Document:

<PAGE>

                          ASSIGNMENT OF SWAP AGREEMENT

                  ASSIGNMENT OF SWAP AGREEMENT (the "Assignment") dated as of
March 27, 2003, by and among TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST, a
Delaware statutory trust (the "Assignor" or the "Trust"), THE BANK OF NEW YORK,
not in its individual capacity but as Indenture Trustee (the "Assignee") of the
Toyota Auto Receivables 2003-A Owner Trust pursuant to the Indenture, dated as
of March 1, 2003 (the "Indenture"), by and between the Trust and the Indenture
Trustee, and TOYOTA MOTOR CREDIT CORPORATION, as swap counterparty.

                  All capitalized terms used herein without definition shall
have the meanings ascribed thereto in the Indenture.

                              W I T N E S S E T H:

                  WHEREAS, the Trust has acquired a pool of new and used
automobile and light duty truck retail installment sales contracts originated by
Toyota and Lexus dealers (the "Receivables") and related property from Toyota
Auto Finance Receivables LLC ("TAFR LLC"), a Delaware limited liability company;

                  WHEREAS, the Assignor is granting to the Assignee all of the
Issuer's right, title and interest in and to the Receivables and other interest
to be evidenced by certain asset backed notes (the "Notes") and Certificates
issued by the Trust;

                  WHEREAS, the Trust and Toyota Motor Credit Corporation (the
"Counterparty") have entered and/or anticipate entering into one or more
transactions that are or will be governed by that certain ISDA Master Agreement,
dated as of March 27, 2003 ("Master Agreement"), which includes a schedule (the
"Schedule") and the Class A-3A Confirmation to the ISDA Master Agreement, dated
as of March 27, 2003 (the "Class A-3A Confirmation", and together with the
Master Agreement and the Schedule, the "Swap Agreement");

                  WHEREAS, Assignor desires to assign all of its rights, title
and interest in and to the Swap Agreement to Assignee; and

                  NOW, THEREFORE, in order to induce Assignee to enter into the
Indenture, Assignor does hereby assign, transfer, grant and set over to Assignee
all of Assignor's right, title and interest in and to the Swap Agreement, as
more particularly provided herein, and subject to the terms and conditions more
fully set forth herein:

<PAGE>

         A.   Subject to the provisions of Paragraph E below, Assignor hereby
              irrevocably authorizes and directs the Counterparty to perform
              directly to, or as directed by, Assignee, and to remit any and all
              payments due under the Swap Agreement to Assignee, from and after
              the date hereof.

         B.   All notices, demands, requests, consents, approvals and other
              instruments under this Assignment shall be in writing and shall be
              sent and shall be deemed to have been actually or properly given
              if and when given in accordance with the notice provisions of the
              Notes.

         C.   Anything contained herein or in the Notes, the Indenture or any
              other security documents to the contrary notwithstanding,
              Assignee's recourse for the performance of all of the obligations
              and liabilities of Assignor under this Assignment shall be limited
              to the same extent as, and for the protection of the same persons
              and entities described in, the Swap Agreement.

         D.   Except as otherwise expressly provided, nothing contained herein
              shall operate or be construed to impose any obligation upon the
              Assignee with respect to the Swap Agreement.

         E.   1.   This Assignment and all rights hereunder assigned to Assignee
                   shall cease and terminate upon payment in full by the
                   Assignor of the principal amount of and interest on the Notes
                   and any that are then due and payable.

              2.   In addition, in the event that any portion of the Swap
                   Agreement is sold, assigned or otherwise disposed of in
                   connection with a redemption or prepayment of the Class A-3A
                   Notes, such portion of the Swap Agreement shall be released
                   from this Assignment.

