Document:

Exhibit 4.1

 

 

AMENDED AND RESTATED AGENCY AGREEMENT

 

 

 

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.

TOYOTA CREDIT CANADA INC.

TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)

TOYOTA MOTOR CREDIT CORPORATION

as Issuers

 

and

 

THE BANK OF NEW YORK MELLON,

acting through its London branch,

as Agent

 

in respect of a

 

€60,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

 

 

 

Dated 16 September 2022

 

 

     

     

    

Contents

 

ClausePage

 

	1.   Definitions And Interpretations	2
	2.   Appointment of agent and Paying Agents	10
	3.   Issue of Temporary Global Notes	12
	4.   Issue of Permanent Global Notes	13
	5.   Issue of Definitive bearer Notes	15
	6.   Exchanges	16
	7.   Terms of Issue	16
	8.   Payments	18
	9.   Determinations and Notifications in Respect of Notes	20
	10.   Notice of Any Withholding or Deduction	22
	11.   Duties of the Agent in Connection with Early Redemption	22
	12.   Publication of Notices	23
	13.   Cancellation, Resale and Reissuance of Notes, Coupons and Talons	23
	14.   Issue of Replacement Notes, Coupons and Talons	25
	15.   Copies of this Agreement and Each Final Terms Available for Inspection	26
	16.   Commissions and Expenses	26
	17.   Indemnity	27
	18.   Repayment by the Agent	27
	19.   Conditions of Appointment	27
	20.   Communication Between the Parties	30
	21.   Changes in Agent and Paying Agents	30
	22.   Merger and Consolidation	32
	23.   Notifications	32
	24.   Change of Specified Office	32
	25.   Notices	33
	26.   Taxes and Stamp Duties	34
	27.   Currency Indemnity	34
	28.   Amendments: Meetings of Holders	34
	29.   Calculation Agency Agreement	37
	30.   REPRESENTATIONS AND WARRANTIES	37
	31.   deed poll	38
	32.   Descriptive Headings	39

     

     

    

 

 

	33.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	39
	34.   Governing Law	39
	35.   Counterparts	40
	Appendix A TERMS AND CONDITIONS OF THE NOTES	46
	Appendix B FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS	105
	APPENDIX B-1  FORM OF TEMPORARY GLOBAL NOTE	106
	SCHEDULE ONE  INTEREST PAYMENTS	113
	SCHEDULE TWO  SCHEDULE OF EXCHANGES FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR
PURCHASES AND CANCELLATIONS	114
	APPENDIX B-2  FORM OF PERMANENT GLOBAL NOTE	115
	SCHEDULE ONE  INTEREST PAYMENTS	122
	SCHEDULE TWO  SCHEDULE OF EXCHANGES OF A TEMPORARY GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS	123
	APPENDIX B-3  FORM OF DEFINITIVE BEARER NOTE	124
	APPENDIX B-4  FORM OF COUPON	127
	APPENDIX B-5  FORM OF TALON	129
	Appendix C FORM OF CALCULATION AGENCY AGREEMENT	131
	Appendix D FORM OF OPERATING and ADMINISTRATIVE PROCEDURES MEMORANDUM	141
	ANNEX A TO APPENDIX D  SETTLEMENT PROCEDURES	144
	ANNEX B TO APPENDIX D	149
	FORM OF FINAL TERMS AND ISSUE TERMS	149
	ANNEX C TO APPENDIX D  FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER	211
	ANNEX D TO APPENDIX D  FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER	218
	ANNEX E TO APPENDIX D  TRADING DESK INFORMATION	220
	Appendix E FORM OF THE NOTES	224
	Appendix F ADDITIONAL DUTIES OF THE AGENT	230
	Appendix G FORM OF DEED POLL (sUBSTITUTION OF ISSUER)	231

 

     

     

    

AMENDED AND RESTATED AGENCY AGREEMENT

 

in respect of a

 

€60,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

THIS AMENDED AND RESTATED AGENCY AGREEMENT
is made on 16 September 2022

 

BETWEEN:

 

		(1)	TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. of World Trade Center
Amsterdam, Tower H, Level 10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (TMF);

 

		(2)	TOYOTA CREDIT CANADA INC. of 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada (TCCI);

 

		(3)	TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St Leonards,
NSW 2065, Australia (TFA);

 

		(4)	TOYOTA MOTOR CREDIT CORPORATION of 6565 Headquarters Drive, Mailstop W2–3D, Plano, Texas
75024–5965, United States (TMCC); and

 

		(5)	THE BANK OF NEW YORK MELLON, acting through its London branch,
One Canada Square, Canary Wharf, London E14 5AL, United Kingdom (the Agent, which expression shall include any successor agent
appointed in accordance with Clause 21, and the Paying Agent, which expression shall include any additional or successor paying
agent appointed in accordance with Clause 21, and Paying Agent shall mean any of the Agent or the Paying Agents so appointed).

 

WHEREAS:

 

(A)       The
Issuers (as defined below) have determined that a programme agreement dated 30 September 1992 as amended and supplemented or restated
by the First Supplemental Programme Agreement dated 31 January 1994, the Second Supplemental Programme Agreement dated 16 May 1996, the
Third Supplemental Programme Agreement dated 29 May 1998, the Fourth Supplemental Programme Agreement dated 7 July 1999, the Amended and
Restated Programme Agreement dated 31 August 2000, the Amended and Restated Programme Agreement dated 31 August 2001, the Amended and
Restated Programme Agreement dated 27 September 2002, the Amended and Restated Programme Agreement dated 26 September 2003, the Amended
and Restated Programme Agreement dated 24 September 2004, the Amended and Restated Programme Agreement dated 30 September 2005, the
Amended and Restated Programme Agreement dated 28 September 2006, the Amended and Restated Programme Agreement dated 28 September 2007,
the Amended and Restated Programme Agreement dated 26 September 2008, the Amended and Restated Programme Agreement dated 18 September
2009, the Amended and Restated Programme Agreement dated 17 September 2010, the Amended and Restated Programme Agreement dated 16 September
2011, the Amended and Restated Programme Agreement dated 14 September 2012, the Amended and Restated Programme Agreement dated 13 September
2013, the Amended and Restated Programme Agreement dated 12 September 2014, the Amended and Restated Programme Agreement dated 11 September
2015, the Amended and

 

     

     

    

Restated Programme
Agreement dated 9 September 2016, the Amended and Restated Programme Agreement dated 8 September 2017, the Amended and Restated Programme
Agreement dated 14 September 2018, the Amended and Restated Programme Agreement dated 13 September 2019, the Amended and Restated Programme
Agreement dated 18 September 2020 and the Amended and Restated Programme Agreement dated 17 September 2021 entered into with the Dealers
named therein pursuant to which any of the Issuers may issue Euro Medium Term Notes in an aggregate nominal amount of up to €60,000,000,000,
be amended and restated by the Issuers and each of Merrill Lynch International, Australia and New Zealand Banking Group Limited (ABN
11 005 357 522), Banco Santander, S.A., Bank of Montreal Europe Plc, Bank of Montreal, London Branch, Barclays Bank Ireland PLC, Barclays
Bank PLC, BNP Paribas, BofA Securities Europe SA, Canadian Imperial Bank of Commerce, London Branch, CIBC Capital Markets (Europe) S.A.,
Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Daiwa Capital Markets Europe Limited, HSBC Bank
plc, HSBC Continental Europe, ING Bank N.V., J.P. Morgan SE, J.P. Morgan Securities plc, Lloyds Bank Corporate Markets plc, Lloyds Bank
Corporate Markets Wertpapierhandelsbank GmbH, Mizuho Securities Europe GmbH, Morgan Stanley & Co. International plc, MUFG Securities
EMEA plc, MUFG Securities (Europe) N.V., Nomura Financial Products Europe GmbH, Nomura International plc, RBC Capital Markets (Europe)
GmbH, RBC Europe Limited, SMBC Bank EU AG, SMBC Nikko Capital Markets Limited, Société Générale, TD Global
Finance unlimited company, The Toronto-Dominion Bank and UniCredit Bank AG (together, the Programme Dealers).

 

(B)       The
Issuers have entered into an amended and restated programme agreement dated 16 September 2022 with the Programme Dealers pursuant to which
any of the Issuers may issue Euro Medium Term Notes in an aggregate nominal amount of up to €60,000,000,000.

 

(C)       The
Issuers and the agents named therein entered into an amended and restated agency agreement dated 17 September 2021 (the Agency Agreement).
The parties hereto agree to make certain modifications to the Agency Agreement. This Agreement amends and restates the Agency Agreement.
Any Notes issued under the Programme on or after the date of this Agreement shall be issued with the benefit of the Agency Agreement as
so amended and restated.

 

1.       Definitions
And Interpretations

 

		(1)	The following expressions shall have the following meanings:

 

Agreement Date means, with respect
to any Note, the date on which agreement is reached for the issue of such Note as contemplated in Clause 2 of the Programme Agreement,
which in the case of Notes issued on a syndicated basis shall be the date the applicable Syndicate Purchase Agreement is signed by all
parties;

 

Arranger means Merrill Lynch
International, or any other company appointed to the position of arranger for the Programme; and references in this Agreement to the Arranger
shall be references to all of them;

 

Bearer Note means those of the
Notes in bearer form;

 

CGN means a Temporary Global
Note being in the form or substantially in the form set out in Appendix B-1 hereto or a Permanent Global Note being in the form or substantially
in the form set out in Appendix B-2 hereto and in either case in respect of which the applicable Final Terms indicate it is not a New
Global Note;

 

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Clearing System means Clearstream,
Luxembourg and/or Euroclear and/or any other additional system or systems as is specified in the applicable Final Terms;

 

Clearstream, Luxembourg means
Clearstream Banking S.A.;

 

Code means the US Internal Revenue
Code of 1986;

 

Conditions means, in respect
of any Series of Notes, the terms and conditions of the Notes of such Series, such terms and conditions being in the form or substantially
in the form set out in Appendix A hereto or in such other form, having regard to the terms of the relevant Series, as may be agreed between
the relevant Issuer, the Agent and the relevant Purchaser or Purchasers from time to time, as amended or supplemented by the applicable
Final Terms;

 

Coupon has the meaning ascribed
thereto in the Conditions;

 

Dealer means each of the Programme
Dealers and any other entities appointed as dealers from time to time pursuant to the Programme Agreement;

 

Definitive Bearer Note means
a Bearer Note in definitive form being in the form or substantially in the form set out in Appendix B-3 hereto (or in such other form
as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser or Purchasers) issued or to be issued by the relevant
Issuer pursuant to this Agreement in exchange for the whole or (subject to the terms of the relevant Temporary Global Note and/or Permanent
Global Note) part of a Temporary Global and/or Permanent Global Note;

 

Definitive Note means a Definitive
Bearer Note and/or a Definitive Registered Note, as the context may require;

 

Definitive Registered Note means
a Registered Note in definitive form issued or, as the case may require, to be issued by TCCI pursuant to the TCCI Note Agency Agreement
or TMCC pursuant to the TMCC Note Agency Agreement in exchange for a Registered Global Note, such Note, if issued by TCCI, being in the
form or substantially in the form set out in Schedule 2 to the TCCI Note Agency Agreement (or in such other form as may be agreed between
TCCI, the TCCI Registrar, the TCCI Transfer Agent and the relevant Purchaser(s)) or if issued by TMCC, being in the form or substantially
in the form set out in Schedule 2 to the TMCC Note Agency Agreement (or in such other form as may be agreed between TMCC, the TMCC Registrar,
the TMCC Transfer Agent and the relevant Purchaser(s));

 

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

 

Established Rate means the rate
for the conversion of the Specified Currency (including compliance with rules relating to roundings in accordance with applicable European
Union regulations) into euro established by the Council of the European Union pursuant to Article 140 of the Treaty;

 

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EUR, Euro, euro
and € mean the currency introduced at the start of the third stage of European economic and monetary union, and as defined
in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, as amended;

 

Euroclear means Euroclear Bank
SA/NV;

 

Euronext Dublin means the Irish
Stock Exchange p.l.c. trading as Euronext Dublin;

 

European Economic Area means
the European Economic Area consisting of the Member States of the European Union and Iceland, Norway and Liechtenstein;

 

Eurosystem-eligible Note means
a Note which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Final Terms;

 

EUWA means the European Union
(Withdrawal) Act 2018;

 

Exempt Notes means Notes which
are neither to be admitted to trading on (a) a regulated market for the purposes of Directive 2014/65/EU in the European Economic Area
or (b) a UK regulated market (as defined in Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA), nor
offered in (i) the European Economic Area or (ii) in the UK, in circumstances where a prospectus is required to be published under the
Prospectus Regulation or the FSMA, respectively and includes unlisted Notes and/or Notes not admitted to trading on any market;

 

FATCA Withholding Tax means any
withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or any withholding or deduction otherwise
imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations, agreements or undertakings thereunder or official interpretations
thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof
(or any law implementing such an intergovernmental agreement);

 

Final Terms means the final terms
issued in relation to each Tranche of Notes (substantially in the form of either Part A or Part B of Annex B to the Procedures Memorandum)
as a supplement to the Prospectus and giving details of that Tranche and, in relation to any particular Tranche of Notes, applicable
Final Terms means the Final Terms applicable to that Tranche;

 

FSMA means the Financial Services
and Markets Act 2000;

 

Global Bearer Note means a Temporary
Global Note or a Permanent Global Note (or such other form of global note in bearer form as may be agreed between the relevant Issuer,
the Agent and the relevant Purchaser(s) as indicated in the applicable Final Terms) representing a certain number of underlying Notes
(the Underlying Notes);

 

Global Note means a Global Bearer
Note or a Registered Global Note (or such other form of global note as may be agreed between the relevant Issuer, the Agent (in the case
of Bearer Notes), the TCCI Registrar (in the case of Registered Notes issued by TCCI), the TMCC Registrar (in the case of Registered Notes
issued by TMCC) and the relevant Purchaser(s) as indicated in the applicable Final Terms) representing a certain number of Underlying
Notes;

 

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ISDA Definitions means the 2021
ISDA Interest Rate Derivatives Definitions published by the International Swaps and Derivatives Association, Inc., as amended, supplemented
or updated from time to time;

 

Issue Date means, in respect
of any Note, the date of issue and purchase of such Note pursuant to Clause 2 of the Programme Agreement, being in the case of any Note
in the form of a Permanent Global Note or a Definitive Note, the same date as the date of issue of the Temporary Global Note which initially
represented such Note;

 

Issue Terms means the issue terms
issued in relation to each Tranche of Exempt Notes (substantially in the form of Part C of Annex B of the Procedures Memorandum) and giving
details of that Tranche and, in relation to any particular Tranche of Notes, applicable Issue Terms means the Issue Terms applicable
to that Tranche;

 

Issuer means each of TMF, TCCI,
TFA and TMCC in its capacity as issuer of Notes; and references in this Agreement to the relevant Issuer shall, in relation to
any issue of Notes, be references to whichever of TMF, TCCI, TFA or TMCC is the issuer of such Notes; and references to the Issuers
shall be to all of TMF, TCCI, TFA and TMCC;

 

Listing Agent means, in relation
to any Notes which are, or are to be, listed on a Stock Exchange other than the London Stock Exchange, such listing agent as the relevant
Issuer may from time to time appoint for purposes of liaising with such Stock Exchange or other relevant authority;

 

London Stock Exchange means the
London Stock Exchange plc or such other body to which its functions have been transferred;

 

Member State means a member state
of the European Union;

 

New Global Note means a Temporary
Global Note being in the form or substantially in the form set out in Appendix B-1 hereto or a Permanent Global Note being in the form
or substantially in the form set out in Appendix B-2 hereto and in either case in respect of which the applicable Final Terms indicate
it is a New Global Note;

 

Note means a note issued or to
be issued by the relevant Issuer pursuant to the Programme Agreement, other than a Note which will form a single Series with any Notes
issued by any Issuer prior to the date of this Agreement, which Note may be represented by a Global Note or a Definitive Note;

 

Noteholders means the several
persons who are for the time being holders of outstanding Notes (being in the case of Bearer Notes, the bearers thereof and, in the case
of Registered Notes, the several persons whose names are entered in the register of holders of such Notes as the holders thereof) save
that, in respect of Notes of any Series, for so long as such Notes or any part thereof are represented by a Global Note, each person who
is for the time being shown in the records of Euroclear, Clearstream, Luxembourg or such other applicable clearing agency as the holder
of a particular nominal amount of such Notes (other than a clearing agency (including Clearstream, Luxembourg and Euroclear) that is itself
an account holder of Clearstream, Luxembourg, Euroclear or any other applicable clearing agency for a Series of Notes) (in which regard
any certificate or other document issued by Euroclear, Clearstream, Luxembourg or such other applicable clearing agency as to the nominal
amount of such Notes standing to the account of any person shall be conclusive and binding for

 

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all purposes save in the case of manifest
error) shall be treated by the relevant Issuer, the Agent and any other Paying Agent or (in the case of Registered Notes issued by TCCI)
by the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by TMCC) by the TMCC Registrar and the TMCC
Transfer Agent as a holder of such nominal amount of such Notes for all purposes other than for the payment of principal (including premium
(if any)) or interest on such Notes, the right to which shall be vested, as against the relevant Issuer, the Agent and any other Paying
Agent or (in the case of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered
Notes issued by TMCC) the TMCC Registrar and the TMCC Transfer Agent, in the case of Bearer Notes, solely in the bearer of the Global
Note and, in the case of Registered Notes, solely in the person whose name is entered in the register of holders of such Notes as the
holder of the Global Note in accordance with and subject to its terms (and the expressions Noteholder, holder of Notes and
related expressions shall be construed accordingly);

 

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

 

outstanding means, in relation
to the Notes of all or any Series, all the Notes (or all the Notes of that or those Series) issued other than (a) those which have been
redeemed in full in accordance with this Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement or the Conditions,
(b) those in respect of which the date for redemption in accordance with the Conditions has occurred and the redemption moneys therefor
(including all interest (if any) accrued thereon to the date for such redemption and any interest (if any) payable under the Conditions
after such date) have been duly paid to the Agent as provided herein or (in the case of Registered Notes issued by TCCI) to the TCCI Registrar
or the TCCI Transfer Agent or (in the case of Registered Notes issued by TMCC) to the TMCC Registrar or the TMCC Transfer Agent (and,
where appropriate, notice has been given to the Noteholders in accordance with Condition 16) and remain available for payment against
presentation of Notes, (c) those Notes which have become void under Condition 8, (d) those Notes which have been purchased or otherwise
acquired and cancelled as provided in Condition 6 and those which have been purchased or otherwise acquired and are being held by the
relevant Issuer for subsequent resale or reissuance as provided in Condition 6 during the time so held, (e) those mutilated or defaced
Notes which have been surrendered in exchange for replacement Notes pursuant to Condition 10, (f) (for the purposes only of determining
how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen
or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 10 and (g) Temporary Global Notes to the
extent that they shall have been duly exchanged in whole for Permanent Global Notes or Definitive Notes and Permanent Global Notes or
Registered Global Notes to the extent that they shall have been duly exchanged in whole for Definitive Notes, in each case pursuant to
their respective provisions;

 

Permanent Global Note means a
permanent global Bearer Note in the form or substantially in the form set out in Appendix B-2 hereto (or in such other form as may be
agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some or all of the Notes of the same Series, issued
or to be issued by the relevant Issuer either in exchange for the whole or part of a Temporary Global Note issued in respect of the Notes
of the same Tranche or initially representing the Notes;

 

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Procedures Memorandum means the
non-binding Operating and Administrative Procedures Memorandum set out in Appendix D hereto as amended or varied from time to time, in
respect of any Tranche, by agreement between the relevant Issuer and the Purchaser of such Tranche with the approval in writing of the
Agent;

 

Programme means the Euro Medium
Term Note Programme provided for by the Programme Agreement;

 

Programme Agreement means the
Amended and Restated Programme Agreement dated 16 September 2022 between the Issuers and the Programme Dealers concerning the purchase
of Notes to be issued by any Issuer;

 

Prospectus means the Prospectus
relating to the Programme as revised, supplemented, amended or updated from time to time in accordance with Clause 5.2 of the Programme
Agreement, including any documents which are from time to time incorporated therein by reference but excluding all information incorporated
by reference in any such documents and excluding any information or statement otherwise included in any such documents which is or might
be considered to be forward looking and excluding any excluded information as may be defined in the Prospectus, including, in relation
to each Tranche of Notes, the applicable Final Terms relating to such Tranche;

 

Prospectus Regulation means Regulation
(EU) 2017/1129;

 

Purchaser means any Dealer or
any third party other than a dealer (as defined in Section 2(12) of the Securities Act), who agrees to purchase Notes pursuant to the
Programme Agreement and references to a relevant Purchaser shall, in relation to any Note, be references to the Purchaser with whom the
relevant Issuer has agreed the issue and purchase of such Note;

 

Registered Global Note means
a Global Note, if issued by TCCI, being in the form or substantially in the form set out in Schedule 1 to the TCCI Note Agency Agreement
(or in such other form as may be agreed between TCCI, the TCCI Registrar, the TCCI Transfer Agent and the relevant Purchaser(s)), or if
issued by TMCC, being in the form or substantially in the form set out in Schedule 1 to the TMCC Note Agency Agreement (or such other
form as may be agreed between TMCC, the TMCC Registrar, the TMCC Transfer Agent and the relevant Purchaser(s));

 

Registered Note means a Note
in registered form issued or to be issued by TCCI or TMCC;

 

Relevant Account Holder means
any account holder with the Relevant Clearing System which has Underlying Notes (as defined in the definition of “Global Bearer
Note”) credited to its securities account from time to time;

 

Relevant Clearing System means
one or more Clearing Systems;

 

Relevant Time means the time
at which a Global Note becomes void in the circumstances which are specified in that Global Note;

 

Sanctions means any economic
or financial sanctions administered, enacted, imposed or enforced by the U.S. government (including, without limitation, those administered
by OFAC), the Australian Federal Government, the United Nations Security Council, 

 

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the European Union or the United Kingdom and only as
such sanctions may be applicable to each relevant entity;

 

Securities Act means the Securities
Act of 1933 of the United States;

 

Series means each original issue
of Notes together with any further issues expressed to form a single series with the original issue and the terms of which (save for the
Issue Date, the amount and date of the first payment of interest thereon and/or the Issue Price (as indicated in the applicable Final
Terms)) are identical (including Maturity Date, Interest Basis, Redemption/Payment Basis and Interest Payment Dates (if any) (as indicated
in the applicable Final Terms) and whether or not the Notes are admitted to trading); and the expressions Notes of the relevant Series
and related expressions shall be construed accordingly;

 

Specified Currency means the
currency (which expression shall include euro and other currency units) in which Notes are denominated;

 

Stock Exchange means the London
Stock Exchange, Euronext Dublin or any other or further stock exchange(s) on which any Notes may from time to time be listed or admitted
to trading, as the case may be; and references in this Agreement to the relevant Stock Exchange shall, in relation to any Notes,
be references to the Stock Exchange on which such Notes are from time to time, or are intended to be, listed or admitted to trading;

 

Talon has the meaning ascribed
thereto in the Conditions;

 

TARGET2 system means the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET2) system or any successor thereto;

 

Temporary Global Note means a
temporary global Bearer Note being in the form or substantially in the form set out in Appendix B-1 hereto (or in such other form as may
be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some or all of the Notes of the same Series
issued or to be issued by the relevant Issuer pursuant to the Programme Agreement or any other agreement between the relevant Issuer and
the relevant Purchaser(s);

 

TCCI Note Agency Agreement means
the Amended and Restated Note Agency Agreement of 17 September 2021 herewith between TCCI, BNY Trust Company of Canada, The Bank of New
York Mellon SA/NV, Luxembourg Branch and the Agent relating to Registered Notes issued by TCCI;

 

TCCI Registrar means, in relation
to any Series of Registered Notes issued by TCCI, BNY Trust Company of Canada as registrar, paying agent and transfer agent and in respect
of any Series of Registered Notes settled or cleared in Euroclear and/or Clearstream, Luxembourg, The Bank of New York Mellon SA/NV, Luxembourg
Branch as registrar and transfer agent under the TCCI Note Agency Agreement and any successor registrar, paying agent and transfer agent
appointed by TCCI in accordance with such TCCI Note Agency Agreement;

 

TCCI Transfer Agent means in
relation to any Series of Registered Notes issued by TCCI, the Agent as transfer agent and paying agent under the TCCI Note Agency Agreement
and any successor transfer agent and paying agent appointed by TCCI in accordance with the TCCI Note Agency Agreement;

 

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TMCC Note Agency Agreement means
the Amended and Restated Note Agency Agreement of 17 September 2021 herewith between TMCC, The Bank of New York Mellon SA/NV, Luxembourg
Branch and the Agent relating to Registered Notes issued by TMCC;

 

TMCC Registrar means, in relation
to any Series of Registered Notes issued by TMCC, The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent
under the TMCC Note Agency Agreement and any successor registrar and transfer agent appointed by TMCC in accordance with such TMCC Note
Agency Agreement;

 

TMCC Transfer Agent means in
relation to any Series of Registered Notes issued by TMCC, the Agent as transfer agent and paying agent under the TMCC Note Agency Agreement
and any successor transfer agent and paying agent appointed by TMCC in accordance with the TMCC Note Agency Agreement;

 

Tranche means all Notes of the
same Series with the same Issue Date;

 

Treaty means the Treaty on the
Functioning of the European Union, as amended;

 

UK means the United Kingdom;

 

UK Prospectus Regulation means
Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the EUWA); and

 

U.S.$ and U.S. dollar
mean the lawful currency for the time being of the United States.

 

		(2)	Terms and expressions (including the definitions of currencies or composite currencies) defined in the
Conditions or Appendices hereto or used in the applicable Final Terms shall have the same meanings in this Agreement, except where the
context requires otherwise.

 

		(3)	All references in this Agreement to the provisions of any statute, directive or regulation shall be deemed
to be references to that statute, directive or regulation as from time to time modified, extended, amended or re-enacted.

 

		(4)	Any references to Notes shall, unless the context otherwise requires, include any Temporary Global Notes,
Permanent Global Notes, Registered Global Notes and Definitive Notes.

 

		(5)	All references in this Agreement to an agreement, instrument or other document (including this Agreement,
the Programme Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, any Series of Notes and any Conditions appertaining
thereto) shall be construed as a reference to that agreement, instrument or document as may be amended, modified, varied, supplemented
or novated from time to time.

 

		(6)	Words denoting the singular number only shall include the plural number also and vice versa; words
denoting the masculine gender only shall include the feminine gender also; and words denoting persons only shall include firms and corporations
and vice versa.

 

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		(7)	Any references herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits,
except in relation to New Global Notes or Registered Notes intended to be held in a manner which would allow Eurosystem eligibility (being
the new safekeeping structure (NSS)), be deemed to include a reference to any additional or alternative clearance system approved by the
relevant Issuer, the relevant Purchaser(s) and either (in the case of Bearer Notes) the Agent or (in the case of Registered Notes issued
by TCCI) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Noted issued by TMCC) the TMCC Registrar and the
TMCC Transfer Agent.

 

		(8)	All references in this Agreement to a Directive include any relevant implementing measure of each Member
State which has implemented such Directive.

 

		(9)	All references in this Agreement to applicable Final Terms shall be deemed to include a reference
to applicable Issue Terms where relevant.

 

		(10)	As used herein, in relation to any Notes which are to have a “listing” or be “listed”
(a) on the London Stock Exchange, listing or listed shall be construed to mean that such Notes have been admitted to the
official list of the Financial Conduct Authority in accordance with the listing rules of the Financial Conduct Authority and admitted
to trading on the London Stock Exchange’s main market and (b) on Euronext Dublin, listing or listed shall be construed
to mean that such Notes have been admitted to Euronext Dublin’s official list in accordance with the listing rules of Euronext Dublin
and admitted to trading on Euronext Dublin and (c) on any other Stock Exchange in a jurisdiction within the European Economic Area, listing
and listed shall be construed to mean that the Notes have been admitted to trading on a market within that jurisdiction which is
a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU).

 

		(11)	Unless the contrary indication appears, a reference to the records of Euroclear and Clearstream, Luxembourg
shall be to the records that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflect the amount of such customer’s
interests in the Notes.

 

		(12)	In this Agreement, unless the contrary intention appears, a reference to a document is a reference to
that document as amended from time to time.

 

		(13)	For the purposes of this Agreement, the Notes of each Series shall form a separate series of Notes and
accordingly, the provisions of this Agreement shall apply mutatis mutandis separately and independently to the Notes of each Series
and in such provisions the expressions Notes, Noteholders, Coupons, Couponholders, Talons and Talonholders
shall be construed accordingly.

 

2.       Appointment
of agent and Paying Agents

 

		(1)	The Agent is hereby appointed in a several capacity as agent of each of the Issuers, to act as issuing
and principal paying agent, upon the terms and subject to the conditions set out below, for the purposes of, inter alia:

 

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		(a)	completing, authenticating and delivering Temporary Global Notes and Permanent Global Notes and authenticating
(if required) and delivering Definitive Bearer Notes;

 

		(b)	giving effectuation instructions in respect of each Global Note which is a Eurosystem-eligible Note;

 

		(c)	exchanging Temporary Global Notes for Permanent Global Notes or Definitive Bearer Notes, as the case may
be, in accordance with the terms of the Temporary Global Notes and, in respect of any such exchange (i) making all notations on Global
Notes which are CGNs as required by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries
in their records in respect of all Global Notes which are New Global Notes;

 

		(d)	exchanging Permanent Global Notes for Definitive Bearer Notes in accordance with the terms of the Permanent
Global Notes and, in respect of any such exchange (i) making all notations on Permanent Global Notes which are CGNs as required by their
terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in respect of all Permanent
Global Notes which are New Global Notes;

 

		(e)	paying sums due on Temporary Global Notes, Permanent Global Notes and Definitive Bearer Notes and Coupons
in accordance with the terms of such Notes and (i) making all notations on Global Notes which are CGNs as required by their terms and
(ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in respect of all Global Notes which
are New Global Notes;

 

		(f)	unless otherwise specified in the applicable Final Terms, determining the interest and/or other amounts
payable in respect of the Notes in accordance with the Conditions;

 

		(g)	arranging on behalf of the relevant Issuer for notices to be communicated to the Noteholders and the relevant
Stock Exchanges;

 

		(h)	ensuring that all necessary action is taken to comply with the periodic reporting and notification requirements
of the Ministry of Finance of Japan (including any monthly reports or such other reports as may be required) and other applicable Japanese
authorities, or any other competent authority of any relevant currency with respect to the Notes to be issued under the Programme;

 

		(i)	receiving notice from Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency
relating to the certificates of non-U.S. beneficial ownership of Bearer Notes;

 

		(j)	determining and certifying to Euroclear, Clearstream, Luxembourg or such other applicable clearing agency
the applicable Exchange Date; and

 

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		(k)	performing all other obligations and duties imposed upon it by the Conditions and this Agreement.

 

		(2)	Any of the duties and obligations of the Agent in its capacity of issuing and principal paying agent set
forth in paragraphs (a), (b), (c), (d), (e), (f), (g), (h) and (i) of Subclause 2(1) may, with the consent of the relevant Issuer, be
delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third party’s performance is
subject to the overall supervision and control of the Agent.

 

		(3)	Each Paying Agent is hereby appointed in a several capacity as paying agent of each of the Issuers, and
each Paying Agent agrees to act in a several capacity as paying agent of each of the Issuers, upon the terms and subject to the conditions
set out below, for the purposes of paying sums due on Notes and Coupons and performing all other obligations and duties imposed upon it
by the Conditions and this Agreement.

 

		(4)	In relation to each issue of Eurosystem-eligible Notes, each relevant Issuer hereby authorises and instructs
the Agent to elect Euroclear as common safekeeper. From time to time, each such Issuer and the Agent may agree to vary this election.
Each such Issuer acknowledges that any such election is subject to the right of Euroclear and Clearstream, Luxembourg to jointly determine
that the other shall act as common safekeeper in relation to any such issue and agrees that no liability shall attach to the Agent in
respect of any such election made by it.

 

		(5)	Where the Agent delivers any authenticated Global Note to a common safekeeper for effectuation using electronic
means, it is authorised and instructed to destroy the Global Note retained by it following its receipt of confirmation from the common
safekeeper that the relevant Global Note has been effectuated.

 

3.       Issue
of Temporary Global Notes

 

		(1)	Subject to Subclause 3(2), following receipt of the applicable Final Terms signed by the relevant Issuer
with respect of an issue of Notes in accordance with the provisions of the Procedures Memorandum set out in Appendix D hereto (as from
time to time varied, with the prior approval of the Agent, by the relevant Issuer and the relevant Purchaser or Purchasers of the Notes
of such issue), the Agent will take the steps required of the Agent in the Procedures Memorandum. For this purpose the Agent is authorised
on behalf of the relevant Issuer:

 

		(a)	to prepare a Temporary Global Note or Temporary Global Notes containing the relevant Conditions and to
complete, in accordance with such Final Terms, the necessary details on such Temporary Global Note(s) and attach a copy of the applicable
Final Terms to such Temporary Global Note;

 

		(b)	to authenticate such Temporary Global Note(s);

 

		(c)	if the Temporary Global Note(s) is/are a CGN, to deliver such Temporary Global Note(s) (i) to the specified
common depositary of Euroclear, Clearstream, Luxembourg and/or such other applicable 

 

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			clearing agency as is specified in the applicable
Final Terms against receipt from such common depositary of confirmation that such common depositary is holding the Temporary Global Note(s)
in safe custody for the account of Euroclear, Clearstream, Luxembourg or such other applicable clearing agency and to instruct Euroclear,
Clearstream, Luxembourg and/or such other applicable clearing agency (as the case may be) to credit the Notes represented by such Temporary
Global Notes(s), unless otherwise agreed in writing between the Agent and the relevant Issuer, to the Agent’s distribution account,
or (ii) as otherwise agreed in writing between the relevant Issuer and the Agent;

 

		(d)	if the Temporary Global Note(s) is/are a New Global Note, to deliver such Temporary Global Note(s) to
the specified common safekeeper of Euroclear and Clearstream, Luxembourg against receipt from such common safekeeper of confirmation that
such common safekeeper is holding the Temporary Global Note(s) in safe custody for the account of Euroclear and Clearstream, Luxembourg
and, in the case of a Temporary Global Note which is a Eurosystem-eligible Note, to instruct the common safekeeper to effectuate the same;
and

 

		(e)	if the Temporary Global Note(s) is/are a New Global Note, to instruct Euroclear and Clearstream, Luxembourg
to make the appropriate entries in their records to reflect the initial outstanding aggregate nominal amount of the relevant Tranche of
Notes.

 

		(2)	The Agent shall only be required to perform its obligations under Subclause 3(1) if it holds a master
Temporary Global Note duly executed by a person or persons authorised to execute the same on behalf of the relevant Issuer, which may
be used by the Agent for the purpose of preparing Temporary Global Note(s) in accordance with Subclause 3(1)(a).

 

		(3)	The Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency
with the notifications, instructions or other information to be given by the Agent to Euroclear, Clearstream, Luxembourg and/or such other
applicable clearing agency.

 

		(4)	Any of the duties and obligations of the Agent set forth in this Clause 3 may, with the consent of the
relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third party’s
performance is subject to the overall supervision and control of the Agent.

 

4.       Issue
of Permanent Global Notes

 

		(1)	Subject to Subclause 4(2), upon the occurrence of any event which pursuant to the terms of a Temporary
Global Note requires the issue of a Permanent Global Note, the Agent shall issue a Permanent Global Note in accordance with the terms
of the Temporary Global Note. For this purpose the Agent is authorised on behalf of the relevant Issuer:

 

		(a)	in the case of the first Tranche of any Series of Notes, to prepare a Permanent Global Note containing
the relevant Conditions and to complete, in accordance with the terms of the Temporary Global 

 

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			Note, the necessary details on such Permanent
Global Note and attach a copy of the applicable Final Terms to such Permanent Global Note;

 

		(b)	in the case of the first Tranche of any Series of Notes, to authenticate such Permanent Global Note;

 

		(c)	in the case of the first Tranche of any Series of Notes (i) where the Temporary Global Note is a CGN and
is being held by a common depositary as aforesaid, to deliver such Permanent Global Note to the specified common depositary that is holding
the Temporary Global Note for the time being on behalf of Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency
as is specified in the applicable Final Terms in exchange for such Temporary Global Note or, in the case of a partial exchange, after
noting the details of such exchange in the appropriate spaces on both the Temporary Global Note and the Permanent Global Note, and in
either case against receipt from the common depositary of confirmation that such common depositary is holding the Permanent Global Note
in safe custody for the account of Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency (as the case may be);
or (ii) where the Temporary Global Note is a CGN and is not being held by a common depositary, as otherwise agreed in writing between
the relevant Issuer and the Agent;

 

		(d)	in the case of the first Tranche of any Series of Notes where the Temporary Global Note is a New Global
Note, to deliver such Permanent Global Note to the specified common safekeeper that is holding the Temporary Global Note representing
the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg in exchange for such Temporary Global Note against
receipt from the common safekeeper of confirmation that such common safekeeper is holding the Permanent Global Note in safe custody for
the account of Euroclear and/or Clearstream, Luxembourg, and, in the case of a Permanent Global Note which is a Eurosystem-eligible Note,
to instruct the common safekeeper to effectuate the same and to hold it on behalf of the relevant Issuer pending its exchange for the
Temporary Global Note;

 

		(e)	in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a CGN, to attach
a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series and to enter details of any exchange
in whole or part as stated above; and

 

		(f)	in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a New Global
Note, to deliver the applicable Final Terms to the specified common safekeeper for attachment to the Permanent Global Note applicable
to the relevant Series.

 

		(2)	The Agent shall only be required to perform its obligations under Subclause 4(l) if it holds a master
Permanent Global Note duly executed by a person or 

 

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			persons authorised to execute the same on behalf of the relevant Issuer, which may
be used by the Agent for the purpose of preparing Permanent Global Notes in accordance with Subclause 4(1)(a).

 

		(3)	The Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency
with the notifications, instructions or other information to be given by the Agent to Euroclear, Clearstream, Luxembourg and/or such other
applicable clearing agency.

 

		(4)	Any of the duties and obligations of the Agent set forth in this Clause 4 may, with the consent of the
relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third party’s
performance is subject to the overall supervision and control of the Agent.

 

5.       Issue
of Definitive bearer Notes

 

		(1)	The Agent shall deliver the relevant Definitive Bearer Note(s) in accordance with the terms of the relevant
Temporary Global Note or the relevant Permanent Global Note where such Temporary Global Note or Permanent Global Note (as the case may
be) is to be exchanged for one or more Definitive Bearer Note(s). For this purpose, the Agent is hereby authorised on behalf of the relevant
Issuer:

 

		(a)	to authenticate or arrange for authentication on its behalf (if so instructed by the relevant Issuer)
of such Definitive Bearer Note(s); and

 

		(b)	to deliver such Definitive Bearer Note(s) to or to the order of Euroclear, Clearstream, Luxembourg and/or
such other applicable clearing agency as is specified in the applicable Final Terms either in exchange for such Global Note or, in the
case of a partial exchange, if it is a CGN, on entering details of any partial exchange of the Global Note in the relevant space in Schedule
Two of such Global Note, or, if it is a New Global Note, on Euroclear and Clearstream, Luxembourg making the appropriate entries in their
records to reflect such exchange; provided that the Agent shall only permit a partial exchange of Notes represented by a Permanent Global
Note for Definitive Bearer Notes if the Notes which continue to be represented by such Permanent Global Note are regarded as fungible
by Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency with the Definitive Bearer Notes issued in partial
exchange therefor.

 

The Agent shall notify the relevant Issuer
forthwith upon receipt of a request for issue of Definitive Bearer Note(s) in accordance with the provisions of a Global Note (and the
aggregate nominal amount of such Temporary Global Note or Permanent Global Note, as the case may be, to be exchanged in connection therewith).

 

		(2)	The relevant Issuer undertakes to deliver to the Agent, pursuant to a request for the issue of Definitive
Bearer Notes under the terms of the relevant Global Note, sufficient numbers of executed Definitive Bearer Notes to enable the Agent to
comply with its obligations under this Clause 5.

 

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		(3)	Any of the duties and obligations of the Agent set forth in this Clause 5 may, with the consent of the
relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third party’s
performance is subject to the overall supervision and control of the Agent.

 

6.       Exchanges

 

Upon any exchange of all or a portion
of an interest in a Temporary Global Note for an interest in a Permanent Global Note or for Definitive Bearer Notes or upon any exchange
of all or a portion of an interest in a Permanent Global Note for Definitive Bearer Notes, the Agent shall (i) procure that the relevant
Global Note shall, if it is a CGN, be endorsed to reflect the reduction of, or increase in (as the case may be), its nominal amount by
the aggregate nominal amount so exchanged and, where applicable, the Permanent Global Note shall be endorsed by or on behalf of the Agent
to reflect the increase in its nominal amount as a result of any exchange for an interest in the Temporary Global Note or (ii) in the
case of any Global Note which is a New Global Note, instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their
records to reflect such exchange. Until exchanged in full, the holder of an interest in any Global Note shall in all respects be entitled
to the same benefits as the holder of Definitive Bearer Notes and Coupons authenticated and delivered hereunder, subject as set out in
the Conditions and the relevant Global Note. The Agent is hereby authorised on behalf of the relevant Issuer and instructed (a) in the
case of any Global Note which is a CGN, to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction
in the nominal amount represented thereby by the amount so exchanged and, if appropriate, to endorse the Permanent Global Note to reflect
any increase in the nominal amount represented by it and, in either case, to sign in the relevant space on the relevant Global Note recording
such exchange and reduction or increase; (b) in the case of any Global Note which is a New Global Note, to instruct Euroclear and Clearstream,
Luxembourg to make appropriate entries in their records to reflect such exchange; and (c) in the case of a total exchange, to cancel or
arrange for the cancellation of the relevant Global Note. Any of the duties and obligations of the Agent set forth in this Clause 6 may,
with the consent of the relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided
such third party’s performance is subject to the overall supervision and control of the Agent.

 

7.       Terms
of Issue

 

		(1)	The Agent shall cause all Temporary Global Notes, Permanent Global Notes and Definitive Bearer Notes delivered
to and held by it under this Agreement to be maintained in safe custody and shall ensure that such Notes are issued only in accordance
with the provisions of this Agreement and the relevant Global Note and Conditions.

 

		(2)	Subject to the procedures set out in the Procedures Memorandum, for the purposes of Subclause 7(1) the
Agent is entitled to treat a telephone or facsimile communication from a person purporting to be (and who the Agent, after making reasonable
investigation, believes in good faith to be) the authorised representative of the relevant Issuer named in the list referred to in, or
notified pursuant to, Subclause 19(7) as sufficient instructions and authority of the relevant Issuer for the Agent to act in accordance
with Subclause 7(1).

 

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		(3)	In the event that a person who has signed on behalf of any Issuer a master Temporary Global Note, a master
Permanent Global Note or Definitive Bearer Notes not yet issued but held by the Agent in accordance with Subclause 7(1) ceases to be authorised
as described in Subclause 19(7), the Agent shall (unless the relevant Issuer gives notice to the Agent that Notes signed by that person
do not constitute valid and binding obligations of the relevant Issuer or otherwise until replacements have been provided to the Agent)
continue to have authority to issue any such Notes, and the relevant Issuer hereby warrants to the Agent that such Notes shall, unless
notified as aforesaid, be valid and binding obligations of the relevant Issuer. Promptly upon such person ceasing to be authorised, the
relevant Issuer shall provide the Agent with replacement master Temporary Global Notes, master Permanent Global Notes and (if applicable)
Definitive Bearer Notes and the Agent shall cancel and destroy the master Temporary Global Notes, master Permanent Global Notes and (if
applicable) Definitive Bearer Notes held by it which are signed by such person and shall provide to the relevant Issuer a confirmation
of destruction in respect thereof specifying the Notes so cancelled and destroyed.

 

		(4)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, each Note credited to the
Agent’s distribution account with Euroclear and Clearstream, Luxembourg (or, in the case of Notes in CGN form, such other applicable
clearing agency) following the delivery of a Temporary Global Note or Permanent Global Note, as the case may be, to a common depositary
or, as the case may be, a common safekeeper pursuant to Subclause 3(1)(c), 3(1)(d), 4(1)(c) or 4(1)(d), respectively, shall be held to
the order of the relevant Issuer. The Agent shall procure that the nominal amount of Notes which the relevant Purchaser has agreed to
purchase is:

 

		(a)	debited from the Agent’s distribution account; and

 

		(b)	credited to the securities account of such Purchaser with Euroclear, Clearstream, Luxembourg or, in the
case of Notes in CGN form, such other clearing agency (as specified in the Letter from Lead Manager/Dealer as provided for in Annex C
to the Procedures Memorandum set forth in Appendix D hereto), in each case only upon receipt by the Agent on behalf of the relevant Issuer
of the purchase price due from the relevant Purchaser in respect of such Notes.

 

		(5)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, if on the relevant Issue
Date a Purchaser does not pay the full purchase price due from it in respect of any Note (the Defaulted Note) and, as a result,
the Defaulted Note remains in the Agent’s distribution account with Euroclear and/or Clearstream, Luxembourg (or, in the case of
Notes in CGN form, such other applicable clearing agency) after such Issue Date, the Agent will continue to hold the Defaulted Note to
the order of the relevant Issuer. The Agent shall notify the relevant Issuer forthwith of the failure of the Purchaser to pay the full
purchase price due from it in respect of any Defaulted Note and, subsequently, shall notify the relevant Issuer forthwith upon receipt
from the Purchaser of the full purchase price in respect of such Defaulted Note.

 

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		(6)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, if the Agent pays an amount
(the Advance) to the relevant Issuer on the basis that a payment (the Payment) will be received from a Purchaser and if
the Payment is not received by the Agent on the date the Agent pays the relevant Issuer, the Agent shall notify the relevant Issuer by
facsimile that the Payment has not been received and the relevant Issuer shall repay to the Agent the Advance and shall pay interest on
the Advance (or the unreimbursed portion thereof) from (and including) the date such Advance is made to (but excluding) the earlier of
repayment of the Advance and receipt by the Agent of the Payment (at a rate quoted at that time by the Agent as its cost of funding the
Advance provided that evidence of the basis of such rate is given to the relevant Issuer).

 

		(7)	In the event of an issue of Notes that are listed on a Stock Exchange, the Agent will promptly, and in
any event prior to the Issue Date in respect of such issue, send the applicable Final Terms to the relevant Stock Exchange.

 

		(8)	Execution in facsimile of any Notes and any photostatic copying or other duplication of the master Temporary
Global Note or the master Permanent Global Note (in unauthenticated form, but executed manually on behalf of the relevant Issuer as stated
above) shall be binding upon the relevant Issuer in the same manner as if such Notes were signed manually by such signatories.

 

8.       Payments

 

		(1)	The Agent shall advise the relevant Issuer, no later than ten Business Days (as defined in Subclause 8(2))
immediately preceding the date on which any payment is to be made to the Agent pursuant to this Subclause 8(1), of the payment amount,
value date and payment instructions and the relevant Issuer shall on each date on which any payment in respect of any Bearer Notes becomes
due, transfer to an account specified by the Agent not later than (unless otherwise agreed between the relevant Issuer and the Agent)
the Payment Time such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through
such payment system as the Agent and the relevant Issuer may agree. As used in this Subclause 8(1), the term Payment Time means
(unless otherwise agreed between the relevant Issuer and the Agent) 2:00 p.m. local time in the principal financial centre of the country
of the currency in which the payment falls is to be made (which in the case of payment of euro is London). Unless otherwise provided in
the applicable Final Terms, the principal financial centre of any country for the purposes of this Subclause 8(1) shall be as provided
in the ISDA Definitions on the Issue Date of such Series of Bearer Notes (except if the Specified Currency is Australian dollars or New
Zealand dollars the principal financial centre shall be Sydney or Auckland, respectively).

 

		(2)	The relevant Issuer shall ensure that, no later than the third Business Day immediately preceding the
date on which any payment is to be made to the Agent pursuant to Subclause 8(1), the Agent shall receive a confirmation from the relevant
Issuer that such payment will be made. For the purposes of this Clause 8, Business Day has the meaning given to it in Condition
4(b).

 

		(3)	The Agent shall ensure that payments of both principal and interest in respect of Temporary Global Notes
will be made only to the extent that certificates of non-U.S. beneficial ownership as required by U.S. Treasury regulations have

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			been
received from Euroclear and/or Clearstream, Luxembourg in accordance with the terms thereof (and the Agent shall retain each such certification
on behalf of the relevant Issuer for four calendar years following the year in which the certification is received); provided, however,
that no such certification will be required with respect to Notes that, as specified in the applicable Final Terms (i) have been issued
in reliance on United States Treasury regulation Section 1.163-5(c)(2)(i)(C) or (ii) have an initial maturity of 183 days or less (taking
into consideration unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency,
determined at the spot rate on the date of issue) and are intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10).

 

		(4)	The Agent shall pay interest on the Notes only outside the United States and its possessions, within the
meaning of United States Treasury regulation Section 1.163-5(c)(2)(v). No interest on Notes issued by TMCC shall be paid into an account
maintained by the payee in the United States or mailed to an address in the United States unless otherwise permitted in the Conditions.

 

		(5)	Subject to the Agent being satisfied in its sole discretion that payment will be duly made as provided
in Subclause 8(1), the Agent or the relevant Paying Agent shall pay or cause to be paid all amounts due in respect of the Bearer Notes
on behalf of the relevant Issuer in the manner provided in the Conditions. If any payment provided for in Subclause 8(1) is made late
but otherwise in accordance with the provisions of this Agreement, the Agent and each Paying Agent shall nevertheless make payments in
respect of the Bearer Notes as aforesaid following receipt by it of such payment.

 

		(6)	If for any reason the Agent considers in its sole discretion that the amounts to be received by the Agent
pursuant to Subclause 8(1) will be, or the amounts actually received by it pursuant thereto are, insufficient to satisfy all claims in
respect of all payments then falling due in respect of the Bearer Notes, the Agent shall then forthwith notify the relevant Issuer of
such insufficiency and, until such time as the Agent has received the full amount of all such payments, neither the Agent nor any Paying
Agent shall be obliged to pay any such claims.

 

		(7)	Without prejudice to Subclauses 8(5) and 8(6), if the Agent pays any amounts to the holders of Bearer
Notes or Coupons or to any Paying Agent at a time when it has not received payment in full in respect of the relevant Bearer Notes in
accordance with Subclause 8(1) (the excess of the amounts so paid over the amounts so received being the Shortfall), the relevant
Issuer shall, in addition to paying amounts due under Subclause 8(1), pay to the Agent on demand interest (at a rate which represents
the Agent’s actual overnight cost of funding the Shortfall as evidenced to the relevant Issuer by the provision of details of the
calculation of the cost of funding) on the Shortfall (or the unreimbursed portion thereof) from (and including) the date such Shortfall
is paid by the Agent to the holders of the Bearer Notes or Coupons or to any Paying Agent to (but excluding) the date of receipt in full
by the Agent of the Shortfall. The Agent shall notify the relevant Issuer by facsimile as soon as practicable, it being understood that
the relevant Issuer shall have the right to make such payment subsequently with good value as of such Business Day.

 

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		(8)	The Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Bearer Notes
properly made by such Paying Agent in accordance with this Agreement and the Conditions unless the Agent has notified the Paying Agent,
prior to the opening of business in the location of the office of the Paying Agent through which payment in respect of the Bearer Notes
can be made on the due date of a payment in respect of the Bearer Notes, that the Agent does not expect to receive sufficient funds to
make payment of all amounts falling due in respect of such Bearer Notes.

 

		(9)	Whilst any Bearer Notes are represented by Temporary Global Notes or Permanent Global Notes, all payments
due in respect of such Notes shall be made to, or to the order of, the holder of the Global Notes, subject to and in accordance with the
provisions of the Global Notes. On the occasion of any such payment, (i) in the case of a CGN, the Paying Agent to which the Global Note
was presented for the purpose of making such payment shall cause the relevant Schedule to the Global Notes to be annotated so as to evidence
the amounts and dates of such payments of principal and/or interest as applicable or (ii) in the case of any Global Note which is a New
Global Note, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such
payment.

 

		(10)	If the amount of principal and/or interest then due for payment is not paid in full (otherwise than by
reason of (a) FATCA Withholding Tax or (b) any other deduction required by law to be made therefrom), (i) the Paying Agent to which a
Temporary Global Note or Permanent Global Note is presented for the purpose of making such payment shall, unless the Note is a New Global
Note, make a record of such shortfall on the relevant Schedule to the Global Note and such record shall, in the absence of manifest error,
be prima facie evidence that the payment in question has not to that extent been made or (ii) in the case of any Global Note which is
a New Global Note, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect
such shortfall in payment.

 

		(11)	Each Paying Agent shall be entitled to deduct any applicable FATCA Withholding Tax and shall have no obligation
to gross-up any payment hereunder or to pay any additional amount as a result of such applicable FATCA Withholding Tax.

 

		(12)	If the relevant Issuer reasonably determines that it will be required to withhold or deduct any FATCA
Withholding Tax in connection with any payment due on any Notes, then the relevant Issuer will be entitled to re-direct or reorganise
any such payment in any way that it sees fit in order that the payment may be made without FATCA Withholding Tax provided that any such
re-direction or reorganisation of any payment is made through a recognised institution of international standing and such payment is otherwise
made in accordance with this Agreement.

 

9.       Determinations
and Notifications in Respect of Notes

 

		(1)	The Agent shall make all such determinations and calculations (howsoever described) as it is required
to do under the Conditions, all subject to and in accordance with the Conditions provided that certain calculations with respect to any
Series of Notes may be made by an agent (the Calculation Agent) appointed by the relevant Issuer and acceptable to the Agent. The

 

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Agent may decline to
act in the capacity described above in relation to a particular Series of Notes if (i) the Agent does not have the capacity to determine
the rate of interest or redemption amount or any other calculation to be made in relation to such Series of Notes and (ii) such decision
to decline is notified to the relevant Issuer by the Agent as soon as reasonably practicable after receipt by the Agent of the terms of
such Series of Notes and, in any event, prior to the issue of such Series of Notes.

 

		(2)	The Agent shall not be responsible to any Issuer or to any third party (except in the event of negligence,
wilful default or bad faith) as a result of the Agent having acted on any quotation given by any Reference Bank (as referred to in Condition
4(b)(iv)(E)) which subsequently may be found to be incorrect.

 

		(3)	The Agent shall promptly notify (and confirm in writing to) the relevant Issuer, the other Paying Agents,
(in the case of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent, (in the case of Registered Notes issued
by TMCC) the TMCC Registrar and the TMCC Transfer Agent and (in respect of a Series of Notes listed on a Stock Exchange) the relevant
Stock Exchange (or other relevant authority) of, inter alia, each Rate of Interest, Interest Amount and Interest Payment Date and
all other amounts, rates and dates which it is obliged to determine or calculate under the Conditions as soon as practicable after the
determination thereof (and in any event no later than the tenth Business Day (as defined in Clause 8) immediately preceding the date on
which any payment is to be made to the Agent pursuant to Subclause 8(1)) and of any subsequent amendment thereto pursuant to the Conditions.

 

		(4)	The Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount and Interest Payment
Date and all other amounts, rates and dates which it is obliged to determine or calculate under the Conditions (or which is provided to
the Agent by any other Calculation Agent appointed by the relevant Issuer as provided in Subclause 9(1)) to be published as required in
accordance with the Conditions as soon as possible after their determination or calculation.

 

		(5)	If the Agent does not at any material time for any reason determine and/or calculate and/or publish the
Rate of Interest, Interest Amount and/or Interest Payment Date in respect of any Interest Period or any other amount, rate or date as
provided in this Clause 9, it shall forthwith notify the relevant Issuer, the other Paying Agents, (in the case of Registered Notes issued
by TCCI) the TCCI Registrar and the TCCI Transfer Agent and (in the case of Registered Notes issued by TMCC) the TMCC Registrar and the
TMCC Transfer Agent of such fact.

 

		(7)	For purposes of monitoring the aggregate nominal amount of Notes (as “Notes” is defined in
the Programme Agreement) issued and outstanding (as “outstanding” is defined in the Programme Agreement) under the Programme,
the Agent shall determine the euro equivalent of the nominal amount of each issue of Notes (as “Notes” is defined in the Programme
Agreement) denominated in a Specified Currency, other than euros as follows:

 

		(a)	the EUR equivalent of Notes denominated in a Specified Currency other than EUR shall be determined by
the Agent as of 2:30 p.m. 

 

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			 London time on the Issue Date for such Notes by reference to the spot rate displayed on a page on the relevant
Reuters service or Dow Jones Markets Limited or such other service as is agreed between the Agent and the relevant Issuer from time to
time;

 

		(b)	the EUR equivalent of Notes that are linked to an index or formula (Index Linked Notes), or where payment
obligations under such Notes are denominated in more than one currency (Dual Currency Notes), shall be determined in the manner specified
above in paragraph (a) by reference to the original nominal amount of such Notes; and

 

		(c)	the EUR equivalent of Zero Coupon Notes and other Notes issued at a discount shall be determined in the
manner specified above in paragraph (a) by reference to the net proceeds received by the relevant Issuer for the particular issue.

 

The Agent shall promptly notify the relevant
Issuer of each determination made as aforesaid.

 

		(8)	Without prejudice to Subclause 9(7), determinations with regard to Notes linked to an index or formula
or number of currencies shall otherwise be made by the Calculation Agent specified in the applicable Final Terms in the manner specified
in the applicable Final Terms. Unless otherwise agreed between the relevant Issuer and the relevant Purchaser or Purchasers of such Notes,
such determinations shall be made on the basis of a Calculation Agency Agreement substantially in the form of Appendix C hereto.

 

10.       Notice
of Any Withholding or Deduction

 

If any Issuer is, in respect of any
payments, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental charges as specifically
contemplated under the Conditions, such Issuer shall give notice thereof to the Agent as soon as it becomes aware of the requirement to
make such withholding or deduction and shall give to the Agent such information as it shall require to enable it to comply with such requirement.

 

11.       Duties
of the Agent in Connection with Early Redemption

 

		(1)	If the relevant Issuer decides to redeem any Notes for the time being outstanding prior to their Maturity
Date in accordance with the Conditions, the relevant Issuer shall give notice of such decision to the Agent not less than five days before
the date of the notice required to be given to the holders of the Notes under the Conditions or such shorter period that is acceptable
to the Agent.

 

		(2)	If only some of the Notes of the same Series are to be redeemed on such date the Agent shall make the
required drawing in accordance with the Conditions but shall give the relevant Issuer reasonable notice of the time and place proposed
for such drawing and the relevant Issuer shall be entitled to send representatives to attend such drawing.

 

		(3)	The Agent shall publish the notice required in connection with any such redemption and shall at the same
time also publish a separate list of serial

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			numbers of any Notes previously drawn and not presented for redemption. Such notice shall
specify the date fixed for redemption, the redemption amount, the manner in which redemption will be effected and, in the case of a partial
redemption, the serial numbers of the Notes to be redeemed. Such notice will be published in accordance with the Conditions.

 

12.       Publication
of Notices

 

On behalf of and at the request and
expense of the relevant Issuer, the Agent shall cause to be published all notices required to be given by the relevant Issuer in accordance
with the Conditions. Forthwith upon the receipt by the Agent of a demand or notice from any Noteholder in accordance with the Conditions,
the Agent shall forward a copy thereof to the relevant Issuer.

 

		13.	Cancellation, Resale and Reissuance of Notes, Coupons and Talons

 

		(1)	All Notes which are redeemed, all Global Notes which are exchanged in full, all Coupons which are paid
and all Talons which are exchanged shall be cancelled by the Agent or Paying Agent by which they are redeemed, paid or exchanged. In addition,
all Notes which are purchased or otherwise acquired pursuant to the Conditions by the relevant Issuer, together (in the case of Definitive
Bearer Notes) with all unmatured Coupons or Talons (if any) attached thereto or purchased therewith, may, at the option of the relevant
Issuer where the Issuer is TMF or TFA, either be (i) resold or reissued, or held by the relevant Issuer for subsequent resale or reissuance,
or (ii) cancelled in which event such Notes and Coupons may not be resold or reissued. Where the Issuer is TCCI, unless otherwise specified
in the applicable Final Terms, such Notes shall be surrendered (in the case of Bearer Notes) to any Paying Agent or in the case of Registered
Notes, the TCCI Registrar or TCCI Transfer Agent for cancellation. Where the Issuer is TMCC, unless otherwise specified in the applicable
Final Terms, such Notes shall be surrendered (in the case of Bearer Notes) to any Paying Agent or in the case of Registered Notes, the
TMCC Registrar or TMCC Transfer Agent for cancellation. Where any Notes, Coupons or Talons are purchased and cancelled, resold or reissued,
or held by the relevant Issuer for subsequent resale or reissuance, as aforesaid, the relevant Issuer shall procure that all relevant
details are promptly given to the Agent and that all Notes, Coupons or Talons so cancelled are delivered to the Agent.

 

		(2)	Upon the written request of the relevant Issuer, a certificate stating:

 

		(a)	the aggregate nominal amount of Notes which have been redeemed and the aggregate amount paid in respect
thereof;

 

		(b)	the number of Notes cancelled together (in the case of Definitive Bearer Notes) with details of all unmatured
Coupons or Talons (if any) attached thereto or delivered therewith;

 

		(c)	the aggregate amount paid in respect of interest on the Notes;

 

		(d)	the total number by maturity date of Coupons and Talons so cancelled; and

 

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		(e)	in the case of Definitive Bearer Notes, the serial numbers of such Notes,

 

shall be given to the relevant Issuer
by the Agent as soon as reasonably practicable and in any event within 30 days after the date of such repayment or, as the case may be,
payment or exchange.

 

		(3)	Subject to being duly notified in due time, the Agent shall give a certificate to the relevant Issuer,
within three months of the date of purchase and cancellation or purchase and subsequent resale or reissuance of Notes as aforesaid, stating:

 

		(a)	the nominal amount of Notes so purchased and cancelled, resold or reissued;

 

		(b)	in the case of Definitive Bearer Notes, the serial numbers of such Notes; and

 

		(c)	the total number by maturity date of the Coupons and Talons (if any) appertaining thereto and surrendered
therewith or attached thereto.

