Document:

Exhibit 4.2

      

    Execution Version

      

     

      

    

     

      

      

      

      

      

    

     INDENTURE 

    ______________________________________________________________

    between

    TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST,

    as Issuer,

    and

    

    

    U.S. BANK NATIONAL ASSOCIATION,

    as Indenture Trustee and

        Securities Intermediary

    ______________________________________________________

    Dated as of May 8, 2019

  

  
    
      

  

  
  
    TABLE OF CONTENTS

    Page

    

  

  
    	
            ARTICLE I

          	
            DEFINITIONS AND INCORPORATION BY REFERENCE

          	
            2

          
	
            SECTION 1.01

          	
            Definitions

          	
            2

          
	
            SECTION 1.02

          	
            Usage of Terms

          	
            7

          
	
            SECTION 1.03

          	
            Incorporation by Reference of Trust Indenture Act

          	
            7

          
	
            ARTICLE II

          	
            THE NOTES

          	
            7

          
	
            SECTION 2.01

          	
            Form

          	
            7

          
	
            SECTION 2.02

          	
            Execution, Authentication and Delivery

          	
            8

          
	
            SECTION 2.03

          	
            Temporary Notes

          	
            8

          
	
            SECTION 2.04

          	
            Registration; Registration of Transfer and Exchange

          	
            9

          
	
            SECTION 2.05

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            10

          
	
            SECTION 2.06

          	
            Persons Deemed Owners

          	
            11

          
	
            SECTION 2.07

          	
            Payments of Principal and Interest

          	
            11

          
	
            SECTION 2.08

          	
            Cancellation

          	
            12

          
	
            SECTION 2.09

          	
            Release of Collateral

          	
            12

          
	
            SECTION 2.10

          	
            Book‐Entry Notes

          	
            12

          
	
            SECTION 2.11

          	
            Notices to Clearing Agency

          	
            13

          
	
            SECTION 2.12

          	
            Definitive Notes

          	
            13

          
	
            SECTION 2.13

          	
            Tax Treatment

          	
            14

          
	
            ARTICLE III

          	
            COVENANTS

          	
            14

          
	
            SECTION 3.01

          	
            Payments to Noteholders, Certificateholder, Servicer and Seller

          	
            14

          
	
            SECTION 3.02

          	
            Maintenance of Office or Agency

          	
            15

          
	
            SECTION 3.03

          	
            Money for Payments to Be Held in Trust

          	
            15

          
	
            SECTION 3.04

          	
            Existence

          	
            16

          
	
            SECTION 3.05

          	
            Protection of Trust Estate

          	
            17

          
	
            SECTION 3.06

          	
            Opinions as to Trust Estate

          	
            17

          
	
            SECTION 3.07

          	
            Performance of Obligations; Servicing of Receivables

          	
            18

          
	
            SECTION 3.08

          	
            Negative Covenants

          	
            20

          
	
            SECTION 3.09

          	
            Annual Statement as to Compliance

          	
            20

          
	
            SECTION 3.10

          	
            Issuer May Consolidate, etc., Only on Certain Terms

          	
            21

          
	
            SECTION 3.11

          	
            Successor or Transferee

          	
            23

          
	
            SECTION 3.12

          	
            No Other Business

          	
            23

          
	
            SECTION 3.13

          	
            No Borrowing

          	
            23

          
	
            SECTION 3.14

          	
            Servicer’s Notice Obligations

          	
            23

          
	
            SECTION 3.15

          	
            Guarantees, Loans, Advances and Other Liabilities

          	
            23

          
	
            SECTION 3.16

          	
            Capital Expenditures

          	
            23

          
	
            SECTION 3.17

          	
            Removal of Administrator

          	
            23

          
	
            SECTION 3.18

          	
            Restricted Payments

          	
            24

          
	
            SECTION 3.19

          	
            Notice of Events of Default

          	
            24

          
	
            SECTION 3.20

          	
            Further Instruments and Actions

          	
            24

          
	
            SECTION 3.21

          	
            Perfection Representations, Warranties and Covenants

          	
            24

          
	
            ARTICLE IV

          	
            SATISFACTION AND DISCHARGE

          	
            25

          

    

    

    
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      TABLE OF CONTENTS

      (continued)

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            SECTION 4.01

          	
            Satisfaction and Discharge of Indenture

          	
            25

          
	
            SECTION 4.02

          	
            Application of Trust Money

          	
            25

          
	
            SECTION 4.03

          	
            Repayment of Moneys Held by Paying Agent

          	
            26

          
	
            ARTICLE V

          	
            REMEDIES

          	
            26

          
	
            SECTION 5.01

          	
            Events of Default

          	
            26

          
	
            SECTION 5.02

          	
            Acceleration of Maturity; Rescission and Annulment

          	
            28

          
	
            SECTION 5.03

          	
            Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

          	
            29

          
	
            SECTION 5.04

          	
            Remedies; Priorities

          	
            31

          
	
            SECTION 5.05

          	
            Optional Preservation of the Receivables

          	
            32

          
	
            SECTION 5.06

          	
            Limitation of Suits

          	
            32

          
	
            SECTION 5.07

          	
            Unconditional Rights of Noteholders to Receive Principal and Interest

          	
            33

          
	
            SECTION 5.08

          	
            Restoration of Rights and Remedies

          	
            33

          
	
            SECTION 5.09

          	
            Rights and Remedies Cumulative

          	
            33

          
	
            SECTION 5.10

          	
            Delay or Omission Not a Waiver

          	
            33

          
	
            SECTION 5.11

          	
            Control by Noteholders

          	
            34

          
	
            SECTION 5.12

          	
            Waiver of Past Defaults

          	
            34

          
	
            SECTION 5.13

          	
            Undertaking for Costs

          	
            34

          
	
            SECTION 5.14

          	
            Waiver of Stay or Extension Laws

          	
            35

          
	
            SECTION 5.15

          	
            Action on Notes

          	
            35

          
	
            SECTION 5.16

          	
            Performance and Enforcement of Certain Obligations

          	
            35

          
	
            ARTICLE VI

          	
            THE INDENTURE TRUSTEE

          	
            36

          
	
            SECTION 6.01

          	
            Duties of Indenture Trustee

          	
            36

          
	
            SECTION 6.02

          	
            Rights of Indenture Trustee

          	
            38

          
	
            SECTION 6.03

          	
            Individual Rights of Indenture Trustee

          	
            39

          
	
            SECTION 6.04

          	
            Indenture Trustee’s Disclaimer

          	
            39

          
	
            SECTION 6.05

          	
            Notice of Events of Defaults

          	
            40

          
	
            SECTION 6.06

          	
            Reports by Indenture Trustee to Holders

          	
            40

          
	
            SECTION 6.07

          	
            Compensation and Indemnity

          	
            40

          
	
            SECTION 6.08

          	
            Replacement of Indenture Trustee

          	
            41

          
	
            SECTION 6.09

          	
            Successor Indenture Trustee by Merger

          	
            42

          
	
            SECTION 6.10

          	
            Appointment of Co‐Indenture Trustee or Separate Indenture Trustee

          	
            42

          
	
            SECTION 6.11

          	
            Eligibility; Disqualification

          	
            43

          
	
            SECTION 6.12

          	
            Preferential Collection of Claims Against Issuer

          	
            44

          
	
            SECTION 6.13

          	
            Indenture Trustee as Paying Agent, Note Registrar and Securities Intermediary

          	
            44

          
	
            SECTION 6.14

          	
            Representations and Warranties of the Indenture Trustee

          	
            44

          
	
            ARTICLE VII

          	
            NOTEHOLDERS’ LISTS AND REPORTS

          	
            45

          

    

    

    
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      TABLE OF CONTENTS

      (continued)

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            SECTION 7.01

          	
            Note Registrar to Furnish Names and Addresses of Noteholders

          	
            45

          
	
            SECTION 7.02

          	
            Preservation of Information; Communications to Noteholders

          	
            45

          
	
            SECTION 7.03

          	
            Reports by Issuer

          	
            47

          
	
            SECTION 7.04

          	
            Reports by Indenture Trustee

          	
            48

          
	
            ARTICLE VIII

          	
            ACCOUNTS, DISBURSEMENTS AND RELEASES

          	
            48

          
	
            SECTION 8.01

          	
            Collection of Money

          	
            48

          
	
            SECTION 8.02

          	
            Trust Accounts

          	
            48

          
	
            SECTION 8.03

          	
            [Reserved]

          	
            48

          
	
            SECTION 8.04

          	
            General Provisions Regarding Accounts

          	
            48

          
	
            SECTION 8.05

          	
            Release of Trust Estate

          	
            50

          
	
            SECTION 8.06

          	
            Opinion of Counsel

          	
            50

          
	
            ARTICLE IX

          	
            SUPPLEMENTAL INDENTURES

          	
            51

          
	
            SECTION 9.01

          	
            Supplemental Indentures Without Consent of Noteholders

          	
            51

          
	
            SECTION 9.02

          	
            Supplemental Indentures with Consent of Noteholders

          	
            52

          
	
            SECTION 9.03

          	
            Limitations on Supplemental Indentures

          	
            53

          
	
            SECTION 9.04

          	
            Execution of Supplemental Indentures

          	
            54

          
	
            SECTION 9.05

          	
            Effect of Supplemental Indenture

          	
            54

          
	
            SECTION 9.06

          	
            Conformity with Trust Indenture Act

          	
            54

          
	
            SECTION 9.07

          	
            Reference in Notes to Supplemental Indentures

          	
            54

          
	
            ARTICLE X

          	
            TERMINATION OF THE TRUST

          	
            54

          
	
            SECTION 10.01

          	
            Termination of the Trusts Created by Indenture

          	
            54

          
	
            SECTION 10.02

          	
            Optional Purchase of All Receivables

          	
            55

          
	
            ARTICLE XI

          	
            MISCELLANEOUS

          	
            56

          
	
            SECTION 11.01

          	
            Compliance Certificates and Opinions, etc

          	
            56

          
	
            SECTION 11.02

          	
            Form of Documents Delivered to Indenture Trustee

          	
            57

          
	
            SECTION 11.03

          	
            Acts of Noteholders

          	
            58

          
	
            SECTION 11.04

          	
            Notices, etc., to Indenture Trustee, Issuer, Administrator and Rating Agencies

          	
            58

          
	
            SECTION 11.05

          	
            Notices to Noteholders; Waiver

          	
            59

          
	
            SECTION 11.06

          	
            Alternate Payment and Notice Provisions

          	
            60

          
	
            SECTION 11.07

          	
            Conflict with Trust Indenture Act

          	
            60

          
	
            SECTION 11.08

          	
            Effect of Headings and Table of Contents

          	
            60

          
	
            SECTION 11.09

          	
            Successors and Assigns

          	
            60

          
	
            SECTION 11.10

          	
            Severability

          	
            60

          
	
            SECTION 11.11

          	
            Benefits of Indenture

          	
            60

          
	
            SECTION 11.12

          	
            Governing Law

          	
            61

          
	
            SECTION 11.13

          	
            Counterparts

          	
            61

          
	
            SECTION 11.14

          	
            Recording of Indenture

          	
            61

          
	
            SECTION 11.15

          	
            Trust Obligation

          	
            61

          

    

    

    
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      TABLE OF CONTENTS

      (continued)

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            SECTION 11.16

          	
            No Petition

          	
            61

          
	
            SECTION 11.17

          	
            Inspection

          	
            62

          
	
            SECTION 11.18

          	
            Intent of the Parties; Reasonableness

          	
            62

          
	
            ARTICLE XII

          	
            ASSET REPRESENTATIONS REVIEW

          	
            63

          
	
            SECTION 12.01

          	
            Noteholder and Note Owner Requests for Vote on Asset Representations Review

          	
            63

          
	
            SECTION 12.02

          	
            Noteholder and Note Owner Vote on Asset Representations Review

          	
            63

          
	
            SECTION 12.03

          	
            Evaluation of Review Report

          	
            64

          

  

  
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    TABLE OF CONTENTS

    (continued)

    Page

  

  

  

  	
          SCHEDULE I

        	
          Perfection Representations, Warranties and Covenants

        	
          S-1

        
	
          EXHIBIT A-1

        	
          Form of Class A-1 Notes

        	
          A-1-1

        
	
          EXHIBIT A-2

        	
          Form of Class A-2a Notes, Class A-2b Notes, Class A-3 Notes and Class A-4 Notes

        	
          A-2-1

        
	
          EXHIBIT A-3

        	
          Form of Class B Notes

        	
          A-3-1

        
	
          EXHIBIT B

        	
          [Reserved]

        	
          B-1

        
	
          EXHIBIT C

        	
          Servicing Criteria to be Addressed in Assessment of Compliance

        	
          C-1

        

  
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  CROSS‐REFERENCE TABLE (not a part of this Indenture)

   

    

  	
          TIA Section

        	
          Indenture Section

        
	
          (§)310(a) (1)

        	
          6.08; 6.11

        
	
                (a) (2)

        	
          6.11

        
	
                (a) (3)

        	
          6.10(b)

        
	
                (a) (4)

        	
          Not Applicable

        
	
                (a) (5)

        	
          6.11

        
	
                (b)

        	
          6.11

        
	
                (c)

        	
          N.A.

        
	
          (§)311(a)

        	
          6.12

        
	
                (b)

        	
          6.12

        
	
                (c)

        	
          Not Applicable

        
	
          (§)312(a)

        	
          7.01; 7.02

        
	
                (b)

        	
          7.02

        
	
                (c)

        	
          7.02

        
	
          (§)313(a)

        	
          7.04

        
	
                (b) (1)

        	
          Not Applicable

        
	
                (b) (2)

        	
          7.04

        
	
                (c)

        	
          7.04; 11.04

        
	
                (d)

        	
          7.04

        
	
          (§)314(a)

        	
          3.09; 7.03

        
	
                (b)

        	
          11.14

        
	
                (c)

        	
          2.09

        
	
                (c) (1)

        	
          3.10; 6.02; 8.05(b)

        
	
                (c) (2)

        	
          3.06; 3.10; 6.02; 8.05(b); 8.06

        
	
                (c) (3)

        	
          Not Applicable

        
	
                (d)

        	
          2.09

        
	
                (e)

        	
          11.01

        
	
                (f)

        	
          4.01(c); 11.01

        
	
          (§)315(a)

        	
          6.01

        
	
                (b)

        	
          6.05

        
	
                (c)

        	
          5.02; 5.08

        
	
                (d)

        	
          6.01(c)

        
	
                (e)

        	
          5.13

        
	
          (§)316(a) (last sentence)

        	
          6.01(c)

        
	
                (a) (1) (A)

        	
          6.01(c)

        
	
                (a) (1) (B)

        	
          5.12

        
	
                (a) (2)

        	
          Not Applicable

        
	
                (b)

        	
          5.01; 5.04(b)

        
	
                (c)

        	
          2.06

        
	
          (§)317(a) (1)

        	
          5.04

        
	
                (a) (2)

        	
          5.03(c); 5.03(d)

        
	
                (b)

        	
          4.03

        
	
          (§)318(a)

        	
          11.07

        

  
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  INDENTURE, dated as of May 8, 2019, between TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST, a Delaware statutory trust
      (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee and not in its individual capacity and as Securities Intermediary (the “Indenture Trustee”).

  
    Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of (i) the Holders of the Issuer’s 2.50000%
      Asset Backed Notes, Class A‐1 (the “Class A‐1 Notes”), 2.59% Asset Backed Notes, Class A‐2a (the “Class A‐2a Notes”), LIBOR plus 0.13% Asset Backed Notes, Class A‐2b (the “Class A‐2b Notes” and, together with the Class A-2a Notes, the “Class A-2
      Notes”), 2.57% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), 2.60% Asset Backed Notes, Class A-4 (the “Class A-4 Notes,” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and 0.00%
      Asset-Backed Notes, Class B (the “Class B Notes” and, together with the Class A Notes, the “Notes”), and (ii) for the purposes of the Granting Clause below, the Certificateholders:

     

  

  GRANTING CLAUSE

  The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the
      Holders of the Notes, all of the Issuer’s right, title and interest in and to, in each case whether now or hereafter existing or in which Issuer now has or hereafter acquires an interest and wherever the same may be located: (i) all right, title and
      interest of the Issuer in and to the Receivables and all monies due thereon or paid thereunder or in respect thereof (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 of the Sale and Servicing Agreement or
      the purchase of Receivables by the Servicer pursuant to Section 4.08 or 9.01 of the Sale and Servicing Agreement) on or after the Cutoff Date; (ii) the interest of the Issuer in the security interests in the Financed Vehicles granted by the Obligors
      pursuant to the Receivables and any accessions thereto; (iii) the interest of the Issuer in any proceeds of any Insurance Policies relating to the Receivables or the Obligors; (iv) the interest of the Issuer in any Dealer Recourse; (v) the right of
      the Issuer to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed pursuant to the terms thereof; (vi) the rights and interests of the Issuer under the
      Sale and Servicing Agreement and as assignee of the rights and interests of TAFR LLC under the Receivables Purchase Agreement pursuant to the Sale and Servicing Agreement; (vii) all proceeds of the foregoing; (viii) all present and future claims,
      demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof,
      voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and
      every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing; (ix) all funds and investment property on deposit from time
      to time in Collection Account; and (x) all other property of the Issuer from time to time, including any rights of the Issuer under the Administration Agreement (collectively, the “Collateral”).

  The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts
      owing in respect of, the Notes, equally and ratably without prejudice,

  
    
      

  

  
  

  

  priority or distinction, and to secure compliance with the provisions of this Indenture, and subject to the subordinate claims thereon
      of the Holder of the Certificate, all as provided in this Indenture.

  The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes and for the benefit of the
      Certificateholder, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture in accordance with the terms of this Indenture to the
      end that the interests of the Holders of the Notes may be adequately and effectively protected and the rights of the Certificateholder secured.

  ARTICLE I

      

      Definitions and Incorporation by Reference

  SECTION 1.01  Definitions.  Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings ascribed
      thereto in the Trust Agreement, the Sale and Servicing Agreement and the Securities Account Control Agreement, as the case may be, for all purposes of this Indenture.  Except as otherwise provided in this Agreement, whenever used herein the following
      words and phrases, unless the context otherwise requires, shall have the following meanings:

  “Action” has the meaning specified in
      Section 11.03(a).

  “Authorized Officer” means (i) with
      respect to the Owner Trustee, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer identified as such on any list of Authorized Officers delivered by the Owner Trustee to the Indenture
      Trustee, (ii) with respect to the Administrator, any Vice President or more senior officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and identified as such on any list of Authorized Officers
      delivered by the Administrator to the Indenture Trustee and (iii) with respect to the Issuer, any Authorized Officer of the Owner Trustee or, for so long as the Administration Agreement is in effect, any Authorized Officer of the Administrator.

  “Collateral” has the meaning specified
      in the Granting Clause of this Indenture.

  “Controlling Class” means (a) the
      Outstanding Class A Notes (voting together as a Class) and (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes (voting together as a Class).

  “Corporate Trust Office” means the
      offices of the Indenture Trustee, initially located at (a) for purposes of note transfers and exchanges, 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention: Bondholder Services – TAOT 2019-B and (b) for all other purposes at 190 South LaSalle
      Street 7th Floor, Chicago, IL 60603, or the principal trust office of any successor trustee qualified and appointed pursuant to this Agreement; or at such other address as the Indenture Trustee may designate from time to time by notice to the
      Noteholders, the Issuer and the Administrator, or the principal corporate trust office of any successor Indenture Trustee at the

  
    2

    
      

  

  

  

  address designated by such successor Indenture Trustee by notice to the Noteholders, the Issuer and the Administrator.

  “Default” means any occurrence that is,
      or with notice or the lapse of time or both would become, an Event of Default.

  “Definitive Notes” has the meaning
      specified in Section 2.10.

  “Executive Officer” means, with respect
      to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any
      general partner thereof.

  “Grant” means mortgage, pledge, bargain,
      sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in and right of set‐off against, deposit, set over and confirm pursuant to this Indenture.  A Grant of the Collateral or of any
      other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and
      interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of
      the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

  “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

  “Indenture Trustee” means U.S. Bank
      National Association, a national banking association, as Indenture Trustee under this Indenture, or any successor Indenture Trustee under this Indenture.

  “Independent” means, when used with
      respect to any specified Person, that the Person is in fact independent of the Seller, the Servicer, the Administrator, the Issuer or any other obligor on the Notes or any Affiliate of any of the foregoing Persons because, among other things, such
      Person (a) is not an employee, officer or director or otherwise controlled thereby or under common control therewith, (b) does not have any direct financial interest or any material indirect financial interest therein (whether as holder of securities
      thereof or party to contract therewith or otherwise) and (c) is not and has not within the preceding twelve months been a promoter, underwriter, trustee, partner, director or person performing similar functions therefor or otherwise had legal,
      contractual or fiduciary or other duties to act on behalf of or for the benefit thereof.

  “Independent Certificate” means a
      certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of
      reasonable care, and such opinion or certificate shall state that the signer has read the

  
    3

    
      

  

  

  

  definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

  “Insolvency Event” with respect to the
      Seller means the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Seller in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
      in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Seller, or ordering the winding‐up or liquidation of the Seller’s affairs, and such decree or order shall remain unstayed and in
      effect for a period of ninety (90) consecutive days; or the commencement by the Seller of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Seller to
      the entry of an order for relief in an involuntary case under any such law, or the consent by the Seller to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Seller,
      or the making by the Seller of any general assignment for the benefit of creditors, or the failure by the Seller generally to pay its debts as such debts become due, or the taking of any action by the Seller in furtherance of any of the foregoing.

  “Interest Rate” means the Class A‐1
      Rate, the Class A‐2a Rate, the Class A-2b Rate, the Class A-3 Rate, the Class A-4 Rate or the Class B Rate, as indicated by the context.

  “Issuer” means Toyota Auto Receivables
      2019-B Owner Trust, unless and until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes, if any.

  “Issuer Order” and “Issuer Request” mean a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.

  “Note Register” means the Register of
      Noteholders’ information maintained by the Note Registrar pursuant to Section 2.04.

  “Note Registrar” means the Indenture
      Trustee, unless and until a successor Note Registrar shall have been appointed pursuant to Section 2.04.

  “Officer’s Certificate” means a
      certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee.