              3.   In connection with any release of this Agreement pursuant to
                   this Paragraph E, Assignee shall execute such documents as
                   may be reasonably requested by Assignor to acknowledge such
                   release. Any documents delivered to confirm such release
                   shall be prepared by counsel for Assignor at Assignor's
                   reasonable expense and shall expressly provide that such
                   confirmation is without recourse and without any
                   representation or warranty, express or implied (except that
                   Assignee shall represent that such document has been and is
                   duly authorized, that all necessary consents to the execution
                   and delivery thereof have been obtained and that it has not
                   assigned or encumbered this Swap Agreement). If the Swap
                   Agreement is released in its entirety, Assignee, at the
                   request and sole cost and expense of Assignor made at the
                   time of any such release, will execute and deliver to
                   Assignor a proper instrument or instruments acknowledging the
                   satisfaction and termination of this Assignment, and will
                   duly assign and transfer, without recourse and without any
                   representation or warranty, express or implied (except that
                   Assignee shall represent that such termination and such
                   assignment and transfer has been and is duly authorized, that
                   all necessary consents to the execution and delivery thereof
                   have been obtained and that it has not assigned or encumbered
                   the Swap Agreement) the Swap Agreement and deliver so much
                   thereof as shall be in its possession and as has not
                   theretofore been sold or otherwise

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                   applied or released pursuant to this Assignment, together
                   with any moneys at the time held by Assignee hereunder and
                   not applied to the payment of the secured obligations of
                   Assignor.

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

         G.   This Assignment shall be binding upon and shall inure to the
              benefit of the heirs, legal representatives, successors and
              assigns of Assignor and Assignee.

         H.   This Assignment is executed and delivered by U.S. Bank Trust
              National Association ("U.S. Bank"), not individually or personally
              but solely as trustee of the Trust in the exercise of the powers
              and authority conferred and vested in it and the representations,
              undertakings and agreements herein made on the part of the Trust
              are made and intended not as personal representations,
              undertakings and agreements by U.S. Bank but are made and intended
              for the purpose of binding only the Trust. The parties hereto
              acknowledge that under no circumstances shall U.S. Bank be
              personally liable for the payment of any indebtedness or expenses
              of the Trust or be liable for the breach or failure of any
              obligation, representation, warranty or covenant made or
              undertaken by the Trust under this Assignment.

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<PAGE>

                 IN WITNESS  WHEREOF, the undersigned have executed this
Agreement as of the date first above written.

                                        ASSIGNOR:

                                     TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST

                                     By: U.S. Bank Trust National Association,
                                         not in its individual capacity but
                                         solely as Owner Trustee on behalf of
                                         the Issuer

                                     By:  /s/ Nancie J. Arvin
                                         ---------------------------------------
                                           Name: Nancie J. Arvin
                                           Title: Vice President

                                     ASSIGNEE:

                                     THE BANK OF NEW YORK, not in its individual
                                     capacity but solely as Indenture Trustee

                                     By:  /s/ John Bobko
                                         ---------------------------------------
                                           Name: John Bobko
                                           Title: Assistant Vice President

                                     COUNTERPARTY:

                                     TOYOTA MOTOR CREDIT CORPORATION

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

                                      S-1<PAGE>

                       REVOLVING LIQUIDITY NOTE AGREEMENT

                   TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
                                    as Issuer

                                       and

                         TOYOTA MOTOR CREDIT CORPORATION
                                as Initial Holder

                           Dated as of March 27, 2003

<PAGE>

         REVOLVING LIQUIDITY NOTE AGREEMENT (this "Agreement") dated as of March
27, 2003 (this "Agreement"), by and between TOYOTA AUTO RECEIVABLES 2003-A OWNER
TRUST, a Delaware statutory trust, as issuer (the "Issuer") of the revolving
liquidity note (the "Revolving Liquidity Note") issued hereunder, and TOYOTA
MOTOR CREDIT CORPORATION, a California corporation ("TMCC"), as the initial
holder of the Revolving Liquidity Note.