 

		(4)	The Agent shall destroy all cancelled Notes, Coupons and Talons (unless otherwise instructed by the relevant
Issuer) and, forthwith upon destruction and following the written request of the relevant Issuer, furnish the relevant Issuer with a certificate
of the serial numbers of the Notes (in the case of Definitive Bearer Notes) and the number by maturity date of Coupons and Talons so destroyed.

 

		(5)	Without prejudice to the obligations of the Agent pursuant to Subclause 13(2), the Agent shall keep a
full and complete record of all Notes, Coupons and Talons (other than serial numbers of Coupons, except those which have been replaced
pursuant to Condition 10) and of all redeemed, cancelled or replacement Notes, Coupons or Talons (in the case of Definitive Bearer Notes,
with details of all unmatured Coupons or Talons (if any) attached thereto or delivered therewith) including those issued in substitution
for mutilated, defaced, destroyed, lost or stolen Notes, Coupons or Talons and of all Notes, Coupons or Talons which have been resold
or reissued. The Agent shall at all reasonable times make such record available to the relevant Issuer and any person authorised by the
relevant Issuer for inspection and for the taking of copies thereof or extracts therefrom.

 

		(6)	All records and certificates made or given pursuant to this Clause 13 and Clause 14 shall make a distinction
between Notes, Coupons and Talons of each Series.

 

		(7)	The Agent is authorised by the relevant Issuer and instructed (a) in the case of any Global Note which
is a CGN, to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented
by it by the amount so redeemed or purchased and cancelled and (b) in the case of any Global Note which is a New Global Note, to instruct
Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such redemption or purchase and cancellation,
as the case may be; provided, that, in the case of a purchase or 

 

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			  cancellation, the relevant Issuer has notified the Agent of the same
in accordance with Subclause 13(1).

 

14.       Issue
of Replacement Notes, Coupons and Talons

 

		(1)	The Issuers will cause a sufficient quantity of additional forms of Notes, Coupons and Talons to be available,
upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Coupons and Talons as provided below.

 

		(2)	The Agent will, subject to and in accordance with the Conditions and the following provisions of this
Clause 14, cause to be delivered any replacement Notes, Coupons and Talons which the relevant Issuer may determine to issue in place of
Notes, Coupons and Talons which have been lost, stolen, mutilated, defaced or destroyed.

 

		(3)	In the case of a mutilated or defaced Note, the Agent shall ensure that (unless otherwise covered by such
indemnity as the relevant Issuer may require) any replacement Note will only have attached to it Coupons and Talons corresponding to those
(if any) attached to the mutilated or defaced Note which is presented for replacement.

 

		(4)	The Agent shall not issue any replacement Note, Coupon or Talon unless and until the applicant therefor
shall have:

 

		(a)	paid such reasonable costs as may be incurred in connection therewith;

 

		(b)	furnished it with such evidence (including evidence as to the serial number of such Note, Coupon or Talon)
and indemnity or other security (which may include a bank guarantee and/or security) or otherwise as the relevant Issuer and the Agent
may reasonably require; and

 

		(c)	in the case of any mutilated or defaced Note, Coupon or Talon, surrendered the same to the Agent.

 

		(5)	The Agent shall cancel any mutilated or defaced Notes, Coupons and Talons in respect of which replacement
Notes, Coupons and Talons have been issued pursuant to this Clause 14 and shall furnish the relevant Issuer with a certificate stating
the serial numbers of the Notes, Coupons and Talons so cancelled and, unless otherwise instructed by the relevant Issuer in writing, shall
destroy such cancelled Notes, Coupons and Talons and furnish the relevant Issuer with a destruction certificate containing the information
specified in Subclause 13(4).

 

		(6)	The Agent shall, on issuing any replacement Note, Coupon or Talon, forthwith inform the relevant Issuer
and the Paying Agents of the serial number of such replacement Note, Coupon or Talon issued and (if known) of the serial number of the
Note, Coupon or Talon in place of which such replacement Note, Coupon or Talon has been issued. Whenever replacement Coupons or Talons
are issued pursuant to the provisions of this Clause 14, the Agent shall also notify the Paying Agents of the maturity dates of the lost,

 

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stolen, mutilated, defaced or destroyed Coupons or Talons and of the replacement Coupons or Talons issued.

 

		(7)	The Agent shall keep a full and complete record of all replacement Notes, Coupons and Talons issued and
shall make such record available at all reasonable times to the relevant Issuer and any persons authorised by the relevant Issuer for
inspection and for the taking of copies thereof or extracts therefrom.

 

		(8)	Whenever any Note, Coupon or Talon for which a replacement Note, Coupon or Talon has been issued and in
respect of which the serial number is known is presented to the Agent or any of the Paying Agents for payment, the Agent or, as the case
may be, the relevant Paying Agent shall immediately send notice thereof to the relevant Issuer and the Agent.

 

		(9)	Notwithstanding any of the foregoing in this Clause 14, no issue of replacement Notes, Coupons and Talons
shall be made or delivered in the United States.

 

		15.	Copies of this Agreement and Each Final Terms Available for Inspection

 

For the period of twelve months following
the date of the Prospectus, the Agent will hold copies of the following documents (in physical form), when published, and be available
(free of charge) for inspection during usual business hours on any weekday (except Saturdays, Sundays and public holidays) at the specified
office of the Agent: the Programme Agreement as amended and supplemented, each Final Terms relating to a Note which is neither admitted
to trading on a regulated market in the European Economic Area or the London Stock Exchange’s main market nor offered in the European
Economic Area or in the UK in circumstances where a prospectus is required to be published under the Prospectus Regulation or the UK Prospectus
Regulation where such Final Terms will only be available for inspection by a holder of such Note and such holder must produce evidence
satisfactory to the Agent as to its holding of Notes and identity and, in the case of each issue of Notes admitted to trading on the London
Stock Exchange’s main market and/or on Euronext Dublin’s regulated market subscribed pursuant to a syndicate purchase agreement,
the syndicate purchase agreement (or equivalent document). For this purpose, the Issuers shall furnish the Agent with sufficient copies
of the documents the Agent is required to hold.

 

16.       Commissions
and Expenses

 

		(1)	The Issuers severally agree to pay to the Agent such fees and commissions as the Issuers and the Agent
may separately agree in respect of the services of the Agent and the Paying Agents hereunder together with any out-of-pocket expenses
(including legal, printing, postage, tax, cable and advertising expenses required in connection with the Notes issued hereunder) properly
incurred by the Agent and the Paying Agents in connection with their said services.

 

		(2)	The Agent shall make payment of the fees and commissions due hereunder to the Paying Agents and shall
reimburse their expenses promptly after the receipt of the relevant moneys from the Issuers. None of the Issuers shall be

 

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			responsible
for any such payment or reimbursement by the Agent to the Paying Agents.

 

17.       Indemnity

 

		(1)	The Issuers shall severally indemnify the Agent and each of the Paying Agents against any direct losses,
liabilities, costs, claims, actions, demands or expenses (including, but not limited to, all reasonable costs, charges and expenses paid
or incurred in disputing or defending any of the foregoing but excluding loss of profits) which it may incur or which may be made against
the Agent or any Paying Agent as a result of or in connection with its appointment by the Issuers or the exercise of its powers and duties
hereunder except such as may result from the Agent’s or any such Paying Agent’s own wilful default, negligence or bad faith
or that of its officers, directors or employees or the breach by it of the terms of this Agreement. Such indemnity shall survive the termination
or expiry of this Agreement.

 

		(2)	The Agent and the Paying Agents shall not be liable for any action taken or omitted hereunder except for
their own wilful default, negligence or bad faith or that of their respective officers, directors or employees or the breach by any of
them of the terms of this Agreement. Neither the Agent nor any Paying Agent shall be liable for any consequential loss (being loss of
business, goodwill, opportunity or profit) suffered by any Issuer.

 

		(3)	Neither the Agent nor any of the Paying Agents shall be responsible for the acts or failure to act of
any other of them and each of the Agent and the Paying Agents shall severally indemnify each Issuer against any loss, liability, cost,
claim, action, demand or expense (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred
in disputing or defending any of the foregoing) which any Issuer may incur or which may be made against it as a result of the breach by
the Agent or such Paying Agents of the terms of this Agreement or its wilful default, negligence or bad faith or that of its officers,
directors or employees. Such indemnity shall survive the termination or expiry of this Agreement.

 

18.       Repayment
by the Agent

 

The Agent shall, forthwith on demand,
upon the relevant Issuer being discharged from its obligation to make payments in respect of any Notes under the relevant Conditions,
and provided that there is no outstanding, bona fide and proper claim in respect of any such payments, pay to the relevant Issuer sums
equivalent to any amounts paid to it by the relevant Issuer in respect of such Notes.

 

19.       Conditions
of Appointment

 

		(1)	The Agent shall be entitled to deal with money paid to it by any Issuer for the purpose of this Agreement
in the same manner as other money paid to a banker by its customers except:

 

		(a)	that it shall not exercise any right of set-off, lien or similar claim in respect thereof;

 

		(b)	as provided in Subclause 19(2) below; and

 

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		(c)	that it shall not be liable to account to any Issuer for any interest thereon except as otherwise agreed
between the relevant Issuer and the Agent.

 

		(2)	In acting hereunder and in connection with the Notes, the Agent and the Paying Agents shall act solely
as agents of the Issuers and will not thereby assume any obligations towards or relationship of agency or trust for or with any of the
owners or holders of the Notes, Coupons or Talons. Moneys paid by any Issuer to the Agent for the payment of principal or interest on
Notes remaining unclaimed at the end of five years after such principal or interest shall become due and payable shall be repaid to the
relevant Issuer as provided and in the manner set forth in the Notes whereupon all liability of the Agent with respect thereto shall cease.
All funds held by the Agent or the Paying Agents need not be segregated from other funds, except as required by law.

 

		(3)	The Agent and the Paying Agents hereby undertake to the Issuers to perform such obligations and duties,
and shall be obliged to perform such duties and only such duties, as are herein (including Appendix F hereto in the case of the Agent),
in the Conditions and in the Procedures Memorandum specifically set forth, or are otherwise agreed to in writing by the relevant Issuer,
the Agent and the Paying Agents as applicable, and no implied duties or obligations shall be read into this Agreement or the Notes against
the Agent and the Paying Agents other than the duty to act honestly and in good faith and to exercise the diligence of a reasonably prudent
agent in comparable circumstances. Each of the Paying Agents (other than the Agent) agrees that if any information that is required by
the Agent to perform the duties set out in Appendix F hereto becomes known to it, it will promptly provide such information to the Agent.

 

		(4)	The Agent may consult with legal and other professional advisers and the opinion of such advisers shall
be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and in accordance with the
opinion of such advisers.

 

		(5)	Each of the Agent and the Paying Agents shall be protected and shall incur no liability for or in respect
of any action taken, omitted or suffered in reliance upon any instruction, request or order from any of the Issuers or any notice, resolution,
direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably believes to be genuine and
to have been delivered, signed or sent by the proper party or parties or upon written instructions from any of the Issuers.

 

		(6)	Any of the Agent and the Paying Agents and their officers, directors and employees may become the owner
of, or acquire any interest in, any Notes, Coupons or Talons with the same rights that it, he or she would have if the Agent or the relevant
Paying Agent, as the case may be, concerned were not appointed hereunder, and may engage or be interested in any financial or other transaction
with any of the Issuers and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons or
in connection with any other obligations of the Issuers as freely as if the Agent or the relevant Paying Agent, as the case may be, were
not appointed hereunder.

 

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		(7)	Each Issuer shall provide the Agent with a certified copy of the list of persons authorised to execute
documents and take action on its behalf in connection with this Agreement and shall notify the Agent promptly in writing if any of such
persons ceases to be so authorised or if any additional person becomes so authorised together, in the case of an additional authorised
person, with evidence satisfactory to the Agent that such person has been so authorised.

 

		(8)	The amount of the Programme may be increased by the Issuers in accordance with the procedure set out in
the Programme Agreement. Upon any increase being effected, all references in this Agreement to the amount of the Programme shall be deemed
to be references to the increased amount.

 

		(9)	The Agent and each Paying Agent shall be a person payments to whom are free from FATCA Withholding Tax
at the time of such Agent’s or Paying Agent’s appointment.

 

		(10)	Payments made by TMCC are from U.S. source for U.S. federal tax purposes and are “withholdable payments”
within the meaning of Section 1473(1) of the Code. Each of TMF, TCCI and TFA is an “NFFE” within the meaning of Treasury Regulation
Section 1.1471-1(b)(80), and each of TMF, TCCI and TFA will advise the Agent if its status as an NFFE were to change, in which event,
the relevant Issuer will provide the Agent with sufficient information to determine if and the amount of any payment to be made by such
Issuer pursuant to this Agreement and the Conditions, if any, that constitutes a “passthru payment” within the meaning of
Treasury Regulation Section 1.1471-1(b)(95) so as to enable the Agent to determine whether and in what amount the Agent or any other Paying
Agent is obliged to make any withholding or deduction of applicable FATCA Withholding Tax. In the event that any Notes that were not subject
to FATCA Withholding Tax by reason of being “grandfathered” lose such grandfathered status as a result of undergoing a “significant
modification” within the meaning of Treasury Regulation Section 1.1001-3(e), the relevant Issuer will inform the Agent and any other
Paying Agent of any such loss of grandfathered status prior to the date on which any payments on such Notes would become subject to FATCA
Withholding Tax.

 

		(11)	The Agent and any Paying Agent that is for the purposes of receiving payments under this Agreement not
a “foreign person” within the meaning of U.S. Treasury Regulations Section 1.1441-1(c)(2): (i) represents that it is
a financial institution within the meaning of U.S. Treasury Regulations Section 1.1441-1(c)(5), (ii) confirms that it will comply with
all withholding requirements imposed on payments with respect to the Notes under Sections 1441, 1442, and the Foreign Account Tax Compliance
Act and (iii) agrees that upon its appointment it will provide the Issuers with a properly completed, signed and valid IRS Form W-9.

 

		(12)	The Agent and any Paying Agent that is for the purposes of receiving payments under this Agreement a “foreign
person” within the meaning of U.S. Treasury Regulations Section 1.1441-1(c)(2): (i) represents that it is a “qualified
intermediary” within the meaning of U.S. Treasury Regulations Section 1.1441-1(e)(5)(ii), will remain so, and will assume primary
chapter 3 and chapter 4 withholding and 1099 reporting and (ii) agrees that upon its appointment it will provide the Issuers with a properly
completed, signed and valid IRS Form W-8IMY, with its Global Intermediary Identification 

 

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			Number included thereon and identifying itself
as a qualified intermediary that has undertaken primary responsibility for chapter 3 and chapter 4 withholding and 1099 reporting.

 

20.       Communication
Between the Parties

 

A copy of all communications relating
to the subject matter of this Agreement between any Issuer and any holders of Notes or Coupons and any of the Paying Agents shall be sent
to the Agent by the relevant Paying Agent and the Agent shall forthwith promptly deliver a copy of any such communication to the relevant
Issuer.

 

21.       Changes
in Agent and Paying Agents

 

		(1)	Each Issuer agrees that, until no Note is outstanding or until moneys for the payment of all amounts in
respect of all outstanding Notes have been made available to the Agent and have been returned to the relevant Issuer as provided herein
(whichever is the later):

 

		(a)	so long as any Notes are admitted to trading or listed on any Stock Exchange or other relevant authority,
there will at all times be a Paying Agent with a specified office in such place as may be required by the rules and regulations of the
relevant Stock Exchange or other relevant authority; and

 

		(b)	there will at all times be an Agent.

 

In addition, the Issuers shall appoint
a Paying Agent having a specified office in the United States only in the circumstances described in the final paragraph of Condition
5(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be
of immediate effect) after not less than 30 nor more than 45 days prior notice thereof shall have been given to the Noteholders in accordance
with Condition 16.

 

		(2)	The Agent may (subject as provided in Subclause 21(4)) at any time resign as Agent by giving written notice
to the Issuers of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that
such date shall never be less than three months after the receipt of such notice by the Issuers unless the Issuers agree to accept less
notice.

 

		(3)	The Agent may (subject as provided in Subclause 21(4)) be removed at any time by the filing with it of
an instrument in writing signed on behalf of the Issuers specifying such removal and the date when it shall become effective.

 

		(4)	Any resignation under Subclause 21(2) or removal under Subclause 21(3) shall only take effect upon the
appointment by the Issuers of a successor Agent and (other than in cases of insolvency of the Agent) on the expiry of the notice to be
given under Clause 23. If, by the day falling 10 days before the expiry of any notice under Subclause 21(2), the Issuers have not appointed
a successor Agent, then the Agent shall be entitled, on behalf of the Issuers, to appoint as a successor Agent in its place such reputable
financial institution of good standing as it may reasonably determine to be capable of performing the duties of the Agent hereunder.

 

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		(5)	In case at any time the Agent and/or any Paying Agent resigns, or is removed, or becomes incapable of
action or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its
creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or a substantial part
of its property, or if an administrator, liquidator or administrative or other receiver of it or all or a substantial part of its property
is appointed, or it admits in writing its inability to pay or meet its debts as they become due, or if an order of any court is entered
approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if any officer takes
charge or control of it or of its property or affairs for the purpose of rehabilitation, administration or liquidation, a successor Agent
and/or Paying Agent may be appointed by the Issuers by an instrument in writing filed with the successor Agent and/or Paying Agent. Upon
the appointment as aforesaid of a successor Agent and/or Paying Agent and acceptance by the latter of such appointment and (other than
in the case of insolvency of the Agent and/or Paying Agent when it shall be of immediate effect) upon expiry of the notice to be given
under Clause 23, the Agent and/or Paying Agent so superseded shall cease to be an Agent and/or a Paying Agent hereunder.

 

		(6)	Subject to Subclause 21(1), the Issuers may, after prior consultation with the Agent, terminate the appointment
of any of the other Paying Agents at any time and/or appoint one or more further Paying Agents located outside the United States (either
for all Notes issued under the Programme or with respect to a particular Series of Notes) by giving to the Agent, and to the relevant
Paying Agent, at least 45 days’ notice in writing to that effect, or such lesser notice as is agreed to by the Agent, the Issuers
and the relevant Paying Agent; and any Issuer may, in respect of a particular Series of Notes only, appoint one or more further Paying
Agents which appointment shall take effect on the date of such appointment.

 

		(7)	Subject to Subclause 21(1), all or any of the Paying Agents (other than the Agent) may resign their respective
appointments hereunder at any time by giving the Issuers and the Agent at least 45 days’ written notice to that effect.

 

		(8)	Upon its resignation or removal becoming effective, the Agent or the relevant Paying Agent:

 

		(a)	shall, in the case of the Agent, forthwith transfer all moneys held by it hereunder and the records referred
to in Subclauses 13(5) and 14(7) to the successor Agent hereunder; and

 

		(b)	shall be entitled to the payment by the Issuers of its commissions and fees for the services theretofore
rendered hereunder in accordance with the terms of Clause 16 and to the reimbursement of all reasonable out-of-pocket expenses (including
legal fees and together with any applicable value added tax or similar tax thereon) incurred in connection therewith.

 

		(9)	Upon its appointment becoming effective, a successor Agent and any new Paying Agent shall, without further
act, deed or conveyance, become vested with all the authority, rights, powers, trust, immunities, duties and obligations

 

    Page 31 

     

    

			of such predecessor
with like effect as if originally named as Agent or (as the case may be) a Paying Agent hereunder.

 

		(10)	In the case of any Series of Notes to be issued by TCCI in registered form TCCI has appointed a registrar,
transfer agent and paying agent pursuant to the TCCI Note Agency Agreement.

 

		(11)	In the case of any Series of Notes to be issued by TMCC in registered form TMCC has appointed a registrar,
transfer agent and paying agent pursuant to the TMCC Note Agency Agreement.

 

		(12)	Not less than 60 days prior to the date of any affected payment, the Agent and each Paying Agent agrees
that it shall notify TMCC in writing if any of Subclause 19(9) and Subclause 19(11) or 19(12), as applicable to such Agent or Paying Agent,
cease to be true, or if the Agent or any Paying Agent believes that it will no longer be able to comply with such Subclauses. Any such
notice shall constitute notice of resignation by such Paying Agent under this Agreement with respect to Notes issued by TMCC.

 

22.       Merger
and Consolidation

 

Any corporation into which the Agent
or any Paying Agent may be merged, or any corporation with which the Agent or any of the Paying Agents may be consolidated, or any corporation
resulting from any merger or consolidation to which the Agent or any of the Paying Agents shall be a party, or any corporation to which
the Agent or any of the Paying Agents shall sell or otherwise transfer all or substantially all the assets of the Agent or any Paying
Agent shall, on the date when such merger, consolidation or transfer becomes effective and to the extent permitted by any applicable laws,
become the successor Agent or, as the case may be, Paying Agent under this Agreement without the execution or filing of any paper or any
further act on the part of the parties hereto, unless otherwise required by the Issuers, and after the said effective date all references
in this Agreement to the Agent or, as the case may be, such Paying Agent shall be deemed to be references to such corporation. Written
notice of any such merger, consolidation or transfer shall forthwith be given to the Issuers by the relevant Agent or Paying Agent.

 

23.       Notifications

 

Following receipt of notice of resignation
from the Agent or any Paying Agent and forthwith upon appointing a successor Agent or, as the case may be, further or other Paying Agents
for any Series of Notes outstanding prior to the date of such appointment or on giving notice to terminate the appointment of any Agent
or, as the case may be, Paying Agent, the relevant Issuer shall give or cause to be given not more than 45 days’ nor less than 30
days’ notice thereof to any Noteholders affected by such termination or appointment in accordance with the Conditions.

 

24.       Change
of Specified Office

 

The specified office of the Agent shall
be One Canada Square, Canary Wharf, London E14 5AL, United Kingdom. If the Agent or any Paying Agent determines to change its specified
office, it shall give to the Issuers and (if applicable) the Agent written notice of such determination giving the address of the new
specified office which shall be in the same city and stating the date on which such change is to take effect, which shall not be less
than 45 days thereafter. The Agent (on behalf of the

 

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Issuers) shall within 15 days of receipt
of such notice (unless the appointment of the Agent or the relevant Paying Agent, as the case may be, is to terminate pursuant to Clause
21 on or prior to the date of such change) give or cause to be given not more than 45 days’ nor less than 30 days’ notice
thereof to the Noteholders in accordance with the Conditions; provided, however, that if a Paying Agent acts as Paying Agent for only
some of the Series of Notes under the Programme, notice need be given only to holders of the Notes of those Series in relation to which
the Paying Agent acts as Paying Agent.

 

25.       Notices

 

		(1)	Any notice or communication given hereunder shall be sufficiently given or served:

 

		(a)	if delivered in person to the relevant address specified on the signature pages hereof (or to such other
address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so delivered, shall be deemed to have
been delivered at time of receipt;

 

		(b)	if sent by facsimile to the relevant number specified on the signature pages hereof (or to such other
facsimile number as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed
to have been delivered upon transmission provided such transmission is confirmed when an acknowledgment of receipt is received; or

 

		(c)	if sent by email to the relevant email address specified on the signature pages hereof (or to such other
address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed to have been
delivered at the time of confirmation by telephone.

 

		(2)	A copy of any notice served in accordance with Subclause 25(1) shall be given to the Parent and TFS at:

 

Toyota Motor Corporation

Nagoya Office

7-1, Meieki 4-chome

Nakamura-ku

Nagoya City

Aichi Prefecture 450-8711

Japan

 

[**]

 

Toyota Financial Services Corporation

Nagoya Lucent Tower

6-1, Ushijima-cho

Nishi-ku

Nagoya City

Aichi Prefecture 451-6015

Japan

 

 

    Page 33 

     

    

[**]

 

26.       Taxes
and Stamp Duties

 

The Issuers agree to pay any and all
stamp and other documentary taxes or duties (other than any interest or penalties arising as a result of a failure by any other person
to account promptly to the relevant authorities for any such duties or taxes after such person shall have received from the relevant Issuer
the full amount payable in respect thereof) which may be payable in connection with the execution, delivery, performance and enforcement
of this Agreement.

 

27.       Currency
Indemnity

 

If, under any applicable law and whether
pursuant to a judgment being made or registered against any Issuer or in the liquidation, insolvency or analogous process of any Issuer
or for any other reason, any payment under or in connection with this Agreement is made or is to be satisfied in a currency (the other
currency) other than that in which the relevant payment is expressed to be due (the required currency) under this Agreement,
then, to the extent that the payment (when converted into the required currency at the rate of exchange on the date of payment or, if
it is not practicable for the Agent or the relevant Paying Agent to purchase the required currency with the other currency on the date
of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so or, in the case of a liquidation, insolvency
or analogous process at the rate of exchange on the latest date permitted by applicable law for the determination of liabilities in such
liquidation, insolvency or analogous process) actually received by the Agent or the relevant Paying Agent falls short of the amount due
under the terms of this Agreement, such Issuer undertakes that it shall, as a separate and independent obligation, indemnify and hold
harmless the Agent and the relevant Paying Agent against the amount of such shortfall. For the purpose of this Clause 27, rate of exchange
means the rate at which the Agent or the relevant Paying Agent is able on the London foreign exchange market on the relevant date to purchase
the required currency with the other currency and shall take into account any premium and other costs of exchange.

 

28.       Amendments:
Meetings of Holders

 

		(1)	Provisions for meetings of holders of Registered Notes issued by TCCI and amendment of the TCCI Note Agency
Agreement are set out in the TCCI Note Agency Agreement. Provisions for meetings of holders of Registered Notes issued by TMCC and amendment
of the TMCC Note Agency Agreement are set out in the TMCC Note Agency Agreement. This Clause 28 applies to Bearer Notes and any reference
in this Clause 28 to “Notes” is to Bearer Notes.

 

		(2)	This Agreement, the Notes and any Coupons attached to the Notes may be amended by the Issuers or the relevant
Issuer, as the case may be, and the Agent, without the consent of the holder of any Note or Coupon (a) for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or therein, or to evidence the succession of another
corporation to the relevant Issuer as provided in Condition 13 or provide for substitution of the relevant Issuer as provided in Condition
14, (b) to make any further modifications of the terms of this Agreement necessary or desirable to allow for the issuance of any additional
Notes (which modifications shall not be materially adverse to holders of

 

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outstanding Notes),
or (c) in any manner which the Issuers or the relevant Issuer, as the case may be, and the Agent may deem necessary or desirable and which
shall not materially adversely affect the interests of the holders of the Notes and Coupons. In addition, with the written consent of
holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution adopted by the holders
of a majority in aggregate nominal amount of Notes then outstanding present or represented at a meeting of the holders of the Notes affected
thereby at which a quorum is present (provided that such resolution shall be approved by the holders of not less than 25 per cent. of
the aggregate nominal amount of Notes then outstanding affected thereby), this Agreement or the terms and conditions of the Notes and
Coupons may be modified or amended by the parties hereto or thereto, and future compliance and past defaults waived, in each case as provided
in Conditions 9 and 15 and subject to the limitations therein provided (including that no such agreement shall, without the consent or
the affirmative vote of the holder of each Note affected thereby, (i) change the stated maturity of the principal of or any interest
on any Note, (ii) reduce the nominal amount of or interest on any Note, (iii) change the obligation of the Issuer to pay Additional
Amounts as provided in Condition 7, (iv) reduce the percentage in nominal amount of outstanding Notes the consent of the holders
of which is necessary to modify or amend this Agreement or the terms and conditions of the Notes or to waive any future compliance or
past default, or (v) reduce the percentage in nominal amount of outstanding Notes the consent of the holders of which is required
at any meeting of holders of Notes at which a resolution is adopted).

 

		(3)	A meeting of holders of Notes may be called by the holders of at least 10 per cent. in nominal amount
of the outstanding Notes of the relevant Series at any time and from time to time to make, give or take any request, demand, authorisation,
direction, notice, consent, waiver or other action provided by this Agreement or the Notes to be made, given or taken by holders of Notes.

 

		(4)	The Agent may at any time call a meeting of holders of Notes of any Series for any purpose specified in
Subclause 28(2) to be held at such time and at such place in the City of New York or in London or to be held wholly or partly by means
of electronic facility or facilities (including video conference platforms or by conference call), as the Agent and the relevant Issuer
shall determine (including determining the means, or all different means, of attendance and participation used in relation to a meeting
of holders of Notes of any Series). Notice of every meeting of holders of Notes, setting forth the time and the place of such meeting
(which need not be a physical place), and if the meeting is to be held (wholly or partly) by means of electronic facility or facilities,
including video conference platforms or conference calls (or partly in one way and partly in another), specifying the means, or all different
means, of attendance and participation, and in general terms the action proposed to be taken at such meeting, shall be given by the Agent
to the relevant Issuer and to the holders of the Notes, in the same manner as provided in Condition 16, not less than 21 nor more than
180 days prior to the date fixed for the meeting. In the case at any time the relevant Issuer or the holders of at least 10 per cent.
in nominal amount of the outstanding Notes shall have requested the Agent to call a meeting of the holders to take any action authorised
in Subclause 28(2), by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the

 

    Page 35 

     

    

Agent shall not have
given notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held
as provided herein, then the relevant Issuer, or the holders of Notes in the amount above-specified, as the case may be, may determine
the time and the place in the City of New York or London or the electronic facility or facilities for such meeting (or partly in one way
and partly in another) and may call such meeting by giving notice thereof as provided in this Subclause 28(4).

 

		(5)	To be entitled to vote at any meeting of holders of Notes, a person shall be a holder of outstanding Notes
at the time of such meeting, or a person appointed by an instrument in writing as proxy for such holder. Holders of Notes present in person
or by proxy by means of electronic facility or facilities (including video conference platforms or conference call) provided in Subclause
28(4) shall be counted in the quorum for, and entitled to participate in, the meeting of holders of Notes.

 

		(6)	The quorum at any meeting called to adopt a resolution will be persons holding or representing a majority
in aggregate nominal amount of the Notes then outstanding affected thereby. In the absence of a quorum, within 30 minutes of the time
appointed for any such meeting, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may
be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Subclause 28(4) except that such notice
need be given not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening
of an adjourned meeting shall state expressly the percentage of the nominal amount of the outstanding Notes which shall constitute a quorum.

 

The quorum at any adjourned meeting will
be one or more persons holding or representing 25 per cent. in aggregate nominal amount of such Notes then outstanding affected thereby.
Any meeting of holders of Notes at which a quorum is present may be adjourned from time to time by vote of a majority in nominal amount
of the outstanding Notes represented at the meeting, and the meeting may be held as so adjourned without further notice. At a meeting
or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters shall be effectively
passed and decided if passed or decided by the persons entitled to vote a majority in nominal amount of the outstanding Notes represented
and voting at such meeting, provided that such amount approving such resolution shall be not less than 25 per cent. in nominal amount
of the outstanding Notes.

 

		(7)	Any modifications, amendments or waivers under this Clause 28 to this Agreement or to the terms and conditions
of the Notes and Coupons will be conclusive and binding on all holders of Notes and Coupons, whether or not they have given such consent
or were present at any meeting, and whether or not notation of such modifications, amendments or waivers is made upon the Notes and Coupons.
It shall not be necessary for the consent of the holders of Notes under Condition 15 to approve the particular form of any proposed

 

    Page 36 

     

    

			amendment,
but it shall be sufficient if such consent shall approve the substance thereof.

 

		(8)	Notes authenticated and delivered after the execution of any amendment under this Clause 28 to this Agreement,
the Notes or Coupons may bear a notation in form approved by the Agent as to any matter provided for in such amendment to this Agreement.
New Notes so modified as to conform, in the opinion of the Agent and the relevant Issuer, to any modification contained in any such amendment
may be prepared by the relevant Issuer, authenticated by the Agent and delivered in exchange for the Notes then outstanding affected thereby.

 

		(9)	The Agent may make such reasonable regulations as it may deem advisable for any meeting of holders of
Notes in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall deem appropriate, including determining that adequate facilities are available throughout the meeting
to ensure holders of Notes in person or by proxy attending the meeting by all means (including by means of electronic facility or facilities,
including video conference platforms or by conference call) are able to participate in such meeting. Such regulations may, without prejudice
to the generality of the foregoing, reflect the practices and facilities of any Relevant Clearing System. The Agent shall, by an instrument
in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the relevant Issuer or holders of
Notes as provided above, in which case the relevant Issuer or the holders of Notes calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the persons
entitled to vote a majority in nominal amount of the outstanding Notes represented at the meeting. The chairman of the meeting shall have
no right to vote, except as a holder of Notes or proxy. A record, at least in triplicate, of the proceedings of each meeting of holders
of Notes shall be prepared, and one such copy shall be delivered to the relevant Issuer and another to the Agent to be preserved by the
Agent.

 

29.       Calculation
Agency Agreement

 

A form of calculation agency agreement
is set out in Appendix C hereto. Where the Conditions require functions to be carried out by a Calculation Agent other than the Agent,
the relevant Issuer may execute such an agreement or an agreement in such other form as such Issuer and the Calculation Agent may agree.

 

30.       REPRESENTATIONS
AND WARRANTIES

 

As at the date of
this Agreement each of the Issuers (only in relation to itself and any Notes issued or to be issued by it) hereby warrants to and agrees
with the Agent that neither it, nor, to the knowledge of the relevant Issuer, any director, officer or employee of the relevant Issuer
is currently the subject of any Sanctions applicable to such Issuer and subject to, in respect of TCCI only, the Foreign Extraterritorial
Measures Act (Canada) (FEMA), the Foreign Extraterritorial Measures (United States) Order, 1992 made under the authority of FEMA,
as it may be amended, and any other orders made under FEMA; and the relevant Issuer will not knowingly use the proceeds raised in

 

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connection with the
issue of the Notes to fund any activities or business of any Designated Person subject to official sanctions imposed by the United States,
the United Nations, the European Union or the United Kingdom except to the extent that such activity or business would not be prohibited
for a U.S., European Union or United Kingdom person pursuant to Sanctions.

 

It is acknowledged
and agreed that the warranty and agreement given in this clause 30 is only sought and given to the extent that to do so would not violate
(i) Regulation (EC) 2271/96 (including as it forms part of UK domestic law by virtue of the EUWA); and/or (ii) any associated and applicable
national law, instrument or regulation in the European Union or the United Kingdom related thereto.

 

31.       deed
poll

 

		(1)	If any Global Bearer Note becomes void in accordance with its terms, the relevant Issuer covenants with
each Relevant Account Holder (other than any Relevant Account Holder which is an account holder of any other Relevant Clearing System)
that each Relevant Account Holder shall automatically acquire at the Relevant Time, without the need for any further action on behalf
of any person, against the relevant Issuer all those rights which the Relevant Account Holder would have had if at the Relevant Time it
held and beneficially owned executed and authenticated Definitive Bearer Notes in respect of each Underlying Note (as defined in the definition
of “Global Bearer Note”) represented by the Global Bearer Note which the Relevant Account Holder has credited to its securities
account with the Relevant Clearing System at the Relevant Time. The relevant Issuer’s obligation under this Clause 31 shall be a
separate and independent obligation by reference to each Underlying Note which a Relevant Account Holder has credited to its securities
account with the Relevant Clearing System and the relevant Issuer agrees that a Relevant Account Holder may assign its rights under this
Clause 31 in whole or in part.

 

		(2)	The records of the Relevant Clearing System shall be conclusive evidence of the identity of the Relevant
Account Holders and the number of Underlying Notes credited to the securities account of each Relevant Account Holder. For these purposes
a statement issued by the Relevant Clearing System stating:

 

		(a)	the name of the Relevant Account Holder to which the statement is issued; and

 

		(b)	the aggregate nominal amount of Underlying Notes credited to the securities account of the Relevant Account
Holder as at the opening of business on the first day following the Relevant Time on which the Relevant Clearing System is open for business,

 

shall be conclusive evidence of the records
of the Relevant Clearing System at the Relevant Time.

 

		(3)	In the event of a dispute, the determination of the Relevant Time by the Relevant Clearing System shall
(in the absence of manifest error) be final and conclusive for all purposes in connection with the Relevant Account Holders with securities
accounts with the Relevant Clearing System.

 

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		(4)	The relevant Issuer undertakes in favour of each Relevant Account Holder that, in relation to any payment
to be made by it under this Clause 31, it will comply with the provisions of Condition 7 to the extent that they apply to any payments
in respect of Underlying Notes as if those provisions had been set out in full in this Clause 31.

 

		(5)	The relevant Issuer will pay any stamp and other duties and taxes, including interest and penalties, payable
on or in connection with the execution of this Agreement and any action taken by any Relevant Account Holder to enforce the provisions
of this Clause 31.

 

		(6)	This Clause 31 and Clause 34 shall take effect as a Deed Poll for the benefit of the Relevant Account
Holders from time to time. This Agreement shall be deposited with and held by the common depositary or common safekeeper, as the case
may be, for Euroclear and Clearstream, Luxembourg (being at that date of this Agreement the Agent) until all the obligations of each Issuer
under this Clause 31 have been discharged in full.

 

		(7)	Each Issuer acknowledges the right of every Relevant Account Holder to the production of, and the right
of every Relevant Account Holder to obtain (upon payment of a reasonable charge) a copy of, this Agreement, and further acknowledges and
covenants that the obligations binding upon it contained in this Clause 31 are owed to, and shall be for the account of, each and every
Relevant Account Holder, and that each Relevant Account Holder shall be entitled severally to enforce those obligations against the relevant
Issuer.

 

32.       Descriptive
Headings

 

The descriptive headings in this Agreement
are for convenience of reference only and shall not define or limit the provisions hereof.

 

33.       CONTRACTS
(RIGHTS OF THIRD PARTIES) ACT 1999

 

Save for Clause 31, this Agreement confers
no right on a person who is not a party to this Agreement by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce any
term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

 

34.       Governing
Law

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement
shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	Each Issuer hereby irrevocably agrees for the exclusive benefit of the Agent, the Paying Agents and the
Relevant Account Holders that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection
with this Agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this Agreement)
and that accordingly any suit, action or proceedings (together referred to as Proceedings) arising out of or in connection with
this Agreement (including any Proceedings relating to any non-contractual obligations arising out of or in connection with this Agreement)
may be brought in such courts. Each Issuer hereby irrevocably waives any objection

 

    Page 39 

     

    

which it may have to
the laying of the venue of any Proceedings in any such courts and any claim that any such Proceedings have been brought in an inconvenient
forum and hereby further irrevocably agrees that a judgment in any Proceedings brought in the English courts shall be conclusive and binding
upon each Issuer and may be enforced in the courts of any other jurisdiction. Nothing contained herein shall limit any right to take Proceedings
against any Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude
the taking of Proceedings in any other jurisdiction, whether concurrently or not. Each Issuer hereby appoints Toyota Financial Services
(UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ as its agent for service of process and agrees that, in the event of Toyota
Financial Services (UK) PLC ceasing so to act or ceasing to be registered in England, it will appoint another person as its agent for
service of process in England in respect of any Proceedings.

 

		(3)	If TMF is represented by an attorney or attorneys in connection with the signing and/or execution and/or
delivery of this Agreement or any agreement, deed or document referred to herein or made pursuant hereto and the relevant power or powers
of attorney is or are expressed to be governed by the laws of the Netherlands, it is hereby expressly acknowledged and accepted by the
other parties hereto that such laws shall govern the existence and extent of such attorney’s or attorneys’ authority and the
effects of the exercise thereof.

 

35.       Counterparts

 

This Agreement may be executed in any
number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together
constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective
mode of delivery.

 

    Page 40 

     

    

IN WITNESS WHEREOF,
TMF, TCCI, TFA and TMCC have executed this Agreement as a deed, and the Agent has executed this Agreement, as of the date first above
written.

 

The Issuers

 

	SIGNED, SEALED AND DELIVERED 	)	 	 
	by George Juganar	)		 
	being a duly authorised attorney of	)	/s/ GEORGE JUGANAR	 
	TOYOTA MOTOR FINANCE	)		 
	(NETHERLANDS) B.V. with the 	)		 
	intention that this instrument takes effect	)		 
	as TMF’s deed in the presence of:	)		 

 

/s/ JORRIT VAN ELK

 

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

[**]

 

    Page 41 

     

    

	SIGNED, SEALED AND DELIVERED 	)	 
	by Richard Nelson	)	 
	being a duly authorised attorney of	)	/s/ RICHARD NELSON
	TOYOTA CREDIT CANADA INC.	)	 
	with the intention that this instrument takes	)	 
	effect as TCCI’s deed in the presence of:	)	

 

/s/ SHANNON BAKER

 

TOYOTA CREDIT CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

[**]

 

    Page 42 

     

    

	SIGNED, SEALED AND DELIVERED 	)	 	 
	by Richard Nelson	)		 
	being a duly authorised attorney of	)	/s/ RICHARD NELSON	 
	TOYOTA FINANCE AUSTRALIA	)	 	 
	LIMITED with the intention that this	)	 	 
	instrument takes effect as TFA’s deed	)	 	 
	in the presence of:	)	 	 

 

/s/ SHANNON BAKER

 

Signed under Power
of Attorney

dated 16 September 2022

 

TOYOTA FINANCE AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards NSW 2065

Australia

 

[**]

 

    Page 43 

     

    

	SIGNED, SEALED AND DELIVERED 	)
	by the undersigned being duly	)
	authorised on behalf of	)
	TOYOTA MOTOR CREDIT	)
	CORPORATION with the intention that	)
	this instrument takes effect as TMCC’s	)
	deed	)

 

By: /s/ JAMES SCHOFIELD

 

____________________________

Name:   James Schofield 

Title:    Group Vice President
- Finance, Treasury,

Competitiveness, and Mergers
& Acquisitions

 

 

TOYOTA MOTOR CREDIT CORPORATION

6565 Headquarters Drive, Mailstop W2–3D

Plano

Texas 75024–5965

United States

 

[**]

 

    Page 44 

     

    

The Agent

 

THE BANK OF NEW YORK MELLON

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

[**]

 

By:/s/ GREGORY DALE

 

___________________

Name: Gregory Dale 

Title:     Authorised Signatory

 

    Page 45 

     

    

Appendix A

TERMS AND CONDITIONS OF THE NOTES

 

This Note is one of a Series
(as defined below) of Notes issued subject to, and with the benefit of, an amended and restated agency agreement dated 16 September 2022
(the “Agency Agreement”) and made between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota
Finance Australia Limited and Toyota Motor Credit Corporation as Issuers and The Bank of New York Mellon, acting through its London branch,
as the issuing agent and (unless specified otherwise in the applicable Final Terms) principal paying agent and (unless specified otherwise
in the applicable Final Terms) as calculation agent (the “Agent”, which expression shall include any successor agent
or other Calculation Agent specified in the applicable Final Terms and the “Paying Agent”, which expression shall include
any additional or successor paying agents). Notes in registered form (“Registered Notes”) issued by Toyota Credit Canada
Inc. are also issued subject to, and with the benefit of, an amended and restated note agency agreement dated 17 September 2021 (the “TCCI
Note Agency Agreement”) and made between Toyota Credit Canada Inc. as Issuer, BNY Trust Company of Canada as registrar, paying
agent and transfer agent and, in respect of Registered Notes settled or cleared in Euroclear and/or Clearstream, Luxembourg (each as defined
below), The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (each a “TCCI Registrar”,
which expression shall include any successor registrar, paying agent and transfer agent) and The Bank of New York Mellon, acting through
its London branch, as transfer agent and paying agent (the “TCCI Transfer Agent”, which expression shall include any
additional or successor transfer agent or paying agent appointed for Registered Notes issued by Toyota Credit Canada Inc.). Registered
Notes issued by Toyota Motor Credit Corporation are also issued subject to, and with the benefit of, an amended and restated note agency
agreement dated 17 September 2021 (the “TMCC Note Agency Agreement”) and made between Toyota Motor Credit Corporation
as Issuer, The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (the “TMCC Registrar”,
which expression shall include any successor registrar and transfer agent) and The Bank of New York Mellon, acting through its London
branch, as transfer agent and paying agent (the “TMCC Transfer Agent”, which expression shall include any additional
or successor transfer agent or paying agent appointed for Registered Notes issued by Toyota Motor Credit Corporation).

 

References in these Terms and
Conditions of the Notes (“Terms and Conditions”) to the “Issuer” shall be references to the party
specified in the applicable Final Terms (as defined below). References herein to the “Notes” shall be references to
the Notes of this Series (as defined below) and shall mean (i) in relation to any Notes represented by a global Note, units of the lowest
Specified Denomination (as defined below) in the Specified Currency (as defined below) of the relevant Notes, (ii) definitive Notes issued
in exchange (or part exchange) for a temporary global Note, a permanent global Note or a global Registered Note and (iii) any global Note.

 

Interest bearing definitive
Notes in bearer form will (unless otherwise indicated in the applicable Final Terms) have interest coupons (“Coupons”)
and, if indicated in the applicable Final Terms, talons for further Coupons (“Talons”) attached on issue. Any reference
herein to Coupons or coupons shall, unless the context otherwise requires, be deemed to include a reference to Talons. Global Notes do
not have Coupons or Talons attached on issue.

 

The Notes and the Coupons
have the benefit of certain Credit Support Agreements governed by Japanese law, one between Toyota Motor Corporation (the “Parent”)
and Toyota Financial Services Corporation (“TFS”) dated 14 July 2000 as supplemented by a Supplemental Credit Support
Agreement dated 14 July 2000 and a Supplemental Credit Support Agreement No. 2 dated 2 October 2000 (collectively, the “TMC
Credit Support Agreement”) and others between TFS and each of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada
Inc. and Toyota Finance Australia Limited dated 7 August 2000 and Toyota Motor Credit Corporation dated 1 October 2000 (each a “Credit
Support Agreement” and together with the TMC Credit Support Agreement, the “Credit Support Agreements”).
The Credit Support Agreements do not

 

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constitute a direct or indirect guarantee by the Parent or TFS of the Notes. The Parent’s obligations
under its Credit Support Agreement and the obligations of TFS under its Credit Support Agreements, rank pari passu with its direct,
unconditional, unsubordinated and unsecured debt obligations.

 

The Final Terms applicable
to the Notes are attached to or endorsed on the Notes and supplement these Terms and Conditions. References herein to the “applicable
Final Terms” shall mean the Final Terms attached to or endorsed on the Notes.

 

As used herein, “Series”
means each original issue of Notes together with any further issues expressed to form a single series with the original issue and the
terms of which (save for the Issue Date, the amount and the date of the first payment of interest thereon and/or the Issue Price (as indicated
in the applicable Final Terms)) are identical (including the Maturity Date, Interest Basis, Redemption/Payment Basis and Interest Payment
Dates (if any) and whether or not the Notes are admitted to trading) and expressions “Notes of the relevant Series”
and related expressions shall be construed accordingly. As used herein, “Tranche” means all Notes of the same Series
with the same Issue Date and Interest Commencement Date (if applicable).

 

Copies of the Agency Agreement
(which contains the form of the Final Terms), the Credit Support Agreements and (if the Notes are offered to the public in a Member State
of the European Economic Area or admitted to trading on a regulated market within the meaning of Regulation (EU) 2017/1129, as amended
(the “Prospectus Regulation”) in the relevant Member State or offered to the public in the United Kingdom or admitted
to trading on a regulated market within the meaning of Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue
of the European Union (Withdrawal) Act 2018, as amended), the Final Terms applicable to the Notes are available free of charge and available
for inspection at the specified offices of the Agent. If the Notes are to be admitted to trading on the main market of the London Stock
Exchange plc or offered to the public in the United Kingdom in circumstances not within an exemption from the requirement to publish a
prospectus under Section 85 of the Financial Services and Markets Act 2000, as amended, the applicable Final Terms will be published on
the website of the London Stock Exchange plc through a regulatory news service and/or on the Issuer’s website. If the Notes are
admitted to trading on the regulated market of the Irish Stock Exchange p.l.c. trading as Euronext Dublin (“Euronext Dublin”)
or offered to the public in a Member State of the European Economic Area in circumstances not within an exemption from the requirement
to publish a prospectus under the Prospectus Regulation, the applicable Final Terms will be published on the website of Euronext Dublin
through a regulatory news service and/or on the Issuer’s website. Copies of the TCCI Note Agency Agreement (if the Notes are Registered
Notes issued by Toyota Credit Canada Inc.) are available free of charge and available for inspection by the holders of Registered Notes
issued by Toyota Credit Canada Inc. at the specified offices of the TCCI Registrar and the TCCI Transfer Agent. Copies of the TMCC Note
Agency Agreement (if the Notes are Registered Notes issued by Toyota Motor Credit Corporation) are available free of charge and available
for inspection by the holders of Registered Notes issued by Toyota Motor Credit Corporation at the specified offices of the TMCC Registrar
and the TMCC Transfer Agent. The holders of the Notes (the “Noteholders”), which expression shall, in relation to any
Notes represented by a global Note, be construed as provided in Condition 1, and the holders of the Coupons (the “Couponholders”)
are deemed to have notice of the Agency Agreement and the applicable Final Terms, which are binding on them. The holders of Registered
Notes issued by Toyota Credit Canada Inc. are deemed to have notice of the TCCI Note Agency Agreement, which is binding on them and the
holders of Registered Notes issued by Toyota Motor Credit Corporation are deemed to have notice of the TMCC Note Agency Agreement, which
is binding on them.

 

Words and expressions defined
in the Agency Agreement or (if the Note is a Registered Note issued by Toyota Credit Canada Inc.) in the TCCI Note Agency Agreement or
(if the Note is a Registered Note issued by Toyota Motor Credit Corporation) in the TMCC Note Agency Agreement or used in the applicable
Final Terms shall have the same meanings where used in

 

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these Terms
and Conditions unless the context otherwise requires or unless otherwise stated. In the event of inconsistency between the Agency Agreement,
(if the Note is a Registered Note issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (if the Note is a Registered Note
issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement or the applicable Final Terms, the applicable Final Terms will
prevail.

 

		1.	Form, Denomination and Title 

 

The Notes may be issued in
bearer form (“Bearer Notes”) or, in respect of Notes issued by Toyota Credit Canada Inc. or Toyota Motor Credit Corporation,
in bearer or registered form as set out in the applicable Final Terms and, in the case of definitive Bearer Notes, serially numbered,
in the currency (“Specified Currency”) and in the denominations (“Specified Denomination(s)”), as
specified in the applicable Final Terms.

 

Bearer Notes may not be exchanged
for Registered Notes and vice versa.

 

The Note may be a Note bearing
interest on a fixed rate basis (“Fixed Rate Note”), a Note bearing interest on a floating rate basis (“Floating
Rate Note”), a Note issued on a non-interest bearing basis (“Zero Coupon Note”) or any combination of the
foregoing, depending upon the interest basis specified in the applicable Final Terms.

 

Bearer Notes in definitive
form are issued with Coupons attached, unless they are Zero Coupon Notes in which case references to interest (other than interest due
after the Maturity Date), Coupons and Couponholders in these Terms and Conditions are not applicable.

 

Subject as set out below, title
to Bearer Notes and Coupons will pass by delivery. The holder of each Coupon whether or not such Coupon is attached to a Note, in his
capacity as such, shall be subject to and bound by all the provisions contained in the relevant Note. Subject as set out below, the Issuer
and any Paying Agent may deem and treat the bearer of any Bearer Note or Coupon as the absolute owner thereof (whether or not overdue
and notwithstanding any notice to the contrary, including any notice of ownership or writing thereon or notice of any previous loss or
theft thereof) for all purposes but, in the case of any global Bearer Note, without prejudice to the provisions set out in the next succeeding
paragraph.

 

For so long as any of the Notes
is represented by a global Note, each person who is for the time being shown in the records of Euroclear Bank SA/NV (“Euroclear”)
or of Clearstream Banking S.A. (“Clearstream, Luxembourg”) or any other agreed clearing system as the holder of a particular
nominal amount of such Notes (other than a clearing agency (including Euroclear and Clearstream, Luxembourg) that is itself an account
holder of Euroclear or Clearstream, Luxembourg or any other agreed clearing system (in which regard any certificate or other document
issued by Euroclear or Clearstream, Luxembourg or any other agreed clearing system as to the nominal amount of Notes standing to the account
of any person shall be conclusive and binding for all purposes save in the case of manifest error or proven error)) shall be treated by
the Issuer, the Agent and any other Paying Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar
and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the
TMCC Transfer Agent as the holder of such nominal amount of such Notes for all purposes other than with respect to the payment of principal
(including premium (if any)) or interest on the Notes, for which purpose the bearer of the relevant global Bearer Note or registered holder
of the global Registered Note shall be treated by the Issuer, the Agent and any other Paying Agent as the holder of such Notes in accordance
with and subject to the terms of the relevant global Note (and the expressions “Noteholder” and “holder of
Notes” and related expressions shall be construed accordingly). Notes which are represented by a global Note will be transferable
only in accordance with the rules and procedures for the time being of Euroclear or of Clearstream, Luxembourg, as the case may be.

 

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Title to Registered Notes issued
by Toyota Credit Canada Inc. passes on due endorsement in the central register (“TCCI Register”) which Toyota Credit
Canada Inc. shall procure to be kept by the BNY Trust Company of Canada. Toyota Credit Canada Inc. shall procure a branch register to
be kept by The Bank of New York Mellon SA/NV, Luxembourg Branch in respect of Registered Notes settled or cleared in Euroclear or Clearstream,
Luxembourg. Title to Registered Notes issued by Toyota Motor Credit Corporation passes on due endorsement in the relevant register (“TMCC
Register”) which Toyota Motor Credit Corporation shall procure to be kept by the TMCC Registrar. Subject as set out above, except
as ordered by a court of competent jurisdiction or as required by law, the registered holder of any Registered Note shall be deemed to
be and may be treated as the absolute owner of such Registered Note for all purposes, whether or not such Registered Note shall be overdue
and notwithstanding any notice of ownership, theft or loss thereof or any writing thereon made by anyone and no person shall be liable
for so treating such registered holder (and the expressions “Noteholder” and “holder of Notes” and
related expressions shall be construed accordingly).

 

Provisions relating to the
transfer of Registered Notes issued by Toyota Credit Canada Inc. are set out in the relevant Registered Note and the TCCI Note Agency
Agreement. Provisions relating to the transfer of Registered Notes issued by Toyota Motor Credit Corporation are set out in the relevant
Registered Note and the TMCC Note Agency Agreement.

 

Any reference herein to Euroclear
and/or Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Bearer Notes in new global note (“NGN”)
form or Registered Notes intended to be held in a manner which would allow Eurosystem eligibility (being the new safekeeping structure
(“NSS”) and hereinafter referred to as “held under the NSS”), be deemed to include a reference to
any additional or alternative clearing system specified in Part B of the applicable Final Terms.

 

		2.	Status of the Notes and the Credit Support Agreements 

 

The Notes and any relative
Coupons are direct, unconditional, unsubordinated and (subject to the provisions of Condition 3) unsecured obligations of the Issuer and
rank pari passu and rateably without any preference among themselves and (save for certain obligations required to be preferred
by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer from time to time outstanding.
The Notes and the Coupons have the benefit of the Credit Support Agreements.

 

		3.	Negative Pledge 

 

The Notes will be subject to
this Condition 3 only if this Condition 3 is specified to be applicable in the applicable Final Terms. So
long as any of the Notes remains outstanding (as defined in Condition 15) the Issuer will not create or permit to be outstanding any mortgage,
pledge, lien, security interest or other charge (each a “Security Interest”) (other than a Permitted Security Interest
(as defined below)) for the benefit of the holders of any Relevant Indebtedness (as defined below) on the whole or any part of its property
or assets, present or future, to secure any Relevant Indebtedness issued or expressly guaranteed by the Issuer or in respect of which
the Issuer has given any indemnity without in any such case at the same time according to the Notes the same security as is granted or
is outstanding in respect of such Relevant Indebtedness or such guarantee or indemnity or such other security as shall be approved by
the written consent of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution
adopted by the holders of a majority in aggregate nominal amount of the Notes then outstanding present or represented at a meeting of
the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement;
provided, however, that such covenant will not apply to Security Interests securing outstanding Relevant Indebtedness which does not in
the aggregate at any one time exceed 20 per cent. of Consolidated Net Tangible Assets (as defined below) of the Issuer and its consolidated
subsidiaries (if any). For the purposes of this Condition 3:

 

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“Consolidated Net
Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting
therefrom all goodwill, trade names, trademarks, patents, unamortised debt discount and expense and other like intangibles of the Issuer
and its consolidated subsidiaries (or, where the Issuer has no consolidated subsidiaries, of the Issuer), all as set forth on the most
recent balance sheet of the Issuer and its consolidated subsidiaries (or, where the Issuer has no consolidated subsidiaries, the most
recent balance sheet of the Issuer) prepared in accordance with generally accepted accounting principles as practised in the jurisdiction
of the Issuer’s incorporation;

 

“Relevant Indebtedness”
shall mean any indebtedness in the form of or represented by bonds, notes, debentures or other securities which have a final maturity
of more than a year from the date of their creation and which are admitted to trading on one or more stock exchanges;

 

“Permitted Security
Interest” shall mean:

 

(i)       any
Security Interest arising by operation of law or any right of set-off;

 

		(ii)	any Security Interest granted by the Parent in favour of a TMC subsidiary (as defined below) (while such
beneficiary remains a TMC subsidiary) or by one TMC subsidiary in favour of another TMC subsidiary (while such beneficiary remains a TMC
subsidiary);

 

		(iii)	any Security Interest created in connection with, or pursuant to, a limited-recourse financing, securitisation
or other like arrangement where the payment obligations in respect of the indebtedness secured by the relevant Security Interest are to
be discharged from the revenues generated by assets over which such Security Interest is created (including, without limitation, receivables),

 

and (in addition to (i), (ii) and (iii) above)
where the Issuer is Toyota Finance Australia Limited, any Security Interest provided for by one of
the following transactions if the transaction does not secure payment or performance of an obligation:

 

(A)a
transfer of an account or chattel paper;

 

(B)a
commercial consignment; or

 

(C)a
PPS lease,

 

where “account”, “chattel
paper”, “commercial consignment” and “PPS lease” have the same meanings given to them
in the Personal Property Securities Act 2009 of Australia; and

 

“TMC subsidiary”
means any of the Parent’s subsidiaries consolidated in accordance with International Financial Reporting Standards as issued by
the International Accounting Standards Board.

 

		4.	Interest

 

		(a)	Interest on Fixed Rate Notes and Business Day Convention for Notes other than Floating Rate Notes

 

Each Fixed Rate Note bears
interest from (and including) the Interest Commencement Date which is specified in the applicable Final Terms (or the Issue Date, if no
Interest Commencement Date is separately specified) to (but excluding) the Maturity Date specified in the applicable Final Terms at the
rate(s) per annum equal to the Fixed Rate(s) of Interest so specified payable in arrear on the Interest Payment Date(s) in each year and
on the Maturity Date so specified if it does not fall on an Interest Payment Date.

 

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If the Notes are in definitive
form, except as provided in the applicable Final Terms, or if the applicable Final Terms specify that a Fixed Coupon Amount or Broken
Amount(s) shall apply in the case of Notes represented by a global Note, the amount of interest payable on each Interest Payment Date
in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount as specified in the
applicable Final Terms. Payments of interest on any Interest Payment Date will, if so specified in the applicable Final Terms, amount
to the Broken Amount(s) so specified.

 

As used in these Terms and
Conditions, “Fixed Interest Period” means the period from (and including) an Interest Payment Date (or the Interest
Commencement Date or the Issue Date, as the case may be) to (but excluding) the next (or first) Interest Payment Date or Maturity Date.

 

Unless specified otherwise
in the applicable Final Terms, the “Following Business Day Convention” will apply to the payment of all Fixed Rate
Notes, meaning that if the Interest Payment Date or Maturity Date would otherwise fall on a day which is not a Business Day (as defined
in Condition 4(b)(i) below), the related payment of principal or interest will be made on the next succeeding Business Day as if
made on the date such payment was due. If the “Modified Following Business Day Convention” is specified in the applicable
Final Terms for any Fixed Rate Note, it shall mean that if the Interest Payment Date or Maturity Date would otherwise fall on a day which
is not a Business Day (as defined in Condition 4(b)(i) below), the related payment of principal or interest will be made on the next succeeding
Business Day as if made on the date such payment was due unless it would thereby fall into the next calendar month in which event the
full amount of payment shall be made on the immediately preceding Business Day as if made on the day such payment was due. Unless specified
otherwise in the applicable Final Terms, the amount of interest due shall not be changed if payment is made on a day other than an Interest
Payment Date or the Maturity Date as a result of the application of a Business Day Convention specified above or other Business Day Convention
specified in the applicable Final Terms.

 

Except in the case of (i) Notes
in definitive form where a Fixed Coupon Amount or a Broken Amount is specified in the applicable Final Terms or (ii) Notes represented
by a global Note where the applicable Final Terms specify that a Fixed Coupon Amount or Broken Amount(s) shall apply, interest shall be
calculated in respect of any period (including any period ending other than on an Interest Payment Date (which for this purpose shall
not include a period where a payment is made on a day other than an Interest Payment Date or the Maturity Date as a result of the application
of a Business Day Convention as provided in the immediately preceding paragraph, unless specified otherwise in the applicable Final Terms))
by applying the Fixed Rate of Interest to:

 

		(A)	in the case of Fixed Rate Notes which are represented by a global Note, the aggregate outstanding nominal
amount of the Fixed Rate Notes represented by such global Note; or

 

		(B)	in the case of Fixed Rate Notes in definitive form, the Calculation Amount,

 

and, in each case, multiplying such sum by the
applicable Fixed Day Count Fraction or Day Count Fraction as specified in the applicable Final Terms, and rounding the resultant figure
to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance
with applicable market convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the Calculation
Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the manner
provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination,
without any further rounding.

