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EXHIBIT 4.6    
  

 
  FORM OF ADMINISTRATION AGREEMENT    
  

among

TOYOTA
AUTO RECEIVABLES 200      -      OWNER TRUST,

as Issuer 

TOYOTA
MOTOR CREDIT CORPORATION,

as Administrator 

                                        
        ,

as Indenture Trustee 

and

                                        
        ,

as Owner Trustee 

Dated
as of            , 200  

 
 
 

TABLE OF CONTENTS    
  

	 
	 
	 	Page

	 	 	 	 
	1.	Duties of the Administrator.	 	2
	

2.	

Records.	
 	

8
	

3.	

Compensation.	
 	

8
	

4.	

Additional Information to be Furnished to the Issuer.	
 	

8
	

5.	

Independence of the Administrator.	
 	

9
	

6.	

No Joint Venture.	
 	

9
	

7.	

Other Activities of Administrator.	
 	

9
	

8.	

Term of Agreement; Resignation and Removal of Administrator.	
 	

9
	

9.	

Action upon Termination, Resignation or Removal.	
 	

10
	

10.	

Notices.	
 	

11
	

11.	

Amendments.	
 	

11
	

12.	

Successor and Assigns.	
 	

11
	

13.	

Governing Law.	
 	

12
	

14.	

Headings.	
 	

12
	

15.	

Counterparts.	
 	

12
	

16.	

Severability of Provisions.	
 	

12
	

17.	

Not Applicable to TMCC in Other Capacities.	
 	

12
	

18.	

Limitation of Liability of Owner Trustee and Indenture Trustee.	
 	

12
	

19.	

Limitation on Liability of Administrator	
 	

12

i

    ADMINISTRATION
AGREEMENT dated as of      , 200      , among TOYOTA AUTO RECEIVABLES 200      -      OWNER TRUST, a Delaware
business trust (the "Issuer"), TOYOTA MOTOR CREDIT CORPORATION, a California corporation, as administrator (the "Administrator"),            , a [Delaware banking
corporation], not in its individual capacity but solely as Indenture Trustee (the "Indenture Trustee") and            , a [Delaware banking corporation], not
in its individual capacity but solely as Owner Trustee (the "Owner Trustee"). 

W I T N E S S E T H:  

    WHEREAS a beneficial ownership interest in the Issuer represented by the Toyota Auto Receivables 200      -      Owner Trust Asset
Backed Certificate (the "Certificate") has been issued in connection with the formation of the Issuer pursuant to the Amended and Restated Trust Agreement dated as of      ,
200      (the "Trust Agreement"), between Toyota Auto Finance Receivables LLC ("TAFR LLC"), a Delaware limited liability company, as depositor, and            ,
as owner trustee (the
"Owner Trustee"), to the owners thereof (the "Owners"); 

    WHEREAS
the Issuer is issuing the Toyota Auto Receivables 200      -      Owner Trust Class A-1  % Asset Backed Notes, the
Toyota Auto Receivables 200      -      Owner Trust Class A-2  % Asset Backed Notes, the Toyota Auto Receivables
200      -      Owner Trust Class A-3  % Asset Backed Notes, and the Toyota Auto Receivables 200      -      Owner
Trust Class A-4  % Asset Backed Notes (collectively, the "Notes") pursuant to the Indenture dated as of      , 200      (as amended and
supplemented from time to time, the "Indenture"), between the Issuer and the Indenture Trustee (capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the
Indenture, the Trust Agreement or the Sale and Servicing Agreement dated as of      , 200      , among the Issuer, Toyota Motor Credit Corporation ("TMCC"), as servicer, and
TAFR LLC, as seller (the "Sale and Servicing Agreement"), as the case may be); 

    WHEREAS,
TMCC and TAFR LLC have entered into the Receivables Purchase Agreement, dated as of      , 200      (the Receivables Purchase Agreement"), by and
among TMCC, as seller, and TAFR LLC, as purchaser, 

