, to receive from or transmit to the Administrative
Agent or any Sub-Agent any Loan proceeds or payments, and to execute any agreements, amendments, modifications, supplements or
other documents or instruments in connection with this Agreement or the other Loan Documents on its behalf, and in each case such
Other Borrower shall be bound as though the Other Borrower itself had duly taken such action. The Administrative Agent, each Sub-Agent
and each Lender shall be entitled to rely on the appointment and authorization of each Borrowers’ Representative with respect
to all matters related to this Agreement, the other Loan Documents and any other agreements or instruments referred to herein or
therein whether or not any particular provision hereof or thereof specifies that such matters may or shall be undertaken by Borrowers’
Representative. In reliance hereon, the Administrative Agent, each Sub-Agent and each Lender may deal with either of the Borrowers’
Representatives alone with the same effect as if the Administrative Agent, such Sub-Agent or such Lender had dealt with each Other
Borrower separately and individually. In the event of any conflict between any notices, communications or other acts of the Borrowers’
Representative and those of any Other Borrower, the notices, communications and acts of the Borrowers’ Representative shall
prevail; provided, however, that nothing in this Section 9.2(e) shall authorize either Borrowers’ Representative
to deliver a notice required to be delivered pursuant to Section 6.1(d) on behalf of an Other Borrower, and the parties
hereto acknowledge that any notice required to be delivered pursuant to Section 6.1(d) by a Borrower pursuant to this Agreement
must be provided directly by a Responsible Officer of such Borrower.

 

Section 9.3 No Waiver;
Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising,
any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by Law.

 

Section 9.4 Attorney
Costs and Expenses. The Borrowers agree (a) to pay or reimburse the Administrative Agent for all reasonable and demonstrable
costs and expenses incurred in connection with the development, preparation, negotiation and execution of this Agreement and the
other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or
not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions
contemplated hereby and thereby, including all Attorney Costs of a single counsel (and one local counsel in each jurisdiction where
required or other additional counsel to the extent required due to a conflict of interest), and (b) to pay or reimburse the Administrative
Agent and each Lender for all costs and expenses incurred in connection with the enforcement, attempted enforcement, or preservation
of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during
any “workout” or restructuring in respect of the Obligations and during any legal proceeding, including any proceeding
under any Debtor

 

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Relief Law), including all Attorney Costs.
The foregoing costs and expenses shall include all reasonable search and filing charges and fees and taxes related thereto, and
other reasonable out-of-pocket expenses incurred by the Administrative Agent and the reasonable cost of independent public accountants
and other outside experts retained by the Administrative Agent or any Lender. All amounts due under this Section 9.4 shall
be payable within 15 Business Days after delivery to the Borrowers of a certificate setting forth in reasonable detail the basis
for the amounts demanded. The agreements in this Section shall survive the termination of the Aggregate Commitments and repayment
of all other Obligations. Notwithstanding anything to the contrary contained in this Agreement, (i) this Section 9.4 shall
not govern any indemnification or other amounts relating to or attributable to taxes, and (ii) all indemnification and other amounts
relating or attributable to taxes shall be governed solely and exclusively by Section 3.1.

 

Section 9.5 Indemnification
by the Borrowers. (a) Whether or not the transactions contemplated hereby are consummated, the Borrowers shall indemnify
and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel,
agents and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs)
of any kind or nature whatsoever (collectively “Losses”) which may at any time be imposed on, incurred by or
asserted against any such Indemnitee in any way relating to or arising out of or in connection with (i) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection
with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment, Loan
or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory
(including any investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding)
and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”);
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations,
losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by others of any information or other materials
obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any
Indemnitee have any liability for any indirect or consequential damages relating to this Agreement or any other Loan Document or
arising out of its activities in connection herewith or therewith (whether before or after the Closing Date).

 

(b)An Indemnitee
shall give prompt notice to the Borrowers of any claim asserted in writing, or the commencement of any action or proceeding, in
respect of which indemnity may be sought hereunder. All amounts due under this Section 9.5 shall be payable within 10 Business
Days after the Borrowers receive demand therefor setting forth in reasonable detail the basis for such demand.

 

(c)In the case
of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective
whether or not such investigation,

 

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litigation or proceeding is brought by
any Borrower, any Borrower’s equityholders or creditors or an Indemnitee or any other person or entity, whether or not an
Indemnitee is otherwise a party thereto.

 

(d)The agreements
in this Section shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

(e)Notwithstanding
the foregoing, the Borrowers shall not, in connection with any single proceeding or series of related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm or internal legal department (in addition to any local counsel)
for all Indemnitees, such firm or internal legal department to be selected by the Administrative Agent; provided that if
an Indemnitee shall have reasonably concluded that (i) there may be legal defenses available to it which are different from or
additional to those available to other Indemnitees and may conflict therewith or (ii) the representation of such Indemnitee and
the other Indemnitees by the same counsel would otherwise be inappropriate under applicable principles of professional responsibility,
such Indemnitee shall have the right to select and retain separate counsel to represent such Indemnitee in connection with such
proceeding(s) at the expense of the Borrowers. Notwithstanding anything to the contrary contained in this Agreement, (i) this Section
9.5 shall not govern Losses or other amounts relating to or attributable to taxes, and (ii) all Losses and other amounts relating
or attributable to taxes shall be governed solely and exclusively by Section 3.1.

 

Section 9.6 Payments
Set Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent or any Lender,
or the Administrative Agent or any Lender exercises any right of set-off, and such payment or the proceeds of such set-off or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to the Administrative
Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Overnight Rate from time
to time in effect, in the applicable currency of such recovery or payment.

 

Section 9.7 Successors
and Assigns.

 

(a)The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible
Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the
provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security

 

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interest subject to the restrictions of
subsection (g) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent
expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)Any Lender may at any time assign
to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion
of its Commitment and the Committed Loans (including for purposes of this subsection (b), participations in Swing Line Loans) at
the time owing to it); provided that any assignment shall be subject to the following additional conditions: (i) so long
as no Event of Default has occurred and is continuing in respect of a Borrower, such Borrower consents to the assignment (such
consent not to be unreasonably withheld or delayed); (ii) except in the case of an assignment of the entire remaining amount of
the assigning Lender’s Commitment and the Committed Loans at the time owing to it or in the case of an assignment to a Lender
or an Affiliate of a Lender or an Approved Fund (as defined in subsection (i) of this Section) with respect to a Lender, the aggregate
amount of the Commitment (which for this purpose includes Committed Loans outstanding thereunder) subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent
or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than US$10,000,000
(provided that, in the case of TMFNL, such amount shall not be less than the Dollar Equivalent of EUR 100,000 or any other
amount as at any time ensures that it does not qualify as attracting funds from the “public” under or pursuant to the
Netherlands Financial Supervision Act (wet op het financieel toezicht)) unless
the Administrative Agent otherwise consents (such consent not to be unreasonably withheld or delayed); (iii) each partial assignment
shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement
with respect to the Committed Loans or the Commitment assigned; (iv) any assignment of a Commitment must be approved by the Administrative
Agent (which approval shall not be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself
a Lender or an Affiliate of a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); (v)
if the assigning Lender has a Commitment in more than one Tranche, such Lender shall make a pro rata assignment to its assignee
of its Commitments under each such Tranche; and (vi) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of US$3,500, which fee may be waived by the
Administrative Agent in its sole discretion. Subject to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease
to be a party hereto but shall continue to be entitled to the benefits of Sections 3.1 (with respect to periods it was a
Lender), 3.4, 3.5, 9.4 and 9.5 with

 

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respect to facts and circumstances occurring
prior to the effective date of such assignment). Upon request, each Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with subsection (d) of this Section. If the Eligible Assignee is required to deliver documents pursuant
to Section 9.15, it shall deliver those documents to the applicable Borrower and the Administrative Agent in accordance
with Section 9.15.

 

(c)The Administrative Agent, acting
solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at the Administrative Agent’s Office a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts of (and stated interest on) the Loans owing to each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error,
and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)Any Lender may at any time,
without the consent of, or notice to, any Borrower, the Administrative Agent or any Swing Line Lender, sell participations to any
Person (other than a natural person or a Borrower or any of the Borrowers’ Affiliates) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Lender’s participations in Swing Line Loans) owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, (iii) in the case of TMFNL, the amount of such participations
sold shall not be less than the Dollar Equivalent of EUR 100,000 or any other amount (or meeting any other criterion) as at any
time ensures that it does not qualify as attracting funds from the “public” under or pursuant to the Netherlands Financial
Supervision Act (wet op het financieel toezicht) and (iv) the Borrowers, the Administrative Agent and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of
this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of
the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 9.1 that
directly affects such Participant. Subject to subsection (e) of this Section, the Borrowers agree that each Participant shall be
entitled to the benefits of Sections 3.1, 3.4 and 3.5 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by Law, each Participant
also shall be entitled to the benefits of Section 9.9 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.12 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this
purpose as a non-

 

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fiduciary agent of the Borrowers, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)A Participant shall not be entitled
to receive any greater payment under Section 3.1 or Section 3.4 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant unless the sale of the participation to such Participant
is made with the Borrowers’ prior written consent. A Participant shall not be entitled to the benefits of Section 3.1
unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of
each Borrower, to comply with Section 9.15 as though it were a Lender.

 

(f)Each Lender that sells a participation
interest in all or a portion of such Lender’s rights and obligations under this Agreement shall record, acting solely for
this purpose as non-fiduciary agent of the Borrowers, in book entries (as defined in Temporary Treasury Regulation §5f.103-1)
maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive payments
in respect of such participating interest.

 

(g)Any Lender may at any time,
without the consent of, or notice to, any Borrower or the Administrative Agent, pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over such Lender;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

 

(h)Where a Lender (the “Designating
Lender”) has designated in its Administrative Questionnaire an Affiliate of the Designating Lender as the entity which
shall participate in or make Loans to a particular Borrower (i) the Commitment shall be held by the Designating Lender, (ii) such
Affiliate shall be entitled to all rights and benefits (other than voting rights, which remain with the Designating Lender) under
this Agreement relating to its participation in any Loan and (iii) the Designating Lender shall procure that such Affiliate complies
with the corresponding duties in relation to such Loan.

 

(i)As used herein, the following
terms have the following meanings:

 

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“Eligible Assignee”
means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person)
approved by (i) the Administrative Agent and (ii) unless an Event of Default with respect to such Borrower has occurred and is
continuing, the applicable Borrower (each such approval not to be unreasonably withheld or delayed); provided that, notwithstanding
the foregoing (x) no Person shall qualify as an Eligible Assignee without the approval of each Swing Line Lender (such approval
not to be unreasonably withheld or delayed), (y) “Eligible Assignee” shall not include a Borrower or any of the Borrowers’
Affiliates and (z) “Eligible Assignee” shall not include any Person that is not a regulated lending institution in
the United States, Canada, Japan, Australia or the European Union.

 

“Fund” means
any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary course of its business.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of
an entity that administers or manages a Lender.

 

Section 9.8 Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested
by any regulatory authority or self-regulatory body, including in connection with a pledge or assignment in accordance with Section
9.7(g); (c) to the extent required by applicable Laws or by any subpoena or similar legal process provided that the Borrowers
are given prompt notice of such subpoena or other process (unless the Administrative Agent or Lender is legally prohibited from
giving such notice); provided that such Person shall not be held liable for the failure to provide such notice; (d) to any
other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder; (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or
Participant in, any of its rights or obligations under this Agreement or (ii) any direct or indirect contractual counterparty or
prospective counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to
any credit derivative transaction relating to obligations of a Borrower; (g) with the consent of the applicable Borrower; (h) to
the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than a Borrower; or (iii) to
the National Association of Insurance Commissioners or any other similar organization. In addition, the Administrative Agent and
the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar
service providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with
the administration and

 

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management of this Agreement, the other
Loan Documents, the Commitments, and the Loans. For the purposes of this Section, “Information” means all information
received from a Borrower relating to such Borrower or its business, other than any such information that is available to the Administrative
Agent or any Lender on a nonconfidential basis prior to disclosure by such Borrower; provided that, in the case of information
received from a Borrower after the date hereof, such information is clearly identified in writing at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

Section 9.9 Set-off.
Upon the occurrence and during the continuance of any Event of Default with respect to a Borrower, nothing in this Agreement shall
preclude any Lender, at any time and from time to time, from exercising any right of set-off, counterclaim, or other rights it
may have otherwise than under this Agreement and or from applying amounts realized against any and all Obligations owing by such
Borrower to such Lender hereunder or under any other Loan Document, now or hereafter existing; provided that in the event
that any Defaulting Lender shall exercise any such right of set-off, (x) all amounts so set-off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised the right of set-off. Each Lender
agrees promptly to notify the applicable Borrower and the Administrative Agent after any such set-off and application made by such
Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and
application.

 

Section 9.10 Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed
to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
“Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the applicable Borrower.

 

Section 9.11 Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile
or in electronic (i.e., “pdf” or “tif”) format shall be effective as of delivery of a manually executed
counterpart of this Agreement.

 

Section 9.12 Integration.
This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject
matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict
between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control;
provided that the inclusion of supplemental rights

 

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or remedies in favor of the Administrative
Agent or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted
with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party,
but rather in accordance with the fair meaning thereof.

 

Section 9.13 Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof
and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender,
regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

 

Section 9.14 Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section 9.15 Tax
Forms.

 

(a)(i) Each Tranche
A Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code (a “Foreign
Lender”) shall deliver to TMCC (with a copy to the Administrative Agent), prior to becoming a party to this Agreement
(or upon accepting an assignment of an interest herein) two duly signed completed copies of (x) IRS Form W-8BEN or any successor
thereto (relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on payments to
be made to such Foreign Lender pursuant to this Agreement), (y) IRS Form W-8ECI or any successor thereto (relating to payments
to be made to such Foreign Lender pursuant to this Agreement) or (z) such other evidence satisfactory to TMCC and the Administrative
Agent that such Foreign Lender is entitled to an exemption from, or reduction of, U.S. withholding tax, including any exemption
pursuant to Section 881(c) of the Code. Thereafter and from time to time, and as reasonably requested by TMCC in writing, each
such Foreign Lender shall, to the extent it may lawfully do so, (A) promptly submit to TMCC (with a copy to the Administrative
Agent) such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from
time to time by the relevant United States taxing authorities) as may then be available under then current United States Laws and
regulations to avoid, or such evidence as is satisfactory to TMCC of any available exemption from or reduction of, United States
withholding taxes in respect of all payments to be made to such Foreign Lender by TMCC pursuant to this Agreement, (B) promptly
notify the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction,
and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of

 

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such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws that TMCC make any deduction or
withholding for or on account of United States taxes from amounts payable to such Foreign Lender. In addition, in relation to all
payments to be made to a Tranche A Lender by TFSUK, such Lender shall cooperate, to the extent it is able to do so, with TFSUK
in completing any procedural formalities necessary for TFSUK to obtain authorization to make such a payment without a deduction
or withholding for or on account of UK Taxes including, to the extent reasonably practicable, making and filing an appropriate
application for relief under a double taxation agreement; provided that, nothing in this Agreement shall require
a UK Treaty Lender to register under the HMRC DT Treaty Passport scheme or apply the HMRC DT Treaty Passport scheme to any loan
if it has so registered and if a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance
with Section 9.15(a)(ix) below, no Borrower shall make a DTTP Filing or file any other form relating to the HMRC DT Treaty
Passport scheme in respect of that Lender's Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.

 

(ii) [Reserved].

 

(iii)With respect
to each Tranche A Lender, to the extent under applicable law such Lender can provide TKG and TLG with a certificate, statement
or form required by the German taxing authorities in order to be eligible for exemption from, or reduction of, withholding taxes
under German tax law, such Lender shall execute and deliver such certificate, statement or form at the time it becomes a party
to this Agreement and from time to time as reasonably requested by TKG or TLG.

 

(iv)As of the date
that each Lender becomes a Tranche A Lender under this Agreement, each such Lender represents and warrants to the Administrative
Agent and TCPR that it is an Exempt Lender and agrees that, if Puerto Rico or United States taxing authorities at any time after
the date of this Agreement require that such Lender deliver any certificate, statement or form as a condition to exemption from,
or reduction of, withholding taxes under the Puerto Rico Code or the Code on any payments by TCPR to such Lender under this Agreement,
such Lender shall deliver such certificate, statement or form to the Administrative Agent prior to becoming a party to this Agreement
(or upon accepting an assignment of an interest herein). Thereafter and from time to time or as reasonably requested by TCPR in
writing, each such Lender, to the extent it may lawfully do so, shall (A) promptly submit to TCPR (with a copy to the Administrative
Agent) such duly completed and signed certificates, statements or forms as shall be adopted from time to time by the relevant Puerto
Rico or United States taxing authorities and such other evidence as is satisfactory to TCPR of any available exemption from, or
reduction of, Puerto Rico and United States withholding taxes in respect of all payments to be made to such Lender by TCPR pursuant
to this Agreement, (B) promptly notify the Administrative Agent of any change in circumstances which would modify or render invalid
any claimed exemption or reduction, and (C) take such steps as shall not be materially disadvantageous to it, in the reasonable
judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement
of applicable Laws that TCPR make any deduction or withholding on or account of Puerto Rico taxes from amounts payable to such
Lender.

 

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(v)If a payment
made to the Administrative Agent or a Tranche A Lender hereunder would be subject to U.S. federal withholding tax imposed by FATCA
if the Administrative Agent or such Tranche A Lender were to fail to comply with the applicable requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Administrative Agent or such Tranche A Lender shall
deliver to TMCC and the Administrative Agent, as applicable, at the time or times prescribed by law and at such time or times reasonably
requested by TMCC or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by TMCC or the Administrative Agent as may
be necessary for TMCC or the Administrative Agent to comply with its obligations under FATCA, to determine that the Administrative
Agent or such Tranche A Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (v), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement.

 

(vi)Each Lender,
to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid or payable to such
Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender), shall deliver to TMCC
(with a copy to the Administrative Agent) on the date when such Lender ceases to act for its own account with respect to any portion
of any such sums paid or payable, and at such other times as may be necessary in the determination of TMCC or the Administrative
Agent (in the reasonable exercise of its discretion), (A) two duly signed completed copies of the certificates, statements or forms
required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect
to which such Lender acts for its own account that is not, in the case of a Tranche A Lender, subject to Puerto Rico or United
States withholding tax; and (B) any information such Lender chooses to transmit with such certificates, statements or forms, and
any other certificate or statement of exemption required under the Code.

 

(vii)No Borrower
(other than TFSUK) shall be required to pay any additional amount to any Lender under Section 3.1 (A) with respect to any
Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender
transmits pursuant to this Section 9.15(a) or (B) if such Lender shall have failed to satisfy its obligations under this
Section 9.15(a); provided that if such Lender shall have satisfied the requirement of this Section 9.15(a)
on the date such Lender became a Lender or ceased to act for its own account with respect to any payment under any of the Loan
Documents, nothing in this Section 9.15(a) shall relieve such Borrower of its obligation to pay any amounts pursuant to
Section 3.1 in the event that, as a result of any change in any applicable Law, treaty or governmental rule, regulation
or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled
to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for
the account of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is
subject to withholding at a reduced rate.