 

In these Terms and Conditions,
“Fixed Day Count Fraction” means:

 

		(i)	if “Actual/Actual (ICMA)” is specified in the applicable Final Terms:

 

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		(A)	in the case of Notes where the number of days in the relevant period from (and including) the most recent
Interest Payment Date (or, if none, the Interest Commencement Date or Issue Date, as applicable) to (but excluding) the relevant payment
date (the “Accrual Period”) is equal to or shorter than the Determination Period (as defined below) during which the
Accrual Period ends, the number of days in such Accrual Period divided by the product of (1) the number of days in such Determination
Period and (2) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year assuming
interest was to be payable in respect of the whole of that year; or

 

		(B)	in the case of Notes where the Accrual Period is longer than the Determination
Period during which the Accrual Period ends, the sum of:

 

		(1)	the number of days in such Accrual Period falling in the Determination Period
in which the Accrual Period begins divided by the product of (x) the number of days in such Determination
Period and (y) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year assuming
interest was to be payable in respect of the whole of that year; and

 

		(2)	the number of days in such Accrual Period falling in the next Determination Period divided by the product
of (x) the number of days in such Determination Period and (y) the number of Determination Dates (as specified in the applicable Final
Terms) that would occur in one calendar year assuming interest was to be payable in respect of the whole of that year;

 

		(ii)	if “Actual/Actual (ISDA)” is specified in the applicable Final Terms, the actual number
of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date
or Issue Date, as applicable) to (but excluding) the next scheduled Interest Payment Date divided by 365 (or, if any portion of that period
falls in a leap year, the sum of (x) the actual number of days in that portion of the period falling in a leap year divided by 366;
and (y) the actual number of days in that portion of the period falling in a non-leap year divided by 365);

 

		(iii)	if “30/360” is specified in the applicable Final Terms,
the number of days in the relevant period from (and including) the most recent Interest Payment Date
(or, if none, the Interest Commencement Date or Issue Date, as applicable) to (but excluding) the next scheduled Interest Payment Date
(such number of days being calculated on the basis of a year of 360 days with 12 30-day months) divided by 360 and, in the case of an
incomplete month, the number of days elapsed; 

 

		(iv)	if “Actual/360” is specified in the applicable Final Terms, the actual number of days
in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date or Issue
Date, as applicable) to (but excluding) the next scheduled Interest Payment Date divided by 360;

 

		(v)	if “Actual/Actual Canadian Compound Method” is specified in the applicable Final Terms,
whenever it is necessary to compute any amount of accrued interest in respect of the Notes for a period of less than one full year, other
than in respect of any Fixed Coupon Amount or Broken Amount, such interest will be calculated on the basis of the actual number of days
in the period and a year of 365 days; and

 

		(vi)	if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual number
of days in the Fixed Interest Period divided by 365.

 

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In these Terms and Conditions:

 

“Determination Period”
means the period from (and including) a Determination Date (as specified in the applicable Final Terms) to (but excluding) the next Determination
Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination Date, the period
commencing on the first Determination Date prior to, and ending on the first Determination Date falling after, such date); and

 

“sub-unit”
means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country
of such currency and, with respect to euro, means one cent.

 

		(b)	Interest on Floating Rate Notes

 

(i)       Interest
Payment Dates

 

Each Floating Rate Note bears
interest from (and including) the Interest Commencement Date specified in the applicable Final Terms (or the Issue Date, if no Interest
Commencement Date is separately specified) and, unless specified otherwise in the applicable Final Terms, at the rate equal to the Rate
of Interest payable in arrear on the Maturity Date and on either: (1) the Specified Interest Payment Date(s) (each, together with the
Maturity Date, an “Interest Payment Date”) in each year specified in the applicable Final Terms; or (2) if no Specified
Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each such date, together with the Maturity Date, an
“Interest Payment Date”) which falls the number of months or other period specified as the Specified Period in the
applicable Final Terms after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest
Commencement Date or Issue Date, as applicable. Such interest will be payable in respect of each Interest Period. As used in these Terms
and Conditions, “Interest Period” means the period from (and including) an Interest Payment Date (or the Interest Commencement
Date or Issue Date, as applicable) to (but excluding) the next (or first) Interest Payment Date.

 

If a Business Day Convention
is specified in the applicable Final Terms and (x) if there is no numerically corresponding day in the calendar month in which an Interest
Payment Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day (as defined below),
then, if the Business Day Convention specified is:

 

		(A)	in any case where Specified Periods are specified in accordance with Condition 4(b)(i)(2) above, the Floating
Rate Convention, such Interest Payment Date (i) in the case of (x) above, shall be the last day that is a Business Day in the relevant
month and the provisions of (2) below in this sub-paragraph (A) shall apply mutatis mutandis or (ii) in the case of (y) above,
shall be postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event (1)
such Interest Payment Date shall be brought forward to the immediately preceding Business Day and (2) each subsequent Interest Payment
Date shall be the last Business Day in the month which falls in the Specified Period after the preceding applicable Interest Payment Date
occurred; or

 

		(B)	the Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which
is a Business Day; or

 

		(C)	the Modified Following Business Day Convention, such Interest Payment Date
shall be postponed to the next day which is a Business Day unless it would thereby fall into the next
calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business Day; or

 

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		(D)	the Preceding Business Day Convention, such Interest Payment Date shall be
brought forward to the immediately preceding Business Day.

 

In these Terms
and Conditions, “Business Day” means (unless otherwise stated in the applicable Final Terms) a day which is both:

 

		(1)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London and any other Additional Business Centre specified
in the applicable Final Terms; and

 

		(2)	(i) in relation to any sum payable in a Specified Currency other than euro and Renminbi, a day on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange
and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (which, if the Specified
Currency is Australian dollars or New Zealand dollars, shall be Sydney or Auckland, respectively), (ii) in relation to any sum payable
in euro, a day on which the TARGET2 System is open or (iii) in relation to any sum payable in Renminbi, a day on which commercial banks
and foreign exchange markets are open for business and settlement of Renminbi payments in Hong Kong or such RMB Settlement Centre(s) as
may be specified in the applicable Final Terms. Unless otherwise provided in the applicable Final Terms, the principal financial centre
of any country for the purpose of these Terms and Conditions shall be as provided in the 2021 ISDA Interest Rate Derivatives Definitions
(as published by the International Swaps and Derivatives Association, Inc. or any successor thereto) as amended or supplemented from time
to time, or any successor definitional booklet for interest rate derivatives published from time to time (the “ISDA Definitions”),
subject to Conditions 4(b)(ii)(3)(A) and 4(b)(ii)(3)(B), as of the first Issue Date of the Notes of the relevant Series (except if the
Specified Currency is Australian dollars or New Zealand dollars the principal financial centre shall be Sydney or Auckland, respectively)
and in the case of Compounded SOFR Notes and SOFR Notes, a day other than a Saturday, Sunday or a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in U.S. Government securities (a “U.S. Government Securities Business Day”). In these Terms and Conditions,
“TARGET2 System” means the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System or
any successor thereto.

 

		(ii)	Rate of Interest 

 

The Rate of Interest payable
from time to time in respect of the Floating Rate Notes will be determined as provided below.

 

Unless otherwise stated
in the applicable Final Terms, the Minimum Rate of Interest shall be deemed to be zero.

 

		(1)	where the Reference Rate is specified in the applicable Final Terms as being a Reference Rate other than
(i) the Secured Overnight Financing Rate (“SOFR”) or (ii) the Sterling Overnight Index Average (“SONIA”),
the Rate of Interest for each Interest Period will be either:

 

		(x)	the rate or offered quotation (if there is only one rate or offered
quotation on the Relevant Screen Page); or

 

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		(y)	the arithmetic mean (rounded if necessary to the fifth decimal place,
with 0.000005 being rounded upwards) of the rates or offered quotations,

 

(expressed as a percentage rate per annum) for
the Reference Rate (as specified in the applicable Final Terms) for deposits in the Specified Currency for that Interest Period which
appears or appear, as the case may be, on the Relevant Screen Page (or such replacement page on that service which displays the information)
(as specified in the applicable Final Terms) as at the Specified Time on the Interest Determination Date in question plus or minus (as
specified in the applicable Final Terms) the Margin (if any), all as determined by the Agent (or such other Calculation Agent specified
in the applicable Final Terms). If, in the case of (y) above, five or more of such rates or offered quotations are available on the Relevant
Screen Page, the highest (or, if there is more than one such highest rate or offered quotation, one only of such rates or offered quotations)
and the lowest (or, if there is more than one such lowest rate or offered quotation, one only of such rates or offered quotations) shall
be disregarded by the Agent (or such other Calculation Agent specified in the applicable Final Terms) for the purpose of determining the
arithmetic mean (rounded as provided above) of such rates or offered quotations. In addition:

 

(A)       if,
in the case of (x) above, no such rate or offered quotation appears or, in the case of (y) above, fewer than two of such rates
or offered quotations appear at such time or if the offered rate or rates which appears or appear, as the case may be, as at such time
do not apply to a period of a duration equal to the relevant Interest Period, the Rate of Interest for such Interest Period shall, subject
as provided below and except as otherwise indicated in the applicable Final Terms, be the arithmetic mean (rounded, if necessary, to the
fifth decimal place with 0.000005 being rounded upwards) of the bid rates or offered quotations (expressed as a percentage rate per annum),
of which the Agent (or such other Calculation Agent specified in the applicable Final Terms) is advised by or as is accepted by all Reference
Banks (as defined below) as at the Specified Time on the Interest Determination Date for a period of the Interest Period and in an amount
that is representative for a single transaction in the relevant market at the relevant time, if applicable, plus or minus (as specified
in the applicable Final Terms) the Margin (if any), all as determined by the Agent (or such other Calculation Agent specified in the applicable
Final Terms);

 

(B)       if
on any Interest Determination Date to which Condition 4(b)(ii)(1)(A) applies two or three only of the Reference Banks advise the Agent
(or such other Calculation Agent specified in the applicable Final Terms) of such bid rates or offered quotations, the Rate of Interest
for the next Interest Period shall, subject as provided below, be determined as in Condition 4(b)(ii)(1)(A) on the basis of the rates
or offered quotations of those Reference Banks advising or accepting such bid rates or offered quotations;

 

(C)       if
on any Interest Determination Date to which Condition 4(b)(ii)(1)(A) applies one only or none of the Reference Banks advises the Agent
(or such other Calculation Agent specified in the applicable Final Terms) of such rates or offered quotations, the Rate of Interest for
the next Interest Period shall, subject as provided below and except as otherwise indicated in the applicable Final Terms, be whichever
is the higher of:

 

		(1)	the Rate of Interest in effect for the last preceding Interest Period
to which Condition 4(b)(ii)(1)(A) shall have applied (plus or minus (as specified in the applicable Final Terms), where a different
Margin is to be applied to the next Interest Period than that which applied to the last preceding Interest Period, the Margin relating
to the next Interest Period in place of the Margin relating to the last preceding Interest Period); or

 

		(2)	the reserve interest rate which shall be the rate per annum which
the Agent (or such other Calculation Agent specified in the applicable Final Terms) determines to be either:

 

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		(x)	the arithmetic mean (rounded, if necessary, to the fifth decimal place with 0.000005 being rounded upwards)
of the lending rates for the Specified Currency which banks selected by the Agent (or such other Calculation Agent specified in the applicable
Final Terms) in the Relevant Financial Centre of the country of the Specified Currency (which, if Australian dollars, shall be Sydney,
if New Zealand dollars, shall be Auckland and if euro, shall be the place of the principal London or Euro-zone office of major banks in
the Euro-Zone inter-bank market, unless specified otherwise in the applicable Final Terms) are quoting on the relevant Interest Determination
Date for the next Interest Period to the Reference Banks or those of them (being at least two in number) to which such quotations are,
in the opinion of the Agent (or such other Calculation Agent specified in the applicable Final Terms), being so made plus or minus (as
specified in the applicable Final Terms) the Margin (if any); or

 

		(y)	in the event that the Agent (or such other Calculation Agent specified in the applicable Final Terms)
can determine no such arithmetic mean (in accordance with (x) above), the lowest lending rate for the Specified Currency which banks selected
by the Agent (or such other Calculation Agent specified in the applicable Final Terms) in the Relevant Financial Centre of the country
of the Specified Currency (which, if Australian dollars, shall be Sydney, if New Zealand dollars, shall be Auckland and if euro, shall
be the place of the principal London or Euro-zone office of major banks in the Euro-Zone inter-bank market, unless specified otherwise
in the applicable Final Terms) are quoting on such Interest Determination Date to leading European banks for the next Interest Period
plus or minus (as specified in the applicable Final Terms) the Margin (if any), provided that if the banks selected as aforesaid by the
Agent (or such other Calculation Agent specified in the applicable Final Terms) are not quoting as mentioned above, the Rate of Interest
shall be the Rate of Interest specified in (C)(1) above;

 

		(2)	(A)where the Reference Rate is specified in the applicable Final Terms as being SONIA and the Calculation
Method is specified in the applicable Final Terms as being Compounded Daily Rate, the Rate of Interest for each Interest Period will be
Compounded Daily SONIA for the Interest Period plus or minus (as indicated in the applicable Final Terms) the Margin, if any, all determined
by the Agent (or such other Calculation Agent specified in the applicable Final Terms) on each relevant Interest Determination Date.

 

“Compounded Daily SONIA” means,
with respect to an Interest Period, the rate of return of a daily compound interest investment (with the daily Sterling overnight reference
rate as reference rate for the calculation of interest) as calculated by the Agent (or such other Calculation Agent specified in the applicable
Final Terms) on the Interest Determination Date in accordance with the following formula and the resulting percentage will be rounded
if necessary to the fourth decimal place, with 0.00005 per cent. being rounded upwards:

 

 

where:

 

“d” is the number of calendar
days in:

 

		(i)	where Lag is specified as the Observation Method in the applicable Final Terms, the relevant Interest
Period; or

 

		(ii)	where Shift is specified as the Observation Method in the applicable Final Terms, the relevant Observation
Period;

 

 

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“D” is the number specified
as such in the applicable Final Terms (or, if no such number is specified, 365);

 

“dO” is the number
of London Banking Days in:

 

		(i)	where Lag is specified as the Observation Method in the applicable Final Terms, the relevant Interest
Period; or

 

		(ii)	where Shift is specified as the Observation Method in the applicable Final Terms, the relevant Observation
Period;

 

“i” is a series of whole numbers
from one to dO, each representing the relevant London Banking Day in chronological order from, and including, the first
London Banking Day in:

 

		(i)	where Lag is specified as the Observation Method in the applicable Final Terms, the relevant Interest
Period; or

 

		(ii)	where Shift is specified as the Observation Method in the applicable Final Terms, the relevant Observation
Period,

 

to and including, the last London
Banking Day in such Interest Period or Observation Period, as the case may be;

 

“London Banking Day” means
any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits)
in London;

 

“ni” for any London
Banking Day “i”, means the number of calendar days from, and including, such London Banking Day “i”
up to but excluding the following London Banking Day;

 

“Observation Look-Back Period”
is as specified in the applicable Final Terms;

 

“Observation Period” means
the period from, and including, the date falling “p” London Banking Days prior to the first day of the relevant Interest
Period (and the first Interest Period shall begin on and include the Interest Commencement Date) to but excluding, the date falling “p”
London Banking Days prior to the Interest Payment Date for such Interest Period (or the date falling p London Banking Days prior
to such earlier date, if any, on which the Notes become due and payable);

 

“p” means the number of London
Banking Days specified as the Observation Look-Back Period in the applicable Final Terms and which shall not be specified in the applicable
Final Terms as less than five without the prior agreement of the Agent (or such other Calculation Agent specified in the applicable Final
Terms);

 

“Relevant SONIAi”
means:

 

		(i)	where Lag is specified as the Observation Method in the applicable Final Terms, SONIAi-pLBD;
or

 

		(ii)	where Shift is specified as the Observation Method in the applicable Final Terms, SONIAiLBD;

 

For the avoidance of doubt, the formula for
the calculation of Compounded Daily SONIA only compounds the SONIA reference rate in respect of any London Banking Day. The SONIA reference
rate applied to a day that is a non-London Banking Day will be taken by applying the SONIA reference rate for the previous London Banking
Day but without compounding.

 

“SONIAiLBD” means,
in respect of any London Banking Day “i” the SONIA reference rate for such London Banking Day “i”;

 

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“SONIAi-pLBD” means,
in respect of any London Banking Day “i” falling in the relevant Interest Period, the SONIA reference rate for the
London Banking Day falling “p” London Banking Days prior to the relevant London Banking Day “i”;
and

 

“SONIA reference rate” means,
in respect of any London Banking Day, a reference rate equal to the daily SONIA rate for such London Banking Day as provided by the administrator
of SONIA to authorised distributors and as then published on the Relevant Screen Page or, if the Relevant Screen Page is unavailable,
as otherwise published by such authorised distributors, in each case on the London Banking Day immediately following such London Banking
Day.

 

If, in respect of any London
Banking Day on which an applicable SONIA reference rate is required to be determined, the Agent (or such other Calculation Agent specified
in the applicable Final Terms) determines that the SONIA reference rate is not made available on the Relevant Screen Page and has not
otherwise been published by the relevant authorised distributors, then unless the Agent (or such other Calculation Agent specified in
the applicable Final Terms) has been notified of any Successor Rate or Alternative Rate (and any related Adjustment Spread or Benchmark
Amendments) pursuant to Condition 4(c), if applicable, the SONIA reference rate in respect of such London Banking Day shall be:

 

		(x)	the sum of (i) the Bank of England’s Bank Rate (the “Bank Rate”) prevailing at
the close of business on the relevant London Banking Day; and (ii) the mean of the spread of the SONIA reference rate to the Bank Rate
over the previous five London Banking Days in respect of which a SONIA reference rate has been published, excluding the highest spread
(or, if there is more than one highest spread, one only of those highest spreads) and lowest spread (or, if there is more than one lowest
spread, one only of those lowest spreads); or

 

		(y)	if the Bank Rate under paragraph (x) above is not available at the relevant time, either (A) the SONIA
reference rate published on the Relevant Screen Page (or otherwise published by the relevant authorised distributors) for the first preceding
London Banking Day in respect of which the SONIA reference rate was published on the Relevant Screen Page (or otherwise published by the
relevant authorised distributors) or (B) if this is more recent, the latest rate determined under (x) above,

 

and, in each case, references to “SONIA
reference rate” in Condition 4(b)(ii)(2)(A) above shall be construed accordingly.

 

In the event that the Rate
of Interest cannot be determined in accordance with the foregoing provisions of this Condition 4(b)(ii)(2)(A), and without prejudice to
Condition 4(c), the Rate of Interest shall be:

 

		(i)	that determined as at the last preceding Interest Determination Date on which the Rate of Interest was
so determined (though substituting, where a different Margin, Maximum Rate of Interest and/or Minimum Rate of Interest is to be applied
to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin, Maximum Rate of Interest and/or
Minimum Rate of Interest (as the case may be) relating to the relevant Interest Period, in place of the Margin, Maximum Rate of Interest
and/or Minimum Rate of Interest (as applicable) relating to that last preceding Interest Period); or

 

		(ii)	if there is no such preceding Interest Determination Date, the initial Rate of Interest which would have
been applicable to the Notes for the first scheduled Interest Period had the Notes been in issue for a period equal in duration to the
first scheduled Interest Period but ending on (and excluding) the Interest Commencement Date (applying the Margin and, if applicable,
any Maximum Rate

 

    Page 58 

     

    

			of Interest and/or Minimum Rate of Interest, applicable to the first scheduled Interest Period),

 

in each case as determined by the Agent (or such
other Calculation Agent specified in the applicable Final Terms).

 

(B)       where
the Reference Rate is specified in the applicable Final Terms as being SONIA and the Calculation Method is specified in the applicable
Final Terms as being Compounded Index Rate, the Rate of Interest for each Interest Period will be Compounded Daily SONIA for the Interest
Period, plus or minus (as indicated in the applicable Final Terms) the Margin, if any, all determined by the Agent (or such other Calculation
Agent specified in the applicable Final Terms) on each relevant Interest Determination Date.

 

“Compounded
Daily SONIA” means, with respect to an Interest Period, the rate of return of a daily compound interest investment (with the
daily Sterling overnight reference rate as reference rate for the calculation of interest) (expressed as a percentage and rounded if
necessary to the fourth decimal place, with 0.00005 being rounded upwards) determined by the Agent (or such other Calculation Agent specified
in the applicable Final Terms) by reference to the screen rate or index for compounded daily SONIA rates administered by the administrator
of the SONIA reference rate that is published or displayed on the Relevant Screen Page specified in the applicable Final Terms or, if
no such page is so specified or if such page is unavailable at the relevant time, as otherwise published or displayed by such administrator
or other information service from time to time on the relevant Interest Determination Date (the “SONIA Compounded Index”),
and in accordance with the following formula:

 

 

 

where:

 

“d” is the number of calendar
days from (and including) the day in relation to which SONIA Compounded Indexx is determined to (but excluding)
the day in relation to which SONIA Compounded Indexy is determined;

 

“SONIA Compounded Indexx”
means, with respect to an Interest Period, the SONIA Compounded Index determined in relation to the day falling the Relevant Number of
London Banking Days prior to the first day of such Interest Period;

 

“SONIA Compounded Indexy”
means, with respect to an Interest Period, the SONIA Compounded Index determined in relation to the day falling the Relevant Number of
London Banking Days prior to the Interest Payment Date for such Interest Period, or such other date as when the relevant payment of interest
falls to be due (but which by definition or the operation of the relevant provisions is excluded from such Interest Period);

 

“London Banking Day” means
any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits)
in London; and

 

“Relevant Number” is as specified
in the applicable Final Terms (or, if no such number is specified, five).

 

If the relevant SONIA Compounded
Index is not published or displayed by the administrator of the SONIA reference rate or other information service by 5.00 p.m. (London
time) (or, if later, by the time falling one hour after the customary or scheduled time for publication thereof in accordance with the
then-prevailing operational procedures of the administrator of the SONIA reference rate or of such other information service, as the case
may be) on the relevant Interest Determination Date, the Compounded Daily SONIA rate for the applicable Interest Period for which SONIA
Compounded Index is not available shall be Compounded Daily SONIA determined in

 

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accordance
with Condition 4(b)(ii)(2)(A) above as if Compounded Index Rate is not specified as being applicable in the applicable Final Terms. For
these purposes, the Calculation Method shall be deemed to be Compounded Daily Rate, and for these purposes (i) the Observation Method
shall be deemed to be Shift and (ii) the Observation Lookback Period shall be deemed to be equal to the Relevant Number of London Banking
Days, as if those alternative elections had been made.

 

(C)       if
the relevant Series of Notes becomes due and payable otherwise than on an Interest Payment Date, the final Interest Determination Date
shall, notwithstanding any Interest Determination Date specified in the applicable Final Terms, be deemed to be the due date on which
such Notes become due and payable and the Rate of Interest on such Notes shall, for so long as any such Note remains outstanding, be that
determined on such date and as if (solely for the purpose of such interest determination) the relevant Interest Period had been shortened
accordingly.

 

(3)          (A)       where the Reference Rate is specified
in the applicable Final Terms as being SOFR and the Calculation Method is specified in the applicable Final Terms as being Compounded
SOFR Rate (“Compounded SOFR Notes”), the Rate of Interest for each Interest Period will be Compounded SOFR and (as
indicated in the applicable Final Terms) the Margin, if any, all determined by the Agent (or such other Calculation Agent specified in
the applicable Final Terms) on each relevant Interest Determination Date.

 

“Compounded SOFR” means, with
respect to an Interest Period, the rate (expressed as a percentage and rounded if necessary to the fifth decimal place, with 0.000005
being rounded upwards) determined by the Agent (or such other Calculation Agent specified in the applicable Final Terms) in accordance
with the following formula:

 

  

 

where:

 

“SOFR IndexStart”
is the SOFR Index value for the day falling the Relevant Number of U.S. Government Securities Business Days preceding the first date of
the relevant Interest Period;

 

“SOFR IndexEnd”
is the SOFR Index value for the day falling the Relevant Number of U.S. Government Securities Business Days preceding the latter Interest
Payment Date relating to such Interest Period; and

 

“dc” is the actual
number of calendar days in such Observation Period.

 

For purposes of determining Compounded SOFR, “SOFR
Index” means, with respect to any U.S. Government Securities Business Day:

 

		(1)	the SOFR Index value as published for such U.S. Government Securities Business Day by the New York Federal
Reserve as such index appears on the New York Federal Reserve’s Website at 3:00 p.m., New York City time, on such U.S. Government
Securities Business Day (the “SOFR Determination Time”); provided that:

 

		(2)	if a SOFR Index value does not so appear as specified in (1) above at the SOFR Determination Time, then:

 

		(i)	if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect
to the Secured Overnight Financing Rate, then Compounded SOFR shall be the rate determined pursuant to the “SOFR Index Unavailable”
provisions described below; or

 

		(ii)	if a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to the Secured Overnight Financing Rate, then

 

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			  Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark
Transition Event” provisions described below.

 

SOFR Index Unavailable:

 

If a SOFR IndexStart
or SOFR IndexEnd is not published on the associated Interest Determination Date and a Benchmark Transition Event and its related
Benchmark Replacement Date have not occurred with respect to the Secured Overnight Financing Rate, “Compounded SOFR”
means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment
calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the New York Federal
Reserve’s website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information.
For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation
period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar
days” shall be removed. If the daily Secured Overnight Financing Rate (“SOFRi”) does not so appear
for any day, “i” in the Observation Period, SOFRi for such day “i” shall be the Secured
Overnight Financing Rate published in respect of the first preceding U.S. Government Securities Business Day for which the Secured Overnight
Financing Rate was published on the New York Federal Reserve’s Website.

 

Effect of a Benchmark Transition Event:

 

If the Issuer or its designee
determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes
relating to the Compounded SOFR Notes in respect of all determinations on such date and for all determinations on all subsequent dates.

 

In connection with the implementation
of a Benchmark Replacement, the Issuer or its designee will have the right to make Benchmark Replacement Conforming Changes from time
to time.

 

Any determination, decision
or election that may be made by the Issuer or its designee pursuant to this Condition 4(b)(ii)(3)(A), including a determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection:

 

		(1)	will be conclusive and binding absent manifest error;

 

		(2)	will be made in the Issuer’s or its designee’s sole discretion; and

 

		(3)	notwithstanding anything to the contrary in the documentation relating to the Compounded SOFR Notes, shall
become effective without consent from the holders of the Compounded SOFR Notes or any other party.

 

The Agent (or such other Calculation
Agent specified in the applicable Final Terms) will not have any liability for any determination made by the Issuer or its designee in
connection with a Benchmark Transition Event, a Benchmark Replacement or Benchmark Replacement Conforming Changes.

 

In no event shall the Agent
(or such other Calculation Agent specified in the applicable Final Terms) be responsible for determining any Benchmark Transition Event,
Benchmark Replacement or for making any adjustments to any alternative Benchmark or margin or spread thereon, the business day convention,
interest determination dates or any other relevant methodology for calculating any such substitute or successor Benchmark. In connection
with the foregoing, the Agent (or such other Calculation Agent specified in the applicable Final Terms) will be entitled to 

 

    Page 61 

     

    

conclusively
rely on any determinations made by the Issuer or its designee and will have no liability for such actions taken at the direction of the
Issuer or its designee.

 

“Benchmark” means, initially,
Compounded SOFR, as such term is defined above; provided that if the Issuer or its designee determines on or prior to the Reference Time
that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published
SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement.

 

“Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
Date.

 

		(1)	the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental
Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

 

		(2)	the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

 

		(3)	the sum of: (a) the alternate rate of interest that has been selected by the Issuer or its designee as
the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for
the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

 

“Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
Date:

 

		(1)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be
a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement;

 

		(2)	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback
Adjustment; or

 

		(3)	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Issuer or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time.

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition
of the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Issuer or its designee decide may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Issuer or its designee decide that adoption of any portion of such
market practice is not administratively feasible or if the Issuer or its designee determine that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Issuer or its designee determine is reasonably necessary).

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component
used in the calculation thereof):

 

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		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event” the date
of the public statement or publication of information referenced therein.

 

For the avoidance of doubt,
if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

For the avoidance of doubt,
for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to Benchmark also include any
reference rate underlying such Benchmark.

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published
component used in the calculation thereof):

 

		(1)	a public statement or publication of information by or on behalf of the administrator of the Benchmark
(or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark (or such component);

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with
jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for
the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark
(or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the Benchmark (or such component); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark announcing that the Benchmark is no longer representative.

 

“ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

 

“ISDA Fallback Rate” means
the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“New York Federal Reserve”
means the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).

 

“New York Federal Reserve’s Website”
means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source.

 

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“Observation Period” means
the period from and including the Relevant Number of U.S. Government Securities Business Days preceding an Interest Payment Date to but
excluding the Relevant Number of U.S. Government Securities Business Days preceding the next Interest Payment Date, provided that the
first Observation Period shall be from and including the Relevant Number of U.S. Government Securities Business Days preceding the Issue
Date to but excluding the Relevant Number of U.S. Government Securities Business Days preceding the first Interest Payment Date.

 

“Reference Time” with respect
to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark
is not Compounded SOFR, the time determined by the Issuer or its designee after giving effect to the Benchmark Replacement Conforming
Changes.

 

“Relevant Governmental Body”
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Relevant Number” is as specified
in the applicable Final Terms (or, if no such number is specified, five).

 

“Secured Overnight Financing Rate”
means the daily secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal Reserve’s Website.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

(B)       where
the Reference Rate is specified in the applicable Final Terms as being SOFR and the Calculation Method is specified in the applicable
Final Terms as being SOFR Rate (“SOFR Notes”), the Rate of Interest for each Interest Period will be SOFR and (as indicated
in the applicable Final Terms) the Margin, if any, all determined by the Agent (or such other Calculation Agent specified in the applicable
Final Terms) on each relevant Interest Determination Date.

 

“Interest Reset Date” means
each U.S. Government Securities Business Day in the relevant Interest Period.

 

“SOFR” means, with respect
to any Interest Reset Date, the rate (expressed as a percentage and rounded if necessary to the fifth decimal place, with 0.000005 being
rounded upwards) determined by the Agent (or such other Calculation Agent specified in the applicable Final Terms) in accordance with
the following procedures:

 

		(1)	the Secured Overnight Financing Rate for the applicable Interest Determination Date published as of 5:00
p.m., New York City time, on the U.S. Government Securities Business Day immediately following such Interest Determination Date (the “SOFR
Determination Time”); provided that:

 

		(2)	if the rate specified in (1) above does not so appear as of the SOFR Determination Time, then:

 

		(i)	if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect
to the Secured Overnight Financing Rate, then SOFR shall be the Secured Overnight Financing Rate published on the New York Federal Reserve’s
Website for the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on
the New York Federal Reserve’s Website; or

 

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		(ii)	if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to the Secured Overnight Financing Rate, then SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition
Event” provisions described below.

 

Effect of a Benchmark Transition Event:

 

If the Issuer or its designee
determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all
purposes relating to the SOFR Notes in respect of such determination on such date and all determinations on all subsequent dates.

 

In connection with the implementation
of a Benchmark Replacement, the Issuer or its designee will have the right to make Benchmark Replacement Conforming Changes from time
to time.

 

Any determination, decision
or election that may be made by the Issuer or its designee pursuant to this Condition 4(b)(ii)(3)(B), including a determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection:

 

		(1)	will be conclusive and binding absent manifest error;

 

		(2)	will be made in the Issuer’s or its designee’s sole discretion; and

 

		(3)	notwithstanding anything to the contrary in the documentation relating to the SOFR Notes, shall become
effective without consent from the holders of the SOFR Notes or any other party.

 

The Agent (or such other Calculation
Agent specified in the applicable Final Terms) will not have any liability for any determination made by the Issuer or its designee in
connection with a Benchmark Transition Event, a Benchmark Replacement or Benchmark Replacement Conforming Changes.

 

In no event shall the Agent
(or such other Calculation Agent specified in the applicable Final Terms) be responsible for determining any Benchmark Transition Event,
Benchmark Replacement or for making any adjustments to any alternative Benchmark or margin or spread thereon, the business day convention,
interest determination dates or any other relevant methodology for calculating any such substitute or successor Benchmark. In connection
with the foregoing, the Agent (or such other Calculation Agent specified in the applicable Final Terms) will be entitled to conclusively
rely on any determinations made by the Issuer or its designee and will have no liability for such actions taken at the direction of the
Issuer or its designee.

 

“Benchmark” means, initially,
the Secured Overnight Financing Rate, as such term is defined above; provided that if the Issuer or its designee determines on or prior
to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Secured
Overnight Financing Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
Date.

 

		(1)	the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental
Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 

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		(2)	the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

 

		(3)	the sum of: (a) the alternate rate of interest that has been selected by the Issuer or its designee as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted
rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b)
the Benchmark Replacement Adjustment.

 

“Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
Date:

 

		(1)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be
a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement;

 

		(2)	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback
Adjustment; or

 

		(3)	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Issuer or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
floating rate notes at such time.

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition
of the Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Issuer or its designee decide may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market practice (or, if the Issuer or its designee decide that adoption of any portion of such
market practice is not administratively feasible or if the Issuer or its designee determine that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Issuer or its designee determine is reasonably necessary).

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event” the date
of the public statement or publication of information referenced therein.

 

For the avoidance of doubt,
if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

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		(1)	a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for
the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar
insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has
ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark announcing that the Benchmark is no longer representative.

 

“Corresponding Tenor” with
respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day
adjustment) as the applicable tenor for the then-current Benchmark.

 

“ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.

 

“ISDA Fallback Rate” means
the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“New York Federal Reserve”
means the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).

 

“New York Federal Reserve’s Website”
means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source.

 

“Reference Time” with respect
to any determination of the Benchmark means (1) if the Benchmark is the Secured Overnight Financing Rate, the SOFR Determination Time,
and (2) if the Benchmark is not the Secured Overnight Financing Rate, the time determined by the Issuer or its designee after giving effect
to the Benchmark Replacement Conforming Changes.

 

“Relevant Governmental Body”
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Secured Overnight Financing Rate”
means the daily secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal Reserve’s Website.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

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(4)       Other
definitions:

 

“Banking Day” means, in respect
of any place, any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency
deposits) in that place or, as the case may be, as indicated in the applicable Final Terms;

 

“Interest Determination Date”
means, unless otherwise specified in the applicable Final Terms, (1) other than in the case of Condition 4(b)(ii)(1)(A), with
respect to Notes denominated in any Specified Currency other than U.S. dollars, Sterling, Canadian dollars or euro, the second Banking
Day in London prior to the commencement of the relevant Interest Period and, in the case of Condition 4(b)(ii)(1)(A), the second
Banking Day in the Relevant Financial Centre of the country of the Specified Currency (which, if Australian dollars, shall be Sydney,
if New Zealand dollars, shall be Auckland and if euro, shall be the place of the principal London or Euro-zone office of major banks in
the Euro-Zone inter-bank market, unless specified otherwise in the applicable Final Terms) prior to the commencement of the relevant Interest
Period; (2) subject to (3) and (4) below with respect to Notes denominated in U.S. dollars and subject to (5) below with respect
to Notes denominated in Sterling, for Notes denominated in U.S. dollars, Sterling or Canadian dollars, the first Banking Day in the principal
financial centre of the country of the Specified Currency of the relevant Interest Period; (3) with respect to Notes denominated in U.S.
dollars where the Reference Rate is specified in the applicable Final Terms as being SOFR and the Calculation Method is specified in the
applicable Final Terms as being Compounded SOFR, the second U.S. Government Securities Business Day prior to the commencement of the relevant
Interest Period; (4) with respect to Notes denominated in U.S. dollars where the Reference Rate is specified in the applicable Final Terms
as being SOFR and the Calculation Method is specified in the applicable Final Terms as being SOFR Rate, the second U.S. Government Securities
Business Day prior to the relevant Interest Reset Date; (5) with respect to Notes denominated in Sterling where the Reference Rate is
specified in the applicable Final Terms as being SONIA, the first London Banking Day of the relevant Interest Period; and (6) with
respect to Notes denominated in euro, the second day on which the TARGET2 system is open prior to the commencement of the relevant Interest
Period;

 

“Reference Banks” means, in
the case where the Reference Rate is EURIBOR, the principal London or Euro-zone office of four major banks in the Euro-zone inter-bank
market; in the case where the Reference Rate is CDOR, the principal Toronto office of four major Canadian chartered banks listed in Schedule
I to the Bank Act (Canada), in the case where the Reference Rate is STIBOR, the principal Stockholm office of four major banks in the
Stockholm inter-bank market; in the case where the Reference Rate is NIBOR, the principal Oslo office of four major banks in the Norwegian
inter-bank market; or otherwise such banks as may be specified in the applicable Final Terms as the Reference Banks;

 

“Reference Rate” means EURIBOR,
CDOR, STIBOR, NIBOR, SOFR or SONIA as specified in the Final Terms;

 

“Relevant Screen Page” means
such page, whatever its designation, on which the Reference Rate that is for the time being displayed on the Reuters Monitor Money Rates
Service or Dow Jones Market Limited or other such service, as specified in the applicable Final Terms;

 

“Specified Time” means the
time as of which any rate is to be determined as specified in the applicable Final Terms, or if none is specified, the time at which it
is customary to determine such rate; and

 

“U.S. Government Securities Business
Day” means a day other than a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends
that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. Government securities.

 

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		(iii)	Minimum Rate of Interest and/or Maximum Rate of Interest

 

If the applicable Final Terms
specifies a Minimum Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest Amount
for such Interest Period be less than such Minimum Rate of Interest/Interest Amount. If the applicable Final Terms specifies a Maximum
Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest Amount for such Interest
Period be greater than such Maximum Rate of Interest/Interest Amount.

 

		(iv)	Determination of Rate of Interest and Calculation of Interest Amounts

 

The Agent (or, if the Agent
is not the Calculation Agent, the Calculation Agent specified in the applicable Final Terms) will, on or as soon as practicable after
each time at which the Rate of Interest is to be determined, determine the Rate of Interest (subject to any Minimum or Maximum Rate of
Interest/Interest Amount specified in the applicable Final Terms) and calculate the amount of interest (the “Interest Amount”)
payable on the Floating Rate Notes for the relevant Interest Period, by applying the Rate of Interest to:

 

		(A)	subject to paragraph (C) below, in the case of Floating Rate Notes which are represented by a global Note,
the aggregate outstanding nominal amount of the Notes represented by such global Note;

 

		(B)	in the case of Floating Rate Notes in definitive form, the Calculation Amount; or

 

		(C)	in the case of Floating Rate Notes which are represented by a global Note and the applicable Final Terms
indicates that the Rate of Interest shall be applied to the Calculation Amount, the Calculation Amount,

 

and, in each case, multiplying such sum by the
applicable Day Count Fraction, as specified in the applicable Final Terms, and rounding the resultant figure to the nearest sub-unit of
the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention
or as specified in the applicable Final Terms. Where the Specified Denomination of a Floating Rate Note in the case of paragraph (B) or
(C) above is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Floating Rate Note shall be the product
of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied
to reach the Specified Denomination, without further rounding.

 

“Day Count Fraction” means
in respect of the calculation of an amount of interest for any Interest Period:

 

		(A)	if “Actual/Actual (ISDA)” or “Actual/Actual”
is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365 (or, if any portion of that
Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest
Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Interest Period falling in a non-leap
year divided by 365);

 

		(B)	if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual number
of days in the Interest Period divided by 365;

 

		(C)	if “Actual/360” is specified in the applicable Final Terms, the actual number of days
in the Interest Period divided by 360;

 

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		(D)	if “30/360”, “360/360” or “Bond Basis” is specified
in the applicable Final Terms, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number is 31, in which case D1 will be
30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would
be 31 and D1 is greater than 29, in which case D2 will be 30;

 

		(E)	if “30E/360” or “Eurobond Basis” is specified in the applicable
Final Terms, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1
will be 30; and

 

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“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would
be 31, in which case D2 will be 30;

 

		(F)	if “30E/360 (ISDA)” is specified in the applicable Final Terms, the number of days
in the Interest Period divided by 360, calculated on a formula basis as follows:

 

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless (i) that day is the last day of February or (ii) such
number would be 31, in which case D1 will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (i) that day is
the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30; and

 

		(G)	if “Actual/365 (Sterling)” is specified in the applicable Final Terms, the number of
days in the Interest Period divided by 365 or, in the case of an Interest Payment Date falling in a leap year, 366.

 

		(v)	Linear Interpolation

 

Where Linear Interpolation
is specified as applicable in respect of an Interest Period or Specified Period in the applicable Final Terms, the Rate of Interest for
such Interest Period or Specified Period shall be calculated by the Agent (or if the Agent is not the Calculation Agent, the Calculation
Agent specified in the applicable Final Terms) by straight line linear interpolation by reference to two rates based on the relevant Reference
Rate, one of which shall be determined as if the Designated Maturity (as defined below) were the period of time for which rates are available
next shorter than the length of the relevant Interest Period or Specified Period and the other of which shall be determined as if the
Designated Maturity were the period of time for which rates are available next longer than the length of the relevant Interest Period
or Specified Period, provided however, that if there is no rate available for a period of time next shorter or, as the case may be, next
longer, then the Agent (or if the Agent is not the Calculation Agent, the Calculation Agent specified in the applicable Final Terms) shall
determine such rate at such time and by reference to such sources as the Issuer shall determine as appropriate for such purposes. For
the purposes of this Condition 4(b)(v), the expression “Designated Maturity” means, in relation to Screen Rate Determination,
the period of time designated in the Reference Rate.

 

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		(vi)	Notification of Rate of Interest and Interest Amount

 

The Agent will cause the Rate
of Interest and each Interest Amount for each Interest Period or Specified Period and the relevant Interest Payment Date to be notified
to the Issuer, the TCCI Registrar and the TCCI Transfer Agent (in the case of Registered Notes issued by Toyota Credit Canada Inc.), the
TMCC Registrar and the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota Motor Credit Corporation) and any stock exchange
or other relevant authority on which the relevant Floating Rate Notes are for the time being admitted to trading and listed and will cause
notice of the same to be published or given in accordance with Condition 16 as soon as possible after their determination but in no event
later than the fourth London Business Day after their determination. Each Interest Amount and Interest Payment Date so notified may subsequently
be amended (or appropriate alternative arrangements made by way of adjustment) without publication as aforesaid or prior notice in the
event of an extension or shortening of the Interest Period or Specified Period in accordance with the provisions hereof. Any such amendment
will promptly be notified to each stock exchange or other relevant authority on which the relevant Floating Rate Notes are for the time
being admitted to trading and listed. For the purposes of this Condition 4(b)(vi), the expression “London Business Day”
means a day (other than a Saturday or Sunday) on which banks and foreign exchange markets are open for general business in London.

 

		(vii)	Certificates to be Final

 

All certificates, communications,
opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions
of this Condition 4(b), whether by the Agent or other Calculation Agent, shall (in the absence of wilful default, bad faith, manifest
error or proven error) be binding on the Issuer, the Agent, the Calculation Agent, any other Paying Agent and all Noteholders and Couponholders
and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and TCCI Transfer Agent and (in the case
of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and TMCC Transfer Agent and (in the absence of wilful
default or bad faith) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Agent or the Calculation Agent
in connection with the exercise or non-exercise by either of them of their powers, duties and discretions pursuant to such provisions.

 

		(c)	Benchmark Discontinuation

 

Notwithstanding the provisions
in Condition 4(b) above, if the Issuer determines that a Benchmark Event has occurred in relation to an Original Reference Rate when any
Rate of Interest (or any component part thereof) remains to be determined by reference to that Original Reference Rate, then the following
provisions of this Condition 4(c) shall apply.

 

		(i)	Successor Rate or Alternative Rate

 

If there is a Successor Rate,
then the Issuer shall promptly notify the Agent (or such other Calculation Agent specified in the applicable Final Terms) and, in accordance
with Condition 16, the Noteholders of such Successor Rate and that Successor Rate shall (subject to adjustment as provided in Condition
4(c)(ii)) subsequently be used by the Agent (or such other Calculation Agent specified in the applicable Final Terms) in place of the
Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future
payments of interest on the Notes (subject to the further operation of this Condition 4(c)).

 

If there
is no Successor Rate but the Issuer, acting in good faith, in a commercially reasonable manner and by reference to such sources as it
deems appropriate, which may include consultation with an Independent Adviser, determines that there is an Alternative Rate, then the
Issuer shall promptly notify the Agent (or such other Calculation Agent specified in the applicable

 

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Final
Terms) and, in accordance with Condition 16, the Noteholders of such Alternative Rate and that Alternative Rate shall (subject to adjustment
as provided in Condition 4(c)(ii)) subsequently be used in place of the Original Reference Rate to determine the relevant Rate(s) of
Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the Notes (subject to the further
operation of this Condition 4(c)).

 

		(ii)	Adjustment Spread

 

If a Successor Rate or Alternative
Rate is determined in accordance with Condition 4(c)(i), the Issuer, acting in good faith, in a commercially reasonable manner and by
reference to such sources as it deems appropriate, which may include consultation with an Independent Adviser, shall determine an Adjustment
Spread (which may be expressed as a specified quantum or a formula or methodology for determining the applicable Adjustment Spread (and
for the avoidance of doubt, an Adjustment Spread may be positive, negative or zero)), which Adjustment Spread shall be applied to the
relevant Successor Rate or the Alternative Rate (as the case may be for each subsequent determination of a relevant Rate(s) of Interest
(or the relevant component part(s) thereof) by reference to such Successor Rate or Alternative Rate (as applicable)).

 

Following
any such determination of the Adjustment Spread, the Issuer shall promptly notify the Agent (or such other Calculation Agent specified
in the applicable Final Terms) and, in accordance with Condition 16, the Noteholders of such Adjustment Spread and the Agent (or such
other Calculation Agent specified in the applicable Final Terms) shall apply such Adjustment Spread to the Successor Rate or the Alternative
Rate (as the case may be) for each subsequent determination of a relevant Rate of Interest (or a component part thereof) by reference
to such Successor Rate or Alternative Rate (as applicable).

 

		(iii)	Benchmark Amendments

 

If any Successor Rate, Alternative
Rate or Adjustment Spread is determined in accordance with this Condition 4(c) and the Issuer, acting in good faith, in a commercially
reasonable manner and by reference to such sources as it deems appropriate, which may include consultation with an Independent Adviser,
determines in its discretion (A) that amendments to these Terms and Conditions and/or the Agency Agreement are necessary to ensure the
proper operation of such Successor Rate, Alternative Rate and/or Adjustment Spread (such amendments, the “Benchmark Amendments”)
and (B) the terms of the Benchmark Amendments, then the Issuer shall, subject to the Issuer having to give notice thereof to the Noteholders
in accordance with Condition 16, without any requirement for the consent or approval of Noteholders or the Couponholders, modify these
Terms and Conditions and/or the Agency Agreement to give effect to such Benchmark Amendments with effect from the date specified in such
notice.

 

In connection
with any such modifications in accordance with this Condition 4(c)(iii), the Issuer shall comply with the rules of any stock exchange
on which the Notes are for the time being listed or admitted to trading.

 

Any Benchmark
Amendments determined under this Condition 4(c)(iii) shall be notified promptly by the Issuer to the Agent (or such other Calculation
Agent specified in the applicable Final Terms) and, in accordance with Condition 16, the Noteholders. Such notice shall be irrevocable
and shall specify the effective date of such Benchmark Amendments.

 

		(iv)	Independent Adviser

 

In the event the Issuer
is to consult with an Independent Adviser in connection with any determination to be made by the Issuer pursuant to this Condition 4(c),
the Issuer shall use its reasonable endeavours to appoint an Independent Adviser, as soon as reasonably practicable, for the purposes
of any such consultation.

 

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An Independent
Adviser appointed pursuant to this Condition 4(c) shall act in good faith, in a commercially reasonable manner and (in the absence of
fraud or wilful default) shall have no liability whatsoever to the Issuer or the Noteholders for any determination made by it or for any
advice given to the Issuer in connection with any determination made by the Issuer pursuant to this Condition 4(c) or otherwise in connection
with the Notes.

 

If the Issuer
consults with an Independent Adviser as to whether there is an Alternative Rate and/or any Adjustment Spread is required to be applied
and/or in relation to the quantum of, or any formula or methodology for determining such Adjustment Spread and/or whether any Benchmark
Amendments are necessary and/or in relation to the terms of any such Benchmark Amendments, a written determination of that Independent
Adviser in respect thereof shall be conclusive and binding on all parties, save in the case of manifest error, and (in the absence of
fraud or wilful default) the Issuer shall have no liability whatsoever to the Noteholders in respect of anything done, or omitted to be
done, in relation to that matter in accordance with any such written determination.

 

No Independent
Adviser appointed in connection with the Notes (acting in such capacity), shall have any relationship of agency or trust with the Noteholders.

 

		(v)	Survival of Original Reference Rate Provisions

 

Without prejudice to the
obligations of the Issuer under this Condition 4(c), the Original Reference Rate and the fallback provisions provided for in Conditions
4(b), the Agency Agreement and the applicable Final Terms will continue to apply unless and until a Benchmark Event has occurred and only
then once the Agent (or such other Calculation Agent specified in the applicable Final Terms) has been notified of the Successor Rate
or the Alternative Rate (as the case may be), and any Adjustment Spread (if applicable) and Benchmark Amendments (if applicable), in accordance
with the relevant provisions of this Condition 4(c).

 

		(vi)	Definitions

 

In this Condition 4(c):

 

“Adjustment
Spread” means either a spread (which may be positive, negative or zero), or the formula or methodology for calculating a spread
and the spread resulting from such calculation, which spread is to be applied to the Successor Rate or the Alternative Rate (as the case
may be) and is the spread, formula or methodology which:

 

		(A)	in the case of a Successor Rate, is formally recommended, or formally provided as an option for parties
to adopt, in relation to the replacement of the Original Reference Rate with the Successor Rate by any Relevant Nominating Body;

 

		(B)	in the case of an Alternative Rate or (where (A) above does not apply) in the case of a Successor Rate,
the Issuer, acting in good faith, in a commercially reasonable manner and by reference to such sources as it deems appropriate, which
may include consultation with an Independent Adviser, determines is recognised or acknowledged as being in customary market usage in international
debt capital markets transactions which reference the Original Reference Rate, where such rate has been replaced by the Successor Rate
or the Alternative Rate (as applicable);

 

		(C)	if no such determination has been made, the Independent Adviser (in consultation with the Issuer) determines
is recognised or acknowledged as being the industry standard for over-the-counter derivative transactions which reference the Original
Reference Rate, where such rate has been replaced by the Successor Rate or the Alternative Rate (as applicable); or

 

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(D)       if
no such industry standard is recognised or acknowledged, the Issuer, acting in good faith, in a commercially reasonable manner and by
reference to such sources as it deems appropriate, which may include consultation with an Independent Adviser, to be appropriate in order
to reduce or eliminate, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as applicable) to
Noteholders and Couponholders as a result of the replacement of the Original Reference Rate with the Successor Rate or the Alternative
Rate (as applicable);

 

“Alternative
Rate” means an alternative rate to the Original Reference Rate which the Issuer, acting in good faith, in a commercially reasonable
manner and by reference to such sources as it deems appropriate, which may include consultation with an Independent Adviser, determines
in accordance with this Condition 4(c) has replaced the Original Reference Rate in customary market usage in the international debt capital
markets for the purposes of determining rates of interest (or the relevant component part thereof) for debt securities, with a commensurate
interest period and in the same Specified Currency as the Notes or, if no such rate exists, the rate which is most comparable (among other
factors, on the basis of interest period and Specified Currency) to the Original Reference Rate;

 

“Benchmark
Event” means:

 

		(A)	the Original Reference Rate ceasing to be published for a period of at least five Business Days or ceasing
to exist or ceasing permanently to be calculated, administered and published;

 

		(B)	the later of (i) the making of a public statement by the administrator of the Original Reference Rate
that it will, on or before a specified date, cease publishing the Original Reference Rate permanently or indefinitely (in circumstances
where no successor administrator has been appointed that will continue publication of the Original Reference Rate) and (ii) the date falling
six months prior to the specified date referred to in (i) above;

 

		(C)	the making of a public statement by the supervisor of the administrator of the Original Reference Rate
that the Original Reference Rate has been permanently or indefinitely discontinued;

 

		(D)	the later of (i) the making of a public statement by the supervisor of the administrator of the Original
Reference Rate that the Original Reference Rate will, on or before a specified date, be permanently or indefinitely discontinued and (ii)
the date falling six months prior to the specified date referred to in (i) above;

 

		(E)	the later of (i) the making of a public statement by the supervisor of the administrator of the Original
Reference Rate that means the Original Reference Rate will be prohibited from being used or that its use will be subject to restrictions
or adverse consequences, in each case on or before a specified date and (ii) the date falling six months prior to the specified date referred
to in (i) above;

 

		(F)	the later of (i) the making of a public statement by the supervisor of the administrator of the Original
Reference Rate announcing that such Original Reference Rate is or will, on or before a specified date, be no longer representative and
(ii) the date falling six months prior to the specified date referred to in (i) above; or

 

		(G)	it has or will prior to the next Interest Determination Date become unlawful for the Agent, any Calculation
Agent, any Paying Agent or the Issuer to determine 

 

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			  any Rate of Interest and/or calculate any Interest Amount using the Original Reference
Rate (including, without limitation, under the Benchmarks Regulation (EU) 2016/1011, if applicable);

 

“Independent
Adviser” means an independent financial institution of international repute or other independent financial adviser of recognised
standing with appropriate expertise in the debt capital markets appointed by the Issuer at its own expense;

 

“Original
Reference Rate” means the Reference Rate originally specified in the applicable Final Terms for the purposes of determining
the relevant Rate of Interest (or any component part(s) thereof) in respect of the Notes (provided that if, following one or more Benchmark
Events, such Reference Rate originally specified in the applicable Final Terms for the purposes of determining the relevant Rate of Interest
(or any component part(s) thereof) in respect of the Notes (or any Successor Rate or Alternative Rate which has replaced it) has been
replaced by a (or a further) Successor Rate or Alternative Rate and a Benchmark Event subsequently occurs in respect of such Successor
Rate or Alternative Rate, the term “Original Reference Rate” shall include any such Successor Rate or Alternative Rate);

 

“Relevant
Nominating Body” means, in respect of an Original Reference Rate:

 

		(A)	the central bank for the currency to which the Original Reference Rate relates, or any central bank or
other supervisory authority which is responsible for supervising the administrator of the Original Reference Rate; or

 

		(B)	any working group or committee sponsored by, chaired or co-chaired by or constituted at the request of
(A) the central bank for the currency to which Original Reference Rate relates, (B) any central bank or other supervisory authority which
is responsible for supervising the administrator of Original Reference Rate, (C) a group of the aforementioned central banks or other
supervisory authorities, or (D) the Financial Stability Board or any part thereof; and

 

“Successor
Rate” means a successor to or replacement of the Original Reference Rate which is formally recommended by any Relevant Nominating
Body.

 

		(d)	Zero Coupon Notes

 

When a Zero Coupon Note becomes
due and repayable prior to the Maturity Date and is not paid when due, the amount due and repayable shall be the Amortised Face Amount
of such Note as determined in accordance with Condition 6(i)(iii). As from the Maturity Date, any overdue principal of such Note shall
bear interest at a rate per annum equal to the Accrual Yield set forth in the applicable Final Terms.

 

		(e)	Accrual of Interest

 

Each Note (or in the case of
the redemption of part only of a Note, that part only of such Note to be redeemed) will cease to bear interest (if any) from the date
of its redemption unless payment of principal is improperly withheld or refused. In such event, interest will continue to accrue at the
rate of interest then applicable or at such other rate as may be specified in the applicable Final Terms until whichever is the earlier
of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the holder of such Note;
and (ii) the day on which the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or
the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or the TMCC
Transfer Agent has notified the holder thereof (either in accordance with Condition 16 or individually) of receipt of all sums due in
respect thereof up to that date.

 

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		5.	Payments

 

		(a)	Method of Payment

 

Subject as provided below:

 

		(i)	payments in a Specified Currency other than euro, U.S. dollars or Renminbi, will be made by credit or
transfer to an account in the relevant Specified Currency (which, in the case of a payment in Japanese Yen to a non-resident of Japan,
shall be a non-resident account) maintained by the payee with, or at the option of the payee by a cheque in such Specified Currency drawn
on, a bank in the principal financial centre of the country of such Specified Currency (which, if the Specified Currency is Australian
dollars or New Zealand dollars shall be Sydney or Auckland, respectively), unless specified otherwise in the applicable Final Terms;

 

		(ii)	payments in euro will be made by credit or transfer to a euro account (or any other account to which euro
may be credited or transferred) specified by the payee or, at the option of the payee, by a euro cheque;

 

		(iii)	payments in U.S. dollars, except as provided by Condition 5(d), shall be made by credit or transfer to
a U.S. dollar account outside the United States specified by the payee; and

 

		(iv)	payments in Renminbi shall be made by credit or transfer to a Renminbi account
maintained by or on behalf of the payee with a bank in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable
Final Terms in accordance with applicable laws, rules, regulations and guidelines issued from time to time (including all applicable laws
and regulations with respect to settlement in Renminbi in Hong Kong or such RMB Settlement Centre(s) as may be specified in the
applicable Final Terms).

 

A cheque may not be delivered
to an address in, and an amount may not be transferred to an account at a bank located in, the United States of America or its possessions
by any office or agency of the Issuer, the Agent or any Paying Agent or (in the case of Registered Notes issued by Toyota Credit Canada
Inc.) the TCCI Registrar or TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC
Registrar or TMCC Transfer Agent except as provided in Condition 5(d). Payments will be subject in all cases
to any fiscal or other laws and regulations applicable thereto in the place of payment and the administrative practices and procedures
of fiscal and other authorities in relation to tax, anti-money laundering and other requirements which may apply to payments of amounts
due (whether principal, redemption amount, interest or otherwise) in respect of Notes, but (unless otherwise specified in the applicable
Final Terms) without prejudice to the provisions of Condition 7. However, if any withholding is required under Sections 1471 through to
1474 of the U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official interpretations
thereof (including under an agreement described under Section 1471(b)), or under any intergovernmental agreement implementing an alternative
approach thereto or any implementing law in relation thereto the Issuer will not be required to pay any additional amount under Condition
7 on account of such withholding.

 

		(b)	Presentation of Notes and Coupons – Bearer Notes

 

This Condition 5(b) applies
to Bearer Notes.

 

Payments of principal in respect
of definitive Notes will (subject as provided below) be made in the Specified Currency in the manner provided in Condition 5(a) against
presentation and surrender (or, in the case of part payment of a sum due only, endorsement) of definitive Notes and

 

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payments
of interest in respect of the definitive Notes will (subject as provided below) be made in the Specified Currency in the manner provided
in Condition 5(a) against presentation and surrender (or, in the case of part payment of a sum due only, endorsement) of Coupons, in
each case at the specified office of any Paying Agent outside the United States which expression, used herein, means the United States
of America (including the States and the District of Columbia and its possessions).

 

Upon the date on which any
Fixed Rate Notes in definitive form become due and repayable, such Notes should be presented for payment together with all unmatured Coupons
appertaining thereto (which expression shall for this purpose include Coupons falling to be issued on exchange of matured Talons), failing
which the amount of any missing unmatured Coupon (or, in the case of payment not being made in full, the same proportion of the aggregate
amount of such missing unmatured Coupon as the sum so paid bears to the sum due) will be deducted from the sum due for payment. Unless
otherwise specified in the applicable Final Terms, each amount of principal so deducted will be paid in the manner mentioned above against
surrender of the relative missing Coupon at any time before the expiry of five years after the Relevant Date (as defined in Condition
8) in respect of such principal (whether or not such Coupon would otherwise have become void under Condition 8) or, if later, five years
from the date on which such Coupon would otherwise have become due. Upon any Fixed Rate Note in definitive form becoming due and repayable
prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void and no further Coupons will be issued
in respect thereof.

 

Upon the date on which any
Floating Rate Note in definitive form becomes due and repayable, unmatured Coupons and Talons (if any) relating thereto (whether or not
attached) shall become void and no payment or, as the case may be, exchange for further Coupons shall be made in respect thereof.

 

If the due date for redemption
of any definitive Note is not an Interest Payment Date, interest (if any) accrued but unpaid in respect of such Note from (and including)
the preceding Interest Payment Date or, as the case may be, the Interest Commencement Date or Issue Date (as applicable) shall be payable
only against surrender of the relevant definitive Note.

 

Payments of principal and interest
(if any) in respect of Notes represented by any global Note will (subject as provided below) be made in the manner specified above in
relation to definitive Notes or otherwise in the manner specified in the relevant global Note, where applicable against presentation or
surrender, as the case may be, of such global Note, if the global Note is not issued in NGN form or held under the NSS, at the specified
office of any Paying Agent located outside the United States except as provided below. A record of each payment made, distinguishing between
any payment of principal and any payment of interest, will be made on such global Note either by the Paying Agent to which it was presented
or in the records of Euroclear and Clearstream, Luxembourg, as applicable.

 

		(c)	Presentation and Surrender of Notes – Registered Notes

 

Provisions in relation to
payments of principal and interest in respect of Registered Notes will be set out in the relevant global Registered Note or definitive
Registered Note and as otherwise set out in these Terms and Conditions. Interest on Registered Notes shall be paid to the person shown
on the relevant TCCI Register with respect to Registered Notes issued by Toyota Credit Canada Inc., or the relevant TMCC Register with
respect to Registered Notes issued by Toyota Motor Credit Corporation, on the Record Date, and “Record Date” means,
in the case of global Registered Notes, at the close of business on the relevant clearing system business day before the due date for
payment thereof, or in the case of Registered Notes in definitive form, at close of business on the fifteenth day before the due date
for payment thereof.

 

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		(d)	Global Notes 

 

The holder of a global Note
shall be the only person entitled to receive payments in respect of Notes represented by such global Note and the Issuer will be discharged
by payment to, or to the order of, the holder of such global Note in respect of each amount so paid. Each of the persons shown in the
records of Euroclear or Clearstream, Luxembourg as the holder of a particular nominal amount of Notes represented by such global Note
must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for the holder’s share of each payment so made by
the Issuer to, or to the order of, the holder of such global Note. No person other than the holder of such global Note shall have any
claim against the Issuer in respect of any payments due on the global Note.

 

Interest on the Notes is
payable only outside the United States and its possessions, within the meaning of United States Treasury regulation Section 1.163-5(c)(1)(ii)(A).
No interest on the Notes shall be paid into an account maintained by the payee in the United States or mailed to an address in the United
States unless the payee is described in United States Treasury regulation Sections 1.163-5(c)(2)(v)(B)(1) or (2).

 

Notwithstanding the foregoing,
payments of principal and interest in respect of global Notes will be made at the specified office of a Paying Agent in the United States
(which expression, as used herein, means the United States of America (including the States and the District of Columbia, its territories,
its possessions and other areas subject to its jurisdiction)) if:

 

		(i)	the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable
expectation that such Paying Agents would be able to make payments at such specified offices outside the United States of the full amount
owing in respect of the Notes in the manner provided above when due;

 

		(ii)	payment of the full amount owing in respect of the Notes at such specified offices outside the United
States is illegal or effectively precluded by the imposition of exchange controls or other similar restrictions on the full payment or
receipt of interest; and

 

		(iii)	such payment is then permitted under United States law without involving, in the opinion of the Issuer,
adverse tax consequences to the Issuer.

