Document:

ex4-9.htm

  

  

  

Exhibit 4.9

FORM OF REVOLVING LIQUIDITY NOTE AGREEMENT

 

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

 

as Issuer

 

and

 

TOYOTA MOTOR CREDIT CORPORATION

 

as Initial Holder

 

 

Dated as of [________], 20[__]

 

REVOLVING LIQUIDITY NOTE AGREEMENT (this “Agreement”) dated as of [________], 20[__] (this “Agreement”), by and between TOYOTA AUTO RECEIVABLES 20[__]-[__] OWNER TRUST, a Delaware business trust, as issuer (the “Issuer”) of the revolving liquidity note (the “Revolving Liquidity Note”) issued hereunder, and TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as the initial holder of the Revolving Liquidity Note.

 

W I T N E S S E T H:

 

WHEREAS Toyota Auto Receivables 20[__]-[__] Owner Trust is issuing the Toyota Auto Receivables 20[__]-[__] Owner Trust $[__________] [____]% Asset Backed Notes, Class A-1, the Toyota Auto Receivables 20[__]-[__] Owner Trust $[__________] [____]% Asset Backed Notes Class A-2, the Toyota Auto Receivables 20[__]-[__] Owner Trust $[__________] [____]% Asset Backed Notes, Class A-3, the Toyota Auto Receivables 20[__]-[__] Owner Trust $[__________] [____]% Asset Backed Notes Class A-4, and the Toyota Auto Receivables 20[__]-[__] Owner Trust $[__________] [____]% (collectively, the “Notes”) pursuant to the Indenture dated as of [________], 20[__] (as amended and supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee;

 

WHEREAS the Issuer desires to enter into a credit and liquidity enhancement arrangement that will provide funding for certain required payments of principal and interest on the Notes in the event that Available Collections and any amounts on deposit in the Reserve Account that are available to be paid in respect thereof to Noteholders on any Payment Date are insufficient to fund such payments;

 

WHEREAS TMCC is willing to provide such credit and liquidity enhancement on the terms described herein against delivery to it of the Revolving Liquidity Note evidencing the obligation of the Issuer to repay amounts so funded on the terms set forth herein and in the Revolving Liquidity Note;

 

  

  

  

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

 

Article I

 

Definitions

 

Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Sale and Servicing Agreement dated as of [________], 20[__], among the Issuer, TMCC, as servicer, and TAFR LLC, as seller (the “Sale and Servicing Agreement”).

 

Article II

 

Funding by Holder of Revolving Liquidity Note

 

Section 2.1.      General Funding Obligation.  Pursuant to Section 5.06(b) of the Sale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date.  If, in accordance with the Sale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “Holder”) to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[__________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation).  The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[__________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

 

Section 2.2.      Additional Funding Obligations.  If at any time prior to the Final Payment Date either (i) the short-term unsecured debt rating of TMCC falls below [____] by [__________] or [____] by [__________] (or in either case, such lower ratings as may be permitted by [__________] or [__________], respectively), or (ii) the Holder fails to fund the amount specified in any Draw Request prepared and submitted to the Holder in accordance with Sections 2.1 and 2.3 of this Agreement, then the Indenture Trustee on behalf of the Issuer will have the right to request that the entire Undrawn Amount of the Revolving Liquidity Note be

 

  

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funded.  To the extent the entire Undrawn Amount is fully funded pursuant to this Section 2.2, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws.

 

Section 2.3.      Draw Mechanics.  Not fewer than two Business Days prior to the relevant Payment Date, in the case of a Draw described in Section 2.1, and on any Business Day, in the case of a Draw described in Section 2.2, the Issuer, by action of the Indenture Trustee or of the Administrator on behalf of the Indenture Trustee (following the assignment of this Agreement to the Indenture Trustee pursuant to Section 2.5 and until the Indenture terminates in accordance with its provisions), may deliver a written request (each such request, a “Draw Request”) for funds in the amount of the shortfall described in Section 2.1 or the entire Undrawn Amount in the case of a Draw pursuant to Section 2.2.  Any such Draw Request may be delivered by facsimile transmission and hard copy to: Toyota Motor Credit Corporation, [__________], Attn: Vice President, Treasury, Re: Toyota Auto Receivables 20[__]-[__] Owner Trust Revolving Liquidity Note Draw Request.  Not later than 2:00 p.m. on the Business Day following delivery of any Draw Request, the Holder will fund the indicated draw by wire transfer of immediately available funds to the following account:

