Document:

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                                                                    EXHIBIT 4.6

(MULTICURRENCY - CROSS BORDER)

                                      ISDA(R)

                  International Swap Dealers Association, Inc.
                                MASTER AGREEMENT

                     dated as of...........................

 ..................................... and ......................................
have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.       INTERPRETATION

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

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

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

2.       OBLIGATIONS.

(a)      GENERAL CONDITIONS.

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

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

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

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

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

         (i) in the same currency; and

         (ii) in respect of the same Transaction,

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

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

(d)      DEDUCTION OR WITHHOLDING FOR TAX.

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

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

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

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

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

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

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

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         (ii)     LIABILITY. If:--

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

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

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

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

(c)      DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment
obligation will, to the extent permitted by law and subject to Section 6(c),
be required to pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as such overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment, at the Default Rate. Such
interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation
of an Early Termination Date in respect of the relevant Transaction, a party
defaults in the performance of any obligation required to be settled by
delivery, it will compensate the other party on demand if and to the extent
provided for in the relevant Confirmation or elsewhere in this Agreement.

3.       REPRESENTATIONS

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

(a)      BASIC REPRESENTATIONS.

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

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

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

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

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

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

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

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

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

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

4.       AGREEMENTS

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

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

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

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

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

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

(b)      MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this
Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

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

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

(e)      PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp
Tax levied or imposed upon it or in respect of its execution or performance
of this Agreement by a jurisdiction in which it is incorporated.

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

5.  EVENTS OF DEFAULT AND TERMINATION EVENTS

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

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

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

     (iii) CREDIT SUPPORT DEFAULT.

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

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

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

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

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

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default,
     event of default or other similar condition or event (however

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

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

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

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

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

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

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

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

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

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

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

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

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

         (iv)     CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

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

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

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6.       EARLY TERMINATION

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

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

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

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

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

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

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

         (iv)     RIGHT TO TERMINATE. If:--

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

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

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then

                                       8
<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c)   EFFECT OF DESIGNATION.

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

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

(d)   CALCULATIONS.

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

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

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

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

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

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

           (3)  SECOND METHOD AND MARKET QUOTATION. If the Second Method and
           Market Quotation apply, an amount will be payable equal to (A) the
           sum of the Settlement Amount (determined by the

                                      9
<PAGE>

           Non-defaulting Party) in respect of the Terminated Transactions and
           the Termination Currency Equivalent of the Unpaid Amounts owing to
           the Non-defaulting Party less (B) the Termination Currency
           Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
           that amount is a positive number, the Defaulting Party will pay it
           to the Non-defaulting Party; if it is a negative number, the
           Non-defaulting Party will pay the absolute value of that amount to
           the Defaulting Party.

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

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

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

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

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

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

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

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

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

                                       10
<PAGE>

7.       TRANSFER

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

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

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

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

8.       CONTRACTUAL CURRENCY

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

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

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

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

                                       11
<PAGE>

9.       MISCELLANEOUS

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

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

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

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

(e)      COUNTERPARTS AND CONFIRMATIONS.

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

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

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

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

10.      OFFICES: MULTIBRANCH PARTIES

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

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

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

11.      EXPENSES

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

                                       12
<PAGE>

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

12.     NOTICES

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

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

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

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

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

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

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

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

13.     GOVERNING LAW AND JURISDICTION

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

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

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

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

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

(c)     SERVICE OF PROCESS.  Each party irrevocably appoints the Process
Agent (if any) specified opposite its name in the Schedule to receive, for it
and on its behalf, service of process in any Proceedings.  If for any

                                       13
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent
to service of process given in the manner provided for notices in Section 12.
Nothing in this Agreement will affect the right of either party to serve
process in any other manner permitted by law.

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

14.     DEFINITIONS

As used in this Agreement:--

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

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

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

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

"APPLICABLE RATE" means:--

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

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

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

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

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

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

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

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

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

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

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

                                       14
<PAGE>

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

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

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

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

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed
in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to
such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of
such jurisdiction, or being or having been organised, present or engaged in a
trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding
a connection arising solely from such recipient or related person having
executed, delivered, performed its obligations or received a payment under,
or enforced, this Agreement or a Credit Support Document).