 

		(e)	Payment Day

 

Unless specified otherwise
in the applicable Final Terms, if the due date for payment of any amount in respect of any Note or Coupon is not a Payment Day, the holder
thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further
interest or other payment in respect of such delay. For these purposes, unless otherwise specified in the applicable Final Terms, “Payment
Day” means any day which (subject to Condition 8) is both:

 

		(i)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in:

 

(A)       the
relevant place of presentation (if presentation is required); and

 

		(B)	any Additional Financial Centre specified in the applicable Final Terms and London; and

 

		(ii)	(1) in relation to any sum payable in a Specified Currency other than euro
or Renminbi, a day on which commercial banks and foreign exchange markets settle 

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			payments
and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre
of the country of the relevant Specified Currency (which if the Specified Currency is Australian dollars or New Zealand dollars shall
be Sydney or Auckland, respectively); (2) in relation to any sum payable in euro, a day on which the TARGET2 System is open; or (3) in
relation to any sum payable in Renminbi, a day on which banks and foreign exchange markets are open for business and settlement of Renminbi
payments in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms.

 

		(f)	Conversion into euro 

 

Unless specified otherwise
in the applicable Final Terms, if the Issuer is due to make a payment in a currency (the “original currency”) other
than euro in respect of any Note or Coupon and the original currency is not available on the foreign exchange markets due to the imposition
of exchange controls, the original currency’s replacement or disuse or other circumstances beyond the Issuer’s control, the
Issuer will be entitled to satisfy its obligations in respect of such payment by making payment in euro on the basis of the spot exchange
rate (the “Euro FX Rate”) at which the original currency is offered in exchange for euro in the London foreign exchange
market (or, at the option of the Issuer or its designated Calculation Agent, in the foreign exchange market of any other financial centre
which is then open for business) at noon, London time, two Business Days prior to the date on which payment is due or, if the Euro FX
Rate is not available on that date, on the basis of a substitute exchange rate determined by the Issuer or by its designated Calculation
Agent acting in its absolute discretion from such source(s) and at such time as it may select. For the avoidance of doubt, the Euro FX
Rate or substitute exchange rate as aforesaid may be such that the resulting euro amount is zero and in such event no amount of euro or
the original currency will be payable. Any payment made in euro or non-payment in accordance with this Condition 5(f) will not constitute
an Event of Default under Condition 9.

 

		(g)	Interpretation of Principal and Interest 

 

Any reference in these Terms
and Conditions to principal in respect of the Notes shall be deemed to include, as applicable:

 

		(i)	any additional amounts which may be payable with respect to principal under Condition 7 or pursuant to
any undertakings given in addition thereto or in substitution therefor under Condition 14;

 

		(ii)	the Final Redemption Amount of the Notes;

 

		(iii)	the Early Redemption Amount of the Notes;

 

		(iv)	the Optional Redemption Amount(s) (if any) of the Notes;

 

		(v)	in relation to Zero Coupon Notes, the Amortised Face Amount (as defined in Condition 6(i)(iii)); and

 

		(vi)	any premium and any other amounts (other than interest) which may be payable by the Issuer under or in
respect of the Notes.

 

Any reference in these Terms
and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be payable
with respect to interest under Condition 7 or pursuant to any undertakings given in addition thereto or in substitution therefor under
Condition 14, except as provided in sub-paragraph (i) above.

 

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		(h)	Payment of Reference Currency Equivalent

 

Notwithstanding any other
provisions in these Terms and Conditions, if by reason of Inconvertibility (as defined below), Non-transferability (as defined below)
or Illiquidity (as defined below), the Issuer determines in good faith and in a commercially reasonable manner that it is not able, or
it would be impracticable for it, to satisfy payments due under the Notes or Coupons in Renminbi in Hong Kong or such RMB Settlement Centre(s)
as may be specified in the applicable Final Terms, the Issuer shall, unless specified otherwise in the applicable Final Terms, settle
any such payment in U.S. dollars on the due date for payment at the Reference Currency Equivalent of any such Renminbi denominated amount
and give notice thereof (including details thereof) as soon as practicable to the Noteholders in accordance with Condition 16.

 

In such event, payments
of the Reference Currency Equivalent of the relevant amounts due under the Notes or Coupons shall be made in accordance with Condition
5(a).

 

In this Condition 5(h), unless specified otherwise
in the applicable Final Terms:

 

“Governmental Authority”
means any de facto or de jure government (or any agency or instrumentality thereof), court, tribunal, administrative or other governmental
authority or any other entity (private or public) charged with the regulation of the financial markets (including the central bank) of
Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms;

 

“Illiquidity”
means the general Renminbi exchange market in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms
becomes illiquid as a result of which the Issuer cannot obtain sufficient Renminbi in order to satisfy its obligation to make a payment
under the Notes or Coupons;

 

“Inconvertibility”
means the occurrence of any event that makes it impossible for the Issuer to convert into Renminbi any amount due in respect of the Notes
or Coupons into Renminbi on any payment date in the general Renminbi exchange market in Hong Kong or such RMB Settlement Centre(s) as
may be specified in the applicable Final Terms, other than where such impossibility is due solely to the failure of the Issuer to comply
with any law, rule or regulation enacted by any Governmental Authority (unless such law, rule or regulation is enacted after the Issue
Date of the first Tranche of the relevant Series and it is impossible for the Issuer due to an event beyond its control, to comply with
such law, rule or regulation);

 

“Non-transferability”
means the occurrence of any event that makes it impossible for the Issuer to deliver Renminbi between accounts inside Hong Kong (or such
RMB Settlement Centre(s) as may be specified in the applicable Final Terms) or from an account inside Hong Kong (or such RMB Settlement
Centre(s) as may be specified in the applicable Final Terms) to an account outside Hong Kong (or such RMB Settlement Centre(s) as may
be specified in the applicable Final Terms) (including where the Renminbi clearing and settlement system for participating banks in Hong
Kong (or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) is disrupted or suspended), other than where
such impossibility is due solely to the failure of the Issuer to comply with any law, rule or regulation enacted by any Governmental Authority
(unless such law, rule or regulation is enacted after the Issue Date of the first Tranche of the relevant Series and it is impossible
for the Issuer due to an event beyond its control, to comply with such law, rule or regulation);

 

“Rate Determination
Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including
dealings in foreign exchange) in Hong Kong, London, New York City or such other financial centre(s) as may be specified in the applicable
Final Terms;

 

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“Rate Determination
Date” means the day which is two Rate Determination Business Days before the due date of the relevant amount under the Notes;

 

“Reference Currency
Equivalent” means unless specified otherwise in the applicable Final Terms, the relevant Renminbi amount converted into U.S.
dollars using the Spot Rate for the relevant Rate Determination Date; and

 

“Spot Rate”
means, unless specified otherwise in the applicable Final Terms, the spot CNY/U.S.$ exchange rate for the purchase of U.S. dollars with
Renminbi in the over-the-counter Renminbi exchange market in Hong Kong (or such RMB Settlement Centre(s) as may be specified in the applicable
Final Terms) for settlement in two Rate Determination Business Days, as determined by the Calculation Agent at or around 11.00 a.m. (local
time in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) on the Rate Determination Date,
on a deliverable basis by reference to Reuters Screen Page TRADCNY3, or if no such rate is available, on a non-deliverable basis by reference
to Reuters Screen Page TRADNDF. If neither rate is available, the Calculation Agent shall determine the rate taking into consideration
all available information which the Calculation Agent deems relevant, including pricing information obtained from the Renminbi non-deliverable
exchange market in Hong Kong or elsewhere and the CNY/U.S.$ exchange rate in the PRC domestic foreign exchange market.

 

All certificates, communications,
opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions
of this Condition 5(h), whether by the Agent or other Calculation Agent, shall (in the absence of negligence, wilful default, bad faith
or manifest error) be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other Paying Agents and all Noteholders
and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent and (in
the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Agent or the Calculation
Agent (if applicable) in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to the provisions
of this Condition 5(h).

 

		6.	Redemption and Purchase 

 

		(a)	At Maturity 

 

Unless otherwise indicated
in the applicable Final Terms and unless previously redeemed or purchased and cancelled as specified below, each Note will be redeemed
by the Issuer at its Final Redemption Amount specified in the applicable Final Terms in the relevant Specified Currency on the Maturity
Date specified in the applicable Final Terms.

 

		(b)	Redemption for Tax Reasons 

 

The Issuer may redeem the
Notes in whole, but not in part, at any time at their Early Redemption Amount, together, if appropriate, with accrued but unpaid interest
to (but excluding) the date fixed for redemption under this Condition 6(b), if the Issuer shall determine that as a result of any change
in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the jurisdiction in which the Issuer is incorporated
or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation
of such laws, regulations or rulings, which change or amendment becomes effective on or after the Issue Date of the Notes, the Issuer
would be required to pay Additional Amounts, as provided in Condition 7, on the occasion of the next payment due in respect of the Notes.

 

Notice of intention to redeem
Notes will be given at least once in accordance with Condition 16 not less than 30 days nor more than 60 days prior to the date fixed
for redemption under this Condition 6(b), provided that no such notice of redemption shall be given earlier than

 

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90 days prior to the effective
date of such change or amendment and that at the time notice of such redemption is given, such obligation to pay such Additional Amounts
remains in effect. From and after any redemption date, if moneys for redemption of Notes shall have been made available for redemption
on such redemption date, such Notes shall cease to bear interest, if applicable, and the only right of the holders of such Notes and any
Coupons appertaining thereto shall be to receive payment of the Early Redemption Amount and, if appropriate, all unpaid interest accrued
to (but excluding) such redemption date.

 

		(c)	Final Terms 

 

The Final Terms
applicable to the Notes shall indicate either:

 

		(i)	that the Notes cannot be redeemed prior to their Maturity Date (except as otherwise provided in Condition
6(b) and in Condition 9); or

 

		(ii)	that such Notes will be redeemable at the option of the Issuer and/or the holders of the Notes prior to
such Maturity Date in accordance with the provisions of Conditions 6(d), 6(e), 6(f) and/or 6(h) on the date or dates and at the amount
or amounts indicated in the applicable Final Terms.

 

		(d)	Redemption at the Option of the Issuer (“Issuer Call Option”)

 

If the Issuer Call Option
is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance with Condition
16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other notice
period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices shall be irrevocable), redeem all
or some only of the Notes then outstanding on the Optional Redemption Date(s) and at the Optional Redemption Amount(s) specified in the
applicable Final Terms together (if appropriate) with interest accrued but unpaid to (but excluding) the Optional Redemption Date(s).
If the applicable Final Terms specify the Notes are redeemable in part, such redemption must be of a nominal amount not less than the
Minimum Redemption Amount or not more than the Maximum Redemption Amount, both as indicated in the applicable Final Terms.

 

		(e)	Redemption at the Option of the Issuer (“Issuer Maturity Par Call Option”)

 

If the Issuer Maturity Par
Call Option is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance with Condition
16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other notice
period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered Notes issued by
Toyota Credit 

 

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Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices
shall be irrevocable and shall specify the date fixed for redemption), redeem the Notes then outstanding in whole, but not in part, at
any time during the Par Call Period specified in the applicable Final Terms, at the Final Redemption Amount specified in the applicable
Final Terms, together (if appropriate) with interest accrued but unpaid to (but excluding) the date fixed for redemption.

 

		(f)	Redemption at the Option of the Issuer (“Issuer Make-Whole Call Option”)

 

If the Issuer Make-Whole
Call Option is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance with Condition
16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other notice
period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices shall be irrevocable and shall
specify the date fixed for redemption), redeem all or some only of the Notes then outstanding on any Optional Redemption Date (that is,
if the Issuer Maturity Par Call Option is specified to be applicable in the applicable Final Terms, prior to the Par Call Period Commencement
Date specified in the applicable Final Terms) and at the Optional Redemption Amount(s) specified in the applicable Final Terms together
(if appropriate) with interest accrued but unpaid to (but excluding) the relevant Optional Redemption Date. If the applicable Final Terms
specify the Notes are redeemable in part, such redemption must be of a nominal amount not less than the Minimum Redemption Amount and/or
not more than the Maximum Redemption Amount, in each case as may be specified in the applicable Final Terms.

 

If the Special Redemption
Amount is specified in the applicable Final Terms as the Optional Redemption Amount, the Optional Redemption Amount with respect to the
Notes shall be equal to the higher of:

 

		(a)	100 per cent. of the nominal amount outstanding of the Notes being redeemed; or

 

		(b)	the nominal amount outstanding of the Notes to be redeemed multiplied by the price (as reported to the
Issuer and the Calculation Agent by the Financial Adviser and expressed as a percentage) that provides for a Gross Redemption Yield on
such Notes on the Reference Date equal (after adjusting for any difference in compounding frequency) to the Gross Redemption Yield provided
by the Reference Bond(s) based on the Reference Bond Rate at the Specified Time on the Reference Date plus the Redemption Margin (if any).

 

		Where:	

 

“Financial Adviser”
means a financial adviser selected by the Calculation Agent after consultation with the Issuer.

 

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“Gross Redemption Yield”
means a yield expressed as a percentage and calculated by the Financial Adviser in accordance with generally accepted market practice.

 

“Redemption Margin”
shall be as set out in the applicable Final Terms.

 

“Reference Bond”
shall be as set out in the applicable Final Terms or, as at the Reference Date, the then current on-the-run government securities that
would be utilised in pricing new issues of corporate debt securities denominated in the same currency as the Notes, as determined by the
Financial Adviser.

 

“Reference Bond Rate”
means the actual or, where there is more than one Reference Bond, interpolated rate per annum calculated by the Financial Adviser in accordance
with generally accepted market practice by reference to the arithmetic mean of the middle market prices provided by three Reference Dealers
for the Reference Bond(s) having an actual or interpolated maturity equal to the remaining term of the Notes (if the Notes were to remain
outstanding to the Maturity Date).

 

“Reference Date”
will be as set out in the relevant notice of redemption.

 

“Reference Dealer”
means a bank selected by the Issuer or such bank’s affiliates in consultation with the Financial Adviser which is (A) a primary
government securities dealer, or (B) a market maker in pricing corporate bond issues.

 

“Specified Time”
shall be as set out in the applicable Final Terms.

 

If the Canada Yield Price
is specified in the applicable Final Terms as the Optional Redemption Amount, the Optional Redemption Amount with respect to the Notes
shall:

 

		(a)	prior to the Par Call Date, be equal to the greater of: (i) 100 per cent. of the nominal amount outstanding
of the Notes being redeemed; and (ii) the Canada Yield Price; and

 

		(b)	on or after the Par Call Date but prior to the Maturity Date, be equal to 100 per cent. of the nominal
amount outstanding of the Notes being redeemed.

 

Where:

 

“Canada
Yield Price” means an amount, calculated as at the date that is three Toronto Business Days prior to the Optional Redemption
Date, equal to the net present value of all scheduled payments of interest (other than accrued and unpaid interest) and outstanding principal
on the Notes to be redeemed from the Optional Redemption Date to the Par Call Period Commencement Date, using as a discount rate the Canada
Yield, plus the Redemption Margin (if any);

 

“Canada
Yield” means, on any date, the arithmetic average (rounded to the nearest 1/100 of 1 per cent.) of the yield to maturity, quoted
by two nationally recognised Canadian Government securities dealers having an office in the City of Toronto selected by the Issuer (the
“Canadian Financial Advisers”) on such date as the yields which a non-callable Government of Canada Bond would produce,
if issued in Canadian dollars in Canada on such date, at 100 per cent. of its principal amount with a term to maturity approximately equal
to the remaining term to the Par Call Period Commencement Date; and

 

“Toronto
Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business
in the City of Toronto.

 

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The Issuer shall request
the Canadian Financial Advisers to provide a calculation of the Canada Yield.

 

All certificates, communications,
opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions
of this Condition 6(f), by the Financial Adviser or Canadian Financial Advisers, shall (in the absence of negligence, wilful default,
bad faith or manifest error) be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other Paying Agents and all Noteholders
and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent and (in
the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Financial Adviser or Canadian
Financial Advisers in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to the provisions
of this Condition 6(f).

 

		(g)	Partial Redemption

 

In the event of redemption
of some only of the Notes under Condition 6(d) or Condition 6(f), the Notes to be redeemed (“Redeemed Notes”) will
be selected individually by lot, in the case of Redeemed Notes represented by definitive Notes, and in accordance with the rules of Euroclear
and/or Clearstream, Luxembourg (to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction
in nominal amount, at their discretion), in the case of Redeemed Notes represented by a global Note, not more than 60 days prior to the
date fixed for redemption (such date of selection being hereinafter called the “Selection Date”). In the case of Redeemed
Notes represented by definitive Notes, a list of such Redeemed Notes will be published or notified in accordance with Condition 16 not
less than 30 days prior to the date fixed for redemption, or such other period as is specified in the applicable Final Terms. No exchange
of the relevant global Note will be permitted during the period from, and including, the Selection Date to and including the date fixed
for redemption pursuant to this Condition 6(g) and notice to that effect shall be given by the Issuer to the Noteholders in accordance
with Condition 16 at least 10 days prior to the Selection Date. If an Optional Redemption Date would otherwise fall on a day which is
not a Business Day (as defined in Condition 4(b)(i)), it shall be subject to adjustment in accordance with the Business Day Convention
applicable to the Notes or such other Business Day Convention specified in the applicable Final Terms.

 

		(h)	Redemption at the Option of the Noteholders (“Investor Put Option”)

 

Unless otherwise specified
in the applicable Final Terms, the Notes will not be subject to repayment at the option of Noteholders. If the Investor Put Option is
specified as being applicable in the applicable Final Terms, upon the holder of any Note giving to the Issuer in accordance with Condition
16 not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable) the Issuer will, upon the expiry of such notice,
redeem, in whole (but not in part), such Note on the Optional Redemption Date and at the Optional Redemption Amount specified in the applicable
Final Terms together, if appropriate, with interest accrued but unpaid to (but excluding) the Optional Redemption Date.

 

If a Note is in definitive
form and held outside Euroclear and Clearstream, Luxembourg, to exercise the right to require redemption of the Note the holder of the
Note must deliver such Note at the specified office of any Paying Agent (other than the TCCI Transfer Agent or the TMCC Transfer Agent),
in the case of Bearer Notes, or the TCCI Registrar or the TCCI Transfer Agent, in the case of Registered Notes issued by Toyota Credit
Canada Inc., or the TMCC Registrar or the TMCC Transfer Agent, in the case of Registered Notes issued by Toyota Motor Credit Corporation,
at any time during normal business hours of such Paying Agent or the TCCI Registrar or TCCI Transfer Agent or the TMCC Registrar or TMCC
Transfer Agent falling within the notice period, accompanied by a duly completed and signed notice of exercise in the form (for the time
being current) obtainable from any specified office of any Paying Agent, or the TCCI

 

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Registrar or the TCCI Transfer Agent, or the TMCC
Registrar or the TMCC Transfer Agent (a “Put Notice”) and in which the holder must specify a bank account (or, if payment
is required to be made by cheque, an address) to which payment is to be made under this Condition 6(h).

 

If a Note is represented
by a global Note or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption
of the Note the holder of the Note must, within the notice period, give notice to the Agent, in the case of Bearer Notes, or the TCCI
Registrar or the TCCI Transfer Agent, in the case of Registered Notes issued by Toyota Credit Canada Inc., or the TMCC Registrar or the
TMCC Transfer Agent, in the case of Registered Notes issued by Toyota Motor Credit Corporation, of such exercise in accordance with the
standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on the holder’s instruction by
Euroclear or Clearstream, Luxembourg or any common depositary, or common safekeeper, as the case may be, for them to the Agent, or the
TCCI Registrar or the TCCI Transfer Agent (in the case of Registered Notes issued by Toyota Credit Canada Inc.), or the TMCC Registrar
or the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota Motor Credit Corporation) by electronic means) in a form
acceptable to Euroclear and Clearstream, Luxembourg from time to time.

 

		(i)	Early Redemption Amounts

 

For the purpose of Condition
6(b) and Condition 9, the Notes will be redeemed at an amount (the “Early Redemption Amount”) calculated as follows:

 

		(i)	in the case of Notes with a Final Redemption Amount equal to the Calculation Amount, at the Final Redemption
Amount thereof; or

 

		(ii)	in the case of Notes (other than Zero Coupon Notes) with a Final Redemption Amount which is or may be
less or greater than the Calculation Amount or which is payable in a Specified Currency other than that in which the Notes are denominated,
at the amount specified in the applicable Final Terms or, if no such amount is so specified in the applicable Final Terms, at their nominal
amount; or

 

		(iii)	in the case of Zero Coupon Notes, at an amount (the “Amortised Face Amount”) equal
to:

 

		(A)	the sum of (x) the product of (i) either the Calculation Amount or the Specified
Denomination as specified in the applicable Final Terms and (ii) the Reference Price specified in the applicable Final Terms (the “Reference
Amount”) and (y) the product of the Accrual Yield specified in the applicable Final Terms (compounded annually)
being applied to the Reference Amount from (and including) the Issue Date of the first Tranche of Notes to (but excluding) the date fixed
for redemption or (as the case may be) the date upon which such Note becomes due and repayable; or

 

		(B)	if the amount payable in respect of any Zero Coupon Note upon redemption
of such Zero Coupon Note pursuant to Condition 6(b) or upon its becoming due and repayable as provided in Condition 9 is not paid or available
for payment when due, the amount due and repayable in respect of such Zero Coupon Note shall be the
Amortised Face Amount of such Zero Coupon Note calculated as provided above as though the references in sub-paragraph (A) to the
date fixed for redemption or the date upon which the Zero Coupon Note becomes due and repayable were replaced by references to the date
(the “Reference Date”) which is the earlier of:

 

(1)       the
date on which all amounts due in respect of the Note have been paid; and

 

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		(2)	the date on which the full amount of the moneys repayable has been received by the Agent and notice to
that effect has been given in accordance with Condition 16.

 

The calculation of the Amortised Face
Amount in accordance with this sub-paragraph (B) will continue to be made, after as well as before judgment, until the Reference
Date unless the Reference Date falls on or after the Maturity Date, in which case the amount due and repayable shall be the nominal amount
of such Note together with interest at a rate per annum equal to the Accrual Yield.

 

Where any such calculation is to be made
for a period which is not a whole number of years, it shall be made (I) in the case of a Zero Coupon Note other than a Zero Coupon
Note payable in euro, on the basis of a 360-day year consisting of 12 months of 30 days each (or 365/366 days in the case
of Notes denominated in Sterling) and, in the case of an incomplete month, the number of days elapsed or (II) in the case of a Zero
Coupon Note payable in euro, on the basis of the actual number of days elapsed divided by 365 (or, if any of the days elapsed falls in
a leap year, the sum of (x) the number of those days falling in a leap year divided by 366 and (y) the number of those days
falling in a non-leap year divided by 365).

 

		(j)	Purchases 

 

The Issuer or any of its subsidiaries
may at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured Coupons appertaining thereto are purchased
therewith) at any price in the open market or otherwise. If purchases are made by tender, tenders must be available to all Noteholders
alike. Where the Issuer is Toyota Credit Canada Inc. or Toyota Motor Credit Corporation, such Notes shall be surrendered (in the case
of Bearer Notes) to any Paying Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or TCCI
Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or TMCC Transfer Agent,
for cancellation and, where the Issuer is Toyota Motor Finance (Netherlands) B.V. or Toyota Finance Australia Limited, such Notes may,
at the option of the Issuer, either be (i) resold or reissued, or held by the Issuer for subsequent resale or reissuance, or (ii) surrendered
to any Paying Agent for cancellation, in which event such Notes and Coupons may not be resold or reissued.

 

		(k)	Cancellation 

 

All Notes which are redeemed
will forthwith be cancelled (together with all unmatured Coupons attached thereto or surrendered therewith at the time of redemption).
All Notes so cancelled and any of the Notes purchased and cancelled pursuant to Condition 6(j) (together, in the case of definitive Notes,
with all unmatured Coupons cancelled therewith) shall be forwarded to the Agent and cannot be reissued or resold. If any Note is purchased
and cancelled without all unmatured Coupons appertaining thereto, the Issuer shall make payment in respect of any such missing Coupon
in accordance with Condition 5 as if the relevant Note had remained outstanding for the period to which such Coupon relates.

 

		7.	Taxation – Additional Amounts

 

(a)       Toyota
Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited

 

This Condition 7(a) only applies
to Notes issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited.

 

Unless otherwise specified
in the applicable Final Terms, where the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance
Australia Limited, all

 

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payments
of principal and interest in respect of the Notes issued by the Issuer will be made without withholding or deduction for or on account
of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the jurisdiction in which the Issuer
is incorporated or any province, territory or other political subdivision or any authority thereof or therein having power to tax, unless
such withholding or deduction is required by law. In such event, the Issuer will pay such additional amounts (the “Additional
Amounts”) as shall be necessary in order that the net amounts receivable by the holders of the Notes or Coupons after such
withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect
of the Notes or Coupons, as the case may be, in the absence of such withholding or deduction; except that no such Additional Amounts
shall be payable with respect to any Note or Coupon:

 

		(i)	where the Issuer is Toyota Motor Finance (Netherlands) B.V., where the Noteholder or Couponholder of which
(a) would be able to avoid such withholding or deduction or is liable to such withholding or deduction at a reduced rate by making a declaration
of non-residence or producing other evidence establishing that such payment may be made without withholding or deduction or with such
deduction or withholding at a reduced rate to the Issuer or the relevant tax authority; or (b) is liable for such taxes or duties in respect
of such Note or Coupon by reason of his having some connection with the Netherlands other than the mere holding of such Note or Coupon;
or

 

		(ii)	where the Issuer is Toyota Credit Canada Inc.:

 

		(A)	the holder of which is liable for such taxes or duties in respect of such Note or Coupon by reason of
his having some connection with Canada other than the mere holding of such Note or Coupon or the receipt of principal or interest in respect
thereof;

 

		(B)	the Issuer does not deal at arm’s length (within the meaning of the Income Tax Act (Canada)) with
either: (1) the holder of such Note or Coupon, or (2) in the case where a payment is made to a holder of a Coupon, the holder of the related
Note (as applicable);

 

		(C)	the holder of which is, or does not deal at arm’s length with any person who is, a “specified
shareholder” of Toyota Credit Canada Inc. for the purposes of the thin capitalisation rules in the Income Tax Act (Canada);
or

 

		(D)	the holder of which is a person who is a “specified entity” (as defined in proposed
subsection 18.4(1) of the Income Tax Act (Canada) contained in proposals to amend such Act released on 29 April 2022) in respect of the
Issuer;

 

		(iii)	where the Issuer is Toyota Finance Australia Limited, the holder of which is liable for such taxes or
duties in respect of such Note or Coupon:

 

		(A)	by reason of the holder (or a third party acting on its behalf) having
some connection with the Commonwealth of Australia or any political subdivision thereof or therein other than the mere holding of such
Note or Coupon or the receipt of payment in respect thereof; or

 

		(B)	by reason of the holder being a person who could lawfully avoid (but
has not so avoided) such withholding or deduction by complying or procuring that any third party complies with any statutory requirements
or by making or procuring that any third party makes a declaration of non-residence or other similar claim for exemption to any tax authority
in the place where the relevant Note or Coupon is presented for payment; or

 

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		(C)	by reason of the holder (or a person with an interest in a Note) being an Offshore Associate of the Issuer
acting other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme
within the meaning of the Corporations Act 2001 of Australia. “Offshore Associate” means an associate (as defined in
Section 128F(9) of the Income Tax Assessment Act 1936 of Australia (the “Australian Tax Act”)) of the Issuer that is
either:

 

		(a)	a non-resident of Australia which does not acquire the Notes in carrying on a business at or through a
permanent establishment in Australia; or

 

		(b)	a resident of Australia that acquires the Notes in carrying on a business at or through a permanent establishment
outside Australia; or

 

		(D)	in a case where Toyota Finance Australia Limited receives a notice or direction under Section 260-5 of
Schedule 1 to the Taxation Administration Act 1953 of Australia, Section 255 of the Australian Tax Act or any analogous provisions,
any amounts paid or deducted from sums payable to the holder by Toyota Finance Australia Limited in compliance with such notice or direction;
or

 

		(iv)	in such other circumstances as may be specified in the applicable Final Terms; or

 

		(v)	presented for payment more than 30 days after the Relevant Date (as defined in Condition 8) except to
the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same, or making demand, for payment
on such thirtieth day assuming that day to have been a Payment Day (as defined in Condition 5(e)); or

 

		(vi)	where such withholding or deduction is required pursuant to Sections 1471 through to 1474 of the U.S.
Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official interpretations thereof
(including under an agreement described under Section 1471(b)), or pursuant to any intergovernmental agreement implementing an alternative
approach thereto or any implementing law in relation thereto.

 

Notwithstanding any other provision
of these Terms and Conditions, where the Issuer is Toyota Finance Australia Limited, if a Note or Coupon is presented for payment or held
by, or by a third party on behalf of, a person who is a resident of Australia or a non-resident who is engaged in carrying on business
in Australia at or through a permanent establishment of that non-resident in Australia (the expressions “resident of Australia”,
“non-resident” and “permanent establishment” having the meanings given to them by the Australian
Tax Act) if, and to the extent that, section 126 of the Australian Tax Act (or any equivalent provision) requires the Issuer to pay income
tax in respect of interest payable on the Note or Coupon and the income tax would not be payable were the person not a “resident
of Australia” or “non-resident” so engaged in carrying on business, the Issuer shall be entitled to make
any withholding or deduction pursuant to section 126 of the Australian Tax Act and will have no obligation to pay additional amounts or
otherwise indemnify any person for any such withholding or deduction.

 

(b)       Toyota
Motor Credit Corporation 

 

This Condition 7(b) only applies
to Notes issued by Toyota Motor Credit Corporation.

 

Except as specifically provided
by this Condition 7(b), all payments of principal and interest in respect of the Notes issued by the Issuer will be made without withholding
or deduction for or on account of any present or future taxes, assessments or duties of whatever nature imposed or levied by or on behalf
of the United States or any political subdivision or any authority thereof or

 

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therein
having power to tax (“Tax”), unless such withholding or deduction is required by law. In such event, the Issuer will,
subject to certain limitations and exceptions (set forth below), pay to a Noteholder or Couponholder who is a Non-U.S. Holder (as defined
below) such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts receivable
by the holders of the Notes or Coupons after such withholding or deduction shall equal the respective amounts of principal and interest
which would otherwise have been receivable in respect of the Notes or Coupons, as the case may be, in the absence of such withholding
or deduction; except that the Issuer shall not be required to make any payment of Additional Amounts for or on account of:

 

		(i)	any Tax which would not have been imposed but for (A) the existence of any present or former connection
between such Noteholder or Couponholder or any beneficial owner of a Note or Coupon (or between a fiduciary, settlor, beneficiary, member
or shareholder of, or possessor of a power over, such Noteholder, Couponholder or beneficial owner, if such Noteholder, Couponholder or
beneficial owner is an estate, trust, partnership or corporation) and the United States, including, without limitation, being or having
been a citizen or resident thereof or being or having been present or engaged in a trade or business
therein or having had a permanent establishment therein, or (B) such Noteholder’s, Couponholder’s or beneficial owner’s
past or present status as a passive foreign investment company, controlled foreign corporation or a private foundation (as those terms
are defined for United States tax purposes) or as a corporation which accumulates earnings to avoid U.S. federal income tax;

 

		(ii)	any estate, inheritance, gift, sales, transfer, personal property
or similar Tax;

 

		(iii)	any Tax that would not have been so imposed but for the presentation
of a Note or Coupon for payment on a date more than 15 days after the date on which such payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

		(iv)	any Tax which is payable otherwise than by deduction or withholding
from payments of principal or interest in respect of the Notes or Coupons;

 

		(v)	any Tax imposed on interest received or beneficially owned by (A) a 10 per cent. shareholder of the
Issuer within the meaning of U.S. Internal Revenue Code Section 871(h)(3)(B) or Section 881(c)(3)(B) or (B) a bank extending
credit pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 

		(vi)	any Tax required to be withheld or deducted by any Paying Agent from any payment of principal or interest
in respect of any Note or Coupon, if such payment can be made without such withholding or deduction by any other Paying Agent with respect
to the Notes;

 

		(vii)	any Tax which would not have been imposed but for the failure to comply with
certification, information, documentation, or other reporting requirements concerning the nationality, residence, identity or connection
with the United States of the Noteholder or Couponholder or of the beneficial owner of such Note or Coupon, if such compliance is required
by statute or by regulation of the United States Treasury Department as a precondition to relief or exemption from such Tax including,
in the case of Notes with a maturity of more than 183 days (taking into consideration unilateral rights to roll or extend), failure of
the Noteholder or Couponholder or of the beneficial owner of such Note or Coupon, to provide such certification of non-U.S. beneficial
ownership as may be required from time to time under applicable rules, including, if necessary, a valid U.S. Internal Revenue Service
Form W8-BEN or W8-BEN-E;

 

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		(viii)	any Tax imposed with respect to a payment on a Note or Coupon to any Noteholder or Couponholder who is
a fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon to the extent a beneficiary or settlor with respect
to such fiduciary, a member of such partnership or a beneficial owner of the Note or Coupon would not have been entitled to payment of
the Additional Amounts, had such beneficiary, settlor, member or beneficial owner been the holder of the Note or Coupon;

 

		(ix)	any Tax required to be withheld or deducted pursuant to Sections 1471
through to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any
official interpretations thereof (including under an agreement described under Section 1471(b)), or pursuant to any intergovernmental
agreement implementing an alternative approach thereto or any implementing law in relation thereto; or

 

		(x)	any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above.

 

The term “Non-U.S.
Holder” means any Holder that is not for U.S. federal income tax purposes (i) a citizen or resident of the United States, (ii)
a corporation, partnership or other entity organised in or under the laws of the United States or its political subdivisions, (iii) a
trust subject to the control of a U.S. person and the primary supervision of a U.S. court, or (iv) an estate the income of which is subject
to U.S. federal income taxation regardless of its source.

 

8.       Prescription

 

Unless provided otherwise in
the applicable Final Terms, Notes and Coupons will become void unless claims in respect of principal and/or interest are made within a
period of five years after the Relevant Date (as defined below) therefor.

 

There
shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect of
which would be void pursuant to this Condition 8 or Condition 5(b) or any Talon which would be void pursuant to Condition 5(b). 

 

Any moneys paid by the Issuer
to the Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent,
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or the TMCC Transfer Agent, for the
payment of principal or interest in respect of the Notes and remaining unclaimed for a period of five years shall forthwith be repaid
to the Issuer. All liability of the Issuer, the Agent, the TCCI Registrar or the TCCI Transfer Agent, the TMCC Registrar or the TMCC Transfer
Agent with respect thereto shall cease when the Notes and Coupons become void.

 

As
used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the full amount
of the moneys payable has not been duly received by the Agent or, as the case may be, the Registrar on
or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that effect is
duly given to the Noteholders in accordance with Condition 16.

 

9.       Events
of Default

 

(a)       In
the event that (each of (i) through to (iv) below, an “Event of Default”):

 

		(i)	default is made by the Issuer in the payment when due of any principal
or interest in respect of any Note and the default continues unremedied for a period of 14 days after
the date when due; or

 

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		(ii)	default is made by the Issuer in the performance or observance of any covenant, condition or provision
contained in these Terms and Conditions applicable to the Notes or of any covenant, condition or provision for the benefit of Noteholders
contained in the Agency Agreement and on its part to be performed or observed (other than the covenant to pay the principal and interest
in respect of the Notes) and at the expiration of any applicable grace period therefor such covenant, condition or provision is not performed
or observed in the period of 60 consecutive days after the date on which written notice of such default, requiring the Issuer to perform
or observe such covenant, condition or provision, first shall have been given to the Issuer and the Agent, or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered Notes issued
by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, by the holders of not less than 25 per cent. in aggregate
nominal amount of Notes then outstanding; or

 

		(iii)	the entry by a court having competent jurisdiction of (a) a decree or order granting relief in respect
of the Issuer in an involuntary proceeding under any applicable bankruptcy, insolvency or other similar law and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or (b) a decree or order adjudging
the Issuer to be insolvent, or approving a petition seeking reorganisation, arrangement, adjustment or composition of the Issuer and such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (c) a final and non-appealable order appointing
a custodian, receiver, liquidator, assignee, trustee or other similar official of the Issuer or of any substantial part of the property
of the Issuer, or ordering the winding up or liquidation of the Issuer, in each case of (a), (b) or (c) otherwise than for the purposes
of or pursuant to and followed by a consolidation, amalgamation, merger, reconstruction or reorganisation in which a continuing corporation
effectively assumes all obligations of the Issuer under the Notes or the terms of which have previously been approved by the written consent
of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution adopted by the holders
of a majority in aggregate nominal amount of such Notes then outstanding present or represented at a meeting of the holders of the Notes
affected thereby at which a quorum is present, as provided in the Agency Agreement; or

 

		(iv)	the commencement by the Issuer of a voluntary proceeding under any applicable bankruptcy, insolvency or
other similar law or the consent of the Issuer to the entry of a decree or order for relief in an involuntary proceeding under any applicable
bankruptcy, insolvency or other similar law, or the consent by the Issuer to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Issuer or for any substantial part
of the property of the Issuer or the making by the Issuer of a general assignment for the benefit of creditors, or the Issuer failing
generally to pay its debts as they become due, or the taking of corporate action by the Issuer in furtherance of any such action (in each
case otherwise than for the purposes of such a consolidation, amalgamation, merger, reconstruction or reorganisation as is referred to
in paragraph (iii)),

 

then the holder of any Note may, at
its option, declare the principal of such Note and the interest, if any, accrued but unpaid thereon to be due and payable immediately
by written notice to the Issuer and the Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar
and the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the
TMCC Transfer Agent, and unless all such defaults shall have been remedied by the Issuer (or by the Parent or TFS pursuant to the relevant
Credit Support Agreement) prior to receipt of such written notice, the principal of such Note and the interest, if any, accrued but unpaid
thereon shall become and be immediately due and payable.

 

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At any time after such declaration
of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due with respect to any
Note has been obtained by any Noteholder, such declaration and its consequences may be rescinded and annulled upon the written consent
of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution adopted by the holders
of a majority in aggregate nominal amount of the Notes then outstanding present or represented at a meeting of holders of the Notes affected
thereby at which a quorum is present, as provided in the Agency Agreement, if:

 

		(1)	the Issuer has paid to, or deposited with, the Agent, or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Transfer
Agent, a sum sufficient to pay:

 

(A)       all
overdue payments of interest on the Notes; and

 

(B)       the
principal of the Notes which has become due otherwise than by such declaration of acceleration; and

 

		(2)	all Events of Default with respect to the Notes, other than the non-payment
of the principal of such Notes which has become due solely by such declaration of acceleration, have
been either (i) remedied or (ii) waived as provided in paragraph (b) below.

 

No such rescission shall affect any
subsequent default or impair any right consequent thereon.

 

(b)       Any
Events of Default by the Issuer, other than the events described in paragraph (a)(i) above or in respect
of where a default is made by the Issuer in the performance or observance of any covenant, condition
or provision described in paragraph (a)(ii) above which cannot be modified and amended without the written consent of the holders of all
outstanding Notes, may be waived by the written consent of holders of a majority in aggregate nominal amount of the Notes then outstanding
affected thereby, or by resolution adopted by the holders of a majority in aggregate nominal amount of the Notes then outstanding present
or represented at a meeting of the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement
(provided that such resolution shall be approved by the holders of not less than 25 per cent. of the aggregate nominal amount of Notes
then outstanding affected thereby).

 

10.       Replacement
of Notes, Coupons and Talons

 

Should any Note, Coupon or
Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent in London, or (in the
case of Registered Notes issued by Toyota Credit Canada Inc.) at the specified offices of the TCCI Registrar or the TCCI Transfer Agent,
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) at the specified offices of the TMCC Registrar or the TMCC
Transfer Agent (or such other place outside the United States as may be notified to the Noteholders), in accordance with all applicable
laws and regulations, upon payment by the claimant of such costs and expenses as may be incurred by the Issuer and the Agent or the TCCI
Registrar or TCCI Transfer Agent or the TMCC Registrar or TMCC Transfer Agent, as the case may be, in connection therewith and on such
terms as to evidence and indemnity, security or otherwise as the Issuer and the Agent or the TCCI Registrar or TCCI Transfer Agent or
the TMCC Registrar or Transfer Agent, as the case may be, may require. Mutilated or defaced Notes, Coupons or Talons must be surrendered
before replacements will be issued.

 

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11.       Agent
and Paying Agents, Registrars and Transfer Agents

 

The names of the initial Agent,
the initial TCCI Registrar, the initial TCCI Transfer Agent, the initial TMCC Registrar and the initial TMCC Transfer Agent and their
initial specified offices are set out below.

 

In acting under the Agency
Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement, the Agent and any other Paying Agents and (in the case
of the TCCI Note Agency Agreement only) the TCCI Registrar and the TCCI Transfer Agent and (in the case of the TMCC Note Agency Agreement
only) the TMCC Registrar and the TMCC Transfer Agent act solely as agents of the Issuer and do not assume any obligation to, or relationship
of agency or trust with, any Noteholders or Couponholders. The Issuer agrees to perform and observe the obligations imposed upon it under
the Agency Agreement and (in respect of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in respect
of Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement and to use reasonable efforts to cause the Agent and
any other Paying Agents to perform and observe the obligations imposed upon them under the Agency Agreement and (in respect of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, to perform and observe the obligations imposed
on them under the TCCI Note Agency Agreement and (in respect of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar
and the TMCC Transfer Agent, to perform and observe the obligations imposed on them under the TMCC Note Agency Agreement. The Agency Agreement
and (in respect of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in respect of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, contain provisions for the indemnification of the Agent
and any other Paying Agents, the TCCI Registrar and the TCCI Transfer Agent and the TMCC Registrar and the TMCC Transfer Agent, respectively,
and for relief from responsibility in certain circumstances, and entitle any of them to enter into business transactions with the Issuer
without being liable to account to the Noteholders or the Couponholders for any resulting profit.

 

The Issuer is entitled to
vary or terminate the appointment of any Paying Agent appointed under the terms of the Agency Agreement, or the TCCI Registrar or the
TCCI Transfer Agent appointed under the terms of the TCCI Note Agency Agreement, or the TMCC Registrar or the TMCC Transfer Agent appointed
under the terms of the TMCC Note Agency Agreement, and/or appoint additional or other Paying Agents or Transfer Agents and/or approve
any change in the specified office through which any Paying Agent, TCCI Registrar, TCCI Transfer Agent, TMCC Registrar or TMCC Transfer
Agent acts, provided that:

 

		(i)	so long as the Notes are admitted to trading or listed on any stock exchange
or other relevant authority, there will at all times be a Paying Agent with a specified office in such place as may be required by the
rules and regulations of the relevant stock exchange or other relevant authority;

 

		(ii)	there will at all times be an Agent; and

 

		(iii)	in respect of Registered Notes issued by Toyota Credit Canada Inc., there will at all times be a TCCI
Registrar and in respect of Registered Notes issued by Toyota Motor Credit Corporation, there will at all times be a TMCC Registrar.

 

In addition, the Issuer shall
forthwith appoint a Paying Agent having a specified office in the United States only in the circumstances described in the final paragraph
of Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when
it shall be of immediate effect) after not less than 30 or more than 45 days’ prior notice thereof shall have been given to the
Noteholders in accordance with Condition 16.

 

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In addition, in relation
to Registered Notes issued or to be issued by it, Toyota Credit Canada Inc. or Toyota Motor Credit Corporation, as the case may be, is
entitled to vary or terminate the appointment of any registrar, transfer agent or paying agent and/or appoint additional transfer agents,
paying agents and/or approve any change in the specified office through which any such registrar, transfer agent or paying agent acts,
provided that there will at all times be a registrar and a paying agent capable of making payments in the Specified Currency and (in the
case of global Registered Notes) to the clearing system specified in the applicable Final Terms.

 

The Agency Agreement or the
TCCI Note Agency Agreement or the TMCC Note Agency Agreement contains provisions permitting any entity into which any Paying Agent and
(in the case of the TCCI Note Agency Agreement and the TMCC Note Agency Agreement only) any registrar, paying agent or transfer agent
is merged or converted or with which it is consolidated or to which it transfers all or substantially all of its assets to become the
successor paying agent, registrar or transfer agent (as appropriate).

 

12.       Exchange
of Talons

 

On and after the Interest Payment
Date, on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be surrendered
at the specified office of the Agent or any other Paying Agent in exchange for a further Coupon sheet including (if such further Coupon
sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Note to which it appertains)
a further Talon, subject to the provisions of Condition 8. Each Talon shall, for the purposes of these Terms and Conditions, be deemed
to mature on the Interest Payment Date on which the final Coupon comprised in the relative Coupon sheet matures.

 

13.       Consolidation
or Merger

 

The Issuer may consolidate
with, or sell, lease or convey all or substantially all of its assets as an entirety to, or merge with or into any other corporation provided
that in any such case, (i) either the Issuer shall be the continuing corporation, or the successor corporation shall be a corporation
organised and existing under the laws of the jurisdiction in which the Issuer is incorporated or any province, territory, state or other
political subdivision thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of and
interest (including Additional Amounts as provided in Condition 7) on all the Notes and Coupons, according to their tenor, and the
due and punctual performance and observance of all of the covenants and conditions of the Notes to be performed by the Issuer by an amendment
to the Agency Agreement or, as the case may be, the TCCI Note Agency Agreement or the TMCC Note Agency Agreement, executed by such successor
corporation, the Issuer and the Agent or the TCCI Registrar and the TCCI Transfer Agent or the TMCC Registrar and the TMCC Transfer Agent,
as the case may be, and (ii) immediately after giving effect to such transaction, no Event of Default under Condition 9, and no event
which, with notice or lapse of time or both, would become such an Event of Default shall have happened and be continuing. In case of any
such consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation
shall succeed to and be substituted for the Issuer, with the same effect as if it had been named herein as the Issuer, and the predecessor
corporation, except in the event of a conveyance by way of lease, shall be relieved of any further obligation under the Notes and the
Agency Agreement or, as the case may be, the TCCI Note Agency Agreement or the TMCC Note Agency Agreement.

 

14.       Substitution

 

The Issuer (the “Retiring
Issuer” and the expressions “Issuer” and “Retiring Issuer” include any previous relevant
Substitute Issuer (as defined below) under this Condition 14) may, without the consent of the relevant Noteholders or Couponholders,
substitute the Parent or any subsidiary of the Parent (including TFS) in place of the Issuer as the principal debtor under the Notes,
the

 

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relative
Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement
and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement (the “Substitute
Issuer”) provided that:

 

(a)       in
the case of the substitution of a subsidiary of the Parent (other than TFS or any other Issuer) in place of the Retiring Issuer, a Credit
Support Agreement, in the case of a subsidiary of TFS, between such subsidiary and TFS being entered into, and the TMC Credit Support
Agreement applying, mutatis mutandis on the terms of the relevant Credit Support Agreement and the TMC Credit Support Agreement,
respectively and, in the case of a subsidiary of the Parent (and not being also a subsidiary of TFS) a Credit Support Agreement between
such subsidiary and the Parent being entered into mutatis mutandis on the terms of the TMC Credit Support Agreement;

 

(b)       a
deed poll substantially in the form set out in Appendix G to the Agency Agreement (and such other documents (if any)) shall be executed
by the Substitute Issuer and the Retiring Issuer as may be necessary to give full effect to the substitution (the “Substitution
Documents”) and (without limiting the generality of the foregoing) under which (i) the Substitute Issuer shall undertake in
favour of the relevant Noteholders and Couponholders to be bound by the Terms and Conditions and Coupons, the provisions of the Agency
Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the provisions of the TCCI Note Agency Agreement and
(in the case of Registered Notes issued by Toyota Motor Credit Corporation) the provisions of the TMCC Note Agency Agreement, as fully
as if the Substitute Issuer had been named in the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes
issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement, as the principal debtor in respect of the relevant Notes and Coupons, the Agency Agreement
and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, in place of the Retiring Issuer; and (ii) the Retiring
Issuer shall be released from its obligations as principal debtor in respect of the relevant Notes and Coupons, the Agency Agreement and
(in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes
issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement;

 

(c)       without
prejudice to the generality of paragraph (b) above, where the Substitute Issuer is subject generally to a taxing jurisdiction differing
from or in addition to the taxing jurisdiction to which the Retiring Issuer for which it shall have been substituted under this Condition
14 was subject, the Substitute Issuer shall undertake or covenant in the Substitution Documents in terms corresponding to the provisions
of Condition 7 with the substitution for or addition to the references to the taxing jurisdiction to which the Retiring Issuer, as the
case may be, was subject of references to the taxing jurisdiction or additional taxing jurisdiction to which such Substitute Issuer, as
the case may be, is subject and in such case, Condition 7 shall be deemed to be modified accordingly when such substitution takes effect;

 

(d)       the
Substitution Documents shall contain a warranty and representation (i) that the Substitute Issuer and the Retiring Issuer have obtained
all necessary governmental and regulatory approvals and consents for the substitution and that the Substitute Issuer has obtained all
necessary governmental and regulatory approvals and consents for the performance by the Substitute Issuer of its obligations under the
Substitution Documents and that all such approvals and consents are in full force and effect, (ii) that the obligations assumed by the
Substitute Issuer in respect of the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Note Agency Agreement are, in each case, valid and binding in accordance with their respective terms and enforceable by each relevant
Noteholder, and (iii) the Substitute Issuer is solvent;

 

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(e)       any
credit rating obtained by the Retiring Issuer from a nationally recognised statistical rating organisation which applies to the relevant
Notes will not be downgraded as a result of the substitution;

 

(f)       each
stock exchange on which the relevant Notes are admitted to trading shall have confirmed that, following the proposed substitution of the
Substitute Issuer, such Notes will continue to be admitted to trading on such stock exchange;

 

(g)       where
the Substitute Issuer is not a company incorporated in the United Kingdom, the Substitute Issuer shall have appointed a process agent
as its agent in England to receive service of process on its behalf in relation to any legal action or proceedings arising out of or in
connection with the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada
Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency
Agreement;

 

(h)       in
the case of substitution of Toyota Credit Canada Inc. or a Canadian subsidiary of the Parent (“Canadian Replacement Subsidiary”)
in place of the Retiring Issuer, no withholding or other taxes will be payable or required to be withheld by any such Substitute Issuer
other than in respect of a holder of the relevant Notes or Coupons that: (i) does not deal at arm’s length (within the meaning of
the Income Tax Act (Canada)) with Toyota Credit Canada Inc. or the Canadian Replacement Subsidiary (as applicable), (ii) is a “specified
entity” (as defined in proposed subsection 18.4(1) of the Income Tax Act (Canada) contained in proposals to amend such Act released
on 29 April 2022) in respect of Toyota Credit Canada Inc. or the Canadian Replacement Subsidiary (as applicable) or (iii) is, or does
not deal at arm’s length with any person who is, a “specified shareholder” of Toyota Credit Canada Inc. or the
Canadian Replacement Subsidiary (as applicable) for the purposes of the thin capitalisation rules in the Income Tax Act (Canada);

 

(i)       legal
opinions shall have been delivered to the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar (from whom copies will be available)
(in each case dated not more than three days prior to the intended date of substitution) from legal advisers of good standing selected
by the Substitute Issuer (i) in each jurisdiction in which the Substitute Issuer and the Retiring Issuer are incorporated and in England
confirming, as appropriate, that upon the substitution taking place, the Substitution Documents constitute legal, valid and binding obligations
of the Substitute Issuer and the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Note Agency Agreement, are legal, valid and binding obligations of the Substitute Issuer enforceable in accordance with their terms;
and (ii) in Japan and in the jurisdiction in which the Substitute Issuer is incorporated, in the event any Credit Support Agreements are
entered into under paragraph (a) above, confirming that any such Credit Support Agreements constitute legal, valid and binding obligations
of the Parent, TFS and the Substitute Issuer, as the case may be, enforceable in accordance with its terms; and

 

(j)       in
connection with any such substitution, the Substitute Issuer and the Retiring Issuer shall not have regard to the consequences of such
substitution for individual Noteholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with,
or subject to the jurisdiction of, any particular territory and no person shall be entitled to claim whether from the Substitute Issuer,
the Retiring Issuer, the Agent, (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI
Transfer Agent, (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent,
or any other person, any indemnification or payment in respect of any tax consequence of any such substitution upon any person except
to the extent already provided in Condition 7 and/or any undertaking given in addition thereto or in substitution therefor in the Substitution
Documents in accordance with paragraph (c) above.

 

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Upon execution of the Substitution
Documents as referred to in paragraph (b) above, (i) the Substitute Issuer shall be the Issuer named in the relevant Notes and Coupons,
the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement as principal debtor in place of
the Retiring Issuer and the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note
Agency Agreement, shall thereby be deemed to be amended to give effect to the substitution of the Substitute Issuer as principal debtor;
and (ii) the Retiring Issuer shall be released as aforesaid from all of its obligations as principal debtor in respect of the relevant
Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency
Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement. With effect
on and from the time of the substitution of the Substitute Issuer in place of the Retiring Issuer:

 

(A)       the
Retiring Issuer has no further obligations to any Noteholder or Couponholder in relation to the relevant Notes and Coupons;

 

(B)       the
Substitute Issuer has rights which the Retiring Issuer had in respect of the relevant Notes and Coupons (in each case subject to paragraph
(c) above); and

 

(C)       the
Substitute Issuer has assumed the obligations towards the Noteholders and Couponholders which the Retiring Issuer had in respect of the
relevant Notes and Coupons.

 

The Substitution Documents
shall be deposited with and held by the Agent and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) copied to the
TCCI Registrar and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) copied to the TMCC Registrar, for so long
as any of the relevant Notes remain outstanding and for so long as any claim made against the Substitute Issuer or the Retiring Issuer
by any Noteholder or Couponholder in relation to the relevant Notes, Coupons, the Agency Agreement, or (in the case of Registered Notes
issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement, or the Substitution Documents shall not have been finally adjudicated, settled or discharged.
The Substitute Issuer and the Retiring Issuer shall acknowledge in the Substitution Documents the right of every Noteholder to the production
of the Substitution Documents for the enforcement of any of the relevant Notes, Coupons, the Agency Agreement, or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor
Credit Corporation) the TMCC Note Agency Agreement, or the Substitution Documents.

 

Within 14 days of a substitution
taking effect under this Condition 14, the Retiring Issuer shall give notice of such substitution to the relevant Noteholders in accordance
with Condition 16.

 

15.       Meetings,
Modifications and Waivers

 

The Agency Agreement, the TCCI
Note Agency Agreement and the TMCC Note Agency Agreement contain provisions which, unless otherwise provided in the Final Terms, are binding
on the Issuer, the Noteholders and the Couponholders, for convening meetings (including wholly or partly by means of electronic facility
or facilities (including video conference platforms or by conference call)), of holders of Notes and Coupons to consider matters affecting
their interests, including the modification or waiver of the Terms and Conditions applicable to the Notes.

 

The Agency Agreement, (in the
case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (in the case of Registered Notes issued
by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, the Notes and any Coupons attached to

 

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the Notes
may be amended by the Issuer and (in the case of the Agency Agreement) the Agent and (in the case of the TCCI Note Agency Agreement)
the TCCI Registrar and the TCCI Transfer Agent, and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer
Agent, without the consent of the holder of any Note or Coupon (i) for the purpose of curing any ambiguity, or for curing, correcting
or supplementing any defective provision contained therein, or to evidence the succession of another corporation to the Issuer as provided
in Condition 13 or provide for substitution of the Issuer as provided in Condition 14, (ii) to make any further modifications of
the terms of the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement,
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, necessary or desirable
to allow for the issuance of any additional Notes (which modifications shall not be materially adverse to holders of outstanding Notes),
or (iii) in any manner which the Issuer and (in the case of the Agency Agreement) the Agent and (in the case of the TCCI Note Agency
Agreement) the TCCI Registrar and the TCCI Transfer Agent and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and
the TMCC Transfer Agent may deem necessary or desirable and which shall not materially adversely affect the interests of the holders
of the Notes and Coupons. In addition, with the written consent of holders of a majority in aggregate nominal amount of the Notes then
outstanding affected thereby, or by resolution adopted by the holders of a majority in aggregate nominal amount of Notes then outstanding
present or represented at a meeting of the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency
Agreement (provided that such resolution shall be approved by the holders of not less than 25 per cent. of the aggregate nominal
amount of Notes then outstanding affected thereby), the Issuer and the Agent and (in the case of the TCCI Note Agency Agreement) the
TCCI Registrar and the TCCI Transfer Agent and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer
Agent may from time to time and at any time enter into agreements modifying or amending the Agency Agreement, or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor
Credit Corporation) the TMCC Note Agency Agreement, or the Terms and Conditions and Coupons for the purpose of adding any provisions
to or changing in any manner or eliminating any provisions of the Agency Agreement, or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation), the
TMCC Note Agency Agreement, or of modifying in any manner the rights of the holders of Notes and Coupons; provided, however, that no
such agreement shall, without the consent or the affirmative vote of the holder of each Note affected thereby, (i) change the stated
maturity of the principal of or any instalment of interest on any Note, (ii) reduce the nominal amount of or interest on any Note,
(iii) change the obligation of the Issuer to pay Additional Amounts as provided in Condition 7, (iv) reduce the percentage
in nominal amount of outstanding Notes the consent of the holders of which is necessary to modify or amend the Agency Agreement, or (in
the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes
issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, or the Terms and Conditions or to waive any future compliance
or past default, or (v) reduce the percentage in nominal amount of outstanding Notes the consent of the holders of which is required
at any meeting of holders of Notes at which a resolution is adopted. The quorum at any meeting called to adopt a resolution will be persons
holding or representing a majority in aggregate nominal amount of the Notes then outstanding affected thereby and at any adjourned meeting
will be one or more persons holding or representing 25 per cent. in aggregate nominal amount of such Notes then outstanding affected
thereby. Any instrument given by or on behalf of any holder of a Note in connection with any consent to any such modification, amendment
or waiver will be irrevocable once given and will be conclusive and binding on all subsequent holders of such Note. Any modifications,
amendments or waivers to the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Note
Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency Agreement, or
to the Terms and Conditions and Coupons will be conclusive and binding on all holders of Notes and Coupons, whether or not they have
given such consent or were present at any meeting, and whether or not notation of such 

 

    Page 100 

     

    

modifications, amendments or waivers is made upon
the Notes and Coupons. It shall not be necessary for the consent of the holders of Notes under this Condition 15 to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.

 

Notes authenticated and delivered
after the execution of any amendment to the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
to the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency
Agreement, the Notes or Coupons may bear a notation in form approved by the Agent, or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Registrar and the TMCC Transfer Agent, as to any matter provided for in such amendment to the Agency Agreement or
(in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Note Agency Agreement or (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency Agreement.

 

New Notes so modified as to
conform, in the opinion of the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the Issuer, to any modification contained
in any such amendment may be prepared by the Issuer, authenticated by the Agent or (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Registrar or the TMCC Transfer Agent and delivered in exchange for the Notes then outstanding.

 

For the purposes of this Condition
15, Condition 3 and Condition 9, the term “outstanding” means, in relation to the Notes, all Notes issued under the
Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement other than (i) those which have been redeemed
in full in accordance with the Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement or these Terms and
Conditions, (ii) those in respect of which the date for redemption in accordance with these Terms and Conditions has occurred and
the redemption moneys therefor (including all interest (if any) accrued but unpaid thereon to the date for such redemption and any interest
(if any) payable under these Terms and Conditions after such date) have been duly paid to the Agent as provided in the Agency Agreement
or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Registrar or the TCCI Transfer Agent or (in the case
of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Registrar or the TMCC Transfer Agent (and, where appropriate,
notice has been given to the Noteholders in accordance with Condition 16) and remain available for payment against presentation of
the Notes, (iii) those which have become void under Condition 8, (iv) those which have been purchased or otherwise acquired
and cancelled as provided in Condition 6, and those which have been purchased or otherwise acquired and are being held by the Issuer for
subsequent resale or reissuance as provided in Condition 6 during the time so held, (v) those mutilated or defaced Notes which have
been surrendered in exchange for replacement Notes pursuant to Condition 10, (vi) (for the purposes only of determining how many
Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed
and in respect of which replacement Notes have been issued pursuant to Condition 10, and (vii) temporary global Notes to the extent
that they shall have been duly exchanged in whole for permanent global Notes or definitive Notes and permanent global Notes or global
Registered Notes to the extent that they shall have been duly exchanged in whole for definitive Notes, in each case pursuant to their
respective provisions.

 

16.       Notices

 

All notices regarding the Notes
shall be validly given if published in a leading English language daily newspaper of general circulation in London (which is expected
to be the Financial 

 

    Page 101 

     

    

Times)
or, if this is not practicable, one other such English language newspaper as the Issuer, in consultation with the Agent, shall decide.
The Issuer shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange
on which the Notes are for the time being admitted to trading or are listed by another relevant authority. Any such notice published
as aforesaid shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first
such publication. Couponholders will be deemed for all purposes to have notice of the contents of any notice given to the holders of
the Notes in accordance with this Condition 16.

 

Until such time as any definitive
Notes are issued, so long as the global Note(s) is or are held in its or their entirety on behalf of Euroclear and Clearstream, Luxembourg
or CDS Clearing and Depository Services Inc. (“CDS”), there may be substituted for such publication in such newspaper
the delivery of the relevant notice to Euroclear and Clearstream, Luxembourg or CDS for communication by them or it to the holders of
the Notes; provided that, for so long as any Notes are admitted to trading on a stock exchange or are listed by another relevant authority
and the rules of that stock exchange or relevant authority so require, such notice will be published in a daily newspaper of general circulation
in the place or places required by those rules. Any notice delivered to Euroclear and Clearstream, Luxembourg or CDS shall be deemed to
have been given to the holders of the Notes on the day after such notice is delivered to Euroclear and Clearstream, Luxembourg or CDS.

 

Notices to holders of Registered
Notes in definitive form will be deemed to be validly given if sent by mail to them (or, in the case of joint holders of Registered Notes
issued by Toyota Credit Canada Inc., to the first-named in the TCCI Register or, in the case of joint holders of Registered Notes issued
by Toyota Motor Credit Corporation, to the first-named in the TMCC Register) at their respective addresses as recorded in such register,
and will be deemed to have been validly given on the fourth business day after the date of such mailing.