    WHEREAS
the Issuer has entered into certain agreements in connection with the issuance of the Certificates and the Notes, including the Trust Agreement, [the
Sub-Trust Supplement,] the Indenture, this Administration Agreement, the Sale and Servicing Agreement, [the Revolving Liquidity Note Agreement,]
[the Interest Rate Swap Agreement] and the Operating Agreement (collectively, the "Basic Documents"); 

    WHEREAS,
pursuant to the Basic Documents, the Issuer, the Owner Trustee and the Indenture Trustee are required to perform certain duties in connection with the Certificate, the Notes,
[the Revolving Liquidity Note,] the assets pledged pursuant the granting clause of the Indenture (the "Collateral") and the Operating Agreement; 

    WHEREAS
the Issuer, the Owner Trustee and the Indenture Trustee desire to appoint TMCC as administrator to perform certain of the duties of the Issuer, the Owner Trustee and the
Indenture Trustee under the Basic Documents and to provide such additional services consistent with the terms of this Agreement and the Basic Documents as the Issuer and the Owner Trustee may from
time to time request; and 

    WHEREAS
the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth
herein; 

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

    1.  Duties of the Administrator.  

    (a) Duties
with respect to the Depository Agreements and the Indenture. 

 

    (i)  The
Administrator agrees to perform all its duties as Administrator and the duties of the Issuer under the Depository Agreements. In addition, the Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Depository Agreements. The Administrator shall monitor the performance of the Issuer and shall
advise the Owner Trustee when action by the Issuer or the Owner Trustee is necessary to comply with the Issuer's duties under the Indenture and the Depository Agreements. The Administrator shall
prepare for execution by the Issuer or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty
of the Issuer to prepare, file or deliver pursuant to the Indenture and the Depository Agreements. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty
of the Issuer to take pursuant to the Indenture including, without limitation, such of the foregoing as are required with respect to the following matters under the Indenture (references are to
sections of the Indenture): 

    (A) causing
the Note Register to be kept and giving the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of
the Note Register (Section 2.04); 

    (B) preparing
the notification to Noteholders of the final principal payment on their Notes (Section 2.07(b)); 

    (C) fixing
or causing to be fixed any specified record date and the notification of the Indenture Trustee and Noteholders with respect to special payment dates, if any
(Section 5.04(d)); 

    (D) preparing
or obtaining the documents and instruments required for the proper authentication of Notes and delivering the same to the Indenture Trustee
(Section 2.02); 

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

    (F) [directing
the Indenture Trustee to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax that is
legally owed by the Trust (Section 2.07(c));] 

    (G) preparing,
obtaining and/or filing of all instruments, opinions and certificates and other documents required for the release of collateral (Section 2.09); 

    (H) causing
newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust
(Section 3.03); 

    (I) directing
the Indenture Trustee to deposit moneys with Paying Agents, if any, other than the Indenture Trustee (Section 3.03); 

    (J) obtaining
and preserving the Issuer's qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of the Indenture, the Notes, the Collateral and each other instrument and agreement included in the Trust Estate (Section 3.04); 

    (K) preparing
all supplements, amendments, financing statements, continuation statements, instruments of further assurance and other instruments, in accordance with
Section 3.05 of the Indenture, necessary to protect the Trust Estate (Section 3.05); 

    (L) delivering
the required Opinions of Counsel on the Closing Date and annually, in accordance with Section 3.06 of the Indenture, and delivering the annual
Officers' 

2

 

Certificates and certain other statements as to compliance with the Indenture, in accordance with Section 3.09 of the Indenture (Sections 3.06 and 3.09); 

    (M) identifying
to the Indenture Trustee in an Officers' Certificate any Person with whom the Issuer has contracted to perform its duties under the Indenture
(Section 3.07(b)); 

    (N) notifying
the Indenture Trustee and the Rating Agencies of any Servicer Default pursuant to the Sale and Servicing Agreement and, if such Servicer Default arises
from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement, taking all reasonable steps available to remedy such failure (Section 3.07(d)); 

    (O) preparing
and obtaining documents and instruments required for the release of the Issuer from its obligations under the Indenture (Section 3.10(b)); 

    (P) delivering
notice to the Indenture Trustee of each Event of Default and each other default by the Servicer or the Seller under the Sale and Servicing Agreement
(Section 3.19); 