 

(viii)The Administrative
Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the Loan Documents
with respect to which a Borrower is not required to pay additional amounts under this Section 9.15(a).

 

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(ix)(A) A UK Treaty
Lender which becomes party hereto on the date hereof that holds a passport under the HMRC DT Treaty Passport scheme, and which
wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence
opposite its name in Schedule 2.1; and (B) a UK Treaty Lender which becomes a party hereto after the date hereof that holds
a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its
scheme reference number and its jurisdiction of tax residence in the Assignment and Assumption which it executes, and, in each
case, having done so, that Lender shall be under no obligation pursuant to Section 9.15(a)(i) above in relation to all payments
to be made by TFSUK to such Lender.

 

(x)If a Lender
has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 9.15(ix) above
and (A) TFSUK has not made a DTTP Filing in respect of that Lender; or (B) TFSUK has made a DTTP Filing in respect of that Lender
but (1) that DTTP Filing has been rejected by HM Revenue & Customs; or (2) HM Revenue & Customs has not given TFSUK authority
to make payments to that Lender without a deduction or withholding for or on account of UK Taxes within 60 days of the date of
the DTTP Filing, and in each case, TFSUK has notified that Lender in writing, that Lender and TFSUK shall co-operate in completing
any additional procedural formalities necessary for TFSUK to obtain authorization to make that payment without a deduction or withholding
for or on account of UK Taxes.

 

(xi)TFSUK shall,
promptly on making a DTTP Filing, deliver a copy of that DTTP Filing to the Administrative Agent for delivery to the relevant Lender.

 

(b)Upon the request
of TMCC or the Administrative Agent in writing, each Lender that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code shall deliver to the Administrative Agent two duly signed completed copies of IRS Form W-9. If
such Lender fails to deliver such forms, then TMCC or the Administrative Agent may withhold from any interest payment to such Lender
an amount equivalent to the applicable back-up withholding tax imposed by the Code and no party hereto shall have any obligation
to pay any additional amount to any Lender under Section 3.1 in respect of such withholding.

 

(c)If any Governmental Authority
asserts that the Administrative Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount
from payments made to or for the account of any Lender, such Lender shall indemnify the Administrative Agent therefor, including
all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this
Section, and costs and expenses (including Attorney Costs) of the Administrative Agent. The obligation of the Lenders under this
Section shall survive the termination of the Aggregate Commitments, repayment of all other Obligations hereunder and the resignation
of the Administrative Agent.

 

Section 9.16 Australian
GST.

 

(a)All consideration,
relating to TFA’s participation hereunder, to be paid or provided under or in connection with this Agreement has been calculated
without regard to GST.

 

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If all or part of any such consideration
is the consideration for a taxable supply or chargeable with GST then, when the recipient of the taxable supply provides the consideration
(or first part of it):

 

		(i)	it must pay to the supplier an additional amount equal to that consideration (or part) multiplied
by the appropriate rate of GST as provided for under the relevant GST Law; and

 

		(ii)	the supplier will promptly provide to the recipient a tax invoice complying with the relevant law
relating to GST.

 

(b)However, if
an adjustment event (for the purposes of the relevant GST Law) arises in respect of any consideration provided by a recipient for
a taxable supply which is chargeable with GST then the additional amount paid pursuant to Section 9.16(a) must be adjusted
to reflect the adjustment event and the recipient or the supplier (as the case may be) must make any payments necessary to reflect
the adjustment.

 

(c)This Section
9.16 does not apply to the extent that the GST on the supply is payable by the recipient under Division 84 of the GST Act.

 

(d)A term which
has a defined meaning in the GST Law has the same meaning when used in this Section 9.16. For the purposes of this Section
9.16: (i) “GST” has the same meaning as given to the term “GST” under the GST Act; (ii) “GST
Act” means the Australian A New Tax System (Goods and Services Tax) Act 1999 of Australia; and “GST Law”
has the same meaning as given to the term “GST law” under the GST Act.

 

Section 9.17 Replacement
of Lenders. Under any circumstances set forth herein providing that a Borrower shall have the right to replace a Lender as
a party to this Agreement and (i) if any Lender is a Defaulting Lender or (ii) any Lender fails to consent to an amendment, modification
or waiver of this Agreement, or to a request that Eurocurrency Rate Loans be made in a currency other than those specifically listed
in the definition of “Alternative Currency”, that pursuant to the terms hereof requires consent of all of the Lenders
or all of the Lenders affected thereby (provided that, (x) such amendment, modification, waiver or currency request has
been consented to by the Required Lenders and (y) all such non-consenting Lenders are replaced on the same terms), TMCC may, upon
notice to such Lender and the Administrative Agent, replace such Lender by causing such Lender to assign its Commitment (with the
assignment fee to be paid by TMCC in such instance) pursuant to Section 9.7(b) to one or more other Lenders or Eligible
Assignees procured by TMCC; provided, however, that if TMCC elects to exercise such rights with respect to any Lender
pursuant to Section 3.6(c), it shall be obligated to replace all Lenders that have made similar requests for compensation
pursuant to Section 3.1 or 3.4. The applicable Borrower shall (y) pay in full all principal, accrued interest, accrued
fees and other amounts owing to such Lender through the date of replacement (including any amounts payable pursuant to Section
3.5) and (z) release such Lender from its obligations under the Loan Documents. Any Lender being replaced shall execute and
deliver an Assignment and Assumption with respect to such Lender’s Commitment and outstanding Loans.

 

Section 9.18 Governing
Law. 

 

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(a)THIS AGREEMENT
SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, the LAW OF THE STATE OF NEW YORK applicable
to agreements made and to be performed entirely within such State; PROVIDED THAT THE ADMINISTRATIVE
Agent AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

(b)ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING
IN THE COUNTY OF NEW YORK IN THE CITY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF SUCH STATE,
AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH BORROWER, THE ADMINISTRATIVE Agent
AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH BORROWER,
THE ADMINISTRATIVE Agent AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING
ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO.
EACH BORROWER, THE ADMINISTRATIVE Agent AND EACH LENDER WAIVES PERSONAL SERVICE
OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

 

(c)EACH BORROWER OTHER THAN TMCC
HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS TMCC, IN THE CASE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE UNITED
STATES OF AMERICA AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT
OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS THAT MAY BE SERVED IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY LOAN DOCUMENT, AND TMCC HEREBY IRREVOCABLY ACCEPTS SUCH DESIGNATION,
APPOINTMENT AND EMPOWERMENT. SUCH SERVICE MAY BE MADE BY MAILING (BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) OR DELIVERING
A COPY OF SUCH PROCESS TO SUCH BORROWER IN CARE OF TMCC AT TMCC’S ADDRESS SPECIFIED IN SCHEDULE 9.2, AND EACH BORROWER
HEREBY IRREVOCABLY AUTHORIZES AND DIRECTS TMCC TO ACCEPT SUCH SERVICE ON ITS BEHALF. AS AN ALTERNATIVE METHOD OF SERVICE, THE BORROWER
IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING (BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID) OF COPIES OF SUCH PROCESS TO TMCC OR THE BORROWER OR SUCH LOAN PARTY AT ITS ADDRESS SPECIFIED IN SCHEDULE
9.2. NOTHING IN THIS

 

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AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section 9.19 No
Advisory or Fiduciary Responsibility In connection with all aspects of each transaction contemplated hereby (including in connection
with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees,
and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided
by the Administrative Agent, the Sub-Agents, the Arrangers and the Lenders are arm’s-length commercial transactions between
such Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Sub-Agents, the Arrangers and the Lenders,
on the other hand, (B) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has
deemed appropriate, and (C) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions
of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Administrative Agent, the Sub-Agents,
the Arrangers and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower or any of its Affiliates,
or any other Person and (B) none of the Administrative Agent, the Sub-Agents, the Arrangers or the Lenders has any obligation to
such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Sub-Agents, the Arrangers and the Lenders
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
such Borrower and its Affiliates, and neither the Administrative Agent, nor any Sub-Agent, nor any Arranger, nor any Lender has
any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, each
of the Borrowers hereby waives and releases any claims that it may have against the Administrative Agent, the Sub-Agents, the Arrangers
and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

Section 9.20 PATRIOT
Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not
on behalf of any Lender) hereby notifies each Borrower that, pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies such Borrower, which information includes the name and address of such Borrower and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify such Borrower in accordance with the Act, and each Borrower
agrees to provide such information in its possession upon the reasonable request of a Lender or the Administrative Agent.

 

Section 9.21 Judgment.
(a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in US Dollars, Canadian
Dollars or Australian Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively
do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent
could purchase US Dollars, Canadian Dollars or Australian

 

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Dollars with such other currency at BNP
Paribas’s principal office in London at 11:00 a.m. (London time) on the Business Day preceding that on which final judgment
is given.

 

(b)The obligation of any Borrower
in respect of any sum due from it in any currency (the “Primary Currency”) to any Lender or the Administrative
Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business
Day following receipt by such Lender or the Administrative Agent (as the case may be), of any sum adjudged to be so due in such
other currency, such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking procedures purchase
the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so purchased is less
than such sum due to such Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, such Borrower
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent (as
the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any
Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, such Lender or the Administrative Agent
(as the case may be) agrees to remit to such Borrower such excess.

 

Section 9.22 Waiver
of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

[Signature pages follow]

 

     104
 Toyota – Five Year Credit Agreement (2015)
 

     

    

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

 

	 	TOYOTA MOTOR CREDIT CORPORATION
	 	 	 	 
	 	By:  	/s/ Cindy Wang	 
	 	Name:  	Cindy Wang	 
	 	Title:  	Vice President – Head of Treasury	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.
	 	 	 	 
	 	By:  	/s/ Yoriyuki Hirayama	 
	 	Name:  	Yoriyuki Hirayama	 
	 	Title:  	C.E.O.	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA FINANCIAL SERVICES (UK) PLC
	 	 	 	 
	 	By:  	/s/ Doug Gillies	 
	 	Name:  	Doug Gillies	 
	 	Title:  	Managing Director	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA KREDITBANK GMBH
	 	 	 	 
	 	By:  	/s/ Christian Ruben	 
	 	Name: 	Christian Ruben	 
	 	Title: 	Managing Director  	 
	 	 	 	 
	 	By:  	/s/ Ivo Josko Ljubica	 
	 	Name: 	Ivo Josko Ljubica  	 
	 	Title: 	Managing Director  	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA CREDIT DE PUERTO RICO CORP.
	 	 	 	 
	 	By:  	/s/ Cindy Wang	 
	 	Name:  	Cindy Wang	 
	 	Title:  	Vice President – Head of Treasury	 
	 	 	Toyota Motor Credit Corporation	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA CREDIT CANADA INC.
	 	 	 	 
	 	By:  	/s/ Fernando Belfiglio	 
	 	Name:  	Fernando Belfiglio	 
	 	Title:  	V.P. Finance	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA LEASING GMBH
	 	 	 	 
	 	By:  	/s/ Christian Ruben	 
	 	Name: 	Christian Ruben 	 
	 	Title: 	Managing Director 	 
	 	 	 	 
	 	By:  	/s/ Ivo Josko Ljubica	 
	 	Name: 	Ivo Josko Ljubica 	 
	 	Title: 	Managing Director 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	TOYOTA FINANCE AUSTRALIA LIMITED
	 	 	 	 
	 	By:  	/s/ Ian Gordon Ritchens	 
	 	Name:  	Ian Gordon Ritchens	 
	 	Title:  	Director	 
	 	 	 	 
	 	By:  	/s/ Adam Paul Hopkins	 
	 	Name:  	Adam Paul Hopkins	 
	 	Title:  	Company Secretary	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BNP PARIBAS, as 
	 	Administrative Agent, a Swing Line Agent, a Swing Line Lender and a Lender
	 	 	 	 
	 	By:  	/s/ Christopher Sked	 
	 	Name:  	Christopher Sked	 
	 	Title:  	Managing Director	 
	 	 	 	 
	 	By:  	/s/ Nicole Rodriguez	 
	 	Name:  	Nicole Rodriguez	 
	 	Title:  	Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BNP PARIBAS,
    acting through its Canada Branch,
	 	as Canadian Sub-Agent and as a Lender
	 	 	 	 
	 	By:  	/s/ Lue Laliberté	 
	 	Name:  	Lue Laliberté	 
	 	Title:  	Director	 
	 	 	 	 
	 	By:  	/s/ Jacques Blais	 
	 	Name:  	Jacques Blais	 
	 	Title:  	Managing Director	 
	 	 	Credit Risks	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BNP PARIBAS, SYDNEY branch,
	 	as a Swing Line Agent and as a Lender
	 	 	 	 
	 	By:  	/s/ Olivier Smeets	 
	 	Name:  	Olivier Smeets	 
	 	Title:  	Director	 
	 	 	 	 
	 	By:  	/s/ Mark Hutchinson	 
	 	Name:  	Mark Hutchinson	 
	 	Title:  	Managing Director	 
	 	 	Corporate & Investment Banking	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BNP PARIBAS LONDON,
	 	as a Swing Line Agent 
	 	 	 	 
	 	By:  	/s/ S. Duranti	 
	 	Name:  	S. Duranti	 
	 	Title:  	Head of MNC	 
	 	 	 	 
	 	By:  	/s/ S. Gates	 
	 	Name:  	S. Gates	 
	 	Title:  	MD	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BNP PARIBAS, Singapore branch,
	 	as Australian Sub-Agent 
	 	 	 	 
	 	By:  	/s/ Patsy Lim	 
	 	Name:  	Patsy Lim	 
	 	Title:  	Authorised Signatory	 
	 	 	 	 
	 	By:  	/s/ Tan Siew Chin	 
	 	Name:  	Tan Siew Chin	 
	 	Title:  	Authorised Signatory	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CITIBANK, N.A.,
    as 
	 	a Syndication Agent, Swing Line Lender and a Lender
	 	 	 	 
	 	By:  	/s/ Susan Olsen	 
	 	Name:  	Susan Olsen	 
	 	Title:  	Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CITIBANK, N.A., CANADIAN BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Niyousha Zarinpour	 
	 	Name:  	Niyousha Zarinpour	 
	 	Title:  	Authorized Signer	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CITIBANK, N.A., SYDNEY BRANCH,
	 	a Swing Line Lender and a Lender
	 	 	 	 
	 	By:  	/s/ Martin Fox	 
	 	Name:  	Martin Fox	 
	 	Title: 	Vice President	 
	 	 	 	 
	 	By:  	/s/ Michael Reid	 
	 	Name:  	Michael Reid	 
	 	Title:  	Managing Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF AMERICA, N.A.,
	 	as a Syndication Agent, Swing Line Lender and a Lender
	 	 	 	 
	 	By:  	/s/ Prathamesh Kshirsagar	 
	 	Name:  	Prathamesh Kshirsagar	 
	 	Title:  	
        Assistant Vice President

         
	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF AMERICA, N.A., CANADIAN BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Medina Sales de Andrade	 
	 	Name:  	Medina Sales de Andrade	 
	 	Title:  	Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF TOKYO-MITSUBISHI UFJ, LTD,
	 	as a Syndication Agent and as a Lender
	 	 	 	 
	 	By:  	/s/ Minoru Hagio	 
	 	Name:  	Minoru Hagio	 
	 	Title:  	Managing Director	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF TOKYO-MITSUBISHI UFJ  (CANADA),
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Masaharu Kobayashi	 
	 	Name:  	Masaharu Kobayashi	 
	 	Title:  	Managing Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Christopher M. Samms	 
	 	Name:  	Christopher M. Samms	 
	 	Title:  	Senior Vice President, #9426	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	JPMORGAN CHASE BANK N.A.,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Neha Desai	 
	 	Name:  	Neha Desai	 
	 	Title:  	Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SUMITOMO MITSUI BANKING CORPORATION OF CANADA, 
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Makoto Oko	 
	 	Name:  	Makoto Oko	 
	 	Title:  	Executive Vice President
& Coordinator	 

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SUMITOMO MITSUI BANKING CORPORATION, 
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Yoshiyuki Ogata	 
	 	Name:  	Yoshiyuki Ogata	 
	 	Title:  	Joint General Manager	 
	 	 	 	 
	 	By:  	/s/ Atsushi Okamoto	 
	 	Name:  	Atsushi Okamoto	 
	 	Title:  	Deputy General Manager	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SUMITOMO MITSUI BANKING CORPORATION, 
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Takashi Kakluchi	 
	 	Name:  	Takashi Kakluchi	 
	 	Title:  	Managing Director and Head of Japanese	 
	 	 	and Asian Corporate Banking Dept. (West Coast)	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SUMITOMO MITSUI BANKING CORPORATION,  SYDNEY BRANCH
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Takamitsu Kajii	 
	 	Name:  	Takamitsu Kajii	 
	 	Title:  	Joint General Manager	 
	 	 	 	 
	 	By:  	/s/ Mitsunori Hamada	 
	 	Name:  	Mitsunori Hamada	 
	 	Title:  	
        Head of Corporate Japanese

         
	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BARCLAYS BANK PLC,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Marguerite Sutton	 
	 	Name:  	Marguerite Sutton	 
	 	Title:  	Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	LLOYDS BANK PLC,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Erin Doherty	 
	 	Name:  	Erin Doherty	 
	 	Title:  	Assistant Vice President	 
	 	 	Transaction Execution Category A D006	 
	 	 	 	 
	 	By:  	/s/ Julia R. Franklin	 
	 	Name:  	Julia R. Franklin	 
	 	Title:  	Vice President 	 
	 	 	Business Transformation Category A F002	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	MIZUHO BANK, LTD., LOS ANGELES BRANCH, 
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Naoaki Saito	 
	 	Name:  	Naoaki Saito	 
	 	Title:  	Joint General Manager	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Edward D. Herko	 
	 	Name:  	Edward D. Herko	 
	 	Title:  	
        Authorized Signatory

         
	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Matthew Balicki	 
	 	Name:  	Matthew Balicki	 
	 	Title:  	Attorney-in-Fact	 
	 	 	 	 
	 	By: 	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Marcus Rayment	 
	 	Name:  	Marcus Rayment	 
	 	Title:  	Vice President	 
	 	 	 	 
	 	 	 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Robert Bell	 
	 	Name:  	Robert Bell	 
	 	Title:  	
        Authorized Signatory