 

Notices to be given by any
holder of the Notes shall be in writing and given by lodging the same, together with the relative Note or Notes, in the case of Bearer
Notes, with the Agent or, in the case of Registered Notes issued by Toyota Credit Canada Inc., with the TCCI Registrar or, in the case
of Registered Notes issued by Toyota Motor Credit Corporation, with the TMCC Registrar. While any of the Notes are represented by a global
Note, such notice may be given by any holder of a Note to, in the case of Bearer Notes, the Agent or, in the case of Registered Notes
issued by Toyota Credit Canada Inc., the TCCI Registrar or, in the case of Registered Notes issued by Toyota Motor Credit Corporation,
the TMCC Registrar, via Euroclear and/or Clearstream, Luxembourg or CDS, as the case may be, in such manner as the Agent or TCCI Registrar
or TMCC Registrar and Euroclear and/or Clearstream, Luxembourg or CDS, as the case may be, may approve for this purpose.

 

17.       Further
Issues

 

The Issuer shall be at liberty
from time to time without the consent of the Noteholders or Couponholders to create and issue further notes ranking pari passu in
all respects (or in all respects save for the Issue Date, the amount and the date of the first payment of interest thereon and/or the
Issue Price) and so that the same shall be consolidated and form a single series with the outstanding Notes and references in these Terms
and Conditions to “Notes” shall be construed accordingly.

 

18.       Disapplication

 

The Notes confer no right under
the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Notes, but this does not affect any right or remedy of a third
party which exists or is available apart from that Act.

 

    Page 102 

     

    

19.       Governing
Law and Submission to Jurisdiction

 

The Agency Agreement, the TCCI
Note Agency Agreement, the TMCC Note Agency Agreement, the Notes, the Coupons and any non-contractual obligations arising out of or in
connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes and the Coupons are governed
by, and shall be construed in accordance with, English law.

 

The Issuer irrevocably agrees,
for the exclusive benefit of the Noteholders and the Couponholders, to the jurisdiction of the English courts for all purposes in connection
with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes, the Coupons and any non-contractual
obligations arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement,
the Notes and the Coupons and in relation thereto the Issuer has appointed Toyota Financial Services (UK) PLC as its agent for service
of process on its behalf and has agreed that in the event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing to be registered
in England, it will appoint another person as its agent for service of process. Without prejudice to the foregoing, to the extent allowed
by law, the Issuer further irrevocably agrees that any suit, action or proceedings arising out of or in connection with the Agency Agreement,
the TCCI Note Agency Agreement, the TMCC Note Agency Agreement the Notes and the Coupons (including any suit, action or proceedings relating
to any non-contractual obligations arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC
Note Agency Agreement, the Notes and the Coupons) may be brought in any other court of competent jurisdiction.

 

    Page 103 

     

    

AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TCCI REGISTRAR

 

BNY Trust Company of Canada

1 York Street

6th Floor

Toronto Ontario

Canada M5J 0B6 /

 

The Bank of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TCCI TRANSFER AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TMCC REGISTRAR

 

The Bank of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TMCC TRANSFER AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

    Page 104 

     

    

Appendix B

FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS

 

 

    Page 105

     

    

APPENDIX B-1

FORM OF TEMPORARY GLOBAL NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED IN THE
INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX
LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER
REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE
INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES
PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

TEMPORARY GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [   ]

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity of more than
183 days (taking into consideration unilateral rights to roll or extend) unless the applicable Final Terms specify TEFRA C.

 

		2	Use this legend in the case of Notes with an initial maturity of 183 days or less (taking into consideration
unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined
at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section
1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete all but the relevant Issuer.

 

  

 

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The Notes represented by this
Temporary Global Note have been admitted to the Official List and admitted to trading on the London Stock Exchange plc’s Regulated
Market.4 This Global Note is a Temporary Global Note in respect
of a duly authorised issue of [Specified Currency and Nominal Amount of Tranche] [Specified Currency and Nominal Amount of Series] Notes
Due [Year of Maturity] (the Notes) of [Specified Currency and Specified Denomination] each of 5[Toyota
Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the
Issuer). References herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out
in Appendix A to the Agency Agreement (as defined below) as modified and supplemented by the information set out in Part A of the Final
Terms relating to the Notes (which are attached hereto) and, in the event of any conflict between the provisions of the Conditions and
the information set out in the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms
and not otherwise defined herein shall have the same meanings when used in this Temporary Global Note.

 

This Temporary Global Note
is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency Agreement,
which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or restated from time
to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited, Toyota Motor Credit
Corporation and The Bank of New York Mellon (the Agent); provided, however, that references to the Conditions shall mean the Conditions
in effect on the date of this Temporary Global Note.

 

This Temporary Global Note
is to be held by a common depositary (or, if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note,
a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société anonyme (Clearstream,
Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on behalf of account holders which have
the Notes represented by this Temporary Global Note credited to their respective securities accounts therewith from time to time.

 

For value received, the Issuer,
subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or on such earlier date(s)
as all or any of the Notes represented by this Temporary Global Note may become due and repayable in accordance with the Conditions,
the amount payable under the Conditions in respect of the Notes then represented by this Temporary Global Note on each such date and
to pay interest (if any) on the nominal amount of the Notes from time to time represented by this Temporary Global Note calculated and
payable as provided in the Conditions together with any other sums payable under the Conditions, upon (if the Final Terms indicate that
this Temporary Global Note is not intended to be a New Global Note) presentation and, at maturity, surrender of this Temporary Global
Note to or to the order of the Agent at the principal office of the Agent in London, or at the offices of any of the other paying agents
located outside the United States of America, its territories and possessions, any State of the United States and the District of Columbia
(except as provided in the Conditions) from time to time appointed by the Issuer in respect of the Notes, but in each case subject to
the requirements as to certification provided herein. Any moneys paid by the Issuer to the Agent for the payment of principal or interest
on any Notes and remaining unclaimed at the end of 

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
Regulated Market, or add reference to other Stock Exchange, if applicable.

 

5      Delete all
but the relevant Issuer.

 

    Page 107

     

    

one year after such principal
or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall then be repaid to the
Issuer and upon such repayment all liability of the Agent with respect thereto shall thereupon cease, without, however, limiting in any
way any obligation the Issuer may have to pay the principal of or interest on this Temporary Global Note as the same shall become due.

 

If the Final Terms indicate
that this Temporary Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Temporary Global
Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream, Luxembourg (together, the
relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in this Temporary Global Note means
the records that each relevant Clearing System holds for its customers which reflect the amount of such customer’s interest in the
Notes) shall be conclusive evidence of the nominal amount of Notes represented by this Temporary Global Note and, for these purposes,
a statement issued by a relevant Clearing System (which statement shall be made available to the bearer upon request) stating the nominal
amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence of the records of the relevant Clearing
System at that time.

 

If the Final Terms indicate
that this Temporary Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by this Temporary
Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal amount most recently entered by
or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On any redemption of, or payment
of interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Temporary Global Note, the
Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note, details
of such redemption, payment or purchase and cancellation (as the case may be) shall be entered pro rata in the records of the relevant
Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the relevant Clearing
Systems and represented by this Temporary Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased
and cancelled; or

 

		(ii)	if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note, details
of such redemption, payment or purchase and cancellation (as the case may be) shall be entered by or on behalf of the Issuer in Schedule
Two hereto and the relevant space in Schedule Two hereto recording any such redemption, payment or purchase and cancellation (as the case
may be) shall be signed by or on behalf of the Issuer. Upon any such redemption or purchase and cancellation, the nominal amount of this
Temporary Global Note and the Notes represented by this Temporary Global Note shall be reduced by the aggregate nominal amount of such
Notes so redeemed or purchased and cancelled.

 

Payments due in respect of
Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary Global Note and each
payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall
not affect such discharge.

 

    Page 108

     

    

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for any
period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator is
the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on but not
including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete months
elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months as having
30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first but excluding
the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal yearly rate of
interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final Terms) calculated on
the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction of which the numerator is
the actual number of days in a year commencing on and including the first day of such Specified Period and ending on but not including
the corresponding day in the next calendar year and the denominator is 365 or 360, as the case may be.]

 

Prior to the Exchange Date
(as defined below), all payments (if any) on this Temporary Global Note will only be made to the bearer hereof to the extent that there
is presented to the Agent by a relevant Clearing System a certificate to the effect that it has received from or in respect of a person
entitled to a particular nominal amount of the Notes (as shown by its records) a certificate of non-US beneficial ownership in the form
required by it. On or after the Exchange Date the bearer of this Temporary Global Note will not be entitled to receive any payment of
interest due unless, upon due certification, exchange of this Temporary Global Note is improperly withheld or refused.

 

On or after the date which
is 40 days after the completion of the distribution of the Notes represented by this Temporary Global Note or, at the option of the Issuer
(with the consent of the lead manager(s) of the Tranche(s) of Notes of the relevant Series) the date which is 40 days after the completion
of the distribution of any additional issuance or issuances of one or more Tranches of Notes of the same Series that occurs within the
40 day period after the issue of this Temporary Global Note (the latest of such dates referred to as the Exchange Date), this Temporary
Global Note may be exchanged in whole or in part (free of charge) for, as specified in the Final Terms, either (a) Definitive Bearer Notes
and (if applicable) Coupons and Talons in or substantially in the forms set out in Appendices B-3, B-4 and B-5, respectively, to the Agency
Agreement (on the basis that all appropriate details have been included on the face of such Definitive Bearer Notes and (if applicable)
Coupons and Talons and the Final Terms (or the relevant provisions of the Final Terms) have either been endorsed on or attached to such
Definitive Bearer Notes) or, (b) either (i) if the Final Terms indicate that this Temporary Global Note is intended to be a New Global
Note, interests recorded in the records of the relevant Clearing Systems in a Permanent Global Note, or (ii) if the Final Terms indicate
that this Temporary Global Note is not intended to be a New Global Note, a Permanent Global Note which, in either case, is in the form
or substantially in the form set out in Appendix B-2 to the Agency Agreement (together with the Final Terms attached thereto) in each
case upon notice being given to the Agent by the relevant Clearing System acting on the instructions of any holder of an interest in this
Temporary Global Note.

 

 

		6	Delete if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota
Motor Credit Corporation.

 

 

    Page 109

     

    

The Issuer shall procure that,
as appropriate, (i) the Definitive Bearer Notes or (as the case may be) the Permanent Global Note (where the Final Terms indicate that
this Temporary Global Note is not intended to be a New Global Note) shall be so issued and delivered or (ii) the interests in the Permanent
Global Note (where the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note) shall be recorded in
the records of the relevant Clearing System, in each case in exchange for only that portion of this Temporary Global Note in respect of
which there shall have been presented to the Agent by a relevant Clearing System a certificate to the effect that it has received from
or in respect of a person entitled to a beneficial interest in a particular nominal amount of the Notes (as shown by its records) a certificate
of non-US beneficial ownership from such person in the form required by it and, in the case of Definitive Bearer Notes, subject to such
notice period and payment of costs as may be specified in the Final Terms.

 

If Definitive Bearer Notes
and (if applicable) Coupons and Talons have already been issued in exchange for all the Notes represented for the time being by the Permanent
Global Note, then this Temporary Global Note may only thereafter be exchanged for Definitive Bearer Notes and (if applicable) Coupons
and Talons pursuant to the terms hereof.

 

On an exchange of the whole
of this Temporary Global Note, this Temporary Global Note shall be surrendered to or to the order of the Agent. On an exchange of part
only of this Temporary Global Note, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note, details
of such exchange shall be entered pro rata in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note, details
of such exchange shall be entered by or on behalf of the Issuer in Schedule Two hereto and the relevant space in Schedule Two hereto recording
such exchange shall be signed by or on behalf of the Issuer whereupon the nominal amount of this Temporary Global Note and the Notes represented
by this Temporary Global Note shall be reduced by the nominal amount so exchanged. If, following the issue of a Permanent Global Note
in exchange for some of the Notes represented by this Temporary Global Note, further Notes represented by this Temporary Global Note are
to be exchanged pursuant to this paragraph, such exchange may be effected, without the issue of a new Permanent Global Note, by the Issuer
or its agent endorsing Schedule Two of the Permanent Global Note previously issued to reflect an increase in the aggregate nominal amount
of the Permanent Global Note which would otherwise have been issued on such exchange.

 

Until the exchange of the
whole of this Temporary Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise provided in this Temporary
Global Note) be entitled to the same benefits as if it were bearer of Definitive Bearer Notes, and the relative Coupons and Talons in
the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly, except as ordered
by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying Agent may deem and treat
the bearer hereof as the absolute owner of this Temporary Global Note for all purposes (whether or not this Temporary Global Note shall
be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous loss or theft or trust or other interest
herein). In the event that this Temporary Global Note (or any part of it) has become due and repayable in

 

    Page 110

     

    

accordance
with Condition 9 and payment in full of the amount due has not been made to the bearer in accordance with the provisions set out above
then this Temporary Global Note will become void at 8.00 p.m. (London time) on such day and the bearer will have no further rights under
this Temporary Global Note (but without prejudice to the rights which the bearer or any other person may have under Clause 31 of the
Agency Agreement in respect of the Notes issued under the Programme Agreement pursuant to which this Temporary Global Note is issued).

 

This Temporary Global Note
and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English
law.

 

This Temporary Global Note
shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Temporary Global Note is intended to be
a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility, or (ii) in respect of which the
Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity appointed as common safekeeper by the relevant
Clearing Systems. This Temporary Global Note may be duly executed on behalf of the Issuer by manual or facsimile signature.

 

    Page 111

     

    

IN WITNESS WHEREOF,
the Issuer has caused this Temporary Global Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA
    MOTOR FINANCE (NETHERLANDS) B.V.]

    

    
	 	By:  _________________   By:  _________________

    Authorised SignatoryAuthorised Signatory
	 	[TOYOTA CREDIT CANADA INC.]

    [TOYOTA FINANCE AUSTRALIA LIMITED]

    [TOYOTA MOTOR CREDIT CORPORATION]
	 	By:  _________________

          Authorised Signatory
	 	 

	Authenticated by

The Bank of New York Mellon	 
	 	 
	
    By: ________________________

    Authorised Signatory

     
	 
	8Effectuated without recourse,

warranty or liability by:	 
	 	 
	[insert name of common safekeeper]

as common safekeeper	 
	By:________________________	 

 

 

 

 

		7	Delete all but the relevant Issuer.

 

8      This should only be completed
where the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note.

 

 

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SCHEDULE ONE*

INTEREST PAYMENTS

 

	Interest

Payment Date	Date of Payment	Total Amount of Interest Payable	Amount of Interest Paid	Confirmation of payment by or on behalf of the Issuer
	 	 	 	 	 
	First	____________	____________	____________	____________
	Second	____________	____________	____________	____________
	 	 	 	 	 

[continue numbering until the appropriate number
of interest payment dates for the particular Series of Notes is reached.]

 

 

 

*        Schedule One should be
completed where the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note.

 

    Page 113

     

    

SCHEDULE TWO*

SCHEDULE OF EXCHANGES

FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

 

The following exchanges of
a part of this Temporary Global Note for Notes represented by a Permanent Global Note or Definitive Bearer Notes or redemptions or purchases
and cancellation of this Temporary Global Note have been made:

 

	Date of exchange, or redemption or purchase and cancellation	Part of nominal amount of this Temporary Global Note exchanged for Notes represented by a Permanent Global Note or Definitive Bearer Notes or redeemed or purchased and cancelled	Remaining nominal amount of this Temporary Global Note following such exchange, or redemption or purchase and cancellation	Notation made by or on behalf of the Issuer
	 	 	 	 
	____________	____________	____________	____________
	____________	____________	____________	____________
	____________	____________	____________	____________
	____________	____________	____________	____________
	 	 	 	 

 

 

 

 

*        Schedule Two should only
be completed where the Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note.

 

    Page 114

     

    

APPENDIX B-2

FORM OF PERMANENT GLOBAL NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED IN THE
INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX
LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS
AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE
CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES PERSON (OTHER
THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

PERMANENT GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [ ]

 

 

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity of more than
183 days (taking into consideration unilateral rights to roll or extend) unless the applicable Final Terms specify TEFRA C.

 

		2	Use this legend in the case of Notes with an initial maturity of 183 days or less (taking into consideration
unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined
at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section
1.6049-5(b)(10) of U.S. Treasury Regulations.

 

3      Delete all
but the relevant Issuer.

 

    Page 115

     

    

The Notes represented by this
Permanent Global Note have been admitted to the Official List and admitted to trading on the London Stock Exchange plc’s Regulated
Market.4

 

This Global Note is a Permanent
Global Note in respect of a duly authorised issue of [Specified Currency and Nominal Amount of Tranche] [Specified Currency and Nominal
Amount of Series] Notes Due [Year of Maturity] (the Notes) of [Specified Currency and Specified Denomination] each of 5[Toyota
Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the
Issuer). References herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out
in Appendix A to the Agency Agreement (as defined below) as modified and supplemented by Part A of the Final Terms relating to the Notes
(which are attached hereto) and, in the event of any conflict between the provisions of the Conditions and the information set out in
the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not otherwise defined
herein shall have the same meanings when used in this Permanent Global Note.

 

This Permanent Global Note
is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency Agreement,
which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or restated from time
to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited, Toyota Motor Credit
Corporation and The Bank of New York Mellon (the Agent); provided, however, that references to the Conditions shall mean the Conditions
in effect on the date of issue of the Temporary Global Note that originally represented this Permanent Global Note.

 

This Permanent Global Note
is to be held by a common depositary (or, if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note,
a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société anonyme (Clearstream,
Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on behalf of account holders which have
the Notes represented by this Permanent Global Note credited to their respective securities accounts therewith from time to time.

 

For value received, the Issuer,
subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or on such earlier date(s)
as all or any of the Notes represented by this Permanent Global Note may become due and repayable in accordance with the Conditions, the
amount payable under the Conditions in respect of the Notes then represented by this Permanent Global Note on each such date and to pay
interest (if any) on the nominal amount of the Notes from time to time represented by this Permanent Global Note calculated and payable
as provided in the Conditions together with any other sums payable under the Conditions, upon (if the Final Terms indicate that this Permanent
Global Note is not intended to be a New Global Note) presentation and, at maturity, surrender of this Permanent Global Note to or to the
order of the Agent at the principal office of the Agent in London, or at the offices of any of the other paying agents located outside
of the United States of America, its territories and possessions, any State of the United States and the District of Columbia (except
as provided in the Conditions) from time to time appointed by the Issuer in respect of the Notes, but in each case subject to the requirements
as to certification provided herein. Any moneys paid by the Issuer to the Agent for the payment of principal or interest on any Notes
and remaining unclaimed at the end of

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
Regulated Market, or add reference to other Stock Exchange, if applicable.

 

5      Delete all
but the relevant Issuer.

 

    Page 116

     

    

one year
after such principal or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall
then be repaid to the Issuer and upon such repayment all liability of the Agent with respect thereto shall thereupon cease, without,
however, limiting in any way any obligation the Issuer may have to pay the principal of or interest on this Permanent Global Note as
the same shall become due.

 

If the Final Terms indicate
that this Permanent Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Permanent Global
Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream, Luxembourg (together, the
relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in this Permanent Global Note means
the records that each relevant Clearing System holds for its customers which reflect the amount of such customer’s interest in the
Notes) shall be conclusive evidence of the nominal amount of Notes represented by this Permanent Global Note and, for these purposes,
a statement issued by a relevant Clearing System (which statement shall be made available to the bearer upon request) stating the nominal
amount of Notes represented by this Permanent Global Note at any time shall be conclusive evidence of the records of the relevant Clearing
System at that time.

 

If the Final Terms indicate
that this Permanent Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by this Permanent
Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal amount most recently entered by
or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On any redemption of, or payment
of interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Permanent Global Note, the
Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note, details
of such redemption, payment or purchase and cancellation (as the case may be) shall be entered pro rata in the records of the relevant
Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of the relevant Clearing
Systems and represented by this Permanent Global Note shall be reduced by the aggregate nominal amount of the Notes so redeemed or purchased
and cancelled; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note, details
of such redemption, payment or purchase and cancellation (as the case may be) shall be entered by or on behalf of the Issuer in Schedule
Two hereto and the relevant space in Schedule Two hereto recording any such redemption, payment or purchase and cancellation (as the case
may be) shall be signed by or on behalf of the Issuer. Upon any such redemption or purchase and cancellation, the nominal amount of this
Permanent Global Note and the Notes represented by this Permanent Global Note shall be reduced by the aggregate nominal amount of such
Notes so redeemed or purchased and cancelled.

 

Payments due in respect of
Notes for the time being represented by this Permanent Global Note shall be made to the bearer of this Permanent Global Note and each
payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall
not affect such discharge.

 

    Page 117

     

    

If the Notes represented by
this Permanent Global Note were, on issue, represented by a Temporary Global Note then on any exchange of any such Temporary Global Note
for this Permanent Global Note or any part of it, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note, details
of such exchange shall be entered in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note, details
of such exchange shall be entered by or on behalf of the Issuer in Schedule Two hereto and the relevant space in Schedule Two hereto recording
any such exchange shall be signed by or on behalf of the Issuer. Upon any such exchange, the nominal amount of this Permanent Global Note
and the Notes represented by this Permanent Global Note shall be increased by the nominal amount of the Notes so exchanged.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for any
period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator is
the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on but not
including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete months
elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months as having
30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first but excluding
the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal yearly rate of
interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final Terms) calculated on
the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction of which the numerator is
the actual number of days in a year commencing on and including the first day of such Specified Period and ending on but not including
the corresponding day in the next calendar year and the denominator is 365 or 360, as the case may be.]

 

In certain circumstances further
notes may be issued which are intended on issue to be consolidated and form a single Series with the Notes. In such circumstances the
Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note, details
of such further notes shall be entered in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note, details
of such further notes shall be entered by or on behalf of the Issuer in Schedule Two and the relevant space in Schedule Two recording
such further notes shall be signed by or on behalf of the Issuer, whereupon the nominal amount of this Permanent Global Note and the Notes
represented by this Permanent Global Note shall be increased by the nominal amount of any such further notes so issued.

 

 

 

6        Delete
if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota Motor Credit Corporation.

 

    Page 118

     

    

This Permanent Global Note
may (under the circumstances set forth in the Conditions and the Final Terms) be exchanged, in whole, but not in part, for Definitive
Bearer Notes and (if applicable) Coupons and Talons in or substantially in the forms set out in Appendices B-3, B-4 and B-5, respectively,
of the Agency Agreement (on the basis that all appropriate details have been included on the face of such Definitive Bearer Notes and
(if applicable) Coupons and Talons and the Final Terms (or the relevant provisions of the Final Terms) have been either endorsed on or
attached to such Definitive Bearer Notes) in denominations of [Specified Currency and Specified Denomination] each upon either, as specified
in the Final Terms:

 

		(a)	upon not less than 60 days’ written notice being given to the Agent by the relevant Clearing Systems
acting on the instructions of any holder of an interest in this Permanent Global Note; or

 

		(b)	only upon the occurrence of an Exchange Event; or

 

		(c)	at any time at the request of the Issuer.

 

An Exchange Event means:

 

		(i)	an Event of Default (as defined in Condition 9) has occurred and is continuing; or

 

		(ii)	the Issuer has been notified that both Euroclear and Clearstream, Luxembourg (or any other agreed clearing
system in which this Permanent Global Note is being held) have been closed for business for a continuous period of 14 days (other than
by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and,
as a result, Euroclear and Clearstream, Luxembourg or such other agreed clearing system in which this Permanent Global Note is being held
are no longer willing or able to discharge properly their responsibilities with respect to this Permanent Global Note and the Agent and
the Issuer are unable to locate a qualified successor; or

 

		(iii)	the Issuer has or will become subject to adverse tax consequences which would not be suffered were the
Notes represented by this Permanent Global Note in definitive form.

 

If this Permanent Global Note
is exchangeable following the occurrence of an Exchange Event:

 

		(A)	the Issuer will promptly give notice to Noteholders in accordance with Condition 16 if an Exchange Event
occurs; and

 

		(B)	in the event of the occurrence of any Exchange Event, one or more of the relevant Clearing Systems (acting
on the instructions of any holder of an interest in this Permanent Global Note) may give notice to the Agent requesting exchange and,
in the event of the occurrence of an Exchange Event as described in (iii) above, the Issuer may also give notice to the Agent requesting
exchange. Any such exchange shall occur not later than 45 days after the date of receipt of the first relevant notice by the Agent.

 

    Page 119

     

    

The exchange, if any, will
be made upon presentation of this Permanent Global Note by the bearer hereof on any day (other than a Saturday or a Sunday) on which banks
are open for general business in London at the principal office of the Agent in London; provided, however, the first notice given to the
Agent by Euroclear, Clearstream, Luxembourg and/or such other relevant clearing agency or the Issuer shall give rise to the issue of Definitive
Bearer Notes for the total amount of Notes represented by this Permanent Global Note. The aggregate nominal amount of Definitive Bearer
Notes issued upon an exchange of this Permanent Global Note will be equal to the aggregate nominal amount of this Permanent Global Note
submitted by the bearer hereof for exchange (to the extent that such nominal amount does not exceed the aggregate nominal amount of this
Permanent Global Note, as adjusted, as shown in Schedule Two hereto if the Final Terms indicate that this Permanent Global Note is not
intended to be a New Global Note, or in the records of the relevant Clearing Systems if the applicable Final Terms indicate that this
Permanent Global Note is intended to be a New Global Note). On an exchange of this Permanent Global Note, this Permanent Global Note shall
be surrendered to or to the order of the Agent.

 

Until the exchange of the
whole of this Permanent Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise provided in this Permanent
Global Note) be entitled to the same benefits as if it were the bearer of Definitive Bearer Notes, and the relative Coupons and Talons
in the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly, except as ordered
by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying Agent may deem and treat
the bearer hereof as the absolute owner of this Permanent Global Note for all purposes (whether or not this Permanent Global Note shall
be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous loss or theft or trust or other interest
herein). In the event that this Permanent Global Note (or any part of it) has become due and repayable in accordance with Condition 9
and payment in full of the amount due has not been made to the bearer in accordance with the provisions set out above then this Permanent
Global Note will become void at 8.00 p.m. (London time) on such day and the bearer will have no further rights under this Permanent Global
Note (but without prejudice to the rights which the bearer or any other person may have under Clause 31 of the Agency Agreement in respect
of the Notes issued under the Programme Agreement pursuant to which this Permanent Global Note is issued).

 

This Permanent Global Note
and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English
law.

 

This Permanent Global Note
shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Permanent Global Note is intended to be
a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility, or (ii) in respect of which the
Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity appointed as common safekeeper by the relevant
Clearing Systems. This Permanent Global Note may be duly executed on behalf of the Issuer by manual or facsimile signature.

 

    Page 120

     

    

IN WITNESS WHEREOF,
the Issuer has caused this Permanent Global Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  _________________   By:  _________________

Authorised SignatoryAuthorised Signatory
	 	 
	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  _________________

Authorised Signatory
	 	 

	Authenticated by

The Bank of New York Mellon	 
	 	 
	
    By: ________________________

    Authorised Signatory

     
	 
	 	 
	8Effectuated without recourse,

warranty or liability by:	 
	 	 
	[insert name of common safekeeper]

as common safekeeper	 
	 	 
	By:________________________	 

 

 

 

 

		7	Delete all but the relevant Issuer.

 

8      This should
only be completed where the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note.

 

 

    Page 121

     

    

SCHEDULE ONE*

INTEREST PAYMENTS

 

	Interest

Payment Date	Date of Payment	Total Amount of Interest Payable	Amount of Interest Paid	Confirmation of payment by or on behalf of the Issuer
	 	 	 	 	 
	 	 	 	 	 
	First 	____________	____________	____________	____________
	Second	____________	____________	____________	____________
	 	 	 	 	 

[continue numbering until the appropriate number
of interest payment dates for the particular Series of Notes is reached]

 

 

 

 

*        Schedule One should only
be completed where the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note.

 

    Page 122

     

    

SCHEDULE TWO*

SCHEDULE OF EXCHANGES OF A TEMPORARY

GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

 

The following increases of
this Permanent Global Note, exchanges of this Permanent Global Note for Definitive Bearer Notes or redemptions or purchases and cancellations
of this Permanent Global Note have been made:

 

	Date of exchange, or redemption or purchase and cancellation	Increase in nominal amount of this Permanent Global Note due to exchanges of a Temporary Global Note for this Permanent Global Note	Part of nominal amount of this Permanent Global Note exchanged for Definitive Bearer Notes or redeemed or purchased and cancelled	Remaining amount payable under this Permanent Global Note following such exchange, or redemption or purchase and cancellation	Notation made by or on behalf of the Issuer
	 	 	 	 	 
	____________	____________	____________	____________	____________
	____________	____________	____________	____________	____________
	____________	____________	____________	____________	____________
	____________	____________	____________	____________	____________
	 	 	 	 	 

 

 

 

*        Schedule Two should only
be completed where the applicable Final Terms indicates that this Permanent Global Note is not intended to be a New Global Note.

 

    Page 123

     

    

APPENDIX B-3

FORM OF DEFINITIVE BEARER NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED IN THE
INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX
LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER REPRESENTS
AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE
CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A UNITED STATES PERSON (OTHER
THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

DEFINITIVE BEARER NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [ ]

 

This Note has been admitted
to the Official List and admitted to trading on the London Stock Exchange plc’s Regulated Market.4

 

 

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with a maturity of more than 183 days
(taking into consideration unilateral rights to roll or extend).

 

		2	Use this legend in the case of Notes with a maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined at the spot
rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section 1.6049-5(b)(10)
of U.S. Treasury Regulations.

		3	Delete all but the relevant Issuer.

 

 

    Page 124

     

    

This Note is one of a duly
authorised issue of notes of [Specified Currency and Nominal Amount of Series] (the Notes) each of 5[Toyota
Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the
Issuer). References herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out
in Appendix A to the Agency Agreement (as defined below) as modified and supplemented by Part A of the Final Terms (which are reproduced
on the reverse hereof) and, in the event of any conflict between the provisions of the Conditions and the information set out in the Final
Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not otherwise defined herein
shall have the same meanings when used in this Definitive Bearer Note.

 

This Note is issued subject
to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency Agreement, which expression
shall be construed as a reference to that agreement as the same may be amended, supplemented and/or restated from time to time), between
Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited, Toyota Motor Credit Corporation
and The Bank of New York Mellon (the Agent); provided, however, that references to the Conditions shall mean the Conditions in
effect on the date of issue of the Temporary Global Note that originally represented this Note.

 

For value received, the Issuer,
subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or on such earlier date(s)
as this Note may become due and repayable in accordance with the Conditions, the amount payable under the Conditions in respect of this
Note on each such date and to pay interest (if any) on this Note calculated and payable as provided in the Conditions together with any
other sums payable under the Conditions.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for any
period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator is
the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on but not
including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete months
elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months as having
30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first but excluding
the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal yearly rate of
interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final Terms) calculated on
the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction of which the numerator is
the actual number of days in a year commencing on and including the first day of such Specified Period and ending on but not including
the corresponding day in the next calendar year and the denominator is 365 or 360, as the case may be.]

 

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete all but the relevant Issuer.

 

6     Delete if the
Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota Motor Credit Corporation.

 

 

    Page 125

     

    

Title to this Note and to
any Coupon or Talon appertaining hereto shall pass by delivery. The Issuer may treat the bearer hereof as the absolute owner of this Note
for all purposes (whether or not this Note shall be overdue and notwithstanding any notation of ownership or writing hereon or notice
of any previous loss or theft or trust or other interest herein).

 

This Note shall not be validly issued
unless authenticated by the Agent.

 

This Note may be duly executed on behalf
of the Issuer by manual or facsimile signature.

 

IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  _________________   By: _________________

Authorised SignatoryAuthorised Signatory
	 	 
	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  _________________

Authorised Signatory
	 	 

	[Authenticated by

The Bank of New York Mellon] 	 
	 	 
	
    By: ________________________

    Authorised Signatory

     
	 

[Reverse
Of Note – Terms And Conditions]

 

 

[Terms and Conditions to be
as set out in Appendix A to the Agency Agreement or in such other form as may be agreed between the relevant Issuer, the Agent and the
relevant Purchaser(s)]

 

[Endorsed on or attached to
the Terms and Conditions is to be the applicable Final Terms]

 

 

7
       Delete all but the relevant Issuer.

 

 

    Page 126

     

    

APPENDIX B-4

FORM OF COUPON

 

(Face of Coupon)

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No.[         ]

 

Part A

 

[For Fixed Rate Notes:

 

	This Coupon is payable to bearer, separately negotiable and subject to the Terms and Conditions of the said Notes to which it appertains.]	Coupon No. [         ]

Coupon for [         ]

due on [         ]

[20[       ]]
	 	 

Part B

 

[For Floating Rate, Dual Currency and Index
Linked Interest Notes:

 

	Coupon for the amount due in accordance with the Terms and Conditions of the Notes to which it appertains.  This Coupon is payable to bearer, separately negotiable and subject to such Terms and Conditions, under which it may become void before its due date.]	Coupon No. [         ]

Coupon due in [         ]

[20[       ]]

 

ANY UNITED STATES PERSON (AS DEFINED IN THE
INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX
LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

 

 

 

1        Delete
all but the relevant Issuer

 

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(Reverse of Coupon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and other or
further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of which has been given
to the Noteholders.

 

    Page 128

     

    

APPENDIX B-5

FORM OF TALON

 

(On the front)

 

ANY UNITED STATES PERSON (AS DEFINED IN THE
INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES TAX LAWS
INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [         ]

 

On and after [ ] further Coupons
[and a further Talon]2 appertaining to the Note to which this Talon appertains will be issued at the specified office of any
of the Paying Agents set out on the reverse hereof (and/or any other or further Paying Agents and/or specified offices as may from time
to time be duly appointed and notified to the Noteholders) upon production and surrender of this Talon.

 

This Talon may, in certain
circumstances, become void under the Terms and Conditions endorsed on the Notes to which this Talon appertains.

 

	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  _________________By:  _________________

Authorised Signatory       Authorised Signatory
	 	 
	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  _________________

Authorised Signatory

 

 

 

 

		1	Delete all but the relevant Issuer.

 

		2	Not required on last Coupon sheet.

 

 

    Page 129

     

    

(Reverse of Talon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and other or
further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of which has been given
to the Noteholders.

 

 

    Page 130

     

    

Appendix C

 

FORM OF CALCULATION AGENCY AGREEMENT

 

Dated ____________, 20__

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

and

 

[INSERT NAME OF CALCULATION AGENT]

 

€60,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota
Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

 

    Page 131

     

    

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

€60,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota
Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

THIS AGREEMENT is made on __________, 20__

 

BETWEEN:

 

		(1)	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. of World Trade Center
Amsterdam, Tower H, Level 10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (the Issuer);]

 

[TOYOTA CREDIT CANADA INC. of
80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada (the Issuer);]

 

[TOYOTA FINANCE AUSTRALIA LIMITED
(ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St Leonards, NSW 2065, Australia (the Issuer);]

 

[TOYOTA MOTOR CREDIT CORPORATION
of 6565 Headquarters Drive, Mailstop W2–3D, Plano, Texas 75024–5965, United States (the Issuer);] and

 

		(2)	[name of calculation agent] of [·] (the Calculation
Agent, which expression shall include its successor or successors for the time being as calculation agent hereunder).

 

WHEREAS:

 

		A.	The Issuer has entered into the Amended and Restated Programme Agreement with certain dealers and others
dated 16 September 2022 under which the Issuer may issue Euro Medium Term Notes (Notes) with an aggregate nominal amount of up
to €60,000,000,000 (or its equivalent in other currencies) outstanding at any time which remain outstanding.

 

		B.	The Notes will be issued subject to, and with the benefit of, an Amended and Restated Agency Agreement
dated 16 September 2022 (the Agency Agreement, which expression shall be construed as a reference to that agreement as the same
may be amended, supplemented and/or restated from time to time) between, inter alia, the Issuer and The Bank of New York Mellon,
acting through its London branch (the Agent, which expression shall include its successor or successors for the time being under
the Agency Agreement, and the Paying Agent, which expression shall include any additional or successor paying agent appointed under
the Agency Agreement and Paying Agent shall mean any of the Agent or the Paying Agents so appointed).

 

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NOW IT IS HEREBY AGREED that:

 

(1)       APPOINTMENT
OF THE CALCULATION AGENT

 

The Issuer hereby appoints [name of
calculation agent] as Calculation Agent in respect of the Notes listed in the Schedule hereto which are for the time being outstanding
(the Relevant Notes) for the purposes set out in Clause 2 below, all upon terms and conditions hereinafter mentioned. The agreement
of the parties that this Agreement is to apply to each Series of Relevant Notes shall be evidenced by the manuscript annotation and signature
in counterpart of the Schedule.

 

(2)       DUTIES
OF CALCULATION AGENT

 

The Calculation Agent shall in relation
to each series of Relevant Notes (each a Series) perform all the functions and duties imposed on the Calculation Agent by the terms
and conditions of the relevant Series (the Conditions). Without limiting the foregoing, the Calculation Agent shall calculate,
to the extent applicable, the Rate of Interest, Interest Amount, Interest Payment Date, principal and all other amounts, rates and dates
which are required to be determined or calculated under the Conditions for the Relevant Notes and shall communicate such calculations
to the Issuer and the Agent as soon as practicable after such calculations are determined, but in any event, within time periods sufficient
to enable the Agent to publish the results of such determinations in accordance with the terms of the Agency Agreement. In addition, the
Calculation Agent agrees that it will provide a copy of all calculations made by it which affect the nominal amount outstanding of any
Relevant Notes which are identified on the Schedule as being New Global Notes to the Agent to the contact details set out in the signature
page hereof.

 

(3)       EXPENSES

 

Except as provided in Clause 4 below,
the Calculation Agent shall bear all expenses incurred by it in connection with its said services.

 

(4)       INDEMNITY

 

		(a)	The Issuer shall indemnify and keep indemnified the Calculation Agent against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred
by the Calculation Agent in disputing or defending any of the foregoing) which the Calculation Agent may incur or which may be made against
it (excluding consequential losses and losses of profit) as a result of or in connection with its appointment or the exercise of its powers
and duties under this Agreement except such as may result from its own wilful default, negligence or bad faith or that of its officers,
directors or employees or any of them, or the breach by it of the terms of this Agreement.

 

		(b)	The Calculation Agent shall indemnify and keep indemnified the Issuer against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred
by the Issuer in disputing or defending any of the foregoing) which the Issuer may incur or which may be made against it (excluding consequential
losses and losses of profit) as a result of or in connection with the breach by the Calculation Agent of the terms of this Agreement or
its 

 

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			wilful default, negligence or bad faith or that of its officers, directors or employees or any of them.

 

(5)       CONDITIONS
OF APPOINTMENT

 

		(a)	In acting hereunder in connection with the Relevant Notes, the Calculation Agent shall act solely as agent
of the Issuer and shall not thereby assume any obligations towards or relationship of agency or trust for or with any of the owners or
holders of the Relevant Notes or coupons (if any) appertaining thereto (the Coupons).

 

		(b)	In relation to each Series, the Calculation Agent shall be obliged to perform such duties and only such
duties as are herein and in the Conditions specifically set forth and no implied duties or obligations shall be read into this Agreement
or the Conditions against the Calculation Agent other than the duty to act honestly and in good faith and to exercise the diligence of
a reasonably prudent agent in comparable circumstances.

 

		(c)	The Calculation Agent may consult with legal and other professional advisers and the opinion of such advisers
shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and in accordance with
the opinion of such advisers.

 

		(d)	The Calculation Agent shall be protected and shall incur no liability for or in respect of any action
taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or the Agent, or any notice, resolution,
direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably believes, after making reasonable
investigation of the same, to be genuine and to have been delivered, signed or sent by the proper party or parties or upon written instructions
from the Issuer.

 

		(e)	The Calculation Agent, and any of its officers, directors and employees, may become the owner of, or acquire
any interest in, any Notes or Coupons (if any) with the same rights that it or he or she would have if the Calculation Agent were not
appointed hereunder, and may engage or be interested in any financial or other transaction with the Issuer and may act on, or as depositary,
trustee or agent for, any committee or body of holders of Notes or Coupons (if any) or other obligations of the Issuer as freely as if
the Calculation Agent were not appointed hereunder.

 

(6)       TERMINATION
OF APPOINTMENT

 

		(a)	The Issuer may terminate the appointment of the Calculation Agent at any time by giving to the Calculation
Agent and the Agent at least 90 days’ prior written notice to that effect, provided that, so long as any of the Relevant Notes is
outstanding, (i) such notice shall not expire less than 45 days before any date upon which any payment is due in respect of any Relevant
Notes and (ii) notice shall be given in accordance with Condition 16 to the holders of the Relevant Notes at least 30 days prior to any
removal of the Calculation Agent.

 

		(b)	Notwithstanding the provisions of Subclause 6(a) above, if at any time (i) the Calculation Agent becomes
incapable of action, or is adjudged bankrupt or

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			 insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the
benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or
a substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or of all or a substantial
part of its property is appointed, or it admits in writing its inability to pay or meet its debts as they may become due or suspends payment
thereof or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy
or insolvency law or if any public officer takes charge or control of the Calculation Agent or of its property or affairs for the purpose
of rehabilitation, administration or liquidation or (ii) the Calculation Agent fails duly to perform any function or duty imposed on it
by the Conditions and this Agreement, the Issuer may forthwith without notice terminate the appointment of the Calculation Agent, in which
event notice thereof shall be given to the holders of the Relevant Notes in accordance with Condition 16 of the Relevant Notes as soon
as practicable thereafter.

 

		(c)	The termination of the appointment pursuant to Subclause 6(a) or 6(b) above of the Calculation Agent hereunder
shall not entitle the Calculation Agent to any amount by way of compensation but will be without prejudice to any amount then accrued
and due.

 

		(d)	The Calculation Agent may resign its appointment hereunder at any time by giving to the Issuer and the
Agent at least 90 days’ prior written notice to that effect. Following receipt of a notice of resignation from the Calculation Agent,
the Issuer shall promptly give notice thereof to the holders of the Relevant Notes in accordance with Condition 16 of the Relevant Notes.

 

		(e)	Notwithstanding the provisions of Subclauses 6(a), 6(b) and 6(d) above, so long as any of the Relevant
Notes is outstanding, the termination of the appointment of the Calculation Agent (whether by the Issuer or by the resignation of the
Calculation Agent) shall not be effective unless upon the expiry of the relevant notice a successor Calculation Agent has been appointed.
The Issuer agrees with the Calculation Agent that if, by the day falling 10 days before the expiry of any notice under Clause 6(d), the
Issuer has not appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on behalf of the Issuer, to appoint
as Calculation Agent in its place an investment bank which the Issuer shall approve (such approval not to be unnecessarily withheld).

 

		(f)	Any successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor and the
Issuer an instrument accepting appointment hereunder, and thereupon such successor Calculation Agent, without further act, deed or conveyance,
shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect
as if originally named as the Calculation Agent hereunder.

 

		(g)	If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer or by the resignation
of the Calculation Agent), the Calculation Agent shall on the date on which such termination takes effect deliver to the successor Calculation
Agent all records concerning the Relevant Notes maintained by it (except such documents and records as it is obliged by law 

 

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			or regulation
to retain or not to release), but shall have no other duties or responsibilities hereunder.

 

		(h)	Any corporation into which the Calculation Agent for the time being may be merged or converted or any
corporation with which the Calculation Agent may be consolidated or any corporation resulting from any merger, conversion or consolidation
to which the Calculation Agent shall be a party shall, to the extent permitted by applicable law, be the successor Calculation Agent under
this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. Written notice
of any such merger, conversion or consolidation shall forthwith be given to the Issuer and the Agent by the Calculation Agent.

 

		(i)	Upon the termination of the appointment of the Calculation Agent, the Issuer shall use all reasonable
endeavours to appoint a further bank or investment bank as successor Calculation Agent.

 

(7)       NOTICES

 

Any notice or communication given hereunder
shall be sufficiently given or served:

 

		(a)	if delivered in person to the relevant address specified below and, if so delivered, shall be deemed to
have been delivered at time of receipt;

 

		(b)	if sent by facsimile to the relevant number specified below, shall be deemed to have been delivered upon
transmission provided such transmission is confirmed when an acknowledgment of receipt is received; or

 

		(c)	if sent by email to the relevant email address specified on the signature pages hereof (or to such other
address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed to have been
delivered at the time of confirmation by telephone:

 

The Issuer:

 

[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

[**]]

 

[TOYOTA CREDIT CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

[**]]

 

    Page 136

     

    

[TOYOTA FINANCE AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards

NSW 2065

Australia

 

[**]]

 

[TOYOTA MOTOR CREDIT
CORPORATION

6565 Headquarters Drive, Mailstop W2–3D 

Plano

Texas 75024–5965 

United States

 

[**]]

 

The Calculation Agent: ________________________

 

or to such other address and/or facsimile
number of which notice in writing has been given to the parties hereto in accordance with the provisions of this Clause 7.

 

(8)       DESCRIPTIVE
HEADINGS

 

The descriptive headings in this Agreement
are for convenience of reference only and shall not define or limit the provisions hereof.

 

(9)       CONTRACTS
(RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to this
Agreement has no right by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does
not affect any right or remedy of a third party which exists or is available apart from that Act.

 

(10)       COUNTERPARTS

 

This Agreement may be executed in any
number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together
constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective
mode of delivery.

 

(11)       GOVERNING
LAW

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement
shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	The Issuer hereby irrevocably agrees for the exclusive benefit of the Calculation Agent that the courts
of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement (including a dispute
relating to any non-contractual obligations arising out of or in connection with this Agreement) and that accordingly any suit, action
or

 

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proceedings (together
referred to as Proceedings) arising out of or in connection with this Agreement (including any Proceedings relating to any non-contractual
obligations arising out of or in connection with this Agreement) may be brought in such courts. The Issuer hereby irrevocably waives any
objection which it may have to the laying of the venue of any Proceedings in any such courts and any claim that any such Proceedings have
been brought in an inconvenient forum and hereby further irrevocably agrees that a judgment in any Proceedings brought in the English
courts shall be conclusive and binding upon the Issuer and may be enforced in the courts of any other jurisdiction. Nothing contained
herein shall limit any right to take Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking
of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not.
The Issuer hereby appoints Toyota Financial Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ as its agent for service
of process and agrees that, in the event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing to be registered in England,
it will appoint another person as its agent for service of process in England in respect of any Proceedings.

 

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IN WITNESS WHEREOF,
this Agreement has been entered into as of the day and year first above written.

 

[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.

 

By: ________________________]

 

[TOYOTA CREDIT CANADA INC.

 

By: ________________________]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

 

By: ________________________]

 

[TOYOTA MOTOR CREDIT CORPORATION

 

By: _________________________

Name:

Title:]

 

[NAME OF CALCULATION AGENT]

 

By: ________________________

 

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SCHEDULE OF RELEVANT NOTES

 

	Series Number	Issue Date	Maturity Date	Title and Nominal Amount	New Global Note

[Yes/No]	Annotation by Calculation Agent/the Issuer
	 	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

    Page 140

     

    

Appendix D

FORM OF OPERATING and ADMINISTRATIVE

PROCEDURES MEMORANDUM

 

The aggregate nominal amount
of all euro medium term notes (Notes) issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance
Australia Limited and Toyota Motor Credit Corporation outstanding at any time will not exceed €60,000,000,000 or its equivalent in
other currencies.

 

The documentation of the Programme
provides for the issue of Notes denominated in such currency (subject to any legal or regulatory restrictions) as may be agreed between
the Issuer (as defined below) and the relevant Purchaser(s) and with a minimum maturity of one month (subject to certain restrictions
as to minimum and/or maximum maturities as set out in the Prospectus (as defined below) describing the Programme) and being any of:

 

		●	Fixed Rates Notes

 

		●	Floating Rate Notes

 

		●	Zero Coupon Notes

 

		●	other forms of Notes agreed between the relevant Purchaser(s) and the relevant
Issuer.

 

All terms with initial capitals
used herein without definition shall have the meanings given to them in the Prospectus dated 16 September 2022 as supplemented or replaced
from time to time (the Prospectus) or, as the case may be, in the Programme Agreement dated 16 September 2022 between Toyota Motor
Finance (Netherlands) B.V. (TMF), Toyota Credit Canada Inc. (TCCI), Toyota Finance Australia Limited (TFA) and Toyota
Motor Credit Corporation (TMCC and together with TMF, TCCI and TFA, the Issuers) and the Dealers named therein as amended,
supplemented, novated or restated from time to time (the Programme Agreement) pursuant to which the Issuers may issue Notes. References
herein to Issuer are to TMF, TCCI, TFA or TMCC, as the case may be, in its capacity as Issuer of Notes.

 

As used herein, in relation
to any Notes which are to have a “listing” or be “listed” (a) on the London Stock Exchange, listing or
listed shall be construed to mean that such Notes have been admitted to the official list of the Financial Conduct Authority in
accordance with the listing rules of the Financial Conduct Authority and admitted to trading on the London Stock Exchange’s main
market and (b) on Euronext Dublin, listing or listed shall be construed to mean that such Notes have been admitted to Euronext
Dublin’s official list in accordance with the listing rules of Euronext Dublin and admitted to trading on Euronext Dublin and (c)
on any other Stock Exchange in a jurisdiction within the European Economic Area, listing and listed shall be construed to
mean that the Notes have been admitted to trading on a market within that jurisdiction which is a regulated market for the purposes of
the Markets in Financial Instruments Directive (Directive 2014/65/EU).

 

This Operating and Administrative
Procedures Memorandum applies to Notes issued on and after 16 September 2022. The procedures set out in Annex 1 may be varied by agreement
between the Issuer, the Agent and the relevant Purchaser, including to take account of any standardised procedures published by Euroclear
and/or Clearstream, Luxembourg

 

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(together, the ICSDs) and/or the International Capital Market Services Association (ICMSA) and/or
the International Capital Market Association (ICMA). The timings set out in these procedures represent optimum timings to ensure a smooth
settlement process. Each of the ICSDs has its own published deadlines for taking certain of the actions described herein (which may be
later than the timings described herein). The Issuer, the Agent, the relevant Purchaser, and the common depositary, or common service
provider and common safekeeper, as the case may be, may agree to vary the timings described herein subject to compliance with such deadlines.

    Page 142

     

    

OPERATING PROCEDURES

 

Purchasers must confirm all trades directly with
the Issuer and the Agent.

 

1.       RESPONSIBILITIES
OF THE AGENT

 

The Agent will, in addition to the responsibilities
in relation to settlement described in Annex A, be responsible for the following:

 

		(1)	in the case of Notes which are to be listed on a stock exchange (the relevant Stock Exchange),
distributing to the relevant Stock Exchange and any other relevant authority such number of copies of the Final Terms as they may reasonably
require; and

 

		(2)	where applicable, providing the Ministry of Finance of Japan with all required notifications and reports
(including any monthly reports as to amounts, issue dates and other terms of each Tranche of Yen-denominated Notes).

 

		2.	RESPONSIBILITIES OF THE LISTING AGENT/ARRANGER/LEAD MANAGER/DEALER

 

		(1)	The Lead Manager/Dealer/other Purchaser shall be responsible for preparing the applicable Final Terms
(substantially in the form of either Part A or Part B of Annex B hereto) to the Prospectus giving details of the Notes to be issued.

 

		(2)	In the case of Notes to be listed on a relevant Stock Exchange, the Listing Agent/Arranger or Lead Manager
will be responsible for ensuring compliance with the Prospectus Regulation (if applicable), the UK Prospectus Regulation (if applicable)
and the listing rules of the relevant Stock Exchange and obtaining all necessary approvals for listing the Notes on the relevant Stock
Exchange. The Issuer recognises with respect to this Clause 2(2) its continuing obligation so long as any Notes under the Programme are
outstanding to apprise the applicable Dealers of any material adverse change in its (consolidated, if applicable) financial position or
its business operations.

 

3.       RESPONSIBILITIES
OF THE ISSUER

 

The Issuer shall execute and deliver
the Final Terms to the Agent and the Lead Manager/Dealer/other Purchaser.

 

4.       SETTLEMENT

 

The settlement procedures set out in
Annex A shall apply to each issue of Bearer Notes, unless otherwise agreed between the Issuer and the relevant Dealer or Dealers.

 

Settlement procedures for an issue of
Registered Notes issued by TCCI are set out in the TCCI Note Agency Agreement. Settlement procedures for an issue of Registered Notes
issued by TMCC are set out in the TMCC Note Agency Agreement.

 

Trading Desk Information list is set
out in Annex E.

 

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ANNEX A TO APPENDIX D

SETTLEMENT PROCEDURES

 

The procedures set out below have been discussed
and agreed by the ICSDs, representatives of ICMA and representatives of ICMSA. It is recommended that these procedures are adopted without
material amendment to facilitate standardisation in the market and a smooth closing procedure. ****

 

Times set out below are London times and
represent the latest time for taking the action concerned. It is recommended that where possible the action concerned is taken in advance
of these times.

 

	Day	Latest time	Action
	No later than Issue Date minus 3	2:00 p.m.	The Issuer or its designated
    agent may agree to terms with one or more of the Purchasers for the issue and purchase of Notes1.  The
    relevant Purchaser instructs the Agent to obtain a common code and ISIN (and any other relevant financial instrument codes such as
    CFI code and FISN) or, if relevant, a temporary common code and ISIN (and any other relevant financial instrument codes such as CFI
    code and FISN) for the Notes from one of the ICSDs.
	Issue Date minus 2	5:00 p.m.	If a Purchaser has reached agreement
    with the Issuer by telephone, the Purchaser confirms the terms of the agreement to the Issuer (substantially in the form of Annex
    C) attaching a copy of the applicable Final Terms (substantially in the form set out in Annex B) by electronic communication.  The
    Purchaser sends a copy of that electronic communication to the Agent for information.
	 	 	The Issuer confirms its agreement
    to the terms on which the issue of Notes is to be made (including the form of the Final Terms) by signing and returning a copy of
    the Final Terms to the relevant Purchaser and the Agent.  The details set out in the signed Final Terms shall be conclusive
    evidence of the agreement (save in the case of manifest error) and shall be binding on the parties accordingly.  The Issuer
    also confirms its instructions to the Agent (substantially in the form set out in Annex D) (including, in the case of Floating Rate
    Notes, for the purposes of rate fixing) to carry out the duties to be carried out by the Agent under these Settlement Procedures
    and the Agency Agreement including preparing and authenticating a 

 

		****	In the case of a syndicated Note issue, certain of the Settlement Procedures set forth below will be revised
as appropriate.

		1	Relevant Purchaser(s) to consider whether it/they have reviewed the necessary Singapore product classification
from the Issuer prior to the launch of the offer, pursuant to Section 309B of the Securities and Futures Act 2001 (2020 Revised Edition)
of Singapore.

 

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	Day	Latest time	Action

	 	 	Temporary Global Note for the Tranche of Notes which is to be purchased
    and, in the case of the first Tranche of a Series, where the applicable Final Terms do not specify that the Temporary Global Note
    is to be exchangeable only for Notes in definitive form, a Permanent Global Note for the Series.
	 	 	In the case of Floating
    Rate Notes, the Agent notifies the ICSDs, the Issuer, (if applicable) the relevant Stock Exchange and any other relevant authority
    and the relevant Purchaser of the Rate of Interest for the first Interest Period (if already determined).  Where the Rate
    of Interest has not yet been determined, this will be notified in accordance with this paragraph as soon as it has been determined.
	 	 	If the Issuer has agreed with
    two or more Purchasers to issue Notes on a syndicated basis, it is to enter into an agreement with such Purchasers in the form or
    substantially the form set out in Appendix 5 to the Programme Agreement.
	No later than Issue Date minus 1	2:00 p.m.	In the case of Notes which are
    to be listed on a Stock Exchange or publicly offered in a European Economic Area Member State and/or the United Kingdom, the Agent
    also notifies the Stock Exchange and/or any other relevant authority, as the case may be, by electronic communication or by hand
    of the details of the Notes to be issued by sending the applicable Final Terms to the Stock Exchange and/or any other relevant authority,
    as the case may be.
	Issue Date minus 1	10:00 a.m. (for prior day currencies2)	The relevant Purchaser and the
    Agent give settlement instructions to the relevant ICSD(s) to effect the payment of the purchase price, against delivery of the Notes,
    to the Agent’s account with the relevant ICSD(s) on the Issue Date.  
	 	12.00 noon (for other currencies)	The parties (which for this purpose
    shall include the Agent) may agree to arrange for “free delivery” to be made through the relevant ICSD(s) if specified
    in the applicable Final Terms, in which case these Settlement Procedures will be amended accordingly.
	Issue Date minus 1	ICSD deadlines for the relevant
    currency	For prior day currencies, the
    Agent instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received
    by it to the account of the Issuer previously notified to the Agent for the purpose.

 

		2	The most common prior day currencies are Australian dollars (AUD), Hong Kong dollars (HKD), Japanese yen
(JPY) and New Zealand dollars (NZD) but other currencies in similar time zones may also be prior day currencies. The parties should establish
whether or not a particular currency is a prior day currency as soon as possible.

 

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	Day	Latest time	Action

	Issue Date minus 1	3.00 p.m.	The Agent prepares
    and authenticates a Temporary Global Note for each Tranche of Notes which is to be purchased and, where required as specified above,
    a Permanent Global Note in respect of the relevant Series, in each case attaching the applicable Final Terms.
	 	 	Each Global Note which is a CGN
    is then delivered by the Agent to the Common Depositary.  For an issue of Notes on a syndicated basis, the Common Depositary
    can then request the ICSDs credit the Notes to the securities commissionaire account of the relevant Lead Manager.
	 	 	Each Global Note which is a New
    Global Note is then delivered by the Agent to the common safekeeper, together (if applicable) with an effectuation instruction.  In
    the event that the common service provider and the common safekeeper are not the same entity, the Agent should also deliver the applicable
    Final Terms to the common service provider.
	 	 	For securities in New Global
    Note form, the Agent then instructs the mark up of the issue outstanding amount of the Global Note to the ICSDs through the common
    service provider.
	Issue Date minus 1	5.00 p.m.	The conditions of issue in the
    Programme Agreement are satisfied and/or waived.
	 	 	In the case of each Global Note
    which is a New Global Note, the common safekeeper confirms deposit and effectuation (if applicable)3
    of the Global Note to the Agent, the common service provider and the ICSDs. For an issue of Notes on a syndicated basis,
    the common service provider can then request the ICSDs credit the Notes to the securities commissionaire account of the relevant
    Lead Manager.
	Issue Date minus 1	6.00 p.m.	In the case of each Global Note
    which is a CGN, the Common Depositary confirms deposit of the Global Note to the Agent and the ICSDs.
	 	 	In the case of each Global Note
    which is a New Global Note, the common service provider relays the Agent’s instruction to mark up the issue outstanding amount
    of the Global Note to the ICSDs.

 

		3	This assumes that an effectuation authorisation has been delivered by the Issuer to the common safekeeper
(i.e. Euroclear or Clearstream, Luxembourg) at the update of the programme. If this is not the case, such an authorisation should be delivered
at least 2 business days prior to the closing of the first issue of Eurosystem-eligible New Global Notes under the Programme.

 

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	Day	Latest time	Action

	Issue Date	According to ICSD settlement
    procedures	The ICSDs debit and
    credit accounts in accordance with instructions received from the Agent and the relevant Purchaser.
	Issue Date	ICSD deadlines for the relevant
    currency	For an issue of Notes on a syndicated
    basis, payment is released to the relevant Issuer by the ICSDs.  For an issue of Notes on a non-syndicated basis, the Agent
    instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received by
    it to the account of the Issuer previously notified to the Agent for the purpose.
	Issue Date	5.00 p.m.	The Agent forwards a copy of
    the signed Final Terms to each ICSD.
	On or subsequent to the Issue Date	 	The Agent notifies the Issuer
    immediately in the event that a Purchaser does not pay the purchase price due from it in respect of a Note.
	 	 	The Agent notifies the Issuer
    of the issue of Notes giving details of the Global Note(s) and the nominal amount represented thereby.
	 	 	The Agent confirms the issue
    of Notes to the relevant Stock Exchange and any other relevant authority.

Explanatory Notes to Settlement Procedures

 

		(a)	Each Day is a day on which banks and foreign exchange markets are open for general business in
London (including dealings in foreign exchange and foreign currency deposits), counted in reverse order from the proposed Issue Date.

 

		(b)	The Issue Date must be a Business Day. For the purposes of this Memorandum, Business Day
means a day which is:

 

		(1)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London and any other place specified in the applicable
Final Terms as an Additional Business Centre;

 

		(2)	(i) in relation to Notes denominated in a Specified Currency other than euro and Renminbi, a day on which
commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange
and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency; or (ii) in relation
to Notes denominated in euro, a day on which the TARGET2 system is open; or (iii) in relation to any sum payable in Renminbi, a day on
which commercial banks and foreign exchange markets are open for business and settlement of Renminbi payments in Hong Kong. Unless provided
otherwise in the applicable Final Terms, the principal financial centre of any country shall be as provided in the 2021 ISDA Interest
Rate Derivatives Definitions (except in the case of Australia and New Zealand, where the principal financial centre will be Sydney or
Auckland, respectively); and

 

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		(3)	a day on which the ICSDs and any other relevant clearing system is open for general business.

 

		(c)	Times given can be modified upon the mutual agreement of the Purchaser, the Agent and the Issuer.

 

		(d)	If at any time the Agent is notified by the Issuer or the relevant Stock Exchange that the listing of
a Series of Notes has been refused or otherwise will not take place, the Agent shall immediately notify the Issuer, the Dealer and all
the relevant Purchaser(s) (if not the Dealer).

 

		(e)	If any final terms or information to be included in the applicable Final Terms constitute “significant
new factors” and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation
and Article 23 of the UK Prospectus Regulation the timings outlined above will change as the Final Terms will need to be approved by the
relevant authority as a supplement, which can take up to seven working days.

 

		(f)	Where a clearing system other than Euroclear or Clearstream, Luxembourg is used for an issue, references
to the ICSDs shall be interpreted accordingly.