 

ABA No.: [__________]

BFN: [__________]

A/C: [__________]

For further credit to: [__________]

Attn: [__________]

 

Section 2.4.      Repayment of Funded Draws.  Subject to the following sentences, the Issuer is obligated to repay all funded Draws together with interest accrued on the daily outstanding balance of all funded Draws from the date made until the date all funded Draws are repaid at [____]% per annum, calculated daily on the basis of a year of 365 or 366 days, as applicable.  The parties hereto (and the assignees and third-party beneficiaries hereof, by accepting the assignment of this Agreement as contemplated in Section 2.5 hereof) agree that Draws will be repaid in part or in whole on any each succeeding Payment Date on which amounts are available therefor in accordance with the provisions of Section 5.06(c)(v) or 5.06(d)(iv) of the Sale and Servicing Agreement, and interest accrued on the daily outstanding amount of funded Draws will be payable on and after the Payment Date on which all funded Draws are repaid and on which amounts are available therefore in accordance with the provisions of Section 5.06(c)(vi) or 5.06(d)(v) of the Sale and Servicing Agreement.  Payments to the Holder in respect of funded Draws or accrued interest will be made either by (i) netting by TMCC of amounts that would be repayable on any Payment Date to the extent amounts would be available therefor in accordance with the provisions of Section 5.06(c)(v) and (vi) or 5.06(d)(iv) and (v) of the Sale and Servicing Agreement against amounts it is otherwise required to deposit into the Collection Account in its capacity as Servicer in accordance with Section 5.04(f) of the Sale and Servicing Agreement, or by wire transfer of immediately available funds to the following account:

 

ABA No.

A/C No.

A/C

 

  

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Notwithstanding the foregoing, if following liquidation of the Owner Trust Estate pursuant to Article IX of the Indenture the Trust has insufficient funds to make required payments to the Holder of the Revolving Liquidity Note pursuant to Article V of the Sale and Servicing Agreement, then all amounts due under the Revolving Liquidity Note will be deemed to have been paid in full and this Agreement shall terminate with no further payment owing from the Trust.

 

Section 2.5.      Assignment; Third Party Beneficiaries.  The parties hereto acknowledge and agree that the right to receive amounts funded by the Holder under the Revolving Liquidity Note and all other rights of the Issuer under this Agreement will be assigned by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders, and that the Indenture Trustee, on behalf of the Noteholders, and such Noteholders, are intended to be third-party beneficiaries of this Agreement from and after such assignment and until the Indenture is terminated in accordance with its terms.  In addition, the Holder expressly acknowledges that, pursuant to the Indenture, the Indenture Trustee will exercise its right to request funds hereunder in every circumstance when such request may be made in accordance with the terms of this Agreement.  Nothing in this Agreement or in the Revolving Liquidity Note, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim under or in respect of this Agreement or the Revolving Liquidity Note, or any covenants, conditions or provisions contained herein or therein.

 

Article III

 

Revolving Liquidity Note

 

Section 3.1.      Issuance of Revolving Liquidity Note.  On the date hereof, the Issuer will execute and deliver to the Holder, and the Owner Trustee will authenticate, a physical certificate evidencing the Revolving Liquidity Note, substantially in the form of Exhibit A hereto.  Each Revolving Liquidity Note issued hereunder will evidence the repayment obligations of the Issuer set forth in Section 2.4 hereof and the funding obligations of the Holder thereof set forth in Section 2.1 and 2.2 hereof, and will be dated the date of its issuance.

 

Section 3.2.      Upon issuance, the Undrawn Amount of the Revolving Liquidity Note shall be $[__________].  The Undrawn Amount will be reduced by the amount of each Draw funded by the Holder, and increased by amounts repaid to the Holder pursuant to Section 2.4 up to a maximum of $[__________], excluding interest paid on the Revolving Liquidity Note.  Interest will accrue on the average daily outstanding excess of $[__________] over the Undrawn Amount from and including the date of any Draw to but excluding the date on which the Undrawn Amount is reduced to zero.  Although the Revolving Liquidity Note is secured by the Owner Trust Estate ([excluding assets of the Sub-Trust as defined in the Amended and Restated Trust Agreement of the Issuer]), all payments in respect of funded Draws and interest accrued thereon shall be fully subordinated to required payments to the Noteholders and to required deposits into the Reserve Account as set forth in the Sale and Servicing Agreement.