  “Opinion of Counsel” means one or more
      written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be an employee of or counsel to the Issuer, the Seller or the Servicer and which counsel shall be reasonably satisfactory to the Owner Trustee, Indenture
      Trustee or the Rating Agencies, as the case may be.

  “Outstanding” means, as of the date of
      determination, all Notes theretofore authenticated and delivered under this Indenture except:

  (a)      Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;

  
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  (b)      Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited
      with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; and

  (c)      Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this
      Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;

  provided, that in determining whether the Holders of the
      requisite percentage of the Outstanding Amount of the Controlling Class of Notes or any Class of Notes, have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any Basic Document, Notes owned by the
      Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon
      any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that a Trust Officer of the Indenture Trustee actually knows to be so owned shall be so disregarded.  Notes so owned that have been pledged in good faith may
      be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
      Affiliate of any of the foregoing Persons.

  “Paying Agent” means the Indenture
      Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 that has been authorized by the Issuer to make payments to and distributions from the Collection Account, including payment of
      principal of or interest on the Notes on behalf of the Issuer.

   “Predecessor Note” means, with respect
      to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a
      mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

  “Proceeding” means any suit in equity,
      action at law or other judicial or administrative proceeding.

  “Rating Agency Condition” means, with
      respect to any event or circumstance or proposed amendment to a Basic Document or any Supplemental Indenture, the satisfaction of both of the following conditions: (a) receipt by the Indenture Trustee and the Owner Trustee of written confirmation
      from S&P that such event or circumstance or proposed amendment to a Basic Document or any Supplemental Indenture will not result in the reduction or withdrawal by S&P of any rating it currently has assigned to any of the Notes and (b) that
      Moody’s shall have been given notice of such event or circumstance or proposed amendment to a Basic Document or any Supplemental Indenture at least ten (10) days prior to the occurrence of such event or circumstance or proposed amendment to a Basic
      Document or any Supplemental Indenture and such Moody’s shall not have notified the Indenture Trustee or the Owner Trustee that such event or circumstance or proposed amendment to a Basic Document or any Supplemental Indenture

  
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  might or would result in the reduction or withdrawal of the rating it has currently has assigned to any of the Notes.

  “Redemption Date” has the meaning
      specified in Section 10.02.

  “Registered Holder” means the Person in
      whose name a Note is registered on the Note Register on the applicable Record Date.

  
    “Retained Notes” means the Class A-1 Notes, the Class B Notes,
      $27,330,000 of the Class A-2a Notes, $3,750,000, of the Class A-2b Notes, $25,830,000 of the Class A-3 Notes and $6,302,000 of the Class A-4 Notes until such time as such Notes are the subject of an Opinion of Counsel pursuant to Section 2.04(g) of
      the Indenture with respect to their classification as debt for federal income tax purposes.

     

    “Sale and Servicing Agreement” means the Sale and Servicing
        Agreement, dated as of May 8, 2019, among the Issuer, Toyota Auto Finance Receivables LLC, as Seller, and Toyota Motor Credit Corporation, as Servicer and Sponsor, and as acknowledged and accepted by the Indenture Trustee.

     

    “Securities Account Control Agreement” means the Securities
        Account Control Agreement, dated as of May 8, 2019, among the Seller, the Securities Intermediary and the Indenture Trustee.

     

    “Securities Intermediary” means U.S. Bank National
        Association, as securities intermediary under the Securities Account Control Agreement.

     

    “Seller” means Toyota Auto Finance Receivables LLC, as
        seller, under the Sale and Servicing Agreement.

     

    “Successor Servicer” has the meaning specified in Section
        3.07(e).

     

    “Trust Agreement” means the Trust Agreement, dated as of
        January 3, 2019, as amended and restated by the Amended and Restated Trust Agreement, dated as of May 8, 2019, in each case by and between Toyota Auto Finance Receivables LLC, as depositor, and Wilmington Trust, National Association, as Owner
        Trustee.

     

    “Trust Estate” means (i) all money, instruments, rights and
        other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee pursuant to
        the Granting Clause), including all proceeds thereof, and (ii) the interest of the Seller in the funds and investment property on deposit from time to time in the Reserve Account granted to the Indenture Trustee under the Securities Account Control
        Agreement.

     

    “Trust Officer” means, in the case of the Indenture
        Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions
        similar to those performed by any of the above designated officers with direct responsibility for the administration of the Indenture and the Basic 

      

     

  

  
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  Documents and, with respect to the Owner Trustee, any officer in the Corporate Trust Administration Department of the Owner Trustee with
      direct responsibility for the administration of the Trust Agreement on behalf of the Owner Trustee.

  “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.

  SECTION 1.02  Usage of Terms.  With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders;
      references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and
      supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term “including” means “including
      without limitation.”

  SECTION 1.03  Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of
      this Indenture.  The following TIA terms used in this Indenture have the following meanings:

  “Commission” means the Securities and
      Exchange Commission.

  “indenture securities” means the Notes.

  “indenture security holder” means a
      Noteholder.

  “indenture to be qualified” means this
      Indenture.

  “indenture trustee” or “institutional trustee” means the Indenture Trustee.

  “obligor” on the indenture securities
      means the Issuer and any other obligor on the indenture securities.

  All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another
      statute or defined by Commission rule have the meanings so assigned to them.

  ARTICLE II

      

      The Notes

  SECTION 2.01  Form.  The Class A‐1 Notes, the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case, together with the Indenture
      Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A-1, Exhibit A-2 or Exhibit A-3, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or
      permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or

  
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  endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their
      execution thereof.  Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

  The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these
      methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

  Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibit A-1, Exhibit
      A-2 and Exhibit A-3 are part of the terms of this Indenture.

  SECTION 2.02  Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the Issuer by any of its
      Authorized Officers.  The signature of any such Authorized Officer on the Notes may be manual or facsimile.  Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
      notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.  The Indenture Trustee shall upon Issuer Order
      authenticate and deliver the Class A‐1 Notes for original issue in an aggregate principal amount of $442,010,000, the Class A‐2a Notes for original issue in an aggregate principal amount of $546,600,000, the Class A‐2b Notes for original issue in an
      aggregate principal amount of $75,000,000, the Class A-3 Notes for original issue in an aggregate principal amount of $516,600,000, the Class A-4 Notes for original issue in an aggregate principal amount of $126,040,000 and the Class B Notes for
      original issue in an aggregate principal amount of $43,750,000.  The aggregate principal amount of the Class A‐1 Notes, the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes outstanding at any time
      may not exceed such respective amounts except as provided in Section 2.05.  The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.  Each Note shall be dated the date of
      its authentication. 

  No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
      appears on such Note a certificate of authentication substantially in the form included in Exhibit A-1, Exhibit A-2 or Exhibit A-3, as applicable, executed by the Indenture Trustee by the manual or facsimile signature of one of its authorized
      signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

  SECTION 2.03  Temporary Notes.  Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver,
      temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the
      officers executing such Notes may determine, as evidenced by their execution of such Notes.  If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes,
      the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be

  
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  maintained as provided in Section 3.02, without charge to the Holder.  Upon surrender for cancellation of any one or more temporary
      Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall in all respects be
      entitled to the same benefits under this Indenture as Definitive Notes.

  SECTION 2.04  Registration; Registration of Transfer and Exchange.

  (a)      The Note Registrar,
      acting as agent of the Issuer for this purpose only, shall maintain a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and transfers and exchanges of
      Notes as provided in this Indenture.  The Indenture Trustee is hereby initially appointed Note Registrar for the purpose of registering Notes and transfers and exchanges of Notes as provided in this Indenture.  In the event that, subsequent to the
      Closing Date, the Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall appoint another bank or trust company, having an office or agency located in the Borough of Manhattan, the City of New York, agreeing
      to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor Note Registrar under this Indenture.  The Issuer shall have the right to inspect the Note Register at
      all reasonable times and to obtain copies thereof.

  If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the
      Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable
      times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the
      principal amounts and number of such Notes.

  (b)      Upon the proper
      surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in the name of the designated transferee or
      transferees, one or more new Notes of the same Class in authorized denominations of a like aggregate principal amount.

  (c)      At the option of the
      Holder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
      exchange, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.  Every Note presented or
      surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in
      writing.

  
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  (d)      No service charge
      shall be made for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes.

  (e)      All Notes surrendered
      for registration of transfer or exchange shall be canceled and subsequently destroyed pursuant to Section 2.08.

  (f)      Each purchaser and
      transferee of a Note will be deemed to represent, warrant and covenant that either (a) it is not acquiring such Note with the assets of a Benefit Plan or (b) the acquisition, holding and disposition of such Note will not give rise to a non-exempt
      prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the
      Code.

  (g)      The Retained Notes
      transferred after the first Payment Date will not be transferred, other than to a Person that is a United States person for federal income tax purposes and provided that such Person agrees to restrict subsequent transfers of such Notes to Persons
      that are United States persons for federal income tax purposes, unless a written Opinion of Counsel, which counsel and opinion shall be reasonably acceptable to the Administrator, is delivered and addressed to the Indenture Trustee to the effect
      that, for federal income tax purposes, such Notes after such transfer will be treated as debt.  In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions
      such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer.  The Indenture Trustee shall have no duty to monitor the compliance of the provisions of this paragraph and may
      conclusively rely on the Administrator to do the same.

  SECTION 2.05  Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of
      the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer,
      the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class.  In connection with the issuance of any new Note under this Section, the Issuer may require payment by the Holder of such Note of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in relation thereto.

  If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note, a bona fide purchaser
      of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was
      delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided
      therefor to the extent of

  
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  any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

  Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen
      Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
      equally and proportionately with any and all other Notes of the same Class duly issued hereunder.

  The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies
      with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

  SECTION 2.06  Persons Deemed Owners.  Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee
      may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, and
      none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

  SECTION 2.07  Payments of Principal and Interest.

  (a)      The Class A‐1 Notes,
      the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest during each Interest Period at the Class A‐1 Rate, the Class A‐2a Rate, the Class A‐2b Rate, the Class A-3 Rate, the
      Class A-4 Rate and the Class B Rate, respectively, and such interest shall be payable on each related Payment Date as specified in such Notes, pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 hereof.  Any installment of
      interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record
      Date by wire transfer in immediately available funds to the account designated by such Person.

  (b)      The principal of each
      Note shall be payable in installments on each Payment Date pursuant to Section 5.06 of the Sale and Servicing Agreement and subject to the availability of funds therefor.  All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto.  In accordance with Section 10.01, the Indenture Trustee shall notify the Person in whose name a Note is
      registered at the close of business on the Record Date preceding the Payment Date on which the final installment of principal of and interest on such Note will be paid.  Such notice shall be mailed or transmitted by facsimile not less than fifteen
      (15) nor more than thirty (30) days prior to such final Payment Date, shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and
      surrendered for payment of such installment.

  
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  (c)      In the event that any
      withholding tax is imposed on the Trust’s payment (or allocations of income) to the Noteholders, such tax shall reduce the amount otherwise distributable to the Noteholders in accordance with this Section.  The Issuer will instruct the Indenture
      Trustee regarding the imposition of such withholding tax and, upon receiving such instruction, the Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment
      of any tax that is legally owed by the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of
      such proceedings).  The amount of any withholding tax imposed with respect to the Noteholders shall be treated as cash distributed to the Noteholders at the time it is withheld by the Trust and remitted to the appropriate taxing authority.  If there
      is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this paragraph (c).  In the
      event that any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with the Noteholder in making such claim so long as the Noteholder agrees to reimburse the Indenture Trustee for any
      out-of-pocket expenses incurred.

  SECTION 2.08  Cancellation.  All Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the
      Indenture Trustee and shall be promptly canceled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in
      any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by
      this Indenture.  All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or
      returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

  SECTION 2.09  Release of Collateral.  The Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s
      Certificate (which shall include a statement substantially to the effect that the release is permitted by the Indenture), an Opinion of Counsel (which shall include a statement substantially to the effect that the release is permitted by the
      Indenture) and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(l).

  SECTION 2.10  Book‐Entry Notes.  The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, upon original issuance, will
      be issued in the form of typewritten Notes representing the Book‐Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, or a custodian therefor, by, or on behalf of, the Issuer.  The Book‐Entry Notes shall be
      registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in
      Section 2.12, and unless and until

  
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  definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.12:

  (a)      the provisions of
      this Section shall be in full force and effect;

  (b)      the Note Registrar
      and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Book‐Entry Notes and the giving of instructions or directions hereunder) as the
      authorized representative of such Note Owners;

  (c)      to the extent that
      the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

  (d)      the rights of such
      Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository
      Agreement.  Unless and until Definitive Notes are issued in respect of the Book-Entry Notes pursuant to Section 2.12, the initial Clearing Agency will make book‐entry transfers among the Clearing Agency Participants and receive and transmit payments
      of principal of and interest on such Notes to such Clearing Agency Participants; and

  (e)      whenever this
      Indenture requires or permits actions to be taken based upon instructions or directions of Holders of a specified percentage of the Outstanding Amount of the Notes (or the Controlling Class of Notes) evidencing a specified percentage of the
      Outstanding Amount of the Notes or of any Controlling Class or of such Class or of two or more of such Classes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from
      Note Owners of Book-Entry Notes and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in such Notes and has delivered such instructions to the Indenture Trustee.

  SECTION 2.11  Notices to Clearing Agency.  Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
      issued to the Note Owners of Book-Entry Notes pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of the Book-Entry Notes to the Clearing Agency and shall be deemed to
      have been given as of the date of delivery to the Clearing Agency.

  SECTION 2.12  Definitive Notes.  In the case of the Book-Entry Notes, if (i) the Owner Trustee or the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no
      longer willing or able to properly discharge its responsibilities with respect to the Book‐Entry Notes and the Owner Trustee and the Administrator are unable to locate a qualified successor (and if the Administrator has made such determination, the
      Administrator has given written notice thereof to the Indenture Trustee), (ii) the Seller or the Administrator or the Indenture Trustee at its option advises each other such party in writing that it elects to terminate the book‐entry system through
      the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Default, owners of the Book‐Entry Notes representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling Class of the
      Book-

  
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  Entry Notes, advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book‐entry system through the
      Clearing Agency or a successor thereto is no longer in the best interests of the Note Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of such event and of the
      availability of Definitive Notes to Note Owners requesting the same.  Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book‐Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer
      shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of
      such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.  None of the
      Indenture Trustee, Issuer or Administrator shall be liable for any inability to locate a qualified successor Clearing Agency.  From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders will be mailed thereto at
      their addresses of record in the Note Register as of the relevant Record Date.  Such notices will be deemed to have been given as of the date of mailing.

  SECTION 2.13  Tax Treatment.  The Issuer has entered into this Indenture, and the Notes will be issued with the intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes (other than the Retained Notes) will qualify as indebtedness of the Issuer, secured by the Trust Estate.  The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note
      Owner by its acceptance of an interest in the applicable Book‐Entry Note), agree to treat the Notes (other than the Retained Notes) for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

  ARTICLE III

      

      Covenants

  SECTION 3.01  Payments to Noteholders, Certificateholder, Servicer and Seller.  In accordance with the terms of this Indenture, the Issuer will duly and punctually (i) pay the principal of
      and interest, if any, on the Notes in accordance with the terms of the Notes, (ii) pay amounts due in respect of the Certificate in accordance with the terms of the Certificate (on a pro rata basis, based on the Percentage Interests (as defined in
      the Trust Agreement) thereof, if there is more than one Certificateholder), and (iii) release from the Collection Account all other amounts distributable or payable from the Trust Estate (including distributions to be made to the Certificateholder on
      any Payment Date) under the Trust Agreement, Sale and Servicing Agreement and Administration Agreement.  Without limiting the foregoing, and in order to fulfill such obligations, pursuant to Sections 8.02 and 8.04 hereof, the Issuer will cause the
      Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Collection Account and Reserve Account on a Payment Date deposited therein pursuant to the Sale and Servicing Agreement: (i) (a) for the benefit of the Class A‐1 Notes,
      to the Class A‐1 Noteholders, (b) for the benefit of the Class A‐2a Notes, to the Class A‐2a Noteholders, (c) for the benefit of the Class A‐2b Notes, to the Class A‐2b Noteholders, (d) for the benefit of the Class A-3 Notes, to the Class A-3
      Noteholders, (e) for the benefit of the Class A-4 Notes, to the Class A-4

  
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  Noteholders and (f) for the benefit of the Class B Notes, to the Class B Noteholders, in each case as set forth in Sections 5.06 and
      5.07 of the Sale and Servicing Agreement; (ii) for the benefit of the Servicer, to or as directed by the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement; (iii) for the benefit of the Seller, to or as directed by the Seller or
      its designee, as applicable, pursuant to Section 5.07 of the Sale and Servicing Agreement; and (iv) for the benefit of the Certificateholder, to or as directed by the Owner Trustee or the Administrator, as set forth in Sections 5.06 of the Sale and
      Servicing Agreement.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder or the Certificateholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder or the
      Certificateholder for all purposes of this Indenture.

  SECTION 3.02  Maintenance of Office or Agency.  The Issuer will maintain in the Borough of Manhattan, the City of New York, an office or agency where Notes may be surrendered for registration
      of transfer or exchange.  The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes.  Notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served in accordance
      with Section 11.04.  The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency.  If at any time the Issuer shall fail to maintain any such office or agency or
      shall fail to furnish the Indenture Trustee with the address thereof, such surrenders may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders.

  SECTION 3.03  Money for Payments to Be Held in Trust.  All payments of amounts due and payable with respect to any Notes or the Certificate that are to be made from amounts withdrawn from the
      Collection Account or Reserve Account, pursuant to Sections 2.07, 3.01, 4.02 and 4.03 shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes or the
      Certificate shall be paid over to the Issuer, the Owner Trustee or the Administrator except as provided in this Section.

  On or prior to 11:00 a.m. New York time on each Payment Date, the Issuer shall deposit in the Collection Account or,
      in accordance with the Sale and Servicing Agreement, cause to be deposited (including by the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account and to deposit such amounts in the Collection
      Account) to the extent of funds available therefor, an aggregate sum sufficient to pay the amounts then becoming due under the Notes and the Certificate, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the
      Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.

  The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the Issuer will cause each
      Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee,
      subject to the provisions of this Section, that such Paying Agent will:

  
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  (a)      hold all sums held by
      it for the payment of amounts due with respect to the Notes, the Certificate, or for release to the Issuer for payment to the Certificateholder in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
      otherwise disposed of as herein provided and pay or release such sums to such Persons as herein provided;

  (b)      give the Indenture
      Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes or the release of any amounts to the Issuer to be paid to
      the Certificateholder;

  (c)      at any time during
      the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent;

  (d)      immediately resign as
      a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its
      appointment; and

  (e)      comply with all
      requirements of the Code with respect to the withholding from any payments made by it on any Notes, or the Certificate (or assisting the Issuer to withhold from payment to the Certificateholder) of any applicable withholding taxes imposed thereon and
      with respect to any applicable reporting requirements in connection therewith.

  The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any
      other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such
      Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.

  In the event that any Noteholder shall not surrender its Notes for retirement within six (6) months after the date
      specified in the written notice of final payment described in Section 2.07, the Indenture will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement.  If within one year
      after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each
      Business Day and of general circulation in the City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance
      of such money then remaining will be paid to California Special Olympics.  The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment specified by the
      Issuer or the Administrator.

  SECTION 3.04  Existence.  The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any

  
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  successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case
      the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

  SECTION 3.05  Protection of Trust Estate.  The Issuer shall from time to time execute and deliver or file, as applicable, all such supplements and amendments hereto and all such financing
      statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

  (a)      maintain or preserve
      the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

  (b)      perfect, publish
      notice of or protect the validity of any Grant made or to be made by this Indenture;

  (c)      enforce any of the
      Collateral; or

  (d)      preserve and defend
      title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties.

  The Issuer hereby designates the Indenture Trustee its agent and attorney‐in‐fact to execute any financing statement,
      continuation statement or other instrument required to be executed pursuant to this Section 3.05.

  SECTION 3.06  Opinions as to Trust Estate.

  (a)      On the Closing Date,
      the Issuer shall furnish, or cause to be furnished, to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording and filing of this Indenture,
      any indentures supplemental hereto, any requisite financing statements and continuation statements and any other requisite documents necessary to perfect and make effective the lien and security interest of this Indenture or stating that, in the
      opinion of such counsel, no such action is necessary to make such lien and security interest effective.

  (b)      As and when specified
      in Section 10.02(h) of the Sale and Servicing Agreement, the Issuer shall furnish, or cause to be furnished, to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect
      to the execution, recording, filing or re‐recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation statements and any other requisite documents necessary to maintain the lien and security
      interest created by this Indenture or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest.  Such Opinion of Counsel shall also describe the execution, recording, filing or re-recording
      and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation statements and any other documents that will, in the opinion of such counsel, be required to maintain the lien and security interest of this
      Indenture

  
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  until the date in the following calendar year on which such Opinion of Counsel must again be delivered.

  SECTION 3.07  Performance of Obligations; Servicing of Receivables.

  (a)      The Issuer will not
      take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or
      that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except in each case as expressly provided in the Basic Documents.

  (b)      The Issuer may
      contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by
      the Issuer.  Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture.

  (c)      The Issuer will
      punctually perform and observe all of its obligations and agreements contained in the Basic Documents and in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all UCC financing
      statements and continuation statements required to be filed by the terms of the Trust Agreement, this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.

  (d)      If an Authorized
      Officer of the Issuer shall have actual knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee in writing and shall specify in such notice the action, if any,
      the Issuer is taking with respect of such default, and the Indenture Trustee shall promptly notify the Administrator of such Servicer Default and proposed actions of the Issuer, and the Administrator shall provide such notice to the Rating Agencies. 
      If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to
      remedy such failure.

  (e)      As promptly as
      possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to Section 8.01 of the Sale and Servicing Agreement, or if the Servicer resigns in accordance with Section 7.05 of the Sale and Servicing
      Agreement, the Indenture Trustee shall give prompt written notice of such event to the Noteholders and the Administrator and the Administrator shall provide such notice to the Rating Agencies.  The Indenture Trustee shall act to appoint a successor
      servicer pursuant to Section 8.02 of the Sale and Servicing Agreement (any such successor servicer, a “Successor Servicer”).  Any such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture
      Trustee.  In the event that a Successor Servicer has not been appointed and accepted its appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee without further action shall automatically be appointed the
      Successor Servicer and shall thereafter be entitled to the Servicing Fee.  Notwithstanding the above, the Indenture

  
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  Trustee shall, if it shall be unwilling or legally unable so to act, appoint or petition a court of competent jurisdiction to appoint
      any established institution having a net worth of not less than $25,000,000 and whose regular business shall include the servicing of automobile and/or light-duty truck receivables, as the successor to the Servicer under the Sale and Servicing
      Agreement, in accordance with the provisions of Section 8.02 of the Sale and Servicing Agreement.  Upon such appointment, the Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer, such release effective
      upon the effective date of the servicing agreement entered into between the Successor Servicer and the Issuer.