 

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ANNEX B TO APPENDIX D

 

FORM OF FINAL TERMS AND
ISSUE TERMS

 

Part A

 

FORM
OF FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF AT LEAST €100,000 (or equivalent in any other currency)
TO BE ADMITTED TO TRADING ON AN EEA OR UK REGULATED MARKET (AND NOTES TO BE ADMITTED TO TRADING ONLY ON A REGULATED MARKET, OR A SPECIFIC
SEGMENT OF A REGULATED MARKET, TO WHICH ONLY QUALIFIED INVESTORS HAVE ACCESS)

 

[PROHIBITION OF SALES TO
EEA RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). [For these purposes,
a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97
(as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).]
[Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”)
for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.]]

 

[PROHIBITION OF SALES TO
UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the United Kingdom (“UK”). [For these purposes, a “retail
investor” means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU)
No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”);
(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”)
and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA;
or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of
the EUWA [(the “UK Prospectus Regulation”)].] [Consequently, no key information document required by Regulation (EU)
No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or
selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.]]

 

[MiFID II product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties[,]/[and] professional
clients [outside the European Economic Area (“EEA”),] [and]/[as well as] retail clients [(limited to those resident
in [insert relevant jurisdiction(s)] only),] each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID II”)];
and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients [outside the EEA,] and retail
clients [(limited to those resident in [insert relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable
[insert relevant jurisdiction(s)] securities laws and regulations.] [; and (iii) the following channels for distribution of the
Notes to retail clients are appropriate - investment advice, portfolio management, non-advised sales and pure execution

 

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services - subject to the
distributor’s suitability and appropriateness obligations under MiFID II, as applicable.] Any person subsequently offering, selling
or recommending the Notes (a “distributor”) should take into consideration the manufacturer[’s/s’] target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect
of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate
distribution channels [outside the EEA with all sales], subject to the distributor’s suitability and appropriateness obligations
under [MiFID II, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[UK MiFIR product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in
the FCA Handbook Conduct of Business Sourcebook (“COBS”)[,]/[and] professional clients, as defined in Regulation (EU)
No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”) [outside the United Kingdom (“UK”),] [and]/[as well as] retail clients [(limited to those resident
in [insert relevant jurisdiction(s)] only)] as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA]; and (ii) all channels for distribution
of the Notes to eligible counterparties, professional clients [outside the UK,] and retail clients [(limited to those resident in [insert
relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable [insert relevant jurisdiction(s)]
securities laws and regulations.] [; and (iii) the following channels for distribution of the Notes to retail clients are appropriate
- investment advice, portfolio management, non-advised sales and pure execution services - subject to the distributor’s suitability
and appropriateness obligations under COBS, as applicable.] Any person subsequently offering, selling or recommending the Notes (a “UK
distributor”) should take into consideration the manufacturer[’s/s’] target market assessment; however, a UK distributor
subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining
appropriate distribution channels [outside the UK with all sales], subject to the UK distributor’s suitability and appropriateness
obligations under [COBS, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[MiFID II product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible
counterparties and professional clients only, each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID II”)];
and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer[’s/s’]
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate
distribution channels.]

 

[UK MiFIR product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only
eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook and professional clients, as defined in Regulation
(EU) No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate.
Any person subsequently offering, selling or recommending the Notes (a “UK distributor”) should take into consideration
the manufacturer[’s/s’] target market 

 

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assessment; however, a UK distributor subject to the FCA Handbook Product Intervention
and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting
or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution channels.]

 

[Notification under
Section 309B of the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore – In connection with Section 309B
of the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore, as modified or amended from time to time (the
“SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP
Regulations 2018”), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of
the SFA), that the Notes are [prescribed capital markets products]/[capital markets products other than prescribed capital markets
products] (as defined in the CMP Regulations 2018) and [are] [Excluded]/[Specified] Investment Products (as defined in MAS Notice
SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).]1 2

 

Final Terms

 

Dated [ ]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002
435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Legal Entity Identifier (“LEI”):
[     ]]

 

Issue of [Aggregate Nominal Amount of Tranche]
[Title of Notes]

under the €60,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

PART A – CONTRACTUAL TERMS

 

Terms used herein shall be
deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus dated 16 September
2022 [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by reference ([the Prospectus
as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the purposes of the Prospectus Regulation
(as defined [above/below]) and the UK Prospectus Regulation (as defined [above/below]). This document constitutes the Final Terms of the
Notes described herein for the purposes of the Prospectus Regulation and the UK Prospectus Regulation and must be read in conjunction
with the Prospectus in order to obtain all the relevant information. The Prospectus has been published on the website of the London Stock
Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and the website of Euronext Dublin at
https://live.euronext.com/en/markets/dublin.

 

 

 

		1	Insert
                                            “prescribed capital market products” and “Excluded Investment
                                            Products” or, if not, amend Singapore product classification.

		2	Relevant
                                            Dealer(s) to consider whether it/they have received the necessary Singapore product classification
                                            from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

 

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[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus with an earlier date.

 

Terms used herein shall be
deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”) set forth
in and extracted from the Prospectus dated [17 September 2021/18 September 2020/13 September 2019/14 September 2018] and
which are incorporated by reference in the Prospectus dated 16 September 2022. This document constitutes the Final Terms of the Notes
described herein for the purposes of the Prospectus Regulation (as defined [above/below]) and the UK Prospectus
Regulation (as defined [above/below]) and must be read in conjunction with the Prospectus dated 16 September 2022, including the Conditions
which are incorporated by reference in it [and the supplement[s] to it dated [date] [and [date]]], including all
documents incorporated by reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base
prospectus for the purposes of the Prospectus Regulation and the UK Prospectus Regulation in order to obtain
all the relevant information. The Prospectus has been published on the website of the London Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
and the website of Euronext Dublin at https://live.euronext.com/en/markets/dublin.]

 

[The expression
“Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended) [and the expression “UK Prospectus Regulation”
means Regulation (EU) 2017/1129 as it forms part of [United Kingdom/UK] domestic law by virtue of the [European Union (Withdrawal) Act
2018, as amended/EUWA]].]

 

[Include whichever of the
following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even if “Not
Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which are not applicable
can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ]
	 	(ii)	Credit Support Providers:	
    Toyota Motor Corporation

     

    LEI - 5493006W3QUS5LMH6R84

     

    Toyota Financial Services Corporation

     

    LEI - 353800WDOBRSAV97BA75 

	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Date on which the Notes will be consolidated and form a single Series:	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]]].]
	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]
	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ]
	5.	Issue Price:	[         ] per cent. of the Aggregate Nominal Amount [plus [         ] days’ accrued interest in respect of the period from, and including, [insert date] to, but excluding, [insert date] (if applicable)]

 

    Page 152

     

    

	6.	(i)	Specified Denominations:	
    [         ] 

    [[€100,000]
and integral multiples of [€1,000] in excess thereof up to and including [€199,000]. No Notes in definitive form will
be issued with a denomination above [€199,000].] 

	 	(ii)	Calculation Amount:	
    [         ] 

    (If there is only one Specified
    Denomination, insert the Specified Denomination.

     

    If there is more than
one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common factor in the
case of two or more Specified Denominations) 

	7.	(i)	Trade Date:	[         ]
	 	(ii)	Issue Date:	[         ]
	 	(iii)	Interest Commencement Date:	
[         ]/[Issue
Date]/[Not Applicable] 

    (N.B. An Interest Commencement Date will
not be relevant for certain Notes, for example, Zero Coupon Notes) 

	8.	Maturity Date:	
[         ] 

    [Fixed rate - Specify date / Floating rate
    - Interest Payment Date falling in or nearest to [specify month and year]]

     

    (N.B. The Maturity Date
may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than 50 years
after the Issue Date) 

	9.	Interest Basis:	
    [[         ]
per cent. Fixed Rate] 

    [Fixed Rate Step-up/Step-down] 

    [[         ] month [EURIBOR/CDOR/STIBOR/NIBOR/SOFR/SONIA]
    +/– [         ] per cent. Floating Rate]

    

    [Zero Coupon]

    

    (See paragraph 16/17/18 below) 

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]
	12.	Put/Call Options: 	
    [Investor Put Option]

     

    [Issuer Call Option]

     

    [Issuer Maturity Par Call Option]

     

    [Issuer Make-Whole Call Option]

     

    [Not Applicable]

     

    [(See paragraph(s) 19/20/21/22 below)] 

	13.	(i)	Status of the Notes:	Senior

 

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	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Prospectus dated 16 September 2022
	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in Condition 3:	Not Applicable
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 
	16.	Fixed Rate Note Provisions 	
    [Applicable]/[Not
Applicable]

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph)

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date [from, and including, [         ] to, but excluding, [         ]] [. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, [the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]]/ [         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to the Notes in definitive form) and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form), payable [[         ] in arrear] on [         ]/[each Interest Payment Date][, except for the amount of interest payable on the [first]/[last] Interest Payment Date falling on [         ]][. [This]/[These] Fixed Coupon Amount[s] appl[ies]/[y] if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to the Notes in definitive form) and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form), payable on the [first]/[last] Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s):	
    [[ ] in each year]/[Not Applicable]

     

    (Insert regular interest
payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where the
Fixed Day 

    Page 154

     

    

	 			
    Count Fraction is
Actual/Actual (ICMA))

	17.	Floating Rate Note Provisions	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)	[Specified]/[Interest] Period(s)/[Specified] Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business Day Convention]/[Modified Following Business Day Convention]/[Preceding Business Day Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ]
	 	(vi)	Screen Rate Determination:	 
	 	 	- Reference Rate:	[         ] month [EURIBOR/CDOR/STIBOR/NIBOR]/[SOFR/SONIA]
	 	 	- Calculation Method:	[Compounded SOFR Rate]/[SOFR Rate]/[Compounded Daily Rate]/[Compounded Index Rate]/[Not Applicable]
	 	 	- D:	[365]/[         ]/[Not Applicable]
	 	 	- Observation Method:	[Lag]/[Shift]/[Not Applicable]
	 	 	- Relevant Financial Centre (if other than set out in the Conditions):	[Specify other Relevant Financial Centre]
	 	 	- Interest Determination Date(s):	
[         ] 

    (First day of each Interest
Period if CDOR, the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR, second Stockholm
business day prior to the start of each Interest Period if STIBOR, second Oslo business day prior to the start of each Interest Period
if NIBOR, the [ ] U.S. Government Securities Business Day prior to the relevant Interest Payment Date for each Interest Period if SOFR
and the [ ] London Banking Day prior to the relevant Interest Payment Date for each Interest Period if SONIA) 

	 	 	- Relevant Number:	[         ]/[Not Applicable]
	 	 	- Relevant Screen Page:	
[         ]/[Not Applicable]

     

    (Insert page on which
the Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets Limited for EURIBOR/CDOR/
STIBOR/NIBOR/SONIA) 

 

    Page 155

     

    

	 	 	 	(In the case of EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)

	 	 	- Specified Time:	
    [11:00 a.m. [London/Brussels/Stockholm/Oslo]
    time]

    [In the case of EURIBOR/STIBOR/NIBOR]/

     

    [10:00 a.m.
Toronto time] [In the case of CDOR]/[[ ] in the case of SONIA]/[Not Applicable] 

	 	 	- Reference Banks:	[         ]/[Not Applicable]
	 	 	- Observation Look-Back Period:	[         ] London Banking Days (for SONIA)/[Not Applicable]
	 	(vii)	Linear Interpolation:	
    [Not Applicable/Applicable
– the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear Interpolation

    (Specify for each short
or long Interest Period)]

	 	(viii)	Margin(s):	[+/-][        ] per cent. per annum
	 	(ix)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(x)	Maximum Rate of Interest:	[[         ] per cent. per annum]/[Not Applicable]
	 	(xi)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]
	18.	Zero Coupon Note Provisions 	
    [Applicable]/[Not Applicable]

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph)

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]
	PROVISIONS RELATING TO REDEMPTION
	19.	Issuer Call Option	
    [Applicable]/[Not
    Applicable]

     

    (If not
    applicable, delete the remaining sub-paragraphs of this paragraph)

     

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	[Applicable]/[Not Applicable]
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
    [Minimum period: [
    ] days]/[Not Applicable]

     

    [Maximum period: [
    ] days]/[Not Applicable]

     

    Page 156

     

    

	20.	Issuer Maturity Par Call Option	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	[(i)][Par Call Period:]	[From (and including) [         ] (the “Par Call Period Commencement Date” to (but excluding) the Maturity Date)]
	 	[(ii)][Notice periods (if other than set out in the Conditions):]	
    [Minimum period: [
    ] days]/[Not Applicable]

     

    [Maximum period: [
    ] days]/[Not Applicable]

    

	21.	Issuer Make-Whole Call Option	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)Optional Redemption Date(s):	[         ]/[at any time that is prior to the Par Call Period Commencement Date]
	 	(ii)Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]/[Canada Yield Price]
	 	(iii)Reference Bond:	[         ]/[Not Applicable]
	 	(iv)Par Call Date:	[         ]/[Not Applicable]
	 	(v)Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(vi)Redemption Margin:	[[         ] per cent.]/[Not Applicable]
	 	(vii)If redeemable in part:	[Applicable]/[Not Applicable]
	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(viii)Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(ix)Notice periods (if other than set out in the Conditions):	
    [Minimum period: [
    ] days]/[Not Applicable]

     

    [Maximum period: [
] days]/[Not Applicable] 

	22.	Investor Put Option	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	23.	Final Redemption Amount	[         ] per Calculation Amount
	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier	[         ] per Calculation Amount

    Page 157

     

    

	 	redemption:	 
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	25.	Form of Notes:	 
	 	 	 	
[         ] 

    (Insert description that is consistent
with one of the options in the “Form of the Notes” section of the Prospectus) 

	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
    [Not Applicable/give details]

     

    (Note that this paragraph relates to the
place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates) 

	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Reference Currency Equivalent (if different from US dollars as set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Defined terms/Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	31.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	32.	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]
	33.	Settlement (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	34.	Relevant Benchmark:	[[specify benchmark] is provided by [administrator legal name].  As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority [and/or the UK Financial Conduct Authority] pursuant to Article 36 (Register of administrators and benchmarks) of the EU Benchmarks Regulation (EU) 2016/1011 [and/or Article 36 (Register of administrators and benchmarks) of Regulation (EU) 2016/1011 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA][, respectively]]]/[Not Applicable]
	 	 	 	 

    Page 158

     

    

	RESPONSIBILITY
	The Issuer accepts responsibility for the information contained in these Final Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.]/[With respect to any information included herein and specified to be sourced from a third party, the Issuer confirms that any such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information available to it from such third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.]

	Signed on behalf of the Issuer:
	[NAME OF ISSUER]
	By:
	Name:
	Title:
	
    Duly authorised

     

    cc:The Bank of New York Mellon,
    acting through its London branch

    [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

    [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

     

    Page 159

     

    

PART B – OTHER INFORMATION

 

	1.LISTING AND ADMISSION TO TRADING
	(i)	Listing and admission to trading:	
    [Application
    has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London Stock
    Exchange’s main market] [Euronext Dublin’s regulated market] and for listing on [the Official List of the UK Financial Conduct
    Authority] [the Official List of Euronext Dublin] with effect from [ ].] / [Not Applicable.]

     

    (Where documenting
    a fungible issue need to indicate that original securities are already admitted to trading.)
    

    

	(ii)	Estimate of total expenses related to admission to trading:	[         ]
	2.RATINGS	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	[Fitch Ratings, Inc. (“Fitch”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	[Moody’s Japan, Moody’s, Standard & Poor’s Japan
and Fitch are not established in the European Union or the UK and have not applied for registration under Regulation (EC) No. 1060/2009
(as amended, the “CRA Regulation”) or Regulation (EC) No. 1060/2009 as it forms part of UK domestic law by virtue
of the [[European Union (Withdrawal) Act 2018, as amended]/[EUWA]] (the “UK CRA Regulation”), respectively.  However,
Moody’s Deutschland GmbH has endorsed the ratings of Moody’s Japan and Moody’s, S&P Global Ratings Europe Limited
has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ireland Limited has endorsed the ratings of Fitch, in
accordance with the CRA Regulation and Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s,
S&P Global Ratings UK Limited has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ltd has endorsed the
ratings of Fitch, in accordance with the UK CRA Regulation.  Each of Moody’s Deutschland GmbH, S&P Global Ratings
Europe Limited and Fitch Ratings Ireland Limited is established in the European Union and is registered under

    Page 160

     

    

	 	the CRA Regulation.  Each of Moody’s Investors Service Ltd., S&P Global Ratings UK Limited and Fitch Ratings Ltd is established in the UK and is registered under the UK CRA Regulation.]
	 	[The Issuer has not applied to Moody’s [Japan] or Standard & Poor’s Japan [or Fitch] for ratings to be assigned to the Notes.]
	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.  Anyone who is not such a person is not entitled to receive this Final Terms and anyone who receives this Final Terms must not distribute it to any person who is not entitled to receive it.
	
    3.       INTERESTS
    OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

     

    Save
    [as discussed in “Subscription and Sale” in the Prospectus] / [as set out below] / [for any fees payable to the [Purchasers/Dealers/Managers]],
    so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. [The [Purchasers/Dealers/Managers]
    and their affiliates may have engaged, and may in the future engage, in the ordinary course of their business activities, in lending,
    advisory, corporate finance services, investment banking and/or commercial banking transactions with, and may perform the services for,
    the Issuer and its affiliates and/or for companies involved directly or indirectly in the sector in which the Issuer and/or its affiliates
    operate.] (Amend as appropriate if there are any other interests.)

     

    [(When adding
any other description, consideration should be given as to whether such matters described constitute “significant new factors”
and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation and Article 23 of
the UK Prospectus Regulation.)] 

	4.REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS
	Reasons for the offer:	
    [As set out in “Use of Proceeds”
    in the Prospectus dated 16 September 2022]/[ ]

     

    (See
“Use of Proceeds” wording in the Prospectus – if the reasons for the offer are different from what is disclosed in
the Prospectus, give details here, including, as the case may be, details of Eligibility Models, Eligibility Criteria and Use of Proceeds
Report (including the website location of the Use of Proceeds Report and details of compliance monitoring)) 

	Estimated net proceeds:	[         ]
	5.Fixed Rate Notes only – YIELD
	Indication of yield:	
[         ] 

    Calculated as [include specific details of
    method of calculation in summary form] on the Issue Date.

     

    As set out above, the
yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield. 

	 	 	 

    Page 161

     

    

	6.OPERATIONAL INFORMATION  
	(i)      ISIN:	[         ] 
	(ii)     Common Code:	[         ]
	(iii)     Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):	[Not Applicable/give name(s) and number(s)]
	(iv)     Delivery:	Delivery [against] / [free of] payment 
	(v)      Names and addresses of additional Paying Agent(s) (if any):	[         ]
	(vi)      Intended to be held in a manner which would allow Eurosystem eligibility:	
    [Yes]/[No]/[Not
    Applicable]

     

    [Note
    that the designation “yes” means that the Notes are intended upon issue to be deposited
    with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the
    name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and does not necessarily
    mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem
    either upon issue or at any or all times during their life as such recognition depends upon satisfaction of the Eurosystem eligibility
    criteria.] / [Note that the designation “no” means that should the Eurosystem eligibility criteria be amended in the future
    such that the Notes are capable of meeting such criteria, the Notes may then be deposited with Euroclear Bank SA/NV or Clearstream Banking
    S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name of a nominee of one of the ICSDs acting as common
    safekeeper,] [include this text for registered Notes]] and does not necessarily mean that the Notes will be recognised as eligible
    collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life as such recognition
    depends upon satisfaction of the Eurosystem eligibility criteria.] (Include this text if “yes” or “no” is selected
    in which case bearer Notes must be issued in NGN form and registered Notes must be held under the NSS.)

     

	7.DISTRIBUTION
	(i)       Method of distribution:	[Syndicated]/[Non-syndicated]
	
     (ii)        If
    syndicated:

     

     (a)     Names
of Managers: 
	
    [Not Applicable/give
    names]

     

	(b)     Date of Syndicate Purchase Agreement:	[         ]
	(c)      Stabilisation Manager(s) (if any):	[         ]

    Page 162

     

    

	(iii)      If non-syndicated, name of Dealer/Purchaser:	[Not Applicable/give name and address]
	(iv)      U.S. Selling Restrictions:	
    [Reg. S
    Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

     

    (TEFRA
    D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity of
    183 days or less (taking into consideration unilateral rights to roll or extend))

     

    (For
Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D) 

	(v)       Prohibition of Sales to EEA Retail Investors:	[Applicable/Not Applicable]
	(vi)      Prohibition of Sales to UK Retail Investors:	[Applicable/Not Applicable]
	(vii)      Prohibition of Sales to Belgian Consumers:	Applicable

 

    Page 163

     

    

ANNEX B TO APPENDIX D

 

Part B

 

FORM
OF FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF LESS THAN €100,000 (OR EQUIVALENT IN ANY OTHER CURRENCY)
TO BE ADMITTED TO TRADING ON AN EEA OR UK REGULATED MARKET (other than a regulated market, or A specific segment of a regulated market,
to which only qualified investors have access) AND/OR OFFERED TO THE PUBLIC ON A NON-EXEMPT BASIS IN THE EEA OR THE UK

 

[PROHIBITION OF SALES TO
EEA RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). [For these purposes,
a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article
4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97
(as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
(iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).]
[Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”)
for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.]]

 

[PROHIBITION OF SALES TO
UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the United Kingdom (“UK”). [For these purposes, a “retail
investor” means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU)
No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”);
(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”)
and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA;
or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of
the EUWA [(the “UK Prospectus Regulation”)].] [Consequently, no key information document required by Regulation (EU)
No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or
selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.]]

 

[MiFID II product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties[,]/[and] professional
clients [outside the European Economic Area (“EEA”),] [and]/[as well as] retail clients [(limited to those resident
in [insert relevant jurisdiction(s)] only),] each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID II”)];
and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients [outside the EEA,] and retail
clients [(limited to those resident in [insert relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable
[insert relevant jurisdiction(s)] securities laws and regulations.] [; and (iii) the following channels for distribution of the
Notes to retail clients are appropriate - investment advice, portfolio management, non-advised sales and pure execution services - subject
to the distributor’s suitability and appropriateness obligations under MiFID II, as

 

    Page 164

     

    

applicable.] Any person subsequently
offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer[’s/s’]
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate
distribution channels [outside the EEA with all sales], subject to the distributor’s suitability and appropriateness obligations
under [MiFID II, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[UK MiFIR product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in
the FCA Handbook Conduct of Business Sourcebook (“COBS”)[,]/[and] professional clients, as defined in Regulation (EU)
No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”) [outside the United Kingdom (“UK”),] [and]/[as well as] retail clients [(limited to those resident
in [insert relevant jurisdiction(s)] only)] as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA]; and (ii) all channels for distribution
of the Notes to eligible counterparties, professional clients [outside the UK,] and retail clients [(limited to those resident in [insert
relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable [insert relevant jurisdiction(s)]
securities laws and regulations.] [; and (iii) the following channels for distribution of the Notes to retail clients are appropriate
- investment advice, portfolio management, non-advised sales and pure execution services - subject to the distributor’s suitability
and appropriateness obligations under COBS, as applicable.] Any person subsequently offering, selling or recommending the Notes (a “UK
distributor”) should take into consideration the manufacturer[’s/s’] target market assessment; however, a UK distributor
subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining
appropriate distribution channels [outside the UK with all sales], subject to the UK distributor’s suitability and appropriateness
obligations under [COBS, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[MiFID II product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible
counterparties and professional clients only, each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID II”)];
and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer[’s/s’]
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate
distribution channels.]

 

[UK MiFIR product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only
eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook and professional clients, as defined in Regulation
(EU) No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate.
Any person subsequently offering, selling or recommending the Notes (a “UK distributor”) should take into consideration
the manufacturer[’s/s’] target market assessment; however, a UK distributor subject to the FCA Handbook Product Intervention
and Product Governance Sourcebook is responsible for undertaking its own target market assessment

 

    Page 165

     

    

 in respect of the Notes (by either adopting
or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution channels.]

 

[Notification under
Section 309B of the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore – In connection with Section 309B
of the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore, as modified or amended from time to time (the
“SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP
Regulations 2018”), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of
the SFA), that the Notes are [prescribed capital markets products]/[capital markets products other than prescribed capital markets
products] (as defined in the CMP Regulations 2018) and [are] [Excluded]/[Specified] Investment Products (as defined in MAS Notice
SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).]1 2

 

Final Terms

 

Dated [ ]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002
435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Legal Entity Identifier (“LEI”):
[     ]]

 

Issue of [Aggregate Nominal Amount of Tranche]
[Title of Notes]

under the €60,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

Any person making or intending
to make an offer of the Notes may only do so:

 

		(i)	[in those Public Offer Jurisdictions mentioned in Paragraph 9 of Part B below, provided such person is
of a kind specified in that paragraph and that such offer is made during the Offer Period specified in that paragraph; or

 

		(ii)	otherwise]3
in circumstances in which no obligation arises for the Issuer or any Dealer or Manager to publish
a prospectus pursuant to Article 3 of the Prospectus Regulation (as defined [above/below]) or Section 85 of the Financial Services and
Markets Act 2000 (as amended[, the “FSMA”]), or to supplement a prospectus pursuant to Article 23 of the Prospectus
Regulation or Article 23 of the UK Prospectus Regulation (as defined [above/below]), in each case, in relation to such offer.

 

Neither
the Issuer nor any Dealer or Manager has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

 

 

 

		1	Insert
                                            “prescribed capital market products” and “Excluded Investment
                                            Products” or, if not, amend Singapore product classification.

		2	Relevant
                                            Dealer(s) to consider whether it/they have received the necessary Singapore product classification
                                            from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

		3	Include
                                            this wording where a Non-exempt Offer of Notes and/or a UK Public Offer of Notes is/are anticipated.

 

    Page 166

     

    

PART A – CONTRACTUAL TERMS

 

Terms used herein shall be
deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus dated 16 September
2022 [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by reference ([the Prospectus
as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the purposes of the Prospectus Regulation
and the UK Prospectus Regulation. This document constitutes the Final Terms of the Notes described herein for the purposes of the Prospectus
Regulation and the UK Prospectus Regulation and must be read in conjunction with the Prospectus in order to obtain all the relevant information.
A summary of the issue of the Notes is annexed to these Final Terms. The Prospectus has been published on the website of the London Stock
Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and the website of Euronext Dublin at
https://live.euronext.com/en/markets/dublin.

 

[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus with an earlier date.

 

Terms used herein shall
be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”) set forth
in and extracted from the Prospectus dated [17 September 2021/18 September 2020/13 September 2019/14 September 2018] and
which are incorporated by reference in the Prospectus dated 16 September 2022. This document constitutes the Final Terms of the Notes
described herein for the purposes of the Prospectus Regulation and the UK Prospectus Regulation and must
be read in conjunction with the Prospectus dated 16 September 2022, including the Conditions which are incorporated by reference in it
[and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by reference ([the Prospectus
as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the purposes of the
Prospectus Regulation and the UK Prospectus Regulation in order to obtain all the relevant information. A summary of the issue of the
Notes is annexed to these Final Terms. The Prospectus has been published on the website of the London Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
and the website of Euronext Dublin at https://live.euronext.com/en/markets/dublin.]

 

[The expression
“Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended) [and the expression “UK Prospectus Regulation”
means Regulation (EU) 2017/1129 as it forms part of [United Kingdom/UK] domestic law by virtue of the [European Union (Withdrawal) Act
2018, as amended/EUWA]].]

 

[Include whichever of
the following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even if “Not
Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which are not applicable
can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ] 
	 	(ii)	Credit Support Providers:	
    Toyota Motor Corporation

    

    LEI - 5493006W3QUS5LMH6R84 

    Toyota Financial Services Corporation 

    LEI - 353800WDOBRSAV97BA75 

	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Date on which the Notes will be consolidated and form a single Series: 	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]]].]

 

    Page 167

     

    

	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]
	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ] 
	5.	Issue Price:	[     ] per cent. of the Aggregate Nominal Amount [plus [        ] days’ accrued interest in respect of the period from, and including, [insert date] to, but excluding, [insert date] (if applicable)]
	6.	(i)	Specified Denominations:	
[         ] 

    [N.B. Notes must have a minimum denomination
of EUR1,000 (or equivalent) if there is a listing on a regulated market in the EEA, a Non-exempt Offer, a listing on the London Stock
Exchange’s main market and/or a UK Public Offer] 

	 	(ii)	Calculation Amount:	
[         ] 

    (If there is only one
Specified Denomination, insert the Specified Denomination. 

    If there is more than
one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common factor in the
case of two or more Specified Denominations) 

	7.	(i)	Trade Date:	[         ]
	 	(ii)	Issue Date:	[         ]
	 	(iii)	Interest Commencement Date:	
[         ]/[Issue
Date]/[Not Applicable] 

    (N.B. An Interest Commencement Date will
not be relevant for certain Notes, for example, Zero Coupon Notes) 

	8.	Maturity Date:	
[         ] 

    [Fixed rate
- Specify date / Floating rate - Interest Payment Date falling in or nearest to [specify month
and year]] 

    (N.B. The Maturity Date
may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than 50 years
after the Issue Date) 

	9.	Interest Basis:	
    [[         ]
per cent. Fixed Rate] 

    [Fixed Rate Step-up/Step-down] 

[[         ]
month [EURIBOR/CDOR/STIBOR/NIBOR/SOFR/SONIA] +/– [         ]
per cent. Floating Rate]

[Zero Coupon] 

    (See paragraph 16/17/18 below) 

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]

 

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	12.	Put/Call Options: 	
    [Investor Put Option] 

    [Issuer Call Option] 

    [Issuer Maturity Par Call Option]

    

    [Issuer Make-Whole Call Option] 

    [Not Applicable] 

    [(See paragraph(s) 19/20/21/22
below)] 

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Prospectus dated 16 September 2022
	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in Condition 3:	Not Applicable
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 
	16.	Fixed Rate Note Provisions 	
    [Applicable]/[Not
Applicable] 

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph) 

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date [from, and including, [         ] to, but excluding, [         ]] [. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, [the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]]/ [         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to the Notes in definitive form) and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form), payable [[         ] in arrear] on [         ]/[each Interest Payment Date][, except for the amount of interest payable on the [first]/[last] Interest Payment Date falling on [         ]][. [This]/[These] Fixed Coupon Amount[s] appl[ies]/[y] if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to the Notes in definitive form) and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form), payable on the [first]/[last] Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]

 

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	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s): 	
    [[         ]
in each year] / [Not Applicable] 

    (Insert regular interest
payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where the
Fixed Day Count Fraction is Actual/Actual (ICMA)) 

	17.	Floating Rate Note Provisions	
    [Applicable]/[Not Applicable] 

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph) 

	 	(i)	[Specified]/[Interest] Period(s)/[Specified] Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business 

Day Convention]/[Modified Following Business 

Day Convention]/[Preceding Business Day 

Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ]
	 	(vi)	Screen Rate Determination:	 
	 	 	- Reference Rate:	[         ] month [EURIBOR/CDOR/STIBOR/NIBOR]/[SOFR/SONIA]
	 	 	- Calculation Method:	[Compounded SOFR Rate]/[SOFR Rate]/[Compounded Daily Rate]/[Compounded Index Rate]/[Not Applicable]
	 	 	- D:	[365]/[         ]/[Not Applicable]
	 	 	- Observation Method:	[Lag]/[Shift]/[Not Applicable]
	 	 	- Relevant Financial Centre (if other than set out in the Conditions):	[Specify other Relevant Financial Centre]
	 	 	- Interest Determination Date(s):	
[         ] 

    (First day of each Interest
    Period if CDOR, the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR, second Stockholm
    business day prior to the start of each Interest Period if STIBOR, second Oslo business day prior to the start of each Interest Period
    if NIBOR, the [ ] U.S. Government Securities Business Day prior to the relevant Interest Payment Date for each Interest Period if SOFR
    and the [ ] London Banking Day prior to the relevant Interest Payment Date for each Interest Period if SONIA)

     

	 	 	- Relevant Number:	[         ]/[Not Applicable]

    Page 170

     

    

	 	 	- Relevant Screen Page:	
[         ]/[Not
Applicable] 

    (Insert page on which
the Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets Limited for EURIBOR/CDOR/STIBOR/NIBOR/SONIA) 

	 	 	 	(In the case of EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)
	 	 	- Specified Time:	
    [11:00 a.m. [London/Brussels/Stockholm/Oslo]
time]

[In the case of EURIBOR/STIBOR/NIBOR]/ 

    [10:00 a.m.
Toronto time] [In the case of CDOR]/[[ ] in the case of SONIA]/[Not Applicable] 

	 	 	- Reference Banks:	[         ]/[Not Applicable]
	 	 	- Observation Look-Back Period:	[         ] London Banking Days (for SONIA)/[Not Applicable]
	 	(vii)	Linear Interpolation:	
    [Not Applicable/Applicable –
the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear Interpolation 

    (Specify for each short or
long Interest Period)] 

	 	(viii)	Margin(s):	[+/-][        ] per cent. per annum
	 	(ix)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(x)	Maximum Rate of Interest:	[[         ] per cent. per annum]/[Not Applicable]
	 	(xi)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]
	18.	Zero Coupon Note Provisions 	
    [Applicable]/[Not Applicable] 

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph) 

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]
	PROVISIONS RELATING TO REDEMPTION 
	19.	Issuer Call Option	
    [Applicable]/[Not
Applicable] 

    (If not applicable, delete the remaining
sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	[Applicable]/[Not Applicable]
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]

 

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	 	(iv)	Notice periods (if other than set out in the Conditions):	
    [Minimum period: [         ] days]/[Not Applicable]

    

    [Maximum period: [         ]
days]/[Not Applicable] 

	20.	Issuer Maturity Par Call Option	
    [Applicable]/[Not Applicable]

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph) 

	 	[(i)][Par Call Period:]	[From (and including) [         ] (the “Par Call Period Commencement Date” to (but excluding) the Maturity Date)]
	 	[(ii)][Notice periods (if other than set out in the Conditions):]	
    [Minimum period: [         ]
days]/[Not Applicable] 

    [Maximum period: [         ]
days]/[Not Applicable] 

	21.	Issuer Make-Whole Call Option	
    [Applicable]/[Not
Applicable] 

    (If not applicable, delete the remaining
sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s):	[         ]/[at any time that is prior to the Par Call Period Commencement Date]
	 	(ii)	Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]/[Canada Yield Price]
	 	(iii)	Reference Bond:	[         ]/[Not Applicable]
	 	(iv)	Par Call Date:	[         ]/[Not Applicable]
	 	(v)	Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(vi)	Redemption Margin:	[[         ] per cent.]/[Not Applicable]
	 	(vii)	If redeemable in part:	[Applicable]/[Not Applicable]
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(viii)	Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(ix)	Notice periods (if other than set out in the Conditions):	
    [Minimum period: [         ]
days]/[Not Applicable] 

    [Maximum period: [         ]
days]/[Not Applicable] 

	22.	Investor Put Option	
    [Applicable]/[Not Applicable] 

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	23.	Final Redemption Amount	[         ] per Calculation Amount

 

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	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier redemption:	[         ] per Calculation Amount
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	25.	Form of Notes:	
[         ] 

    (Insert description that is consistent
with one of the options in the “Form of the Notes” section of the Prospectus) 

	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
    [Not Applicable/give details] 

    (Note that this paragraph relates to the
place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates) 

	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Reference Currency Equivalent (if different from US dollars as set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Defined terms/Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	31.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	32. 	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]
	33.	Settlement (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	34. 	Relevant Benchmark:	[[specify benchmark] is provided by [administrator legal name].  As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority [and/or the UK Financial Conduct Authority] pursuant to Article 36 (Register of administrators and benchmarks) of the EU Benchmarks Regulation (EU) 2016/1011 [and/or Article 36 (Register of administrators and benchmarks) of Regulation (EU) 2016/1011 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA][, respectively]]]/[Not Applicable]

 

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	RESPONSIBILITY
	The Issuer accepts responsibility for the information contained in these Final Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.]/[With respect to any information included herein and specified to be sourced from a third party, the Issuer confirms that any such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information available to it from such third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.]  

 

	Signed on behalf of the Issuer:
	[NAME OF ISSUER]
	By:
	Name:
	Title:
	
    Duly authorised

     

    cc:The Bank of New York Mellon,
    acting through its London branch

    [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

    [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

     

    Page 174

     

    

PART B – OTHER INFORMATION

 

	1.LISTING AND ADMISSION TO TRADING
	Listing and admission to trading:	
    [Application
    has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London Stock
    Exchange’s main market] [Euronext Dublin’s regulated market] and for listing on [the Official List of the UK Financial Conduct
    Authority] [the Official List of Euronext Dublin] with effect from [          ].] /
    [Application is expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the multilateral trading
    facility EuroTLX (managed by Borsa Italiana S.p.A.)] with effect from [        ].] / [Not Applicable.]

     

    (Where documenting
a fungible issue need to indicate that original securities are already admitted to trading.)

	2.RATINGS	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	[Fitch Ratings, Inc. (“Fitch”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	[Moody’s Japan, Moody’s, Standard & Poor’s Japan and Fitch are not established in the European Union or the UK and have not applied for registration under Regulation (EC) No. 1060/2009 (as amended, the “CRA Regulation”) or Regulation (EC) No. 1060/2009 as it forms part of UK domestic law by virtue of the [[European Union (Withdrawal) Act 2018, as amended]/[EUWA]] (the “UK CRA Regulation”), respectively.  However, Moody’s Deutschland GmbH has endorsed the ratings of Moody’s Japan and Moody’s, S&P Global Ratings Europe Limited has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ireland Limited has endorsed the ratings of Fitch, in accordance with the CRA Regulation and Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, S&P Global Ratings UK Limited has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ltd has endorsed the ratings of Fitch, in accordance with the UK CRA Regulation.  Each of Moody’s Deutschland GmbH, S&P Global Ratings Europe Limited and Fitch Ratings Ireland Limited is established in the European Union and is registered under the CRA Regulation.  Each of Moody’s Investors Service Ltd., S&P Global Ratings UK Limited and Fitch Ratings Ltd is established in the UK and is registered 

    Page 175

     

    

	 	under the UK CRA Regulation.]
	 	[The Issuer has not applied to Moody’s [Japan] or Standard & Poor’s Japan [or Fitch] for ratings to be assigned to the Notes.]
	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.  Anyone who is not such a person is not entitled to receive this Final Terms and anyone who receives this Final Terms must not distribute it to any person who is not entitled to receive it.
	
    3.       INTERESTS
    OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

     

    Save
    [as discussed in “Subscription and Sale” in the Prospectus] / [as set out below]
    / [for any fees payable to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the issue of the Notes
    has an interest material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged, and may in the future
    engage, in the ordinary course of their business activities, in lending, advisory, corporate finance services, investment banking and/or
    commercial banking transactions with, and may perform the services for, the Issuer and its affiliates and/or for companies involved directly
    or indirectly in the sector in which the Issuer and/or its affiliates operate.] (Amend as appropriate if there are any other interests.)

     

    [(When adding
any other description, consideration should be given as to whether such matters described constitute “significant new factors”
and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation and Article 23 of
the UK Prospectus Regulation.)]

	4.REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
	[(i)]Reasons for the offer:	
[         ] 

    (See “Use of Proceeds”
wording in the Prospectus – if the reasons for the offer are different from what is disclosed in the Prospectus, give details here,
including, as the case may be, details of Eligibility Models, Eligibility Criteria and Use of Proceeds Report (including the website
location of the Use of Proceeds Report and details of compliance monitoring))

	[(ii)]Estimated net proceeds:	
[         ] 

    (If proceeds are intended
for more than one use will need to split out and present in order of priority. If proceeds are insufficient to fund all proposed
uses state amount and sources of other funding)

	[(iii)]Estimated total expenses:	
[         ] 

    (Include breakdown of
expenses (e.g. legal fees))

	5.Fixed Rate Notes only – YIELD
	Indication of yield:	
[         ] 

    Calculated as [include specific details of
    method of calculation in summary form] on the Issue Date.

     

    As set out above, the yield is calculated
at the Issue Date on the basis of the Issue Price. It is not an indication of future

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yield.

	6.Floating Rate Notes only – PERFORMANCE OF RATES 
	[Details of performance of [EURIBOR/CDOR/STIBOR/NIBOR/SONIA] rates can be obtained, [but not] free of charge, from [Reuters/Bloomberg/give details of electronic means of obtaining the details of performance]]
	7.OPERATIONAL INFORMATION  
	(i)     ISIN:	[         ]
	(ii)    Common Code:	[         ]
	(iii)    Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):	[Not Applicable/give name(s) and number(s)]
	(iv)     Delivery:	Delivery [against]/[free of] payment 
	(v)     Names and addresses of additional Paying Agent(s) (if any):	[         ]
	(vi)    Intended to be held in a manner which would allow Eurosystem eligibility:	
    [Yes]/[No]/[Not
    Applicable]

     

    [Note that
    the designation “yes” means that the Notes are intended upon issue to be deposited with Euroclear Bank SA/NV or Clearstream
    Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name of a nominee of one of the ICSDs acting
    as common safekeeper,] [include this text for registered Notes]] and does not necessarily mean that the Notes will be recognised
    as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or
    all times during their life as such recognition depends upon satisfaction of the Eurosystem eligibility criteria.] / [Note that the designation
    “no” means that should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting
    such criteria, the Notes may then be deposited with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”)
    as common safekeeper [[, and registered in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text
    for registered Notes]] and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary
    policy and intra-day credit operations by the Eurosystem at any time during their life as such recognition depends upon satisfaction of
    the Eurosystem eligibility criteria.] (Include this text if “yes” or “no” is selected in which case bearer
    Notes must be issued in NGN form and registered Notes must be held under the NSS.)

     

	 8.DISTRIBUTION 	 
	(i)       Method of distribution:	[Syndicated]/[Non-syndicated]

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    (ii)       If
    syndicated:

     

    (a)    Names
    and addresses of Managers and underwriting commitments:

     
	
    [Not Applicable/give
    names and addresses and underwriting commitments]

     

    (Include
names and addresses of entities agreeing to underwrite the issue on a firm commitment basis and names and addresses of the entities agreeing
to place the issue without a firm commitment or on a “best efforts” basis if such entities are not the same as the Managers.) 

	(b)Date of Syndicate Purchase Agreement:	[         ]
	(c)Stabilisation Manager(s) (if any):	[         ]
	(iii)    If non-syndicated, name and address of Dealer/Purchaser:	[Not Applicable/give name and address]
	(iv)    Indication of the overall amount of the underwriting commission and of the placing commission:	[         ] per cent. of the Aggregate Nominal Amount
	(v)    U.S. Selling Restrictions:	
    [Reg. S
    Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

     

    (TEFRA
    D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity of
    183 days or less (taking into consideration unilateral rights to roll or extend))

     

    (For
    Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D)

     

	(vi)Prohibition of Sales to EEA Retail Investors:	[Applicable/Not Applicable]
	(vii)Prohibition of Sales to UK Retail Investors:	[Applicable/Not Applicable]
	(viii)Non-exempt Offer:	[Not Applicable]/[Applicable – see paragraph 9 below.] 
	(ix)UK Public Offer:	[Not Applicable]/[Applicable – see paragraph 9 below.] 
	(x)Prohibition of Sales to Belgian Consumers:	Applicable

	9.TERMS AND CONDITIONS OF THE PUBLIC OFFER
	 
	 	
    The Central Bank of Ireland has provided
the competent authorities in each of [Austria, Germany, Italy, Luxembourg, the Netherlands, Norway and Spain [delete irrelevant ones]]
([together with Ireland [and the United Kingdom]], the “Public Offer Jurisdictions”) with a certificate of approval
attesting that the Prospectus dated 16 September 2022 has been drawn up in accordance with the provisions of the Prospectus Regulation
and the Commission Delegated Regulation (EU) 2019/980. Copies of these

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    Final Terms will be provided to the competent
authorities in the Public Offer Jurisdictions.

     

    [The Issuer has agreed to allow the use of these
    Final Terms and the Prospectus in each of the Public Offer Jurisdictions by each of the Managers [and [specify, if applicable, names
    of other financial intermediaries making non-exempt offers]] and any [other] placers authorised directly or indirectly by [the Issuer
    or] any of the Managers (on behalf of the Issuer) involved in the offer which acknowledges on its website (i) that it has been duly appointed
    as a financial intermediary to offer the Notes during the Offer Period, (ii) that it is relying on the Issuer’s Base Prospectus
    and these Final Terms for [such Non-exempt Offer] [and/or] [such UK Public Offer] with the consent of the Issuer and (iii) the conditions
    attached to that consent (the “Placers”) in connection with possible offers of the Notes to the public, other than
    pursuant to [Article 1(4) of the Prospectus Regulation] [and] [Article 1(4) of the UK Prospectus Regulation], in the Public Offer
    Jurisdictions during the Offer Period (as defined below).]

     

    [Investors (as defined on page 12 of the Prospectus)
    intending to acquire or acquiring the Notes from any Authorised Offeror (as defined on page 12 of the Prospectus) should make appropriate
    enquiries as to whether that Authorised Offeror is acting in association with the Issuer. Whether or not the Authorised Offeror is described
    as acting in association with the Issuer, the Issuer’s only relationship is with the Managers and the Issuer has no relationship
    with or obligation to, nor shall it have any relationship with or obligation to, an Investor, save as may arise under any applicable law
    or regulation.]

     

    [UK Investors (as defined on page 13 of the Prospectus)
    intending to acquire or acquiring the Notes from any UK Authorised Offeror (as defined on page 13 of the Prospectus) should make appropriate
    enquiries as to whether that UK Authorised Offeror is acting in association with the Issuer. Whether or not the UK Authorised Offeror
    is described as acting in association with the Issuer, the Issuer’s only relationship is with the Managers and the Issuer has no
    relationship with or obligation to, nor shall it have any relationship with or obligation to, a UK Investor, save as may arise under any
    applicable law or regulation.]

     

    The Issuer is only offering to and selling to
    the Managers pursuant to and in accordance with the terms of the Syndicate Purchase Agreement. All sales to persons other than the Managers
    will be made by the Managers or persons to whom they sell, and/or otherwise make arrangements with, including the Placers. The Issuer
    shall not be liable for any offers and/or sales of Notes to, or purchases of Notes by, Investors and/or UK Investors at any time (including
    during the Offer Period) (other than in respect of offers and sales to, and purchases of Notes by, the Managers and only then pursuant
    to the Syndicate Purchase Agreement) which are made by Managers or Placers or any [other Authorised Offeror] [or any] [other UK Authorised
    Offeror] in accordance with the arrangements in place between any such Manager, Placer, [other Authorised Offeror] [or] [other UK Authorised
    Offeror] and its customers. Any person selling Notes at any time during the Offer Period may not be a financial intermediary of the Issuer;
    any person selling Notes at any time after the Offer Period is not a financial intermediary of the Issuer.

     

	 	Each of the Managers has acknowledged and agreed, and any Placer purchasing Notes from a Manager will be notified by that Manager that by accepting such Notes such Placer undertakes that for the purpose of offer(s) of the Notes (i) for the duration of the Offer Period, such Placer will publish on its website (a) that it has been duly appointed as a financial intermediary to offer the Notes during the Offer Period, (b) it is relying on the Prospectus for such offer(s) with the consent of the Issuer and (c) the conditions attached to that consent and (ii) the Issuer has passported the Prospectus into [Austria, Germany, Italy, Luxembourg, the Netherlands, Norway and Spain [delete irrelevant ones]] and will not passport the Prospectus into any other European Economic Area Member State; accordingly, the Notes may only be publicly offered in Public Offer Jurisdictions during the Offer Period or offered to qualified investors (as defined in Article 2 of the Prospectus Regulation and in Article 2 of the UK Prospectus Regulation) or otherwise in compliance with Article 1(4) of the Prospectus Regulation in any other European Economic Area Member State, or otherwise in compliance with Article 1(4) of the UK Prospectus 

    Page 179

     

    

	 	Regulation in the UK, pursuant to and in accordance with the Prospectus and these Final Terms (without modification or supplement); and that all offers of Notes by it will be made only in accordance with the selling restrictions set forth in the Prospectus and the provisions of these Final Terms and in compliance with all applicable laws and regulations, provided that no such offer of Notes shall require the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or Section 85 of [the Financial Services and Markets Act 2000, as amended/the FSMA] (or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or Article 23 of the UK Prospectus Regulation) or to take any other action in any jurisdiction other than as described above. [Give any details of any specific terms and conditions and agreements applicable in any of the Public Offer Jurisdictions]
	 	 

		
	(i)     Offer Period:	[From the date of, and following, publication of these Final Terms being [         ] to [         ].] / [give details]
	(ii)    Offer Price:	[The Issuer has offered and will sell the Notes to the Managers (and no one else) at the Issue Price of [         ] per cent. less a total commission [and concession] of [   ] per cent. of the Aggregate Nominal Amount of Notes.  Managers and Placers will offer and sell the Notes to their customers in accordance with arrangements in place between each such Manager and its customers (including Placers) or each such Placer and its customers by reference to the Issue Price and market conditions prevailing at the time.] / [give details]
	(iii)    Conditions to which the offer is subject:	[Offers of the Notes are conditional on their issue and are subject to such conditions as are set out in the Syndicate Purchase Agreement.  As between Managers and their customers (including Placers) or between Placers and their customers, offers of the Notes are further subject to such conditions as may be agreed between them and/or as is specified in the arrangements in place between them.] / [give details of any conditions to which Offers may be subject in any of the Public Offer Jurisdictions]
	(iv)    Description of the application process:	[A prospective Noteholder will purchase the Notes in accordance with the arrangements in place between the relevant Manager and its customers or the relevant Placer and its customers, relating to the purchase of securities generally.  Noteholders (other than Managers) will not enter into any contractual arrangements directly with the Issuer in connection with the offer or purchase of the Notes.] / [give any details of the application process in any of the Public Offer Jurisdictions]
	(v)     Description of possibility to reduce subscriptions and the manner for refunding amounts paid in excess by applicants:	[Not Applicable] / [give details]
	(vi)     Details of the minimum and/or maximum amount of the application:	[There are no pre-identified allotment criteria.  The Managers and the Placers will adopt allotment and/or application criteria in accordance with customary market practices and applicable laws and regulations and/or as otherwise agreed between them.] / [give any details of the minimum and/or maximum amount of the application] / [Not Applicable]
	 	 	 

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	(vii)Method and time limits for paying up and delivering the Notes:	[The Notes will be purchased by the Managers from the Issuer on a delivery versus payment basis on the Issue Date.  Prospective Noteholders will be notified by the relevant Manager or Placer of their allocations of Notes and the settlement arrangements in respect thereof.] / [give any details of method and time limits for paying up and delivering the Notes]
	(viii)  Manner in and date on which results of the offer are to be made public:	[Not Applicable] / [give details]
	(ix)     Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:	[Not Applicable] / [give details]
	(x)     Whether tranche(s) have been reserved for certain countries:	[Not Applicable] / [give details]
	(xi)    Process for notifying applicants of the amount allotted and an indication whether dealing may begin before notification is made:	[Prospective Noteholders will be notified by the relevant Manager or Placer in accordance with the arrangements in place between such Managers or Placers and its customers.  Any dealings in the Notes which take place will be at the risk of prospective Noteholders.] / [give details] / [Not Applicable]
	(xii)   Amount of any expenses and taxes charged to the subscriber or purchaser:	[Not Applicable] / [give details]
	(xiii)   Name(s) and address(es), to the extent known to the Issuer, of the Placers in the various countries where the offer takes place:	[None known to the Issuer] / [specify]

 

[Summary of the Notes to be inserted if applicable]

 

Summary

 

[maximum length = 7 sides of A4-sized paper//maximum number of risk
factors = 15]

 

Section 1 – Introduction and Warnings

 

	Introduction
	
    

    The securities 

    [Describe Notes] Notes (the “Notes”)
with ISIN [•]. 

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    The issuer 

    The issuer is 

	[Toyota Motor Finance (Netherlands) B.V. (“TMF” and the “Issuer”), a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands on 3 August 1987.  The Issuer is registered in the Trade Register of the Amsterdam Chamber of Commerce under number 33194984 and its LEI is 724500OPA8GZSQUNSR96.  The Issuer’s registered office is World Trade Center Amsterdam, Tower H, Level 10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands with telephone number + 31 20 502 5310.]
	

                                                                                [Toyota Credit Canada Inc. (“TCCI” and the “Issuer”), a corporation incorporated under the Canada Business Corporations Act on 19 February 1990.  The Issuer’s Corporation Number is 257476-4 and its LEI is HJZQGXYTVV2NWJZLPW74.  The registered office of the Issuer is located at 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada with telephone number +1 905 513 8200.]

	

                                                                                [Toyota Finance Australia Limited (“TFA” and the “Issuer”), a public company limited by shares, incorporated in New South Wales, Australia on 18 June 1982, and operates under the Corporations Act 2001 of Australia.  The Issuer’s Australian Business Number (“ABN”) is 48 002 435 181, its Australian Company Number (“ACN”) is 002 435 181 and its LEI is 3UKPTDP5PGQRH8AUK042.  The registered office of the Issuer is located at Level 9, 207 Pacific Highway, St Leonards NSW 2065 Australia, with telephone number +61 2 9430 0000.]

	

                                                                                [Toyota Motor Credit Corporation (“TMCC” and the “Issuer”), a California corporation (Corporation Number 1123946) incorporated on 4 October 1982 under the laws of the State of California.  The Issuer’s LEI is Z2VZBHUMB7PWWJ63I008.  The Issuer’s executive and registered offices are located at 6565 Headquarters Drive, Plano, Texas 75024–5965 and its telephone number is +1 469 486 9013.]

	
    [Offeror(s) 

    [Identity and contact details, including
LEI]] 

	
    Competent authority and date of approval 

    The competent authority which approved the
Prospectus on 16 September 2022 (the “Prospectus”), is the Central Bank of Ireland, New Wapping Street, North Wall
Quay, Dublin 1, Ireland, and its telephone number is + 353 1 2483605. The Prospectus was also approved by the Financial Conduct Authority,
12 Endeavour Square, London E20 1JN, and its telephone number is + 44 207 7066 8348. 

	Warnings
	
	This summary should be read as an introduction to the Prospectus and these Final Terms.  Any decision to invest in the Notes should be based on a consideration of the Prospectus as a whole, including any documents incorporated by reference and these Final Terms, by the investor.  Where a claim relating to the information contained in the Prospectus and these Final Terms is brought before a court, the plaintiff investor might, under national law, have to bear the costs of translating the Prospectus and these Final Terms before the legal proceedings are initiated.  Civil liability attaches only to those persons who have tabled this summary including any translation hereof, but only where this summary is misleading, inaccurate or inconsistent, when read together with the other parts of the Prospectus and these Final Terms, or where it does not provide, when read together with the other parts of the Prospectus and these Final Terms, key information in order to aid investors when considering whether to invest in such Notes.

 

Section 2 – The Issuer

 

	Who is the issuer of the securities?
	 
	Domicile,
legal form, LEI, legislation and country of incorporation 

	[[TMF] The Issuer is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands.  The Issuer is domiciled in the Netherlands and its corporate seat is in Amsterdam.  Its LEI number is 724500OPA8GZSQUNSR96.]

    Page 182

     

    

	[[TCCI] The Issuer is a corporation incorporated under the Canada Business Corporations Act on 19 February 1990.  The Issuer is domiciled in Ontario, Canada and its LEI number is HJZQGXYTVV2NWJZLPW74.]
	 
	[[TFA] The Issuer is a public company limited by shares incorporated in New South Wales, Australia and operates under the Corporations Act 2001 of Australia.  The Issuer is domiciled in New South Wales, Australia and its LEI number is 3UKPTDP5PGQRH8AUK042.]
	 
	[[TMCC] The Issuer is a corporation incorporated under the laws of the State of California, United States.  The Issuer is domiciled in California, United States and its registered office is located in Plano, Texas, United States.  Its LEI number is Z2VZBHUMB7PWWJ63I008.]
	 
	Principal Activities
	 

                                                                                [[TMF] The Issuer’s principal activity is to act as a group finance company for some of the subsidiaries and affiliates of Toyota Motor Corporation and Toyota Financial Services Corporation.  The Issuer raises funds by issuing bonds and notes in the international capital markets and from other sources and on-lends to other Toyota group companies.  The Issuer also provides guarantees for debt issuances of certain other Toyota group companies.  The Issuer is dependent on the performance of the subsidiaries and affiliates of Toyota Motor Corporation and Toyota Financial Services Corporation to which it grants loans and in respect of which it provides guarantees.]

	 
	[[TCCI] The Issuer’s principal activity is to provide financing services for authorised Toyota dealers and users of Toyota products.  Financial products offered (i) to customers, include lease and loan financing (i.e. financing through Toyota dealers to assist customers to acquire Toyota and Lexus vehicles) and (ii) to Toyota dealers, include floor plan financing (i.e. financing of dealer inventory), wholesale lease financing (i.e. financing of dealer lease portfolios) and dealership financing.  Such financing programmes are offered in all provinces and territories of Canada.]
	 
	[[TFA] The Issuer’s principal activity is financing the acquisition of motor vehicles by retail and commercial customers by way of consumer and commercial loans, providing bailment facilities and commercial loans to motor dealers, providing vehicle finance (by way of loans, term purchase, finance lease or operating lease) and fleet management services to government and corporate customers, and selling retail insurance policies underwritten by third party insurers, throughout Australia.]
	 
	[[TMCC] The Issuer’s principal activity is to provide a variety of finance and insurance products to authorised Toyota and Lexus dealers or dealer groups and, to a lesser extent, other domestic and import franchise dealers and their customers in the United States (excluding Hawaii) and Puerto Rico.]
	 
	Major shareholders
	 

                                                                                [[TMF, TCCI or TFA] All of the outstanding capital stock and voting stock of the Issuer is owned directly by Toyota Financial Services Corporation (“TFS”).]

	[[TMCC] All of the outstanding capital stock and voting stock of the Issuer is owned by Toyota Financial Services International Corporation which itself is owned directly by Toyota Financial Services Corporation (“TFS”).]
	 
	As a result, TFS effectively controls the Issuer and is able to directly control the composition of the Issuer’s Board of Directors and direct the management and policies of the Issuer.
	TFS is a wholly-owned holding company subsidiary of Toyota Motor Corporation (“TMC”), the ultimate parent company of the Toyota group.

                                                                                 

	Key managing directors
	 

                                                                                [[TMF] The Managing Directors of the Issuer are Toshiaki Kawai, Kazuo Noda, George Juganar and Akihiko Sekiguchi.]

                                                                                 

	[[TCCI] The Board of Directors of the Issuer are Mark Templin, Cyril Dimitris, Yoriyuki Hirayama, Darren Cooper and Larry Hutchinson.]
	 

                                                                                [[TFA] The Board of Directors of the Issuer are Evangelos Tsirogiannis, Shiro Kadena, Brenton Knight, Gao McGrath, John Pappas, Matthew Callachor and  Mark Templin.]

    Page 183

     

    

	[[TMCC] The Directors and Principal Executive Officers of the Issuer are Mark S.Templin, Scott Cooke, Alec Hagey, Mao Saka, Ellen L. Farrell, Vipin Gupta, Grace Mullings, Mike Owens, Anna Sampang, Hiroyoshi Korosue, Tetsuo Ogawa and Robert Carter.]
	Auditors 

	The
Issuer’s auditors are [TMF: Ernst & Young Accountants LLP, Amsterdam, The Netherlands]/[TCCI: PricewaterhouseCoopers LLP, Toronto,
Canada]/[TFA: PricewaterhouseCoopers, Sydney, NSW, Australia]/[TMCC: PricewaterhouseCoopers LLP, Dallas, Texas, United States]. 

	

                                                                                What is
the key financial information regarding the issuer? 

	[[TMF]
The selected historical key financial information presented below for the financial years ended 31 March 2022 and 31 March 2021 has been
extracted without material adjustment from the audited financial statements in the Annual Financial Report of TMF for the financial year
ended 31 March 2022, prepared in accordance with International Financial Reporting Standards as adopted by the European Union [and for
the six months ended 30 September 2022 has been extracted without material adjustment from the unaudited condensed interim financial
statements in the Half-Yearly Financial Report for the six months ended 30 September 2022 prepared in accordance with International Accounting
Standard (IAS) 34] etc.] 

	[[TCCI]
The selected historical key financial information presented below for the financial years ended 31 March 2022 and 31 March 2021 has been
extracted without material adjustment from the audited financial statements in the Annual Financial Report of TCCI for the financial
year ended 31 March 2022, prepared in accordance with International Financial Reporting Standards [and for the six months ended 30 September
2022 has been extracted without material adjustment from the unaudited condensed interim financial statements in the Half-Yearly Financial
Report for the six months ended 30 September 2022 prepared in accordance with International Accounting Standard (IAS) 34] etc.] 

	[[TFA]
The selected historical key financial information presented below for the financial years ended 31 March 2022 and 31 March 2021 has been
extracted without material adjustment from the audited consolidated financial statements in the Annual Financial Report of TFA for the
financial year ended 31 March 2022 [and for the six months ended 30 September 2022 has been extracted without material adjustment from
the unaudited condensed consolidated financial statements in the Half-Yearly Financial Report for the six months ended 30 September 2022],
prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board as
well as the Australian Corporations Act and comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board] etc.] 

	[[TMCC] The selected historical key financial information presented below for the financial years ended 31 March 2022 and 31 March 2021 has been extracted without material adjustment from audited financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) included in TMCC’s Annual Report on Form 10-K for the financial year ended 31 March 2022.  The selected historical key financial information as at 30 June 2022 and for the three months ended 30 June 2022 and 30 June 2021 has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 30 June 2022. [The selected historical key financial information as at 30 September 2022 and for the three months and six months ended 30 September 2022 and 30 September 2021, respectively, has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 30 September 2022.] [The selected historical key financial information as at 31 December 2022 and for the three months and nine months ended 31 December 2022 and 31 December 2021, respectively, has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 31 December 2022.] etc.]