 

Section 3.3.      Transfer.  Prior to the termination of the Indenture, the Holder may not transfer, assign or convey the Revolving Liquidity Note or this Agreement unless: (i) the purported transferee, assignee or recipient of such conveyance has executed a written agreement

 

  

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to be bound by all of the terms and provisions of this Agreement; (ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder; and (iii) the Rating Agency Condition is satisfied.  The Revolving Liquidity Note may not be transferred, assigned or conveyed in part; any transfer, conveyance or assignment must be in respect of 100% of the Revolving Liquidity Note.  The Issuer (or the Administrator on behalf of the Issuer) will maintain a register in which it will record the name and contact information for each Holder.  No transfer, assignment or conveyance of the Revolving Liquidity Note will be effective prior to notice to the Issuer and the Indenture Trustee and recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register.

 

Section 3.4.      No Set-Off.  Without affecting the provisions of this Agreement requiring the calculation of payment amounts, all payments under this Agreement will be made without set-off [or counterclaims against payments to or from the Swap Counterparty under the [Interest Rate Swap Agreement or other Basic Documents] or payments owing to the Servicer under the Basic Documents, and the parties hereto waive any right of set-off or counterclaim that any such party may have at law or equity.

 

Article IV

 

Miscellaneous Provisions

 

Section 4.1.      Fees and Expenses.  No party shall receive fees or expenses in connection with this Agreement.

 

Section 4.2.      Assignment by Issuer.  The Holder hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer to and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee.

 

Section 4.3.      Amendment.  Prior to the termination of the Indenture, this Agreement may be amended by the Issuer and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder, and (ii) the Rating Agency Condition is satisfied.  After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and the Holder without notice to or consent of any other Person.

 

Section 4.4.      Notices.  All demands, notices, communications and instructions upon or to the Issuer, the initial Holder, the Owner Trustee or the Indenture Trustee under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the initial

 

  

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Holder, to Toyota Motor Credit Corporation, 19001 S.  Western Avenue, Torrance, California 90509, Attention: Vice President, Treasury, (310) 468-4001, (b) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in the Trust Agreement), (c) in the case of the Indenture Trustee, at the Corporate Trust Office specified in the Indenture, (d) in the case of [__________], to [__________], (f) in the case of [__________], to [__________]; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

 

Section 4.5.      Holder’s Nonpetition Covenant.

 

Notwithstanding any prior termination of this Agreement, the Holder will not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or Seller.

 

Section 4.6.      No Proceedings.  There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the Holder’s knowledge, threatened, against or affecting the Holder: (i) asserting the invalidity of this Agreement or the Revolving Liquidity Note, (ii) seeking to prevent the issuance of the Revolving Liquidity Note or the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Holder of its obligations under, or the validity or enforceability of, this Agreement, or (iv) relating to the Holder and which might adversely affect the federal income tax attributes of the Issuer or the Revolving Liquidity Note.

 

Section 4.7.      Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 4.8.      Termination.  This Agreement shall terminate upon the termination of the Amended and Restated Trust Agreement pursuant to Article IX of the Amended and Restated Trust Agreement.

 

Section 4.9.      Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 4.10.      Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

  

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Section 4.11.      Limitation on Liability.  Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by [__________], not in its individual capacity, but solely in its capacity as Owner Trustee on behalf of the Issuer.  In no event shall [__________] in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered by the Holder, or prepared by the Holder for delivery by the Owner Trustee on behalf of the Issuer, pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.  For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 

Section 4.12.      Governing Law.  This Agreement shall be construed in accordance with the laws of the State of California, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

 

[Remainder of this page intentionally left blank]

 

  

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IN WITNESS WHEREOF, the Issuer and the initial Holder have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

 

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

	 	  
	 	  
	 	
By:_______________________,  not  in

	 	
its individual  capacity but solely in

	 	
its capacity as Owner Trustee

	 	  
	 	  
	 	
By:______________________________

	 	
Name:

	 	
Title:

	 	  
	 	
TOYOTA MOTOR CREDIT CORPORATION, as Holder

	 	  
	 	  
	 	  
	 	
By:______________________________

	 	
Name:

	 	
Title:

  

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EXHIBIT A

 

FORM OF REVOLVING LIQUIDITY NOTE

 

THIS REVOLVING LIQUIDITY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION IN RELIANCE ON EXEMPTIONS PROVIDED BY THE 1933 ACT AND SUCH STATE OR FOREIGN SECURITIES LAWS.  NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE SHALL BE MADE EXCEPT IN COMPLIANCE WITH SECTION 3.3 OF THE REVOLVING LIQUIDITY NOTE AGREEMENT AND EITHER (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR (ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS.