         
	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Robert Grillo	 
	 	Name:  	Robert Grillo	 
	 	Title:  	Director	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	NATIONAL AUSTRALIAN BANK LIMITED,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Tony Carr	 
	 	Name:  	Tony Carr	 
	 	Title:  	Director	 
	 	 	Diversified Financial Institutions	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	MORGAN STANLEY SENIOR FUNDING, INC.,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Michael King	 
	 	Name:  	Michael King	 
	 	Title:  	Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	MORGAN STANLEY BANK, N.A.,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Michael King	 
	 	Name:  	Michael King	 
	 	Title:  	Authorized Signatory	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SOCIETE GENERALE,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Yao Wang	 
	 	Name:  	Yao Wang	 
	 	Title:  	Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE TORONTO DOMINION BANK,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Rayan Karim	 
	 	Name:  	Rayan Karim	 
	 	Title:  	Authorized Signatory	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE TORONTO DOMINION BANK, NEW YORK BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Robyn Zeller	 
	 	Name:  	Robyn Zeller	 
	 	Title:  	
        Senior Vice President

         
	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE TORONTO DOMINION BANK, as Lending Office for Loans to TFSUK,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Rayan Karim	 
	 	Name:  	Rayan Karim	 
	 	Title:  	Authorized Signatory	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Amy Trapp	 
	 	Name:  	Amy Trapp	 
	 	Title:  	Managing Director	 
	 	 	 	 
	 	By:  	/s/ Gordon Yip	 
	 	Name:  	Gordon Yip	 
	 	Title:  	Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	WESTPAC BANKING CORPORATION,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Richard Yarnold	 
	 	Name:  	Richard Yarnold	 
	 	Title:  	Senior Relationship Manager	 
	 	 	Corporate & Institutional Banking	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF MONTREAL, CHICAGO BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Brian L. Banke	 
	 	Name:  	Brian L. Banke	 
	 	Title:  	Director	 
	  	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF MONTREAL,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Sean P. Gallaway	 
	 	Name:  	Sean P. Gallaway	 
	 	Title:  	Vice President	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANK OF MONTREAL, LONDON BRANCH
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Anthony Ebdon	 
	 	Name:  	Anthony Ebdon	 
	 	Title:  	MD	 
	 	 	 	 
	 	By:  	/s/ Lisa Rodriguez	 
	 	Name:  	Lisa Rodriguez	 
	 	Title:  	MD	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Raj Khanna	 
	 	Name:  	Raj Khanna	 
	 	Title:  	Executive Director	 
	 	 	 	 
	 	By:  	/s/ Matthew Reis	 
	 	Name:  	Matthew Reis	 
	 	Title:  	Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Zhen Ma	 
	 	Name:  	Zhen Ma	 
	 	Title:  	Authorized Signatory	 
	 	 	 	 
	 	By:  	/s/ Robert Robin	 
	 	Name:  	Robert Robin	 
	 	Title:  	Authorized Signatory	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Stefan Vatchev	 
	 	Name:  	Stefan Vatchev	 
	 	Title:  	Director	 
	 	 	 	 
	 	By:  	/s/ Gayatri Desal	 
	 	Name:  	Gayatri Desal	 
	 	Title:  	Executive Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	COMMERZBANK AG, NEW YORK BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Christina Halder	 
	 	Name:  	Christina Halder	 
	 	Title:  	Vice President	 
	 	 	 	 
	 	By:  	/s/ Martin Preissler	 
	 	Name:  	Martin Preissler	 
	 	Title:  	Managing Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	FIFTH THIRD BANK, as
    a Lender
	 	 	 	 
	 	By:  	/s/ Jody A. Shoup	 
	 	Name:  	Jody A. Shoup	 
	 	Title:  	Vice President	 
	 	 	 	 
	 	FIFTH THIRD BANK, Operating
    through its  Canadian Branch,
    as a Lender
	 	 	 	 
	 	By:  	/s/ Ramin Ganjavi	 
	 	Name:  	Ramin Ganjavi	 
	 	Title:  	Director	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE BANK OF NOVA SCOTIA,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Brad Jarman	 
	 	Name:  	Brad Jarman	 
	 	Title:  	Associate Director	 
	 	 	 	 
	 	By:  	/s/ Kim Snyder	 
	 	Name:  	Kim Snyder	 
	 	Title:  	Director	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE BANK OF NEW YORK MELLON,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ John T. Smathers	 
	 	Name:  	John T. Smathers	 
	 	Title:  	First Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	THE NORTHERN TRUST COMPANY,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Fiyaz Khan	 
	 	Name:  	Fiyaz Khan	 
	 	Title:  	Vice President	 

t

 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	UNICREDIT BANK AG, NEW YORK BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Tom Taylor	 
	 	Name:  	Tom Taylor	 
	 	Title:  	Director	 
	 	 	 	 
	 	By:  	/s/ Mario Fogliati	 
	 	Name:  	Mario Fogliati	 
	 	Title:  	Associate	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	BANCO BRADESCO S.A., NEW YORK BRANCH
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Adrian G. Costa	 
	 	Name:  	Adrian G. Costa	 
	 	Title:  	Manager	 
	 	 	 	 
	 	By:  	/s/ Mauro Lopes	 
	 	Name:  	Mauro Lopes	 
	 	Title:  	Manager	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	MITSUBISHI UFJ TRUST AND BANKING CORPORATION,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Makoto Takeda	 
	 	Name:  	Makoto Takeda	 
	 	Title:  	Senior Vice President	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

	 	SUMITOMO MITSUI TRUST BANK, LIMITED, NEW YORK BRANCH,
	 	as a Lender
	 	 	 	 
	 	By:  	/s/ Toshiyuki Shigeta	 
	 	Name:  	Toshiyuki Shigeta	 
	 	Title:  	Vice President	 
	 	 	 	 
	 	 	 	 

    
[Signature Page to Toyota Five Year Credit Agreement (2015)]

     

    

SCHEDULE
2.1

 

COMMITMENTS

AND PRO RATA SHARES

 

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)
	BNP Paribas (Tranche B Commitment is held by BNP Paribas, acting through its Canada Branch), DTTP Number: 5/B/255139	366,666,666.67	28,985,541.67	5,000,000.00	416,666,666	56,666,666.67	366,666,666.67
	Citibank, N.A. (Tranche B Commitment is held by Citibank, N.A., Canadian Branch), DTTP Number: 13/C/62301	366,666,666.67	28,985,541.67	5,000,000.00	416,666,666	56,666,666.67	366,666,666.67
	Bank of America, N.A. (Tranche B Commitment is held by Bank of America, Canada Branch), DTTP Number: 13/B/7418	366,666,666.67	28,985,541.67	5,000,000.00	416,666,666	33,333,333.34	366,666,666.67
	Bank of Tokyo-Mitsubishi UFJ, Ltd (Tranche B Commitment is held by Bank of Tokyo Mitsubishi UFJ (Canada)), DTTP Number: 43/B/322072 	366,666,666.67	28,985,541.67	5,000,000.00	 	 	366,666,666.67
	HSBC Bank USA, National Association, DTTP Number:  13/H/314375	268,333,333.33	19,998,461.54	5,000,000.00	 	 	268,333,333.33
	JPMorgan Chase Bank, N.A., DTTP Number: 13/M/268710	268,333,333.33	19,998,461.54	5,000,000.00	 	 	268,333,333.33

    1

     

    

 

	Lender	Tranche
    A Commitment (US$)	Tranche
    B Commitment (US$)	Tranche
    C Commitment (US$)	Swing
    Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing
    Line Commitment for Australian Dollars         (US$)	Commitment
    Cap (US$)

	Societe Generale, DTTP Number: 5/S/70085 	268,333,333.33	19,998,461.54	5,000,000.00	 	 	268,333,333.33
	Sumitomo Mitsui Banking Corporation (Tranche B Commitment is held by Sumitomo Mitsui Banking Corporation of Canada and Tranche  C Commitment is held by Sumitomo Mitsui Banking Corporation, Sydney Branch), DTTP Number: 43/S/274647	268,333,333.33	19,998,461.54	5,000,000.00	 	 	268,333,333.33
	Barclays Bank PLC, DTTP Number: N/A	235,000,000.00	 	5,000,000.00	 	 	235,000,000.00
	Lloyds Bank plc, DTTP Number: N/A	235,000,000.00	 	5,000,000.00	 	 	235,000,000.00
	Mizuho Bank, Ltd., Los Angeles Branch, DTTP Number: 43/M/274822	235,000,000.00	19,831,807.68	5,000,000.00	 	 	235,000,000.00
	Royal Bank of Canada, DTTP Number: N/A	235,000,000.00	235,000,000.00	5,000,000.00	 	 	235,000,000.00
	Australia and New Zealand Banking Group Limited, DTTP Number: 2/A/204986	166,666,666.67	 	166,666,666.67	 	133,333,333.33	166,666,666.67
	National Australia Bank Limited, DTTP Number: 2/N/11208	166,666,666.67	 	166,666,666.67	 	133,333,333.33	166,666,666.67
	The Toronto Dominion Bank, DTTP Number: 3/T/80000	150,833,333.33	150,833,333.33	3,333,333.33	 	 	150,833,333.33
	Credit Agricole Corporate and Investment Bank, DTTP Number: 5/C/222082	146,666,666.66	 	5,000,000.00	 	 	146,666,666.66

    2

     

    

 

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)

	Morgan Stanley Senior Funding,  Inc., DTTP Number: 13/M/227953	89,688,846.15	 	 	 	 	89,688,846.15
	Morgan Stanley Bank, N.A., DTTP Number: 13/M/307216	61,144,487.18	 	 	 	 	61,144,487.18
	Westpac Banking Corporation, DTTP Number: 2/W/313837	86,666,666.66	 	86,666,666.66	 	86,666,666.67	86,666,666.66
	Bank of Montreal, Chicago Branch, DTTP Number: N/A	83,333,333.33	83,333,333.33	 	 	 	83,333,333.33
	Canadian Imperial Bank of Commerce/ Canadian Imperial Bank of Commerce, London Branch (Tranche B Commitment is held by Canadian Imperial Bank of Commerce), DTTP Number: N/A	83,333,333.33	83,333,333.33	3,333,333.34	 	 	83,333,333.33
	Commerzbank AG, New York Branch, DTTP Number: 7/C/25382	83,333,333.33	 	 	 	 	83,333,333.33
	Fifth Third Bank, DTTP Number: 13/F/24267	83,333,333.33	14,998,846.15	 	 	 	83,333,333.33
	The Bank of Nova Scotia, DTTP Number: 3/T/366714	83,333,333.34	83,333,333.34	3,333,333.33	 	 	83,333,333.34
	The Bank of New York Mellon, DTTP Number: 13/B/357401	45,000,000.00	 	 	 	 	45,000,000.00
	The Northern Trust Company, DTTP Number: 13/N/60122	45,000,000.00	 	 	 	 	45,000,000.00
	UniCredit Bank AG, New York Branch, DTTP Number: 7/U/237605	45,000,000.00	 	5,000,000.00	 	 	45,000,000.00

    3

     

    

 

	Lender	Tranche A Commitment (US$)	Tranche B Commitment (US$)	Tranche C Commitment (US$)	Swing Line Commitment for US Dollars, Euro, Sterling and Canadian Dollars (US$)	Swing Line Commitment for Australian Dollars         (US$)	Commitment Cap (US$)

	Banco Bradesco S.A., New York Branch, DTTP Number: N/A	33,333,333.34	 	 	 	 	33,333,333.34
	Mitsubishi UFJ Trust & Banking Corporation, DTTP Number: N/A	33,333,333.34	 	 	 	 	33,333,333.34
	Sumitomo Mitsui Trust Bank, Limited, New York Branch, DTTP Number: N/A	33,333,333.34	 	 	 	 	33,333,333.34
	TOTAL:	5,000,000,000.00	866,600,000.00	500,000,000.00	1,250,000,000.00 	500,000,000.00	5,000,000,000.00

    4

     

    

	Lender	Pro Rata Share of Tranche A	Pro Rata Share of Tranche B	Pro Rata Share of Tranche C	Pro Rata Share of Commitment Cap
	BNP Paribas (Tranche B Commitment is held by BNP Paribas, acting through its Canada Branch)	7.333%	3.345%	1.000%	7.333%
	Citibank, N.A. (Tranche B Commitment is held by Citibank, N.A., Canadian Branch)	7.333%	3.345%	1.000%	7.333%
	Bank of America, N.A. (Tranche B Commitment is held by Bank of America, Canada Branch)	7.333%	3.345%	1.000%	7.333%
	Bank of Tokyo-Mitsubishi UFJ, Ltd (Tranche B Commitment is held by Bank of Tokyo Mitsubishi UFJ (Canada))	7.333%	3.345%	1.000%	7.333%
	HSBC Bank USA, National Association 	5.367%	2.308%	1.000%	5.367%
	JPMorgan Chase Bank, N.A. 	5.367%	2.308%	1.000%	5.367%
	Societe Generale	5.367%	2.308%	1.000%	5.367%
	Sumitomo Mitsui Banking Corporation (Tranche B Commitment is held by Sumitomo Mitsui Banking Corporation of Canada and Tranche  C Commitment is held by Sumitomo Mitsui Banking Corporation, Sydney Branch)	5.367%	2.308%	1.000%	5.367%
	Barclays Bank PLC	4.700%	0.000%	1.000%	4.700%
	Lloyds Bank plc	4.700%	0.000%	1.000%	4.700%
	Mizuho Bank, Ltd., Los Angeles Branch	4.700%	2.288%	1.000%	4.700%
	Royal Bank of Canada	4.700%	27.117%	1.000%	4.700%
	Australia and New Zealand Banking Group Limited	3.333%	0.000%	33.333%	3.333%

    5

     

    

 

	Lender	Pro Rata Share of Tranche A	Pro Rata Share of Tranche B	Pro Rata Share of Tranche C	Pro Rata Share of Commitment Cap

	National Australia Bank Limited	3.333%	0.000%	33.333%	3.333%
	Morgan Stanley Senior Funding,  Inc.	2.734%	0.000%	0.000%	2.734%
	Morgan Stanley Bank, N.A.	0.283%	0.000%	0.000%	0.283%
	The Toronto Dominion Bank	3.017%	17.405%	0.667%	3.017%
	Credit Agricole Corporate and Investment Bank	2.933%	0.000%	1.000%	2.933%
	Westpac Banking Corporation	1.733%	0.000%	17.333%	1.733%
	Bank of Montreal, Chicago Branch	1.667%	9.616%	0.000%	1.667%
	Canadian Imperial Bank of Commerce/ Canadian Imperial Bank of Commerce, London Branch (Tranche B Commitment is held by Canadian Imperial Bank of Commerce)	1.667%	9.616%	0.667%	1.667%
	Commerzbank AG, New York Branch	1.667%	0.000%	0.000%	1.667%
	Fifth Third Bank	1.667%	1.731%	0.000%	1.667%
	The Bank of Nova Scotia	1.667%	9.616%	0.667%	1.667%
	The Bank of New York Mellon	0.900%	0.000%	0.000%	0.900%
	The Northern Trust Company	0.900%	0.000%	0.000%	0.900%
	UniCredit Bank AG, New York Branch	0.900%	0.000%	1.000%	0.900%
	Banco Bradesco S.A., New York Branch	0.667%	0.000%	0.000%	0.667%
	Mitsubishi UFJ Trust & Banking Corporation	0.667%	0.000%	0.000%	0.667%
	Sumitomo Mitsui Trust Bank, Limited, New York Branch	0.667%	0.000%	0.000%	0.667%
	TOTAL:	100.0%	100.0%	100.0%	100.0%

    6

     

    

SCHEDULE 9.2

 

ADMINISTRATIVE AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office 

(for Notices of Payments and Requests for Loans):

BNP Paribas RCC Inc.

525 Washington Boulevard

8th Floor

Jersey City, NJ 07310

Attention:  Dina Wilson

Telephone: 201-850-6807

Facsimile:  201-616-7912

Electronic Mail: nyls_agency_support@us.bnpparibas.com

 

(for Payments):

 

US Dollar (USD)

 

	Bank: 	BNP Paribas, New York
	ABA No:	026-007-689
	ACCT No:	52131543476
	ACCT Name:	BNP Paribas Chicago Branch
	Ref:	Toyota
	 	 
	Canadian Dollar (CAD)
	 	 
	Bank: 	BNP Paribas, Montreal
	 	(BNPACAMMXXX)
	FFC Name:	BNP Paribas Chicago Branch
	 	(BNPAUS3NXXX)
	Account No:	00025-010038-001-71
	Attn:	Loan Servicing
	Ref:	Toyota
	 	 
	Eurocurrency (EUR)	 
	 	 
	Bank: 	BNP Paribas, Paris
	 	(BNPAFRPPXXX)
	FFC Name:	BNP Paribas, Chicago Branch
	 	(BNPAUS3NXXX)
	Account No:	40080257

    1

     

    

 

	IBAN No:	FR7630004008970004008025726
	Attn:	Loan Servicing
	Ref:	Toyota
	 	 
	British Pounds (GBP)
	 	 
	Bank: 	BNP Paribas, London
	 	(BNPAGB22XXX)
	Sort Code:	23 46 35
	FFC Name:	BNP Paribas, Chicago Branch
	 	(BNPAUS3NXXX)
	Account No:	09618023009001GBP
	Attn:	Loan Servicing
	Ref:	Toyota Motor Credit Corporation

 

CANADIAN SUB-AGENT:

 

(for Notices of Payments and Requests for Loans):

BNP Paribas

1981 McGill College

Montreal QC H3A 2W8 CANADA

Attention: Gloria Friedrich/Herold Medor, Loan Administrator/Team
leader

Telephone: 1-888-284-6220

Facsimile: 855-722-4445

Electronic Mail: cals.support@ca.bnpparibas.com

·

(for Payments):

US Dollar (USD)

Clearing Agent/Payment To: BNPAUS3N

ABA No.: 026007689

Beneficiary Bank:  BNPACAMM

Beneficiary: BNP Paribas, Account No.: 00025-521315-434-80

Reference: Toyota Credit Canada Inc.

Attention: cals.support@ca.bnpparibas.com

 

Canadian Dollar (CAD)

·Beneficiary
Bank:  BNPACAMM

Beneficiary: BNP Paribas, Account No.: 00025-521315-434-80

Reference: Toyota Credit Canada Inc.

Attention: cals.support@ca.bnpparibas.com

 

    2

     

    

 

AUSTRALIAN SUB-AGENT:

 

(for Notices of Payments and Requests for Loans):

BNP Paribas, Singapore Branch

10 Collyer Quay #33-01

Ocean Financial Centre

Singapore 049315

Attention: Regional Agency – Tan Siew Chin / Low Wai Munn

Telephone No: 65 6210 1502 / 65 6210 1503

Facsimile: 65 6210 1500

Email: agency.singapore@asia.bnpparibas.com

 

(for Payments):

US Dollar (USD)

Correspondent Bank: BNP Paribas, New York

Swift: BNPAUS3N

CHIPS UID 064920

Beneficiary: BNP Paribas, Singapore Branch

Swift: BNPASGSG

Account No: 200-195286-003-39

Reference: Toyota Finance Australia, Ltd

Attn: Regional Agency

 

Australian Dollar (AUD)

Correspondent Bank: National Australia Bank Ltd, Melbourne

Swift: NATAAU33032

Beneficiary: BNP Paribas, Singapore Branch

Swift: BNPASGSG

Account No.: 1803-004049-500

Reference: Toyota Finance Australia, Ltd

Attn: Regional Agency

Australian Dollar (AUD)

 

SWING LINE AGENT: 

 

(for Notices of Payments and Requests for Loans):

US Dollar and Canadian Swing Line Loans: 

BNP Paribas RCC Inc.