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

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

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

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or
by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support
Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section (2)(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have

                                      15

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                      16
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

"UNPAID AMOUNTS" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Termination
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for
Section 2(a)(iii)) required to be settled by delivery to such party on or
prior to such Early Termination Date and which has not been so settled as at
such Early Termination Date, an amount equal to the fair market

                                      17
<PAGE>

value of that which was (or would have been) required to be delivered as of
the originally scheduled date for delivery, in each case together with (to
the extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or
would have been required to have been paid or performed to (but excluding)
such Early Termination Date, at the Applicable Rate. Such amounts of interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall
be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page
of this document.

                                                TOYOTA AUTO RECEIVABLES
TOYOTA MOTOR CREDIT CORPORATION                 2001-B OWNER TRUST*
-------------------------------                 ----------------------------
        (Name of Party)                               (Name of Party)

By: /s/ George E. Borst                         By: /s/ Sterling C. Correia
   --------------------------                      -------------------------
   Name: George E. Borst                           Name: STERLING C. CORREIA
   Title: President and Chief Executive Officer    Title: VICE PRESIDENT
   Date:                                           Date:

                                                *By: FIRST UNION TRUST COMPANY
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but sole as Owner
                                                     Trustee

                                      18<PAGE>
                                                                    EXHIBIT 4.7

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT
                            DATED AS OF MAY 15, 2001
                                     BETWEEN
                        TOYOTA MOTOR CREDIT CORPORATION.
                                   ("PARTY A")
                                       AND
                   TOYOTA AUTO RECEIVABLES 2001-B OWNER TRUST
                                   ("PARTY B")

Part 1.  Termination Provisions.

(a)      "SPECIFIED ENTITY" means in relation to Party A for the purpose of:

         Section 5(a)(v), None
         Section 5(a)(vi), None
         Section 5(a)(vii), None
         Section 5(b)(iv), None

         and in relation to Party B for the purpose of:

         Section 5(a)(v), None
         Section 5(a)(vi), None
         Section 5(a)(vii), None
         Section 5(b)(iv), None

(b)      "SPECIFIED TRANSACTION" has the meaning specified in Section 14.

(c)      The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will not
         apply to Party B.

         The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will not
         apply to Party A or Party B.

         The "MISREPRESENTATION" provisions of Section 5(a)(iv) will not apply
         to Party B.

         The "DEFAULT UNDER THE SPECIFIED TRANSACTION" provisions of Section
         5(a)(v) will not apply to Party A and will not apply to Party B.

         The "CROSS DEFAULT" provisions of Section 5(a)(vi) will not apply to
         Party A and will not apply to Party B.

(d)      The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
         apply to Party A and will not apply to Party B.

(e)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will apply
         to Party A and Party B.

         If an Early Termination Date occurs under Section 6(a) as a result of
         Automatic Early Termination, the Defaulting Party shall fully indemnify
         the Non-defaulting Party on demand

                                       1
<PAGE>

         against all expense, loss, damage or liability that the Non-defaulting
         Party may incur in respect of this Agreement and each Transaction as a
         consequence of movements in interest, currency, exchange or other
         relevant rates or prices or Market Quotations between the Early
         Termination Date and the Local Business Day on which the Non-defaulting
         Party first becomes aware that the Early Termination Date has occurred
         under Section 6(a). The Non-defaulting Party may for this purpose
         convert any expense, loss, damage or liability to the Termination
         Currency.

(f)      PAYMENTS ON EARLY TERMINATION. "Market Quotation" and "Second Method"
         will apply for the purpose of Section 6(e) of this Agreement; PROVIDED,
         HOWEVER, in the case of the Additional Termination Event specified in
         this Agreement that occurs other than as a result of an amendment after
         the date hereof to the Investment Company Act of 1940, as amended, or
         the promulgation of regulations thereunder after the date hereof, the
         related Settlement Amount for each Party will be deemed to be zero.

(g)      "TERMINATION CURRENCY" means United States Dollars.