 

THE PRINCIPAL OF THIS REVOLVING LIQUIDITY NOTE IS PAYABLE SOLELY FROM FUNDS AVAILABLE THEREFOR PURSUANT TO ARTICLE V OF THE SALE AND SERVICING AGREEMENT REFERRED TO HEREIN.  THE HOLDER HEREOF IS REQUIRED TO FUND CERTAIN DRAWS REQUESTED BY THE ISSUER HEREOF (OR BY CERTAIN OTHER PERSONS REFERRED TO HEREIN) UP TO A MAXIMUM PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME OF $[__________].  THE OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE AT ANY TIME MAY BE LESS THAN SUCH MAXIMUM AMOUNT.  REPAYMENT OF THE OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE, AND OF INTEREST ACCRUED HEREON, IS SUBJECT TO THE AVAILABILITY OF FUNDS FOR SUCH PURPOSE AS SET FORTH IN ARTICLE V OF THE SALE AND SERVICING AGREEMENT REFERRED TO HEREIN, AND IS FULLY SUBORDINATED TO THE PAYMENT OF INTEREST ON AND PRINCIPAL OF CERTAIN OTHER SECURITIES ISSUED BY THE ISSUER HEREOF AND TO THE DEPOSIT INTO THE RESERVE ACCOUNT REFERRED TO HEREIN OF AMOUNTS REQUIRED TO BE DEPOSITED THEREIN.

 

THIS REVOLVING LIQUIDITY NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, TOYOTA MOTOR CREDIT CORPORATION, TOYOTA AUTO FINANCE RECEIVALBES LLC, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.

 

THIS REVOLVING LIQUIDITY NOTE, OR A BENEFICIAL INTEREST HEREIN, MAY NOT BE TRANSFERRED UNLESS THE TRUSTEE HAS RECEIVED (I) A CERTIFICATE FROM THE TRANSFEREE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN, TRUST OR ACCOUNT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN DEFINED IN SECTION 3(32) OF ERISA OR SECTION 414(d) OF THE CODE SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR

 

  

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TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “BENEFIT PLAN”) AND IS NOT AN ENTITY INCLUDING AN INSURANCE COMPANY SEPARATE ACCOUNT OR AN INSURANCE COMPANY GENERAL ACCOUNT IF THE ASSETS IN ANY SUCH ACCOUNTS CONSTITUTE “PLAN ASSETS” FOR PURPOSES OF REGULATION SECTION 2510.3-101 OF ERISA WHOSE UNDERLYING ASSETS INCLUDE BENEFIT PLAN ASSETS BY REASON OF A BENEFIT PLAN’S INVESTMENT IN THE ENTITY AND (II) A CERTIFICATE TO THE EFFECT THAT IF THE TRANSFEREE IS A PARTNERSHIP, GRANTOR TRUST OR S CORPORATION FOR FEDERAL INCOME TAX PURPOSES (A “FLOW-THROUGH ENTITY”), ANY REVOLVING LIQUIDITY NOTES OWNED BY SUCH FLOW-THROUGH ENTITY WILL REPRESENT LESS THAN 50% OF THE VALUE OF ALL THE ASSETS OWNED BY SUCH FLOW-THROUGH ENTITY AND NO SPECIAL ALLOCATION OF INCOME, GAIN, LOSS, DEDUCTION OR CREDIT FROM SUCH REVOLVING LIQUIDITY NOTES WILL BE MADE AMONG THE BENEFICIAL OWNERS OF SUCH FLOW-THROUGH ENTITY.

 

IN ADDITION, NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE OR ANY INTEREST THEREIN SHALL BE PERMITTED UNLESS IMMEDIATELY AFTER GIVING EFFECT TO SUCH RESALE OR OTHER TRANSFER, THERE WOULD BE FEWER THAN 100 REVOLVING LIQUIDITY NOTEHOLDERS.