  In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of
      such successor as it and such Successor Servicer shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an
      agreement with such successor for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee).  If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as
      provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as Successor Servicer and the
      servicing of the Receivables.  In case the Indenture Trustee shall become the Successor Servicer, the Indenture Trustee shall be entitled to appoint a subservicer; provided,
      that the Indenture Trustee, in its capacity as Successor Servicer, shall remain fully liable for the actions and omissions of such subservicer.

  (f)      Without derogating
      from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that it will not enter into any amendment, modification, supplement or waiver with
      respect to any Basic Document except (i) 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 or to add, modify or eliminate any provisions as may be necessary or advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with
      or obtain more favorable treatment under any law or regulation or any accounting rule or principle (whether now or in the future in effect); provided, however, that such action shall not, as evidenced by an Officer’s Certificate delivered by the Servicer to the Owner Trustee and the Indenture Trustee, adversely affect in any
      material respect the interests of any Noteholder or Certificateholder; (ii) for the purpose of changing the formula or percentage for determining the Specified Reserve Account Balance, but not to change any order of priority of payments and
      distributions specified in Section 5.06 of the Sale and Servicing Agreement), changing the remittance schedule for the deposit of collections with respect to the Receivables in the Collection Account pursuant to Section 5.02 of the Sale and Servicing
      Agreement or changing the definition of Eligible Investment, in each case only if the Rating Agency Condition has been satisfied in respect thereof; or (iii) with the consent of the Indenture Trustee and satisfaction of all other conditions precedent
      to such action set forth in the related Basic Document (as evidenced by an Opinion of Counsel). If any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, as applicable, the Issuer
      agrees, promptly following a request by the Indenture Trustee to agree to such amendment and to execute and deliver, in its own name and at its own expense, such

  
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  agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate in the circumstances to
      implement such amendment and to cause the relevant Basic Documents, as amended, to be enforceable against the Issuer.

  SECTION 3.08  Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not:

  (a)      except as expressly
      permitted by Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Indenture Trustee;

  (b)      claim any credit on,
      or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of
      the taxes levied or assessed upon any part of the Trust Estate;

  (c)      except as may be
      expressly permitted hereby and by the Basic Documents, (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any
      Person to be released from any covenants or obligations with respect to the Notes under this Indenture, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the liens of this Indenture) to be
      created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any
      of the Financed Vehicles and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other
      lien) security interest in the Trust Estate or (D) dissolve or liquidate in whole or in part; or

  (d)      assume or incur any
      indebtedness other than the Notes, or other than as expressly contemplated by this Indenture (in connection with the obligation to pay expenses from the Trust Estate) or by the Basic Documents as in effect on the date hereof.

  SECTION 3.09  Annual Statement as to Compliance.

  (a)      The Issuer will cause
      the Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuer the annual statement of compliance described in Section 4.11 of the Sale and Servicing Agreement.  In addition, on the same date annually upon which
      such annual statement of compliance is to be delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

  (i)      a
      review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

  (ii)      to

      the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout

  
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  such year, or, if there has been a default in its compliance with any such condition or covenant, specifying each
      such default known to such Authorized Officer and the nature and status thereof.

  (b)      On or before March 1st of each calendar year in which a Form 10-K is required to be filed on behalf of the Issuer, commencing in 2020, the Indenture Trustee shall deliver to the Issuer and the
      Administrator a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified on Exhibit C hereto during the immediately preceding calendar year, accompanied by an attestation report by a registered public
      accounting firm, in each case as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be addressed to the Issuer and signed by an authorized officer of the Indenture Trustee, and shall address
      each of the Servicing Criteria specified on a certification substantially in the form of Exhibit C hereto.

  SECTION 3.10  Issuer May Consolidate, etc., Only on Certain Terms.

  (a)      The Issuer shall not
      consolidate or merge with or into any other Person, unless:

  (i)      the

      Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an
      indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payments of the principal of and interest on all Notes in accordance with the terms
      thereof and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

  (ii)     immediately

      after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  (iii)    each

      Rating Agency shall have notified the Indenture Trustee and the Owner Trustee that such transaction will not result in the removal or reduction of the rating then assigned thereby to any Class of Notes;

  (iv)    the
      Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any
      Certificateholder;

  (v)     any
      action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and Servicing Agreement or by this Indenture shall have been taken; and

  (vi)   the
      Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Section 3.10 and that all conditions
      precedent provided for in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act).

  
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  (b)      Except as expressly
      provided in this Indenture or in the Basic Documents, the Issuer shall not convey or transfer its properties or assets, including those included in the Trust Estate, to any Person, unless:

  (i)     the
      Person that acquires by conveyance or transfer such properties and assets of the Issuer shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State or the District of Columbia,
      (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payments of the principal of and interest on all Notes and
      the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and
      interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer, the Owner
      Trustee and the Indenture Trustee against and from any loss, liability or expense arising under or related to this Indenture and the Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons,
      then one specified Person) shall make all filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or
      the appropriate authorities in any State in which the Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such State, in connection with the Notes or (2) the Internal Revenue Service or the
      relevant state or local taxing authorities of any jurisdiction;

  (ii)    immediately

      after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  (iii)   each

      Rating Agency shall have notified the Indenture Trustee and the Owner Trustee that such transaction would not result in the removal or reduction of the rating then assigned thereby to any Class of Notes;

  (iv)   the
      Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any
      Certificateholder;

  (v)    any
      action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and Servicing Agreement or by this Indenture shall have been taken; and

  (vi)   the
      Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Section 3.10 and that all conditions precedent
      herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

  
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  SECTION 3.11  Successor or Transferee.

  (a)      Upon any
      consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of,
      the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

  (b)      Upon a conveyance or
      transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), Toyota Auto Receivables 2019-B Owner Trust will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer
      with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that Toyota Auto Receivables 2019-B Owner Trust is to be so released.

  SECTION 3.12  No Other Business.  Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not engage in any business other than
      financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by the Basic Documents and activities incidental thereto.

  SECTION 3.13  No Borrowing.  Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or otherwise
      become liable, directly or indirectly, for any indebtedness except for the Notes or other obligations permitted hereunder (including the obligation to pay expenses from the Trust Estate) or under another Basic Document (including indemnification
      expenses of the Issuer and certain fees and expenses of the Servicer and the Administrator).

  SECTION 3.14  Servicer’s Notice Obligations.  The Issuer shall cause the Servicer to comply with all of its duties and obligations with respect to the preparation of reports, the delivery of
      Officer’s Certificates and Opinions of Counsel and the giving of instructions and notices under the Sale and Servicing Agreement (including, but not limited to, under Sections 3.02, 4.08, 4.10, 4.11, 4.12, 4.15, 5.09 and Article IX thereof).

  SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities.  Unless and until the Issuer shall have been released from its duties and obligations hereunder, except as contemplated by the
      Sale and Servicing Agreement, this Indenture or the other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
      performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
      agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

  SECTION 3.16  Capital Expenditures.  Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not make any expenditure (by long‐term or
      operating lease or otherwise) for capital assets (either realty or personalty).

  SECTION 3.17  Removal of Administrator.  So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause unless so instructed by the Owner Trustee or the
      Indenture Trustee and unless each Rating Agency shall have received ten (10)

  
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  days’ written notice thereof and shall not have notified the Indenture Trustee, the Administrator or the Owner Trustee that such removal
      might or would result in the removal or reduction of the rating then assigned thereby to any Class of Notes.

  SECTION 3.18  Restricted Payments.  The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of  capital or otherwise), whether in cash,
      property, securities or a combination thereof, to the Servicer, the Owner Trustee or the Certificateholder or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise
      acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions or payments to the Servicer, the Owner Trustee and the Certificateholder as contemplated by, and to the
      extent funds are available for such purpose under, the Basic Documents.  The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with the Basic Documents.

  SECTION 3.19  Notice of Events of Default.  The Issuer shall give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder, each default on the
      part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement and each default on the part of TMCC of its obligations under the Receivables Purchase Agreement.  The Indenture Trustee shall notify each Noteholder of
      record in writing of any Event of Default promptly upon a Trust Officer obtaining actual knowledge thereof.  Such notices will be provided in accordance with Section 2.11 or 2.12, as applicable.

  SECTION 3.20  Further Instruments and Actions.  Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be
      reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

  SECTION 3.21  Perfection Representations, Warranties and Covenants.

  (a)      The representations,
      warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes.

   Notwithstanding any other provision of this Indenture or any other Basic Document, the representations, warranties and covenants
      contained in Schedule I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed.

  

  

  (b)      The parties to this
      Indenture: (i) shall not waive any of the representations, warranties and covenants contained in Schedule I hereto; (ii) shall provide each other party hereto and the Administrator with prompt written notice of any material breach of the
      representations, warranties and covenants contained in Schedule I hereto and (iii) shall not waive a breach of any of the representations, warranties and covenants contained in Schedule I hereto.

  

  

  
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  ARTICLE IV

      

      Satisfaction and Discharge

  SECTION 4.01  Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and
      exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Section 3.03, (v) the rights, obligations and immunities of the Indenture
      Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of Noteholders and the Certificateholder as beneficiaries hereof with
      respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
      Indenture with respect to the Notes, when:

  (a)      either (1) all Notes
      theretofore authenticated and delivered (other than Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and Notes for whose payment money has theretofore been deposited in trust or segregated
      and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not theretofore delivered to the Indenture
      Trustee for cancellation have become due and payable or will become due and payable within one year (either because the Class B Final Scheduled Payment Date is within one year or because the Indenture Trustee has received written notice of the
      exercise of the option granted pursuant to Section 9.01 of the Sale and Servicing Agreement) and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee, at least one (1) Business Day prior to the date
      such amounts are payable, cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge
      the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due;

  (b)      the Issuer has paid
      or caused to be paid all other sums payable hereunder by the Issuer; and

  (c)      the Issuer has
      delivered to the Indenture Trustee an Officer’s Certificate, (if required by the TIA or the Indenture Trustee) an Opinion of Counsel and (if required by the TIA) an Independent Certificate from a firm of certified public accountants, each meeting the
      applicable requirements of Section 11.01 and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

  SECTION 4.02  Application of Trust Money.  All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and (a) applied by it in accordance with the
      provisions of the Notes, the Sale and Servicing Agreement and this Indenture to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment of which such
      moneys have been

  
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  deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest, or (b) released to the
      Issuer for distribution to the Certificateholder or application pursuant to the Trust Agreement or Sale and Servicing Agreement; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing
      Agreement or required by law.

  SECTION 4.03  Repayment of Moneys Held by Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying
      Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 or 4.02 and thereupon such
      Paying Agent shall be released from all further liability with respect to such moneys.

  ARTICLE V

      

      Remedies

  SECTION 5.01  Events of Default.  “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be
      voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  (a)      default in the
      payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days; or

  (b)      default in the
      payment of the principal of any Note on the applicable Final Scheduled Payment Date or Redemption Date; or

  (c)      default in the
      observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which
      materially and adversely affects the interests of the Noteholders, and such failure shall continue or not be cured for a period of ninety (90) days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture
      Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single Class, a written notice specifying such default and requiring it to
      be remedied and stating that such notice is a notice of Default hereunder; or

  (d)      any representation or
      warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to have been incorrect in any material respect as of the time when the same shall have been made, 
      which materially and adversely affects the interests of the Noteholders, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been
      eliminated or otherwise cured, for a period of sixty (60) days after there shall have been given, by registered or certified mail, to

  
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  the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding
      Amount of the Notes of the Controlling Class, acting together as a single Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or

  (e)      the filing of a
      decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law
      now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding‐up or liquidation of the Issuer’s
      affairs, and such decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days; or

  (f)      the commencement by
      the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law,
      or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer
      of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing;

  provided, however, that (A) if any delay or failure of performance referred to in clause (a) above shall have been caused by force majeure or other similar occurrences, the five (5) Business Day grace period referred to in
      such clause (a) shall be extended for an additional thirty (30) calendar days, (B) if any delay or failure of performance referred to in clause (b) above shall have been caused by force majeure or other similar occurrences, such failure or delay
      shall not constitute an Event of Default for an additional thirty (30) calendar days, (C) if any delay or failure of performance referred to in clause (c) above shall have been caused by force majeure or other similar occurrences, the ninety (90) day
      grace period referred to in such clause (c) shall be extended for an additional thirty (30) calendar days and (D) if any delay or failure of performance referred to in clause (d) above shall have been caused by force majeure or other similar
      occurrences, the sixty (60) day grace period referred to in such clause (d) shall be extended for an additional thirty (30) calendar days.

  For purposes of determining whether an Event of Default pursuant to Section 5.01(b) has occurred on the Final
      Scheduled Payment Date for a Class of Notes, (i) the Class A-1 Notes are required to be paid in full on or before the Class A‐1 Final Scheduled Payment Date, meaning that Holders of Class A‐1 Notes are entitled to have received on or before such date
      payments in respect of principal in an aggregate amount equal to the Class A‐1 Initial Principal Balance together with all interest accrued thereon through such date; (ii) the Class A‐2a Notes are required to be paid in full on or before the Class
      A‐2a Final Scheduled Payment Date, meaning that Holders of Class A‐2a Notes are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Class A‐2a Initial Principal Balance together with
      all interest accrued thereon through such date, (iii) the Class A‐2b Notes are required to be paid in full on or before the Class A‐2b Final Scheduled Payment Date, meaning that Holders of Class A‐2b Notes are entitled to have received on or before
      such date payments

  
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  in respect of principal in an aggregate amount equal to the Class A‐2b Initial Principal Balance together with all interest accrued
      thereon through such date, (iv) the Class A‐3 Notes are required to be paid in full on or before the Class A‐3 Final Scheduled Payment Date, meaning that Holders of Class A‐3 Notes are entitled to have received on or before such date payments in
      respect of principal in an aggregate amount equal to the Class A‐3 Initial Principal Balance together with all interest accrued thereon through such date; (v) the Class A‐4 Notes are required to be paid in full on or before the Class A‐4 Final
      Scheduled Payment Date, meaning that Holders of Class A‐4 Notes are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Class A‐4 Initial Principal Balance together with all interest
      accrued thereon through such date; and (vi) the Class B Notes are required to be paid in full on or before the Class B Final Scheduled Payment Date, meaning that Holders of Class B Notes are entitled to have received on or before such date payments
      in respect of principal in an aggregate amount equal to the Class B Initial Principal Balance together with all interest accrued thereon through such date.

  The Issuer shall deliver to the Indenture Trustee, within five (5) days after the occurrence thereof, written notice
      in the form of an Officer’s Certificate of any Default which with the giving of notice or the lapse of time would become an Event of Default under clause (c), the status of such Default and any action the Issuer is taking or proposes to take with
      respect thereto.

  SECTION 5.02  Acceleration of Maturity; Rescission and Annulment.  If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee or the Holders of
      at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single Class, may, without the consent of the Certificateholder, declare all the Notes to be immediately due and payable, by a notice in writing
      to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
      immediately due and payable.

  At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for
      payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of Notes representing at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a
      single Class, without the consent of the Certificateholder, in each case, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

  (a)      the Issuer has paid
      or deposited with the Indenture Trustee a sum sufficient to pay:

  (i)      all

      payments of principal of and interest on the respective Class of Notes and all other amounts that would then be due hereunder or in accordance with the terms of the Notes if the Event of Default giving rise to such acceleration had not occurred; and

  (ii)      all

      sums paid or advanced by the Indenture Trustee hereunder or by the Owner Trustee under the Trust Agreement and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and the Owner Trustee and their respective
      agents and counsel; and

  
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  (b)      all Events of
      Default, other than the nonpayment of the principal or interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

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

  SECTION 5.03  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

  (a)      The Issuer covenants
      that if (i) Default is made in the payment of any interest on any Note of the Controlling Class, so long as any amounts remain unpaid with respect to such Controlling Class of Notes, when the same becomes due and payable, and such default continues
      for a period of five (5) Business Days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (as described in the penultimate paragraph of Section 5.01
      hereof), the Issuer will, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Class of Notes for principal and interest, with interest upon the
      overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the
      costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

  (b)      In case the Issuer
      shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
      judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys
      adjudged or decreed to be payable.

  (c)      If an Event of
      Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders and, incidentally thereto, the
      Certificateholder, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
      exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

  (d)      In case there shall
      be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state
      bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or
      such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the

  
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  creditors or property of the Issuer or such other obligor, then, irrespective of whether the principal of any Notes shall then be due
      and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, the Indenture Trustee shall be entitled and empowered, by
      intervention in such Proceedings or otherwise:

  (i)      to
      file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and distributions unpaid in respect of the Certificate, and to file such other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
      of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders and the Certificateholder allowed in such
      Proceedings;

  (ii)      unless

      prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

  (iii)      to

      collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders or the Certificateholder and of the Indenture Trustee on their behalf; and

  (iv)      to

      file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee, the Holders of Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its
      property; and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall
      consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective
      agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith.

  (e)      Nothing herein
      contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
      any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

  (f)      All rights of action
      and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such
      action or

  
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  Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
      judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes and,
      incidentally thereto, for the benefit of the Certificateholder.

  (g)      In any Proceedings
      brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it
      shall not be necessary to make any Noteholder a party to any such Proceedings.

  SECTION 5.04  Remedies; Priorities.

  (a)      If an Event of
      Default under Section 5.01 shall have occurred and be continuing which results in the acceleration of the Notes (whether or not the Trust Estate is sold in one or more public or private sales as provided in Section 5.04(b)(iv)), and unless and until
      such acceleration has been rescinded, the Indenture Trustee will make payments on the Notes and the Certificate as set forth in Section 5.06(c) of the Sale and Servicing Agreement, rather than pursuant to Section 5.06(b) of the Sale and Servicing
      Agreement.

  (b)      In accordance with
      Section 5.03, if an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05):

  (i)      institute

      Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes, or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect
      from the Issuer and any other obligor upon such Notes moneys adjudged due;

  (ii)      institute

      Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

  (iii)      exercise

      any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and

  (iv)      sell

      the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;  provided,
      however, that, notwithstanding anything in this Indenture to the contrary, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of
      Default, other than an Event of Default described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding Amount of the Notes of the Controlling Class consent thereto or (B) the proceeds of such sale or liquidation distributable
      to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds on an
      ongoing basis to make all payments of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of Holders of 66‐2/3% of the Outstanding
      Amount of the Notes of the

  
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  Controlling Class (acting together as a single Class).  In determining such sufficiency or insufficiency with respect
      to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of
      the Trust Estate for such purpose.  In connection with any such sale, the Indenture Trustee will afford the Holders of each Class of Notes adequate advance notice and information as to the conduct of such sale such that any such Holders (acting
      individually, as Classes, as a single Class or otherwise) will be reasonably able to submit bids for the purchase of the assets to be liquidated, and that the Indenture Trustee will consider any and all such bids on the same basis that it considers
      any other bids submitted by any other party or parties.  The proceeds of such sale or liquidation (net of the expenses incurred by the Indenture Trustee in connection with the conduct thereof, which will be retained by the Indenture Trustee from such
      proceeds) will be treated as collections and deposited into the Collection Account by the Indenture Trustee for distribution to the Noteholders and the Certificateholder in accordance with the priorities specified in Section 5.06(c) of the Sale and
      Servicing Agreement.  The Indenture Trustee will have no liability with respect to the amount of such proceeds or the adequacy thereof to make payments in full of any Class of Notes or the Certificate.

  The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
      Section.  At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the related record date, payment date and amount to be paid.

  SECTION 5.05  Optional Preservation of the Receivables.  Except as provided in Section 5.04(b)(iv), if the Notes have been declared to be due and payable under Section 5.02 following an Event
      of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless otherwise directed by the Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class,
      acting together as a single Class, but need not, elect to maintain possession of the Trust Estate and direct the Issuer, Servicer and Administrator not to take steps to liquidate the Receivables.  It is the desire of the parties hereto and the
      Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust
      Estate.  In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility
      of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

  SECTION 5.06  Limitation of Suits.  No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a
      receiver or trustee, or for any other remedy hereunder, except pursuant to the dispute resolution procedures described in Section 11.02 of the Sale and Servicing Agreement, unless such Holder has previously given written notice to the Indenture
      Trustee of a continuing Event of Default, and:

  
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  (a)      the Event of Default
      arises from the Servicer’s failure to remit payments when due; or

  (b)      the Holders of not
      less than 25% of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single Class, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as
      Indenture Trustee hereunder and have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request and the Indenture Trustee for thirty
      (30) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings.

  It is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by
      virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this
      Indenture, except in the manner herein provided.

  SECTION 5.07  Unconditional Rights of Noteholders to Receive Principal and Interest.  Notwithstanding any other provisions in this Indenture, the Holder of any Note (subject to the terms of
      the Sale and Servicing Agreement) shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note and in this
      Indenture (in each case with reference to the calculations to be made pursuant to the Sale and Servicing Agreement) and to bring suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

  SECTION 5.08  Restoration of Rights and Remedies.  If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such
      Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any
      determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been
      instituted.

  SECTION 5.09  Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other
      right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

  SECTION 5.10  Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of
      Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein.  Every right and remedy given by this Article V

  
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  or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by
      the Indenture Trustee or by the Noteholders, as the case may be.

  SECTION 5.11  Control by Noteholders.  The Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single Class, shall have the
      right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:

  (i)      such

      direction shall not be in conflict with any rule of law or with this Indenture;

  (ii)     any

      direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes representing not less than percentages of the Outstanding Amount of the Notes of the relevant Class set forth in Section 5.04 or 5.05, as
      applicable; and

  (iii)    the

      Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

  Notwithstanding the rights of Noteholders set forth in this Section, subject to Sections 5.07 and 6.01, the Indenture
      Trustee need not take any action that it determines would be illegal or may not lawfully be taken, might subject it to personal liability or would be unduly prejudicial  to the rights of any Noteholders not consenting to such action.