    Page 184

     

    

	[Consolidated]
    income statement

	 	Year
    ended

    31 March [2022]	Year
    ended

    31 March [2021]	[Six
    Months ended 30 September 2022]	[Six
    Months ended 30 September 2021]
	Operating
    profit/loss	 	 	 	 

	[Consolidated]
    balance sheet

	 	[31
    March 2022]	[31
    March 2021]	[30
    September 2022]
	Net
    financial debt (long term debt plus short term debt minus cash)	 	 	 
	[Current
    ratio (current assets/current liabilities)]*	 	 	 
	[Debt
    to equity ratio (total liabilities/total shareholder equity)]*	 	 	 
	[Interest
    cover ratio (operating income/interest expense)]*	 	 	 

	*
    If this information appears elsewhere in the Prospectus, including financial information incorporated by reference, it is mandatory
    to include that information here in the Summary.
	[Consolidated]
    cash flow statement

	 	Year
    ended

    31 March [2022]	Year
    ended

    31 March [2021]	[Six
    Months ended 30 September 2022]	[Six
    Months ended 30 September 2021]
	Net
    Cash flow from operating activities	 	 	 	 
	Net
    Cash flow from financing activities	 	 	 	 
	Net
    Cash flow from investing activities	 	 	 	 

	Consolidated
    income statement

	 	Year
    ended

    31 March	[Three
    Months Ended

    31 December]	[Nine
    Months Ended

    31 December]	[Three
    Months Ended

    30 September]	[Six
    Months Ended

    30 September]	[Three
    Months Ended

    30 June]
	 	[2022]	[2021]	[2022	2021]	[2022	2021]	[2022	2021]	[2022	2021]	[2022	2021]
	Operating
    profit/loss	 	 	 	 	 	 	 	 	 	 	 	 

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	Consolidated
    balance sheet

	 	[31
    December]	[30
    September]	[30
    June]	[31
    March]
	 	[2022]	[2022]	[2022]	[2022]	[2021]
	Net
    financial debt (long term debt plus short term debt minus cash)	 	 	 	 	 
	[Current
    ratio (current assets/current liabilities)]*	 	 	 	 	 
	[Debt
    to equity ratio (total liabilities/total shareholder equity)]*	 	 	 	 	 
	[Interest
    cover ratio (operating income/interest expense)]*	 	 	 	 	 

	*
    If this information appears elsewhere in the Prospectus, including financial information incorporated by reference, it is mandatory
    to include that information here in the Summary
	Consolidated
    cash flow statement

	 	Year
    ended

    31 March	[Three
    Months Ended

    31 December]	[Nine
    Months Ended

    31 December]	[Three
    Months Ended

    30 September]	[Six
    Months Ended

    30 September]	[Three
    Months Ended

    30 June]
	 	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]
	Net
    Cash flow from operating activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net
    Cash flow from financing activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net
    Cash flow from investing activities	 	 	 	 	 	 	 	 	 	 	 	 

	What
    are the key risks that are specific to the issuer?
	The
    Issuer has identified in the Prospectus a number of factors which could adversely affect its business, results of operations and
    financial condition and its ability to make payments due under the Notes.  These factors include, among others:

		•	health epidemics and other outbreaks, including the global coronavirus
(COVID-19), changes in general business, economic, geopolitical and market conditions, including the overall market for retail contracts,
wholesale motor vehicle financing, leasing or dealer financing, changes in the level of sales of Toyota, Lexus or other vehicles in Toyota’s
[including, [if the Issuer is TCCI, TFA or TMCC] its market], and restrictive exchange or import controls or other disruptive
trade policies, disruption of operations as a result of systemic political or economic instability, changes in consumer behaviour, and
the inability to compete successfully or if competition increases;

		•	a decrease in the level of sales of Toyota and Lexus vehicles
will have a negative impact on the level of the Issuer’s financing volume;

		•	recalls and other related announcements which could adversely
affect sales, including as a result of the actual or perceived quality, safety or reliability of Toyota and Lexus vehicles as the Issuer’s
business is, [substantially [if the Issuer is TCCI, TFA or TMCC]], dependent upon the sale of Toyota and Lexus vehicles;

		•	changes to the senior long-term debt credit ratings of TMC and
certain of its affiliates, including the Issuer; and

		•	changes in law or regulation, including accounting standards,
failure or interruption of the information systems, security breach or a cyber-attack.

 

    Page 186

     

    

Section 3 – The Securities

 

	What are the main features of the securities?
	
    Type, class and ISIN

     

    The Notes are [ ] [[ ] per cent. / Floating Rate
    / Zero Coupon] Notes due [ ]. International Securities Identification Number (ISIN): [ ].

     

	
    Currency, denomination, nominal amount, number
    of Notes and term

     

    The currency and aggregate nominal amount of Notes
    is [ ]. The Notes have a Specified Denomination of [ ] each. The Maturity Date of the Notes is [   ].

     

	Rights attached to the Notes
	
    [The Notes bear interest [from their date of issue]
    at the fixed rate of [ ] per cent. per annum. The yield of the Notes is [ ] per cent. per annum. Interest will be paid [semi-annually]/[annually]
    in arrear on [ ] in each year up to and including [ ]/the Maturity Date.] [The first interest payment will be on [ ].]

     

    [The Notes bear interest [from their date of issue]
    at floating rates calculated by reference to [specify reference rate] [plus/minus] a margin of [ ] per cent. Interest will be paid [quarterly]
    in arrear on [ ], [ ], [ ], and [ ] in each year[, subject to adjustment for non-business days].] [The first interest payment will be
    on [ ].]

     

    [The Notes are Zero Coupon Notes and do not bear
    interest [and will be offered and sold at a discount to their nominal amount].]

     

	Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on [       ] at [par]/[[       ] per cent. of their aggregate nominal amount].  The Notes may be redeemed early for tax reasons [or [specify other]] at [specify the early redemption price [par]/[par or, if higher, the price at which the gross redemption yield on the Notes is equal to the gross redemption yield on the reference bond rate and a margin of [       ]] and any maximum or minimum redemption amounts, if applicable.]
	
    A trustee has not been appointed to act as trustee
    for the holders of Notes.

     

    The Bank of New York Mellon, acting through its
    London branch has been appointed as the issuing agent [and principal paying agent] [and calculation agent]/[and [ ] has been appointed
    [principal paying agent and] calculation agent].

     

    [Registered Notes issued by TCCI are also issued
    subject to, and with the benefit of, an amended and restated note agency agreement made between TCCI, BNY Trust Company of Canada as registrar,
    paying agent and transfer agent and The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent and The Bank
    of New York Mellon, acting through its London branch, as transfer agent and paying agent.]

     

    [Registered Notes issued by TMCC are also issued
    subject to and with the benefit of, an amended and restated note agency agreement made between TMCC, The Bank of New York Mellon SA/NV,
    Luxembourg Branch as registrar and transfer agent and The Bank of New York Mellon, acting through its London branch, as transfer agent
    and paying agent.]

     

    [[TMF/TCCI/TFA] All payments of principal and
    interest in respect of the Notes will be made without withholding or deduction for or on account of any taxes or duties of whatever nature
    imposed by or on behalf of [the Netherlands/Canada/Australia], unless such withholding or deduction is required by law. In the event that
    any such withholding or deduction is required, the Issuer will be required to pay additional amounts to cover the amounts so withheld
    or deducted, subject to certain limited exceptions.]

     

    [[TMCC] The Issuer shall not be required to make
    any payment in respect of the Notes with respect to any taxes or other charges imposed by the United States or a political subdivision
    or taxing authority thereof or therein, unless such Noteholder or Couponholder is a Non-U.S. Holder (as defined in Condition 7(b)). In
    such event, the Issuer will be required to pay additional amounts to cover the amounts so withheld or deducted, subject to certain limited
    exceptions.]

     

    All payments in respect of the Notes will be made
    subject to any deduction or withholding

     

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    required by provisions of Sections 1471 through
    to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official
    interpretations thereof (including under an agreement described under Section 1471(b)), or of any intergovernmental agreement implementing
    an alternative approach thereto or any implementing law in relation thereto (collectively, “FATCA”), and no additional
    amounts will be paid to cover the amounts so withheld or deducted.

     

    The Terms and Conditions of the Notes contain
    the following events of default:

     

    (a)          default
    in payment of any principal or interest due in respect of the Notes, continuing for a specified period of time;

     

    (b)           non-performance
    or non-observance by the Issuer of any covenant, condition or provision under the Terms and Conditions of the Notes or the Agency Agreement
    for the benefit of holders of Notes (other than the covenant to pay the principal and interest in respect of the Notes), continuing for
    a specified period of time; and

     

    (c)           events
    relating to the winding up, liquidation, bankruptcy, insolvency and creditor arrangements of the Issuer.

     

    The Notes contain no cross default provision.

     

    The Terms and Conditions of the Notes contain
    provisions for calling meetings of holders of such Notes to consider matters affecting their interests generally. These provisions permit
    defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in
    a manner contrary to the majority.

     

    The governing law of the Notes is English law.

     

    Status of the Notes (ranking)

     

    The Notes and any relative coupons constitute
    direct, unconditional, unsubordinated and [(subject to the application of the negative pledge)] unsecured obligations of the Issuer and
    will rank pari passu and rateably without any preference among themselves and (save for certain obligations required to be preferred by
    law) equally with all other unsecured and unsubordinated obligations of the Issuer from time to time outstanding.

     

    Transferability

     

    There are no restrictions on the transferability
    of the Notes save that there are certain customary restrictions on offers, sales and deliveries of Notes and on the distribution of offering
    material in the United States, the European Economic Area, Belgium, Ireland, Italy, the Netherlands, Spain, United Kingdom, Japan, Canada,
    Australia, New Zealand, Hong Kong, the People’s Republic of China (“PRC” (which for the purposes of Notes issued
    under the Programme, excludes the Hong Kong Special Administrative Region of the People’s Republic of China, the Macau Special Administrative
    Region of the People’s Republic of China and Taiwan)), Singapore and Switzerland.

     

	Where will the securities be traded?

                                                                                 

	[The Notes will be admitted to trading on the London Stock Exchange’s main market and admitted to the Official List of the Financial Conduct Authority.]/[The Notes will be admitted to trading on the regulated market of the Irish Stock Exchange p.l.c. trading as Euronext Dublin (“Euronext Dublin”) and admitted to the Official List of Euronext Dublin.]

                                                                                 

	Is there a guarantee attached to the securities?

                                                                                 

	
    Description of the nature and scope of the
    credit support agreement

     

    The Notes have the benefit of certain Credit
Support Agreements governed by Japanese law, one between TMC and TFS dated 14 July 2000 as supplemented by a Supplemental Credit Support
Agreement dated 14 July 2000 and a Supplemental Credit Support Agreement No. 2 dated 2 October 2000 (collectively, the “TMC
Credit Support Agreement”) and between TFS and [[TMF, TCCI or TFA] dated 7 August 2000]/[[TMCC] dated 1 October 2000] (the
“Credit Support

    Page 188

     

    

	Agreement”
                                            and, together with the TMC Credit Support Agreement, the “Credit Support Agreements”).
                                            The Credit Support Agreements do not constitute a direct or indirect guarantee by TMC or
                                            TFS of the Notes. TMC’s obligations under its Credit Support Agreement and the obligations
                                            of TFS under its Credit Support Agreements, rank pari passu with its direct, unconditional,
                                            unsubordinated and unsecured debt obligations.

                                                                                 

	Under the TMC Credit Support Agreement, TMC agrees that it will make available to TFS funds sufficient to make its payment obligations on securities issued by it (including securities issued by subsidiaries or affiliates of TFS such as the Issuer in respect of which TFS has credit support obligations) and agrees to ensure that TFS always has at least JPY10,000,000 in consolidated tangible net worth so long as TFS has credit support obligations outstanding.

                                                                                 

	TFS agrees in its Credit Support Agreement with the Issuer to make available to the Issuer funds sufficient to make its payment obligations on securities issued by it and agrees to ensure that [TMF: the Issuer always has at least EUR100,000 in tangible net worth,]/[TCCI: the Issuer always has at least C$150,000 in tangible net worth,]/[TFA: the Issuer always has at least A$150,000 in consolidated tangible net worth,]/[TMCC: the Issuer always has at least U.S.$100,000 in consolidated tangible net worth,] so long as the Issuer has securities outstanding.

                                                                                 

	Tangible net worth means the aggregate amount of issued capital, capital surplus and retained earnings less any intangible assets.

                                                                                 

	
    Description of the credit support providers

     

    TFS is the credit support provider to the Issuer.
    TFS is a limited liability, joint-stock company incorporated under the Commercial Code of Japan on 7 July 2000. TFS continues to exist
    under the Companies Act of Japan and its LEI is 353800WDOBRSAV97BA75. TFS’s principal executive offices are located in Nagoya Lucent
    Tower, 6-1, Ushijima-cho, Nishi-ku, Nagoya City, Aichi Prefecture 451-6015, Japan with telephone number +81-52-217-2300.

     

    TMC is the credit support provider to TFS. TMC
    is a limited liability, joint-stock company incorporated under the Commercial Code of Japan on 28 August 1937. TMC continues to exist
    under the Companies Act of Japan and its LEI is 5493006W3QUS5LMH6R84. TMC’s principal executive offices are located at 1, Toyota-cho,
    Toyota City, Aichi Prefecture 471-8571, Japan with telephone number +81-565-28-2121.

     

	Key financial information regarding Toyota Motor Corporation
	 

                                                                                The selected historical key financial information presented below regarding financial years ended 31 March 2022 and 31 March 2021 has been extracted without material adjustment from the audited consolidated financial statements of TMC prepared in accordance with International Financial Reporting Standards (“IFRS”) included in TMC’s Annual Report on Form 20-F for the financial year ended 31 March 2022.  The selected historical key financial information as at 30 June 2022 and for the three months ended 30 June 2022 and 30 June 2021 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for three months ended 30 June 2022 prepared in accordance with IFRS.  [The selected historical key financial information as at 30 September 2022 and for the six months ended 30 September 2022 and 30 September 2021 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for six months ended 30 September 2022 prepared in accordance with IFRS.] [The selected historical key financial information as at 31 December 2022 and for the nine months ended 31 December 2022 and 31 December 2021 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for nine months ended 31 December 2022 prepared in accordance with IFRS.] [etc.]

    Page 189

     

    
	Consolidated
    income statement

	 	Year
    ended

    31 March	[Three
    Months Ended

    31 December]	[Nine
    Months Ended

    31 December]	[Three
    Months Ended

    30 September]	[Six
    Months Ended

    30 September]	[Three
    Months Ended

    30 June]
	 	[2022]	[2021]	[2022]	]2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]
	Operating
    profit/loss	 	 	 	 	 	 	 	 	 	 	 	 

	Consolidated
    balance sheet

	 	[31
    December]	[30
    September]	[30
    June]	[31
    March]
	 	[2022]	[2022]	[2022]	[2022]	[2021]
	Net
    financial debt (long term debt plus short term debt minus cash)	 	 	 	 	 
	[Current
    ratio (current assets/current liabilities)]*	 	 	 	 	 
	[Debt
    to equity ratio (total liabilities/total shareholder equity)]*	 	 	 	 	 
	[Interest
    cover ratio (operating income/interest expense)]*	 	 	 	 	 

	*
    If this information appears elsewhere in the Prospectus, including financial information incorporated
    by reference, it is mandatory to include that information here in the Summary

     

    Consolidated
    cash flow statement

     

	 	Year
    ended

    31 March	[Three
    Months Ended

    31 December]	[Nine
    Months Ended

    31 December]	[Three
    Months Ended

    30 September]	[Six
    Months Ended

    30 September]	[Three
    Months Ended

    30 June]
	 	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]	[2022]	[2021]
	Net
    Cash flow from operating activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net
    Cash flow from financing activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net
    Cash flow from investing activities	 	 	 	 	 	 	 	 	 	 	 	 

	Material
    risk factors pertaining to the credit support providers contained in the prospectus
	TFS:

		•	TFS is a holding company and is completely dependent on the
performance of its financial services subsidiaries (including the Issuer) and affiliates. As a holding company, TFS does not engage in,
or conduct, any operating business itself. Its principal assets are the shares in its 65 consolidated subsidiaries and nine affiliates.
Consequently, TFS is dependent on the economic, financial and operating results of its financial services subsidiaries and affiliates
and is therefore indirectly exposed to the same risks as those faced by its financial services subsidiaries and affiliates, including
the Issuer. Any deterioration in the business, financial condition or results of operations of the financial services subsidiaries and
affiliates of TFS or their ability or willingness to pay dividends to TFS would also materially adversely affect the financial condition
or results of operations of TFS.

TMC
has identified in the Prospectus a number of factors which could adversely affect Toyota’s financial condition and results of operations.
These factors include, among others:

 

		•	Toyota
has been, and is expected to continue to be, adversely affected by the spread of COVID-19. For reasons such as government directives
as well as anticipated reduced demand for its vehicles, Toyota temporarily suspended, or there may be a possibility that

 

    Page 190

     

    

			Toyota
                                            will temporarily suspend, production of automobiles and components at selected plants in
                                            Japan and overseas. COVID-19 has also affected, and is expected to continue to affect, the
                                            businesses of Toyota dealers and distributors, as well as certain of Toyota’s third-party
                                            suppliers and business partners. The global spread of COVID-19 and related matters have adversely
                                            affected businesses in a wide variety of industries, as well as consumers, all of which negatively
                                            impacted demand for Toyota’s vehicles and related financial services. The duration
                                            of the global spread of COVID-19 and the resulting future effects and impacts are uncertain
                                            and difficult to predict.

		•	The
                                            worldwide automotive market is highly competitive. Toyota faces intense competition from
                                            automotive manufacturers in the markets in which it operates. Competition in the automotive
                                            industry has further intensified amidst difficult overall market conditions. In addition,
                                            competition is likely to further intensify in light of further continuing globalisation in
                                            the worldwide automotive industry, possibly resulting in industry reorganisations. Factors
                                            affecting competition include product quality and features, safety, reliability, fuel economy,
                                            the amount of time required for innovation and development, pricing, customer service and
                                            financing terms. Increased competition may lead to lower vehicle unit sales, which may result
                                            in further downward price pressure and adversely affect Toyota’s financial condition
                                            and results of operations. Toyota’s ability to adequately respond to the recent rapid
                                            changes in the automotive market and to maintain its competitiveness will be fundamental
                                            to its future success in existing and new markets and to maintain its market share. There
                                            can be no assurances that Toyota will be able to compete successfully in the future.

		•	Toyota
                                            is sensitive to fluctuations in foreign currency exchange rates and is principally exposed
                                            to fluctuations in the value of the Japanese yen, the U.S. dollar and the euro and, to a
                                            lesser extent, the Australian dollar, the Russian ruble, the Canadian dollar and the British
                                            pound. Toyota’s consolidated financial statements, which are presented in Japanese
                                            yen, are affected by foreign currency exchange fluctuations through translation risk, and
                                            changes in foreign currency exchange rates may also affect the price of products sold and
                                            materials purchased by Toyota in foreign currencies through transaction risk. In particular,
                                            strengthening of the Japanese yen against the U.S. dollar can have an adverse effect on Toyota’s
                                            operating results.

		•	The worldwide automotive industry is subject to various laws
and governmental regulations including those related to vehicle safety and environmental matters such as emission levels, fuel economy,
noise and pollution. In particular, automotive manufacturers such as Toyota are required to implement safety measures such as recalls
for vehicles that do not or may not comply with the safety standards of laws and governmental regulations. In addition, Toyota may, in
order to reassure its customers of the safety of Toyota’s vehicles, decide to voluntarily implement recalls or other safety measures
even if the vehicle complies with the safety standards of relevant laws and governmental regulations. If Toyota launches products that
result in safety measures such as recalls (including where parts related to recalls or other measures were procured by Toyota from a
third party), Toyota may incur various costs including significant costs for free repairs. Many governments also impose tariffs and other
trade barriers, taxes and levies, or enact price or exchange controls.

	 

                                                                  What
                                            are the key risks that are specific to the securities?

                                                                                 

	There
    are also risks associated with the Notes including a range of risks relating to the structure of the Notes, market risks and risks
    relating to Notes generally including that:

		•	any credit rating assigned to Notes may not adequately reflect
all the risks associated with an investment in the Notes;

		•	[uncertainty about the future of “benchmarks” (such
as “EURIBOR”) and other interest rates or other types of rates and indices that are deemed “benchmarks”
may adversely affect the value of, and return on, any Notes linked to a “benchmark” and the trading market for such Notes;

		•	[[Bearer Notes in new global note form]/[Registered Notes in
global form held under the 

 

    Page 191

     

    
	 	 	new safekeeping structure] may not satisfy Eurosystem eligibility criteria;]
		•	the Terms and Conditions of the Notes contain provisions which
permit their modification without the consent of all investors in certain circumstances;

		•	investors are exposed to the risk of changes in law or regulation
affecting the value of their Notes;

		•	the value of an investor’s investment may be adversely
affected by exchange rate movements where the Notes are not denominated in the investor’s own currency;

		•	there may be no or only a limited secondary market in the Notes;

		•	[as the Issuer has the right to redeem any Notes at its option,
an investor may not be able to reinvest the redemption proceeds in a manner which achieves the return the investor would have received
if the investor had been allowed to hold the Notes to maturity and the existence of the option may therefore adversely affect the market
value and the secondary market for the Notes.]

Section 4 – Offer of
securities to the public and/or admission to trading on a regulated market

 

	Under which conditions and timetable can I invest in this security?

                                                                                 

	General terms, conditions and expected timetable of the offer, and the plan for distribution
	
     

    The issue price of the Notes is [ ] per cent.
    of their aggregate nominal amount.

     

    [The Notes may be offered to the public in [specify
    United Kingdom and/or member states of the European Economic Area]].

     

	
    Offer Period:

     

    [From the date of, and following, publication
    of the Final Terms being [          ] to [          ].]/[give
    details]

     

	
    Offer Price:

     

    [The Issuer has offered and will sell the Notes
    to the Managers (as defined below) (and no one else) at the Issue Price of [ ] per cent. less a total commission [and concession] of [
    ] per cent. of the aggregate nominal amount of the Notes. Managers and Placers (as defined below) will offer and sell the Notes to their
    customers in accordance with arrangements in place between each such Manager and its customers (including Placers) or each such Placer
    and its customers by reference to the Issue Price and market conditions prevailing at the time.]/[give details]

     

	
    Conditions to which the offer is subject:

     

    [Offers of the Notes are conditional on their
    issue and are subject to such conditions as are set out in the Syndicate Purchase Agreement dated [ ] between the Issuer and the Managers
    (the “SPA”). As between Managers and their customers (including Placers) or between Placers and their customers, offers
    of the Notes are further subject to such conditions as may be agreed between them and/or as is specified in the arrangements in place
    between them.]/[give details]

     

	
    Description of the application process:

     

    [A prospective Noteholder will purchase the Notes
    in accordance with the arrangements in place between the relevant Manager and its customers or the relevant Placer and its customers,
    relating to the purchase of securities generally. Noteholders (other than Managers) will not enter into any contractual arrangements directly
    with the Issuer in connection with the offer or purchase of the Notes.]/[give details]

     

	
    Description of possibility to reduce subscriptions
    and the manner for refunding amounts paid in excess by applicants:

     

    [Not Applicable]/[give details]

     

	
    Details of the minimum and/or maximum amount of
    the application:

     

    [There are no pre-identified allotment criteria.
The Managers and the Placers will adopt allotment

    Page 192

     

    

	and/or application criteria in accordance with customary market practices and applicable laws and regulations and/or as otherwise agreed between them.]/[give details]/[Not Applicable]

                                                                                 

	
    Method and time limits for paying up and delivering
    the Notes:

     

    [The Notes will be purchased by the Managers from
    the Issuer on a delivery versus payment basis on the Issue Date. Prospective Noteholders will be notified by the relevant Manager or Placer
    of their allocations of Notes and the settlement arrangements in respect thereof.]/[give details]

     

	
    Manner in and date on which results of the offer
    are to be made public:

     

    [Not Applicable]/[give details]

     

    Procedure for exercise of any right of pre-emption,
    negotiability of subscription rights and treatment of subscription rights not exercised:

     

    [Not Applicable]/[give details]

     

    Whether tranche(s) have been reserved for certain
    countries:

     

    [Not Applicable]/[give details]

     

    Process for notifying applicants of the amount
    allotted and an indication whether dealing may begin before notification is made:

     

    [Prospective Noteholders will be notified by the
    relevant Manager or Placer in accordance with the arrangements in place between such Managers or Placers and its customers. Any dealings
    in the Notes which take place will be at the risk of prospective Noteholders.]/[give details]/[Not Applicable].

     

    Amount of any expenses and taxes charged to the
    subscriber or purchaser:

     

    [Not Applicable]/[give details]

     

    Name(s) and address(es), to the extent known to
    the Issuer, of the Placers in the various countries where the offer takes place:

     

    [None known to the Issuer]/[specify]

     

	
    Details of the admission to trading on a regulated
    market

     

    [The Notes will be admitted to trading on the
    London Stock Exchange’s main market and admitted to the Official List of the Financial Conduct Authority.]/[The Notes will be admitted
    to trading on the regulated market of Euronext Dublin and admitted to the Official List of Euronext Dublin.]

     

	
    Estimate of the total expenses of the issue
    and/or offer, including estimated expenses charged to the investor by the issuer or the offeror

     

    Estimated total expenses of the issue and/or offer
    of the Notes are: [         ]. [The Issuer will not charge any expenses to the investor.]/[specify]

     

	Who is the offeror?
	
    The only offerors authorised to use the Issuer’s
    Base Prospectus to make an offer to the public of the Notes where there is no exemption from the obligation under the Prospectus Regulation
    (EU) 2017/1129, and the Prospectus Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal)
    Act 2018, to publish a prospectus (a “Non-Exempt Offer”) during the Offer Period are the relevant Dealers [ ] (the
    “Managers”, and each an “Authorised Offeror”)+ and:

     

    [(a)the following financial intermediaries
    [                 ]+ ;and/or

     

    (b)       any
financial intermediary which is authorised to make such offers under the Markets in Financial Instruments Directive 2014/65/EU and/or
under the UK’s Financial Services and Markets Act 2000, and which has been authorised directly or indirectly by [the Issuer or]/[any
of

    Page 193

     

    

	the Managers (on behalf of the Issuer)] to make such offers, provided that such financial intermediary states on its website (I) that
    it has been duly appointed as a financial intermediary to offer the Notes during the Offer Period, (II) it is relying on the Issuer’s
    Base Prospectus for such Non-exempt Offer with the consent of the Issuer and (III) the conditions attached to that consent (the “Placers”,
    and each an “Authorised Offeror”).]

     

    + [add details of domicile and legal form,
    the law under which the offeror operates and its country of incorporation]

     

  	[AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY NOTES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH NOTES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH ANY TERMS AND OTHER ARRANGEMENTS IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT ARRANGEMENTS.  THE ISSUER WILL NOT BE A PARTY TO ANY SUCH TERMS AND ARRANGEMENTS WITH SUCH INVESTORS IN CONNECTION WITH THE NON-EXEMPT OFFER OR SALE OF THE NOTES CONCERNED AND, ACCORDINGLY, THE ISSUER’S BASE PROSPECTUS AND THE APPLICABLE FINAL TERMS WILL NOT CONTAIN SUCH INFORMATION.  THE INVESTOR MUST LOOK TO THE RELEVANT AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER FOR THE PROVISION OF SUCH INFORMATION AND THE RELEVANT AUTHORISED OFFEROR WILL BE RESPONSIBLE FOR SUCH INFORMATION.  NEITHER THE ISSUER NOR ANY MANAGER OR DEALER (EXCEPT WHERE SUCH MANAGER OR DEALER IS THE RELEVANT AUTHORISED OFFEROR) HAS ANY RESPONSIBILITY OR LIABILITY TO AN INVESTOR IN RESPECT OF SUCH INFORMATION.]

                                                                                 

	Why is the prospectus and these final terms being produced?
	 

                                                                                The Prospectus and these Final Terms have been prepared for the purposes of making a Non-exempt offer of the Notes during the Offer Period and/or for the purposes of trading the Notes on [the London Stock Exchange’s main market and admission to the Official List of the Financial Conduct Authority]/[Euronext Dublin’s regulated market and admission to the Official List of Euronext Dublin.]

                                                                                 

	
    Reasons for the offer or for the admission
    to trading on a regulated market and use and estimated net proceeds

     

    The estimated net proceeds of [ ] from the issue
    of the Notes will be applied by the Issuer for its general corporate purposes, which include making a profit. [TMF may also use part of
    the proceeds from the issue of the Notes for the purpose of posting collateral with third party hedge providers rather than for the purpose
    of on-lending to other Toyota companies.]

     

	
    Syndicate Purchase Agreement

     

    Subject to such conditions as are set out in the
    SPA, the Managers have agreed to purchase the aggregate nominal amount of the Notes.

     

    Material conflicts of interest pertaining to
    the offer or the admission to trading

     

	Purchasers may be paid fees in relation to the issue of the Notes under the Programme.  The [Dealers/Managers/Purchasers] will be paid aggregate commissions equal to [       ] per cent. of the aggregate nominal amount of the Notes.  Any [Dealer/Manager/Purchaser] and its affiliates may have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

    Page 194

     

    

ANNEX B TO APPENDIX D

 

Part C

 

FORM OF ISSUE TERMS IN CONNECTION WITH EXEMPT
NOTES

 

[PROHIBITION
OF SALES TO EEA RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should
not be offered, sold or otherwise made available to any [retail] investor in the European Economic Area (“EEA”). [For
these purposes, a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive
(EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of
MiFID II; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended, the “Prospectus
Regulation”).] [Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs
Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under
the PRIIPs Regulation.]]

 

[PROHIBITION OF SALES TO
UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any [retail] investor in the United Kingdom (“UK”). [For these purposes, a “retail
investor” means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU)
No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”);
(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”)
and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA;
or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of
the EUWA [(the “UK Prospectus Regulation”)].] [Consequently, no key information document required by Regulation (EU)
No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or
selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.]]

 

[MiFID II product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment
in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties[,]/[and]
professional clients [outside the European Economic Area (“EEA”),] [and]/[as well as] retail clients [(limited to
those resident in [insert relevant jurisdiction(s)] only),] each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID
II”)]; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients [outside the
EEA,] and retail clients [(limited to those resident in [insert relevant jurisdiction(s)] only)] are appropriate[, subject to
compliance with applicable [insert relevant jurisdiction(s)] securities laws and regulations.] [; and (iii) the following channels
for distribution of the Notes to retail clients are appropriate - investment advice, portfolio management, non-advised sales and pure
execution services - subject to the distributor’s suitability and appropriateness obligations under MiFID II, as applicable.] Any
person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the
manufacturer[’s/s’] target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market
assessment) and determining appropriate distribution channels [outside the EEA with all

 

    Page 195

     

    

sales], subject to the distributor’s suitability and appropriateness obligations
under [MiFID II, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[UK MiFIR product governance
/ Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors and ECPs target
market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target market assessment in
respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in
the FCA Handbook Conduct of Business Sourcebook (“COBS”)[,]/[and] professional clients, as defined in Regulation (EU)
No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”) [outside the United Kingdom (“UK”),] [and]/[as well as] retail clients [(limited to those resident
in [insert relevant jurisdiction(s)] only)] as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA]; and (ii) all channels for distribution
of the Notes to eligible counterparties, professional clients [outside the UK,] and retail clients [(limited to those resident in [insert
relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable [insert relevant jurisdiction(s)]
securities laws and regulations.] [; and (iii) the following channels for distribution of the Notes to retail clients are appropriate
- investment advice, portfolio management, non-advised sales and pure execution services - subject to the distributor’s suitability
and appropriateness obligations under COBS, as applicable.] Any person subsequently offering, selling or recommending the Notes (a “UK
distributor”) should take into consideration the manufacturer[’s/s’] target market assessment; however, a UK distributor
subject to the FCA Handbook Product Intervention and Product Governance Sourcebook is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining
appropriate distribution channels [outside the UK with all sales], subject to the UK distributor’s suitability and appropriateness
obligations under [COBS, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[MiFID II product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible
counterparties and professional clients only, each as defined in [MiFID II]/[Directive 2014/65/EU (as amended, “MiFID II”)];
and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently
offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturer[’s/s’]
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate
distribution channels.]

 

[UK MiFIR product governance
/ Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s product approval
process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only
eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook and professional clients, as defined in Regulation
(EU) No 600/2014 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA] (“UK
MiFIR”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate.
Any person subsequently offering, selling or recommending the Notes (a “UK distributor”) should take into consideration
the manufacturer[’s/s’] target market assessment; however, a UK distributor subject to the FCA Handbook Product Intervention
and Product Governance Sourcebook is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting
or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution channels.]

 

    Page 196

     

    

[Notification under
Section 309B of the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore – In connection with Section 309B of
the Securities and Futures Act 2001 (2020 Revised Edition) of Singapore, as modified or amended from time to time (the “SFA”)
and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”),
the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are [prescribed
capital markets products]/[capital markets products other than prescribed capital markets products] (as defined in the CMP Regulations
2018) and [are] [Excluded]/[Specified] Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products
and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).]1
2

 

Issue Terms

 

Dated [ ]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002
435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Legal Entity Identifier (“LEI”):
[     ]]

 

Issue of [Aggregate Nominal Amount of Tranche]
[Title of Exempt Notes]

under the €60,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

PART A – CONTRACTUAL TERMS

 

Terms used herein shall be
deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Programme Memorandum dated 16
September 2022 [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by reference
([the Programme Memorandum as so supplemented,] the “Programme Memorandum”). The Programme Memorandum does not constitute
a base prospectus for the purposes of (1) [Regulation (EU) 2017/1129 as it forms part of [United Kingdom]/[UK] domestic law by virtue
of the European Union (Withdrawal) Act 2018, as amended (the “UK Prospectus Regulation”)]/[the UK Prospectus Regulation];
and (2) [Regulation (EU) 2017/1129 (the “Prospectus Regulation”)]/[the Prospectus Regulation] and these Issue Terms
do not constitute the final terms of the Notes for the purposes of Article 8 of the UK Prospectus Regulation or Article 8 of the Prospectus
Regulation. These are the Issue Terms of the Notes described herein and must be read in conjunction with the Programme Memorandum to obtain
all the relevant information. The Financial Conduct Authority of the UK and the Central Bank of Ireland have neither approved nor reviewed
the information contained in these Issue Terms and the Programme Memorandum in connection with the Notes. The Programme Memorandum
has been published on the website of the London Stock Exchange at 

 

________________________

		1	Insert “prescribed capital market products”
and “Excluded Investment Products” or, if not, amend Singapore product classification.

		2	Relevant Dealer(s) to consider whether it/they have received
the necessary Singapore product classification from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

    Page 197

     

    

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
and the website of Euronext Dublin at https://live.euronext.com/en/markets/dublin.

 

[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus with an earlier date.

 

Terms used herein shall be
deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”) set forth
in and extracted from the Prospectus dated [17 September 2021/18 September 2020/13 September 2019/14 September 2018] and
which are incorporated by reference in the Programme Memorandum dated 16 September 2022. These are the Issue Terms of the Notes described
herein and must be read in conjunction with the Programme Memorandum dated 16 September 2022, including the
Conditions which are incorporated by reference in it [and the supplement[s] to it dated [date] [and [date]]], including all documents
incorporated by reference ([the Programme Memorandum as so supplemented,] the “Programme Memorandum”) to obtain all
the relevant information. The Programme Memorandum does not constitute a base prospectus for the purposes of (1) [Regulation (EU) 2017/1129
as it forms part of [United Kingdom]/[UK] domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended (the “UK
Prospectus Regulation”)]/[the UK Prospectus Regulation]; and (2) [Regulation (EU) 2017/1129 (the “Prospectus Regulation”)]/[the
Prospectus Regulation] and these Issue Terms do not constitute the final terms of the Notes for the purposes of Article 8 of the UK Prospectus
Regulation or Article 8 of the Prospectus Regulation. The Financial Conduct Authority of the UK and the Central Bank of Ireland have
neither approved nor reviewed the information contained in these Issue Terms and the Programme Memorandum in connection with the Notes.
The Programme Memorandum has been published on the website of the London Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
and the website of Euronext Dublin at https://live.euronext.com/en/markets/dublin.]

 

[Include whichever of the
following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even if “Not
Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which are not applicable
can be deleted). Italics denote guidance for completing the Issue Terms.]

 

	1.	(i)	Issuer:	[         ]
	 	(ii)	Credit Support Providers:	
    Toyota Motor Corporation

     

    LEI - 5493006W3QUS5LMH6R84

     

    Toyota Financial Services Corporation

     

    LEI - 353800WDOBRSAV97BA75

	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Uridashi Notes:	[Applicable]/[Not Applicable]
	 	[(iv)]	Date on which the Notes will be consolidated and form a single Series:	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]]].]
	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]

 

    Page 198

     

    

	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ]
	5.	Issue Price:	[         ] per cent. of the Aggregate Nominal Amount [plus [         ] days’ accrued interest in respect of the period from, and including, [insert date] to, but excluding, [insert date] (if applicable)]
	6.	(i)	Specified Denominations:	
[         ] 

    [[€100,000]
and integral multiples of [€1,000] in excess thereof up to and including [€199,000]. No Notes in definitive form will
be issued with a denomination above [€199,000].] 

	 	(ii)	Calculation Amount:	
[         ] 

    (If there is only one Specified
    Denomination, insert the Specified Denomination.

     

    If there is more than
one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common factor in the
case of two or more Specified Denominations) 

	7.	(i)	Trade Date:	[         ]
	 	(ii)	Issue Date:	[         ]
	 	(iii)	Interest Commencement Date:	
[         ]/[Issue
Date]/[Not Applicable]

     

    (N.B. An Interest Commencement Date will
not be relevant for certain Notes, for example, Zero Coupon Notes) 

	8.	Maturity Date:	
[         ] 

    [Fixed rate - Specify date / Floating rate
    - Interest Payment Date falling in or nearest to [specify month and year]]

     

    (N.B. The Maturity Date may
    need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than 50 years after
    the Issue Date)

     

	9.	Interest Basis:	
    [[         ] per cent. Fixed Rate]

     

    [Fixed Rate Step-up/Step-down]

     

    [[         ] month [EURIBOR/CDOR/STIBOR/NIBOR/SOFR/SONIA]
    +/– [         ] per cent. Floating Rate]

     

    [Zero Coupon]

     

    (See paragraph 16/17/18 below) 

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]

    Page 199

     

    

	12.	Put/Call Options: 	
    [Investor Put Option]

     

    [Issuer Call Option]

     

    [Issuer Maturity Par Call Option]

     

    [Issuer Make-Whole Call Option]

     

    [Not Applicable]

     

    [(See paragraph(s) 19/20/21/22 below)] 

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Programme Memorandum dated 16 September 2022
	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in Condition 3:	[Applicable [Uridashi Notes only]]/[Not Applicable]
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 
	16.	Fixed Rate Note Provisions 	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable, delete
the remaining sub-paragraphs of this paragraph)

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date [from, and including, [         ] to, but excluding, [         ]] [. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, [the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]]/ [         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable [[         ] in arrear] on [         ]/[each Interest Payment Date][, except for the amount of interest payable on the [first]/[last] Interest Payment Date falling on [         ]][. [This]/[These] Fixed Coupon Amount[s] appl[ies]/[y] if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] 

    Page 200

     

    

	 			per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable on the [first]/[last] Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s):	
    [[ ] in each year]/[Not Applicable] 

    (Insert regular interest payment
    dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where the Fixed Day
    Count Fraction is Actual/Actual (ICMA))

    

	17.	Floating Rate Note Provisions	
    [Applicable]/[Not
Applicable] 

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)	[Specified]/[Interest] Period(s)/[Specified] Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business Day Convention]/[Modified Following Business Day Convention]/[Preceding Business Day Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ]
	 	(vi)	Screen Rate Determination:	 
	 	 	- Reference Rate:	[         ] month [EURIBOR/CDOR/STIBOR/NIBOR]/[SOFR/SONIA]
	 	 	- Calculation Method:	[Compounded SOFR Rate]/[SOFR Rate]/[Compounded Daily Rate]/[Compounded Index Rate]/[Not Applicable]
	 	 	- D:	[365]/[         ]/[Not Applicable]
	 	 	- Observation Method:	[Lag]/[Shift]/[Not Applicable]
	 	 	- Relevant Financial Centre (if other than set out in the Conditions):	[Specify other Relevant Financial Centre]

    Page 201

     

    

	 	 	- Interest Determination Date(s):	
[         ] 

    (First day of each Interest
Period if CDOR, the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR, second Stockholm
business day prior to the start of each Interest Period if STIBOR, second Oslo business day prior to the start of each Interest Period
if NIBOR, the [ ] U.S. Government Securities Business Day prior to the relevant Interest Payment Date for each Interest Period if SOFR
and the [ ] London Banking Day prior to the relevant Interest Payment Date for each Interest Period if SONIA) 

	 	 	- Relevant Number:	[         ]/[Not Applicable]
	 	 	- Relevant Screen Page:	
[         ]/[Not
Applicable] 

    (Insert page on which
the Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets Limited for EURIBOR/CDOR/STIBOR/NIBOR/SONIA) 

	 	 	 	(In the case of EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)
	 	 	- Specified Time:	
    [11:00 a.m. [London/Brussels/Stockholm/Oslo]
    time]

    [In the case of EURIBOR/STIBOR/NIBOR]/

     

    [10:00 a.m.
Toronto time] [In the case of CDOR]/[[ ] in the case of SONIA]/[Not Applicable] 

	 	 	- Reference Banks:	[         ]/[Not Applicable]
	 	 	- Observation Look-Back Period:	[         ] London Banking Days (for SONIA)/[Not Applicable]
	 	(vii)	Linear Interpolation:	
    [Not Applicable/Applicable –
    the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear Interpolation

     

    (Specify for each short
or long Interest Period)] 

	 	(viii)	Margin(s):	[+/-][        ] per cent. per annum
	 	(ix)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(x)	Maximum Rate of Interest:	[[         ] per cent. per annum]/[Not Applicable]
	 	(xi)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]
	18.	Zero Coupon Note Provisions 	
    [Applicable]/[Not Applicable]

     

    (If not applicable, delete
    the remaining sub-paragraphs of this paragraph)

     

    Page 202

     

    

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]
	 	 	 	 
	PROVISIONS RELATING TO REDEMPTION
	 
	19.	Issuer Call Option	
    [Applicable]/[Not
Applicable] 

    (If not
applicable, delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	[Applicable]/[Not Applicable]
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
    [Minimum period: [         ]
days]/[Not Applicable] 

    [Maximum period: [         ]
days]/[Not Applicable] 

	20.	Issuer Maturity Par Call Option	
    [Applicable]/[Not
    Applicable]

     

    (If not applicable,
    delete the remaining sub-paragraphs of this paragraph)
    

     

	 	[(i)][Par Call Period:]	[From (and including) [         ] (the “Par Call Period Commencement Date” to (but excluding) the Maturity Date)]
	 	[(ii)][Notice periods (if other than set out in the Conditions):]	
    [Minimum period: [         ]
days]/[Not Applicable] 

    [Maximum period: [         ]
days]/[Not Applicable] 

	21.	Issuer Make-Whole Call Option	
    [Applicable]/[Not
Applicable] 

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)Optional Redemption Date(s):	[         ]/[at any time that is prior to the Par Call Period Commencement Date]
	 	(ii)Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]/[Canada Yield Price]
	 	(iii)Reference Bond:	[         ]/[Not Applicable]
	 	(iv)Par Call Date:	[         ]/[Not Applicable]
	 	(v)Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(vi)Redemption Margin:	[[         ] per cent.]/[Not Applicable]
	 	(vii)If redeemable in part:	[Applicable]/[Not Applicable]
	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]

 

    Page 203

     

    

	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(viii)Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(ix)Notice periods (if other than set out in the Conditions):	
    [Minimum period: [
] days]/[Not Applicable] 

    [Maximum period: [
] days]/[Not Applicable] 

	22.	Investor Put Option	
    [Applicable]/[Not
Applicable] 

    (If not applicable,
delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	23.	Final Redemption Amount	[         ] per Calculation Amount
	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier redemption:	[         ] per Calculation Amount
	 	 	 
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	 
	25.	Form of Notes:	 
	 	 	 	
[         ] 

    (Insert description that is consistent
with one of the options in the “Form of the Notes” section of the Programme Memorandum) 

	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
    [Not Applicable/give details] 

    (Note that this paragraph relates to the
place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates) 

	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Reference Currency Equivalent (if different from US dollars as set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Defined terms/Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]

    Page 204

     

    

	31.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	32.	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]
	33.	Settlement (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	34.	Relevant Benchmark:	[[specify benchmark] is provided by [administrator legal name].  As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority [and/or the UK Financial Conduct Authority] pursuant to Article 36 (Register of administrators and benchmarks) of the EU Benchmarks Regulation (EU) 2016/1011 [and/or Article 36 (Register of administrators and benchmarks) of Regulation (EU) 2016/1011 as it forms part of UK domestic law by virtue of the [European Union (Withdrawal) Act 2018, as amended]/[EUWA][, respectively]]]/[Not Applicable]

    Page 205

     

    

	RESPONSIBILITY
	 
	The Issuer accepts responsibility for the information contained in these Issue Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.]/[With respect to any information included herein and specified to be sourced from a third party, the Issuer confirms that any such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information available to it from such third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.]
	 

	Signed on behalf of the Issuer:
	[NAME OF ISSUER]
	By:
	Name:
	Title:
	
    Duly authorised

     

    cc:The Bank of New York Mellon,
    acting through its London branch

    [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

    [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

     

    Page 206

     

    

PART B – OTHER INFORMATION

 

	1.LISTING AND ADMISSION TO TRADING
	 
	(i)	Listing and admission to trading:	[Not Applicable]/[         ].
	(ii)	Estimate of total expenses related to admission to trading:	[         ]
	 	 	 
	2.RATINGS	 
	 	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	[Fitch Ratings, Inc. (“Fitch”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	[Moody’s Japan, Moody’s, Standard & Poor’s Japan and Fitch are not established in the European Union or the UK and have not applied for registration under Regulation (EC) No. 1060/2009 (as amended, the “CRA Regulation”) or Regulation (EC) No. 1060/2009 as it forms part of UK domestic law by virtue of the [[European Union (Withdrawal) Act 2018, as amended]/[EUWA]] (the “UK CRA Regulation”), respectively.  However, Moody’s Deutschland GmbH has endorsed the ratings of Moody’s Japan and Moody’s, S&P Global Ratings Europe Limited has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ireland Limited has endorsed the ratings of Fitch, in accordance with the CRA Regulation and Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, S&P Global Ratings UK Limited has endorsed the ratings of Standard & Poor’s Japan, and Fitch Ratings Ltd has endorsed the ratings of Fitch, in accordance with the UK CRA Regulation.  Each of Moody’s Deutschland GmbH, S&P Global Ratings Europe Limited and Fitch Ratings Ireland Limited is established in the European Union and is registered under the CRA Regulation.  Each of Moody’s Investors Service Ltd., S&P Global Ratings UK Limited and Fitch Ratings Ltd is established in the UK and is registered under the UK CRA Regulation.]

    Page 207

     

    

		 	[The Issuer has not applied to Moody’s
[Japan] or Standard & Poor’s Japan [or Fitch] for ratings to be assigned to the Notes.]

	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a person in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.  Anyone who is not such a person is not entitled to receive this Final Terms and anyone who receives this Final Terms must not distribute it to any person who is not entitled to receive it.
	 	 
	
    3.       INTERESTS
    OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

     

    Save
    [as discussed in “Subscription and Sale” in the Programme Memorandum] / [as set out below] / [for any fees payable
    to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the issue of the Notes has an interest
    material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged, and may in the future engage, in the
    ordinary course of their business activities, in lending, advisory, corporate finance services, investment banking and/or commercial banking
    transactions with, and may perform the services for, the Issuer and its affiliates and/or for companies involved directly or indirectly
    in the sector in which the Issuer and/or its affiliates operate.] (Amend as appropriate if there are any other interests.)

     

	4.REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS
	 
	Reasons for the offer:	
    [As set out in “Use of Proceeds”
    in the Programme Memorandum dated 16 September 2022]/[ ]

     

    (See
“Use of Proceeds” wording in the Programme Memorandum – if the reasons for the offer are different from what is disclosed
in the Programme Memorandum, give details here, including, as the case may be, details of Eligibility Models, Eligibility Criteria and
Use of Proceeds Report (including the website location of the Use of Proceeds Report and details of compliance monitoring)) 

	Estimated net proceeds:	[         ]
	 	 
	5.Fixed Rate Notes only – YIELD
	 
	Indication of yield:	
[         ] 

    Calculated as [include specific details of
    method of calculation in summary form] on the Issue Date.

     

    As set out above, the
yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield. 

	6.OPERATIONAL INFORMATION  
	(i)    ISIN:	[         ] 
	(ii)     Common Code:	[         ]
	 	 	 

    Page 208

     

    

	(iii)     Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):	[Not Applicable/give name(s) and number(s)]
	(iv)     Delivery:	Delivery [against] / [free of] payment 
	(v)      Names and addresses of additional Paying Agent(s) (if any):	[         ]
	(vi)     Intended to be held in a manner which would allow Eurosystem eligibility:	
    [Yes]/[No]/[Not
    Applicable]

     

    [Note
    that the designation “yes” means that the Notes are intended upon issue to be deposited
    with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the
    name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and does not necessarily
    mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem
    either upon issue or at any or all times during their life as such recognition depends upon satisfaction of the Eurosystem eligibility
    criteria.] / [Note that the designation “no” means that should the Eurosystem eligibility criteria be amended in the future
    such that the Notes are capable of meeting such criteria, the Notes may then be deposited with Euroclear Bank SA/NV or Clearstream Banking
    S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name of a nominee of one of the ICSDs acting as common
    safekeeper,] [include this text for registered Notes]] and does not necessarily mean that the Notes will be recognised as eligible
    collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life as such recognition
    depends upon satisfaction of the Eurosystem eligibility criteria.] (Include this text if “yes” or “no” is selected
    in which case bearer Notes must be issued in NGN form and registered Notes must be held under the NSS.)

     

	7.DISTRIBUTION
	 
	(i)    Method of distribution:	[Syndicated]/[Non-syndicated]
	
      (ii)    If
syndicated:

     

     (a)   Names
of Managers: 
	
     

     

    [Not
Applicable/give names]

	(b)   Date of Syndicate Purchase Agreement:	[         ]
	(c)   Stabilisation
Manager(s) (if any):	[         ]

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	(iii)   If non-syndicated, name of Dealer/Purchaser:	[Not Applicable/give name and address]
	(iv)   U.S. Selling Restrictions:	
    [Reg. S
    Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

     

    (TEFRA
    D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity of
    183 days or less (taking into consideration unilateral rights to roll or extend))

     

    (For
Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D) 

	(v)   Prohibition of Sales to EEA Retail Investors:	[Applicable/Not Applicable]
	(vi)  Prohibition of Sales to UK Retail Investors:	[Applicable/Not Applicable]
	(vii) Prohibition of Sales to Belgian Consumers:	Applicable

    Page 210

     

    

ANNEX C TO APPENDIX D

FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER

 

[Date]

 

		To:	[Toyota Motor Finance (Netherlands) B.V.]

[Toyota Credit Canada Inc.]

[Toyota Finance Australia Limited]

[Toyota Motor Credit Corporation]

 

		cc:	The Bank of New York Mellon, acting through its London branch (the Agent)

[The Bank of New York Mellon SA/NV, Luxembourg Branch (the Registrar)]

 

[Name of Issuer]

[Description of Notes]

issued pursuant to the €60,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation (the “Programme”)

 

We hereby confirm the agreement
for the issue to us of [describe issue] Notes due [        ] (the Notes) under the Programme
in accordance with the Amended and Restated Programme Agreement dated 16 September 2022 [(the Programme Agreement)] and pursuant
to the terms of issue set out in the Final Terms which we are [providing]/[faxing] herewith.

 

[In connection with our purchase of
such Notes, we:

 

		1.	agree with the Issuer for itself and as agent for the Dealers (each as defined in the Programme Agreement)
that we will be bound by the provisions of the Programme Agreement (a copy of which has been supplied to us), with the exception of Clauses
3 to 5 and 10 to 12 inclusive, as if we had been named as Dealer therein; and

 

		2.	confirm that, where the Issuer authorises us to provide copies of documents and to make representations
and statements in connection with the issue of Notes, such authorisation relates only to the documents, statements and representations
in Clause 7 of the Programme Agreement, subject to the limitations contained in that Clause.]

 

[The Issue Price of the Notes
will be [         ] per cent. of the Aggregate Nominal Amount of the Notes.]

 

[The selling commission in
respect of the Notes will be [        ] per cent. of the Aggregate Nominal Amount of the Notes
[(        )] and will be deductible from the Issue Price of the Notes, giving net proceeds of
[        ].]

 

The Notes are to be credited
to [Euroclear Bank SA/NV/Clearstream Banking S.A.] account number [        ] in the name of [Name
of Purchaser].

 

    Page 211

     

    

[Solely for the purposes of
the requirements of Article 9(8) of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the MiFID Product Governance
Rules) we acknowledge that we understand the responsibilities conferred upon us under the MiFID Product Governance Rules relating
to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related
information set out in the Final Terms and any announcements in connection with the Notes.]

 

[Solely for the purposes of
the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance
Rules) we acknowledge that we understand the responsibilities conferred upon us under the UK MiFIR Product Governance Rules relating
to each of the product approval process, the target market and the proposed distribution channels as applying to the Notes and the related
information set out in the Final Terms and any announcements in connection with the Notes.]

 

If stabilisation is to
be conducted following the safe harbour set out in Article 5 of the Market Abuse Regulation and Delegated Regulation (EU) 2016/1052, including
as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, consider including the following:

 

[We hereby acknowledge our
appointment by you as the central point responsible for adequate public disclosure of information, and handling any request from a competent
authority, in accordance with Article 6(5) of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 with regard to regulatory
technical standards for the conditions applicable to buy-back programmes and stabilisation measures[, including as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018].]

 

[Insert additional selling
restrictions applicable to the issue of the Notes, as agreed to by the Purchaser]

 

[Insert if Final Terms
relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any other currency) to be admitted
to trading on an EEA or UK regulated market and/or offered on a non-exempt basis in certain EEA Jurisdictions or the UK

 

In addition, as set out in
Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling Restrictions with respect
to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

The Prospectus has been passported
for the purposes of a Non-exempt Offer of Notes to the public and the Issuer understands that [Purchaser] and any placers authorised
on behalf of the Issuer by [Purchaser] involved in the Non-exempt Offer and/or the UK Public Offer have the Issuer’s consent
(subject to the terms and conditions mentioned below) to use the Prospectus and the Final Terms for a UK Public Offer of the Notes in
the UK and/or a Non-exempt Offer of the Notes in [Austria, Germany, Luxembourg, the Netherlands, Norway and Spain] (such jurisdictions,
together with Ireland and the UK, the Jurisdictions and each a Jurisdiction) during the Offer Period (as defined in the
Final Terms).

 

Upon the execution of this
Agreement, [Purchaser] may, during the Offer Period, make a UK Public Offer in the UK and/or a Non-exempt Offer in any of the other
Jurisdictions using the Prospectus and the Final Terms, and otherwise in accordance with the terms and conditions of this Agreement, the
Prospectus and the Final Terms.

 

[Purchaser] represents
and agrees that it has not offered or sold and will not offer or sell in any EEA Member State or in the UK, any Notes other than by (i)
a UK Public Offer in 

    Page 212

     

    

the UK, and/or a Non-exempt
Offer in any of the other Jurisdictions, during the Offer Period pursuant to, and in accordance with, the Prospectus and the Final Terms
(without modification or supplement); or (ii) an offer to qualified investors (as defined in Article 2 of the Prospectus Regulation and
Article 2 of the UK Prospectus Regulation) or otherwise in compliance with Article 1(4) of the Prospectus Regulation and Article 1(4)
of the UK Prospectus Regulation, and that during the Offer Period, [Purchaser] will ensure that any Placer (as defined in the
Final Terms) purchasing from [Purchaser] any of the Notes has been notified that by accepting such Notes such Placer undertakes
to comply with the foregoing provisions of these Selling Restrictions.

 

[Purchaser] also represents
and agrees that the following provisions contained in the Final Terms under the heading “Terms and Conditions of the Public Offer”
(including where repeated in the Issue Specific Summary set out in the Schedule to the Final Terms), in the second sentence of the section
entitled “Offer Price”, in the section entitled “Conditions to which the offer is subject”, in the section entitled
“Description of the application process”, in the section entitled “Details of the minimum and/or maximum amount of the
application”, in the section entitled “Method and time limits for paying up and delivering the Notes” and in the section
entitled “Process for notifying applicants of the amount allotted and an indication whether dealing may begin before notification
is made” relating to it and its offer and sale process are true and accurate in all respects and that it has not made any Placers
as such known to the Issuer [other than any Placers who are identified as such in the Final Terms].

 

Save as described above and
in the Final Terms, [Purchaser] acknowledges that no action has been taken by the Issuer or any other person that would, or is
intended to, permit a UK Public Offer in the UK and/or a Non-exempt Offer in any of the other Jurisdictions at any time other than during
the Offer Period pursuant to, and in accordance with, the Prospectus and the Final Terms or in any other country or jurisdiction at any
time where any such action for that purpose is required.

 

[Purchaser] undertakes,
that it will not, directly or indirectly, offer or sell any Notes or distribute or publish any offering circular, prospectus, form of
application, advertisement or other document or information in any country or jurisdiction except under circumstances that will result
in compliance with any applicable laws and regulations and all offers and sales of Notes by it will be made on the same terms, and provided
that no such offer or sale of Notes shall require the Issuer or [Purchaser] to publish a prospectus pursuant to Article 3 of the
Prospectus Regulation or Section 85 of the Financial Services and Markets Act 2000 (as amended) (or supplement a prospectus pursuant to
Article 23 of the Prospectus Regulation or Article 23 of the UK Prospectus Regulation) or to take any other action in any jurisdiction
other than as described above.

 

For the purposes of these
Selling Restrictions, the expression an offer of Notes to the public in relation to any Notes in any relevant Jurisdiction means the communication
in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor
to decide to purchase or subscribe the Notes, as the same may be varied in that Jurisdiction.]

 

-OR -

 

[Insert if Final Terms
relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any other currency) to be admitted
to trading on an EEA or UK regulated market and/or offered on an exempt basis in the EEA or the UK

 

    Page 213

     

    

In addition, as set out in
Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling Restrictions with respect
to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

		(a)	we represent and agree, that we have not offered or sold and we will not offer or sell, whether through
financial intermediaries or otherwise, any such Notes to the public in any EEA Member State or in the UK by means of the Prospectus, the
Final Terms or any other document, other than to qualified investors (as defined in Article 2 of the Prospectus Regulation and Article
2 of the UK Prospectus Regulation);

 

		(b)	we acknowledge that no action has been taken by the Issuer or any other person that would, or is intended
to permit an offer to the public of any such Notes in any country or jurisdiction at any time where any such action for that purpose is
required; and

 

		(c)	we undertake that we will not, directly or indirectly, offer or sell any such Notes or distribute or publish
any offering circular, prospectus, form of application, advertisement or other document or information in any country or jurisdiction
except under circumstances that will result in compliance with any applicable laws and regulations and all offers and sales of any such
Notes by us will be made on the same terms, and provided that no such offer or sale of Notes by us, whether through financial intermediaries
or otherwise, shall require the Issuer, us or any such financial intermediaries to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or Section 85 of the Financial Services and Markets Act 2000 (as amended) or supplement a prospectus pursuant to Article 23
of the Prospectus Regulation or Article 23 of the UK Prospectus Regulation.]

 

[Also for the avoidance of
doubt, the Selling Restrictions contained in paragraph [17]/[18] of Appendix 2 to the Programme Agreement are not Selling Restrictions
with respect to the Notes and are not part of the Programme Agreement for the purposes of the issue of the Notes.]

 

[Insert if Uridashi Notes:

 

Selling Restrictions

 

In addition, and for the avoidance
of doubt, the following provisions are Selling Restrictions with respect to the Notes and part of the Programme Agreement for the purposes
of the issue of the Notes replacing the selling restrictions relating to Japan, the European Economic Area and the United Kingdom, respectively:

 

Japan

 

A secondary distribution (Uridashi)
of the Notes is scheduled to be made in Japan. The Notes may not be offered or sold, directly or indirectly, in Japan or to, or for the
benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity
organised under the laws of Japan) except in compliance with the terms of [the securities registration statement and the amendments thereto/the
shelf registration statement, the amendments thereto and the supplemental documents] that have been, or will be, filed by the Issuer with
the Director-General of the Kanto Local Finance Bureau of the Ministry of Finance of Japan with respect to a secondary distribution (Uridashi)
of the Notes in Japan in accordance with the Financial Instruments and 

 

    Page 214

     

    

Exchange Law of Japan or under circumstances which will result
in compliance with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities
in effect at the relevant time.

 

European Economic Area

 

We confirm that the Notes
will not be offered or sold in the European Economic Area.

 

[We
represent and agree that we have not offered, sold or otherwise made available and will not offer, sell or otherwise make available any
Notes to any retail investor in the European Economic Area. For the purposes of this provision:

 

(a)       the
expression “retail investor” means a person who is one (or more) of the following:

 

		(i)	a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II);
or

 

		(ii)	a customer within the meaning of Insurance Distribution Directive (Directive (EU) 2016/97 (as amended)),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

 

		(iii)	not a qualified investor as defined in Article 2 of the Prospectus Regulation; and

 

		(b)	the expression offer includes the communication in any form and by any means of sufficient information
on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes.]

 

[We also confirm that no action
has been taken by [Issuer] or us that would, or is intended to permit an offer to the public of any Notes in the European Economic
Area at any time where any such action for that purpose is required.]

 

United Kingdom

 

We confirm that the Notes
will not be offered or sold in the United Kingdom.]

 

[We
represent and agree that we have not offered, sold or otherwise made available and will not offer, sell or otherwise make available any
Notes to any retail investor in the United Kingdom (UK). For the purposes of this provision:

 

(a)       the
expression “retail investor” means a person who is one (or more) of the following:

 

		(i)	a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); or

 

		(ii)	a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended,
the FSMA) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify
as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by
virtue of the EUWA; or

 

		(iii)	not a qualified investor as defined in Article 2 of the UK Prospectus Regulation; and

 

    Page 215

     

    

		(b)	the expression “offer” includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes.]

 

[We also confirm that no action
has been taken by [Issuer] or us that would, or is intended to permit an offer to the public of any Notes in the United Kingdom
at any time where any such action for that purpose is required.]