 

  

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

 

REVOLVING LIQUIDITY NOTE

 

Representing a

Maximum Amount of Funded Draws

outstanding at any time not to exceed

$[_________]

 

This certifies that TOYOTA MOTOR CREDIT CORPORATION (the “Holder”) is the registered owner of this Revolving Liquidity Note representing the right to receive the payment of certain Draws funded as described in the Revolving Liquidity Note Agreement (the “Revolving Liquidity Note Agreement”) dated as of [________], 20[__], between Toyota Auto Receivables Owner Trust 20[__]-[__], as issuer (the “Issuer”) and Toyota Motor Credit Corporation as initial holder hereof.  Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Revolving Liquidity Note Agreement and in the Sale and Servicing Agreement dated as of [________], 20[__], among the Issuer, Toyota Motor Credit Corporation (“TMCC”), as servicer, and TAFR LLC, as seller (the “Sale and Servicing Agreement”).

 

This Revolving Liquidity Note represents a 100% undivided interest in the right of the Holder to receive repayment in full of the aggregate amount of funded Draws and interest accrued thereon as and to the extent such amounts are payable in accordance with the Revolving Liquidity Note Agreement.  All of the provisions of the Revolving Liquidity Note Agreement and Sale and Servicing Agreement are incorporated by reference and comprise integral parts of this Revolving Liquidity Note.  The following summary of certain provisions thereof is not and does not purport to be complete.  By its acceptance hereof, the holder of this Revolving Liquidity Note (the “Holder”) assents to and is bound by the terms, provisions and conditions of the Revolving Liquidity Note Agreement, including the provisions thereof (i) setting forth the obligation of the Holder of this Revolving Liquidity Note to fund Draws as and when properly requested pursuant to Article II thereof, (ii) specifying that this Revolving Liquidity Note is secured only by certain assets of the Issuer and is payable only from certain collections in respect thereof that are available for such purpose in accordance with the priority of payments set forth in Article V of the Sale and Servicing Agreement, and (iii) specifying that all payments in respect of funded Draws and interest accrued thereon shall be fully subordinated to required payments to the holders of certain other securities issued by the Issuer and to required deposits into a specified reserve account established for the benefit of the holders of such other securities in accordance with the Sale and Servicing Agreement.

 

The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[__________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests that have not yet been repaid pursuant to Section 2.4 of the Revolving Liquidity Note Agreement, and increased by amounts repaid to the Holder pursuant to Section 2.4 of the Revolving Liquidity Note Agreement up to a maximum of $[__________] (interest accrued on the Revolving Liquidity Note not being considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).  To the extent the entire Undrawn Amount is

 

  

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fully funded pursuant to Section 2.2 of the Revolving Liquidity Note Agreement, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws.  Interest will accrue on the average daily outstanding excess of $[__________] over the Undrawn Amount from and including the date of any Draw to but excluding the date on which the Undrawn Amount is reduced to zero at [____]% per annum, calculated daily on the basis of a year of 365 or 366 days, as applicable.

 

Subject to the more detailed provisions concerning payments to be made to the Holder of the Revolving Liquidity Note set forth in the Revolving Liquidity Note Agreement and the Sale and Servicing Agreement, generally, repayment of Draws previously funded by the (or a) Holder of the Revolving Liquidity Note, and interest accrued thereon as described below, will be made on the 15th day of each calendar month, or if such day is not a Business Day, then on the next succeeding Business Day, to the extent funds are available therefor.  Notwithstanding the foregoing, if following liquidation of the Owner Trust Estate pursuant to Article IX of the Indenture the Trust has insufficient funds to make required payments to the Holder of the Revolving Liquidity Note pursuant to Article V of the Sale and Servicing Agreement, then all amounts due under the Revolving Liquidity Note will be deemed to have been paid in full and this Agreement shall terminate with no further payment owing from the Trust.

 

Prior to the termination of the Indenture, this Agreement may be amended by the Issuer and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholders, and (ii) the Rating Agency Condition is satisfied.  After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and the Holder without notice to or consent of any other Person.

 

Prior to the termination of the Indenture, the Holder may not transfer, assign or convey this Revolving Liquidity Note or the Revolving Liquidity Note Agreement unless: (i) the purported transferee, assignee or recipient of such conveyance has executed a written agreement to be bound by all of the terms and provisions of the Revolving Liquidity Note Agreement; (ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholders; and (iii) the Rating Agency Condition is satisfied.  The Revolving Liquidity Note may not be transferred, assigned or conveyed in part; any transfer, conveyance or assignment must be in respect of 100% of this Revolving Liquidity Note.  The Issuer (or the Administrator on behalf of the Issuer) will maintain a register in which it will record the name and contact information for each Holder.  No transfer, assignment or conveyance of this Revolving Liquidity Note will be effective prior to notice to the Issuer and the Indenture Trustee and recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register.