  SECTION 5.12  Waiver of Past Defaults.  Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02 or the liquidation or sale of the Trust Estate
      pursuant to Section 5.04, the Holders of Notes representing at least a majority of the Outstanding Amount of the Notes of the Controlling Class (acting together as a single Class), without the consent of the Holder of the Certificate; may waive any
      past Default, Event of Default or Servicer Default and its consequences except a (a) Servicer Default in the deposit of collections or other required amounts into the Collection Account or Reserve Account, or (b) Default in respect of a covenant or
      provision hereof that cannot be modified or amended without the consent of the Holder of each Note.  In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes 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 thereto.

  Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred,
      and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
      consequent thereto.

  SECTION 5.13  Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Note or Note Owner by such Holder’s acceptance of such Note or beneficial interest therein,
      as the case may be, shall be deemed to have agreed, that any court may in its

  
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  discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture
      Trustee for any action taken, suffered or omitted by it as Indenture 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, 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 (a) any suit instituted
      by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 25% of the Outstanding Amount of Notes of the Controlling Class or (c) any suit instituted by any Noteholder
      for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture.

  SECTION 5.14  Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
      whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may
      lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of
      every such power as though no such law had been enacted.

  SECTION 5.15  Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application
      of any other relief under or with respect to this Indenture.  Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against
      the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer.  Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.06 of
      the Sale and Servicing Agreement.

  SECTION 5.16  Performance and Enforcement of Certain Obligations.

  (a)      Promptly following a
      request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer, as
      applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement or by the Seller of its remedies under or in connection with the Receivables Purchase Agreement, and to exercise any and all rights,
      remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the
      part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their respective obligations under the Sale and Servicing
      Agreement or the Receivables Purchase Agreement.

  (b)      If an Event of
      Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing) of the Holders of 66‐2/3% of the

  
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  Outstanding Amount of the Notes of the Controlling Class (acting together as a single Class), shall exercise all rights, remedies,
      powers, privileges and claims of the Issuer against the Seller and the Servicer under or in connection with the Sale and Servicing Agreement, against the Seller under or in connection with the Receivables Purchase Agreement, or against the
      Administrator under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or the Administrator, of each of their obligations to the Issuer thereunder
      and to give any consent, request, notice, direction, approval, extension, or waiver thereunder and any right of the Issuer to take such action shall be suspended.

  ARTICLE VI

      

      The Indenture Trustee

  SECTION 6.01  Duties of Indenture Trustee.

  (a)      The Indenture
      Trustee, both prior to and after the occurrence of a Servicer Default under the Sale and Servicing Agreement, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.

  (b)      The Indenture
      Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this
      Indenture, shall examine them to determine whether they conform on their face to the requirements of this Indenture.

  (c)      No provision of this
      Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that:

  (i)      the

      duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth
      in this Indenture, no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in this Indenture shall not be construed as a duty and, in
      the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may 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
      Indenture Trustee and conforming on their face to the requirements of this Indenture;

  (ii)      the

      Indenture Trustee shall not be personally liable for an error of judgment made in the absence of bad faith by a Trust Officer, unless it shall be proved that the Indenture Trustee was negligent in performing its duties in accordance with the terms of
      this Indenture;

  (iii)      the

      Indenture Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in the absence of bad faith in accordance

  
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  with this Indenture, any other Basic Documents or the direction of the Holders of at least a majority of the
      Outstanding Amount of the Notes of the Controlling Class (acting together as a single Class) relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising or omitting to exercise
      any trust or power conferred upon the Indenture Trustee under this Indenture.  Moreover, if more than one Indenture Trustee has been appointed, each Indenture Trustee shall owe any and all duties only to the Class or Classes of Notes on whose behalf
      it shall have been appointed; and

  (iv)      the

      Indenture Trustee, or a Trust Officer thereof, shall only be charged with actual knowledge of any default, Servicer Default, an Event of Default or a breach of any representation or warranty by the Servicer, the Owner Trustee, the Depositor, the
      Seller or the Issuer under any Basic Document if a Trust Officer of the Indenture Trustee actually knows of such default, Servicer Default, Event of Default or breach or receives written notice thereof.

  (d)      The Indenture Trustee
      shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Indenture, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for
      believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; provided that any such determination by the Indenture Trustee with respect to its duties and obligations under Section
      11.02 of the Sale and Servicing Agreement and Section 7.02(d) and Article XII of this Indenture shall not take into consideration whether the Noteholders have offered the Indenture Trustee security or indemnity reasonably satisfactory to it against
      the costs, expenses and liabilities (including the reasonable fees of counsel) that may be incurred by the Indenture Trustee in connection therewith.

  (e)      All information
      obtained by the Indenture Trustee regarding the Obligors and the Receivables contained in the Trust, whether upon the exercise of its rights under this Indenture or otherwise, shall be maintained by the Indenture Trustee in confidence and shall not
      be disclosed to any other Person, unless such disclosure is required by any applicable law or regulation or pursuant to subpoena or pursuant to this Indenture or any other Basic Documents.

  (f)      Pursuant to Sections
      3.02 and 4.08 of the Sale and Servicing Agreement, in the event that a Trust Officer of the Indenture Trustee receives written notice that a representation or warranty with respect to a Receivable was incorrect as of the time specified with respect
      to such representation and warranty or that a covenant of the Servicer has been breached, and that such incorrectness or breach materially and adversely affects the interests of the Issuer, the Indenture Trustee shall give prompt written notice to
      the Servicer and the Owner Trustee of such incorrectness or breach.

  (g)      The Indenture Trustee
      shall determine LIBOR as of each LIBOR Determination Date for so long as the Class A-2b Notes are Outstanding.  All determinations of LIBOR by the Indenture Trustee, in the absence of manifest error, shall be conclusive for all purposes and binding
      on the Noteholders.

  

  

  
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  SECTION 6.02  Rights of Indenture Trustee.

  (a)      Except as otherwise
      provided in Section 6.01:

  (i)      the

      Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel from the appropriate party.

  (ii)    the
      Indenture Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, Opinion of Counsel, certificate of an authorized signatory, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

  (iii)   the
      Indenture Trustee may consult with counsel and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Indenture in the absence of bad faith and in
      accordance with such Opinion of Counsel;

  (iv)   the
      Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the other Basic Documents, or to institute, conduct or defend any litigation under this Indenture, or in relation to this
      Indenture or the other Basic Documents, at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture or the other Basic Documents, other than to fulfill its duties and obligations under Section 11.02 of
      the Sale and Servicing Agreement and Section 7.02(d) and Article XII of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
      liabilities (including the reasonable fees of counsel) that may be incurred therein or thereby;

  (v)    the
      Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in the absence of bad faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
      Indenture or any other Basic Documents;

  (vi)   the
      Indenture Trustee shall not be bound to recalculate, reverify, or make any investigation into the facts of matters stated in any Servicer’s Certificate, resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
      approval, bond or other paper or document, unless requested in writing to do so by Holders of Notes evidencing not less than 25% of the aggregate Outstanding Amount of the Notes of the Controlling Class (acting together as a single Class); provided, however, that if the payment within a reasonable time to the Indenture Trustee of the
      costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture,
      the Indenture Trustee may require security or indemnity reasonably satisfactory to it against such cost, expense or

  
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  liability as a condition to so proceeding; and nothing in this clause shall derogate from the obligation of the
      Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors;

  (vii)   the
      Indenture Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this Indenture either directly or by or through agents or attorneys or a custodian;

  (viii)  the
      right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence, bad faith or willful misconduct in the
      performance of such act;

  (ix)    the
      Indenture Trustee shall not be responsible for delays or failure in performance resulting from acts beyond its control (such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war). The Indenture Trustee will use
      reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; and

  (x)     For
      the avoidance of doubt, the Indenture Trustee shall not have any duty or obligation to monitor or enforce the Sponsor’s compliance with any applicable risk retention rules or regulations.  The Indenture Trustee shall not be charged with knowledge of
      any such rules or regulations, and it shall not be liable to any Noteholder or any other Person for any violation of any such rules or regulations.

  (b)      No Noteholder will
      have any right to institute any proceeding with respect to this Indenture except upon satisfying the conditions set forth in Section 5.06.

  SECTION 6.03  Individual Rights of Indenture Trustee.  The Indenture Trustee in its individual or any other capacity may become the Holder, beneficial owner or pledgee of Notes and may
      otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Paying Agent, Note Registrar, co‐registrar or co‐paying agent may do the same with like rights.  However, in so doing the
      Indenture Trustee must comply with Sections 6.11 and 6.12.

  SECTION 6.04  Indenture Trustee’s Disclaimer.  The Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture, the Trust Estate, the Notes (other than the
      certificate of authentication on the Notes), or of the Certificate.  The Indenture Trustee shall have no obligation to perform any of the duties of the Servicer or the Administrator unless explicitly set forth in this Indenture, the Administration
      Agreement or the Sale and Servicing Agreement.  The Indenture Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of the Notes or any Receivable, any ownership interest in any
      Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Trust or its ability to generate the payments to be distributed to Noteholders under this Indenture, including without limitation the
      validity of the assignment of the Receivables to the Trust or of any intervening assignment; the existence, condition, location and ownership of any Receivable or Financed Vehicle; the existence and

  
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  enforceability of any Insurance Policy; the existence and contents of any retail installment sales contract or any computer or other
      record thereof; the completeness of any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the Issuer, Seller or Servicer of any
      warranty or representation made under this Indenture or in any Basic Document or other related document and the accuracy of any such warranty or representation prior to the receipt of written notice by a Trust Officer of the Indenture Trustee of any
      noncompliance therewith or any breach thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the Indenture Trustee taken at the instruction of the Servicer; provided, however, that the foregoing shall not relieve the Indenture Trustee of its obligation to perform its duties under this Indenture.  Except
      with respect to a claim based on the Indenture Trustee’s willful misconduct, bad faith or negligence, no recourse shall be had for any claim based on any provision of this Indenture, the Notes or the Certificate or assignment thereof against the
      institution serving as the Indenture Trustee in its individual capacity.  The Indenture Trustee shall not have any personal obligation, liability or duty whatsoever to any Noteholder or any other Person with respect to any such claim, and any such
      claim shall be asserted solely against the Issuer or any indemnitor who shall furnish indemnity as provided in this Indenture.  The Indenture Trustee shall not be accountable for the use or application by the Issuer of any of the Notes or of the
      proceeds of such Notes, or for the use or application of any funds paid to the Servicer in respect of the Notes.  Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or
      consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

  SECTION 6.05  Notice of Events of Defaults.  If a Trust Officer of the Indenture Trustee has actual knowledge that an Event of Default has occurred and is continuing, the Indenture Trustee
      shall mail to each Noteholder notice of such Event of Default within ninety (90) days of the Indenture Trustee’s discovery thereof.  Except in the case of an Event of Default in payment of principal of or interest on any Note, the Indenture Trustee
      may withhold such notice if and so long as a committee of its Trust Officers in the absence of bad faith determines that withholding the notice is in the interests of Noteholders.

  SECTION 6.06  Reports by Indenture Trustee to Holders.  The Indenture Trustee shall deliver or cause to be delivered annually to each Noteholder of record such information as may be required
      to enable such holder to prepare its federal and state income tax returns.  On each Payment Date, the Indenture Trustee shall make available to the Noteholders, via the Indenture Trustee’s internet website at https://pivot.usbank.com (or via such other internet website as may be designated by the Indenture Trustee for such purpose), the related Servicer’s Certificate received by it from the Servicer pursuant to
      Section 4.10 of the Sale and Servicing Agreement.  Noteholders with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802.

  SECTION 6.07  Compensation and Indemnity.  The Issuer shall pay the Indenture Trustee from time to time reasonable compensation for its services.  The Indenture Trustee’s compensation shall
      not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall reimburse the Indenture Trustee for all reasonable out‐of‐pocket expenses incurred or made by it, including costs of collection, in addition to the
      compensation for its

  
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  services.  Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s
      agents, counsel, accountants and experts.  The Issuer shall indemnify the Indenture Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees and fees and expenses incurred in the enforcement of the Issuer’s
      obligations) incurred by it in connection with the administration of this trust and the performance of its duties hereunder.  The Indenture Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity.  Failure by the
      Indenture Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder.  In case any such action is brought against the Indenture Trustee under this Section 6.07 and it notifies the Issuer of the commencement thereof, the
      Issuer will assume the defense thereof, with counsel reasonably satisfactory to the Indenture Trustee, and Issuer will not be liable to the Indenture Trustee under this Section for any legal or other expenses subsequently incurred by the Indenture
      Trustee in connection with the defense thereof, other than reasonable costs of investigation.  The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture
      Trustee’s own willful misconduct, negligence or bad faith.

  The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of
      this Indenture or the resignation or removal of the Indenture Trustee and shall extend to any co-trustee or separate trustee appointed pursuant to Section 6.10.  When the Indenture Trustee incurs expenses after the occurrence of a Default specified
      in Section 5.01(e) or (f) or the Seller incurs expenses after the occurrence of an Insolvency Event with respect to the Seller, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other
      applicable federal or state bankruptcy, insolvency or similar law.

  SECTION 6.08  Replacement of Indenture Trustee.  The Indenture Trustee may resign at any time by providing written notice of its resignation to the Issuer.  The Administrator, on behalf of
      the Issuer, may remove the Indenture Trustee if:

  (a)      the Indenture Trustee
      fails to comply with Section 6.11;

  (b)      the Indenture Trustee
      is adjudged a bankrupt or insolvent;

  (c)      a receiver or other
      public officer takes charge of the Indenture Trustee or its property; or

  (d)      the Indenture Trustee
      otherwise becomes legally or practically incapable of fulfilling its duties hereunder.

  If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any
      reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator, on behalf of the Issuer, shall promptly appoint a successor Indenture Trustee.  No resignation or removal of the Indenture
      Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.

  A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture
      Trustee, to the Servicer and to the Administrator.  Thereupon the resignation or

  
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  removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers
      and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to Noteholders.  The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to
      the successor Indenture Trustee.  The retiring Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee.

  If a successor Indenture Trustee does not take office within thirty (30) days after the retiring Indenture Trustee
      resigns or is removed, the retiring Indenture Trustee, the Administrator or the Holders of a majority in Outstanding Amount of the Notes of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor
      Indenture Trustee.

  If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at any time thereafter petition any
      court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

  Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s obligations under
      Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

  SECTION 6.09  Successor Indenture Trustee by Merger.  If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business
      or assets to, another Person, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee if such surviving Person or transferee corporation or bank shall be otherwise qualified and eligible
      under Section 6.11.

  In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee
      shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver
      such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
      successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

  SECTION 6.10  Appointment of Co‐Indenture Trustee or Separate Indenture Trustee.

  (a)      Notwithstanding any
      other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and
      deliver all instruments to appoint one or more Persons to act as a co‐trustee or co‐trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of
      the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.  No
      co‐trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a

  
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  successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co‐trustee or separate trustee shall be
      required under Section 6.08 hereof.

  (b)      Every separate
      trustee and co‐trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

  (i)      all

      rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co‐trustee jointly (it being understood that
      such separate trustee or co‐trustee is not authorized to act separately without the Indenture Trustee joining in and/or directing such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
      performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such
      jurisdiction) shall be exercised and performed singly by such separate trustee or co‐trustee, but solely at the direction of the Indenture Trustee;

  (ii)      no

      trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

  (iii)      the

      Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co‐trustee.

  (c)      Any notice, request
      or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co‐trustees as effectively as if given to each of them.  Every instrument appointing any separate trustee or co‐trustee shall
      refer to this Agreement and the conditions of this Article VI.  Each separate trustee and co‐trustee, upon its acceptance of the trusts thereupon conferred, shall be vested with the estates or property specified in its instrument of appointment,
      either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording
      protection to, the Indenture Trustee.  Every such instrument shall be filed with the Indenture Trustee.

  (d)      Any separate trustee
      or co‐trustee may at any time constitute the Indenture Trustee its agent or attorney‐in‐fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its
      name.  If any separate trustee or co‐trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by
      law, without the appointment of a new or successor trustee.

  SECTION 6.11  Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a).  The Indenture Trustee shall have a combined capital and
      surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it or its parent shall have a long‐term debt rating of Baa3 or better by Moody’s

  
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  or shall otherwise be acceptable to Moody’s.  The Indenture Trustee shall comply with TIA Section 310(b), including the optional
      provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that
      there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

  SECTION 6.12  Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). 
      An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

  SECTION 6.13  Indenture Trustee as Paying Agent, Note Registrar and Securities Intermediary.  The rights, protections, indemnities and standard of care of the Indenture Trustee set forth in
      this Article VI shall apply to U.S. Bank National Association in its capacities as Paying Agent, Note Registrar and Securities Intermediary to the same extent as they apply to the Indenture Trustee.

  SECTION 6.14  Representations and Warranties of the Indenture Trustee.  The Indenture Trustee hereby represents and warrants to the Issuer and for the benefit of the Noteholders, that, as of
      the Closing Date:

  (a)      Organization and
      Qualification. The Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States. The Indenture Trustee possesses and shall continue to possess all requisite authority,
      power, licenses, permits, franchise and approvals for the Indenture Trustee to conduct its business and to execute, deliver and comply with its obligations under this Indenture and the other Basic Documents to which it is a party.

  (b)      Power, Authorization
      and Enforceability. The Indenture Trustee has the power and authority to execute deliver and perform the terms of this Indenture. The Indenture Trustee has authorized the execution, delivery and performance of the terms of this Indenture. This
      Indenture is the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of
      creditors’ rights or by general equitable principles.

  (c)      No Conflicts and No
      Violation.  The execution and delivery by the Indenture Trustee of the Indenture and compliance with the terms thereof will not conflict with, or result in a violation or breach of, or constitute a default under any loan agreement, indenture,
      certificate, bond, note, resolution or any other agreement or instrument to which the Indenture Trustee is a party or by which it is bound, or, to the best knowledge of the Indenture Trustee, any law or any rule, regulation, order or decree of any
      court or governmental agency or body having jurisdiction over the Indenture Trustee or any of its activities or properties (except that no representation, warranty or agreement is made by the Indenture Trustee with respect to any federal or state
      securities or “blue sky” law or regulations).

  
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  (d)      No Proceedings. To
      the Indenture Trustee’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the
      Indenture Trustee: (i) asserting the invalidity of any of this Indenture or the Basic Documents to which it is a party, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Basic
      Documents to which it is a party or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under, or the validity or enforceability
      of, this Indenture or any other Basic Document to which it is a party.

  (e)      Eligibility. The
      Indenture Trustee satisfies the eligibility criteria set forth in this Indenture.

  ARTICLE VII

      

      Noteholders’ Lists and Reports

  SECTION 7.01  Note Registrar to Furnish Names and Addresses of Noteholders.  The Note Registrar shall furnish or cause to be furnished to the Indenture Trustee, Owner Trustee, Servicer or
      Administrator, within fifteen (15) days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date.  If three or more Holders of Notes of any
      Class, or one or more Holders of such Notes evidencing not less than 25% of the Outstanding Amount of such Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such application states that the Applicants
      desire to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose to transmit, then the Indenture Trustee
      shall, within five (5) Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders.  The Indenture Trustee may elect not to afford the requesting Noteholders
      access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders.  Every Noteholder, by receiving and holding a Note, agrees with the
      Indenture Trustee and the Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
      Noteholders under this Indenture, regardless of the source from which such information was derived.

  If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the Administrator will furnish or
      cause to be furnished to the Indenture Trustee not more than five (5) days after the most recent Record Date or at such other times as the Indenture Trustee reasonably may request in writing, a list, in such form as the Indenture Trustee reasonably
      may require, of the names and addresses of the Holders of Notes as of such Record Date.

  SECTION 7.02  Preservation of Information; Communications to Noteholders.

  (a)      The Indenture Trustee
      shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list

  
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  furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture
      Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

  (b)      Noteholders may
      communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.

  (c)      The Issuer, the
      Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

  (d)      The Indenture Trustee shall
        provide prompt notice to Toyota Motor Credit Corporation and Toyota Auto Finance Receivables LLC (each, a “TMCC Party,” and together, the “TMCC Parties”) of all demands received by the Indenture Trustee for the repurchase or replacement of
      any Receivable for breach of the representations and warranties concerning such Receivable.  If any such demand is made in non-written form, the Indenture Trustee shall request that such demand be put into writing and delivered to it; provided,
      however, that the Indenture Trustee shall notify the TMCC Parties regardless of whether any such demand is made in writing.  The obligations of the Indenture Trustee under the first two sentences of this Section 7.02(d) to notify the TMCC Parties of
      any such demand made in non-written form shall not be applicable during such time as the interpretations of the requirements of the Repurchase Rules and Regulations (as defined below) explicitly require reporting by TMCC Parties solely with respect
      to demands in written form.

  (e)      The Indenture Trustee
      shall, upon written request of either TMCC Party, provide notification to the TMCC Parties with respect to any actions taken by the Indenture Trustee with respect to any demand described in Section 7.02(d) which is received by the Indenture Trustee
      in respect of any Receivables, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within five (5) Business Days of receipt by the Indenture Trustee of such written request from either TMCC Party or such
      other time frame as may be mutually agreed to by the Indenture Trustee and the applicable TMCC Party.  Such notices shall be provided to the TMCC Parties at (i) Toyota Motor Credit Corporation at 6565 Headquarters Drive, W2-3D, Plano, Texas
      75024-5965, Attention: Treasury Operations Department, (469) 486-9013, with a copy by electronic mail to TFS_Treasury_Operations@toyota.com, and with a copy to Toyota Motor Credit Corporation at 6565 Headquarters Drive, W2-5A, Plano, Texas
      75024-5965, Attention: General Counsel, or at such other address or by such other means of communication as may be specified by Toyota Motor Credit Corporation to the Indenture Trustee from time to time, and (ii) Toyota Auto Finance Receivables LLC,
      6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: President, (469) 486-9020, or at such other address or by such other means of communication as may be specified by Toyota Auto Finance Receivables LLC to the Indenture Trustee from
      time to time.  The Indenture Trustee and the Issuer acknowledge and agree that the purpose of Section 7.02(d) and this Section 7.02(e) is to facilitate compliance by the TMCC Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as
      amended, Items 1104(e), 1121(c) of Regulation AB, and the applicable instructions on the Commission’s Form SF-3 (collectively, the “Repurchase Rules and Regulations”).  The Indenture Trustee shall cooperate with reasonable written requests received
      by it from the TMCC Parties to deliver any and all records and any other information necessary in the good faith

  
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  determination of the TMCC Parties to permit the TMCC Parties to comply with the provisions of Repurchase Rules and Regulations.  Subject
      to its duties explicitly set forth herein and in the other applicable Basic Documents, the Indenture Trustee shall not have any responsibility or liability in connection with the compliance of either TMCC Party or a securitizer with the Securities
      Exchange Act of 1934, as amended, or Regulation AB or any filing required to be made by TMCC Party or a securitizer under the Securities Exchange Act of 1934, as amended, or Regulation AB.