                              W I T N E S S E T H:

                  WHEREAS Toyota Auto Receivables 2003-A Owner Trust is issuing
the Toyota Auto Receivables 2003-A Owner Trust $432,500,000 1.17188% Asset
Backed Notes, Class A-1, the Toyota Auto Receivables 2003-A Owner Trust
$375,000,000 1.28% Asset Backed Notes Class A-2, the Toyota Auto Receivables
2003-A Owner Trust $364,000,000 Floating Rate Asset Backed Notes, Class A-3A,
the Toyota Auto Receivables 2003-A Owner Trust $125,000,000 1.69% Asset Backed
Notes, Class A-3B and the Toyota Auto Receivables 2003-A Owner Trust
$206,000,000 2.20% Asset Backed Notes Class A-4 (collectively, the "Notes")
pursuant to the Indenture dated as of March 1, 2003 (as amended and supplemented
from time to time, the "Indenture"), between the Issuer and the Indenture
Trustee;

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

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

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

                                   Article I

                                   Definitions

                  Capitalized terms used herein and not defined herein shall
have the meanings ascribed thereto in the Sale and Servicing Agreement dated as
of March 1, 2003, among the Issuer, TMCC, as servicer, and TAFR LLC, as seller
(the "Sale and Servicing Agreement").

                                   Article II

                  Funding by Holder of Revolving Liquidity Note

              Section 2.1. General Funding Obligation. Pursuant to Section
5.06(b) of the Sale and Servicing Agreement, on each Determination Date, the
Servicer shall calculate the

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amount, if any, by which the amounts to be distributed in respect of interest on
or principal of the Notes pursuant to Sections 5.06(c)(ii) and (iii) or
5.06(d)(ii) or (iii) of the Sale and Servicing Agreement exceed the amount of
Available Collections that will be available to make such payments and will
determine whether amounts on deposit in the Reserve Account, if any, that are
available therefor will be sufficient to fund such payments on the related
Payment Date. If, in accordance with the Sale and Servicing Agreement, the
Servicer notifies the Indenture Trustee on behalf of the Issuer that it has
determined that Available Collections and amounts on deposit in the Reserve
Account that will be available to make such payments will be insufficient
therefor, then the Indenture Trustee on behalf of the Issuer will have the right
to request the holder of the Revolving Liquidity Note (the "Holder") to fund
such shortfall (such request, or any request for funding described in Section
2.2 hereof, a "Draw"); provided that the Holder will not be obligated to fund
any such shortfall to the extent that the aggregate of the amounts funded by it
hereunder and not previously repaid equals or exceeds $7,745,352 (the parties
hereto agreeing that interest accrued on the Revolving Liquidity Note as
described herein will not be considered an amount funded by the Holder for
purposes of such calculation). The "Undrawn Amount" of the Revolving Liquidity
Note is an amount equal to $7,745,352 less an amount equal to the aggregate of
all amounts funded pursuant to any previous Draw Requests (as defined in Section
2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto
agreeing that interest accrued on the Revolving Liquidity Note as described
herein will not be considered an amount funded by the Holder for purposes of
such calculation, and any amount paid in respect of such accrued interest will
not be considered to increase the Undrawn Amount).

              Section 2.2. Additional Funding Obligations. If at any time prior
to the Final Payment Date either (i) the short-term unsecured debt rating of
TMCC falls below P-1 by Moody's Investors Service ("Moody's) or A-1+ by Standard
& Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") (or in either
case, such lower ratings as may be permitted by Moody's and S&P), or (ii) the
Holder fails to fund the amount specified in any Draw Request prepared and
submitted to the Holder in accordance with Sections 2.1 and 2.3 of this
Agreement, then the Indenture Trustee on behalf of the Issuer will have the
right to request that the entire Undrawn Amount of the Revolving Liquidity Note
be funded. To the extent the entire Undrawn Amount is fully funded pursuant to
this Section 2.2, the Undrawn Amount shall be reduced to zero and shall no
longer be subject to draws.