(h)      ADDITIONAL TERMINATION EVENT will apply. Any of the following shall
         constitute an Additional Termination Event:

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

                  EVENT OF DEFAULT UNDER INDENTURE. Any event of default (as
                  defined in the Indenture) shall occur and be continuing
                  resulting in acceleration of the Notes in accordance with the
                  Indenture (in which event Party A and Party B shall be the
                  Affected Parties and all Transactions shall be Affected
                  Transactions).

                  REPLACEMENT AGREEMENT. Upon an event that a replacement
                  Agreement shall have been entered into between Party B and a
                  Transferee in accordance with Part 5(f) of this Schedule (in
                  which event, Party A and Party B shall be Affected Parties and
                  all Transactions shall be Affected Transactions);

Part 2.  Tax Representations

(a)      PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this
         Agreement, each of Party A and Party B makes the following
         representation:

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

                                       2
<PAGE>

(b)      PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
         Agreement, Party A and Party B make the representations specified
         below:

                  (A) Party A makes the following representation: It is a
                  corporation duly organized and incorporated under the laws of
                  the State of California.

                  (B) Party B makes the following representation: It is a trust
                  organized or formed under the laws of the State of Delaware.

Part 3.  Agreement to Deliver Documents

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

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

<TABLE>
<CAPTION>
       PARTY REQUIRED TO                                                                    DATE BY WHICH TO BE
       DELIVER DOCUMENT                     FORM/DOCUMENT/CERTIFICATE                            DELIVERED
       ----------------                     -------------------------                            ---------
<S>                              <C>                                                 <C>
Party A and Party B              Any document  required or reasonably  requested     Promptly  upon the  earlier of (i)
                                 to  allow  the  other  party  to make  payments     reasonable  demand  by  the  other
                                 under this  Agreement  without any deduction or     party and (ii)  learning  that the
                                 withholding  for or on  account  of any  Tax or     form or document is required.
                                 with  such   deduction  or   withholding  at  a
                                 reduced rate
</TABLE>

         (b)  Other documents to be delivered are:

<TABLE>
<CAPTION>
    PARTY REQUIRED TO                                                                                            COVERED BY SECTION
    DELIVER DOCUMENT            FORM.DOCUMENT CERTIFICATE               DATE BY WHICH TO BE DELIVERED            3(d) REPRESENTATION
    ----------------            -------------------------               -----------------------------            -------------------
<S>                        <C>                                      <C>                                          <C>
Party A and Party B        Certificate   or   other   documents     At   or   promptly    following   the                Yes
                           evidencing   the  authority  of  the     execution of this Agreement,  and, if
                           party  entering into this  Agreement     a  Confirmation  so requires it on or
                           and the persons  acting on behalf of     before the date set forth therein
                           such party
Party A and Party B        Legal    Opinions    in   the   form     At   or   promptly    following   the                No.
                           reasonably  acceptable  to the other     execution of this Agreement
                           party
</TABLE>

                                       3
<PAGE>

Part 4.  Miscellaneous

(a)      ADDRESSES FOR NOTICES: For the purpose of Section 12(a) of this
         Agreement:

Address for notices or communications to Party A:

Address:          19001 South Western Avenue
                  Torrance, California  90509
Attention:        Vice President, Treasury
Telex No.:        3719707
Facsimile No.:    310-468-6194
Answerback:       TMSUSA Z

(For all purposes)

Address for notices or communications to Party B:

Address:          Toyota Auto Receivables 2001-B Owner Trust
                  c/o First Union Trust Company, National Association
                  One Rodney Square

                  920 King Street, Suite 102
                  Wilmington, Delaware  19801

Attention:        Sterling C. Correia, Vice President
Fax:              302-888-7544

(For all purposes)

(b)      PROCESS AGENT.  For the purpose of Section 13(c):

Party A appoints as its Process Agent:  Not Applicable

Party B appoints as its Process Agent:  Not Applicable

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

(d)      MULTIBRANCH PARTY.  For the purpose of Section 10:

Party A is not a Multibranch Party.
Party B is not a Multibranch Party.