  (f)      Apart from performing
      the specific duties and obligations of the Indenture Trustee under Section 11.02 of the Sale and Servicing Agreement and Section 7.02(d) and Article XII of this Indenture, the Indenture Trustee will not be required to pursue or otherwise be involved
      in resolving any repurchase request, including any such request that is the subject of a dispute resolution proceeding, unless it is directed to do so by the majority of the Outstanding Amount of the Controlling Class of Notes, acting together as a
      single class, and such Noteholders have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and
      its counsel in compliance with such direction. For the avoidance of doubt, if the Indenture Trustee does not agree to pursue or otherwise be involved in resolving any repurchase request, the Noteholders may independently pursue dispute resolution in
      respect of such repurchase request in accordance with the terms of Section 11.02 of the Sale and Servicing Agreement.

  SECTION 7.03  Reports by Issuer.

  (a)      The Issuer shall:

  (i)      file

      with the Indenture Trustee, within fifteen (15) days after the Issuer is required to file 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 Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

  (ii)      file

      with the Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions
      and covenants of this Indenture as may be required from time to time by such rules and regulations; and

  (iii)      supply

      to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and
      (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

  (b)      Unless the Issuer
      otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

  
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  SECTION 7.04  Reports by Indenture Trustee.  If required by TIA Section 313(a), within sixty (60) days after each December 31, beginning with December 31, 2019, the Indenture Trustee shall
      mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a).  The Indenture Trustee also shall comply with TIA Section 313(b).

  A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the
      Commission and each stock exchange, if any, on which the Notes are listed.  The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

  ARTICLE VIII

      

      Accounts, Disbursements and Releases

  SECTION 8.01  Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without
      intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such money received by it as
      provided in this Indenture.  Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may
      take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to any right to claim a Default or Event of Default under
      this Indenture and any right to proceed thereafter as provided in Article V.

  SECTION 8.02  Trust Accounts.

  (a)      On or prior to the
      Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the extent set forth herein, the Certificateholder, the Collection Account as provided in
      Section 5.01 of the Sale and Servicing Agreement.

  (b)      On or prior to the
      Closing Date, the Seller shall, pursuant to the Securities Account Control Agreement, establish and maintain with the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as provided in Section 5.07 of the Sale and Servicing
      Agreement.  Upon the execution and delivery by the parties hereto of this Indenture, the Indenture Trustee will deliver to the Securities Intermediary the Prohibition Notice provided for in the Securities Account Control Agreement.  In connection
      with the termination of this Indenture, the Indenture Trustee will deliver to the Securities Intermediary the Rescission of Prohibition Notice provided for in the Securities Account Control Agreement.

  SECTION 8.03  [Reserved].

  SECTION 8.04  General Provisions Regarding Accounts.

  
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  (a)      So long as no Default
      or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to
      the provisions of Section 5.01 of the Sale and Servicing Agreement.  All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the
      Servicer as servicing compensation on each Payment Date, and any loss resulting from such investments in excess of such income or gain (against which such losses will first be applied) shall be charged to such account.  The Servicer will not direct
      the Indenture Trustee to make any investment of any funds or to sell any investment held in the Collection Account unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of
      such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture
      Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

  (b)      So long as no Default
      or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Reserve Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee (by delivery to the Securities Intermediary of
      appropriate Entitlement Orders) at the written direction of the Seller, subject to the provisions of Section 5.07 of the Sale and Servicing Agreement and the provisions of the Securities Account Control Agreement.  All income or other gain from
      investments of moneys deposited in the Reserve Account shall be paid by the Indenture Trustee to the Seller (by delivery to the Securities Intermediary of appropriate Entitlement Orders) on each Payment Date (i) prior to the occurrence of an Event of
      Default that results in an acceleration of the Notes that has not been rescinded under the Indenture and (ii) for so long as a Suspension Period (as defined in the Securities Account Control Agreement) is not continuing on such Payment Date, and such
      amounts paid to the Seller shall be released from the security interest of the Indenture Trustee and paid to the Seller on such Payment Date and shall not be available for payment of any other amounts due to the Noteholders or any other party. 
      Subject to the right of the Indenture Trustee to make withdrawals therefrom, as directed by the Servicer, for the purposes and in the amounts set forth in Section 5.06 of the Sale and Servicing Agreement, the Reserve Account and all funds held
      therein shall be the property of the Seller and not the property of the Trust, the Owner Trustee or the Indenture Trustee.  The Seller will grant to the Indenture Trustee, for the benefit of the Noteholders, a security interest in all funds
      (including Eligible Investments, but not the income from such investments) in the Reserve Account (including the Reserve Account Initial Deposit) and the proceeds thereof, and the Indenture Trustee shall have all of the rights of a secured party
      under the UCC with respect thereto; provided, that, (i) prior to the occurrence of an Event of Default that results in an acceleration of the Notes that has not been
      rescinded under the Indenture and (ii) for so long as a Suspension Period (as defined in the Securities Account Control Agreement) is not continuing on such Payment Date, all income from the investment of funds in the Reserve Account and the right to
      receive such income are retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder.  The Seller will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in the Reserve
      Account unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction
      to the Indenture Trustee to make any

  
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  such investment or sale, if requested by the Indenture Trustee, the Seller shall deliver to the Indenture Trustee an Opinion of Counsel,
      acceptable to the Indenture Trustee, to such effect.

  (c)      Subject to Section
      6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in the Collection Account or Reserve Account resulting from any loss on any Eligible Investment included therein at the direction of the Servicer or
      Seller, as the case may be, except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in
      accordance with the terms thereof.

  (d)      If (i) the Servicer
      or Seller shall have failed to give investment directions for any funds on deposit in the Collection Account and Reserve Account, as the case may be, to the Indenture Trustee by 11:00 a.m. Eastern Time (or such other time as may be agreed by the
      Issuer and Indenture Trustee) on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if
      such Notes shall have been declared due and payable following an Event of Default, but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the
      Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments as specified in the most recent instruction received from the Servicer or Seller or in the absence thereof
      such funds shall remain uninvested.

  SECTION 8.05  Release of Trust Estate.

  (a)      Subject to the
      payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture
      Trustee’s interest in such property, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture.  No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be
      bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

  (b)      The Indenture Trustee
      shall, at such time as there are no Notes outstanding, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to or to the order of the Issuer or, in the case of the Reserve Account, to
      the Seller, any funds then on deposit in the Collection Account and Reserve Account, as the case may be.  The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.05(b) only upon receipt of an Issuer
      Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

  SECTION 8.06  Opinion of Counsel.  The Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.05(a), accompanied
      by copies of any instruments involved, and the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the

  
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  Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that
      all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to
      the fair value of the Trust Estate.  Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such
      action.

  ARTICLE IX

      

      Supplemental Indentures

  SECTION 9.01  Supplemental Indentures Without Consent of Noteholders.

  (a)      Subject to Section
      9.03, without the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
      supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

  (i)      to
      correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture,
      or to subject to the lien of this Indenture additional property;

  (ii)      to

      evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

  (iii)      to

      add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

  (iv)      to

      convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

  (v)      to
      evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts
      hereunder by more than one trustee, pursuant to the requirements of Article VI; or

  (vi)      to

      modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such
      other provisions as may be expressly required by the TIA.

  
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  The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make
      any further appropriate agreements and stipulations that may be therein contained.

  (b)      The Issuer and the
      Indenture Trustee, when authorized by an Issuer Order, may, with prior notice to the Rating Agencies, but without the consent of any of the Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any
      provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such action will not materially
      and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in respect of such action.

  (c)      This Indenture may
      also be supplemented by the parties hereto, without the consent of the Noteholders or the Certificateholders, for the purpose of conforming the provisions in this Indenture to the descriptions thereof contained in the prospectus, dated April 30,
      2019, related to the offering of the Notes.

  SECTION 9.02  Supplemental Indentures with Consent of Noteholders.  Subject to Section 9.03, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior
      notice to the Rating Agencies and by Action the Holders of Notes evidencing at least a majority of the aggregate outstanding principal amount of the Controlling Class of Notes, acting together as a single Class, delivered to the Issuer and the
      Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the
      Noteholders or Certificateholders under this Indenture.

  The Indenture Trustee may in its discretion determine whether or not any Notes would be adversely affected by any
      supplemental indenture (which determination will be based on such supplemental indenture not resulting in a downgrade in the ratings applicable to the Notes) and any such determination shall be conclusive upon the Holders of all Notes, whether
      theretofore or thereafter authenticated and delivered hereunder.  The Indenture Trustee shall not be liable for any such determination made in the absence of bad faith.

  It shall not be necessary for any Action of Noteholders under this Section to approve the particular form of any
      proposed supplemental indenture, but it shall be sufficient if such Action shall approve the substance thereof.

  Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
      Section, the Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture
      Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

  
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  SECTION 9.03  Limitations on Supplemental Indentures.  The Issuer and the Indenture Trustee, in accordance with Sections 9.01 and 9.02 above, may enter into an indenture or indentures
      supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that (except as provided in Section 9.01(c)) no such supplemental indenture
      shall, without the consent of the Holder of each Outstanding Note if their respective interests are affected thereby:

  (a)      change the date of
      payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale
      of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to bring suit for the enforcement of
      the provisions of this Indenture, to the extent provided in Article V, requiring the application of funds available therefor to the payment of any such amount due on the Notes on or after the respective due dates thereof;

  (b)      reduce the percentage
      of the Outstanding Amount of the Controlling Class of Notes (or the Notes of any Class, as applicable), the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any
      waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

  (c)      modify or alter the
      provisions of the proviso to the definition of the terms “Outstanding” or “Controlling Class”;

  (d)      reduce the percentage
      of the Outstanding Amount of the Controlling Class of Notes (or the Notes of any Class, as applicable) required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

  (e)      modify any provision
      of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note
      affected thereby;

  (f)      modify any of the
      provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation);

  (g)      permit the creation
      of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time
      subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture; or

  (h)      modify or alter the
      provisions hereof regarding the voting of Notes held by the Indenture Trustee, the Owner Trustee, TMCC or any of its Affiliates or the Trust.

  
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  SECTION 9.04  Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification
      thereby of the trusts created by this Indenture, the Indenture Trustee and the Owner Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the
      execution of such supplemental indenture is authorized or permitted by this Indenture.  The Indenture Trustee and the Owner Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s or
      the Owner Trustee’s, as applicable, own rights, duties, liabilities or immunities under this Indenture or otherwise.  No amendment or waiver of any provision of this Indenture which adversely affects the Owner Trustee shall be effective without its
      prior written consent. The Indenture Trustee and the Owner Trustee shall be entitled to recover any costs (including any attorneys’ fees and expenses) incurred in connection with a Supplemental Indenture.

  SECTION 9.05  Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified
      and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer, the Holders
      of the Notes and the Certificateholder 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 9.06  Conformity with Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements
      of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

  SECTION 9.07  Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if
      required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to
      conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

  ARTICLE X

      

      Termination of the Trust

  SECTION 10.01  Termination of the Trusts Created by Indenture.

  (a)      The trusts created
      hereby and the respective obligations and responsibilities of the Issuer and the Indenture Trustee shall terminate upon (i) the purchase as of any Payment Date by the Servicer, or any successor to the Servicer, at its option of the Receivables
      primarily

  
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  comprising the corpus of the Trust Estate as described in Section 10.02, (ii) the payment to the Noteholders of all amounts required to
      be paid to them pursuant to this Agreement and the release to the Owner Trustee of all remaining amounts or investments on deposit in the Collection Account and the release to the Seller of the amounts held in the Reserve Account or (iii) the
      maturity or liquidation of the last Receivable and the disposition of all property held as part of the Trust Estate.  The Indenture Trustee shall promptly notify the Issuer and the Administrator of any prospective termination pursuant to this
      Section.  The Issuer shall provide the Rating Agencies notice of any such termination upon receipt by it of the notice from the Indenture Trustee referred to in the immediately preceding sentence.

  (b)      Notice of any
      termination, specifying the Payment Date upon which the Noteholders must surrender their Notes to the Indenture Trustee for payment of the final distribution and retirement of the Notes, shall be given promptly by the Indenture Trustee (at the
      written direction of the Administrator) by letter to Noteholders mailed not later than the 15th day and not earlier than the 30th day prior to the date on which such final distribution is expected to occur specifying (i) the Payment Date upon which
      final payment of the Notes shall be made upon presentation and surrender of Notes at the office of the Indenture Trustee therein specified, (ii) the amount of any such final payment and (iii) if applicable, that the Record Date otherwise applicable
      to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Notes at the office of the Indenture Trustee therein specified.  The Indenture Trustee shall give such notice to the Note Registrar (if other than
      the Indenture Trustee) at the time such notice is given to Noteholders.  In the event such notice is given, the Seller, the Servicer, or any successor to the Servicer, or the Indenture Trustee, as the case may be, shall make deposits into the
      Collection Account in accordance with Section 5.02 of the Sale and Servicing Agreement, or, in the case of an optional purchase of Receivables pursuant to Section 10.02, shall deposit the amount specified in Section 10.02.  Upon presentation and
      surrender of the Notes, the Indenture Trustee shall cause to be distributed to Noteholders amounts distributable on such Payment Date pursuant to Section 5.06 of the Sale and Servicing Agreement.

  SECTION 10.02  Optional Purchase of All Receivables.  If the Servicer, or any successor to the Servicer, shall notify the Owner Trustee and the Indenture Trustee in writing of its intention to
      exercise the option granted to it in Section 9.01 the Sale and Servicing Agreement to repurchase the corpus of the Trust Estate, then the Indenture Trustee shall give written notice thereof to each Securityholder, the Issuer and the Administrator as
      soon as practicable after their receipt of notice from the Servicer.  Upon deposit by the Servicer or successor to the Servicer of the amount necessary to effect such purchase of the corpus of the Trust Estate, the Indenture Trustee shall make the
      final distributions to the Noteholders pursuant to Section 4.01 (the date of such payment to Noteholders, the “Redemption Date”) and Certificateholders as set forth in Section 5.06 of the Sale and Servicing Agreement and Section 10.01 hereof and
      shall promptly transfer all of its right, title and interest in and to any amounts or investments remaining on deposit in the Collection Account and all of its rights to make withdrawals from the Reserve Account (excluding any portion thereof
      necessary to make distributions to Noteholders described in Section 3.03) to the Owner Trustee for the benefit of the Certificateholder and release from the lien of this Indenture all of the remaining Collateral.  The Indenture Trustee shall execute,
      deliver and file all agreements, certificates, instruments or other documents necessary or

  
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  reasonably requested by the Owner Trustee in order to affect such release and the transfer to the Owner Trustee of the Collateral.

  ARTICLE XI

      

      Miscellaneous

  SECTION 11.01  Compliance Certificates and Opinions, etc.

  (a)      Upon any application
      or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall, upon written request therefor from the Indenture Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate
      stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have
      been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which
      the furnishing of such documents is specifically required by any provision of this Indenture, no such written request from the Indenture Trustee need be furnished (and only such expressly required documents need be delivered in connection therewith).

  Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
      shall include:

  (i)      a
      statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

  (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 each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory 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, in the opinion of each such signatory, such condition or covenant has been complied with.

  (b)      Prior to the deposit
      of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
      Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the
      Issuer of the Collateral or other property or securities to be so deposited.

  
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  (c)      Whenever the Issuer
      is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in Section 11.01(b) above, the Issuer shall also deliver to the Indenture Trustee an
      Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then‐current fiscal
      year of the Issuer, as set forth in the certificates delivered pursuant to Section 11.01(b) and this Section 11.01(c) is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities
      so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes.

  (d)      Whenever any property
      or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within
      ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

  SECTION 11.02  Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
      not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and
      one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

  Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
      matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such
      officer’s certificate or opinion is based are erroneous.  Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer
      or officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows,
      or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

  Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
      statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

  Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it
      is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such
      application or at the

  
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  effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case
      be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.  The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth
      and accuracy of any statement or opinion contained in any such document as provided in Article VI.

  SECTION 11.03  Acts of Noteholders.

  (a)      Any request, demand,
      authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in
      person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly
      required, to the Issuer.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Action” of the Noteholders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

  (b)      The fact and date of
      the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

  (c)      The ownership of
      Notes shall be proved by the Note Register.

  (d)      Any request, demand,
      authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or
      suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

  SECTION 11.04  Notices, etc., to Indenture Trustee, Issuer, Administrator and Rating Agencies.  Any request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders
      or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders is to be made upon, given or furnished to or filed with:

  (a)      the Indenture Trustee
      by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; or

  (b)      the Issuer by the
      Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first‐class, postage prepaid to the Issuer addressed to:  Toyota Auto Receivables 2019-B Owner Trust, at the Corporate Trust Office (as
      defined in the Trust Agreement), with copies to: (i) Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, (ii) Toyota Auto Receivables 2019-B
      Owner Trust, 6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: Treasury Operations

  
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  Department, (469) 486-9013, with a copy by electronic mail to TFS_Treasury_Operations@toyota.com, and (iii) Toyota Auto Receivables
      2019-B Owner Trust, 6565 Headquarters Drive, W2-5A, Plano, Texas 75024-5965, Attention: General Counsel, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator.  The Issuer shall promptly
      transmit any notice received by it from the Noteholders to the Indenture Trustee; or

  (c)      the Administrator by
      the Indenture Trustee or by the Issuer shall be sufficient for every purpose hereunder made, given, furnished or filed in writing to or with the Indenture Trustee at (i) Toyota Motor Credit Corporation, 6565 Headquarters Drive, W2-3D, Plano, Texas
      75024-5965, Attention: Treasury Operations Department, (469) 486-9013, with a copy by electronic mail to TFS_Treasury_Operations@toyota.com, and (iii) Toyota Motor Credit Corporation, 6565 Headquarters Drive, W2-5A, Plano, Texas 75024-5965,
      Attention: General Counsel, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator.

  Notices required to be given to the Rating Agencies by the Issuer shall be in writing, personally delivered or mailed
      by certified mail, return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, (ii) in the case
      of S&P, at the following address: S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: 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 11.05  Notices to Noteholders; Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
      provided) (a) in the case of Book-Entry Notes, upon delivery to the Clearing Agency in writing and (b) in the case of Definitive Notes, when mailed, first‐class, postage prepaid to each Noteholder affected by such event, at his address as it appears
      on the Note Register, in each case being delivered or mailed, as the case may be, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.  In any case where notice to Noteholders is given by
      mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
      provided shall conclusively be presumed to have been duly given.

  Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled
      to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
      validity of any action taken in reliance upon such a waiver.

  In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar
      activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee
      shall be deemed to be a sufficient giving of such notice.

  
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  Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any
      other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

  Upon receipt of written direction from the Seller in accordance with Section 11.02 of the Sale and Servicing
      Agreement, the Indenture Trustee shall provide prompt notice to the related Noteholder or Note Owner, as applicable, of the date when the 180-day period ends without resolution by TMCC or the Seller, in each case in accordance with, and solely to the
      extent specified by the Seller, in such written direction.

  SECTION 11.06  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any
      Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices.  The Issuer will furnish to the
      Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

  SECTION 11.07  Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any
      of the provisions of the Trust Indenture Act, such required provision shall control.

  The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions
      automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

  SECTION 11.08  Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
      hereof.

  SECTION 11.09  Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.  All
      agreements of the Indenture Trustee in this Indenture shall bind its successors, co‐trustees and agents.

  SECTION 11.10  Severability.  If any one or more of the covenants, agreements, provisions or terms of this Indenture shall be for any reason whatsoever held invalid or unenforceable in any
      jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture and shall in no way affect the validity or enforceability of the other
      provisions of this Indenture or of the Notes or the Certificate or the rights of the Holders thereof.

  SECTION 11.11  Benefits of Indenture.  Nothing in this Indenture or the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Owner Trustee, the Administrator, the Servicer and the Noteholders, and any other party

  
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  secured hereunder, and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or
      equitable right, remedy or claim under this Indenture.

  SECTION 11.12  Governing Law.  This Indenture shall be governed by and construed in accordance with the laws of the state of New York, without reference to its conflict of law provisions
      (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.  Regardless of any provision in any
      other agreement, for purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction, and the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention.

  SECTION 11.13  Counterparts.  This Indenture may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute
      but one and the same instrument.

  SECTION 11.14  Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense
      accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or
      any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

  SECTION 11.15  Trust Obligation.  No recourse may be taken, directly or indirectly, with respect to the representations, warranties, covenants, agreements and obligations of the Issuer, the
      Owner Trustee or the Indenture Trustee on the Notes or the Certificate or under this Indenture or any certificate 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.  For all purposes of this Indenture, 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 11.16  No Petition.  The Indenture Trustee, by entering into this Indenture, and each Noteholder (excluding for such purposes the outstanding principal amount of any Notes held of
      record or beneficially owned by TMCC, TAFR LLC or any of their Affiliates), by accepting a Note, hereby covenant and agree that they will not at any time acquiesce, petition or 

  
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  otherwise invoke or cause the Issuer or the Seller to invoke the process of any court or government authority for the purpose of
      commencing or sustaining a case against the Issuer or the 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 the Seller, as the case may be, or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Seller, in connection with any obligations relating to the Notes, the Certificates, this
      Agreement or any of the Basic Documents prior to the date that is one year and one day after the date on which this Indenture is terminated.  This Section 11.16 shall survive the termination of this Indenture and the termination of the Indenture
      Trustee under this Agreement.