525 Washington Boulevard

8th Floor

Jersey City, NJ 07310

Attention:  Dina Wilson

Telephone: 201-850-6807

Facsimile:   201-850-4020

Electronic Mail: nyls_agency_support@us.bnpparibas.com

 

    3

     

    

Payment instructions:

 

US Dollar (USD)

BNP Paribas, New York

ABA No: 026-007-689

ACCT No: 52131543476

ACCT Name: BNP Paribas Chicago Branch

Ref: Toyota

 

Canadian Dollar (CAD)

Bank: BNP Paribas, Montreal (Swift code: BNPACAMMXXX)

 

For further credit to:BNP Paribas, Chicago Branch (Swift
code: BNPAUS3NXXX)

Account No: 00025-010038-001-71

Ref:Toyota Credit Canada Inc.

Attn:Loan Servicing

 

EUR and GBP Swing Line Loans: 

Loans and Agency Desk

BNP Paribas London

10 Harewood Avenue

London NW1 6AA

Telephone: 44 (0)20 7595 4332

Facsimile:  44 (0)20 7595 6195

Electronic Mail: lisa.verdigi@uk.bnpparibas.com

 

Payment instructions:

 

EUR 

BNP Paribas Paris

Swift BNPAFRPP

BNP Paribas London

Swift BNPAGB22

Account 02280424

IBAN No: FR7630004008970000228042426

 

 

GBP 

BNP Paribas London

BNPAGB22

Sort Code 23-46-35

Account No : 50117609

IBAN No: GB86BARC20325350117609

 

    4

     

    

 

AUD Swing Line Loans: 

(for Notices of Payments and Requests for Loans):

 

BNP Paribas, Sydney Branch

60 Castlereagh St

Sydney NSW 2000

Australia

Attention: CIB Operations – Susan Mayo /
Gary Buckley

Telephone No: 61 2 9619 6280 / 61 2 9619 6279

Facsimile: 61 2 9006 9063

Email: bnppops@au.bnpparibas.com, susan.mayo@au.bnpparibas.com,
gary.buckley@au.bnpparibas.com

 

(for Payments):

 

US Dollar (USD)

Correspondent Bank: BNP Paribas, New York

Swift: BNPAUS3N

CHIPS UID 011702

Beneficiary: BNP Paribas, Sydney Branch

Swift: BNPAAU2S

Account No: 020019548000145

Reference: Toyota Finance Australia Limited -
00200 200735 425

Attn: Loans Admin

 

Australian Dollar (AUD)

Correspondent Bank: BNP Paribas, Sydney Branch

Swift: BNPAAU2S

Beneficiary: BNP Paribas, Sydney Branch

Swift: BNPAAU2S

Account No.: 00200 838890 402

Reference: Toyota Finance Australia Limited –
00200 200735 425

Attn: Loans Admin 

 

BORROWERS:

 

Toyota Motor Credit Corporation

 

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

    5

     

    

 

 

Toyota Motor Finance (Netherlands) B.V.

 

World Trade Center Amsterdam

Tower H, Level 10, Zuidplein 90

1077 XV Amsterdam

The Netherlands

Attention: Chief Financial Officer

Telephone: 31 20 502 5314

Telefax: 31 20 502 5319

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

 

With a copy to:

 

Toyota Financial Services (UK) PLC

Great Burgh

Burgh Heath

Epsom

Surrey KT18 5UZ

United Kingdom

Attention: European Funding Manager

Telephone: 44 (0) 1737 365 594

Facsimile: 44 (0) 1737 365 596

 

Toyota Financial Services (UK) PLC

 

Great Burgh

Burgh Heath

Epsom

Surrey KT18 5UZ

United Kingdom

Attention: European Funding Manager

Telephone: 44 (0) 1737 365 594

Facsimile: 44 (0) 1737 365 596

    6

     

    

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

 

Toyota Kreditbank GmbH

 

c/o Toyota Financial Services (UK) PLC

Great Burgh

Burgh Heath

Epsom

Surrey KT18 5UZ

United Kingdom

Attention: European Funding Manager

Telephone: 44 (0) 1737 365 594

Facsimile: 44 (0) 1737 365 596

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

 

Toyota Credit de Puerto Rico Corp.

 

c/o Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

    7

     

    

 

Toyota Credit Canada Inc.

 

80 Micro Court, Suite 200

Markham, Ontario

Canada L3R 9Z5

Attention: Head of Treasury

Telephone: (905) 513-5409

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

 

Toyota Leasing GmbH

 

c/o Toyota Financial Services (UK) PLC

Great Burgh

Burgh Heath

Epsom

Surrey KT18 5UZ

United Kingdom

Attention: European Funding Manager

Telephone: 44 (0) 1737 365 594

Facsimile: 44 (0) 1737 365 596

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

    8

     

    

 

Toyota Finance Australia Limited

 

Toyota Finance Australia Limited

207 Pacific Highway

St Leonards NSW 2065

Locked Bag 900

Milsons Point NSW 1565

Attention: Treasury

Telephone: +61 2 9430 0000

Facsimile: +61 2 9430 0913

 

With a copy to:

 

Toyota Motor Credit Corporation

19001 South Western Avenue

P.O. Box 2958

Mail Stop NF-10

Torrance, CA 90509-2958

Attention:  Treasury Operations

Email:  TFS_Treasury_Operations@toyota.com

Telephone: (310) 381-7739

Facsimile: (310) 468-4076

 

Website:

 

Investor Relations section of www.toyotafinancial.com

 

    9

     

    

exhibit
a-1

 

FORM OF COMMITTED LOAN NOTICE

 

Date: ___________, _____

 

		To:	BNP Paribas, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation
organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England,
Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized
under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH,
a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws
of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line
Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank
of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as
Syndication Agents.

 

The undersigned hereby requests (select
one):

 

	 	☐  A Borrowing of Committed Loans	☐  A conversion or continuation of Loans
	 	 	 	 	 

	 	1.	On 

 

	(a Business Day).
	 	 	 	 	 

	 	2.	In the amount of [US$][CDN$][€][£][A$].
	 	 	 

	 	3.	Comprised of 	 	.[Type of Committed Loan requested]
	 	 	 	 	 

	 	4.	For Eurocurrency Rate Loans: with an Interest Period
    of __ months.
	 	 	 

	 	5.	For Bankers’ Acceptances, Drafts and BA Equivalent
    Notes: with a BA Maturity Date of _____ days.
	 	 	 

  

[The Committed Borrowing requested herein
complies with the proviso to the first sentence of Section 2.1[(a)][(b)]] of the Agreement.]

 

    1

     

    

The undersigned hereby
represents and warrants that the conditions set forth in Section 4.2(a) and (b) have been satisfied on and as of
the date the Committed Loans are borrowed, including, without limitation, that the Borrowing is within the Borrower’s corporate
powers, has been duly authorized by all necessary corporate action, and the amount of the Committed Borrowing does not exceed such
authorization.

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	[TOYOTA LEASING GMBH]
	 	 
	 	[as Borrowers’ Representative for]
	 	 
	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[Toyota Finance Australia Limited]
	 	 	 	 
	 	By:  	 	 
	 	Name: 	 	 
	 	Title:  	 	 
	 	 	 	 

    2

     

    

exhibit
a-2

 

FORM OF SWING LINE LOAN NOTICE

 

Date: ___________, _____

 

		To:	BNP Paribas, as Swing Line Agent

 

BNP Paribas, as Administrative
Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation
organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England,
Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized
under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH,
a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws
of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line
Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank
of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as
Syndication Agents.

 

The undersigned hereby requests a Swing Line Loan:

 

1.On                                                      (a Business Day).

 

2.In the amount of [US$][CDN$][€][£][A$]                                                       .

 

The Swing Line Borrowing requested herein
complies with the requirements of the provisos to the first sentence of Section 2.16(a) of the Agreement.

 

The undersigned hereby represents and warrants
that the conditions set forth in Section 4.2(a) and (b) have been satisfied on and as of the date the Swing Line
Loans are borrowed, including, without limitation, that the Borrowing is within the Borrower’s corporate powers, has been
duly authorized by all necessary corporate action, and the amount of the Swing Line Loan does not exceed such authorization.

 

[Signature page follows]

    1

     

    

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	[TOYOTA LEASING GMBH]
	 	[as Borrowers’ Representative for]
	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[Toyota Finance Australia Limited]
	 	 	 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

    2

     

    

exhibit
b

 

FORM OF NOTE

 

__________, 200_

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”),
hereby promises to pay, without setoff or counterclaim, to _____________________ (the “Lender”), in accordance
with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the
Lender to the Borrower under that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein
being used herein as therein defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands)
B.V., a corporation organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under
the laws of England, Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp.,
a corporation organized under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada,
Toyota Kreditbank GmbH, a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated
under the laws of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent,
Swing Line Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank,
N.A. and Bank of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi
UFJ, Ltd. as Syndication Agents.

 

The Borrower promises to pay interest on
the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative
Agent for the account of the Lender in US Dollars in immediately available funds at the Administrative Agent’s Office. If
any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due
date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in
the Agreement.

 

This Note is one of the Notes referred to
in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all
amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided
in the Agreement. Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender
in the ordinary course of business. The Lender may also attach schedules to this Note and endorse thereon the date, amount and
maturity of its Loans and payments with respect thereto.

 

[Signature page follows]

 

    1

     

    

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]
	 	[TOYOTA CREDIT CANADA INC.]
	 	[TOYOTA LEASING GMBH]
	 	[Toyota Finance Australia Limited]
	 	 	 	 
	 	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

    2

     

    

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	 	Date	 	Type
    of Loan Made	 	Amount
    of Loan Made	 	End
    of Interest Period	 	Amount
    of Principal or Interest Paid This Date	 	Outstanding
    Principal Balance This Date	 	Notation
    Made By	 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 
	 		 		 		 		 		 		 		 

  

    3

     

    

exhibit
c

 

[Reserved]

 

    1

     

    

exhibit
d

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the
“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit
Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the
Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below and (ii) to the extent permitted to be assigned under applicable Law, all claims, suits, causes of
action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising
under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at Law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

 

1.Assignor:______________________________

 

2.Assignee:______________________________
[and is an Affiliate/Approved Fund of [identify Lender]1]

 

3.Borrower(s):[Toyota
Motor Credit Corporation] [Toyota Motor Finance (Netherlands) B.V.] [Toyota Financial Services (UK) PLC] [Toyota Leasing GmbH]
[Toyota Credit de Puerto Rico Corp.] [Toyota Credit Canada Inc.] [Toyota Kreditbank GmbH] [Toyota Finance Australia Limited]

 

 

 

 1 Select as
applicable.

 

    1

     

    

4.Administrative Agent: ______________________,
as the administrative agent under the Credit Agreement

 

5.Credit Agreement:Five
Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Toyota
Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation organized under the
laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England, Toyota Leasing
GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized under the
laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH, a corporation
organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws of the Commonwealth
of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line Agent and Swing Line
Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank of America, N.A.
as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as Syndication Agents.

 

6.Assigned Interest:

 

	
        Facility Assigned:

        Tranche [A][B][C]
	
        Aggregate

        Amount of

        Tranche [A][B][C] Commitment

        for all Lenders*

        
	
        Amount of

        Tranche [A][B][C] 

Commitment

        Assigned*
	
        Percentage

        Assigned of

        Tranche [A][B][C] Commitment2
	
        Assignee’s

        Commitment Cap

	 	 	 	 	 
	Commitment being assigned	US$_____________	US$______________	______________%	US$________________

 

[7.Trade Date:__________________]3

 

[8.UK Tax Confirmation:
The Assignee confirms that the person beneficially entitled to interest payable to that Lender in respect of a Loan to TFSUK is
either: (i) a company resident in the United Kingdom for United Kingdom tax purposes; or (ii) a company not so resident in the
United Kingdom which carries on a trade in the United Kingdom through a permanent establishment which brings into account interest
payable in

 

 

 

 

2 Set forth, to at
least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

3 To be completed
if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

 

    2

     

    

respect of that Loan in computing
its chargeable profits (within the meaning given by section 19 of the UK CTA).]4

 

[9.HMRC DT Treaty Passport:
The Assignee confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number:__________) and is tax
resident in ___________, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding
tax and requests that the Administrative Agent notify TFSUK that it wishes the scheme to apply to the Credit Agreement and that
TFSUK should make a DTTP Filing.]5

 

Effective Date: __________________, 20__ [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

 

 

4
Include in this section 8 if the Borrower is TFSUK and the Assignee comes within (a)(ii) of the definition of UK Qualifying Lender
in Section 1.1.

 

5 This confirmation must be
included if the Borrower is TFSUK and the Assignee holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme
to apply to the Credit Agreement.

  

 

    3

     

    

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

ASSIGNOR

[NAME
OF ASSIGNOR]

 

	By: 	  	 
	 	Title:	 
	 	 	 
	ASSIGNEE	 
	[NAME OF ASSIGNEE]	 
	 	 	 
	By: 	  	 
	 	Title:	 

 

Toyota Five Year Credit Agreement Signature Page

 

     

     

    

[Consented
to and]6 Accepted:

 

[NAME
OF ADMINISTRATIVE AGENT], as

Administrative
Agent

 

	By: 	 	 
	 	Title:	 
	 	 	 
	[Consented to:]7	 
	 	 	 
	By:	  	 
	 	Title:	 

 

 

 

6 To be added only
if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

7 To be added only
if the consent of the applicable Borrower and/or other parties is required by the terms of the Credit Agreement.

  

     

     

    

ANNEX 1 TO ASSIGNMENT AND
ASSUMPTION

 

(Five
Year CREDIT AGREEMENT, DATED AS OF NOVEMBER 18, 2015 (AS AMENDED, RESTATED, EXTENDED, SUPPLEMENTED OR OTHERWISE MODIFIED
IN WRITING FROM TIME TO TIME, THE “AGREEMENT;” THE TERMS DEFINED THEREIN BEING USED HEREIN AS THEREIN DEFINED),
AMONG TOYOTA MOTOR CREDIT CORPORATION, A CALIFORNIA CORPORATION, TOYOTA MOTOR FINANCE (NETHERLANDS) B.V., A CORPORATION ORGANIZED
UNDER THE LAWS OF THE NETHERLANDS, TOYOTA FINANCIAL SERVICES (UK) PLC, A CORPORATION ORGANIZED UNDER THE LAWS OF ENGLAND, TOYOTA
LEASING GMBH, A CORPORATION ORGANIZED UNDER THE LAWS OF GERMANY, TOYOTA CREDIT DE PUERTO RICO CORP., A CORPORATION ORGANIZED UNDER
THE LAWS OF PUERTO RICO, TOYOTA CREDIT CANADA INC., A CORPORATION ORGANIZED UNDER THE LAWS OF CANADA, TOYOTA KREDITBANK GMBH, A
CORPORATION ORGANIZED UNDER THE LAWS OF GERMANY, Toyota Finance Australia Limited,
A CORPORATION INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF AUSTRALIA, THE LENDERS FROM TIME TO TIME PARTY THERETO, BNP PARIBAS,
AS ADMINISTRATIVE AGENT, SWING LINE AGENT AND SWING LINE LENDER, BNP PARIBAS SECURITIES CORP., CITIGROUP GLOBAL MARKETS INC., MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., AS JOINT LEAD ARRANGERS AND JOINT BOOK
MANAGERS, CITIBANK, N.A. AND BANK OF AMERICA, N.A., AS SWING LINE LENDERS, AND CITIBANK, N.A., BANK OF AMERICA, N.A. AND THE BANK
OF TOKYO-MITSUBISHI UFJ, LTD., AS SYNDICATION AGENTS).

 

STANDARD TERMS AND CONDITIONS FOR 

 

ASSIGNMENT AND ASSUMPTION

 

1.Representations and Warranties.

 

1.1.Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim created by the Assignor and (iii) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of any Borrower
or any of its Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by
any Borrower or any of its Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of
such consents as may be required under the Credit

 

     

     

    

Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of
the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any other Lender, and (v) attached hereto is any withholding tax documentation required to be delivered
by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of
the Loan Documents are required to be performed by it as a Lender.

 

2.Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned interest (including
payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after
the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent
for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

 

3.General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the Law of the State of New York.

 

     

     

    

exhibit
e

 

FORM OF MONEY MARKET QUOTE REQUEST

 

Date: ___________, _____

 

		To:	BNP Paribas, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation
organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England,
Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized
under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH,
a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws
of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line
Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank
of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as
Syndication Agents.

 

The undersigned hereby requests Money Market
Quotes for (select one):

 

	 	☐ 	Money Market Absolute Rate for 	☐ 	Money Market Margin for
	 	     	Money Market Absolute Rate Loans	    	Money Market LIBOR Loans
	 	 	 	 	 

	 	1.	On 

 

	 (a Business Day).
	 	 	 	 	 

	 	2.	In the amount of US$________________________.
	 	 	 

	 	3.	For an Interest Period of ______________________.

 

The Money Market Loans for which Money Market
Quotes are requested herein would comply with the proviso to the first sentence of Section 2.3(a) of the Agreement.

 

	 	[TOYOTA MOTOR CREDIT CORPORATION]
	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]
	 	[TOYOTA FINANCIAL SERVICES (UK) PLC]
	 	[TOYOTA KREDITBANK GMBH]
	 	[TOYOTA LEASING GMBH]

 

     

     

    

	 	 [as Borrowers’ Representative for]	 
	 	 	 	 
	 	[TOYOTA MOTOR CREDIT CORPORATION]	 
	 	[TOYOTA CREDIT DE PUERTO RICO CORP.]	 
	 	 	 	 
	 	 	 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 

     

     

    

exhibit
f

 

FORM OF INVITATION FOR MONEY MARKET QUOTES

 

Date: ___________, _____

 

		To:	Lenders party to the Agreement (as defined below)

 

Ladies and Gentlemen:

 

Reference is made to
that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation
organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England,
Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized
under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH,
a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws
of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line
Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank
of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as
Syndication Agents.

 

On behalf of [Toyota
Motor Credit Corporation] [Toyota Motor Finance (Netherlands) B.V.] [Toyota Financial Services (UK) PLC] [Toyota Leasing GmbH]
[Toyota Credit de Puerto Rico Corp.] [Toyota Kreditbank GmbH], you are invited to submit Money Market Quotes for (select one):

 

	 	☐	Money Market Absolute Rate for 	☐	Money Market Margin for
	 	 	Money Market Absolute Rate Loans	 	Money Market LIBOR Loans
	 	 	 	 	 

	 	1.	On   

	(a Business Day).
	 	 	 	 	 