 

  

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No recourse may be taken, directly or indirectly, with respect to the obligations of the Holder of this Revolving Liquidity Note under the Revolving Liquidity Note Agreement or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any Certificateholder or other owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee, in their capacities as such, have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

By its acceptance of this Revolving Liquidity Note, the Holder agrees that it will not, prior to the date which is one year and one day after the termination of the Revolving Liquidity Note Agreement with respect to the Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or Seller.

 

THIS REVOLVING LIQUIDITY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA.

 

  

A-5

  

IN WITNESS WHEREOF, the Issuer has caused this Revolving Liquidity Note to be duly executed.

 

 

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

	 	  
	 	  
	 	  
	 	  
	 	
By:_____________________, not  in its individual  capacity but solely in its capacity as Owner Trustee

	 	  
	 	  
	 	  
	 	
By:____________________________________

	 	
Name:

	 	
Title:

	 	  
	 	  
	  
Dated:  [________], 20[__]

	 

  

A-6

  

EXHIBIT B

 

FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST

 

Toyota Auto Receivables 20[__]-[__] Owner Trust

c/o ___________________

[Address]

 

Toyota Motor Credit Corporation

19001 South Western Avenue

Torrance, California  90509

Attn: Vice President, Treasury

Facsimile: (310) 468-5715

 

	
Re:        Toyota Auto Receivables 20[__]-[__] Owner Trust Revolving Liquidity Note Draw Request

Ladies and Gentlemen:

 

This notice confirms the Issuer’s request for a draw on the Revolving Liquidity Note pursuant to Section [2.1] [2.2] of the Revolving Liquidity Note Agreement in the principal amount of $[__________].  Please advance the requested drawn amount as set forth in Section 2.3 of the Revolving Liquidity Note Agreement.

 

Please acknowledge receipt of this notice by executing below and returning to the above-listed address.

 

	
Very truly yours,

	  
	
[Administrator] [Indenture Trustee]

	  
	  
	  
	
By:           ___________________________________

	
Name:

	
Title:

	  
	  
	
ACKNOWLEDGED:

	
Toyota Motor Credit Corporation

	  
	  
	  
	
By:           ___________________________________

	
Name:

	
Title:

B-1Exhibit 4.1

 

Form of Permanent Global Registered Fixed
Rate Note

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO A NOMINEE FOR DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO AMERICAN EXPRESS
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AMERICAN EXPRESS COMPANY

 

1.550%  Notes due May 22, 2018

 

$

 

	No.	 	CUSIP: 025816BG3
	 	 	ISIN: US025816BG36

 

AMERICAN EXPRESS COMPANY, a New York corporation
(hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $      on May 22, 2018,
and to pay interest (computed on the basis of a 360-day year and of twelve 30-day months) thereon from May 22, 2013, or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, on May 22 and November 22 in each year,
commencing November 22, 2013 and at maturity, at the rate per annum specified in the title of this Note, until the principal hereof
is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in said Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on April 15 or October 15, as the case may be, next preceding such Interest Payment Date. In any case
where such Interest Payment Date shall not be a Business Day, then (notwithstanding any other provision of said

    	 

    	

    
Indenture or the Notes) payment of such interest need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such
date, and, if such payment is so made, no interest shall accrue for the period from and after such date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on April 15 or
October 15, as the case may be, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities)
is registered at the close of business on a Record Date for the payment of such Defaulted Interest to be fixed by the Trustee
for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days prior to such record date, or may be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payment of the principal of and interest on this Note will be made by U.S. dollar check drawn on a bank in The City of New
York and mailed to the Person in whose name this Note is registered at such Person’s address as provided in Securities
Register. For Holders of at least $1,000,000 in aggregate principal amount of this Note, payment will be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in The City of New York or in Europe, provided that the
Trustee receives a written request from such Holder to such effect designating such account no later than the April 15 or
October 15, as the case may be, immediately preceding such interest payment date.

 

Additional provisions of this Note are contained
on the reverse hereof and such provisions shall have the same effect as though fully set forth in this place.

 

Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose.

    	2

    	

    

IN WITNESS WHEREOF, AMERICAN EXPRESS COMPANY
has caused this instrument to be duly executed under its corporate seal.