    (Q) monitoring
the Issuer's obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer's Certificate and obtaining the Opinion
of Counsel and the Independent Certificate (as defined in the Indenture) related thereto (Section 4.01); 

    (R) complying
with any written directive of the Indenture Trustee with respect to the provision of relevant information and reasonable assistance with respect to the
execution, delivery, filing and recordation of relevant transfer documentation and the delivery of related records and files, in connection with any sale by the Indenture Trustee of any portion of the
Trust Estate in connection with any Event of Default (Section 5.04); 

    (S) preparing
notice to Noteholders of any removal of the Indenture Trustee and the appointment of a successor Indenture Trustee for delivery to Noteholders by the
successor Indenture Trustee (Section 6.08); 

    (T) preparing
all written instruments required to confirm the authority of any co-trustee or separate trustee and any written instruments necessary in
connection with the resignation or removal of any co-trustee or separate trustee (Sections 6.08 and 6.10); 

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

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

    (W) causing
the Note Registrar to furnish to the Indenture Trustee the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note
Registrar (Section 7.01); 

    (X) preparing
and, after execution by the Issuer and the Indenture Trustee, filing with the Commission and any applicable state agencies of documents required to be
filed on a periodic basis with the Commission and any applicable state agencies (including any summaries thereof required by rules and regulations prescribed thereby), and providing such documents to
the Indenture Trustee for delivery to the Noteholders (Section 7.03); 

    (Y) [preparing
and, after execution by the Indenture Trustee, providing to the Indenture Trustee for delivery to Noteholders and filing with the Commission,
any reports required by TIA Sections 313(a), (b) and (c); provided, that the Administrator will not be 

3

 

required to prepare reports required by TIA Sections 313(a)(1) and (a)(2) unless specifically directed in writing to do so by the Indenture Trustee and the Indenture Trustee provides the Administrator
with all information necessary to prepare such reports (Section 7.04);] 

    (Z) preparing
the related Issuer Orders and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts
(Section 8.04); 

    (AA)
preparing any Issuer Request and Officers' Certificates and obtaining any Opinions of Counsel and Independent Certificates necessary for the release of the Trust Estate (Sections
8.05 and 8.06); 

    (BB)
preparing Issuer Orders and obtaining Opinions of Counsel with respect to the execution of any supplemental indentures, preparing notices to the Noteholders with respect thereto
and furnishing such notices to the Indenture Trustee for delivery to Noteholders (Sections 9.01, 9.02 and 9.03); 

    (CC)
preparing new Notes conforming to the provisions of any supplemental indenture, as appropriate and delivering such Notes to the Indenture Trustee for execution and authentication
(Section 9.07); 

    (DD)
preparing forms of notices to Noteholders of any redemption of the Notes and furnishing such notices to the Indenture Trustee for delivery to Noteholders (Section 10.02); 

    (EE)
preparing or obtaining all Officers' Certificates, Opinions of Counsel and Independent Certificates with respect to any requests by the Issuer or the Indenture Trustee to take
any action under the Indenture (Section 11.01(a)); 

    (FF)
preparing and delivering Officers' Certificates and obtaining Independent Certificates, if necessary, for the release of property from the lien of the Indenture
(Section 11.01(b)); 

    (GG)
notifying the Rating Agencies, upon any failure of the Indenture Trustee to give such notification, of the information required pursuant to Section 11.04 of the Indenture
(Section 11.04); 

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

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

    (ii) The
Administrator also will: 

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

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

    (C) indemnify
the Indenture Trustee for, and hold it harmless against, any losses, liability or expense incurred without negligence or bad faith on the part of the
Indenture Trustee, arising out of or in connection with the acceptance or administration of the trusts 

4

 

and duties contemplated by the Indenture, including the reasonable costs and expenses of defending itself against any claim or liability in connection therewith, to the extent the Indenture Trustee is
entitled to such indemnification from the Issuer under the Indenture; and 

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

    (E) [indemnify
the Delaware Co-trustee for, and hold it harmless against, any loss, liability or expense incurred without negligence or bad
faith on the part of the Delaware Co-trustee, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement, including the
reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement to the extent
the Delaware Co-trustee is entitled to such indemnification under Section 11.05 of the Trust Agreement.] 