              Section 2.3. Draw Mechanics. Not fewer than two Business Days
prior to the relevant Payment Date, in the case of a Draw described in Section
2.1, and on any Business Day, in the case of a Draw described in Section 2.2,
the Issuer, by action of the Indenture Trustee or of the Administrator on behalf
of the Indenture Trustee (following the assignment of this Agreement to the
Indenture Trustee pursuant to Section 2.5 and until the Indenture terminates in
accordance with its provisions), may deliver a written request (each such
request, a "Draw Request") for funds in the amount of the shortfall described in
Section 2.1 or the entire Undrawn Amount in the case of a Draw pursuant to
Section 2.2. Any such Draw Request may be delivered by facsimile transmission
and hard copy to: Toyota Motor Credit Corporation, (310) 468-5715, Attn: Vice
President, Treasury, Re: Toyota Auto Receivables 2003-A Owner Trust Revolving
Liquidity Note Draw Request. Not later than 2:00 p.m. on the Business Day
following delivery of any Draw Request, the Holder will fund the indicated draw
by wire transfer of immediately available funds to the following account:

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                              The Bank of New York
                                ABA: 021-000-018
                                Acct No.: 879351
                   Acct Name: Toyota 2003-A Collection Account
                        For further credit: TAS # 879351
                         Attn: John Bobko (212) 815-4389

              Section 2.4. Repayment of Funded Draws. Subject to the following
sentences, the Issuer is obligated to repay all funded Draws together with
interest accrued on the daily outstanding balance of all funded Draws from the
date made until the date all funded Draws are repaid at 2.133% per annum,
calculated daily on the basis of a year of 365 or 366 days, as applicable. The
parties hereto (and the assignees and third-party beneficiaries hereof, by
accepting the assignment of this Agreement as contemplated in Section 2.5
hereof) agree that Draws will be repaid in part or in whole on any each
succeeding Payment Date on which amounts are available therefor in accordance
with the provisions of Section 5.06(c)(v) or 5.06(d)(iv) of the Sale and
Servicing Agreement, and interest accrued on the daily outstanding amount of
funded Draws will be payable on and after the Payment Date on which all funded
Draws are repaid and on which amounts are available therefore in accordance with
the provisions of Section 5.06(c)(vi) or 5.06(d)(v) of the Sale and Servicing
Agreement. Payments to the Holder in respect of funded Draws or accrued interest
will be made either by (i) netting by TMCC of amounts that would be repayable on
any Payment Date to the extent amounts would be available therefor in accordance
with the provisions of Section 5.06(c)(v) and (vi) or 5.06(d)(iv) and (v) of the
Sale and Servicing Agreement against amounts it is otherwise required to deposit
into the Collection Account in its capacity as Servicer in accordance with
Section 5.04(f) of the Sale and Servicing Agreement, or by wire transfer of
immediately available funds to the following account:

                      Bank of America, Concord, California
                               ABA No. 121-000-358
                               A/C No. 12351-07564
                       A/C Toyota Motor Credit Corporation

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

              Section 2.5. Assignment; Third Party Beneficiaries. The parties
hereto acknowledge and agree that the right to receive amounts funded by the
Holder under the Revolving Liquidity Note and all other rights of the Issuer
under this Agreement will be assigned by the Issuer to the Indenture Trustee
pursuant to the Indenture for the benefit of the Noteholders, and that the
Indenture Trustee, on behalf of the Noteholders, and such Noteholders, are
intended to be third-party beneficiaries of this Agreement from and after such
assignment and until the

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Indenture is terminated in accordance with its terms. In addition, the Holder
expressly acknowledges that, pursuant to the Indenture, the Indenture Trustee
will exercise its right to request funds hereunder in every circumstance when
such request may be made in accordance with the terms of this Agreement. Nothing
in this Agreement or in the Revolving Liquidity Note, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim under or in respect of this Agreement or the Revolving
Liquidity Note, or any covenants, conditions or provisions contained herein or
therein.