 

Dated: May 22, 2013

 

	TRUSTEE’S CERTIFICATE OF

 AUTHENTICATION	 	AMERICAN EXPRESS COMPANY
	 	 	By:	 
	This is one of the Securities described in the within-mentioned Indenture.	 	 	David L. Yowan

Executive Vice President and Corporate Treasurer
	 	 	 	
	THE BANK OF NEW YORK MELLON	 	Attest:
	As Trustee	 	

 

	By:	 	 	 	 
	Authorized Signatory	 	Carol V. Schwartz
	 	 	Secretary

    	 

    	

    

REVERSE OF GLOBAL NOTE

 

AMERICAN EXPRESS COMPANY

 

1.550%  Notes due May 22, 2018

 

$

 

No.

 

This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”) of the Company of the
series hereinafter specified, which series is initially limited in aggregate principal amount to $1,000,000,000, all such Securities
issued and to be issued under an indenture dated as of August 1, 2007, between the Company and The Bank of New York Mellon, as
Trustee (the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the rights and limitation of rights thereunder of the Holders of the Securities and of the rights, obligations,
duties and immunities of the Trustee for each series of Securities and of the Company, and the terms upon which the Securities
are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may be denominated in currencies other than U.S. dollars
(including composite currencies), may mature at different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject
to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one
of a series of the Securities designated 1.550%  Notes due May 22, 2018 (the “Notes”). Additional notes on the
same terms and conditions and with the same CUSIP number as those of the Notes may be issued by the Company without the consent
of the Holders of the Notes. Such further notes shall be consolidated and form a single series with the Notes.

 

The Notes may not be redeemed prior to Stated
Maturity unless certain events occur involving United States taxation: If as a result of (a) any change in (including any announced
prospective change), or amendment to, the laws (including any regulations or rulings promulgated thereunder) of the United States
(or any political subdivision or taxing authority thereof or therein), or any change in (including any announced prospective change),
or amendment to, any official position regarding the application or interpretation of such laws, which change or amendment is announced
or becomes effective on or after May 15, 2013, or (b) a taxing authority of the United States taking any action, or such action
becoming generally known, on or after May 15, 2013, whether or not such action is taken with respect to the Company or any of its
affiliates, there is in either case a material increase in the probability that the Company will or may be required to pay additional
amounts as provided for below, then the Company may in either case, at its option, redeem, in whole or in part, the Notes, at a
redemption price equal to the principal amount of the notes being redeemed, together with any accrued and unpaid interest thereon
to the date fixed for redemption (the “Redemption Date”); provided that the Company determines, in its business judgment,
that the obligation to pay such additional

    	R-1

    	

    

amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the Notes. Prior to the publication of any notice of redemption,
the Company will deliver to the Trustee an officer’s certificate stating that the Company is entitled to effect a redemption
and setting forth a statement of facts showing that the conditions precedent to the Company’s right to redeem have occurred
and an opinion of counsel to that effect based on that statement of facts.

 

Notice of redemption shall be mailed to the
registered Holders of the Notes designated for redemption at their addresses as the same shall appear on the Securities Register,
not less than 30 days nor more than 60 days prior to the Redemption Date, subject to all the conditions and provisions of the Indenture.

 

In the event of redemption of this Note in
part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof
upon the cancellation hereof.

 

The Company shall, subject to the exceptions
and limitations set forth below, pay as additional interest on the Note, such additional amounts as are necessary in order that
the net payment by the Company or a paying agent of the principal of and interest on the Note to a Holder who is a Non-United States
Holder (as defined below), after deduction for any present or future tax, assessment or governmental charge of the United States
or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not
be less than the amount that would have been payable had no such withholding or deduction been required.

 

The Company’s obligation to pay additional
amounts shall not apply (1) to a tax, assessment or governmental charge that would not have been imposed but for the beneficial
owner or the Holder, or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, the Holder if
the Holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power
over an estate or trust administered by a fiduciary Holder, being considered as (a) being or having been present or engaged in
a trade or business in the United States or having or having had a permanent establishment in the United States, (b) having a current
or former relationship with the United States, including a relationship as a citizen or resident thereof, (c) being or having been
a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation with respect
to the United States, a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation
or other tax-exempt organization or (d) being or having been a “10-percent shareholder” of the Company as defined in
section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision
or being or having been a bank whose receipt of interest on a note is described in section 881(c)(3)(A) of the Code or any successor
provision; (2) to any beneficial owner that is not the sole beneficial owner of the Note, or a portion thereof, or that is a fiduciary,
partnership, limited liability company or other fiscally transparent entity, but only to the extent that a beneficiary or settlor
with respect to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally
transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial
owner or member received directly its beneficial or distributive share of the payment;