  SECTION 11.17  Inspection.  The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to
      examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause (at the expense of the requesting party) such books to be audited by Independent certified public accountants, and to
      discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.  The Indenture Trustee shall and shall
      cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture
      Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

  SECTION 11.18  Intent of the Parties; Reasonableness.  The Indenture Trustee and Issuer acknowledge and agree that the purpose of Sections 3.09 of this Agreement is to facilitate compliance by
      the Issuer and the Seller with the provisions of Regulation AB and related rules and regulations of the Commission.

  Neither the Issuer nor the Administrator (acting on behalf of the Issuer) shall exercise its right to request
      delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision
      in a private offering of disclosure comparable to that required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance
      provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the Issuer (or the Administrator, acting on behalf of
      the Issuer) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Indenture Trustee shall cooperate fully with the Issuer (or the
      Administrator, acting on behalf of the Issuer) to deliver to the Issuer (or the Administrator, acting on behalf of the Issuer), any and all statements, reports, certifications, records and any other information necessary in the good faith
      determination of the Issuer (or the Administrator, acting on behalf of the Issuer) to permit the Issuer to comply with the provisions of Regulation AB, together with such disclosures relating to the Indenture Trustee reasonably believed by the Issuer
      (or the Administrator, acting in good faith on behalf of the Issuer) to be necessary in order to effect such compliance.

  
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  The Issuer (or the Administrator, acting on behalf of the Issuer) shall cooperate with the Indenture Trustee by
      providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Issuer to comply with Regulation AB.

  

  

  ARTICLE XII

      

      ASSET REPRESENTATIONS REVIEW

  SECTION 12.01  Noteholder and Note Owner Requests for Vote on Asset Representations Review.  If the Indenture Trustee receives a notice from the Servicer pursuant to Section 11.01(a) of the
      Sale and Servicing Agreement regarding the occurrence of a Delinquency Trigger, then the Indenture Trustee shall promptly inform the Administrator regarding the method by which Noteholders and Note Owners may contact the Indenture Trustee in order to
      request a vote on whether to cause the ARR Receivables to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.  The Indenture Trustee shall promptly notify TMCC, the Depositor and the
      Administrator upon the receipt of any such request for a vote.  Noteholders and Note Owners may request a vote not later than ninety (90) days after the date on which the Form 10-D describing the occurrence of such Delinquency Trigger shall have been
      filed by the Administrator pursuant to the terms of Section 1(a)(i)(Y) of the Administration Agreement; provided that, if the requesting party is a Note Owner and not a Noteholder, the Note Owner must include with its request a written certification
      that the requesting party is a Note Owner, together with one of the following additional forms of documentation of the requesting party’s status as a Note Owner: (A) a trade confirmation; (B) an account statement; (C) a letter from a broker-dealer
      that is acceptable to the Indenture Trustee or Administrator, as applicable; or (D) any other form of documentation that is acceptable to the Indenture Trustee or Administrator, as applicable (any such Note Owner who provides the required
      certification and documentation, a “Verified Note Owner”).  The Indenture Trustee shall promptly notify TMCC, the Depositor and the Administrator if Noteholders and Verified Note Owners representing at least 5% of the outstanding aggregate Principal
      Balance of all Outstanding Notes (such requesting Noteholders and Verified Note Owners, collectively, the “Requesting Noteholders”) properly and timely request a vote to cause the ARR Receivables to be reviewed by the Asset Representations Reviewer
      pursuant to the terms of the Asset Representations Review Agreement.

  SECTION 12.02  Noteholder and Note Owner Vote on Asset Representations Review.  Beginning promptly after receipt from the Administrator of a copy of a notice sent to Noteholders and Note
      Owners pursuant to Section 23(a)(ii) of the Administration Agreement, the Indenture Trustee shall cause the initiation of such a review to be submitted to a yes or no vote of the Noteholders (with respect to Book Entry Notes, as directed by the
      related Note Owners via the applicable Clearing Agency pursuant to its procedures for such votes) of record as of the most recent Record Date.  If, by no earlier than the deadline specified by the Administrator pursuant to Section 23(a)(ii) of the
      Administration Agreement, (i) votes have been cast by Noteholders holding at least 5% of the aggregate outstanding Principal Balance of all Outstanding Notes and (ii) affirmative votes in favor of an Asset Representations Review have

  
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  been cast by Noteholders representing at least a majority of the aggregate outstanding Principal Balance of those Noteholders casting a
      vote, the Indenture Trustee will promptly notify the Servicer, TMCC, the Administrator, the Depositor and the Asset Representations Reviewer that the requisite Noteholders have directed the Asset Representations Reviewer to perform a review of the
      ARR Receivables for the purpose of determining whether such ARR Receivables were in compliance with the representations and warranties made by TMCC to the Seller pursuant to Section 2.03 of the Receivables Purchase Agreement and by the Seller to the
      Issuer pursuant to Section 3.01 of the Sale and Servicing Agreement.

  SECTION 12.03  Evaluation of Review Report.  If a Noteholder or a Verified Note Owner notifies the Indenture Trustee in writing that it considers any non-compliance of any representation to be
      a breach of the applicable Basic Document, or requests in writing that any Receivable be repurchased (including, for the avoidance of doubt, as described in Section 11.02 of the Sale and Servicing Agreement and Section 7.02(d) of this Indenture), the
      Indenture Trustee will promptly forward that written notice to TMCC and the Depositor.  In addition, the Indenture Trustee may, but it is not obligated to, request the repurchase of an ARR Receivable on behalf of all Noteholders.

        The Depositor will have the sole ability to determine if there was non-compliance with any representation or warranty made by it that constitutes a
      breach, and whether to repurchase the related ARR Receivable from the Issuer, and TMCC will have the sole ability to determine if there was non-compliance with any representation or warranty made by it that constitutes a breach, and whether to
      repurchase the related ARR Receivable from the Depositor.

  
    64

    
      

  

  IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly executed by their
      respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written.

   

    

  TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

  

  

  

  

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

            

    

  

  

  

  

  

  

  

  By:         /s/ Clarice Wright                              

      

  Name:  Clarice Wright

    

  Title:    Assistant Vice President

    

  

  

  

  

  

  

  U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and Securities Intermediary

  

  

  

      

      By:  /s/ Mirtza J. Escobar                            

             Name:  Mirtza J. Escobar

             Title:    Vice President

    

  

  

  

  

  

  

  

  

  

  

  
    
      

  

  
  

  

  SCHEDULE I

  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

  In addition to the representations, warranties and covenants contained in this Indenture, the
      Issuer hereby represents, warrants and covenants to the Indenture Trustee as follows on the Closing Date:

  1.            This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Collateral in favor of the Indenture Trustee, which security
      interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.

  2.            The Receivables constitute “chattel paper” (including “tangible chattel paper” and “electronic chattel paper”) within the meaning of the applicable UCC.

  3.            Each Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC.

  4.            The Issuer owns and has good and marketable title to each Receivable free and clear of all Liens and rights of others (other than pursuant to the Basic Documents).

  5.            The Issuer has caused or will have caused, within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate
      jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder.

  6.            With respect to Receivables that constitute tangible chattel paper, such tangible chattel paper is in the possession of the Servicer, and the Servicer (in its capacity as custodian) is holding
      such tangible chattel paper solely on behalf and for the benefit of the Issuer and the Indenture Trustee, as pledgee of the Issuer.  With respect to Receivables that constitute electronic chattel paper, the Servicer has “control” of such electronic
      chattel paper within the meaning of Section 9-105 of the applicable UCC and the Servicer (in its capacity as custodian) is maintaining control of such electronic
      chattel paper solely on behalf and for the benefit of the Issuer and the Indenture Trustee, as pledgee of the Issuer.  No person other than the Servicer has “control” of any Receivable that is evidenced by electronic chattel paper.

  7.            Either (1) (i) only one authoritative copy of each contract that constitutes or evidences the Receivable exists,
        and each such authoritative copy (y) is unique, identifiable, and unalterable (other than with the participation of TMCC, in the case of an addition or change of an identified assignee and other than a revision that is readily identifiable as an
        authorized or unauthorized revision) and (z) has been communicated to and is maintained by the Servicer or a third party provider acting on behalf of TMCC, (ii) the authoritative copy of the related contract identifies only TMCC as the assignee
        thereof, (iii) each copy of the authoritative copy of the related contract and any copy of a copy are readily identifiable as copies that are not the

  
    Schedule I-1

    
      

  

  

  

  authoritative copy and (iv) the Receivable has been established in a manner such that (a) all copies or
      revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of TMCC, and (b) all revisions of the authoritative copy of each contract
      that constitute or evidence the Receivable must be readily identifiable as an authorized or unauthorized revision or (2) each contract that constitutes or evidences the Receivable and the system pursuant to which TMCC has acquired such contract
      reliably establishes TMCC as the person to whom the related chattel paper was assigned.

  8.            In the case of a Receivable evidenced by an electronic record consisting of a copy or image stored in an
        electronic medium of the original contract that was signed by the related Obligor, the related contract was originated in the form of an original contract that constitutes “tangible chattel paper” within the meaning of the applicable UCC, such original contract was delivered to the Servicer and, in accordance with the Customary Servicing Practices of the Servicer, was or will be destroyed as soon as
        practicable after the expiration of 14 to 30 days after the conversion of such original contract to an electronic record by a scanning and imaging process.  After destruction of the original contract, the related Receivable will be evidenced only
        by “electronic chattel paper” within the meaning of the applicable UCC.

  9.            With respect to the Trust Accounts that constitute deposit accounts, either:

   (i)                          the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit
      accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or

   (ii)                          the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust Accounts.

  10.                          With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either:

   (i)                          the Issuer has delivered to the Indenture Trustee a fully executed agreement (1) that provides that the agreement is governed solely
      by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, (2) pursuant to which the securities intermediary has agreed to comply with all instructions
      originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer, and (3) with a securities intermediary that has and has had at all relevant times one or more offices (within the meaning of the Hague
      Securities Convention) in the United States of America which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention; or

   (ii)                          the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as
      the Person having a security entitlement against the securities intermediary in each of such Trust Accounts so long as (1) the

  
    Schedule I-2

    
      

  

  

  

  agreement governing the securities account satisfies the requirements of sub-clause (1) of the
      preceding clause (i), and (2) the securities intermediary satisfies the requirements of sub-clause (3) of the preceding clause (i).

  11.                          Other than the security interest granted to the Indenture Trustee under this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of
      the Receivables.

  12.            The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any
      financing statement (i) relating to the conveyance of the Receivables by TMCC to the Seller under the Receivables Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing
      Agreement, (iii) relating to the security interest granted to the Indenture Trustee under this Indenture or (iv) that has been terminated.  The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

  13.                          No person other than the Servicer has “control” of any Receivable that is evidenced by electronic chattel paper.

  14.                          The tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or
      otherwise conveyed to any Person other than TMCC, the Seller, the Issuer or the Indenture Trustee.

  15.                          No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the
      securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee.

  16.                          No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust
      Account to comply with instructions of any Person other than the Indenture Trustee.

  17.                          Notwithstanding any other provision of the Indenture or any other Basic Document, the perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed.

  18.                          The Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants.

  
    Schedule I-3

    
      

  

  

  

  19.                          The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be
      necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from
      time to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or
      partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest.

  
    Schedule I-4

    
      

  

  
  EXHIBIT A-1

  FORM OF CLASS A-1 NOTE

  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
      AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

  THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR TOYOTA AUTO
      FINANCE RECEIVABLES LLC, TOYOTA MOTOR CREDIT CORPORATION, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON
      DEPOSIT IN THE RESERVE ACCOUNT.

  EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT EITHER THAT (A) IT IS
      NOT ACQUIRING THIS NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED
      IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE
      BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION, HOLDING AND DISPOSITION
      OF THIS NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  
    A-1-1

    
      

  

  

  

  	
          No. 1

        	
          $[__________]

        
	 	
          CUSIP No. [__________]

        
	 	
          ISIN No. : [__________]

        

  

  

  TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

  [_]% ASSET BACKED NOTES, CLASS A-1

  Toyota Auto Receivables 2019-B Owner Trust, a statutory trust organized and existing under the laws of the State of
      Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [__________] DOLLARS ($[__________]) payable on each Payment Date in an amount equal to the
      aggregate amount, if any, payable from the Collection Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture, dated as of May 8, 2019, between the Issuer and U.S. Bank National Association, a national banking
      association, as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(b) and 5.06(c) of the Sale and Servicing Agreement, dated as of May 8, 2019, between the Issuer, TAFR LLC, as Seller, and TMCC, as Servicer (which amounts will be limited
      to the portion of Available Collections available to make the payments specified in such Sections); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Payment Date occurring in
      [__________], 20[__] (the “Class A-1 Final Scheduled Payment Date”) and the Payment Date described in Section 10.01 of the Indenture.  Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and
      Servicing Agreement, as the case may be.

  The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal
      of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations
      contained in Section 3.01 of the Indenture and Sections 5.06(b) and 5.06(c) of the Sale and Servicing Agreement.  Interest on this Note will accrue from, and including, each Payment Date (or, in the case of the first Payment Date, from, and
      including, the Closing Date) to, but excluding, the subsequent Payment Date.  Interest will be computed on the basis specified in the Indenture for each Interest Period.  Such principal of and interest on this Note shall be paid in the manner
      specified on the reverse hereof.

  The principal of and interest on this Note is payable in such coin or currency of the United States of America as at
      the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal
      of this Note.

  Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
      effect as though fully set forth on the face of this Note.

  
    A-1-2

    
      

  

  

  

  Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below
      by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

  
    A-1-3

    
      

  

  IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized
      Officer, as of the date set forth below.

  Dated:  May 8, 2019

  TOYOTA AUTO RECEIVABLES 2019-B

  OWNER TRUST

  

  

  

  

  

  

  
    
      		By:	
              WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

            

    

  

  

  

  

  

  

  

  By:                          _________________________________

  Authorized Signatory

  
    A-1-4

    
      

  

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is one of the Notes designated above and referred to in the within‐mentioned Indenture.

  Dated:  May 8, 2019

  U.S. BANK NATIONAL ASSOCIATION,

  not in its individual capacity but solely as Indenture Trustee,

  

  

  

  

  

  

  By:                          _________________________________

  Authorized Signatory

  
    A-1-5

    
      

  

  This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [__]% Asset Backed Notes, Class
      A-1 (herein called the “Class A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
      Indenture Trustee and the Holders of the Notes.  The Class A-1 Notes are subject to all terms of the Indenture.

  The Class A-1 Notes, the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes and the Class A‐4 Notes
      (collectively, the “Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The Class B Notes are subordinated in right of payment to the Class A Notes, and are secured
      by the collateral pledged as security therefor as provided in the Indenture.

  Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described in the Indenture. 
      “Payment Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing in June 2019.

  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the
      date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single class, have declared
      the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture, (ii) following the termination or liquidation of the Trust Estate in connection with the exercise by the Servicer of its option to purchase the
      Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.02 of the Indenture or (iii) within 90 days of certain Insolvency Events with respect to TAFR LLC.  If any such event occurs, all principal payments on the Notes
      will be made first, pro rata, based upon their respective unpaid principal balance, to Holders of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
      Notes, the Class A-3 Notes and the Class A-4 Notes until each such Class of the Notes has been paid in full, and second, to the Class B Notes until the Class B Notes have been paid in full.

  Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal,
      if any, to the extent not in full payment of this Note, shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered in the Note Register on the Record Date.  Such payment will be made to such Person’s as
      appears on the Note Register on such Record Date by wire transfer to the account specified by the registered holder of any Note with a face amount of at least $10,000,000.  Any reduction in the principal amount of this Note (or any one or more
      Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
      hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
      will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon
      presentation and surrender of this Note at the Indenture Trustee’s

  
    A-1-6

    
      

  

  

  

  principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of
      New York.

  The Issuer shall pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful.

  As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
      registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
      transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the Noteholder may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
      any such registration of transfer or exchange.

  Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
      Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing
      delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee
      of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder 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.  The Holder of
      this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
      therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  Each Noteholder or Note Owner that is not TMCC, TAFR LLC or an Affiliate of either of them, by acceptance of a Note
      or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Seller or  the Issuer, or join in any
      institution against the Seller or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
      Notes, the Indenture or the Basic Documents.

  
    A-1-7

    
      

  

  

  

  The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, state and
      local income, single business and franchise tax purposes, the Notes (other than the Retained Notes) will qualify as indebtedness secured by the Trust Estate.  Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial
      interest in a Note), agrees to treat the Notes (other than the Retained Notes) for federal, state and local income, single business and franchise tax purposes as indebtedness.

  Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
      not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
      rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture, in some cases without the consent of the Holders of any Class of Notes and in other cases with the consent of Holders of only the Controlling Class
      of Notes.  Section 5.12 of the Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the outstanding principal amount of the Notes of the Controlling Class, as specified therein, on behalf of the
      Holders of all the Notes of such Classes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note (or any
      one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

  The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights
      of the Indenture Trustee and the Holders of Notes under the Indenture.

  The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
      limitations therein set forth.

  This Note and the Indenture shall be governed by and construed in accordance with the laws of the State of New York,
      without reference to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
      in accordance with such laws.

  
    A-1-8

    
      

  

  

  

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

  
    A-1-9

    
      

  

  ASSIGNMENT

  Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

  ____________________________________________________________________________

                                                           (name and address of assignee)

  the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer

  said Note on the books kept for registration thereof, with full power of substitution in the premises.

  Dated:                                                      */

  Signature Guaranteed:

      __________________*/

  */ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
      STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  
    A-1-10

    
      

  

  
  EXHIBIT A-2

  FORM OF CLASS A-[2a][2b][3][4] NOTE

  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
      AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

  THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR TOYOTA AUTO
      FINANCE RECEIVABLES LLC, TOYOTA MOTOR CREDIT CORPORATION, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON
      DEPOSIT IN THE RESERVE ACCOUNT.

  EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT EITHER THAT (A) IT IS
      NOT ACQUIRING THIS NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED
      IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE
      BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF
      THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  
    A-2-1

    
      

  

  	
          No. 1

        	
          $[__________]

        
	 	
          CUSIP No. [__________]

        
	 	
          ISIN No. : [__________]

        

  

  

  TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

  [LIBOR plus]1 [__]% ASSET BACKED NOTES, CLASS
      A-[2a][2b][3][4]

  Toyota Auto Receivables 2019-B Owner Trust, a statutory trust organized and existing under the laws of the State of
      Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [__________] DOLLARS ($[__________]) payable on each Payment Date in an amount equal to [the
      result obtained by multiplying (i) a fraction the numerator of which is $[__________] and the denominator of which is $[__________] by (ii)] the aggregate amount, if any, payable from the Collection Account in respect of principal on the Class
      A-[2a][2b][3][4] Notes pursuant to Section 3.01 of the Indenture, dated as of May 8, 2019, between the Issuer and U.S. Bank National Association, a national banking association, as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(b) and
      5.06(c) of the Sale and Servicing Agreement, dated as of May 8, 2019, between the Issuer, TAFR LLC, as Seller, and TMCC, as Servicer (which amounts will be limited to the portion of Available Collections available to make the payments specified in
      such Sections); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Payment Date occurring in [__________], 20[__] (the “Class A-[2a][2b][3][4] Final Scheduled Payment Date”) and the
      Payment Date described in Section 10.01 of the Indenture.  Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing Agreement, as the case may be.

  The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal
      of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations
      contained in Section 3.01 of the Indenture and Sections 5.06(b) and 5.06(c) of the Sale and Servicing Agreement[, and provided that, if the sum of LIBOR plus [__]% is less than 0.00% for any Interest Period, then the per annum rate at which interest
      will accrue on this Note for such Interest Period will be 0.00%]2.  Interest on this Note will accrue from (and including) [the 15th day of each calendar month to (but
      excluding) the 15th day of the succeeding calendar month, except that the first interest accrual period will be from (and including) the Closing Date to (but excluding) June 15, 2019]3 [each Payment Date (or, in the case of the first Payment Date, from, and including, the Closing Date) to, but excluding, the subsequent Payment Date]4.

  Interest will be computed on the basis specified in the Indenture for each Interest Period.  Such principal of and
      interest on this Note shall be paid in the manner specified on the reverse hereof.

  

  

  

  1 Insert for the
      Class A-2b Notes.

  2 Insert for the
      Class A-2b Notes.

  3 Insert for the
      Class A-2a Notes, the Class A-3 Notes and the Class A-4 Notes.

  4 Insert for the
      Class A-2b Notes.

  
    A-2-2

    
      

  

  

  

  The principal of and interest on this Note is payable in such coin or currency of the United States of America as at
      the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal
      of this Note.

  Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
      effect as though fully set forth on the face of this Note.

  Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below
      by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

  
    A-2-3

    
      

  

  IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized
      Officer, as of the date set forth below.

  Dated:  May 8, 2019

  TOYOTA AUTO RECEIVABLES 2019-B

  OWNER TRUST

  

  

  

  

  

  

  
    
      		By:	
              WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

            

    

  

  

  

  

  

  

  

  By:                          ___________________________________

  Authorized Signatory

  

  

  
    A-2-4

    
      

  

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is one of the Notes designated above and referred to in the within‐mentioned Indenture.

  Dated:  May 8, 2019

  

  

  U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee

  

  

  

  

  

  

  By:                          ___________________________________

  Authorized Signatory

  

  

  

  

  
    A-2-5

    
      

  

  This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [LIBOR plus]5 [__]% Asset Backed Notes, Class A-[2a][2b][3][4] (herein called the “Class A-[2a][2b][3][4] Notes”), all issued under the Indenture, to which Indenture and all indentures
      supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.  The Class A-[2a][2b][3][4] Notes are subject to all terms of the
      Indenture.

  The Class A-1 Notes, the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes and the Class A‐4 Notes
      (collectively, the “Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The Class B Notes are subordinated in right of payment to the Class A Notes, and are secured
      by the collateral pledged as security therefor as provided in the Indenture.

  Principal of the Class A-[2a][2b][3][4] Notes will be payable on each Payment Date in an amount described in the
      Indenture.  “Payment Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing in June 2019.

  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the
      date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single class, have declared
      the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture, (ii) following the termination or liquidation of the Trust Estate in connection with the exercise by the Servicer of its option to purchase the
      Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.02 of the Indenture or (iii) within 90 days of certain Insolvency Events with respect to TAFR LLC.  If any such event occurs, all principal payments on the Notes
      will be made first, pro rata, based upon their respective unpaid principal balance, to Holders of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
      Notes, the Class A-3 Notes and the Class A-4 Notes until each such Class of the Notes has been paid in full, and second, to the Class B Notes until the Class B Notes have been paid in full.

  Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal,
      if any, to the extent not in full payment of this Note, shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered in the Note Register on the Record Date.  With respect to Notes registered on the Record Date
      in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee, except for the final installment of
      principal payable with respect to such Note on a Payment Date or on the applicable Final Scheduled Payment Date, which shall be payable as provided below.  Such payment will be made to such Person as appears on the Note Register on such Record Date
      by wire transfer to the account specified by the registered holder of any Note with a face amount of at least $10,000,000.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any
      Payment Date

  

  

  

  5 Insert for the
      Class A-2b Notes.

  
    A-2-6

    
      

  

  

  

  shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
      hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
      in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and the amount then due
      and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York.

  The Issuer shall pay interest on overdue installments of interest at the Class A-[2a][2b][3][4] Rate to the extent
      lawful.

  As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
      registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
      transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the Noteholder may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
      any such registration of transfer or exchange.

  Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
      Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing
      delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee
      of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder 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.  The Holder of
      this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
      therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  
    A-2-7

    
      

  

  

  

  Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
      Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Seller or  the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.

  The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, state and
      local income, single business and franchise tax purposes, the Notes (other than the Retained Notes) will qualify as indebtedness secured by the Trust Estate.  Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial
      interest in a Note), agrees to treat the Notes (other than the Retained Notes) for federal, state and local income, single business and franchise tax purposes as indebtedness.

  Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
      not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
      rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture, in some cases without the consent of the Holders of any Class of Notes and in other cases with the consent of Holders of only the Controlling Class
      of Notes.  Section 5.12 of the Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the outstanding principal amount of the Notes of the Controlling Class, as specified therein, on behalf of the
      Holders of all the Notes of such Classes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note (or any
      one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

  The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights
      of the Indenture Trustee and the Holders of Notes under the Indenture.

  The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
      limitations therein set forth.

  
    A-2-8

    
      

  

  

  

  This Note and the Indenture shall be governed by and construed in accordance with the laws of the State of New York,
      without reference to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
      in accordance with such laws.

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

  
    A-2-9

    
      

  

  ASSIGNMENT

  Social Security or taxpayer I.D.  or other identifying number of assignee:___________________

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

  ___________________________________________________________________________

                                                            (name and address of assignee)

  the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer 

  said Note on the books kept for registration thereof, with full power of substitution in the premises.

  Dated:                                                      */

  Signature Guaranteed:

      ___________________*/

  */ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the
      within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
      or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

  

  
    A-2-10

    
      

  

  
  EXHIBIT A-3

  FORM OF CLASS B NOTE

  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
      (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
      MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
      & CO., HAS AN INTEREST HEREIN.

  THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL
      AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

  THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR TOYOTA AUTO
      FINANCE RECEIVABLES LLC, TOYOTA MOTOR CREDIT CORPORATION, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON
      DEPOSIT IN THE RESERVE ACCOUNT.

  EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT EITHER THAT (A) IT IS
      NOT ACQUIRING THIS NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED
      IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE
      BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF
      THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  
    A-3-1

    
      

  

  

  

  	
          No. 1

        	
          $[__________]

        
	 	
          CUSIP No. [__________]

        
	 	
          ISIN No. : [__________]

        

  

  

  TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

  0.00% ASSET BACKED NOTES, CLASS B

  Toyota Auto Receivables 2019-B Owner Trust, a statutory trust organized and existing under the laws of the State of
      Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [__________] DOLLARS ($[__________]) payable on each Payment Date in an amount equal the
      aggregate amount, if any, payable from the Collection Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the Indenture, dated as of May 8, 2019, between the Issuer and U.S. Bank National Association, a national banking
      association, as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(b) and 5.06(c) of the Sale and Servicing Agreement, dated as of May 8, 2019, between the Issuer, TAFR LLC, as Seller, and TMCC, as Servicer (which amounts will be limited
      to the portion of Available Collections available to make the payments specified in such Sections); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Payment Date occurring in
      [__________], 20[__] (the “Class B Final Scheduled Payment Date”) and the Payment Date described in Section 10.01 of the Indenture.  Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and
      Servicing Agreement, as the case may be.

  The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal
      of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations
      contained in Section 3.01 of the Indenture and Sections 5.06(b) and 5.06(c) of the Sale and Servicing Agreement.  Interest on this Note will accrue from (and including) the 15th day of each calendar month to (but excluding) the 15th day of the
      succeeding calendar month, except that the first interest accrual period will be from (and including) the Closing Date to (but excluding) June15, 2019.  Interest will be computed on the basis specified in the Indenture for each Interest Period.  Such
      principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

  The principal of and interest on this Note is payable in such coin or currency of the United States of America as at
      the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal
      of this Note.

  Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
      effect as though fully set forth on the face of this Note.

  
    A-3-2

    
      

  

  

  

  Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below
      by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

  
    A-3-3

    
      

  

  IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized
      Officer, as of the date set forth below.

  Dated:  May 8, 2019

  TOYOTA AUTO RECEIVABLES 2019-B

  OWNER TRUST

  

  

  

  

  

  

  
    
      		By:	
              WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

            

    

  

  

  

  

  

  

  

  By:                          ___________________________________

  Authorized Signatory

  

  

  
    A-3-4

    
      

  

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  This is one of the Notes designated above and referred to in the within‐mentioned Indenture.

  Dated:  May 8, 2019

  

  

  U.S. BANK NATIONAL ASSOCIATION,  not in its individual capacity
      but solely as Indenture Trustee

  

  

  

  

  

  

  By:                          ___________________________________

  Authorized Signatory

  

  

  

  

  
    A-3-5

    
      

  

  This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 0.00% Asset Backed Notes, Class
      B (herein called the “Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
      Indenture Trustee and the Holders of the Notes.  The Class B Notes are subject to all terms of the Indenture.

  The Class A-1 Notes, the Class A‐2a Notes, the Class A‐2b Notes, the Class A-3 Notes and the Class A‐4 Notes
      (collectively, the “Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The Class B Notes are subordinated in right of payment to the Class A Notes, and are secured
      by the collateral pledged as security therefor as provided in the Indenture.

  Principal of the Class B Notes will be payable on each Payment Date in an amount described in the Indenture. 
      “Payment Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing in June 2019.

  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the
      date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single class, have declared
      the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture, (ii) following the termination or liquidation of the Trust Estate in connection with the exercise by the Servicer of its option to purchase the
      Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.02 of the Indenture or (iii) within 90 days of certain Insolvency Events with respect to TAFR LLC.  If any such event occurs, all principal payments on the Notes
      will be made first, pro rata, based upon their respective unpaid principal balance, to Holders of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
      Notes, the Class A-3 Notes and the Class A-4 Notes until each such Class of the Notes has been paid in full, and second, to the Class B Notes until the Class B Notes have been paid in full.

  Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal,
      if any, to the extent not in full payment of this Note, shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered in the Note Register on the Record Date.  With respect to Notes registered on the Record Date
      in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee, except for the final installment of
      principal payable with respect to such Note on a Payment Date or on the applicable Final Scheduled Payment Date, which shall be payable as provided below.  Such payment will be made to such Person as appears on the Note Register on such Record Date
      by wire transfer to the account specified by the registered holder of any Note with a face amount of at least $10,000,000.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any
      Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as
      provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder

  
    A-3-6

    
      

  

  

  

  hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment Date, and
      the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in
      the City of New York.

  The Issuer shall pay interest on overdue installments of interest at the Class B Rate to the extent lawful.

  As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be
      registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
      transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the Noteholder may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
      any such registration of transfer or exchange.

  Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
      Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing
      delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee
      of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder 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.  The Holder of
      this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim
      therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
      Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Seller or  the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings under any United States

  
    A-3-7

    
      

  

  

  

  federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic
      Documents.

  The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, state and
      local income, single business and franchise tax purposes, the Notes (other than the Retained Notes) will qualify as indebtedness secured by the Trust Estate.  Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial
      interest in a Note), agrees to treat the Notes (other than the Retained Notes) for federal, state and local income, single business and franchise tax purposes as indebtedness.

  Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any
      agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or
      not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
      rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture, in some cases without the consent of the Holders of any Class of Notes and in other cases with the consent of Holders of only the Controlling Class
      of Notes.  Section 5.12 of the Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the outstanding principal amount of the Notes of the Controlling Class, as specified therein, on behalf of the
      Holders of all the Notes of such Classes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note (or any
      one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

  The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

  The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights
      of the Indenture Trustee and the Holders of Notes under the Indenture.

  The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
      limitations therein set forth.

  This Note and the Indenture shall be governed by and construed in accordance with the laws of the State of New York,
      without reference to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York), and the

  
    A-3-8

    
      

  

  

  

  obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

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

  
    A-3-9

    
      

  

  ASSIGNMENT

  Social Security or taxpayer I.D.  or other identifying number of assignee:___________________

  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

  ___________________________________________________________________________

                                                        (name and address of assignee)

  the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, 

  to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

  Dated:                                                      */

  Signature Guaranteed:

      ___________________*/

  */ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the
      within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
      or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  
    A-3-10

    
      

  

  
  EXHIBIT B

  [Reserved]

  

  

  
    B-1

    
      

  

  
  EXHIBIT C

  SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

  The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria
      identified as below as “Applicable Servicing Criteria”:

  	
          Reference

           

        	
          Criteria

           

        	 
	 	
          General Servicing Considerations

           

        	 
	
          1122(d)(1)(i)

        	
          Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

        	
          N/A

        
	
          1122(d)(1)(ii)

        	
          If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance
              and compliance with such servicing activities.

        	
          N/A

        
	
          1122(d)(1)(iii)

        	
          Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

        	
          N/A

        
	
          1122(d)(1)(iv)

        	
          A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the
              amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

        	
          N/A

        
	
          1122(d)(1)(v)

        	
          Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.

        	
          N/A

        
	 	
          Cash Collection and Administration

           

        	 
	
          1122(d)(2)(i)

        	
          Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of
              receipt, or such other number of days specified in the transaction agreements.

        	
          N/A

        
	
          1122(d)(2)(ii)

        	
          Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

        	
          X

        
	
          1122(d)(2)(iii)

        	
          Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made,
              reviewed and approved as specified in the transaction agreements.

        	
          N/A

        
	
          1122(d)(2)(iv)

        	
          The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately
              maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

        	
          N/A

        
	
          1122(d)(2)(v)

        	
          Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this
              criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of § 240.13k-1(b)(1) of the Securities Exchange Act.

        	
          N/A

        
	
          1122(d)(2)(vi)

        	
          Unissued checks are safeguarded so as to prevent unauthorized access.

        	
          N/A

        

  

  

  

  

  
    C-1

    
      

  

  

  

  
    	
            Reference

             

          	
            Criteria

             

          	 

  

  	
          1122(d)(2)(vii)

        	
          Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank
              clearing accounts. These reconciliations: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed
              and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other
              number of days specified in the transaction agreements.

        	
          N/A

        
	 	
          Investor Remittances and Reporting

           

        	 
	
          1122(d)(3)(i)

        	
          Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable
              Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the
              transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the
              servicer.

        	
          N/A

        
	
          1122(d)(3)(ii)

        	
          Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
              agreements.

        	
          X

        
	
          1122(d)(3)(iii)

        	
          Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the
              transaction agreements.

        	
          X

        
	
          1122(d)(3)(iv)

        	
          Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

        	
          X

        
	 	
          Pool Asset Administration

           

        	 
	
          1122(d)(4)(i)

        	
          Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

        	
          N/A

        
	
          1122(d)(4)(ii)

        	
          Pool assets and related documents are safeguarded as required by the transaction agreements.

        	
          N/A

        
	
          1122(d)(4)(iii)

        	
          Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the
              transaction agreements.

        	
          N/A

        

  

  

  

  

  
    C-2

    
      

  

  
    	
            Reference

             

          	
            Criteria

             

          	 

  

  	
          1122(d)(4)(iv)

        	
          Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor
              records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool
              asset documents.

        	
          N/A

        
	
          1122(d)(4)(v)

        	
          The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.

        	
          N/A

        
	
          1122(d)(4)(vi)

        	
          Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by
              authorized personnel in accordance with the transaction agreements and related pool asset documents.

        	
          N/A

        
	
          1122(d)(4)(vii)

        	
          Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as
              applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

        	
          N/A

        
	
          1122(d)(4)(viii)

        	
          Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such
              records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and
              payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

        	
          N/A

        
	
          1122(d)(4)(ix)

        	
          Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

        	
          N/A

        
	
          1122(d)(4)(x)

        	
          Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset
              documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such
              funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.

        	
          N/A

        
	
          1122(d)(4)(xi)

        	
          Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on
              the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

        	
          N/A

        
	
          1122(d)(4)(xii)

        	
          Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the
              obligor, unless the late payment was due to the obligor’s error or omission.

        	
          N/A

        
	
          1122(d)(4)(xiii)

        	
          Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number
              

            

        	
          N/A

        

  

  

  

  

  
    C-3

    
      

  

  
    	
            Reference

             

          	
            Criteria

             

          	 

  

  	 	of days specified in the transaction agreements.	 
	
          1122(d)(4)(xiv)

        	
          Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

        	
          N/A

        
	
          1122(d)(4)(xv)

        	
          Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
              transaction agreements.

        	
          N/A

        

  

  

  By:                _______________________________

  Name:

  Title:

  

  

  

  C-4Exhibit 4.3

  

  Execution Version

    

   

  

  

    SALE AND SERVICING AGREEMENT

  among

  TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST,

      as Issuer,

  TOYOTA AUTO FINANCE RECEIVABLES LLC,

      as Seller,

  and

  TOYOTA MOTOR CREDIT CORPORATION,

      as Servicer and Sponsor

  Dated as of May 8, 2019

  

  

  
    
      

  

  
  

    
      TABLE OF CONTENTS

      Page

    

    

  

  	
           

          ARTICLE I

           

        	
           

          DEFINITIONS

           

        	
           

            

          1

        
	
          SECTION 1.01

        	
          Definitions

        	
          1

        
	
          SECTION 1.02

        	
          Usage of Terms

        	
          23

        
	
           

          ARTICLE II

           

        	
           

          CONVEYANCE OF RECEIVABLES

           

        	
          23

        
	
          SECTION 2.01

        	
          Conveyance of Receivables

        	
          23

        
	
          SECTION 2.02

        	
          Custody of Receivable Files

        	
          25

        
	
          SECTION 2.03

        	
          Acceptance by Owner Trustee

        	
          26

        
	
           

          ARTICLE III

           

        	
           

          THE RECEIVABLES

           

        	
          26

        
	
          SECTION 3.01

        	
          Representations and Warranties of the Seller with Respect to the Receivables

        	
          26

        
	
          SECTION 3.02

        	
          Remedies

        	
          28

        
	
          SECTION 3.03

        	
          Duties of Servicer as Custodian

        	
          28

        
	
          SECTION 3.04

        	
          Instructions; Authority To Act

        	
          29

        
	
          SECTION 3.05

        	
          Custodian’s Indemnification

        	
          29

        
	
          SECTION 3.06

        	
          Effective Period and Termination

        	
          30

        
	
           

          ARTICLE IV

           

        	
           

          ADMINISTRATION AND SERVICING OF RECEIVABLES

           

        	
          30

        
	
          SECTION 4.01

        	
          Duties of Servicer

        	
          31

        
	
          SECTION 4.02

        	
          Collection and Allocation of Receivable Payments

        	
          31

        
	
          SECTION 4.03

        	
          [Reserved]

        	
          33

        
	
          SECTION 4.04

        	
          Realization upon Receivables

        	
          33

        
	
          SECTION 4.05

        	
          Physical Damage Insurance

        	
          33

        
	
          SECTION 4.06

        	
          Maintenance of Security Interests in Financed Vehicles

        	
          33

        
	
          SECTION 4.07

        	
          Covenants of Servicer

        	
          33

        
	
          SECTION 4.08

        	
          Remedies

        	
          34

        
	
          SECTION 4.09

        	
          Servicing Fee and Expenses

        	
          34

        
	
          SECTION 4.10

        	
          Servicer’s Certificate

        	
          35

        
	
          SECTION 4.11

        	
          Annual Statement as to Compliance; Notice of Default

        	
          35

        
	
          SECTION 4.12

        	
          Assessment of Compliance and Accountants’ Attestation

        	
          36

        
	
          SECTION 4.13

        	
          Access to Certain Documentation and Information Regarding Receivables

        	
          37

        
	
          SECTION 4.14

        	
          Appointment of Subservicer

        	
          37

        
	
          SECTION 4.15

        	
          Amendments to Schedule of Receivables

        	
          38

        
	
          SECTION 4.16

        	
          Reports to Securityholders and Rating Agencies

        	
          38

        
	
          SECTION 4.17

        	
          Information to be Provided by the Servicer

        	
          38

        
	
          SECTION 4.18

        	
          Remedies

        	
          39

        
	
           

          ARTICLE V

           

        	
           

          ACCOUNTS; PAYMENTS AND DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS

           

        	
          39

        
	
          SECTION 5.01

        	
          Establishment of Collection Account

        	
          39

        
	
          SECTION 5.02

        	
          Collections

        	
          41

        
	
          SECTION 5.03

        	
          Application of Collections

        	
          42

        

  

  

  

  

  
    ii

    
      

  

  
    TABLE OF CONTENTS

    (continued)

    Page

     

      

  

  	
          SECTION 5.04

        	
          [Reserved]

        	
          42

        
	
          SECTION 5.05

        	
          Additional Deposits

        	
          42

        
	
          SECTION 5.06

        	
          Payments and Distributions

        	
          42

        
	
          SECTION 5.07

        	
          Reserve Account

        	
          46

        
	
          SECTION 5.08

        	
          [Reserved]

        	
          47

        
	
          SECTION 5.09

        	
          Statements to Certificateholder and Noteholders

        	
          47

        
	
          SECTION 5.10

        	
          Net Deposits

        	
          49

        
	
           

          ARTICLE VI

           

        	
           

          THE SELLER

           

        	
          49

        
	
          SECTION 6.01

        	
          Representations of Seller

        	
          49

        
	
          SECTION 6.02

        	
          Company Existence

        	
          51

        
	
          SECTION 6.03

        	
          Liability of Seller; Indemnities

        	
          51

        
	
          SECTION 6.04

        	
          Merger or Consolidation of, or Assumption of the Obligations of, Seller

        	
          52

        
	
          SECTION 6.05

        	
          Limitation on Liability of Seller and Others

        	
          53

        
	
          SECTION 6.06

        	
          Seller May Own Certificate or Notes

        	
          53

        
	
           

          ARTICLE VII

           

        	
           

          THE SERVICER

           

        	
          53

        
	
          SECTION 7.01

        	
          Representations of Servicer

        	
          53

        
	
          SECTION 7.02

        	
          Indemnities of Servicer

        	
          54

        
	
          SECTION 7.03

        	
          Merger or Consolidation of, or Assumption of the Obligations of, Servicer

        	
          56

        
	
          SECTION 7.04

        	
          Limitation on Liability of Servicer and Others

        	
          56

        
	
          SECTION 7.05

        	
          TMCC Not To Resign as Servicer

        	
          57

        
	
           

          ARTICLE VIII

           

        	
           

          DEFAULT

           

        	
          57

        
	
          SECTION 8.01

        	
          Servicer Default

        	
          57

        
	
          SECTION 8.02

        	
          Appointment of Successor

        	
          58

        
	
          SECTION 8.03

        	
          Compensation Payable

        	
          60

        
	
          SECTION 8.04

        	
          Notification

        	
          60

        
	
           

          ARTICLE IX

           

        	
           

          TERMINATION

           

        	
          60

        
	
          SECTION 9.01

        	
          Optional Purchase of All Receivables

        	
          60

        
	
          SECTION 9.02

        	
          Termination of the Trust Agreement

        	
          61

        
	
           

          ARTICLE X

           

        	
           

          MISCELLANEOUS

           

        	
          61

        
	
          SECTION 10.01

        	
          Amendment

        	
          62

        
	
          SECTION 10.02

        	
          Protection of Title to Trust

        	
          63

        
	
          SECTION 10.03

        	
          Notices

        	
          65

        
	
          SECTION 10.04

        	
          Assignment by the Seller or the Servicer

        	
          65

        
	
          SECTION 10.05

        	
          Limitations on Rights of Others

        	
          65

        

  

  

  
    iii

    
      

  

  

  

  
    TABLE OF CONTENTS

    (continued)

    Page

     

      

  

  	
          SECTION 10.06

        	
          Severability

        	
          66

        
	
          SECTION 10.07

        	
          Separate Counterparts

        	
          66

        
	
          SECTION 10.08

        	
          Headings

        	
          66

        
	
          SECTION 10.09

        	
          Governing Law

        	
          66

        
	
          SECTION 10.10

        	
          Assignment by Issuer

        	
          66

        
	
          SECTION 10.11

        	
          Nonpetition Covenants

        	
          66

        
	
          SECTION 10.12

        	
          Limitation of Liability of Owner Trustee and Indenture Trustee

        	
          66

        
	
          SECTION 10.13

        	
          Intent of the Parties; Reasonableness

        	
          67

        
	
          SECTION 10.14

        	
          Notice of Requests

        	
          67

        
	
          SECTION 10.15

        	
          Regulation RR Risk Retention

        	
          67

        
	
           

          ARTICLE XI

           

        	
           

          ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION

           

        	
          68

        
	
          SECTION 11.01

        	
          Asset Representations Review

        	
          68

        
	
          SECTION 11.02

        	
          Dispute Resolution

        	
          68

        
	 	 	 
	
          SCHEDULE A

           

        	
          Location of Receivable Files

           

        	
          SA-1

        
	
          SCHEDULE B

           

        	
          Perfection Representations, Warranties and Covenants

           

        	
          SB-1

        
	
          EXHIBIT A

           

        	
          Form of Servicer’s Certificate

           

        	
          A-1

        
	
          EXHIBIT B

           

        	
          Form of Annual Certification

           

        	
          B-1

        
	
          EXHIBIT C

           

        	
          Servicing Criteria to be Addressed in Assessment of Compliance

           

        	
          C-1

        
	 	 	 

  

  

  

  

  

  

  

    

  

  
    iv

    
      

  

  
  

    SALE AND SERVICING AGREEMENT, dated as of May 8, 2019, among TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST, a Delaware statutory trust (the “Issuer”),
      TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company (“TAFR LLC” or the “Seller”), and TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC,” the “Sponsor” or the “Servicer”).