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

(f)      CREDIT SUPPORT DOCUMENT.  Details of any Credit Support Document:

Party A:  Not Applicable

Party B:  Not Applicable

                                       4
<PAGE>

(g)      Credit Support Provider.

Party A:  Not Applicable
Party B:  Not Applicable

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

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

(j)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement.

Part 5.  Other Provisions

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

(b)      EARLY TERMINATION.

         (i)      Section 6(b)(ii) is hereby amended to read in its entirety as
                  follows:

         TRANSFER TO AVOID TERMINATION EVENT.

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

         If Party A is not able to make such a transfer it will give notice to
         Party B to that effect within such 20 day period.

         Any such transfer under this Section 6(b)(ii)(1) will be subject to and
         conditional upon the prior written consent of the other party, which
         consent will not be withheld if such other party's policies in effect
         at such time would permit it to enter into transactions with the
         transferee on the terms proposed.

         (2)      No transfer or substitution pursuant to this Section 6(b)(ii)
         shall occur unless and until the Indenture Trustee has received the
         written affirmation of each of Standard & Poor's and Moody's that such
         transfer or substitution shall not adversely affect the then-current
         ratings of the Notes.

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

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

                                       5
<PAGE>

(e)      Any termination payment payable pursuant to Section 6(e) shall be
computed separately for each Transaction hereunder and any amount owed by either
Party A or Party B with respect to the termination of any such Transaction shall
be netted against other amounts due under this Agreement.

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

         Except as stated under Section 6(b)(ii) and as provided in this Section
         7, and except for the assignment by way of security in favor of the
         Indenture Trustee under the Indenture, neither Party A nor Party B is
         permitted to assign, novate or transfer as a whole or in part any of
         its rights, obligations or interests under this Agreement. Party A may
         transfer this Agreement to another party (the "Transferee"), on ten
         (10) Business Days' prior written notice, PROVIDED that (i) such notice
         shall be accompanied by a guarantee by Party A of such Transferee's
         obligations in form and substance reasonably satisfactory to the
         Indenture Trustee; (ii) Party A delivers an opinion of independent
         counsel of recognized standing in form and substance reasonably
         satisfactory to the Indenture Trustee confirming that as of the date of
         such transfer the Transferee will not, as a result of such transfer, be
         required to withhold or deduct on account of tax under this Agreement;
         (iii) a Termination Event or Event of Default does not occur under this
         Agreement as a result of such transfer and (iv) the Indenture Trustee
         has received written affirmation of Standard & Poor's and Moody's (or
         their successors) that such transfer shall not adversely affect the
         then-current ratings of the Notes. In addition, in the event the
         long-term debt rating of Party A is reduced to a level below "Aa3" by
         Moody's (or its successor) or "AA-" by Standard & Poor's (or its
         successor) or the short-term debt rating of Party A is reduced to a
         level below "P-1" by Moody's or "A-1+" by Standard Poor's, or in either
         case, such lower ratings as may be permitted by Moody's and Standard &
         Poor's without causing a downgrade in the ratings applicable to the
         Notes), Party A may, but shall not be required to, (A) post Eligible
         Collateral in an amount equal to the Credit Support Amount with Party
         B, PROVIDED that (i) a Termination Event or Event of Default does not
         occur under this Agreement as a result of such collateralization and
         (ii) if Party A posts collateral, the ratings assigned to the Notes
         after the posting of such Eligible Collateral will be at least equal to
         the ratings assigned by Moody's and Standard & Poor's (or their
         successors) to the Notes at the time of such reduction of the rating of
         Party A's long-term debt or (B) assign this Agreement to another party
         (or otherwise obtain a replacement swap agreement on substantially the
         same terms as this Agreement) and thereby be released from its
         obligations under this Agreement, PROVIDED that, in the case of an
         assignment or an implementation of a replacement swap pursuant to
         clause (B), (i) the Transferee, by a written instrument, accepts all of
         the obligations of Party A under this Agreement to the reasonable
         satisfaction of the Indenture Trustee or enters into a replacement swap
         agreement providing for substantially the same obligations as this
         Agreement, (ii) Party A delivers an opinion of independent counsel of
         recognized standing in form and substance reasonably satisfactory to
         the Indenture Trustee confirming that as of the date of such transfer
         the Transferee will not, as a result of such transfer, be required to
         withhold or deduct on account of tax under this Agreement, (iii) a
         Termination Event or Event of Default does not occur under this
         Agreement as a result of such transfer and (iv) the ratings assigned to
         the Notes after such assignment and release will be at least equal to
         the ratings assigned by Moody's and Standard & Poor's (or their
         successors) to the Notes at the time of such reduction of the rating of
         Party A's long-term debt. Any cost of such transfer will be borne by
         Party A or such Transferee and not by Party B. Upon successful
         consummation of any such transfer or the implementation of a
         replacement swap, Party B shall release its security interest in, and
         return to Party A, at the expense of Party A, any then-posted
         collateral. In addition, in the event that Party A does not elect to
         post collateral, assign this Agreement or obtain a replacement swap
         agreement after such a reduction in rating, Party A may (but shall not
         be obligated to) establish any other arrangement satisfactory to
         Moody's and Standard & Poor's