                                   Article III

                            Revolving Liquidity Note

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

              Section 3.2. Terms. Upon issuance, the Undrawn Amount of the
Revolving Liquidity Note shall be $7,745,352. The Undrawn Amount will be reduced
by the amount of each Draw funded by the Holder, and increased by amounts repaid
to the Holder pursuant to Section 2.4 up to a maximum of $7,745,352, excluding
interest paid on the Revolving Liquidity Note. Interest will accrue on the
average daily outstanding excess of $7,745,352 over the Undrawn Amount from and
including the date of any Draw to but excluding the date on which the Undrawn
Amount is reduced to zero. Although the Revolving Liquidity Note is secured by
the Owner Trust Estate, all payments in respect of funded Draws and interest
accrued thereon shall be fully subordinated to required payments to the
Noteholders and to required deposits into the Reserve Account as set forth in
the Sale and Servicing Agreement.

              Section 3.3. Transfer. Prior to the termination of the Indenture,
the Holder may not transfer, assign or convey the Revolving Liquidity Note or
this Agreement unless: (i) the purported transferee, assignee or recipient of
such conveyance has executed a written agreement to be bound by all of the terms
and provisions of this Agreement; (ii) such action shall not, as evidenced by an
Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder; and (iii) the Indenture Trustee (x) has received a letter
from S&P to the effect that S&P will not qualify, reduce or withdraw the rating
it has currently assigned to any Class of Notes as a result of such transfer,
assignment or conveyance and (y) has provided Moody's with 10 days prior written
notice of such intended transfer, assignment or conveyance and Moody's shall not
have notified the Indenture Trustee that such transfer, assignment or conveyance
might or would result in the qualification, reduction or withdrawal of the
rating it has currently assigned to any Class of Notes. The Revolving Liquidity
Note may not be transferred, assigned or conveyed in part; any transfer,
conveyance or assignment must be in respect of 100% of the Revolving Liquidity
Note. The Issuer (or the Administrator on behalf of the Issuer) will maintain a
register in which it will record the name and contact information for each
Holder. No transfer, assignment or conveyance

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of the Revolving Liquidity Note will be effective prior to notice to the Issuer
and the Indenture Trustee and recordation by the Issuer (or the Administrator on
behalf of the Issuer) thereof in such register.

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

                                   Article IV
                            Miscellaneous Provisions

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

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

              Section 4.3. Amendment. Prior to the termination of the Indenture,
this Agreement may be amended by the Issuer and the Holder, with the consent of
the Indenture Trustee, but without the consent of any of the Noteholders or the
Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholder; provided, however, that (i) such action shall not, as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely
affect in any material respect the interests of any Noteholder or
Certificateholder, and (ii) the Indenture Trustee (x) has received a letter from
S&P to the effect that S&P will not qualify, reduce or withdraw the rating it
has currently assigned to any Class of Notes as a result of such amendment and
(y) has provided Moody's with 10 days prior written notice of such amendment and
Moody's shall not have notified the Indenture Trustee that such amendment might
or would result in the qualification, reduction or withdrawal of the rating it
has currently assigned to any Class of Notes. After the termination of the
Indenture, this Agreement may be amended in writing by the Issuer and the Holder
without notice to or consent of any other Person.

              Section 4.4. Notices. All demands, notices, communications and
instructions upon or to the Issuer, the initial Holder, the Owner Trustee, the
Indenture Trustee or the Rating Agencies under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt (a) in the
case of the initial Holder, to Toyota Motor Credit Corporation, 19001 S. Western
Avenue, Torrance, California 90509, Attention: Vice President, Treasury, (310)
468-4001, (b) in the case

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of the Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in
the Trust Agreement), with a copy to 400 N. Michigan Avenue, 2nd Floor, Chicago,
Illinois 60611, (c) in the case of the Indenture Trustee, at the Corporate Trust
Office specified in the Indenture, (d) in the case of Moody's, to Moody's
Investors Service, ABS Monitoring Department, 99 Church Street, New York, New
York 10007, (f) in the case of S&P, to Standard & Poor's, a division of The
McGraw-Hill Companies Inc., 55 Water Street, New York, New York 10041, Attention
of Asset Backed Surveillance Department; or, as to each of the foregoing, at
such other address as shall be designated by written notice to the other
parties.

              Section 4.5. Holder's Nonpetition Covenant.