	 	2.	In the amount of US$___________________________.
	 	 	 

	 	3.	For an Interest Period of _________________________.
	 	 	 

  

Please respond to this invitation by no
later than [1:00 p.m.] [9:00 a.m.] on [date].

 

BNP PARIBAS, as Administrative Agent

 

    

    

    

 

 

	 	 	 	 
	 	By:	 	 
	 		Authorized Officer	 

 

     

     

    

exhibit
g

 

FORM OF MONEY MARKET QUOTE

 

Date: ___________, _____

 

		To:	BNP Paribas, as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Five Year Credit Agreement, dated as of November 18, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Toyota Motor Credit Corporation, a California corporation, Toyota Motor Finance (Netherlands) B.V., a corporation
organized under the laws of the Netherlands, Toyota Financial Services (UK) PLC, a corporation organized under the laws of England,
Toyota Leasing GmbH, a corporation organized under the laws of Germany, Toyota Credit de Puerto Rico Corp., a corporation organized
under the laws of Puerto Rico, Toyota Credit Canada Inc., a corporation organized under the laws of Canada, Toyota Kreditbank GmbH,
a corporation organized under the laws of Germany, Toyota Finance Australia Limited, a corporation incorporated under the laws
of the Commonwealth of Australia, the Lenders from time to time party thereto, BNP Paribas, as Administrative Agent, Swing Line
Agent and Swing Line Lender, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Book Managers, Citibank, N.A. and Bank
of America, N.A. as Swing Line Lenders and Citibank, N.A., Bank of America, N.A. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as
Syndication Agents.

 

In response to your
invitation on behalf of [Toyota Motor Credit Corporation] [Toyota Motor Finance (Netherlands) B.V.] [Toyota Financial Services
(UK) PLC] [Toyota Leasing GmbH] [Toyota Credit de Puerto Rico Corp.] [Toyota Kreditbank GmbH] dated ______________, 20__, we hereby
make the following Money Market Quote on the following terms:

 

	1.	Quoting Lender:  	 	 	 	 
	 	 	 	 	 	 
	2.	Person to contact at Quoting Lender:	 	Name:	 	 
	 	 	 	Tel:	 	 
	 	 	 	Fax:	 	 
	 	 	 	email:	 	 
	 	 	 	 	 	 
	3.	Date of Borrowing: 	 	 	 	8
	 	 	 	 	 	 
	4.	We hereby offer to make Money Market Loan(s) in the following principal amounts, for the following Interest Periods and at the following rates:

 

 

 

8 As specified in
the related Invitation.

  

     

     

    

	
        Principal

        Amount9
	
        Interest

        Period10
	
        [Money Market

        Margin]11
	[Absolute Rate12]
	 	 	 	 
	US$	 	 	 
	 	 	 	 
	US$	 	 	 

 

The Money Market Loans
for which Money Market Quotes are submitted herein comply with the requirements of the Agreement.

 

We understand and agree
that the offer(s) set forth above, subject to the satisfaction of the applicable conditions set forth in the Agreement, irrevocably
obligates us to make the Money Market Loan(s) for which any offer(s) are accepted, in whole or in part.

 

	 	Very truly yours,
	 	 
	 	[NAME OF LENDER]
	 	 
	 	 

	Dated:	 	 	By:	 	 
	 	 	 	 	Authorized Officer	 

 

 

 

9
Principal amount bid for each Interest Period may not exceed principal amount requested. Specify aggregate limitation if the sum
of the individual offer exceeds the amount the Lender is willing to lend. Bids must be made for US$5,000,000 or larger multiple
of US$1,000,000.

  

10
Not less than one month or not less than 14 days, as specified in the related Invitation. No more than five bids are permitted
for each Interest Period

  

11
Margin over or under the Eurocurrency Rate determined for the applicable Interest Period. Specify percentage (to the nearest 1/100,000
of 1%) and specify whether “PLUS” or “MINUS.”

  

12 Specify rate of interest per annum (to the nearest
1/10,000th of 1%).November 24, 2015 Exhibit 10.1

    EXHIBIT 10.1

SECURITIES PURCHASE AGREEMENT

THIS SECURITIES PURCHASE AGREEMENT (this "Agreement"), is made and entered into as of this
23rd day of November, 2015, between S&W Seed Company, a Nevada corporation, with offices at 7108 North Fresno Street, Fresno, California 93720 (the
"Company") and MFP Partners, L.P., with offices at 667 Madison Avenue, 25th Floor, New York, NY 10665 (the "Purchaser"). 

WITNESSETH:

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Securities Act") and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the
Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants and the terms set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 - DEFINITIONS

Section 1.1Certain Defined Terms

As used in this Agreement, the following terms shall have the following meanings:

"Affiliate" of a person or entity shall mean any other person or entity directly, or indirectly through one or more intermediaries, controlling, controlled
by, or under common control with such person or entity. As used in this definition, the term "control" means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract, or otherwise.

"Business Day" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"Commission" means the United States Securities and Exchange Commission.

"Common Stock" means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

"Common Stock Equivalents" means any securities of the Company or the Subsidiaries would entitle the holder thereof to acquire at any time
Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or
otherwise entitles the holder thereof to receive, Common Stock.

"Contingent Obligation" means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any
Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to
the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in
whole or in part) against loss with respect thereto.

"Effective Date" means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission, (b) all of
the Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required
under Rule 144 and without volume or manner-of-sale restrictions or (c) following the one-year anniversary of the Closing Date provided that a holder of Shares is not an Affiliate of the
Company, all of the Shares may be sold pursuant to an exemption from registration under Section 4(1) of the Securities Act without volume or manner-of-sale restrictions and Company
Counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the Shares pursuant to such exemption which opinion shall be in
form and substance reasonably acceptable to such holders.

"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"Exempt Issuance" means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to
any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee
directors established for such purpose for services rendered to the Company, (b) securities issuable upon the exercise or exchange of or conversion of any securities exercisable or
exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the
date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than pursuant to the terms of
such securities) or to extend the term of such securities, (c) securities issuable pursuant to rights granted pro rata to all shareholders of the Company or rights granted to any securities
holders of the Company that are outstanding on the date hereof; and (d) securities issued pursuant to acquisitions approved by a majority of the disinterested directors of the Company,
provided that any such issuance shall only be to a Person (or to the equity holders of a Person) that is, itself or through its subsidiaries, an operating company or an owner of an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

                                                      2

"FCPA" means the Foreign Corrupt Practices Act of 1977, as amended.

"Governmental Authority" means any United States federal, state or local or any foreign government, governmental regulatory or administrative authority, agency or
commission or any court, tribunal or judicial body of competent jurisdiction.

"Indebtedness" of any Person means, without duplication (a) all indebtedness for borrowed money, (b) all obligations issued, undertaken or
assumed as the deferred purchase price of property or services, including, without limitation, "capital leases" in accordance with GAAP (other than trade payables entered into in the
ordinary course of business consistent with past practice), (c) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (d) all
obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (e) all
indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the
proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (f)
all monetary obligations under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified as a "capital
lease", (g) all indebtedness referred to in clauses (a) through (f) above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be
secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even
though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (h) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (a) through (g) above.

"Issuer Covered Person" shall have the meaning ascribed to such term in Section 3.1(oo).

"Law" means any foreign, local, state or federal law, ordinance, regulation, order, injunction or decree, or common law or any other binding
requirement of a Governmental Authority.

"Liens" means encumbrances, mortgages, claims (pending or threatened), security interests, options, charges, pledges, title defects or objections,
easements, encroachments or restrictions of any kind of any nature whatsoever, lock-up arrangements, options or rights of first offer or refusal, or stop transfer order.

"Person" means any entity, organization or individual.

"Proceeding" means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

                                                      3

"Registration Statement" means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the
resale of the Shares by the Purchaser as provided for in the Registration Rights Agreement.

"Required Approvals" shall have the meaning ascribed to such term in Section 3.1(e).

"SEC Documents" shall mean each form, report, schedule, statement and other document filed or required to be filed by the Company with the
Commission pursuant to the Exchange Act through the date hereof, including any filed amendment to such document, whether or not such amendment is required to be so filed. 

"Short Sales" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to
include the location and/or reservation of borrowable shares of Common Stock).

"Subsidiary" means any entity in which the Company, directly or indirectly, owns any of the capital stock or holds an equity or similar interest.

"Trading Market" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in
question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB or the OTCCQX (or any
successors to any of the foregoing).

"Transaction Documents" means this Agreement and the Registration Rights Agreement, all exhibits and schedules, if any, thereto and hereto and
any other documents or agreements executed in connection with the transactions contemplated thereunder and hereunder.

"Transfer Agent" means Transfer Online, Inc.

ARTICLE 2 - PURCHASE AND SALE

Section 2.1Purchase and Sale of Securities.

At the Closing (as defined in Section 8.1), the Company will sell and issue to the Purchaser, and the Purchaser will purchase (the "Closing"),
One Million One Hundred Eighty Thousand Seven Hundred Twenty-two (1,180,722) shares of the Company's authorized and unissued Common Stock (the "Shares"), free
and clear of all Liens other than transfer restrictions under applicable securities laws and any Liens resulting from actions of the Purchaser and his Affiliates. 

Section 2.2Purchase Price.

At the Closing the Purchaser will pay to the Company Four Million Eight Hundred Ninety-nine Thousand Nine Hundred Ninety-six Dollars and Thirty Cents
($4,899,996.30) (the "Purchase Price") ($4.15 per share) as payment in full for the Shares purchased by the Purchaser hereunder. The amount required to be paid
pursuant to this Section 2.2 shall be paid by wire transfer of immediately available funds at Closing to an account designated by the Company no later than one business day prior to
Closing.

                                                      4

Section 2.3Deliveries by the Company. 

At the Closing, the Company shall deliver or cause to be delivered to the Transfer Agent such documents as may be required by the Transfer Agent to issue
certificate(s) for the Shares in Purchaser's name.

Section 2.4Deliveries by Purchaser. 

At the Closing, the Purchaser will deliver or cause to be delivered to the Company the Purchase Price by wire transfer of immediately available funds to an account
designated by the Company.

ARTICLE 3 - COMPANY REPRESENTATIONS AND WARRANTIES

3.1Except as otherwise disclosed in the Company's Annual Report on Form 10-K for the year ended June 30, 2015 or its Quarterly Report on Form 10-Q for
the quarter ended September 30, 2015, the Company hereby makes the following representations and warranties to the Purchaser:

(a)Subsidiaries.  All of the direct and indirect Subsidiaries (both domestic and foreign) of the Company are set forth in the SEC Documents. Other than as
disclosed in the SEC documents, the Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued
and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.
Except as otherwise stated in the SEC Documents, the Company has the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive dividends and distributions
on, all capital securities of its Subsidiaries owned by the Company or such Subsidiary. 

(b)Organization and Qualification.  The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business
as currently conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each
jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the
case may be, could not have or reasonably be expected to result in a material adverse effect on (i) the transactions contemplated by the Transaction Documents, (ii) the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, individually or taken as a whole, or (iii) the Company's ability to perform on a timely basis
its obligations under any Transaction Document (any of clauses (i), (ii) or (iii), a "Material Adverse Effect"). No Proceeding has been instituted in any applicable jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power, authority or qualification of the Company or its Subsidiaries. 

                                                      5

(c)Authorization; Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out the Company's obligations hereunder and thereunder. The execution and delivery of
this Agreement and each of the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby have been duly
authorized by all necessary action on the part of the Company, and no further action is required by the Company, the Board of Directors or the Company's shareholders in connection herewith
or therewith, other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which the Company is a party have been (or upon delivery will
have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except: (A) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors' rights generally, (B) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(C) insofar as indemnification and contribution provisions may be limited by applicable law.

(d)No Conflicts.  The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which the Company
is a party, the issuance and sale of the Shares and the consummation by the Company of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any
provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents; (ii) conflict with, or constitute a default (or an event
that with notice, lapse of time, or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to other
Persons any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time, or both) of, any agreement, credit facility, debt or other instrument (evidencing
Company or Subsidiary Indebtedness or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any
Subsidiary is bound or affected, such as could reasonably be expected to result in a Material Adverse Effect; or (iii) subject to the Required Approvals, conflict with or result in a violation of any
law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state
securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected.

(e)Filings, Consents and Approvals.  Neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and
performance by the Company of the Transaction Documents, other than: (i) the filing of a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby, (ii) the filing with the Commission

                                                      6

pursuant to the Registration Rights Agreement, (iii) the filing of a Shares Outstanding Change Notification with The Nasdaq Stock Market within ten (10) days of
the Closing Date reflecting the increase in the number of shares outstanding resulting from the transactions contemplated hereby, and (iv) the filing of a Form D with the Commission and such
filings as are required to be made under applicable state securities laws (collectively, the "Required Approvals").

(f)Issuance of the Shares.  The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. 

(g)Capitalization.  The capitalization of the Company is as set forth in the SEC Documents. The Company has not issued any capital stock since its most
recently filed periodic report under the Exchange Act, other than pursuant to the exercise of stock options under the Company's equity incentive plans. Other than pursuant to Exempt
Issuances, no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.
Except as a result of the purchase and sale of the Shares or pursuant to the Company's equity incentive plan, outstanding warrants disclosed in the SEC Documents and the 8% Senior
Secured Convertible Debentures (the "Debentures") or other Exempt Issuances, there are no outstanding options, warrants, scrip rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or
acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may
become bound to issue additional shares of Common Stock, Common Stock Equivalents or capital stock of any Subsidiary. Other than pursuant to the provisions of the outstanding warrants
issued in December 2014, the issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than
the Purchaser) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. Other than as set forth
in the SEC Documents, there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company
does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company
and each Subsidiary are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board of Directors or
others is required for the issuance and sale of the Shares. There are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's capital stock
to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

                                                      7

(h)SEC Reports; Financial Statements.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the
Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two (2) years preceding the date hereof (or such shorter period as the
Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the "SEC Reports") on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and
none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The Company is not and has never been an issuer subject to Rule 144(i) under the Securities
Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis during the periods involved ("GAAP"), except as may be otherwise specified in such financial statements or the notes thereto, and except that
unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.

(i)Material Changes; Undisclosed Events, Liabilities or Developments.  Since the date of the latest audited financial statements included within the SEC
Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that could
reasonably be expected to result in a Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company's or any Subsidiary's financial
statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) neither the Company nor any Subsidiary has sold any assets outside the ordinary course of business or had
capital expenditures, individually or in the aggregate, in excess of $200,000, (iv) neither the Company nor any Subsidiary has altered its method of accounting, (v) neither the Company nor any
Subsidiary has declared or made any cash or stock dividend or distribution to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its
capital stock and (vi) neither the Company nor any Subsidiary has issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company or Subsidiary equity
incentive plans. The Company does not have pending before the Commission any request for confidential treatment of information that has not been granted. No event, liability, fact,
circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company, its Subsidiaries or their respective businesses,
properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed
made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.

                                                      8

(j)Litigation.  There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal,
state, county, local or foreign) (each, an "Action") that (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the
Shares or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company, nor any Subsidiary nor any director or
officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been,
and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the
Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the
Exchange Act or the Securities Act. 

(k)Labor Relations.  No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company or any
Subsidiary that could reasonably be expected to result in a Material Adverse Effect. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such
employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its
Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to
be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or
agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any
liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to
employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

(l)Compliance.  Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that,
with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default
under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not
such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any
statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case of clauses (i), (ii) and (iii) as could not have or reasonably be expected to result in a
Material Adverse Effect.

                                                      9

(m)Environmental Laws.  The Company and its Subsidiaries (i) are in compliance with all federal, state, local or foreign laws relating to pollution or
protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, "Hazardous Materials") into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or
demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder ("Environmental
Laws"); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in
compliance with all terms and conditions of any such permit, license or approval where in each of clauses (i), (ii) and (iii), the failure to so comply could be reasonably expected to have,
individually or in the aggregate, a Material Adverse Effect.

(n)Regulatory Permits.  The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state,
local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits could not reasonably
be expected to result in a Material Adverse Effect ("Material Permits"), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any Material Permit.

(o)Title to Assets.  All of the Company's and each Subsidiary's owned real property is set forth in the SEC Reports (the "Real
Property"). Except as disclosed in the SEC Reports, the Company and each Subsidiary have good and marketable title in fee simple to all such Real Property owned by them and
good and marketable title in all personal property owned by them that is material to the business of the Company or such Subsidiary, in each case free and clear of all Liens, except for (i) Liens
as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or such Subsidiary and (ii)
Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP, and the payment of which is neither delinquent nor
subject to penalties. Any real property and facilities held under lease by the Company or any Subsidiary are held by them under valid, subsisting and enforceable leases with which the
Company or such Subsidiary is in compliance. Except as set forth in the SEC Reports, none of the Company's Subsidiaries owns or leases any real property.

(p)Intellectual Property.  The Company and each Subsidiary have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as necessary or required for use in connection
with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively, the "Intellectual Property Rights"). None of the
Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the
Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a

                                                      10

claim or otherwise has any knowledge
that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the
knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(q)Insurance.  The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at
least equal to $20 million. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

(r)Transactions With Affiliates and Employees.  Except as set forth in the SEC Documents, none of the officers or directors of the Company or any
Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other
than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from providing for the borrowing of money from or lending of money to, or otherwise requiring payments to or from any officer, director or such employee or, to the
knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each
case in excess of $120,000, other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other
employee benefits, including stock option and restricted stock unit agreements under any equity incentive plan of the Company.

(s)Sarbanes-Oxley; Internal Accounting Controls.  The Company and the Subsidiaries are in compliance with any and all applicable requirements of the
Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are
effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that:
(i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have
established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure

                                                      11

that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission's rules and forms. The Company's certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the
Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the "Evaluation Date"). The
Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures
based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the
Exchange Act) that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company or its Subsidiaries.

(t)Certain Fees.  No brokerage or finder's fees or commissions are or will be payable by the Company or any Subsidiaries to any broker, financial advisor
or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. 

(u)Private Placement.  Assuming the accuracy of the Purchaser's representations and warranties set forth in Section 4, no registration under the Securities
Act is required for the offer and sale of the Shares by the Company to the Purchaser as contemplated hereby. The issuance and sale of the Shares hereunder does not contravene the rules
and regulations of the principal Trading Market.

(v)Investment Company.  Neither the Company nor any Subsidiary is, nor is an Affiliate of, and immediately after receipt of payment for the Shares, will not
be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended. The Company and its Subsidiaries shall conduct their
respective businesses in a manner so that none will become an "investment company" subject to registration under the Investment Company Act of 1940, as amended.

(w)Registration Rights.  Other than the Purchaser pursuant to the Transaction Documents, no Person has any right to cause the Company to effect the
registration under the Securities Act of any securities of the Company or any Subsidiaries.