    	R-2

    	

    
(3) to a tax, assessment or governmental charge (including
backup withholding) that would not have been imposed but for the failure of the Holder or any other person to comply with
certification, information, documentation, reporting or other similar requirements concerning the nationality, residence,
identity or connection with the United States of the Holder or beneficial owner of such note, if compliance is required by
statute or by regulation of the United States Treasury Department, without regard to any tax treaty, or by an applicable
income tax treaty to which the United States is a party as a precondition to partial or complete relief or exemption from
such tax, assessment or other governmental charge (including, but not limited to, the failure to provide United States
Internal Revenue Service (“IRS”), Form W-8BEN, W-8ECI or any subsequent versions thereof), or any other
certification, information, documentation, reporting or other similar requirement under United States income tax laws or
regulations that would establish entitlement to otherwise applicable relief or exemption from any tax, assessment
or governmental charge; (4) to a tax, assessment or governmental charge that is imposed otherwise than by withholding by
the Company or a paying agent from the payment; (5) to a tax, assessment or governmental charge that would not have been
imposed or withheld but for a change in law, regulation, or administrative or judicial interpretation that becomes effective
more than 10 days after the payment becomes due or is duly provided for, whichever occurs later; (6) to a tax, assessment
or governmental charge that is imposed or withheld by reason of the presentation of a note for payment more than 30 days
after the date on which such payment becomes due or is duly provided for, whichever occurs later; (7) to an estate,
inheritance, gift, sales, excise, transfer, wealth or personal property tax or a similar tax, assessment or governmental
charge; (8) to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment
of principal of or interest on any note, if such payment can be made without such withholding by any other paying agent; (9)
to any withholding or deduction which is imposed on a payment to an individual and is required to be made pursuant to
European Council Directive 2003/48/EC on the taxation of savings income, or any law implementing or complying with, or
introduced in order to conform to, such Directive; or (10) in the case of any combination of items (1), (2), (3), (4), (5),
(6), (7), (8) and (9).

 

The Notes are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. Except as specifically
provided for herein, the Company shall not be required to make any payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority thereof or therein.

 

As used herein, the term “United States
Holder” means a beneficial owner of a note that is (i) a citizen or resident of the United States, (ii) a corporation or
an entity taxable as a corporation for United States federal income tax purposes, that was established under the laws of the United
States, any state thereof or the District of Columbia, or (iii) an estate or trust whose world-wide income is subject to United
States federal income tax. If a partnership holds a note, the tax treatment of partners will generally depend upon the status of
the partner and the activities of the partnership. As used here, the term “Non-United States Holder” means a beneficial
owner of the Note that is not a United States Holder and is not a partnership.

 

The Indenture contains provisions for defeasance
and discharge of the entire principal of all the Notes of any series upon compliance by the Company with certain conditions set
forth therein.

    	R-3

    	

    

If an Event of Default with respect to the
Notes, as defined in the Indenture, shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Notes under the Indenture at any time by the Company with the consent of the Holders of not less than a majority
in aggregate principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains
provisions permitting the Holders to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences with respect to a series, provided that the Holders of at least a majority
in principal amount of the Notes at the time Outstanding of any series affected by a waiver consent to such waiver. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain exceptions therein set forth, this Note is transferable on the Securities Register of the Company, upon surrender of
this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the City of
New York, New York, or, at the option of the Holder, at the office or agency of the Company to be maintained for that purpose in
the City of New York, New York, or at any other office or agency of the Company maintained for that purpose, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered
form without coupons in denominations of $2,000.00 and integral multiples of $1,000.00 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of
a like tenor and of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection with the registration of such transfer or exchange, other than certain exchanges not involving any transfer.

 

Certain terms used in this Note that are
defined in the Indenture have the meanings set forth therein.

    	R-4

    	

    

This Note shall for all purposes be governed
by, and construed in accordance with, the laws of the State of New York.

 

The Company, the Trustee for the Notes and
any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the
Company, such Trustee nor any such agent shall be affected by notice to the contrary.

    	R-5

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