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

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

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

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

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

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<PAGE>

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

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

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

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

                                     TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST,
                                     as Issuer

                                     By:  U.S. BANK TRUST NATIONAL ASSOCIATION,
                                          not in its individual capacity but
                                          solely in its capacity as Owner
                                          Trustee

                                     By:   /s/ Nancie J. Arvin
                                         ---------------------------------------
                                          Name: Nancie J. Arvin
                                          Title: Vice President

                                     TOYOTA MOTOR CREDIT CORPORATION,
                                     as Holder

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

                                      S-1

<PAGE>

                                    EXHIBIT A

                        FORM OF REVOLVING LIQUIDITY NOTE

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

THE PRINCIPAL OF THIS REVOLVING LIQUIDITY NOTE IS PAYABLE SOLELY FROM FUNDS
AVAILABLE THEREFOR PURSUANT TO ARTICLE V OF THE SALE AND SERVICING AGREEMENT
REFERRED TO HEREIN. THE HOLDER HEREOF IS REQUIRED TO FUND CERTAIN DRAWS
REQUESTED BY THE ISSUER HEREOF (OR BY CERTAIN OTHER PERSONS REFERRED TO HEREIN)
UP TO A MAXIMUM PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME OF $7,745,352. THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE AT ANY TIME MAY BE
LESS THAN SUCH MAXIMUM AMOUNT. REPAYMENT OF THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS REVOLVING LIQUIDITY NOTE, AND OF INTEREST ACCRUED HEREON, IS SUBJECT TO THE
AVAILABILITY OF FUNDS FOR SUCH PURPOSE AS SET FORTH IN ARTICLE V OF THE SALE AND
SERVICING AGREEMENT REFERRED TO HEREIN, AND IS FULLY SUBORDINATED TO THE PAYMENT
OF INTEREST ON AND PRINCIPAL OF CERTAIN OTHER SECURITIES ISSUED BY THE ISSUER
HEREOF AND TO THE DEPOSIT INTO THE RESERVE ACCOUNT REFERRED TO HEREIN OF AMOUNTS
REQUIRED TO BE DEPOSITED THEREIN.

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

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

                                   Exhibit A-1

<PAGE>

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

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

                                   Exhibit A-2

<PAGE>

                   TOYOTA AUTO RECEIVABLES OWNER TRUST 2003-A

                            REVOLVING LIQUIDITY NOTE

                                 Representing a
                         Maximum Amount of Funded Draws
                      outstanding at any time not to exceed
                                   $7,745,352

                  This certifies that TOYOTA MOTOR CREDIT CORPORATION (the
"Holder") is the registered owner of this Revolving Liquidity Note representing
the right to receive the payment of certain Draws funded as described in the
Revolving Liquidity Note Agreement (the "Revolving Liquidity Note Agreement")
dated as of March 27, 2003, between Toyota Auto Receivables Owner Trust 2003-A,
as issuer (the "Issuer") and Toyota Motor Credit Corporation, as initial holder
hereof. Capitalized terms used herein and not defined herein shall have the
meanings ascribed thereto in the Revolving Liquidity Note Agreement and in the
Sale and Servicing Agreement dated as of March 1, 2003, among the Issuer, Toyota
Motor Credit Corporation ("TMCC"), as servicer, and TAFR LLC, as seller (the
"Sale and Servicing Agreement").

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

                  The "Undrawn Amount" of the Revolving Liquidity Note is an
amount equal to $7,745,352 less an amount equal to the aggregate of all amounts
funded pursuant to any previous Draw Requests that have not yet been repaid
pursuant to Section 2.4 of the Revolving Liquidity Note Agreement, and increased
by amounts repaid to the Holder pursuant to Section 2.4 of the Revolving
Liquidity Note Agreement up to a maximum of $7,745,352 (interest accrued on the
Revolving Liquidity Note not being considered an amount funded by the Holder for
purposes of

                                   Exhibit A-3

<PAGE>

such calculation, and any amount paid in respect of such accrued interest will
not be considered to increase the Undrawn Amount). To the extent the entire
Undrawn Amount is fully funded pursuant to Section 2.2 of the Revolving
Liquidity Note Agreement, the Undrawn Amount shall be reduced to zero and shall
no longer be subject to draws. Interest will accrue on the average daily
outstanding excess of $7,745,352 over the Undrawn Amount from and including the
date of any Draw to but excluding the date on which the Undrawn Amount is
reduced to zero at 2.133% per annum, calculated daily on the basis of a year of
365 or 366 days, as applicable.