(x)Listing and Maintenance Requirements.  The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company
has taken no action designed to, or which is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any
notification that the Commission is contemplating terminating such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on
which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible
for electronic transfer through the Depository Trust Company or another established clearing corporation, and the Company is current in payment of the fees to the Depository Trust Company
(or such other established clearing corporation) in connection with such electronic transfer.

                                                      12

(y)Application of Takeover Protections.  The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's articles of
incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchaser as a result of the Purchaser and the Company fulfilling
their obligations or exercising their rights under the Transaction Documents, including without limitation, as a result of the Company's issuance of the Shares and the Purchaser's ownership of
the Shares.

(z)Disclosure.  All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its Subsidiaries, their
respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. As of the date
of release, no press release disseminated by the Company during the twelve (12) months preceding the date of this Agreement, contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not
misleading. 

(aa)No Integrated Offering.  Assuming the accuracy of the Purchaser's representations and warranties set forth in Section 4, neither the Company, nor any
of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Shares to be integrated with prior offerings by the Company for purposes of (i) the Securities Act that would require the registration of any such securities under
the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated. 

(bb)Solvency.  Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of
the proceeds from the sale of the Shares hereunder: (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's
existing debts (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as
proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital
requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after
taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not
intend to incur debts or believes it will incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).

                                                      13

The Company has no knowledge of any facts or circumstances that lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any
jurisdiction within one year from the Closing Date. 

(cc)Tax Status.  Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect,
the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required
by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or any Subsidiary
know of no basis for any such claim.

(dd)No General Solicitation.  Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Shares by any form of
general solicitation or general advertising. 

(ee)Foreign Corrupt Practices.  Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other
person acting on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to
foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from
corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any Person acting on its behalf of which the Company is aware) which is in
violation of law or (iv) violated in any material respect any provision of FCPA.

(ff)Acknowledgment Regarding the Purchaser's Purchase of Shares.  The Company acknowledges and agrees that the Purchaser is acting solely in the
capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that the Purchaser is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby, and any advice
given by the Purchaser or any of its respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the
Purchaser's purchase of the Shares. The Company further represents to the Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has
been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

(gg)Acknowledgment Regarding Purchaser's Trading Activity.  Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is
understood and acknowledged by the Company that: (i) except as expressly set forth in the Transaction Documents, the Purchaser has not been asked by the Company to agree, nor has the
Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or

                                                      14

"derivative" securities based on securities issued by the Company or to hold
the Shares for any specified term, (ii) past or future open market or other transactions by the Purchaser, specifically including, without limitation, Short Sales or "derivative"
transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities, (iii) the Purchaser,
and counter-parties in "derivative" transactions to which any such Purchaser is a party, directly or indirectly, may presently have a "short" position in the Common Stock
and (iv) the Purchaser shall not be deemed to have any affiliation with or control over any arm's length counter-party in any "derivative" transaction. The Company further
understands and acknowledges that (y) the Purchaser may engage in hedging activities at various times, and (z) such hedging activities (if any) could reduce the value of the existing
shareholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities do
not constitute a breach of any of the Transaction Documents. 

(hh)Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action
designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or
paid any compensation for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the
Company.

(ii)Form S-3 Eligibility.  The Company is eligible to register the resale of the Shares for resale by the Purchaser on Form S-3 promulgated under the
Securities Act.

(jj)Stock Option Plans.  Each stock option granted by the Company under the Company's equity incentive plan was granted (i) in accordance with the
terms of the Company's equity incentive plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered
granted under GAAP and applicable law. No stock option granted under the Company's equity incentive plan has been backdated. The Company has not knowingly granted, and there is no
and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public
announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects. 

(kk)Office of Foreign Assets Control.  Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent, employee or
Affiliate of the Company or any Subsidiary, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
("OFAC").

(ll)U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section
897 of the Code, and the Company shall so certify upon Purchaser's request.

(mm)Bank Holding Company Act.  Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as
amended (the "BHCA") and to regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Neither the Company nor
any of its Subsidiaries or Affiliates owns or controls, directly or

                                                      15

indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a
controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

(nn)Money Laundering.  The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules
and regulations thereunder (collectively, the "Money Laundering Laws"), and no Action or Proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, or any Subsidiary, threatened.

(oo)No Disqualification Events.  With respect to the Shares to be offered and sold hereunder in reliance on Rule 506(b) under the Securities Act, none of
the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of twenty
percent (20%) or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities
Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person" and, together, "Issuer Covered Persons") is
subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a "Disqualification Event"), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchaser a copy of any disclosures provided thereunder upon
request.

(pp)Other Covered Persons.  The Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration for solicitation of
purchasers in connection with the sale of any Shares.

(qq)Notice of Disqualification Events.  The Company will notify the Purchaser in writing, prior to the Closing Date of (i) any Disqualification Event relating to
any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

(rr)Off Balance Sheet Arrangements.  There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary) and an
unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its Exchange Act filings and is not so disclosed or that otherwise would be reasonably likely
to have a Material Adverse Effect.

                                                      16

(ss)Transfer Taxes.  On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) that are required to be paid in connection
with the sale and transfer of the Shares to be sold to each Purchaser hereunder will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or
will have been complied with.

(tt)Franchise Taxes.  There are no unpaid franchise taxes claimed by the taxing authority of any jurisdiction to be due by the Company or any Subsidiary,
and the officers of the Company or any Subsidiary know of no basis for any such claim. 

ARTICLE 4 - PURCHASER REPRESENTATIONS AND WARRANTIES

The Purchaser hereby represents and warrants to the Company the following:

Section 4.1Power and Authority.

The Purchaser has the right, power and authority to execute, deliver and perform this Agreement and all the documents and instruments referred to herein and
contemplated hereby and to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the Purchaser and will
constitute a legal, valid and binding obligation of Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws in effect which affect the enforcement of creditors' rights generally, or equitable principles.

Section 4.2No
Conflicts.

The execution and delivery by the Purchaser of this Agreement and the consummation of the transactions contemplated herein by the Purchaser will not: (i) violate,
conflict with, result in a breach or default under, cause termination of, create any right of termination under or any adverse change of rights under, (including the acceleration of payments
under) any term or condition of, or result in the creation of any Lien pursuant to, any mortgage, indenture, contract, license, permit, instrument, or other agreement, document or instrument to
which such Purchaser is a party or by which such Purchaser or any of its properties may be bound or (ii) violate any provision of Law or any valid and enforceable court order or ruling of
any Governmental Authority to which Purchaser is a party or by which Purchaser or its properties may be bound as would not, individually or in the aggregate, reasonably be expected to have
a material adverse effect on the ability of such Purchaser to consummate the transactions contemplated by this Agreement.

Section
4.3Required Consents, Approvals and Filings.

No consent or approval is required by virtue of the execution of this Agreement by the Purchaser or the consummation of the transaction contemplated herein by
the Purchaser. 

                                                      17

Section 4.4Accredited Investor.

The Purchaser is an accredited investor as that term is defined in Section 501 of Regulation D promulgated under the Securities Act.

Section 4.5Purchase for Investment.

The Purchaser is acquiring the Shares for its own account in the ordinary course of its business, for investment only and not with a view to the distribution thereof in
violation of the Securities Act, and the rules and regulations of the Commission promulgated thereunder.

Section 4.6Restricted Securities. 

The Purchaser acknowledges that the Shares are "restricted securities" as that term is defined in Rule 144 promulgated under the Securities Act and,
accordingly, the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available and the certificates
evidencing the Shares will be legended accordingly. Without limiting the generality of the foregoing, the Purchaser acknowledges that, unless the resale of the Shares is covered under an
effective registration statement, the Shares may not be sold pursuant to Rule 144 for a period of six (6) months from the date of Closing, and, if the Purchaser is deemed an affiliate of the
Company at the time of such future sale, that it must comply with the volume and manner of sale restrictions of Rule 144 applicable to affiliates of an issuer.

Section 4.7Sophistication.

The Purchaser has, independently and without reliance upon the Company and its Affiliates, and based on such documents and information as the Purchaser has
deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other condition of the Company, investment merits and consequences of
its purchase of the Shares and made its own decision with respect to its purchase of the Shares. The Purchaser has consulted to the extent deemed appropriate by it with its own advisers as to
the financial, tax, legal and related matters concerning a purchase of the Shares and on that basis understands the financial, legal, tax and related consequences of a purchase of the Shares,
and believes that a purchase of the Shares is suitable and appropriate for him. The Purchaser is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions
with respect to investments in securities representing an investment decision like that involved in the purchase of the Shares, and has requested, received, reviewed and considered all
information it deems relevant in making an informed decision to purchase the Shares. The Purchaser understands that its investment in the Shares involves a significant degree of risk including
a risk of total loss of its investment, and it is fully aware of and understands all the risk factors related to its purchase of the Shares. The Purchaser acknowledges that the Company and its
Affiliates have or may have material non-public information relating to the business or financial condition of the Company, or relating to the Shares, that has not been disclosed to the Purchaser
and which information may impact the value of the Shares, and that notwithstanding such non-disclosure, the Purchaser has received information deemed by it to be sufficient to allow it to
make an independent and informed decision with respect to its acquisition of the Shares contemplated hereunder. 

                                                      18

Section 4.8Broker.

The Purchaser has not employed any broker or finder in connection with the transactions contemplated by its Agreement.

Section 4.9No General Solicitation.

The Purchaser did not learn of the investment in the Shares as a result of any public advertising or general solicitation, including without limitation, by means of a
registration statement or prospectus.

ARTICLE 5 - OTHER AGREEMENTS OF THE PARTIES

Section 5.1Consents and Approvals.

The Company and the Purchaser shall take, or cause to be taken, all actions and shall do, or cause to be done, all things necessary under applicable Laws and
regulations to consummate and make effective the transactions contemplated by this Agreement, including, without limitation, to comply promptly with all legal requirements that may be
imposed on it with respect to this Agreement and the transactions contemplated hereby by any Governmental Authority with regulatory jurisdiction over enforcement of any applicable antitrust
or other similar regulatory Laws ("Governmental Regulatory Authority") (which actions shall include, without limitation, furnishing all information required by applicable Law
in connection with approvals of or filings with any Governmental Regulatory Authority).  

Section
5.2Taxes.

All liability for sales, transfer, use, gross receipt or other similar taxes arising out of the transactions contemplated by this Agreement shall be borne by the
Company. Responsibility for collecting and paying such taxes shall be as required under applicable Law.

Section 5.3
Registration. 

The Company will include the Shares as "Registrable Securities" pursuant to the terms of the Registration Rights Agreement in the form attached
hereto as Exhibit A. This Section 5.3 shall survive the Closing. 

Section 5.4Rule 144 Legal Opinions.

From time-to-time following the satisfaction of the applicable conditions to the public sale of the Shares by Purchaser as set forth in Rule 144 promulgated under the
Securities Act, the Company agrees promptly following the request therefor from Purchaser to cause its counsel to provide to the Company and its transfer agent, if required, an opinion to the
effect that such transfer does not require registration of the Shares under the Securities Act.

                                                      19

Section 5.5Indemnification of Purchaser.

(a)Subject to the provisions of this Section 5.5, the Company will indemnify and hold the Purchaser and its directors, officers, shareholders, members, partners,
employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who
"controls" such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons
(each, a "Purchaser Party") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of, arising out of, or relating to (i) any
breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (ii) any Action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any Person who is not an Affiliate of such Purchaser Party, with respect to any of the transactions
contemplated by the Transaction Documents, any transaction financed in whole or in part, directly or indirectly, with the proceeds from the issuance of the Shares, or the status of such
Purchaser Party as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents (other than (x) an Action by the Company based solely upon such
Purchaser Party's breach of the Transaction Documents, (y) an Action by governmental authorities based solely upon violations by such Purchaser Party of state or federal securities laws or (z)
an Action arising solely as a result of any conduct by such Purchaser Party which has been determined by a final, non-appealable judicial decision to constitute fraud, gross negligence or willful
misconduct). 

   

   

                                                      20

(b)If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall
promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.
Any Purchaser Party shall have the right to employ separate counsel in any such Action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such Action there is, in the reasonable opinion of counsel to the Purchaser Party, a material conflict on any material
issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than
one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company's prior
written consent, which shall not be unreasonably withheld, conditioned or delayed or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser
Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. 

(c)The indemnification required by this Section 5.5 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as
and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company
or others and any liabilities the Company may be subject to pursuant to law.

(d)Given that a Purchaser Party may be entitled to indemnification (a "Jointly Indemnifiable Purchaser Claim") from both the Company,
pursuant to this Agreement, and from any other person, whether pursuant to applicable law, any indemnification agreement, the organizational documents of such person or otherwise (the
"Indemnitee-Related Purchaser Entities"), the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the
Purchaser Party in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Purchaser Claim, pursuant to and in accordance with the terms of
this Agreement, irrespective of any right of recovery the Purchaser Party may have from the Indemnitee-Related Purchaser Entities. Under no circumstance shall the Company be entitled to
any right of subrogation or contribution by the Indemnitee-Related Purchaser Entities and no right of recovery the Purchaser Party may have from the Indemnitee-Related Purchaser Entities
shall reduce or otherwise alter the rights of the Purchaser Party or the obligations of the Company hereunder. In the event that any of the Indemnitee-Related Purchaser Entities shall make any
payment to the Purchaser Party in respect of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Purchaser Claim, the Indemnitee-Related Investor Entity
making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Purchaser Party against the Company, and the Purchaser Party shall execute all
papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the
Indemnitee-Related Purchaser Entities effectively to bring suit to enforce such rights. Each of the Indemnitee-Related Purchaser Entities shall be third-party beneficiaries with respect to this
Section 5.5, entitled to enforce this Section 5.5 against the Company as though each such Indemnitee-Related Investor Entity were a party to this Agreement.

                                                       21

Section 5.6Transfer Restrictions.

(a)The Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Shares other than pursuant to
an effective registration statement or Rule 144 or in connection with a pledge as contemplated in Section 5.6(b), the Company may require the transferor thereof to provide to the Company an
opinion of counsel selected by the transferor and reasonably acceptable to the Company (it being agreed that the opinion of Purchaser's in-house counsel shall be acceptable to the Company),
the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Shares under the
Securities Act. As a condition of granting any transferee of Shares any rights pursuant to any of the Transaction Documents, any such transferee shall agree in writing to be bound by the terms
of this Agreement and the Registration Rights Agreement and shall have the rights and obligations of a Purchaser under this Agreement and the Registration Rights Agreement. 

(b)The Purchaser agrees to the imprinting, so long as is required by this Section 5.6, of a legend on any of the Shares in substantially the following form:

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD (I) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (II) PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL SELECTED BY THE HOLDER TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY OR (III) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A
BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

(c)The Company acknowledges and agrees that the Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-
dealer or grant a security interest in some or all of the Shares to a financial institution that is an "accredited investor" as defined in Rule 501(a) under the Securities Act. Such pledge
would not be deemed a transfer, sale or assignment, would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor would be
required in connection therewith. Further, no notice shall be required of such pledge. At the Purchaser's expense, the Company will execute and deliver such reasonable documentation as a
pledgee or secured party of the Shares may reasonably request in connection with a pledge of the Shares, including, if the Shares are subject to registration pursuant to the Registration Rights
Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately
amend the list of Selling Stockholders (as defined in the Registration Rights Agreement) thereunder. 

                                                      22

(d)Certificates evidencing the Shares shall not contain any legend (including the legend set forth in Section 5.6(b) hereof): (i) while a registration statement covering
the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, (iii) if such Shares are eligible for sale under Rule 144, without the
requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Shares and without volume or manner-of-sale restrictions or (iv) if such
legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall
cause its counsel to issue a legal opinion to the Transfer Agent promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder. The Company
agrees that following the Effective Date or at such time as such legend is no longer required under this Section 5.6, it will, no later than three (3) Trading Days following the delivery by the
Purchaser to the Company or the Transfer Agent of a certificate representing Underlying Shares, as applicable, issued with a restrictive legend (such third Trading Day, the "Legend
Removal Date"), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not
make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 5.6. Certificates for Shares subject to legend removal
hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company System as directed by such
Purchaser.

(e)If the Company fails to issue to the Purchaser a certificate without such legend or to deliver such Shares to the Purchaser by the Legend Removal Date, and if on
or after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the holder of such
Shares that the holder anticipated receiving without legend from the Company (a "Buy-In"), then the Company shall, within three (3) Trading Days after the Purchaser's
request and in the Purchaser's discretion, either (i) pay cash to the Purchaser in an amount equal to the Purchaser's total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased (the "Buy-In Price"), at which point the Company's obligation to deliver such unlegended Shares shall terminate, or (ii) promptly
honor its obligation to deliver to the Purchaser such unlegended Shares as provided above and pay cash to the Purchaser in an amount equal to the excess (if any) of the Buy-In Price over the
product of (A) such number of shares of Common Stock, times (B) the Closing Sale Price of the Common Stock as reported by Bloomberg, L.P. on the Legend Removal Date. Nothing herein
shall limit such Purchaser's right to pursue actual damages for the Company's failure to deliver certificates representing any Shares as required by the Transaction Documents, and such
Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. 

(f)The Purchaser agrees with the Company that such Purchaser will sell any Shares pursuant to either the registration requirements of the Securities Act, including
any applicable prospectus delivery requirements, or an exemption therefrom, and that if Shares are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of
distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Shares as set forth in this Section 5.6 is predicated upon the Company's
reliance upon this understanding.

                                                      23

Section 5.7Furnishing of Information; Public Information. 

(a)Until the Purchaser owns no Shares, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the
Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant
to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

(b) At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the Shares may be sold
without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, (i) if the Company shall fail for any reason
to satisfy the current public information requirement under Rule 144(c) or (ii) if the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and
the Company shall fail for any reason to satisfy any condition set forth in Rule 144(i)(2) (each of clauses (i) and (ii), a "Public Information Failure"), then, in addition to the
Purchaser's other available remedies, the Company shall pay to the Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its
ability to sell the Shares, an amount in cash equal to one percent (1.0%) of the aggregate Purchase Price on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated
for periods totaling less than thirty (30) days) thereafter until the earlier of (i) the date such Public Information Failure is cured and (ii) such time that such public information is no longer required
for the Purchaser to transfer the Shares pursuant to Rule 144. The payments to which the Purchaser shall be entitled pursuant to this Section 5.7 are referred to herein as "Public
Information Failure Payments." Public Information Failure Payments shall be paid on the earlier of (y) the last day of the calendar month during which such Public Information Failure
Payments are incurred and (z) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make
Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full.
Nothing herein shall limit the Purchaser's right to pursue actual damages for the Public Information Failure, and the Purchaser shall have the right to pursue all remedies available to it at law or
in equity including, without limitation, a decree of specific performance and/or injunctive relief.

Section 5.8Integration.

The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any "security" (as defined in Section 2 of the
Securities Act) that would be integrated with the offer or sale of the Shares in a manner that would require the registration under the Securities Act of the sale of the Shares or that would be
integrated with the offer or sale of the Shares for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

                                                      24

Section 5.9Shareholder Rights Plan.