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

    (c) Duties
under Operating Agreement. 

    (i)  The
Administrator shall instruct the Owner Trustee as to whether the Owner Trustee shall decline to renew the Operating Agreement for each additional one
(1) year period by providing advance written notice to the Owner Trustee 30 days prior to the Renewal Date (as defined in the Operating Agreement). 

    (ii) [The
Administrator shall determine whether to accept a purchase offer from Toyota Motor Credit Corporation for the Sub-Trust
Assets.] 

    (d) Additional
Duties. 

    (i)  In
addition to the duties of the Administrator set forth above, the Administrator shall perform such calculations, and shall prepare for execution by the Issuer or
the Owner Trustee or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or
the Owner Trustee to prepare, file or deliver pursuant to the Basic Documents, and at the request of the Owner Trustee shall take all appropriate action with respect thereto, other than delivery
thereof to Noteholders or the Certificateholder, that is the duty of the Issuer or the Owner Trustee to take pursuant to the Basic Documents. Subject to Section 5 of this Agreement, and in
accordance with the reasonable written directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the
Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the
Administrator. [Such responsibilities shall include, and the Owner Trustee hereby requests the Administrator, obtain and maintain any licenses required to be obtained or maintained by the
Trust under the Pennsylvania Motor Vehicle 

5

 

Sales Finance Act. In addition, the Administrator shall promptly notify the Indenture Trustee and the Owner Trustee in writing of any amendment to the Pennsylvania Motor Vehicle Sales Finance Act that
would affect the duties or obligations of the Indenture Trustee, or the Owner Trustee under any Basic Document and shall assist the Indenture Trustee or the Owner Trustee in obtaining and maintaining
any licenses required to be obtained or maintained by the Indenture Trustee or the Owner Trustee thereunder. In connection therewith, the Administrator shall pay all fees and expenses of obtaining and
maintaining any such licenses under such Act and Code.] 

    (ii) Notwithstanding
anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee
in the event that any withholding tax is imposed on the Issuer's payments (or allocations of income) to the Certificateholder
as contemplated in Section 5.02(c) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such
provision. 

    (iii) Notwithstanding
anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be responsible for performance of the duties of the
Owner Trustee set forth in Sections 5.04(a), (b), (c) and (d) of the Trust Agreement with respect to, among other things, accounting and reports to the Certificateholder. 

    (iv) The
Administrator shall perform the duties of the Administrator specified in Section 10.02 of the Trust Agreement required to be performed in connection
with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement. 

    (v) In
carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with
any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator's
opinion, no less favorable to the Issuer than would be available from unaffiliated parties. 

    (e) Non-Ministerial
Matters. 

    (i)  With
respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless
within a reasonable time before the taking of such action the Administrator shall have notified the Indenture Trustee or the Owner Trustee, as applicable, of the proposed action and the Indenture
Trustee or the Owner Trustee, as applicable, shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include, without limitation: 

    (A) the
amendment of the Indenture or execution of any supplement to the Indenture; 

    (B) the
initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection
with the collection of the Receivables); 

    (C) the
amendment, change or modification of any of the Basic Documents; 

    (D) the
appointment of successor Note Registrars, successor Paying Agents or successor Indenture Trustees pursuant to the Indenture or the appointment of successor
Administrators or Successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations, under the Indenture; and 

6

 

    (E) the removal of the Indenture Trustee (as to which the Owner Trustee, but not the Indenture Trustee, will receive notice and opportunity to object). 

    (ii) Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any payments to the
Noteholders under the Basic Documents, (y) sell the Trust Estate pursuant to Section 5.04 of the Indenture or (z) take any other action that the Issuer directs the Administrator
not to take on its behalf. 

    2.  Records.  The Administrator shall maintain appropriate books of account and records relating to
services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer, the Owner Trustee and the Indenture Trustee at any time during normal business hours
upon reasonable advance written notice. 

    3.  Compensation.  As compensation for the performance of the Administrator's obligations under this
Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to a fee of $  per month which shall be solely an obligation of the Servicer. 