 

[Consider whether it is
appropriate to include “bail-in” provisions]

 

[Contractual Recognition
of Bail-In

 

Notwithstanding and to the
exclusion of any other term of this Letter Agreement, the Programme Agreement or any other agreements, arrangements, or understandings
between [Purchaser] and the Issuer, the Issuer acknowledges, accepts and agrees that a BRRD Liability arising under this Letter
Agreement or the Programme Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges,
accepts and agrees to be bound by:

 

		(a)	the
                                            effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation
                                            to any BRRD Liability of [Purchaser] to the Issuer under this Letter Agreement or
                                            the Programme Agreement, that (without limitation) may include and result in any of the following,
                                            or some combination thereof:

 

		(i)	the
                                            reduction of all, or a portion, of any BRRD Liability or outstanding amounts due thereon;

 

		(ii)	the
                                            conversion of all, or a portion, of any BRRD Liability into shares, other securities or other
                                            obligations of [Purchaser] or another person, and the issue to or conferral on the
                                            Issuer of such shares, securities or obligations;

 

		(iii)	the
                                            cancellation of any BRRD Liability; and

 

		(iv)	the
                                            amendment or alteration of any interest, if applicable, thereon, the maturity or the dates
                                            on which any payments are due, including by suspending payment for a temporary period; and

 

		(b)	the
                                            variation of the terms of this Letter Agreement and/or the Programme Agreement, as deemed
                                            necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in
                                            Powers by the Relevant Resolution Authority.

 

“Bail-in Legislation”
means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the
relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time;

 

“Bail-in Powers”
means any Write-down and Conversion Powers as defined in the EU Bail in Legislation Schedule, in relation to the relevant Bail-in Legislation;

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended
or replaced from time to time;

 

    Page 216

     

    

“BRRD Liability”
means a liability in respect of which the relevant Bail-in Powers may be exercised;

 

“EU Bail-in Legislation
Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor
person) from time to time; and

 

“Relevant Resolution
Authority” means in respect of [Purchaser], the resolution authority with the ability to exercise any Bail-in Powers
in relation to [Purchaser].]

 

[Unless otherwise defined
in this letter, terms and expressions defined in the Programme Agreement shall have the same meanings in this letter, except where the
context requires otherwise.]

 

This letter and any non-contractual
obligations arising out of or in connection with this letter shall be governed by, and construed in accordance with, the laws of England.

 

Please confirm your agreement
to the terms of issue by signing and [providing]/[faxing] to us a copy of the attached Final Terms. Please also [provide]/[fax] a copy
of the Final Terms to the Agent [and the Registrar].

 

For and on behalf of [Name of Purchaser]

 

By:______________________

Authorised signatory

 

[We confirm our agreement to the terms of Contractual
Recognition of Bail-In set out above in this Purchaser Confirmation Letter.

 

For and on behalf of [Name of Issuer]

 

By:____________________________

Authorised signatory]

  

    Page 217

     

    

ANNEX D TO APPENDIX D

FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER

 

[Date]

 

To: The Bank of New York Mellon, acting through
its London branch

[The Bank of New York Mellon SA/NV, Luxembourg Branch]

 

and: [Name of Purchaser]

 

[Name of Issuer]

[Description of Notes] (the “Notes”)

issued pursuant to the €60,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

We hereby confirm our instruction
to The Bank of New York Mellon, acting through its London branch, as Agent to prepare, complete, authenticate and issue [a Temporary Global
Note and a Permanent Global Note]/[the Registered Global Note on [ ] and we hereby authorise and instruct The Bank of New York Mellon
SA/NV, Luxembourg Branch as Registrar to register [ ] aggregate nominal amount of Notes on [ ]] in accordance with:

 

		(a)	the information contained in the confirmation from [Name of Purchaser] (a copy of which is attached
hereto); [and]

 

		(b)	the terms of the Operating and Administrative Procedures Memorandum relating to the above Programme[,][;
and]

 

		[(c)	the Amended and Restated Note Agency Agreement dated [ ] between Toyota Motor Credit Corporation, The
Bank of New York Mellon, acting through its London branch and The Bank of New York Mellon SA/NV, Luxembourg Branch,]

 

and to give instructions to [Euroclear Bank SA/NV/Clearstream
Banking S.A./other]* to credit the account number [        ] with [Euroclear Bank SA/NV/Clearstream
Banking S.A./other]* in the name of [Name of Purchaser] with the Notes represented by such [Temporary Global Note][Registered
Global Note] against payment on [] of [        ] to the account of The Bank of New York Mellon,
acting through its London branch, account number [        ] with [Euroclear Bank SA/NV/Clearstream
Banking S.A./other]* being the [net] subscription price of such Notes.

 

[Toyota Motor Finance (Netherlands) B.V.]

[Toyota Credit Canada Inc.]

[Toyota Finance Australia Limited]

 

 

By: _____________________________

 

_______________________

		*	[Delete as appropriate]

 

		*	[Delete as appropriate]

    Page 218

     

    

[Toyota Motor Credit Corporation

 

By: _________________________

Name:

Title:]

 

[Form of Purchaser’s confirmation to be
attached]

 

    Page 219

     

    

ANNEX E TO APPENDIX D

TRADING DESK INFORMATION

 

[**]

 

    Page 220

     

    

Appendix E

FORM OF THE NOTES

 

Each Tranche of Notes in
bearer form will initially be issued in the form of a temporary global Note (a “Temporary Global Note”) which will:

 

		(i)	if the global Notes are to be issued in new global note (“NGN”) form, as stated in
the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche to one of the international central securities
depositaries as common safekeeper (the “Common Safekeeper”) for Euroclear Bank SA/NV (“Euroclear”)
and Clearstream Banking S.A. (“Clearstream, Luxembourg”); and

 

		(ii)	if the global Notes are not to be issued in NGN form, as stated in the applicable Final Terms, be delivered
on or prior to the original issue date of the Tranche to a common depositary for Euroclear and Clearstream, Luxembourg and/or a nominee
for any other relevant clearing system (as applicable),

 

without interest coupons or talons.

 

Notes (including Notes in
registered form issued by TCCI or TMCC, as described below) may be issued in a form that permits them to be held in a manner which will
allow Eurosystem eligibility. Any indication in the applicable Final Terms that the Notes are to be so held means that the Notes are to
be deposited with the Common Safekeeper (and, in the case of Notes in registered form issued by TCCI or TMCC, registered in the name of
a nominee of the Common Safekeeper) and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life as such recognition
depends upon satisfaction of the Eurosystem eligibility criteria. Any indication in the applicable Final Terms that the Notes are not
to be so held means that should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting
such criteria, the Notes may then be deposited with the Common Safekeeper (and in the case of Notes in registered form issued by TCCI
or TMCC, registered in the name of a nominee of the Common Safekeeper) and does not necessarily mean that the Notes will be recognised
as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life
as such recognition depends upon satisfaction of the Eurosystem eligibility criteria.

 

Where
the global Notes issued in respect of any Tranche are in NGN form, Euroclear and/or Clearstream, Luxembourg will be notified whether such
global Notes are intended to be held in a manner which would allow Eurosystem eligibility. If the global Note is a NGN, the nominal amount
of the Notes represented by such global Notes will be the aggregate from time to time entered in the records of both Euroclear and Clearstream,
Luxembourg. The records of Euroclear and Clearstream, Luxembourg (which expression in such global
Note means the records that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflect the amount of each such
customer’s interest in the Notes) will be conclusive evidence of the nominal amount of Notes represented by such global Note and,
for such purposes, a statement issued by Euroclear and/or Clearstream, Luxembourg, stating that the nominal amount of Notes represented
by such global Note at any time will be conclusive evidence of the records of Euroclear and/or Clearstream, Luxembourg at that time, as
the case may be. 

 

While any Note is represented
by a Temporary Global Note, payments of principal and interest (if any) due prior to the Exchange Date (as defined below) will be made
(against presentation of the Temporary Global Note if the Temporary Global Note is not issued in NGN form) only upon certification of
non-U.S. beneficial ownership as required by U.S. Treasury regulations to Euroclear and/or Clearstream, Luxembourg; provided, however,
that no such

 

    Page 221

     

    

certification will be required
with respect to Notes that, as specified in the applicable Final Terms (i) have been issued in reliance on the procedures under United
States Treasury regulations Section 1.163-5(c)(2)(i)(C) (or any substantially similar successor United States Treasury regulations) (the
“TEFRA C Rules”) or (ii) have an initial maturity of 183 days or less (taking into consideration unilateral rights to roll
or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate on the issue
date) and are intended to comply with United States Treasury regulations Section 1.6049-5(b)(10).

 

Interests
in the Temporary Global Note will be exchangeable (free of charge) either for:

 

		(i)	interests in a permanent global Note (a “Permanent Global Note”) without interest coupons
or talons; or

 

		(ii)	for security-printed definitive Notes,

 

(as indicated in the applicable Final Terms),
in each case against certification of non-U.S. beneficial ownership as required by U.S. Treasury regulations in accordance with the terms
of the Temporary Global Note:

 

		(a)	on and after the date which is 40 days after completion of the distribution of the relevant Tranche of
Notes; or

 

		(b)	at the option of the relevant Issuer (with the consent of the Lead Manager(s) of the Tranche(s) of Notes
of the relevant Series) on the date which is 40 days after completion of the distribution of any additional issuance or issuances of one
or more Tranches of Notes of the same Series that occurs within the 40 day period after the issue of the Temporary Global Note,

 

(the latest of such dates in paragraphs
(a) and (b) is referred to as the “Exchange Date”),

 

provided that no such certification of non-U.S.
beneficial ownership will be required with respect to Notes that, as specified in the applicable Final Terms (i) have been issued in compliance
with the TEFRA C Rules or (ii) have an initial maturity of 183 days or less (taking into consideration unilateral rights to roll or extend),
a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate on the issue date) and
are intended to comply with United States Treasury regulations Section 1.6049-5(b)(10).

 

The holder of a Temporary
Global Note will not be entitled to collect any payment of interest or principal due on or after the Exchange Date unless, upon due certification,
exchange of the Temporary Global Note for an interest in a Permanent Global Note or for definitive Notes is improperly withheld or refused.
Pursuant to the Agency Agreement (as defined under “Terms and Conditions of the Notes”) the Agent shall arrange that,
where a further Tranche of Notes is issued after the Exchange Date, the Notes of such further Tranche shall be assigned security code
numbers by Euroclear and Clearstream, Luxembourg which are different from the security code numbers assigned to Notes of any other Tranche
of the same Series until at least the expiry of the distribution compliance period (as defined in Regulation S under the Securities Act)
applicable to the Notes of such Tranche.

 

The Permanent Global Note
will, unless otherwise agreed between the relevant Issuer and the relevant Dealer, if the global Notes are issued in NGN form as stated
in the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche to the Common Safekeeper for Euroclear
and Clearstream, Luxembourg. If the global Notes are not issued in NGN form, the Permanent Global Note will be delivered to the common
depositary for Euroclear and Clearstream, Luxembourg.

 

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Payments
of principal and interest (if any) on a Permanent Global Note will be made through Euroclear and/or
Clearstream, Luxembourg (against presentation or surrender (as the case may be) of the Permanent Global Note if the Permanent Global Note
is not issued in NGN form) without any requirement for certification. 

 

A
Permanent Global Note will, if specified in the applicable Final Terms, be exchanged (free of charge) in whole, but not in part, for security
printed definitive Notes with, where applicable, interest coupons and talons attached (i) at the request
of the relevant Issuer; and/or (ii) upon the occurrence of an Exchange Event (as defined below). 

 

For these purposes, “Exchange
Event” means that (i) an Event of Default (as defined in Condition 9 under “Terms and Conditions of the Notes”)
has occurred and is continuing; (ii) the relevant Issuer has been notified that both Euroclear and Clearstream, Luxembourg, or any other
agreed clearing system in which such Permanent Global Note is being held, have been closed for business for a continuous period of 14
days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in
fact done so and, as a result, Euroclear and Clearstream, Luxembourg or such other agreed clearing system in which such Permanent Global
Note is being held are no longer willing or able to discharge properly their responsibilities with respect to such Notes and the Agent
and the relevant Issuer are unable to locate a qualified successor; or (iii) the relevant Issuer has or will become subject to adverse
tax consequences as a result of a change in tax laws after the issuance of the Notes which would not be suffered were the Notes represented
by the Permanent Global Note in definitive form.

 

The relevant Issuer will promptly
give notice to Noteholders in accordance with Condition 16 under “Terms and Conditions of the Notes” if an Exchange
Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream, Luxembourg and/or any other agreed clearing
system in which such Permanent Global Note is being held (acting on the instructions of any holder of an interest in such Permanent Global
Note) may give notice to the Agent requesting exchange and, in the event of the occurrence of an Exchange Event as described in (iii)
above, the relevant Issuer may also give notice to the Agent requesting exchange. Any such exchange shall occur not later than 45 days
after the date of receipt of the first relevant notice by the Agent.

 

If a portion of the Notes
continues to be represented by the Temporary Global Note after the issuance of definitive Notes, the Temporary Global Note shall thereafter
be exchangeable only for definitive Notes, subject to certification of non-U.S. beneficial ownership; provided, however, that no such
certification of non-U.S. beneficial ownership will be required with respect to Notes that (i) are issued in reliance on the TEFRA C Rules
or (ii) as specified in the applicable Final Terms, have an initial maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate
on the issue date) and are intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10).

 

No definitive Note delivered
in exchange for a Permanent Global Note or a Temporary Global Note shall be mailed or otherwise delivered to any locations in the United
States of America in connection with such exchange. Temporary Global Notes and Permanent Global Notes and definitive Notes will be issued
by the Agent pursuant to the Agency Agreement.

 

If specified in the applicable
Final Terms, other clearance systems may be used in addition to or in lieu of Euroclear and Clearstream, Luxembourg provided that, in
the case of an issue of Bearer Notes, such other clearance system is capable of complying with the certification requirements set forth
in the Temporary Global Note or the Notes are issued in compliance with the TEFRA C Rules and any reference herein to Euroclear and/or
Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Notes issued in NGN form, be deemed to include such
other additional or alternative clearing system.

 

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Temporary Global Notes and
Permanent Global Notes will be issued in bearer form only. Definitive Notes will be issued in bearer form or, in the case of Notes issued
by TCCI or TMCC, if so indicated in the applicable Final Terms, in registered form.

 

For
United States federal income tax purposes each Permanent Global Note and each definitive Note issued
in bearer form which has an original maturity of more than 365 days (taking into consideration unilateral rights to roll or extend) issued
by TMF, TCCI or TFA (other than Notes issued in compliance with the TEFRA C Rules) and any interest coupon which may be detached therefrom
(or, if the obligation is evidenced by a book entry, appears in the book or record in which the book entry is made) will carry the following
legend:

 

“Any United States person
(as defined in the Internal Revenue Code of the United States) who holds this obligation will be subject to limitations under the United
States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code.”

 

The sections referred to in
such legend provide that United States Noteholders, with certain exceptions, will not be entitled to deduct any loss on Notes or interest
coupons and will not be entitled to capital gains treatment of any gain on any sale, disposition or payment of principal in respect of
Notes or interest coupons.

 

For
United States federal tax purposes each Temporary Global Note, each Permanent Global Note and each
definitive Note issued in bearer form which has an original maturity of 183 days or less (taking into consideration unilateral rights
to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate
on the issue date) and, as specified in the applicable Final Terms, is intended to comply with United States Treasury Regulations Section
1.6049-5(b)(10) and any interest coupon which may be detached therefrom (or, if the obligation is evidenced
by a book entry, appears in the book or record in which the book entry is made) will carry the following legend:

 

“By accepting this obligation,
the holder represents and warrants that it is not a United States person (other than an exempt recipient described in Section 6049(b)(4)
of the Internal Revenue Code of the United States and the regulations thereunder) and that it is not acting for or on behalf of a United
States person (other than an exempt recipient described in Section 6049(b)(4) of the Internal Revenue Code and the regulations thereunder).”

 

Unless Notes issued by TMF,
TCCI or TFA in bearer form will be issued, as specified in the applicable Final Terms, in compliance with the TEFRA C Rules, Notes issued
by TMF, TCCI or TFA in bearer form will be issued in compliance with United States Treasury Regulation Section 1.163-5(c)(2)(i)(D) (or
any substantially similar successor United States Treasury regulations) (the “D Rules”) and Notes issued by TMCC with
maturities at issuance of 183 days or less (taking into consideration unilateral rights to roll or extend)
and in a face amount or nominal amount of not less than U.S.$500,000 (as determined based on the spot rate on the date of issuance
if such Notes are issued in a currency other than U.S. dollars) that, as specified in the applicable Final Terms, are intended to comply
with United States Treasury Regulation Section 1.6049-5(b)(10), will be issued in compliance with the D Rules (excluding the certification
requirement).

 

TMCC will not issue notes
in bearer form with a maturity at issuance of more than 183 days (taking into consideration unilateral rights to roll or extend).

 

Notes may
be issued in registered form (“Registered Notes”) by either TCCI or TMCC, subject to applicable laws and regulations.
Each Tranche of Registered Notes issued by TCCI or TMCC will be represented on issue by a registered global Note (each a “Registered
Global Note”) which will be (a) if the applicable Final Terms specify the Registered Notes are intended to held in a manner
which would allow Eurosystem eligibility (being the new safekeeping structure (“NSS”)), deposited on the relevant Issue
Date with the Common Safekeeper; or (b) if the applicable Final Terms specify the Registered Notes are not intended to be held in a manner
which

 

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would allow
Eurosystem eligibility, deposited on the relevant Issue Date with a nominee or a depositary or common depositary for the agreed clearing
system(s). Such Registered Global Note will not be exchangeable for Registered Notes in definitive form except on an Exchange Event (as
that term is defined in the Registered Global Note). With respect to each Tranche of Registered Notes, TCCI has appointed, under an amended
and restated note agency agreement dated 17 September 2021 (the “TCCI Note Agency Agreement”), and TMCC has appointed
under a note agency agreement dated 17 September 2021 (the “TMCC Note Agency Agreement”), a registrar or registrars
and a transfer agent and paying agent and may appoint other or additional transfer agents or paying agents, either generally or in respect
of a particular Series of Registered Notes.

 

The applicable
Final Terms will specify whether the Notes will be represented by:

 

		(i)	a Temporary Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Temporary Global Note is exchangeable for a Permanent Global Note in bearer form on and after
the Exchange Date and (except for Notes (x) with an initial maturity of 183 days or less (taking into consideration unilateral rights
to roll or extend), a minimum denomination of $500,000 (or its equivalent value in any other currency, determined at the spot rate on
the Issue Date) and specified in the applicable Final Terms as intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10)
and (y) as specified in the applicable Final Terms, that have been issued in reliance on TEFRA C Rules) upon certification of non-U.S.
beneficial ownership; or

 

		(ii)	a Temporary Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Temporary Global Note is exchangeable for security printed definitive Notes on and after the
Exchange Date and (except for Notes (x) with an initial maturity of 183 days or less (taking into consideration unilateral rights to roll
or extend), a minimum denomination of $500,000 (or its equivalent value in any other currency, determined at the spot rate on the Issue
Date) and specified in the applicable Final Terms as intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10)
and (y) as specified in the applicable Final Terms, that have been issued in reliance on TEFRA C Rules) upon certification of non-U.S.
beneficial ownership; or

 

		(iii)	a Permanent Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Permanent Global Note is exchangeable (free of charge) in whole, but not in part, for security
printed definitive Notes either (a) at the request of the relevant Issuer; and/or (b) upon the occurrence of an Exchange Event (as defined
in the Permanent Global Note); or

 

		(iv)	in the case of TCCI or TMCC only, a Registered Global Note registered in the name of a nominee for CDS
Clearing and Depository Services Inc. (in the case of TCCI only) or a common depositary for Euroclear and Clearstream, Luxembourg or a
common safekeeper for Euroclear and Clearstream, Luxembourg or any other clearing system exchangeable (free of charge) for security printed
definitive Notes only upon an Exchange Event (as defined in the Registered Global Note).

 

The exchange of a Permanent
Global Note or a Registered Global Note for printed definitive Notes by Euroclear and/or Clearstream, Luxembourg (acting on the instructions
of any Noteholder) or at any time at the request of the relevant Issuer should not be expressed to be applicable in the applicable Final
Terms if the Notes are issued with a minimum Specified Denomination such as €100,000 (or its equivalent in another currency) plus
one or more higher 

 

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multiples of another smaller amount such as €1,000 (or its equivalent in another currency). Furthermore, such
Specified Denomination construction is not permitted in relation to any issue of Notes which is to be represented on issue by a Temporary
Global Note exchangeable for printed definitive Notes.

 

Notes shall not be physically
delivered in Belgium, except to a clearing system, a depository or other institution for the purpose of their immobilisation in accordance
with Article 4 of the Belgian Law of 14 December 2005.

 

Each Issuer
may agree with any Dealer that there may be a secondary distribution (“Uridashi”) of the Notes (“Uridashi
Notes”) to be made in Japan in compliance with the terms of a securities registration statement, amendments thereto and supplemental
documents that have been, or will be, filed by the relevant Issuer with the Director-General of the Kanto Local Finance Bureau of the
Ministry of Finance of Japan with respect to such secondary distribution of Uridashi Notes in Japan and in accordance with the Financial
Instruments and Exchange Law of Japan or under circumstances which will result in compliance with all applicable laws, regulations and
guidelines promulgated by the relevant Japanese governmental and regulatory authorities in effect at the relevant time.

 

Each Issuer
may agree with any Dealer that Notes may be issued in a form not contemplated by the terms and conditions of the Notes herein, in which
case a new Prospectus will be made available which will describe the effect of the agreement reached in relation to such Notes.

 

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Appendix F

ADDITIONAL DUTIES OF THE AGENT

 

In relation to each Series
of Bearer Notes that are New Global Notes, the Agent will comply with the following provisions:

 

1.       The
Agent will inform each of Euroclear and Clearstream, Luxembourg (the ICSDs), through the common service provider appointed by the
ICSDs to service the Notes (the CSP), of the initial issue outstanding amount (IOA) for each Tranche on or prior to the
relevant Issue Date.

 

2.       If
any event occurs that requires a mark up or mark down of the records which an ICSD holds for its customers to reflect such customers’
interest in the Notes, the Agent will (to the extent known to it) promptly provide details of the amount of such mark up or mark down,
together with a description of the event that requires it, to the ICSDs (through the CSP) to ensure that the IOA of the Notes remains
at all times accurate.

 

3.       The
Agent will at least once every month reconcile its record of the IOA of the Notes with information received from the ICSDs (through the
CSP) with respect to the IOA maintained by the ICSDs for the Notes and will promptly inform the ICSDs (through the CSP) of any discrepancies.

 

4.       The
Agent will promptly assist the ICSDs (through the CSP) in resolving any discrepancy identified in the IOA of the Notes.

 

5.       The
Agent will promptly provide to the ICSDs (through the CSP) details of all amounts paid by it under the Notes (or, where the Notes provide
for delivery of assets other than cash, of the assets so delivered).

 

6.       The
Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) notice of any changes to the Notes that will affect
the amount of, or date for, any payment due under the Notes.

 

7.       The
Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) copies of all information that is given to the
holders of the Notes.

 

8.       The
Agent will promptly pass on to the relevant Issuer all communications it receives from the ICSDs directly or through the CSP relating
to the Notes.

 

9.       The
Agent will (to the extent known to it) promptly notify the ICSDs (through the CSP) of any failure by the relevant Issuer to make any payment
or delivery due under the Notes when due.

 

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Appendix G

FORM OF DEED POLL

(sUBSTITUTION OF ISSUER)

 

This Deed Poll is made on
[        ], 20[  ] by [        ] (the Retiring
Issuer), a company incorporated in [       ] and [        ]
(the Substitute Issuer), a company incorporated in [        ] in favour of holders, which
expression includes any persons shown in the records of Euroclear Bank SA/NV and/or Clearstream Banking S.A. [or such other clearing system
indicated in the applicable Final Terms for such Notes][indicate other clearing systems] as holders of a principal amount, of Notes
(as defined below) from time to time.

 

WHEREAS:

 

		(A)	It has been proposed that in respect of [any of the debt securities issued by the Retiring Issuer under
the Euro Medium Term Note Programme of, inter alia, the Retiring Issuer and which remain outstanding on the Effective Date (as
defined below) (the Notes)]/[the [principal amount] [description of Series] Notes due [maturity] (the Notes)
of the Retiring Issuer issued under the Euro Medium Term Note Programme of, inter alia, the Retiring Issuer] there will be a substitution
of the Substitute Issuer for the Retiring Issuer as the issuer of the Notes (the substitution).

 

		(B)	The Notes have been issued [under, and [delete in the case of Registered Notes]] with the benefit
of, an amended and restated Agency Agreement (the Agency Agreement, which expression includes the same as it may be amended, supplemented
or restated from time to time) dated 16 September 2022 between, inter alia, the Retiring Issuer and The Bank of New York Mellon,
acting through its London branch, as agent.

 

		[(C)	[Include in the case of Registered Notes] The Notes have been issued under, and with the benefit
of, [an amended and restated] [a] Note Agency Agreement (the [TCCI] [TMCC] Note Agency Agreement, which expression includes the
same as it may be amended, supplemented or restated from time to time) dated 17 September 2021 between, inter alia, the Retiring
Issuer, The Bank of New York Mellon, acting through its London branch, as paying agent and transfer agent [only TCCI] BNY Trust
Company of Canada as registrar, paying agent and transfer agent and The Bank of New Mellon SA/NV, Luxembourg Branch as registrar and transfer
agent.[only TMCC] and The Bank of New Mellon SA/NV, Luxembourg Branch as registrar and transfer agent.]

 

NOW THIS DEED WITNESSES AS FOLLOWS:

 

		1.	References herein to the Notes include any Global Note representing the Notes and other expressions
defined in the Notes and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and,
in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] have the same meaning in this Deed unless the context
requires otherwise.

 

		2.	The Substitute Issuer agrees that, with effect from, and including, the date of execution of this Deed
Poll, all the other conditions to the substitution contained in Condition 14 having been met, (the Effective Date), it shall be
deemed to be the “Issuer” for all purposes in respect of the Notes[, the Coupons, the Talons] and the Agency Agreement [and,
in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC,
the TMCC Note Agency Agreement] insofar as it relates to the Notes, as fully as if the Substitute Issuer had been named in the Notes[,
the Coupons, the Talons] and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI 

 

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Note Agency Agreement]
[and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] as the principal debtor in respect of them in place
of the Retiring Issuer and, accordingly, it shall be entitled to all the rights, and shall be subject to all the liabilities and obligations,
on the part of the Retiring Issuer contained in them.

 

		3.	With effect from, and including, the Effective Date, the Retiring Issuer is released from all its liabilities
and obligations as principal debtor, in its capacity as issuer of the Notes, contained in the Notes[, the Coupons, the Talons] and the
Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered
Notes issued by TMCC, the TMCC Note Agency Agreement] insofar as they relate to the Notes.

 

		4.	With effect from, and including, the Effective Date, the Conditions of the Notes and the provisions of
the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered
Notes issued by TMCC, the TMCC Note Agency Agreement] relating to the Substitute Issuer (but without altering such provisions insofar
as they relate to notes issued pursuant to the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency
Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] other than Notes) are amended in the
following ways:

 

		(a)	the following sentence is added to the end of the fourth paragraph of the Conditions:

 

“The Noteholders (as defined below)
have the benefit of a Deed Poll (the Deed Poll) dated [          ] executed by
[insert appropriate reference to the Substitute Issuer] and the [insert appropriate reference to the Retiring Issuer] [and
a Credit Support Agreement dated [          ] between the Substitute Issuer and [TFS][the
Parent] executed in relation to the Notes [and the TMC Credit Support Agreement]].”

 

		[(b)	Where the Substitute Issuer is subject generally to a taxing jurisdiction differing from or in addition
to the taxing jurisdiction to which the Retiring Issuer for which it shall have been substituted under Condition 14 was subject insert
here an undertaking or covenant in terms corresponding to Condition 7 with the substitution for or addition to the references to the taxing
jurisdiction to which the Retiring Issuer, as the case may be, was subject of references to the taxing jurisdiction or additional taxing
jurisdiction to which such Substitute Issuer, as the case may be, is subject and, in such case, specify that Condition 7 shall be deemed
to be modified accordingly when the substitution takes effect.]

 

		5.	The Substitute Issuer represents, warrants and undertakes with each and every Noteholder, Couponholder
and Relevant Account Holder that the Substitute Issuer is solvent and that it has all corporate power, and has taken all necessary corporate
or other steps including obtaining all necessary governmental and regulatory approvals and consents for the substitution and for the performance
by the Substitute Issuer of its obligations under the Notes[, the Coupons and Talons] and the Agency Agreement 

 

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[and, in the case of Registered
Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement],
to enable it to execute, deliver and perform this Deed, and that this Deed constitutes legal, valid and binding obligations of the Substitute
Issuer enforceable in accordance with its terms, subject to the laws of bankruptcy, insolvency, reorganisation, moratorium or similar
laws affecting creditors’ rights generally.

 

		6.	The Substitute Issuer agrees that the benefit of the undertakings and the covenants binding upon it contained
in this Deed shall be for the benefit of each and every Noteholder, Couponholder and Relevant Account Holder and each Noteholder, Couponholder
and Relevant Account Holder shall be entitled severally to enforce such obligations against the Substitute Issuer in respect of any Notes.

 

		7.	The Retiring Issuer represents, and warrants with each and every Noteholder, Couponholder and Relevant
Account Holder that it has obtained all necessary governmental and regulatory approvals and consents for the substitution.

 

		8.	Duplicates of this Deed shall be deposited with and held to the exclusion of the Substitute Issuer by
the Relevant Clearing System and the Agent [or each TCCI Registrar in the case of Registered Notes issued by TCCI] [or the TMCC Registrar
in the case of Registered Notes issued by TMCC] until complete performance of the obligations contained in the Notes and the Agency Agreement
[and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by
TMCC, the TMCC Note Agency Agreement] relating to them occurs and the Substitute Issuer hereby acknowledges the right of every Noteholder,
Couponholder and Relevant Account Holder to production of this Deed and, upon request and payment of the expenses incurred in connection
therewith, to the production of a copy hereof certified to be a true and complete copy.

 

		9.	This Deed may only be amended in the same way as the other Conditions and the Agency Agreement [and, in
the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the
TMCC Note Agency Agreement] are capable of amendment under the Conditions and Clause 28 of the Agency Agreement [and, in the case of Registered
Notes issued by TCCI, Clause 19 of the TCCI Note Agency Agreement, respectively] [and in the case of Registered Notes issued by TMCC,
Clause 19 of the TMCC Note Agency Agreement, respectively].

 

		10.	This Deed and any non-contractual obligations arising out of or in connection with this Deed shall be
governed by, and construed in accordance with, English law.

 

		11.	The Substitute Issuer hereby irrevocably agrees for the exclusive benefit of the Noteholders, Couponholders
and Relevant Account Holders that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection
with this Deed (including any dispute relating to any non-contractual obligations arising out of or in connection with this Deed) and
that accordingly any suit, action or proceedings (together referred to as Proceedings) arising out of or in connection with this
Deed (including any Proceedings relating to any non-contractual obligations arising out of or in connection with this Deed) may be brought
in such courts. The Substitute Issuer hereby irrevocably waives any objection which it may have to the laying of the venue of any Proceedings
in any such courts and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further irrevocably agrees
that a judgment in any Proceedings brought in the English 

 

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courts shall be conclusive and binding upon the Substitute Issuer and may be
enforced in the courts of any other jurisdiction. Nothing contained herein shall limit any right to take Proceedings against the Substitute
Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking
of Proceedings in any other jurisdiction, whether concurrently or not. [The Substitute Issuer hereby appoints [Toyota Financial Services
(UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ] as its agent for service of process and agrees that, in the event of [Toyota
Financial Services (UK) PLC] ceasing so to act or ceasing to be registered in England, it will appoint another person as its agent for
service of process in England in respect of any Proceedings.]

  

IN WITNESS
whereof this Deed has been executed by and on behalf of the parties hereto as a Deed Poll as of the day and year first above written.

 

	[Signed as a deed	)
	by [                        ]	)
	[being duly authorised attorney of]	)
	[Substitute Issuer]	)
	in the presence of:]	)
	[U.K. Substitute Issuer acting by	)
	[name of director]	)
	a Director and [name of director or secretary]	)
	[a Director][the Secretary]]	)
	 	 
	 	 
	 	 
	 	 
	[Signed as a deed	)
	by [                        ]	)
	being duly authorised attorney of	)
	[Retiring Issuer]	)
	in the presence of:]	)EX-4.9

 Exhibit 4.9 

CALYXT, INC., 
 Issuer

 AND 

[                       
                 ], 
 Trustee 

 
  

INDENTURE 
 Dated as of
September [    ], 2022 
  

 
 Debt
Securities 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINITIONS	  	 	1	 
			
	 Section 1.01
	 	Definitions of Terms	  	 	1	 
			
	 ARTICLE 2
	 	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	 	5	 
			
	 Section 2.01
	 	Designation and Terms of Securities	  	 	5	 
			
	 Section 2.02
	 	Form of Securities and Trustee’s Certificate	  	 	8	 
			
	 Section 2.03
	 	Denominations: Provisions for Payment	  	 	8	 
			
	 Section 2.04
	 	Execution and Authentications	  	 	10	 
			
	 Section 2.05
	 	Registration of Transfer and Exchange	  	 	11	 
			
	 Section 2.06
	 	Temporary Securities	  	 	12	 
			
	 Section 2.07
	 	Mutilated, Destroyed, Lost or Stolen Securities	  	 	13	 
			
	 Section 2.08
	 	Cancellation	  	 	14	 
			
	 Section 2.09
	 	Benefits of Indenture	  	 	14	 
			
	 Section 2.10
	 	Authenticating Agent	  	 	14	 
			
	 Section 2.11
	 	Global Securities	  	 	15	 
			
	 Section 2.12
	 	CUSIP Numbers	  	 	16	 
			
	 ARTICLE 3
	 	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	  	 	16	 
			
	 Section 3.01
	 	Redemption	  	 	16	 
			
	 Section 3.02
	 	Notice of Redemption	  	 	17	 
			
	 Section 3.03
	 	Payment Upon Redemption	  	 	18	 
			
	 Section 3.04
	 	Sinking Fund	  	 	18	 
			
	 Section 3.05
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	19	 
			
	 Section 3.06
	 	Redemption of Securities for Sinking Fund	  	 	19	 
			
	 ARTICLE 4
	 	COVENANTS	  	 	19	 
			
	 Section 4.01
	 	Payment of Principal, Premium and Interest	  	 	19	 
			
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	20	 
			
	 Section 4.03
	 	Paying Agents	  	 	20	 
			
	 Section 4.04
	 	Appointment to Fill Vacancy in Office of Trustee	  	 	21	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE 5
	 	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	 	21	 
			
	 Section 5.01
	 	Company to Furnish Trustee Names and Addresses of Securityholders	  	 	21	 
			
	 Section 5.02
	 	Preservation Of Information; Communications With Securityholders	  	 	21	 
			
	 Section 5.03
	 	Reports by the Company	  	 	22	 
			
	 Section 5.04
	 	Reports by the Trustee	  	 	22	 
			
	 ARTICLE 6
	 	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	  	 	23	 
			
	 Section 6.01
	 	Events of Default	  	 	23	 
			
	 Section 6.02
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	24	 
			
	 Section 6.03
	 	Application of Moneys Collected	  	 	26	 
			
	 Section 6.04
	 	Limitation on Suits	  	 	26	 
			
	 Section 6.05
	 	Rights and Remedies Cumulative; Delay or Omission Not Waiver	  	 	27	 
			
	 Section 6.06
	 	Control by Securityholders	  	 	27	 
			
	 Section 6.07
	 	Undertaking to Pay Costs	  	 	28	 
			
	 ARTICLE 7
	 	CONCERNING THE TRUSTEE	  	 	28	 
			
	 Section 7.01
	 	Certain Duties and Responsibilities of Trustee	  	 	28	 
			
	 Section 7.02
	 	Certain Rights of Trustee	  	 	30	 
			
	 Section 7.03
	 	Trustee Not Responsible for Recitals or Issuance or Securities	  	 	32	 
			
	 Section 7.04
	 	May Hold Securities	  	 	32	 
			
	 Section 7.05
	 	Moneys Held in Trust	  	 	32	 
			
	 Section 7.06
	 	Compensation and Reimbursement	  	 	33	 
			
	 Section 7.07
	 	Reliance on Officer’s Certificate	  	 	33	 
			
	 Section 7.08
	 	Disqualification; Conflicting Interests	  	 	34	 
			
	 Section 7.09
	 	Corporate Trustee Required; Eligibility	  	 	34	 
			
	 Section 7.10
	 	Resignation and Removal; Appointment of Successor	  	 	34	 
			
	 Section 7.11
	 	Acceptance of Appointment By Successor	  	 	35	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 7.12
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	37	 
			
	 Section 7.13
	 	Preferential Collection of Claims Against the Company	  	 	37	 
			
	 Section 7.14
	 	Notice of Default	  	 	37	 
			
	 ARTICLE 8
	 	CONCERNING THE SECURITYHOLDERS	  	 	37	 
			
	 Section 8.01
	 	Evidence of Action by Securityholders	  	 	37	 
			
	 Section 8.02
	 	Proof of Execution by Securityholders	  	 	38	 
			
	 Section 8.03
	 	Who May be Deemed Owners	  	 	38	 
			
	 Section 8.04
	 	Certain Securities Owned by Company Disregarded	  	 	39	 
			
	 Section 8.05
	 	Actions Binding on Future Securityholders	  	 	39	 
			
	 ARTICLE 9
	 	SUPPLEMENTAL INDENTURES	  	 	39	 
			
	 Section 9.01
	 	Supplemental Indentures Without the Consent of Securityholders	  	 	39	 
			
	 Section 9.02
	 	Supplemental Indentures With Consent of Securityholders	  	 	40	 
			
	 Section 9.03
	 	Effect of Supplemental Indentures	  	 	41	 
			
	 Section 9.04
	 	Securities Affected by Supplemental Indentures	  	 	41	 
			
	 Section 9.05
	 	Execution of Supplemental Indentures	  	 	41	 
			
	 ARTICLE 10
	 	SUCCESSOR ENTITY	  	 	42	 
			
	 Section 10.01
	 	Company May Consolidate, Etc	  	 	42	 
			
	 Section 10.02
	 	Successor Entity Substituted	  	 	42	 
			
	 ARTICLE 11
	 	SATISFACTION AND DISCHARGE	  	 	43	 
			
	 Section 11.01
	 	Satisfaction and Discharge of Indenture	  	 	43	 
			
	 Section 11.02
	 	Discharge of Obligations	  	 	44	 
			
	 Section 11.03
	 	Deposited Moneys to be Held in Trust	  	 	44	 
			
	 Section 11.04
	 	Payment of Moneys Held by Paying Agents	  	 	44	 
			
	 Section 11.05
	 	Repayment to Company	  	 	44	 
			
	 ARTICLE 12
	 	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	 	45	 
			
	 Section 12.01
	 	No Recourse	  	 	45	 
			
	 ARTICLE 13
	 	MISCELLANEOUS PROVISIONS	  	 	45	 
			
	 Section 13.01
	 	Effect on Successors and Assigns	  	 	45	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 13.02
	 	Actions by Successor	  	 	45	 
			
	 Section 13.03
	 	Surrender of Company Powers	  	 	46	 
			
	 Section 13.04
	 	Notices	  	 	46	 
			
	 Section 13.05
	 	Governing Law; Jury Trial Waiver	  	 	46	 
			
	 Section 13.06
	 	Treatment of Securities as Debt	  	 	46	 
			
	 Section 13.07
	 	Certificates and Opinions as to Conditions Precedent	  	 	46	 
			
	 Section 13.08
	 	Payments on Business Days	  	 	47	 
			
	 Section 13.09
	 	Conflict with Trust Indenture Act	  	 	47	 
			
	 Section 13.10
	 	Counterparts	  	 	47	 
			
	 Section 13.11
	 	Separability	  	 	47	 
			
	 Section 13.12
	 	Compliance Certificates	  	 	48	 
			
	 Section 13.13
	 	U.S.A Patriot Act	  	 	48	 
			
	 Section 13.14
	 	Force Majeure	  	 	48	 
			
	 Section 13.15
	 	Table of Contents; Headings	  	 	48	 

  
 -iv- 

 INDENTURE 

INDENTURE, dated as of September [    ], 2022, among CALYXT, INC., a Delaware corporation (the
“Company”), and [                    ], as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities
without coupons, to be authenticated by the certificate of the Trustee; 
 WHEREAS, to provide the terms and conditions upon which
the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 

WHEREAS, all things necessary to make this Indenture a valid and binding agreement of the Company, in accordance with its terms, have
been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is
mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01 Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of
Securities appointed by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means
Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
 “Board of Directors”
means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board. 

  
 1 

 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state
banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means CALYXT, INC., a corporation duly organized and existing under the laws of the State of
DELAWARE, and, subject to the provisions of Article 10 hereof, shall also include its successors and assigns. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the date hereof is located at [                    ], and any
successor office that the trustee notifies the Company in writing. 
 “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law. 
 “Defaulted Interest” has the meaning set forth
in Section 2.03. 
 “Depositary” means, with respect to Securities of any series for which
the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11. 

“Event of Default” means, with respect to Securities of a particular series, any event specified in
Section 6.01, continued for the period of time, if any, therein designated. 
 “Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder. 

The term “given”, “mailed”, “notify” or “sent”
with respect to any notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by
electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Security Register
(in the case of a definitive Security). Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture. 

  
 2 

 “Global Security” means a Security issued to evidence all or a part
of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the
name of the Depositary or its nominee. 
 “Governmental Obligations” means securities that are (a) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of
the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by
such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“herein”, “hereof” and “hereunder”, and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of
Securities established as contemplated by Section 2.01. 
 “Interest Payment Date”, when
used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which
an installment of interest with respect to Securities of that series is due and payable. 
 “Officer” means, with
respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary. 

“Officer’s Certificate” means a certificate signed by any Officer. Each such certificate shall include the
statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an
employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by
the provisions thereof. 

  
 3 

 “Outstanding”, when used with reference to Securities of any series,
means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or
Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as
its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in
Article 3, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered
pursuant to the terms of Section 2.07. 
 “Person” means any individual, corporation,
partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be
deemed to evidence the same debt as the lost, destroyed or stolen Security. 
 “Responsible Officer” when used with
respect to the Trustee means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have
direct responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securityholder”, “holder of Securities”, “registered holder”, or
other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture. 

“Security Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05. 

  
 4 

 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person. 
 “Trustee” means
[                    ], and, subject to the provisions of Article 7, shall also include its successors and assigns, and, if
at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
respect to that series. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 
 Section 2.01 Designation and
Terms of Securities. 
 (a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental
hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities); 

(2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 

(3) the maturity date or dates on which the principal of the Securities of the series is payable; 

(4) the form of the Securities of the series including the form of the certificate of authentication for such series; 

  
 5 

 (5) the applicability of any guarantees; 

(6) whether or not the Securities will be secured or unsecured, and the terms of any secured debt; 

(7) whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any
subordination; 
 (8) if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be
issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is
convertible into another security or the method by which any such portion shall be determined; 
 (9) the interest rate or rates, which may
be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates; 

(10) the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period; 

(11) if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company may at
its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions; 

(12) the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund or
analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable; 

(13) the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars
($1,000) or any integral multiple thereof; 
 (14) any and all terms, if applicable, relating to any auction or remarketing of the
Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series; 

(15) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and
conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

(16) if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon which
such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities; 

  
 6 

 (17) if other than the full principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 

(18) additions to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation,
merger or sale covenant; 
 (19) additions to or changes in the Events of Default with respect to the Securities and any change in the right
of the Trustee or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable; 

(20) additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance; 

(21) additions to or changes in the provisions relating to satisfaction and discharge of this Indenture; 

(22) additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent of
Securityholders of Securities issued under this Indenture; 
 (23) the currency of payment of Securities if other than U.S. dollars and the
manner of determining the equivalent amount in U.S. dollars; 
 (24) whether interest will be payable in cash or additional Securities at
the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made; 
 (25) the terms
and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for
federal tax purposes; 
 (26) any restrictions on transfer, sale or assignment of the Securities of the series; and 

(27) any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes in
the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 
 All
Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto. 

  
 7 

 If any of the terms of the series are established by action taken pursuant to a Board
Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the
Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different dates
on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with
different redemption dates. 
 Section 2.02 Form of Securities and Trustee’s
Certificate. 
 The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall
be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of
identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03 Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to
Section 2.01(a)(23), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion
or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for
Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be
paid upon presentation and surrender of such Security as provided in Section 3.03. 
 Any interest on any Security
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on
the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below: 

  
 8 

 (1) The Company may make payment of any Defaulted Interest on Securities to the Persons in
whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than
10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent, to each Securityholder not less than 10 days prior to such special record date. Notice of
the proposed payment of such Defaulted Interest and the special record date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are
registered in the Security Register on such special record date. 
 (2) The Company may make payment of any Defaulted Interest on any
Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in
this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant
to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 

Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

  
 9 

 Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the manual or facsimile signature of any Person who shall have been an Officer (at the time of execution),
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such
Securities. 
 Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of
Securities under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in conclusively relying upon, (1) an Opinion of Counsel or reliance
letter and (2) an Officer’s Certificate each stating that: 
 (A) the Securities have been duly authorized by the
Company and have been established in conformity with the provisions of the Indenture; 
 (B) such Securities, when
authenticated and delivered by the Trustee in the manner and subject to any conditions specified in such Opinion of Counsel, will have been duly issued, and will constitute legal, valid and binding obligations of the Company enforceable against it
in accordance with their terms, subject to customary enforceability exceptions; 
 (C) all laws and requirements in respect
of the execution and delivery by the Company of such Securities have been complied with; and 
 (D) the Officer’s
Certificate shall also state that no Event of Default with respect to any of the Securities shall have occurred and be continuing or would be caused by such additional issuance. 

  
 10 

 If the authentication and delivery relates to a new series of Securities created by a
supplemental indenture hereto, such Officer’s Certificate and Opinion of Counsel shall also state that all conditions precedent to the execution of the supplemental indenture with respect to that series of Securities have been complied with,
the Company has the power to execute and deliver such supplemental indenture and has taken all necessary action for those purposes and any such supplemental indenture has been duly authorized, executed and delivered and constitutes the legal, valid
and binding obligation of the Company enforceable against it in accordance with its terms, subject to customary enforceability exceptions. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

With respect to Securities of a series offered over a period of time, the Trustee may conclusively rely, as to the authorization by the
Company of any of such Securities, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant to this Section in connection with the first
authentication of Securities of such series unless and until such Opinion of Counsel or other documents have been superseded or revoked. 

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose,
for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In
respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall keep, or cause
to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”). 
 Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees
a new Security or Securities of the same series as the Security presented for a like aggregate principal amount. 

  
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 The Company initially appoints the Trustee as initial Security Registrar for each series of
Securities. 
 All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be
accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s
duly authorized attorney in writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board
Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new
Securities in case of partial redemption of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 

(d) The Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during
a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor
(ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being
redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Section 2.06 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions
and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without 

  
 12 

 
unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange
therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal
aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the
temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or
other securities without their surrender. 

  
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 Section 2.08 Cancellation. 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if
surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of canceled Securities in accordance with its standard procedures and, upon request of the Company, deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the
sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating
Agent. 
 So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such
series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption,
repurchase or conversion thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture
to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined
capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such
laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 

  
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 Section 2.11 Global Securities. 

(a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be
issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an
amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in
Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

(b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but
not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such
successor Depositary. 
 (c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or
unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for
such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a
request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the
Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series
in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the
Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series
in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

  
 15 

 (d) The Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member, beneficial owner, or other Person (other than the Depositary) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any
Securities (or other security or property) under or with respect to such Securities. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants, and any
beneficial owners. 
 (e) Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the
Depositary. 
 Section 2.12 CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01 Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. If the Company elects to redeem Securities, it shall furnish to the Trustee, at least 5 days before notice of redemption is required to be given or caused to be given to holders
of Securities pursuant to Section 3.02 hereof (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate from the Company setting forth (i) the paragraph or subparagraph of such Securities and/or section of
the applicable supplemental indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of the Securities to be re-deemed and (iv) the redemption
price. 

  
 16 

 Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in
accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such
series to be redeemed by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures of the Depositary), a notice of such redemption not less
than 30 days and not more than 90 days before the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole
or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 

Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for
redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is
the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount
thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 5 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be
selected, by lot, on a pro rata basis, or in such other manner as the Company shall deem appropriate and fair in its discretion, subject to the applicable procedures of the Depositary, and that may provide for the selection of a portion or portions
(equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing
of the numbers of the Securities to be redeemed, in whole or in part. 
 (c) The Company may, if and whenever it shall so elect, by delivery
of an Officer’s Certificate at least 5 days before notice of redemption is required to be mailed or caused to be delivered to holders of the Securities pursuant to this Section 3.02 (unless a shorter notice shall be agreed to by the
Trustee) attaching a copy of such notice of redemption, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this
Section, such notice to be in the 

  
 17 

 
name of the Company and at its expense. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or
permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice
by mail that may be required under the provisions of this Section. 
 Section 3.03 Payment Upon Redemption.

 (a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security
or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03). 
 (b) Upon presentation
of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of
the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 

Section 3.04 Sinking Fund. 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the
retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series. 

  
 18 

 Section 3.05 Satisfaction of Sinking Fund Payments with
Securities. 
 The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a
series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly. 
 Section 3.06 Redemption of Securities for Sinking
Fund. 
 Not less than 2 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall
be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any,
that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in
Section 3.02 and the Company shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time
and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the
Trustee no later than 5 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the
Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the
Trustee no later than 5 days prior to the relevant payment date. Where payments are being made to the Trustee or paying agent, such Trustee or paying agent must receive funds for any payment not later than 11:00 am New York City time. 

  
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 Section 4.02 Maintenance of Office or Agency. 

So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be
presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to
continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or
any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the
Securities. 
 Section 4.03 Paying Agents. 

(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will
cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 

(1) that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the
Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto; 

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 
 (3) that it will,
at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent;
and 
 (4) that it will perform all other duties of paying agent as set forth in this Indenture. 

(b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the
principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take
such action. Whenever the 

  
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Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series,
deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such
paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 
 (c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same
terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability
with respect to such money. 
 Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be
obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company, and (b) at such other times as the Trustee may request in writing
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no
such list need be furnished for any series for which the Trustee shall be the Security Registrar. 
 Section 5.02
Preservation Of Information; Communications With Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity). 

  
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 (b) The Trustee may destroy any list furnished to it as provided in
Section 5.01 upon receipt of a new list so furnished. 
 (c) Securityholders may communicate as provided in
Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under
Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 

Section 5.03 Reports by the Company. 

(a) The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide
(which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any
of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided,
however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided,
further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the
Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed thereof
by the Commission shall not be deemed a breach of this Section 5.03. 
 (b) Delivery of reports, information and
documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is
under no duty to examine any such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the
information or the statements contained therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system) has occurred. 

Section 5.04 Reports by the Trustee. 

(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall send
to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act. 

(b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

  
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 (c) A copy of each such report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities
exchange. 
 ARTICLE 6 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 

Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon any of
the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in
accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 

(2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid
extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 

(3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more
series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have
been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 

(4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or 

(5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days. 

  
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 (b) In each and every such case (other than an Event of Default specified in
clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and
unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in
clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any
declaration or other act on the part of the Trustee or the holders of the Securities. 
 (c) At any time after the principal of (and
premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:
(i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that
shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to
such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in
Section 6.06. 
 No such rescission and annulment shall extend to or shall affect any subsequent default or impair
any right consequent thereon. 
 (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series
under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any
determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such
proceedings had been taken. 
 Section 6.02 Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 (a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the
Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days,
or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the 

  
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Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand
of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or
interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06. 

(b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor
upon the Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by
the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of
such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect
and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under Section 7.06. 
 (d) All rights of action and of
asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due
under Section 7.06, be for the ratable benefit of the holders of the Securities of such series. 

  
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 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding. 
 Section 6.03 Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of collection and
of all amounts payable to the Trustee (acting in any capacity hereunder) under Section 7.06; 
 SECOND: To the
payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and 

THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto. 

Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder or Securityholders shall have
offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity,
shall have failed to institute any such action, suit or proceeding; and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the
request. 

  
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 Notwithstanding anything contained herein to the contrary or any other provisions of this
Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any
right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any
other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of
this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver. 

(a) Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee
or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every
power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such
series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of
Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed,
subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding (it being understood that the Trustee does not

  
 27 

 
have an affirmative duty to ascertain whether or not such directions are unduly prejudicial to such Securityholders). The holders of a majority in aggregate principal amount of the Securities of
any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the
covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any
premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee
and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders,
holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security
of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 
 ARTICLE 7

 CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events
of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect
to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 

  
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 (b) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence
of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 

(A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 
 (B) in the absence of bad faith on the part of the Trustee, the
Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or
not they conform to the requirements of this Indenture; 
 (ii) the Trustee shall not be liable to any Securityholder or to any other Person
for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; 
 (iv) none of
the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there
is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity and security against such risk is not reasonably assured to it; 

(v) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder; 

  
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 (vi) The permissive right of the Trustee to do things enumerated in this Indenture shall not
be construed as a duty of the Trustee; and 
 (vii) No Trustee shall have any duty or responsibility for any act or omission of any other
Trustee appointed with respect to a series of Securities hereunder. 
 Section 7.02 Certain Rights of
Trustee. 
 Except as otherwise provided in Section 7.01: 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or
waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs; 
 (e) The Trustee shall not be liable for any action taken or omitted to be
taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do
by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the 

  
 30 

 
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to
the Trustee against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 

(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances; 
 (i) In no event shall the Trustee be responsible or liable for
special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action; and 
 (j) The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured
e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by an authorized representative of the party
providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to
act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request that the
Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions
pursuant to this Indenture. 
 (k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each agent, custodian or other person employed to act under this Indenture. 

  
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 (l) The Trustee shall not be deemed to have knowledge of any Default or Event of Default
(other than an Event of Default constituting the failure to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities) until a Responsible Officer of the Trustee shall have received
written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 

(m) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent
facts. 
 (n) Any rights in favor of the Trustee that may be discretionary in nature shall not be construed as duties of the Trustee. 

Section 7.03 Trustee Not Responsible for Recitals or Issuance or Securities. 

(a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the sale of Securities. The Trustee shall not be responsible
for any rating on the Securities or any action or omission of any rating agency. 
 (b) The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable for the use or application by
the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to
Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee. 

Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
 Section 7.05
Moneys Held in Trust. 
 Subject to the provisions of Section 11.05, all moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any moneys received by it hereunder except such as it may agree with the Company to pay thereon. 

  
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 Section 7.06 Compensation and Reimbursement. 

(a) The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the Company
and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

(b) The Company shall indemnify each of the Trustee in each of its capacities hereunder against any and all fees, costs, damages, losses,
liabilities or expenses (including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel and including reasonable attorneys’ fees and expenses and court costs incurred in
connection with any action, claim or suit brought to enforce the Trustee’s right to compensation, reimbursement or indemnification) incurred by it except as set forth in Section 7.06(c) in the exercise or performance
of its powers, rights or duties under this Indenture as Trustee or Agent (whether asserted against the Company or any other person). The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 

(c) The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through their negligence or willful misconduct (as determined in a final non-appealable decision of a court of competent jurisdiction). 

(d) To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or
property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy
law. The provisions of this Section 7.06 shall survive the termination of this Indenture, satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

Section 7.07 Reliance on Officer’s Certificate. 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the
Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 

  
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 Section 7.08 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign promptly in the manner and with the effect specified in Section 7.10. 

Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any
Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time
any one of the following shall occur: 

  
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 (i) the Trustee shall fail to comply with the provisions of
Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to
resign after written request therefor by the Company or by any such Securityholder; or 
 (iii) the Trustee shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Company
may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the
Trustee with respect to such series by so notifying the Trustee and the Company at least 30 days prior to such removal (unless a shorter notice shall be agreed to by the Trustee) and may appoint a successor Trustee for such series with the consent
of the Company. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a
series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of
such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 

Section 7.11 Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any amounts
due to it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor trustee all property and money held by such retiring Trustee hereunder. 

  
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 (b) In case of the appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor
trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and
that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and
eligible under this Article. 
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall
send notice of the succession of such trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to
be transmitted at the expense of the Company. 

  
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 Section 7.12 Merger, Conversion, Consolidation or Succession to
Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, including the administration of the trust created by
this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of
Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities. 
 Section 7.13 Preferential Collection of Claims Against the
Company. 
 The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described
in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 

Section 7.14 Notice of Default. 

If any Event of Default occurs and is continuing and if such Event of Default is actually known to a Responsible Officer of the Trustee, the
Trustee shall send to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is
actually known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interest of the
Securityholders. 
 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 

  
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 If the Company shall solicit from the Securityholders of any series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the
requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that
series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record date. 
 Section 8.02 Proof of
Execution by Securityholders. 
 Subject to the provisions of Section 7.01, proof of the execution of any
instrument by a Securityholder (such proof will not require notarization) or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 

Section 8.03 Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such
Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

  
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 Section 8.04 Certain Securities Owned by Company
Disregarded. 
 In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have
concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled
by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be
regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee. 
 Section 8.05 Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of
any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the
evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far
as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount
of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 

ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article 10; 

  
 39 

 (c) to provide for uncertificated Securities in addition to or in place of certificated
Securities; 
 (d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of
all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being
included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or
power herein conferred upon the Company; 
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 
 (f) to make any change
that does not adversely affect the rights of any Securityholder in any material respect as set forth in an Officer’s Certificate delivered to the Trustee; 

(g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in
Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;

 (h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or 

(i) to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust
Indenture Act. 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make
any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the
Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate
principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or 

  
 40 

 
of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such
supplemental indenture. 
 It shall not be necessary for the consent of the Securityholders of any series affected thereby under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.03 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01,
this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.04 Securities Affected by Supplemental Indentures. 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided that such form meets the requirements of any securities exchange upon which such
series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 

Section 9.05 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of
Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this
Article , that all conditions precedent to the execution of the supplemental indenture have been complied with, and that such supplemental indenture is the legal, valid and binding obligation of the Company enforceable against it in accordance
with its terms, subject to customary enforceability exceptions. 

  
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 Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their
names and addresses appear upon the Security Register. Any failure of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 ARTICLE 10 

SUCCESSOR ENTITY 

Section 10.01 Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees
that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a
Subsidiary of the Company), the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall
be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property. 

Section 10.02 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor
entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the
Securities. 

  
 42 

 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

SECTION 10.03. Opinion of Counsel and Officers’ Certificate to be Given Trustee. 

The Trustee shall receive an Opinion of Counsel and Officers’ Certificate as conclusive evidence that any such consolidation, merger,
sale or conveyance, and any such assumption, and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the provisions of this Article 10, that all conditions precedent herein provided
for relating to such transaction have been complied with, and that if a supplemental indenture is required in connection with such transaction, such supplemental indenture is the legal, valid, and binding obligations of the Company enforceable
against it in accordance with its terms, subject to customary enforceability exceptions. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose
payment money or Governmental Obligations have theretofore been irrevocably deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in
Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall irrevocably deposit or cause to be deposited with the Trustee as trust funds the
entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bankers expressed in a written certification thereof delivered to
the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, together with instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder with respect to such series by the Company, and if the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture
relating to the satisfaction and discharge of this Indenture have been complied with, then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03,
2.05, 2.07, 4.01, 4.02, 4.03, 7.10, 11.05 and 13.04 that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and
11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with
respect to such series. 

  
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 Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption
all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be,
together with instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the
Company with respect to such series, and if the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to such discharge have been complied
with, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the
provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities shall mature and be paid.

 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall
be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of
which such moneys or Governmental Obligations have been deposited with the Trustee. 
 Section 11.04 Payment of
Moneys Held by Paying Agents. 
 In connection with the satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or
Governmental Obligations. 
 Section 11.05 Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, 

  
 44 

 
or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request
or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the
Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13

 MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 13.02 Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of
the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

  
 45 

 Section 13.03 Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04 Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: Calyxt, Inc., 2800 Mount Ridge Road, Roseville, Minnesota 55113, Attention: Chief Financial Officer.
Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in
writing at the Corporate Trust Office of the Trustee. 
 Section 13.05 Governing Law; Jury Trial Waiver.

 This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York,
except to the extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF,
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to
Conditions Precedent. 
 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions
of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to
Section 13.12) relating to the proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that
in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be
furnished. 

  
 46 

 (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of the Trust Indenture Act) shall
include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.08 Payments on Business Days. 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment
of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal
date. 
 Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, such imposed duties shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11 Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 

  
 47 

 Section 13.12 Compliance Certificates. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. 

Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes
of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge
of such an Event of Default, the certificate shall describe any such Event of Default and its status. 

Section 13.13 U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 13.14 Force Majeure. 

In no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for
any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar,
any paying agent or any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 13.15 Table of Contents; Headings. 

The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are
not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 

  
 48 

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

	
	CALYXT, INC.
	
	By:                                     
                                         
                  
	 Name:
 Title:

	
	
[                         
],
 as Trustee

	
	By:                                     
                                         
                  
	Name:
	Title:

  
 49 

 CROSS-REFERENCE TABLE(1) 
  

			
	 Section of Trust Indenture Act of 1939, as Amended
	  	Section of Indenture
	310(a)	  	7.09
	310(b)	  	7.08
		  	7.10
	310(c)	  	Inapplicable
	311(a)	  	7.13
	311(b)	  	7.13
	311(c)	  	Inapplicable
	312(a)	  	5.01
		  	5.02(a)
	312(b)	  	5.02(c)
	312(c)	  	5.02(c)
	313(a)	  	5.04(a)
	313(b)	  	5.04(b)
	313(c)	  	5.04(a)
		  	5.04(b)
	313(d)	  	5.04(c)
	314(a)	  	5.03
		  	13.12
	314(b)	  	Inapplicable
	314(c)	  	13.07(a)
	314(d)	  	Inapplicable

  
 50 

			
	314(e)	  	13.07(b)
	314(f)	  	Inapplicable
	315(a)	  	7.01(a)
		  	7.01(b)
	315(b)	  	7.14
	315(c)	  	7.01
	315(d)	  	7.01(b)
	315(e)	  	6.07
	316(a)	  	6.06
		  	8.04
	316(b)	  	6.04
	316(c)	  	8.01
	317(a)	  	6.02
	317(b)	  	4.03
	318(a)	  	13.09

  

	(1)	 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the
interpretation of any of its terms or provisions. 

  
 51

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