No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that the Purchaser is an "Acquiring
Person" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or
hereafter adopted by the Company, or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Shares under the Transaction
Documents or under any other agreement between the Company and the Purchaser.

Section 5.10Use of Proceeds.

The Company shall use the net proceeds from the sale of the Shares hereunder for payment of monthly redemptions pursuant to the Debentures and for
working capital purposes. 

Section 5.11Participation in Future Financing.

From the date hereof until the date that is the two (2) year anniversary of the Closing Date, upon any issuance by the Company or any of its Subsidiaries of
Common Stock, Common Stock Equivalents for cash consideration, debt securities that are convertible into equity or a combination of units thereof (other than for a transaction that generates
gross proceeds of up to $5 million) (a "Subsequent Financing"), the Purchaser shall have the right to participate up to its Pro Rata Portion of the Subsequent Financing, on the same
terms, conditions and price provided for in the Subsequent Financing.

(b)Approximately four (4) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to the Purchaser a written notice of its intention
to effect a Subsequent Financing (a "Subsequent Financing Notice"). The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such
Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and
shall include a term sheet or similar document relating thereto as an attachment.

(c)If the Purchaser desires to participate in such Subsequent Financing, it must provide written notice to the Company by not later than 5:30 p.m. (New York City
time) on the third (3rd) Trading Day (or in the case of a confidentially marketed public offering or registered direct offering, the next Trading Day), after the Purchaser has received the
Subsequent Financing Notice that the Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser's participation, and representing and warranting that the
Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from the Purchaser as
of such third (3rd) Trading Day (or the next Trading Day in the case of a confidentially marketed public offering or registered direct offering), the Purchaser shall be deemed to have notified the
Company that it does not elect to participate.

                                                      25

(d)"Pro Rata Portion" means the percentage of the Subsequent Financing equal to the number of shares of Common Stock beneficially owned
by the Purchaser divided by the number of outstanding shares of Common Stock, provided, however, that in no event shall the total shares of Common Stock beneficially owned by the
Purchaser as a result of its participation in a Subsequent Financing exceed 19.9%. 

(e)The Company must provide the Purchaser with a second Subsequent Financing Notice, and the Purchaser will again have the right of participation set forth
above in this Section 5.11, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated for any reason on the terms set forth in such Subsequent
Financing Notice within thirty (30) Trading Days after the date of the initial Subsequent Financing Notice.

(f)The Company and the Purchaser agree that if the Purchaser elects to participate in the Subsequent Financing, the transaction documents related to the
Subsequent Financing shall not include any term or provision whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Shares purchased hereunder or
be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with, the Transaction Documents, without the prior written consent
of the Purchaser.

(g)Notwithstanding anything to the contrary in this Section 5.11 and unless otherwise agreed to by the Purchaser, the Company shall either confirm in writing to the
Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either
case in such a manner such that the Purchaser will not be in possession of any material, non-public information, by the fourth (4th) Trading Day following delivery of the Subsequent Financing
Notice. If by such fourth (4th) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of
such transaction has been received by the Purchaser, such transaction shall be deemed to have been abandoned and the Purchaser shall not be deemed to be in possession of any material,
non-public information with respect to the Company or any of its Subsidiaries.

(h)Notwithstanding the foregoing, this Section 5.11 shall not apply in respect of an Exempt Issuance.

(i)The terms of this participation right as set forth above supersede Section 5.11 of the Securities Purchase Agreement between the Company and the Purchaser
dated December 30, 2015.

Section 5.12Form D; Blue Sky Filings

The Company agrees to timely file a Form D with respect to the Shares as required under Regulation D and to provide a copy thereof promptly after such filing
to the Purchaser upon request. The Company shall take such action, as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for,
sale to the Purchaser on or before the Closing under applicable securities or "Blue Sky" laws of the states of the United States, and shall provide evidence of such actions promptly
to the Purchaser. The Company shall make all filings and reports relating to the offer and sale of the Shares required under such laws following the Closing Date.

                                                      26

Section 5.13Rescission and Withdrawal Right.

Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever the
Purchaser exercises a right, election, demand or option under a Transaction Document, and the Company does not timely perform its related obligations within the periods therein provided,
then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without
prejudice to its future actions and rights.

Section 5.14Replacement of Shares. 

If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs
(including customary indemnity) associated with the issuance of such replacement Shares.

Section 5.15Remedies.

In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company will be entitled
to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of
obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law
would be adequate.

Section 5.16Payment Set Aside.

To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction Document or the Purchaser enforces or
exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law
(including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof
originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

                                                      27

Section 5.17Liquidated Damages.

The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the
Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such
partial liquidated damages or other amounts are due and payable shall have been canceled.

Section 5.18Nasdaq Notification.

Within ten (10) days of the Closing Date, the Company shall file with The Nasdaq Stock Market a Shares Outstanding Change Notification reflecting the
increase in the number of shares outstanding resulting from the transactions contemplated hereby.

Section 5.19WAIVER OF JURY TRIAL.

IN ANY ACTION OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND
INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES
FOREVER TRIAL BY JURY.

ARTICLE 6 - CONDITIONS TO THE COMPANY'S OBLIGATIONS

The obligation of the Company to consummate the transactions contemplated hereby will be subject to the satisfaction (or written waiver by the Company), at or
prior to the Closing, of the condition that there shall be in effect no injunction, decree or order of, any Governmental Authority that prohibits or renders unlawful the consummation of the
transactions contemplated hereby.

ARTICLE 7 - CONDITIONS TO PURCHASER'S OBLIGATIONS

The obligation of the Purchaser to consummate the transactions contemplated hereby is subject to the satisfaction (or written waiver by such Purchaser), at or prior
to the Closing, of the conditions that there shall be in effect no injunction, decree or order of, any Governmental Authority that prohibits or renders unlawful the consummation of the transactions
contemplated hereby.

ARTICLE 8 - CLOSING

Section 8.1Closing.

Assuming the satisfaction or, if permitted, wavier of the conditions set forth in Articles 6 and 7, the closing of the transactions contemplated hereby (the
"Closing") shall take place on November 24, 2015, at the Company's offices, or such earlier time and/or date as the parties may agree upon in writing (the
"Closing Date"). If the conditions set forth in Articles 6 and 7 are not satisfied by November 24, 2015, the Closing shall take place within three (3) business days of the
satisfaction or, if permitted, wavier of the conditions set forth in Articles 6 and 7. At the Closing, the Company will make the deliveries set forth in Section 2.3, and the Purchaser will deliver the
Purchase Price in accordance with Section 2.4. 

                                                      28

Section
8.2Termination Prior to Closing.

Notwithstanding the foregoing, this Agreement may be terminated, and the transactions contemplated hereby may be abandoned at any time prior to the
Closing:

	Upon the written agreement of the parties hereto; 

	By the Company or Purchaser, by giving written notice to the other party in the event that any permanent injunction or action by any Governmental Authority
preventing the consummation of the transactions contemplated by this Agreement shall be have become final and nonappealable; or

(C) By the Company or Purchaser, by written notice to the other party, if the Closing has not been consummated on or before three (3) Business Days from the date hereof.

Section 8.3Effect of Termination.

Termination of this Agreement pursuant to Section 8.2 will terminate all obligations of the parties hereunder, except for Sections 9.7, 9.9 and 9.10;
provided, however, that termination pursuant to such Section 8.2 will not relieve a defaulting or breaching party from any liability to the other party hereto. 

ARTICLE 9 - MISCELLANEOUS

Section 9.1Entire Agreement.

This Agreement and all other agreements to be signed or delivered at Closing constitute the full understanding of the parties, a complete allocation of risks between
them and a complete and exclusive statement of the terms and conditions of their agreement relating to the subject matter hereof and supersede any and all prior agreements, whether written
or oral, that may exist between the parties with respect thereto.

   

   

                                                      29

Section
9.2Waivers.

No waiver by a party with respect to any breach or default or of any right or remedy and no course of dealing or performance, will be deemed to constitute a
continuing waiver of any other breach or default or of any other right or remedy, unless such waiver is expressed in writing signed by the party to be bound. Failure of a party to exercise any
right will not be deemed a waiver of such right or rights in the future.

Section
9.3Parties Bound by Agreement; Successors and Assigns; Nature of the Company's Obligations.

The terms, conditions and obligations of this Agreement will inure to the benefit of and be binding upon the parties hereto and the respective successors and
assigns thereof. Neither of the parties hereto may transfer or assign its rights, duties or obligations hereunder or any part thereof to any other person or entity without the prior written consent of
the other parties hereto.

Section
9.4Counterparts 

This Agreement may be executed in multiple counterparts, each of which will for all purposes be deemed to be an original and all of which will constitute the same
instrument.

Section
9.5Notices.

All notices, requests and other communications to any party hereunder shall be in writing and shall be given (and shall be deemed to have been duly given when received or first
refused) (i) by hand delivery, (ii) by overnight courier, express mail service or registered or certified mail, in each case with postage or fees prepaid, or (iii) by facsimile or email transmission
(with a copy of any such notice sent by hand delivery, overnight courier, express mail service or registered or certified mail, in each case with postage or fees prepaid) to the respective parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Company:

S&W Seed Company

   7108 North Fresno Street, Suite 380

   Fresno, California 93720

   Attention: Matthew K. Szot, Chief Financial Officer

   Facsimile: (559) 884-2750

   Email: mszot@swseedco.com

If to Purchaser:

MFP Partners, L.P.

   667 Madison Avenue, 25th Floor

   New York, NY 10665 

   Attention: Timothy E. Ladin, General Counsel and Vice President

   Fax: (212) 752-7265

   Email:  tladin@mfpllc.com

                                                      30

Section 9.6Governing Law; Submission to Jurisdiction.

All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an
inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law. If any party hereto shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 5.5, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Action or Proceeding. 

Section
9.7Public Announcements.

Except as required by Law, any announcements or similar publicity or any disclosure to any person other than the respective advisors of the parties hereto
regarding the contents of this Agreement or any other agreement between the parties entered into pursuant hereto shall be agreed upon by the parties prior to such disclosure and, except as
provided herein, any information relating to the matters described above shall be kept confidential by the parties hereto (and their respective representatives and agents); provided that
nothing herein shall prohibit the Company from making such disclosure to the Company's Affiliates and any shareholders of the Company and its Affiliates; and provided further, that
this prohibition shall not be deemed breached in the event the Company is required to disclose this transaction under the rules and regulations of the Commission applicable to the Company.

Section 9.8No
Third-Party Beneficiaries.

Other than as set forth in Section 5.5(d) of this Agreement, there exists no right of any person to claim a beneficial interest in this Agreement or any rights occurring
by virtue of this Agreement.

                                                       31

Section 9.9Fees and Expenses.

Except as provided in this Section 9.9 below, each party hereto shall bear its own expenses in connection with the preparation and negotiation of this Agreement
and the consummation of the transactions contemplated by this Agreement. The foregoing notwithstanding, the Company shall reimburse the Purchaser for its legal fees incurred in connection
with the transactions contemplated by the Transaction Documents, up to a maximum of Ten Thousand Dollars ($10,000). 

Section 9.9Survival.

Unless this Agreement is terminated under Section 8.2, the representations and warranties of the Company and the Purchaser contained in Article 3, and the
agreements and covenants set forth in Article 5, shall survive the Closing and the delivery of the Shares.

Section 9.10Amendments; Waivers.

No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the
Company and the Purchaser, and in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

Section
9.11Interpretation.

Words of the masculine gender will be deemed and construed to include correlative words of the feminine and neuter genders. Words importing the singular
number will include the plural number and vice versa unless the context will otherwise indicate. The headings of this Agreement are for convenience and do not define or limit the provisions
hereof. Words importing persons include firms, associations and corporations. The term "herein," "hereunder," "hereby," "hereto,"
"hereof" and any similar terms refer to this Agreement, the term "heretofore" means before the date of execution of this Agreement and the term "hereafter"
means after the date of execution of this Agreement. References herein to "include," "includes" or "including" shall mean without limitation.

[SIGNATURE PAGE FOLLOWS]

 

 

                                                      32

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.
S&W SEED COMPANY

  

By:/s/ Matthew K. Szot

   Matthew K. Szot

   Executive Vice President of Finance and

   Administration and Chief Financial Officer

PURCHASER:

MFP PARTNERS, L.P.

By:MFP Investors LLC,

Its General Partner

  

By:/s/ Timothy E. Ladin

   Timothy E. Ladin 

   General Counsel and Vice President

[SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

   

                                                      33

    EXHIBIT A

FORM OF REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement"), is made and entered into as of this ___ day of November, 2015, between
S&W Seed Company, a Nevada corporation, with offices at 7108 North Fresno Street, Fresno, California 93720 (the "Company") and MFP Investors LLC, with offices
at 667 Madison Avenue, 25th Floor, New York, NY 10665 (the "Investor").

This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and the Investor (the "Purchase
Agreement") in connection with the following.

W I T N E S S E T H

WHEREAS, the Company and the Investor have entered into the Purchase Agreement providing for the offer and sale of 1,180,722 shares of the Company's Common
Stock (the "Shares") in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act")
pursuant to Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder;

WHEREAS, as an inducement to the Investor to purchase the Shares, the Company has agreed to provide the Investor with certain registration rights.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows:

ARTICLE I 

Certain Definitions

For purposes of this Agreement, the following terms shall have the following meanings:

	The term "Affiliate" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
such Person; provided that, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" and "under common control
with"), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise.

	The term "Business Days" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York
City are generally authorized or obligated by law or executive order to close.

	The term "Board" means the Board of Directors of the Company.

                                                      A-1

	The term "Commission" means the United States Securities and Exchange Commission or any successor agency.

	The term "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

	The term "Person" (but not "person") means any individual, firm, corporation, partnership, limited liability company, trust or other entity, and
shall include any successor (by merger or otherwise) of such entity.

	The term "Purchase Price" means $4.15 per Share.

	The term "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

Any terms used in this Agreement and not defined herein shall have the meanings given such terms in the Purchase Agreement.

ARTICLE II 

REGISTRATION OF COMMON STOCK; INDEMNIFICATION

Section 2.01    Registrable Securities.  For the purposes of this Agreement, "Registrable Securities" means the Shares; provided that (i) any
Shares of Common Stock will cease to be Registrable Securities, and (ii) the Company will not be obligated to maintain the effectiveness of the Resale Registration Statement (as defined
below), and the Company's obligations under Section 2.02 will cease, with respect to the Registrable Securities of a holder thereof (a "Holder") following the date on which
(a) such securities have been sold or otherwise transferred by the Holder thereof pursuant to an effective registration statement; (b) such securities are sold in accordance with Rule 144 (or any
successor provision) promulgated under the Securities Act; or (c) such securities become eligible for resale without volume or manner-of-sale
restrictions and without current public information pursuant to Rule 144. The period of time during which the Company is required to keep the Resale Registration Statement effective
is referred to as the "Effectiveness Period." 

Section 2.02    Registration. Within thirty (30) days following the date hereof (the "Filing Date"), the Company shall prepare
and file a resale registration statement on Form S-3 or another applicable form, if Form S-3 is not then available, registering offers and sales of Registrable Securities held by the Investor and
any other Holders of Registrable Securities pursuant to Rule 415 under the Securities Act (such registration statement together with all exhibits thereto and any post-effective amendment
thereto that becomes effective, the "Resale Registration Statement"); provided that at all times the Company shall use its commercially reasonable best efforts to cause the
Commission to declare the Resale Registration Statement, including any post-effective amendments thereto, to be declared effective at the earliest practicable date. Notwithstanding the
foregoing or anything to the contrary in this Article II, if the Company grants registration rights to one or more other holders of its Common Stock that are more favorable to such holders than
the registration rights granted hereunder, with respect to underwritten offerings or otherwise, the Company and holders of a majority of the Registrable Securities hereunder shall in good faith
amend this Agreement to reflect such more favorable terms as reasonably as practicable.

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Section 2.03    Registration  Procedures. In connection with the registration of any Registrable Securities under the Securities Act as provided in this Article II, the Company
will use its best efforts to:

	cause the Resale Registration Statement (and any other related registrations, qualifications or compliances as may be reasonably requested and as would permit or
facilitate the sale and distribution of all Registrable Securities until the distribution thereof is complete) to become effective as soon as practicable following the filing thereof;

	prepare and file with the Commission the amendments and supplements to the Resale Registration Statement and the prospectus used in connection therewith and
take all other actions as may be necessary to keep the Resale Registration Statement continuously effective until the disposition of all securities in accordance with the intended methods of
disposition by the Holder or Holders thereof set forth in the Resale Registration Statement will be completed, and to comply with the provisions of the Securities Act (to the extent applicable to
the Company) with respect to the dispositions;

	(i) at least five (5) Business Days before filing with the Commission, furnish to each Holder and its counsel (if any) copies of all documents proposed to be filed with
the Commission in connection with such registration, which documents will be subject to the review and reasonable comment of such Holder and its counsel; (ii) furnish to each Holder of
Registrable Securities a reasonable number of copies of the Resale Registration Statement, of each amendment and supplement thereto, and of the prospectus included in the Resale
Registration Statement (including each preliminary prospectus), in conformity with the requirements of the Securities Act, and the other documents (including exhibits to any of the foregoing),
as the Holder may reasonably request, in order to facilitate the disposition of the Registrable Securities owned by such Holder; and (iii) respond as promptly as practicable to any comments
received from the Commission with respect to each Resale Registration Statement or any amendment thereto and, as promptly as reasonably possible, provide the Holders true and complete
copies of all correspondence from and to the Commission relating to such Resale Registration Statement that pertains to the Holders as "Selling Stockholders" but not any
comments that would result in the disclosure to the Holders of material and non-public information concerning the Company.

	register or qualify the Registrable Securities covered by the Resale Registration Statement under the securities or "blue sky" laws of the various states
as any Holder reasonably requests and do any and all other acts and things that may be necessary or reasonably advisable to enable a Holder to consummate the disposition in such states of
the Registrable Securities owned by such Holder, except that the Company will not be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would
not, but for the requirements of this Section 2.03(d), be obligated to be qualified, or to subject itself to taxation in any jurisdiction;

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	notify the Holders promptly, and confirm such notice in writing, (i)(A) when a prospectus as contained in the Resale Registration Statement (a
"Prospectus") or any Prospectus supplement or post-effective amendment has been filed, and (B) with respect to a Resale Registration Statement or any post-effective
amendment, when the same has become effective, (ii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of
a Resale Registration Statement or the initiation of any proceedings for that purpose, (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (iv) of the existence of any fact or
the happening of any event that makes any statement made in such Resale Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein
by reference untrue in any material respect or which requires the making of any changes in such Resale Registration Statement, Prospectus or documents so that, in the case of the Resale
Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, (v) of the Company's reasonable determination that a post-effective amendment to a Resale
Registration Statement would be appropriate, or (vi) of any request by the Commission or other governmental authority for amendments or supplements to a Resale Registration Statement or
related Prospectus or for additional information that pertains to the Holders as "Selling Stockholders" or the "Plan of Distribution," and to
promptly prepare a supplement or amendment to such Resale Registration Statement or Prospectus to correct such untrue statement or omission, and deliver such number of copies
of such supplement or amendment to each Holder as may reasonably be requested;  

	make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of the Resale Registration Statement or any suspension of the
qualification of any of the Registrable Securities for sale in any jurisdiction, at the earliest possible time.