    4.  Additional Information to be Furnished to the Issuer.  The Administrator shall furnish to the Issuer
from time to time such additional information regarding the Collateral as the Issuer shall reasonably request. 

    5.  Independence of the Administrator.  For all purposes of this Agreement, the Administrator shall be an
independent contractor and shall not be subject to the supervision of the Issuer, the Owner Trustee or the Indenture Trustee with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer hereunder or otherwise, the Administrator shall have no authority to act for or represent the Issuer, the Owner Trustee or the
Indenture Trustee, and shall not otherwise be or be deemed an agent of the Issuer, the Owner Trustee or the Indenture Trustee. 

    6.  No Joint Venture.  Nothing contained in this Agreement shall (i) constitute the Administrator
and any of the Issuer, the Owner Trustee or the Indenture Trustee as members of any partnership, joint venture,
association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any
express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

    7.  Other Activities of Administrator.  Nothing herein shall prevent the Administrator or its Affiliates
from engaging in other businesses or, in its or their sole discretion, from acting as an administrator for any other person or entity, or in a similar capacity therefor, even though such person or
entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee. 

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

    (a) This
Agreement shall continue in force until the dissolution of the Issuer, upon which event this Agreement shall automatically terminate. 

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

    (c) Subject
to Sections 8(e) and 8(f), the Issuer may remove the Administrator without cause by providing the Administrator with at least 30 days prior written
notice. 

7

 

    (d) Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer
to the Administrator if any of the following events shall occur: 

    (i)  the
Administrator shall fail to perform in any material respect any of its duties under this Agreement and, after notice of such default, shall not cure such
default within  days (or, if such default cannot be cured in such time, shall not give within such  days such assurance of timely and complete cure as shall be
reasonably satisfactory to the Issuer); 

    (ii) the
entry of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee in bankruptcy,
conservator, receiver or liquidator for the Administrator (or, so long as the Administrator is TMCC, the Seller) in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding up
or liquidation of their respective affairs, and the continuance of any such decree or order unstayed and in effect for a period of  consecutive days; or 

    (iii) the
consent by the Administrator (or, so long as the Administrator is TMCC, the Seller) to the appointment of a trustee in bankruptcy, conservator or receiver or
liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Administrator (or, so long as the Administrator is
TMCC, the Seller) of or relating to substantially all of their property, or the Administrator (or, so long as the Administrator is TMCC, the Seller) shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations. 

    The
Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section shall occur, it shall give written notice thereof to the Issuer,
the Owner Trustee and the Indenture Trustee within seven days after the happening of such event. 

    (e) No
resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been appointed by
the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder. 

    (f)  The
appointment of any successor Administrator shall be effective only after each Rating Agency has provided to the Owner Trustee and the Indenture Trustee written
notice that the proposed appointment will not result in the reduction or withdrawal of any rating then assigned by such Rating Agency to any Class of Notes. 

    (g) Subject
to Section 8(e) and 8(f), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the Sale and Servicing
Agreement, the Administrator shall immediately resign and such Successor Servicer shall automatically succeed to the rights, duties and obligations of the Administrator under this Agreement. 

    9.  Action upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of
this Agreement pursuant to Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b), (c), (d) or (g), respectively, the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to
Section 8(a) deliver to or to the order of the Issuer all property and documents of or relating to the Collateral then in the custody of the Administrator. In the event of the resignation or
removal of the Administrator pursuant to Section 8(b), (c), (d) or (g), respectively, the Administrator shall cooperate with the Issuer and take 

8

 

all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 

    10.  Notices.  Any notice, report or other communication given hereunder shall be in writing and
addressed as follows: 

	 	 	 
	(a)  if to the Issuer or the Owner Trustee, to:	 	 
	 	

Toyota Auto Receivables 200      -      Owner Trust

In care of:

Attention:
	

(b)  if to the Administrator, to:	
 	

 
	 	

Toyota Motor Credit Corporation

19001 South Western Avenue

Torrance, California 90509 Attention:	
 	

 
	

(c)  if to the Indenture Trustee, to:	
 	

 
	 	

 In care of:

Attention:	
 	

 

or
to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified
mail, postage prepaid, or hand delivered to the address of such party as provided above. 