                                       6
<PAGE>

         such that the ratings of the Notes by the applicable rating agency will
         not be withdrawn or reduced.

(g)      ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding at
         the end thereof the following Subparagraphs:

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

         (h) It is an "eligible swap participant" as defined in 17 C.F.R.
         Section 35.1(b)(2) and has entered into this Agreement and each
         Transaction in connection with its line of business including financial
         intermediation services or the financing of its business.

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

(h)      NO PETITION. Section 4 of this Agreement is hereby amended by the
         addition thereto of the following new clause (f):

         (f) Party A hereby covenants and agrees that it will not institute
         against Party B or Toyota Auto Finance Receivables LLC ("TAFR LLC"), or
         join in any institution against Party B or TAFR LLC of, any bankruptcy,
         reorganization, arrangement, insolvency or liquidation proceedings, or
         other proceedings under any federal or state bankruptcy or similar law,
         and that this covenant and agreement will survive the termination of
         this Agreement. Party B hereby covenants and agrees that it will not
         institute against Party A, or join in any institution against Party A
         of, any bankruptcy, reorganization, arrangement, insolvency or
         liquidation proceedings, or other proceedings under any federal or
         state bankruptcy or similar law, and that this covenant and agreement
         will survive the termination of this Agreement.

(i)      AMENDMENTS.  Section 9(b) of this Agreement is hereby amended to read:

         AMENDMENTS. No amendment, modification or waiver in respect of this
         Agreement will be effective unless in writing and executed by each of
         the parties and the parties (i) have received a written affirmation
         from Standard & Poor's, that such amendments, modifications or waivers
         shall not adversely affect the then-current ratings of the Notes and
         (ii) have provided Moody's with ten (10) days prior written notice of
         such amendments, modifications or waivers and Moody's shall not have
         notified the parties that such amendment, modifications or waivers
         would adversely affect then-current ratings of the Notes.

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

(k)      ADDITIONAL DEFINITIONS. Terms defined or referred to in the Indenture
         shall bear the same respective meanings herein.

         (i)      "INDENTURE" shall mean the indenture pursuant to which Party
                  B will issue the Notes, dated as of April 1, 2001, between
                  Party B and Wells Fargo Bank Minnesota, National Association,
                  as indenture trustee and securities intermediary. "Indenture

                                       7
<PAGE>

                  Trustee" shall mean Wells Fargo Bank Minnesota, National
                  Association, in its capacity as indenture trustee under the
                  Indenture.

         (ii)     "NOTES" means the Class A-1, Class A-2, Class A-3 and Class
                  A-4 Notes issued by Party B pursuant to the Indenture.

         (iii)    "CREDIT SUPPORT AMOUNT" means, as of the determination date,
                  an amount equal to the termination payment payable pursuant to
                  Section 6(e) if this Agreement was terminated as of such
                  determination date.