Section 2.04    Rule 144.  With a view to making available to the Holders the benefits of certain rules and regulations of the Commission that at any time permit the sale of
the Registrable Securities to the public without registration, the Company agrees to:

	make and keep public information available, as those terms are understood and defined in Rule 144 promulgated under the Securities Act;

	file with the Commission in a timely manner all reports and other documents required of the Company under the Exchange Act;

	so long as a Holder owns any unregistered Registrable Securities, furnish to the Holder upon any reasonable request a written statement by the Company as to its
compliance with the public information requirements of Rule 144 promulgated under the Securities Act and/or the Exchange Act, a copy of the most recent annual or quarterly report of

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the Company, and any other reports and documents of the Company as the Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell
any Registrable Securities without registration (excluding any reports or documents of the Company that the Company, in its sole discretion, deems confidential); provided that to the extent
such documents and reports are available on the Commission's website, the Company shall not be required to provide the copies contemplated by this subsection (c); and

	take such further action as any Holder may reasonably request to enable such Holder to sell such Shares without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions relating to such sale pursuant to Rule 144.

Section 2.05    Registration and Selling Expenses.  All expenses incurred by the Company in connection with the Company's performance of or compliance with this Article
II, including, without limitation, (i) all Commission registration and filing fees, (ii) blue sky fees and expenses, (iii) all necessary printing and duplicating expenses and (iv) all fees and
disbursements of counsel and accountants retained on behalf of the Company, will be paid by the Company. Each Holder may, at its election, retain its own counsel and other representatives
and advisors as it chooses at its own expense.

Section 2.06    Partial Liquidated Damages.  If: (i) the Resale Registration Statement is not filed on or prior to its Filing Date (if the Company files the Resale Registration
Statement without affording the Holders the opportunity to review and comment on the same as required by Section 2.03(c) herein, the Company shall be deemed to have not satisfied this
clause (i)), or (ii) the Company fails to file with the Commission a request for acceleration of the Resale Registration Statement in accordance with Rule 461 promulgated by the Commission
pursuant to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Resale Registration
Statement will not be "reviewed" or will not be subject to further review, or (iii) prior to the effective date of a Resale Registration Statement, the Company fails to file a pre-effective
amendment and otherwise respond in writing to comments made by the Commission in respect of such Resale Registration Statement within eighteen (18) days after the receipt of comments
by or notice from the Commission that such amendment is required in order for such Resale Registration Statement to be declared effective; provided, however, that this clause (iii) shall not
apply to comments received from the Commission staff relating to accounting issues or comments relating to one or more Holders, so long as the Company continues to use its reasonable best
efforts to be in a position to fully respond to such comments as soon as practicable, or (iv) the Company fails to comply with the permitted Black-Out Periods (defined below) set forth in Section
2.07; or (v) if the Resale Registration Statement when declared effective fails to register all of the Registrable Securities (any such failure or breach being referred to as an
"Event", and for purposes of clauses (i) through (v), the date on which such Event occurs, or "Event Date"), then, in addition to any other rights the
Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by
such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the

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product of 1.0% multiplied by the aggregate Purchase Price paid by such Holder for the Shares pursuant to the Purchase Agreement, up to an aggregate maximum of 4.0%. If the Company fails to pay any
partial liquidated damages pursuant to this Section 2.06 in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser
maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest
thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event. For purposes of
clarity, in the event the Company complies with the provisions set forth in clause (i) through (v) above, the partial liquidated damages provided in this Section 2.06 shall not be assessed,
provided, however, that nothing herein shall derogate from the Company's requirement in the event of a Public Information Failure to make the payment required pursuant to
Section 5.7(b) of the Purchase Agreement. 

Section 2.07    Inability to Use Prospectus; Black-Out Periods.  Each Holder agrees that, upon receipt of any notice from the Company of (i) the happening of any event of
the kind described in Sections 2.03(e)(i)(A), 2.03(e)(ii), 2.03(e)(iii), 2.03(e)(iv), 2.03(e)(v) or 2.03(e)(vi) hereof, or (ii) a determination by the Board that it is advisable to suspend
use of the Prospectus for a discrete period of time due to pending corporate developments such as negotiation of a material transaction which the Company in its sole discretion after
consultation with legal counsel, determines it would be obligated to disclose in the Resale Registration Statement, which disclosure the Company believes would be premature or otherwise
inadvisable at such time or would have a material adverse effect on the Company and its stockholders, such Holder will forthwith discontinue disposition of such Registrable Securities pursuant
to the Resale Registration Statement or Prospectus until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 2.03(b) hereof, or until such
Holder is advised in writing by the Company that the use of the applicable Prospectus may be resumed and has received copies of any additional or supplemental filings that are incorporated
or deemed to be incorporated by reference in such Prospectus. The period of time in which the use of a Prospectus or Resale Registration Statement is so suspended shall be referred to as a
"Black-Out Period." The Company agrees to so advise such Holder promptly of the commencement and termination of any such Black-Out Period, and the Purchasers
agree to keep the fact of such Black-Out Period confidential. The Company shall not impose a Black-Out Period under this Section 2.07 for more than ninety (90) consecutive days and not
more than twice in any given twelve (12) month period; provided, that at least sixty (60) days must pass between Black-Out Periods, and the total aggregate length of all Black-Out periods
within any twelve (12) month period shall not exceed one hundred and twenty (120) days. Notwithstanding the foregoing, the Company may suspend use of any Resale Registration Statement
if the Commission's rules and regulations prohibit the Company from maintaining the effectiveness of a Resale Registration Statement because its financial statements are stale at a time when
its fiscal year has ended or it has made an acquisition reportable under Item 2.01 of Form 8-K or any other similar situation until the Company's Form 10-K has been filed or a Form 8-K,
including any required pro forma or historical financial statements, has been filed, respectively (provided that the Company shall use its reasonable best efforts to cure any such situation as
soon as possible so that the Resale Registration Statement can be used at the earliest possible time).

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Section 2.08    Certain Obligations of Holders.

	As a condition to the inclusion of its Registrable Securities in the Resale Registration Statement, each Holder will furnish to the Company the information regarding
the Holder as is legally required in connection with any registration, qualification or compliance referred to in this Article II.

	Each Holder hereby covenants with the Company not to make any sale of the Registrable Securities pursuant to the Resale Registration Statement without
effectively causing the prospectus delivery requirements under the Securities Act to be satisfied.

	Each Holder acknowledges and agrees that the Registrable Securities sold pursuant to the Resale Registration Statement are not transferable on the books of the
Company unless the stock certificate submitted to the transfer agent evidencing the Registrable Securities, if applicable, is accompanied by a certificate reasonably satisfactory to the Company
to the effect that (i) the Registrable Securities have been sold in accordance with this Agreement and the Resale Registration Statement and (ii) the requirement of delivering a current
prospectus has been satisfied.

	Each Holder is hereby advised that the anti-manipulation provisions of Regulation M under the Exchange Act may apply to sales of the Registrable Securities
offered pursuant to the Resale Registration Statement and agrees not to take any action with respect to any distribution deemed to be made pursuant to the Resale Registration Statement that
constitutes a violation of Regulation M under the Exchange Act or any other applicable rule, regulation or law.

	The rights to cause the Company to register Registrable Securities granted to the Holders by the Company under Section 2.02 may be assigned in whole
or in part by a Holder in connection with the transfer of such Registrable Securities, provided, that: (i) the transfer of the Registrable Securities and the rights to register such Registrable
Securities are affected in accordance with applicable securities laws, (ii) the transfer involves not less than fifty percent (50%) of the Shares, (iii) the Holder gives prior written notice to the
Company, and (iv) the transferee agrees to comply with the terms and provisions of this Agreement in a written instrument reasonably satisfactory in form and substance to the Company and
its counsel. Except as specifically permitted by this Section 2.08, the rights of a Holder with respect to Registrable Securities will not be transferable to any other Person, and any attempted
transfer will cause all rights of the Holder to registration of Registrable Securities under this Article II to be forfeited, void ab initio and of no further force and effect.

	With the written consent of the Company and each Holder affected or potentially affected by such proposed waiver, any provision of Sections 2.01, 2.02, 2.03, 2.04,
2.05, 2.06, 2.07, 2.08 or 2.09 may be waived (either generally or in a particular instance, either retroactively or prospectively and either for a specified period of time or indefinitely). Upon the
effectuation of each waiver, the Company will promptly give written notice thereof to such Holders.

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Section 2.09    Indemnification.

	By the Company.  The Company agrees to indemnify, to the fullest extent permitted by law, each Holder of Registrable Securities being sold, its directors,
officers, employees, members, managers, partners, agents, and each other Person, if any, who controls (within the meaning of the Securities Act and the rules and regulations thereunder)
such Holder (each, an "Indemnified Person") against all losses, claims, damages, liabilities, and expenses (including legal fees and expenses and all costs incident to
investigation or preparation with respect to such losses, claims, damages, liabilities, and expenses and to reimburse such Indemnified Person for such costs as incurred) (collectively, the
"Losses") caused by, resulting from, or relating to any untrue or alleged untrue statement of material fact contained in the Resale Registration Statement, prospectus, or
preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or a fact necessary to make the
statements therein not misleading, except insofar as the same are caused by or contained in any information furnished to the Company by or on behalf of such Holder in writing expressly for
use therein or by such Holder's failure to deliver a copy of the Resale Registration Statement or prospectus or any amendments or supplements thereto after the Company has furnished such
Holder with a sufficient number of copies of the same and notified such Holder of such obligation. In connection with an underwritten offering and without limiting any of the Company's other
obligations under this Agreement, the Company shall indemnify such underwriters, their officers, directors, employees, and agents and each Person who controls (within the meaning of the
Securities Act and the rules and regulations thereunder) such underwriters or such other indemnified Person to the same extent as provided above with respect to the indemnification of the
Holders of Registrable Securities being sold.

	By the Investor.  In connection with any registration statement in which a Holder of Registrable Securities is participating pursuant to this Agreement, each
such Holder will, if requested, furnish to the Company in writing information regarding such Holder's ownership of Registrable Securities and, to the extent permitted by law, shall, severally and
not jointly, indemnify the Company, its directors, and each Person who controls (within the meaning of the Securities Act and the rules and regulations thereunder) the Company against all
Losses caused by, resulting from, or relating to any untrue or alleged untrue statement of material fact contained in the Resale Registration Statement, prospectus, or preliminary prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is caused by and contained in such information so furnished to the Company in writing by or on behalf of such Holder expressly for
use therein; provided, however, that each Holder's obligation to indemnify the Company hereunder shall be apportioned between each Holder based upon the net amount
received by each Holder from the sale of Registrable Securities, as compared to the total net amount received by all of the Holders of Registrable Securities sold pursuant to such registration
statement, no such Holder being liable to the Company in excess of such apportionment; and provided, further (i) that each Holder's obligation to indemnify the Company
hereunder shall be apportioned between each Holder as is appropriate to reflect the relative fault of such Holder on the one hand, and of each other Holder on the other, in connection with the
statements or omissions that resulted in such Losses. The relative fault of each Holder on the one hand, and each other Holder on the

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other, shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Holder and the
parties' relevant intent, knowledge, information and opportunity to correct or prevent such statement or omission.

	Notice.  Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which its
seeks indemnification; provided, however, that the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has
been materially prejudiced by such failure to provide such notice.

	Defense of Actions.  In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate, and settle the matter in question in accordance with this paragraph) be liable to
such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation, supervision, and monitoring (unless such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it that are different from
or in addition to the defenses available to such indemnifying party or if a conflict or potential conflict of interest exists, in either of which event the indemnified party shall be reimbursed by the
indemnifying party for the expenses incurred in connection with retaining separate legal counsel). An indemnifying party shall not be liable for any settlement of an action or claim effected
without its consent, which consent shall not be unreasonably withheld, conditioned or delayed. The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall
fail diligently to contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the
indemnified party (which consent shall not be unreasonably withheld, conditioned or delayed). The indemnifying party shall not, without the prior written consent of an indemnified party (which
consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceedings in respect of which indemnity has been sought hereunder
by such indemnified party unless (i) such settlement includes an unconditional release of such indemnified party in form and substance satisfactory to such indemnified party from all liability on
the claims that are the subject matter of such proceedings and (ii) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

	Jointly Indemnifiable Claims.  Given that an Indemnified Person may be entitled to indemnification (a "Jointly Indemnifiable Claim") from
both the Company, pursuant to this Agreement, and from any other Person, whether pursuant to applicable law, any indemnification agreement, the organizational documents of such Person or
otherwise (the "Indemnitee-Related Entities"), the Company acknowledges and agrees that the Company shall

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be fully and primarily responsible for the payment to the
Indemnified Person in respect of indemnification and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this
Agreement, irrespective of any right of recovery the Indemnified Person may have from the Indemnitee-Related Entities. Under no circumstance shall the Company be entitled to any right of
subrogation or contribution by the Indemnitee-Related Entities and no right of recovery the Indemnified Person may have from the Indemnitee-Related Entities shall reduce or otherwise alter
the rights of the Indemnified Person or the obligations of the Company hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnified Person in
respect of indemnification or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of
such payment to all of the rights of recovery of the Indemnified Person against the Company, and the Indemnified Person shall execute all papers reasonably required and shall do all things
that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to
enforce such rights. Each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 2.09(e), entitled to enforce this Section 2.09(e)
against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

	 Survival.  The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified Person and will survive the transfer of the Registrable Securities and the termination of this Agreement.

	Contribution.  If recovery is not available under the foregoing indemnification provisions for any reason or reasons other than as specified therein, any
Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person would
be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons'
relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other
equitable considerations appropriate under the circumstances, including the relative fault of such Person, in connection with the statements or omissions that resulted in Losses. The relative
fault of each Person shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by such Person and the parties' relevant intent, knowledge, information and opportunity to correct or prevent such statement or omission. It is
hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
Notwithstanding the foregoing, the Investor and any Affiliate of such Investor shall not be required to make a contribution in excess of (i) the net amount received by such Investor (or its
Affiliate) from the sale of Registrable Securities.  

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ARTICLE III 

Miscellaneous

Section 3.01    Inconsistent Agreements.  Without the prior written consent of the Investor, the Company shall not enter into any registration rights agreement that
conflicts, or is inconsistent, with the provisions of Article II hereof.

Section 3.02    Specific Performance.  Each of the Investor and the Company acknowledge and agree that, in the event of any breach of this Agreement, the non-breaching
party or parties would be irreparably harmed and could not be made whole by monetary damages. The Investor and the Company hereby agree that, in addition to any other remedy to which
the Investor may be entitled at law or in equity, the Investor shall be entitled to compel specific performance of this Agreement in any action instituted in any court of the United States or any
state thereof having subject matter jurisdiction for such action.

Section 3.03    Headings.  The headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any
provisions hereof.

Section 3.04    Entire Agreement.  Except for the Purchase Agreement, this Agreement (a) constitutes the entire agreement and understanding of the parties hereto in
respect of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, conditions, or undertakings with respect to the subject matter
hereof, other than those expressly set forth or referred to herein, and (b) amends and supersedes all prior agreements and understandings between the parties hereto with respect to the
subject matter hereof.

Section 3.05    Notices.  All notices and other communications hereunder shall be in writing and shall be delivered personally, by next-day courier, by electronic or facsimile
transmission, or telecopied with confirmation of receipt to the parties at the addresses specified below (or at such other address for a party as shall be specified by like notice; provided that
notices of change of address shall be effective only upon receipt thereof). Any such notice shall be effective upon receipt, if personally delivered, delivered by electronic or facsimile
transmission, or telecopied, or one day after delivery to a courier for next-day delivery.

If to the Company, to:

S&W Seed Company

7108 North Fresno Street, Suite 380

Fresno, CA 93720

Attention:  Chief Executive Officer and Chief Financial Officer

Fax: (559) 884-2750

Email:  mgrewal@swseedco.com and mszot@swseedco.com

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with a copy (which shall not constitute notice) to:

Murphy & Weiner, a Professional Corporation

430 Cambridge Avenue, Suite 100

Palo Alto, CA 94306

Attention: Debra K. Weiner

Fax: (650) 323-1108

Email:  debbie@murphyweiner.com

If to the Investor or the Holder(s), to:

MFP Partners, L.P.

c/o MFP Investors LLC

667 Madison Avenue, 25th Floor

Attention: Timothy E. Ladin

Fax: (212) 752-7265

Email:  tladin@mfpllc.com

Section 3.06    Applicable Law.  The substantive laws of the State of New York shall govern the interpretation, validity, and performance of the terms of this Agreement,
regardless of the law that might be applied under applicable principles of conflicts of laws.

Section 3.07    Severability.  The invalidity, illegality, or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity,
legality, or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality, or enforceability of this Agreement, including any such provision, in any other jurisdiction,
it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

Section 3.08    Successors; Assigns.  The provisions of this Agreement shall be binding upon the parties hereto and their respective heirs, successors, and permitted
assigns, including, without limitation and without the need for an express assignment or assumption, any successor in interest to an Investor, whether by a sale of all or substantially all of its
assets, merger, consolidation, or otherwise. Neither this Agreement nor the rights or obligations of any party hereunder may be assigned, except as otherwise provided in this Agreement.  Any
such attempted assignment in contravention of this Agreement shall be void and of no effect.

Section 3.09    No Third-Party Beneficiaries.  Nothing in this Agreement creates in any Person not a party to this Agreement (other than permitted assignees and a Person
indemnified pursuant to Section 2.09 hereof with respect to such indemnification rights and any Holders of the Registrable Securities with respect to the rights to which they are entitled
hereunder ) any legal or equitable right, remedy or claim under this Agreement, and this Agreement is for the exclusive benefit of the parties hereto.

Section 3.10    Amendments.  This Agreement may not be amended, modified, or supplemented unless such modification is in writing and signed by the Company and each
Investor.

                                                      A-12

Section 3.11    Waiver.  Any waiver (express or implied) of any default or breach of this Agreement shall not constitute a waiver of any other or subsequent default or
breach.

Section 3.12    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same Agreement.

[SIGNATURE PAGE FOLLOWS]

   

   

   

   

                                                      A-13

S&W SEED COMPANY

   

By: __________________________________

   Matthew K. Szot

   Executive Vice President of Finance and

   Administration and Chief Financial Officer

   

PURCHASER:

MFP PARTNERS, L.P.

By:MFP Investors LLC,

Its General Partner

By: __________________________________

   Timothy E. Ladin

   General Counsel

   

   

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

   

                                                      A-14

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