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

         Prior to the termination of the Indenture, this Agreement may be
amended by the Issuer and the Holder, with the consent of the Indenture Trustee,
but without the consent of any of the Noteholders or the Certificateholder, to
cure any ambiguity, to correct or supplement any provisions in this Agreement or
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholder; provided,
however, that (i) such action shall not, as evidenced by an Opinion of Counsel
delivered to the Indenture Trustee, adversely affect in any material respect the
interests of any Noteholder or Certificateholder, and (ii) the Indenture Trustee
(x) has received a letter from S&P to the effect that S&P will not qualify,
reduce or withdraw the rating it has currently assigned to any Class of Notes as
a result of such amendment and (y) has provided Moody's with 10 days prior
written notice of such amendment and Moody's shall not have notified the
Indenture Trustee that such amendment might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned
to any Class of Notes. After the termination of the Indenture, this Agreement
may be amended in writing by the Issuer and the Holder without notice to or
consent of any other Person.

         Prior to the termination of the Indenture, the Holder may not transfer,
assign or convey this Revolving Liquidity Note or the Revolving Liquidity Note
Agreement unless: (i) the purported transferee, assignee or recipient of such
conveyance has executed a written agreement to be bound by all of the terms and
provisions of the Revolving Liquidity Note Agreement; (ii) such action shall
not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and
the Indenture Trustee, adversely affect in any material respect the interests of
any Noteholder or Certificateholder; and (iii) the Indenture Trustee (x) has
received a letter from S&P to the effect that S&P will not qualify, reduce or
withdraw the rating it has currently assigned to any Class of Notes as a result
of such transfer, assignment or conveyance and (y) has provided Moody's with

                                   Exhibit A-4

<PAGE>

10 days prior written notice of such intended transfer, assignment or conveyance
and Moody's shall not have notified the Indenture Trustee that such transfer,
assignment or conveyance might or would result in the qualification, reduction
or withdrawal of the rating it has currently assigned to any Class of Notes. The
Revolving Liquidity Note may not be transferred, assigned or conveyed in part;
any transfer, conveyance or assignment must be in respect of 100% of this
Revolving Liquidity Note. The Issuer (or the Administrator on behalf of the
Issuer) will maintain a register in which it will record the name and contact
information for each Holder. No transfer, assignment or conveyance of this
Revolving Liquidity Note will be effective prior to notice to the Issuer and the
Indenture Trustee and recordation by the Issuer (or the Administrator on behalf
of the Issuer) thereof in such register.

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

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

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

                                   Exhibit A-5

<PAGE>

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

                                     TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST,
                                     as Issuer

                                     By: U.S. BANK TRUST NATIONAL ASSOCIATION,
                                         not in its individual capacity but
                                         solely in its capacity as Owner Trustee

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

Dated:  March __, 2003

                                   Exhibit A-6

<PAGE>

                                    EXHIBIT B

                  FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST

                   Toyota Auto Receivables 2003-A Owner Trust
                            c/o The Bank of New York
                            5 Penn Plaza, 16th Floor
                            New York, New York 10001

Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California  90509
Attn: Vice President, Treasury
Facsimile: (310) 468-5715

                     Re:  Toyota Auto Receivables 2003-A Owner Trust Revolving
                          Liquidity Note Draw Request

Ladies and Gentlemen:

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

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

                                         Very truly yours,

                                         [Administrator] [Indenture Trustee]

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

ACKNOWLEDGED:

Toyota Motor Credit Corporation

By:
   ---------------------------------
   Name:
   Title:

                                  Exhibit B-1

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