    11.  Amendments.  This Agreement may be amended from time to time by a written amendment duly executed
and delivered by the Issuer, the Administrator, the Owner Trustee and the Indenture Trustee, without the consent of any Noteholders or the Certificateholders, for the purpose of adding any provisions
to or modifying or changing in any manner or eliminating any of the provisions of this Agreement; provided that such amendment does not and will not, in the Opinion of Counsel satisfactory to the
Indenture Trustee, materially and adversely affect the interest of any Noteholder or Certificateholder. 

    12.  Successor and Assigns.  This Agreement may not be assigned by the Administrator unless such
assignment is consented to in writing by the Issuer, the Owner Trustee and the Indenture Trustee, and the conditions precedent to appointment of a successor Administrator set forth in Section 8
are satisfied. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer, the
Owner Trustee and the Indenture Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator, provided that such successor
organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such corporation or other organization agrees to be bound hereunder by the terms of
said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto. 

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

9

 

    14.  Headings.  The section headings hereof have been inserted for convenience of reference only and
shall not be construed to affect the meaning, construction or effect of this Agreement. 

    15.  Counterparts.  This Agreement may be executed in counterparts, each of which when so executed shall
together constitute but one and the same agreement. 

    16.  Severability of Provisions.  If any one or more of the agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or the other rights of the parties hereto. 

    17.  Not Applicable to TMCC in Other Capacities.  Nothing in this Agreement shall affect any obligation,
right or benefit TMCC may have in any other capacity or under any Basic Document. 

    18.  Limitation of Liability of Owner Trustee and Indenture Trustee.  Notwithstanding anything contained
herein to the contrary, this instrument has been countersigned by            , not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and by
            , not in its individual capacity but solely in its capacity as Indenture Trustee under the Indenture. In no event
shall            , in its individual capacity,
            , in its individual capacity, or the Certificateholder have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder
or
in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

    19.  Limitation on Liability of Administrator.  Neither the Administrator nor any of the directors,
officers, employees or agents of the Administrator shall be under any liability to the Seller, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholder, except as
provided under this Administration Agreement, for any action taken or for refraining from the taking of any action pursuant to this Administration Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Administrator or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in
the performance of duties or by reason of reckless disregard of obligations and duties under this Administration Agreement. The Administrator and any director, officer, employee or agent of the
Administrator may rely in good faith on any document of any kind prima facie properly executed and submitted by any person respecting any matters arising under this Administration Agreement. 

10

 
    IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written. 

	 	 	TOYOTA AUTO RECEIVABLES 200  -  OWNER TRUST
	

 	
 	

 	

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

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

 	

 
	 	 	TOYOTA MOTOR CREDIT CORPORATION,

as Administrator
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

 	

 
	 	 	
 not in its individual capacity but solely as Indenture Trustee
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:
	

 	
 	

 	

 
	 	 	
 not in its individual capacity but solely as Owner Trustee
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:
	 	 	 	Title:

S–1

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EXHIBIT 4.6

FORM OF ADMINISTRATION AGREEMENT

TABLE OF CONTENTSPrepared by MERRILL CORPORATION

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EXHIBIT 4.9    
  

 
 

FORM OF REVOLVING LIQUIDITY NOTE AGREEMENT    
  

TOYOTA
AUTO RECEIVABLES 200      -      OWNER TRUST

as Issuer 

and 

TOYOTA
MOTOR CREDIT CORPORATION

as initial Holder 

Dated
as of      , 200      

 

    REVOLVING LIQUIDITY NOTE AGREEMENT (this "Agreement") dated as of      , 200      (this "Agreement"), by and between TOYOTA AUTO RECEIVABLES
200      -      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 200      -      Owner Trust is issuing the Toyota Auto Receivables 200      -      Owner Trust
$        % Asset Backed Notes, Class A-1, the Toyota Auto Receivables 200      -      Owner Trust $      
  % Asset Backed Notes Class A-2, the Toyota Auto Receivables 200      -      Owner Trust $        % Asset Backed
Notes, Class A-3 and the Toyota Auto Receivables 200      -      Owner Trust $        % Asset Backed Notes
Class A-4 (collectively, the "Notes") pursuant to the Indenture dated as of      , 200      (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      , 200      ,
among the Issuer, Toyota Motor Credit Corporation ("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)(i)(B) and (C) 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 