         (iv)     The following items will qualify as "ELIGIBLE COLLATERAL" for
                  Party A:

<TABLE>
                                                                                      Valuation
                                                                                      Percentage

<C>                                                                                   <C>
    (A)    Cash                                                                       100%

    (B)    Direct  registered  obligations  of, and registered  obligations           100%
           the timely payment of principal of and interest on which is
           fully and expressly guaranteed by, the United States of America,
           or any agency or instrumentality of the United States of America
           the obligations of which are backed by the full faith and credit
           of the United States of America.

    (C)    Demand and time  deposit  in,  certificates  of  deposit  of, or           100%
           federal  funds  sold  by any  depository  institution  or  trust
           company  (including the Trustee)  incorporated under the laws of
           the United  States of America or any state  thereof  and subject
           to supervision  and  examination by federal and/or state banking
           authorities  so long as the  commercial  paper and/or other debt
           obligations  of such  depository  institution  or trust  company
           (or, in the case of the principal  depository  institution  in a
           holding company system,  the commercial paper or debt obligation
           of such holding  company) at the time of such  investment or the
           contractual  commitment  providing  for such  investment  have a
           credit   rating   of  "Aa2"  and  "AAA"  in  the  case  of  debt
           obligations  other than commercial paper, or "P-1" or better and
           "A-1+" or better,  in the case of commercial  paper,  by Moody's
           and Standard & Poor's, respectively.
</TABLE>

    PROVIDED, HOWEVER, that Eligible Collateral shall include only
    such obligations or securities that mature no later than the
    next Payment Date (as defined in the Indenture); and PROVIDED
    FURTHER, that none of the foregoing obligations or securities
    shall constitute Eligible Collateral if all, or substantially
    all, of the remaining amounts payable thereunder shall consist
    of interest and not principal payments, if such security is
    purchased at a price in excess of 100% of par, or if such
    security is subject to substantial non-credit related risk.

                                       8
<PAGE>

 (l)     INTEREST RATE AND CURRENCY EXCHANGES DEFINITIONS. Reference is hereby
         made to the 2000 ISDA Definitions as supplemented by the Annex to the
         2000 ISDA Definitions, each published by the International Swaps and
         Derivatives Association, Inc. (collectively, the "Definitions"), which
         are hereby incorporated by reference herein without regard to any
         revision or subsequent edition thereof.

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

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

         (i)      Confirmation;

         (ii)     Schedule;

         (iii)    Definitions;

         (iv)     Sections 1 through 14 of this Agreement.

(o)      DEFAULT INTEREST; OTHER AMOUNTS. Section 2(e) of this Agreement is
         hereby amended by adding the following at the end of the first sentence
         thereof:

         ; PROVIDED, HOWEVER, that this Section 2(e) shall not apply to either
         Party A or Party B if its failure to pay is caused solely by such party
         becoming required to deduct or withhold on account of any Tax as set
         out in Section 2(d)(i).

(p)      SCOPE OF OBLIGATIONS OF THE OWNER TRUSTEE. The parties hereto agree
         that:

         (i)      This Agreement is executed and delivered by First Union Trust
                  Company, National Association, not individually or personally
                  but solely in its capacity as Owner Trustee on behalf of the
                  Trust, in the exercise of the powers and authority conferred
                  and vested in the Owner Trustee under the Trust Agreement.

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

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

(q)      NONPETITION COVENANT. Notwithstanding any prior termination of this
         Agreement, Party A shall not, prior to the date which is one year and
         one day after the termination of this Agreement, with respect to Party
         B, acquiesce, petition or otherwise invoke or cause Party B to invoke
         the process of any court or government authority for the purpose of
         commencing or sustaining a case against Party B under any federal or
         state bankruptcy, insolvency or similar law, or appointing a receiver,
         liquidator, assignee, trustee, custodian, sequestrator or other similar
         official of Party B or any substantial part of its property, or
         ordering the winding up or liquidation of the affairs of Party B.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Schedule by their
duly authorized officers as of May 15, 2001.

                     TOYOTA MOTOR CREDIT CORPORATION

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

                     Confirmed as of the date first written:

                     TOYOTA AUTO RECEIVABLES 2001-B OWNER TRUST

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

                              By: /s/ Sterling C. Correia
                                 ------------------------------------------
                                  Name: Sterling C. Correia
                                  Title: Vice President

                                      S-1

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