2

 

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 P-1 by Moody's or A-1+ by S&P (or in either case, such lower ratings as may be permitted
by Moody's and S&P), 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 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, (310) 468-5715,
Attn: Vice President, Treasury, Re: Toyota Auto Receivables 200      -      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)(i)(E) 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(F) 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)(i)(E) and (F) 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 

3

 

    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 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.  Terms.  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 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 Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that
Standard & Poor's will not qualify, reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such transfer, assignment or conveyance and (y) has
provided Moody's with 10 days prior written notice of such intended transfer, assignment or conveyance and Moody's shall not have notified the Indenture Trustee that such transfer, assignment
or conveyance might or would result in the qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. The Revolving Liquidity Note may not be transferred,
assigned or conveyed in part; any transfer, conveyance or assignment must be 

4

 

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
Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that Standard & Poor's will not qualify, reduce or withdraw the rating it has currently assigned
to any Class of Notes as a result of such amendment and (y) has provided Moody's with 10 days prior written notice of such amendment and Moody's shall not have notified the Indenture
Trustee that such amendment might or would result in the qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. 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, the Indenture Trustee or the Rating Agencies 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 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 Moody's, to Moody's Investors Service, Inc., ABS
Monitoring Department, 99 Church Street, New York, New York 10007, (f) in the case of Standard & Poor's, to Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, 55 Water Street, New York, New York 10041, Attention of Asset Backed 

5

 

Surveillance Department; 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. 

    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] 

6

 
    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 200      -      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:

S–1

  

 
 

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 TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE ("SIMILAR LAW") (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 (SUCH BENEFIT PLAN OR ENTITY, A "BENEFIT PLAN INVESTOR") AND (II) A CERTIFICATE TO THE EFFECT THAT IF THE TRANSFEREE IS A PARTNERSHIP, GRANTOR TRUST OR S
CORPORATION FOR FEDERAL 

Exhibit A–1

 

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. 

Exhibit A–2

 
 
 

TOYOTA AUTO RECEIVABLES OWNER TRUST 200      -     
  
    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      , 200      , between
Toyota Auto Receivables Owner Trust 200      -      , 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      ,
200      , 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 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 

Exhibit A–3

 

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 Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that
Standard & Poor's will not qualify, reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such amendment and (y) has provided Moody's with
10 days prior written notice of such amendment and Moody's shall not have notified the Indenture Trustee that such amendment might or would result in the qualification, reduction or withdrawal
of the rating it has currently assigned to any Class of Notes. 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 Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that Standard & Poor's will not qualify,
reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such transfer, assignment or conveyance and (y) has provided Moody's with 10 days prior
written notice of such intended transfer, assignment or conveyance and Moody's shall not have notified the Indenture Trustee that such transfer, assignment or conveyance might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. 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. 

    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 

Exhibit A–4

 

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. 

Exhibit A–5

 

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

	 	 	TOYOTA AUTO RECEIVABLES 200      -      OWNER TRUST, as Issuer
	

 	
 	

 	
 	

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

 	
 	

By:	
 	

 Name:

Title:

    Dated:            ,
200      

Exhibit A–6

  

 
 

EXHIBIT B
  FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST    
  

Toyota
Auto Receivables 200      -      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 200      -      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:	 	 	 	 

Exhibit B–1

QuickLinks

EXHIBIT 4.9

FORM OF REVOLVING LIQUIDITY NOTE AGREEMENT

Article I Definitions

Article II Funding by Holder of Revolving Liquidity Note

Article III Revolving Liquidity Note

Article IV Miscellaneous Provisions

EXHIBIT A FORM OF REVOLVING LIQUIDITY NOTE

TOYOTA AUTO RECEIVABLES OWNER TRUST 200 - REVOLVING LIQUIDITY NOTE

EXHIBIT B FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST

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