     

    WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with retail installment sales contracts secured by
        new and used cars, minivans, light-duty trucks or sport utility vehicles generated by Toyota Motor Credit Corporation in the ordinary course of business and sold to the Seller;

     

    WHEREAS the Seller is willing to sell such receivables to the Issuer; and

     

    WHEREAS the Servicer is willing to service such receivables;

     

    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

     

    ARTICLE I

        

        DEFINITIONS

     

    SECTION 1.01      Definitions.  Except as otherwise provided in this Agreement, whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

     

    “60-Day Delinquent Receivable” means, for any date of
        determination, a Receivable for which at least 90% of the required payment has not been received by the Servicer by the payment due date on or immediately preceding 60 days prior to such date of determination; provided that a charged-off Receivable is not considered a 60-Day Delinquent Receivable.

     

    “AAA” means the American Arbitration Association.

     

    “Actual Payment” means, with respect to a Receivable and a
        Collection Period, all payments received by the Servicer from or for the account of the related Obligor on such Receivable during such Collection Period (and, in the case of the first Collection Period, all payments received by the Servicer from or
        for the account of such Obligor since the Cutoff Date through the last day of such Collection Period), net of any Supplemental Servicing Fees attributable to such Receivable.

     

    “Adjusted Pool Balance” means, on the Closing Date, an amount
        equal to:

     

    (a)      the Original Pool Balance, minus

     

    (b)      the Yield Supplement Overcollateralization Amount

     

    and means, on any Payment Date, an amount (not less than zero) equal to:

     

    
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    (a)      the Pool Balance as of the last day of the related Collection Period, minus

     

    (b)      the Yield Supplement Overcollateralization Amount;

     

    provided that, with respect to the Payment Date on which the corpus of the Trust
        Estate is purchased in accordance with the terms of Section 9.01, the Adjusted Pool Balance shall be equal to 0.

     

    “Administration Agreement” means the Administration Agreement,
        dated as of May 8, 2019, among the Administrator, the Issuer and the Indenture Trustee.

     

    “Administrative Purchase Payment” means, with respect to a
        Payment Date and to an Administrative Receivable purchased by the Servicer during the related Collection Period, the sum of (a) the unpaid Principal Balance owed by the Obligor in respect of such Receivable plus (b) interest on such unpaid
        Principal Balance at a rate equal to the related APR to the last day in the related Collection Period.

     

    “Administrative Receivable” means a Receivable which the
        Servicer is required to purchase pursuant to Section 4.08 or which the Servicer has elected to purchase pursuant to Section 9.01.

     

    “Administrator” means TMCC, or any successor Administrator
        under the Administration Agreement.

     

    “Affiliate” means, with respect to any specified Person, any
        other Person controlling or controlled by or under common control with such specified Person.  For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of
        such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the term “controlling” and “controlled” have meanings correlative to the foregoing.

     

    “Agreement” means this Sale and Servicing Agreement among the
        Toyota Auto Receivables 2019-B Owner Trust, as Issuer, TAFR LLC, as seller, and TMCC, as servicer, as the same may be amended or supplemented from time to time.

     

    “Amount Financed” in respect of a Receivable means the
        aggregate amount advanced under such Receivable toward the purchase price of the related Financed Vehicle and any related costs, including but not limited to accessories, insurance premiums, service and warranty contracts and other items
        customarily financed as part of retail car, minivan, light-duty truck and sport utility vehicle installment sales contracts.

     

    “Annual Percentage Rate” or “APR” of a Receivable means the annual rate of finance charges specified in such Receivable.

     

    “Arbitration Rules” means the AAA’s Commercial Arbitration
        Rules and Mediation Procedures.

     

    
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    “ARR Receivable” means a Receivable as to which the related
        Obligor is 60 days or more delinquent in payments due and owed.

     

    “Asset Representations Review” means, following the occurrence
        of a Delinquency Trigger, the review of ARR Receivables to be undertaken by the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement.

     

    “Asset Representations Review Agreement” means the Asset
        Representations Review Agreement, dated as of May 8, 2019, among the Asset Representations Reviewer, the Issuer, the Servicer and the Administrator.

     

    “Asset Representations Reviewer” means Clayton Fixed Income
        Services LLC, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

     

    “Asset Representations Reviewer Fee” means (i) an annual fee
        equal to $5,000 per annum, payable on the Payment Date occurring in May of each year, commencing in May 2020, and (ii) the amount of any fee payable to the Asset Representations Reviewer in connection with its review of ARR Receivables in
        accordance with the terms of the Asset Representations Review Agreement.

     

    “Available Collections” means, with respect to any Payment
        Date, the total of the following amounts received by the Servicer on or in respect of the Receivables during (or for application with respect to) the related Collection Period (computed in accordance with the Simple Interest Method):

     

    (a)      the sum (without duplication) of (i) all collections on or in respect of all Receivables other than Defaulted Receivables, (ii)
        all proceeds with respect to an Insurance Policy, (iii) Net Liquidation Proceeds, (iv) all Warranty Purchase Payments, (v) all Administrative Purchase Payments and (vi) any recovery in respect of any Receivable pursuant to any Dealer Recourse, less

     

    (b)      the sum of all late fees, extension fees and other administrative fees and expenses or similar charges allowed by applicable law
        with respect to the Receivables.

     

    “Basic Documents” means the Receivables Purchase Agreement,
        the Trust Agreement, the Certificate of Trust, this Sale and Servicing Agreement, the Indenture, the Administration Agreement, the Securities Account Control Agreement, the Asset Representations Review Agreement and the Note Depository Agreement
        and the other documents and certificates delivered in connection herewith and therewith.

     

    “Basic Servicing Fee” means the fee payable to the Servicer on
        each Payment Date, calculated pursuant to Section 4.09, for services rendered during the related Collection Period, which shall be equal to one‐twelfth of the Servicing Fee Rate, multiplied by the aggregate Principal Balance of the Receivables as
        of the first day of the related Collection Period  (or, with respect to the first Payment Date, two-twelfths of the Servicing Fee Rate, multiplied by the aggregate Principal Balance of the Receivables as of the Cutoff Date).

     

    
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    “Book-Entry Notes” means beneficial interests in the Notes,
        ownership and transfer of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture.

     

    “Business Day” means any day other than a Saturday, a Sunday
        or a day on which banking institutions in New York, New York or Wilmington, Delaware are authorized or obligated by law, regulation, executive order or governmental decree to be closed.

     

    “Certificate” means the certificate evidencing beneficial
        ownership interest of the Issuer, issued pursuant to the Trust Agreement.

     

    “Certificateholder” means the registered holder of the
        Certificate.

     

    “Class” means a group of Notes whose form is identical (except
        for variation in denomination, principal amount or owner), and references to “each Class” thus means each of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes or the Class B Notes.

     

    “Class A Note Balance” as of any date of determination, means
        the aggregate of the outstanding principal balances of the Class A‐1 Notes, Class A‐2a Notes, the Class A-2b Notes, Class A‐3 Notes and Class A‐4 Notes.

     

    “Class A Notes” means collectively, the Class A-1 Notes, the
        Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes.

     

    “Class A‐1 Final Scheduled Payment Date” means the Payment
        Date in August 2020.

     

    “Class A‐1 Initial Principal Balance” means $442,010,000.

     

    “Class A‐1 Interest Carryover Shortfall” means, with respect
        to any Payment Date, the excess, if any, of (x) the Class A‐1 Interest Distributable Amount for such Payment Date and any outstanding Class A‐1 Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on such
        outstanding Class A‐1 Interest Carryover Shortfall at the Class A‐1 Rate, to the extent lawful, calculated on the same basis as interest on the Class A‐1 Notes for the same period), over (y) the amount of interest distributed to the Class A‐1
        Noteholders on such Payment Date.

     

    “Class A‐1 Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of the actual number of days in such Interest Period and a year assumed to consist of 360 days) on the Class A‐1 Principal Balance as of the immediately preceding Payment
        Date (after giving effect to payments of principal made on such immediately preceding Payment Date) at the Class A‐1 Rate or, in the case of the first Payment Date, on the Class A‐1 Initial Principal Balance.

     

    “Class A‐1 Note” means any of the 2.50000% Asset Backed Notes,
        Class A‐1, issued under the Indenture substantially in the form attached thereto as Exhibit A-1.

     

    
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    “Class A‐1 Noteholder” means any Person in whose name a Class
        A‐1 Note is registered in the Note Register.

     

    “Class A‐1 Principal Balance” as of any date means the Class
        A‐1 Initial Principal Balance less all amounts paid to the holders of Class A‐1 Notes in respect of principal pursuant to Section 5.06 hereof.

     

    “Class A‐1 Rate” means 2.50000% per annum (computed on the
        basis of the actual number of days elapsed during the relevant Interest Period and a 360‐day year).

     

    “Class A‐2 Notes” means collectively, the Class A-2a Notes and
        the Class A-2b Notes.

     

    “Class A‐2a Final Scheduled Payment Date” means the Payment
        Date in February 2022.

     

    “Class A‐2a Initial Principal Balance” means $546,600,000.

     

    “Class A‐2a Interest Carryover Shortfall” means, with respect
        to any Payment Date, the excess, if any, of (x) the Class A‐2a Interest Distributable Amount for such Payment Date and any outstanding Class A‐2a Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on
        such outstanding Class A‐2a Interest Carryover Shortfall at the Class A‐2a Rate, to the extent lawful, calculated on the same basis as interest on the Class A‐2a Notes for the same period), over (y) the amount of interest distributed to the Class
        A‐2a Noteholders on such Payment Date.

     

    “Class A‐2a Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of a 360 day year consisting of twelve 30 day months) on the Class A‐2a Principal Balance as of the immediately preceding Payment Date (after giving effect to payments of
        principal made on such immediately preceding Payment Date) at the Class A‐2a Rate or, in the case of the first Payment Date, on the Class A‐2a Initial Principal Balance.

     

    “Class A‐2a Note” means any of the 2.59% Asset Backed Notes,
        Class A‐2a, issued under the Indenture substantially in the form attached thereto as Exhibit A-2.

     

    “Class A‐2a Noteholder” means any Person in whose name a Class
        A‐2a Note is registered in the Note Register.

     

    “Class A‐2a Principal Balance” as of any date means the Class
        A‐2a Initial Principal Balance less all amounts paid to the holders of Class A‐2a Notes in respect of principal pursuant to Section 5.06 hereof.

     

    “Class A‐2a Rate” means 2.59% per annum (computed on the basis
        of a 360 day year consisting of twelve 30 day months).

     

    “Class A‐2b Final Scheduled Payment Date” means the Payment
        Date in February 2022.

     

    
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    “Class A‐2b Initial Principal Balance” means $75,000,000.

     

    “Class A‐2b Interest Carryover Shortfall” means, with respect
        to any Payment Date, the excess, if any, of (x) the Class A‐2b Interest Distributable Amount for such Payment Date and any outstanding Class A‐2b Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on
        such outstanding Class A‐2b Interest Carryover Shortfall at the Class A‐2b Rate, to the extent lawful, calculated on the same basis as interest on the Class A‐2b Notes for the same period), over (y) the amount of interest distributed to the Class
        A‐2b Noteholders on such Payment Date.

     

    “Class A‐2b Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of the actual number of days in such Interest Period and a year assumed to consist of 360 days) on the Class A‐2b Principal Balance as of the immediately preceding Payment
        Date (after giving effect to payments of principal made on such immediately preceding Payment Date) at the Class A‐2b Rate or, in the case of the first Payment Date, on the Class A‐2b Initial Principal Balance.

     

    “Class A‐2b Note” means any of the LIBOR plus 0.13% Asset
        Backed Notes, Class A‐2b, issued under the Indenture substantially in the form attached thereto as Exhibit A-2.

     

    “Class A‐2b Noteholder” means any Person in whose name a Class
        A‐2b Note is registered in the Note Register.

     

    “Class A‐2b Principal Balance” as of any date means the Class
        A‐2b Initial Principal Balance less all amounts paid to the holders of Class A‐2b Notes in respect of principal pursuant to Section 5.06 hereof.

     

    “Class A‐2b Rate” means LIBOR plus 0.13% per annum (computed
        on the basis of the actual number of days elapsed during the relevant Interest Period and a 360 day year); provided that, if the sum of LIBOR plus 0.13% is less than
        0.00% for any Interest Period, then the Class A-2b Rate for such Interest Period shall be deemed to be 0.00%.

     

    “Class A‐3 Final Scheduled Payment Date” means the Payment
        Date in August 2023.

     

    “Class A‐3 Initial Principal Balance” means $516,600,000.

     

    “Class A‐3 Interest Carryover Shortfall” means, with respect
        to any Payment Date, the excess, if any, of (x) the Class A‐3 Interest Distributable Amount for such Payment Date and any outstanding Class A‐3 Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on such
        outstanding Class A‐3 Interest Carryover Shortfall at the Class A‐3 Rate, to the extent lawful, calculated on the same basis as interest on the Class A‐3 Notes for the same period), over (y) the amount of interest distributed to the Class A‐3
        Noteholders on such Payment Date.

     

    “Class A‐3 Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of a 360 day year consisting of twelve 30 day months) on the Class A‐3 Principal Balance as of the immediately preceding Payment

     

    
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    Date (after giving effect to payments of principal made on such immediately preceding Payment Date) at the Class A‐3 Rate or, in the case of the first Payment
        Date, on the Class A‐3 Initial Principal Balance.

     

    “Class A‐3 Note” means any of the 2.57% Asset Backed Notes,
        Class A‐3, issued under the Indenture substantially in the form attached thereto as Exhibit A-2.

     

    “Class A‐3 Noteholder” means any Person in whose name a Class
        A‐3 Note is registered in the Note Register.

     

    “Class A‐3 Principal Balance” as of any date means the Class
        A‐3 Initial Principal Balance less all amounts paid to the holders of Class A‐3 Notes in respect of principal pursuant to Section 5.06 hereof.

     

    “Class A‐3 Rate” means 2.57% per annum (computed on the basis
        of a 360 day year consisting of twelve 30 day months).

     

    “Class A‐4 Final Scheduled Payment Date” means the Payment
        Date in November 2024.

     

    “Class A‐4 Initial Principal Balance” means $126,040,000.

     

    “Class A‐4 Interest Carryover Shortfall” means, with respect
        to any Payment Date, the excess, if any, of (x) the Class A‐4 Interest Distributable Amount for such Payment Date and any outstanding Class A‐4 Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on such
        outstanding Class A‐4 Interest Carryover Shortfall at the Class A‐4 Rate, to the extent lawful, calculated on the same basis as interest on the Class A‐4 Notes for the same period), over (y) the amount of interest distributed to the Class A‐4
        Noteholders on such Payment Date.

     

    “Class A‐4 Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of a 360 day year consisting of twelve 30 day months) on the Class A‐4 Principal Balance as of the immediately preceding Payment Date (after giving effect to payments of
        principal made on such immediately preceding Payment Date) at the Class A‐4 Rate or, in the case of the first Payment Date, on the Class A‐4 Initial Principal Balance.

     

    “Class A‐4 Note” means any of the 2.60% Asset Backed Notes,
        Class A‐4, issued under the Indenture substantially in the form attached thereto as Exhibit A-2.

     

    “Class A‐4 Noteholder” means any Person in whose name a Class
        A‐4 Note is registered in the Note Register.

     

    “Class A‐4 Principal Balance” as of any date means the Class
        A‐4 Initial Principal Balance less all amounts paid to the holders of Class A‐4 Notes in respect of principal pursuant to Section 5.06 hereof.

     

    
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    “Class A‐4 Rate” means 2.60% per annum (computed on the basis
        of a 360 day year consisting of twelve 30 day months).

     

    “Class B Final Scheduled Payment Date” means the Payment Date
        in December 2025.

     

    “Class B Initial Principal Balance” means $43,750,000.

     

    “Class B Interest Carryover Shortfall” means, with respect to
        any Payment Date, the excess, if any, of (x) the Class B Interest Distributable Amount for such Payment Date and any outstanding Class B Interest Carryover Shortfall from the immediately preceding Payment Date (together with interest on such
        outstanding Class B Interest Carryover Shortfall at the Class B Rate, to the extent lawful, calculated on the same basis as interest on the Class B Notes for the same period), over (y) the amount of interest distributed to the Class B Noteholders
        on such Payment Date.

     

    “Class B Interest Distributable Amount” means the amount of
        interest accrued during the related Interest Period (calculated on the basis of a 360 day year consisting of twelve 30 day months) on the Class B Principal Balance as of the immediately preceding Payment Date (after giving effect to payments of
        principal made on such immediately preceding Payment Date) at the Class B Rate or, in the case of the first Payment Date, on the Class B Initial Principal Balance.

     

    “Class B Note” means any of the 0.00% Asset Backed Notes,
        Class B, issued under the Indenture substantially in the form attached thereto as Exhibit A-3.

     

    “Class B Note Balance” as of any date of determination, means
        the outstanding principal balance of the Class B Notes.

     

    “Class B Noteholder” means any Person in whose name a Class B
        Note is registered in the Note Register.

     

    “Class B Principal Balance” as of any date means the Class B
        Initial Principal Balance less all amounts paid to the holders of Class B Notes in respect of principal pursuant to Section 5.06 hereof.

     

    “Class B Rate” means 0.00% per annum (computed on the basis of
        a 360 day year consisting of twelve 30 day months).

     

    “Clearing Agency” means an organization registered as a
        “clearing agency” pursuant to Section 17A of the Exchange Act.

     

    “Clearing Agency Participant” means a broker, dealer, bank,
        other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

     

    “Closing Date” means May 8, 2019.

     

    
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    “Code” means the Internal Revenue Code of 1986, as amended,
        and the Treasury Regulations promulgated thereunder.

     

    “Collateral” shall have the meaning ascribed thereto in
        Section 2.01(b).

     

    “Collection Account” means the account or accounts designated
        as such and established and maintained pursuant to Section 5.01.

     

    “Collection Period” means, with respect to any Payment Date,
        the calendar month immediately preceding the month in which such Payment Date occurs (and, in the case of the first Collection Period, the period from (but excluding) the Cutoff Date through the last day of the calendar month immediately preceding
        the month in which such Payment Date occurs).

     

    “Commission” means the Securities and Exchange Commission, and
        any successor thereto.

     

    “Controlling Class” has the meaning set forth in the
        Indenture.

     

    “Credit Risk Retention Rules” means Regulation RR, 17 C.F.R.
        §246.1, et seq. under the Exchange Act.

     

    “Current Receivable” means each Receivable that is not a
        Defaulted Receivable or a Liquidated Receivable.

     

    “Customary Servicing Practices” means, with respect to the
        management, servicing, administration and making of collections on the Receivables, the performance of such actions with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable automotive
        receivables that it services for itself or others.

     

    “Cutoff Date” means the close of business on March 31, 2019.

     

    “Dealer” means the dealer of cars, minivans, light-duty trucks
        or sport utility vehicles who sold a Financed Vehicle and who originated and assigned the Receivable relating to such Financed Vehicle to TMCC under an existing agreement between such dealer and TMCC.

     

    “Dealer Recourse” means, with respect to a Receivable, all
        recourse rights against the Dealer that originated the Receivable, and any successor Dealer, in respect of breaches of representations and warranties relating to the origination of the related Receivables and the perfection of the security
        interests in the related Financed Vehicles.

     

    “Defaulted Receivable” means a Receivable (other than an
        Administrative Receivable or a Warranty Receivable) as to which (a) all or any part of a Scheduled Payment is 120 or more days past due, or (b) if all or any part of a Scheduled Payment is less than 120 days past due, the Servicer has, in
        accordance with its Customary Servicing Practices, (i) determined that eventual payment in full is unlikely, (ii) repossessed and liquidated the related Financed Vehicle or (iii) repossessed and held the related Financed Vehicle in its repossession
        inventory for 90 days, whichever of clauses (i), (ii) or (iii) occurs first.

     

    
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    “Definitive Notes” shall have the meaning ascribed thereto in
        Section 2.10 of the Indenture.

     

    “Delinquency Trigger” means, with respect to a Collection
        Period, the aggregate Principal Balance of 60-Day Delinquent Receivables as a percentage of the aggregate Principal Balance of Receivables as of the end of such Collection Period exceeds the Delinquency Trigger Percentage for such Collection
        Period.

     

    “Delinquency Trigger Percentage” equals 3.95%.

     

    “Depositor” means the Seller in its capacity as Depositor
        under the Trust Agreement.

     

    “Determination Date” means, with respect to any Payment Date,
        the second Business Day preceding such Payment Date.

     

    “DTC” means The Depository Trust Company, and its successors.

     

    “Eligible Deposit Account” means either (a) a segregated
        account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of
        Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from S&P of
        at least “BBB”, if it is a Rating Agency, and a credit rating from each other Rating Agency in one of its generic rating categories that signifies investment grade.

     

    “Eligible Institution” means a depository institution or trust
        company (which may be the Owner Trustee, the Indenture Trustee or any of their respective Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a
        foreign bank) (a) which at all times has either (i) a long-term senior unsecured debt rating of “A2” or better by Moody’s and “A” or better by S&P, (ii) a short-term unsecured debt rating or certificate of deposit rating of “P-1” by Moody’s and
        “A-1” by S&P or (iii) such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee, and (b) whose deposits are insured by the Federal Deposit Insurance
        Corporation.

     

    “Eligible Investments” means, at any time, any one or more of
        the following obligations and securities:

     

    (a)      obligations of, and obligations fully guaranteed as to
        timely payment of principal and interest by, the United States or any agency thereof, provided such obligations are backed by the full faith and credit of the United States;

     

    (b)      general obligations of or obligations guaranteed by FNMA,
        or (ii) any state of the United States, the District of Columbia or the Commonwealth of Puerto Rico then rated the highest available credit rating of each Rating Agency for such obligations;

     

    
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    (c)      certificates of deposit issued by any depository
        institution or trust company (including the Indenture Trustee) incorporated under the laws of the United States or of any state thereof, the District of Columbia or the Commonwealth of Puerto Rico and subject to supervision and examination by
        banking authorities of one or more of such jurisdictions, provided that the short-term unsecured debt obligations of such depository institution or trust company are then
        rated the highest available rating of each Rating Agency for such obligations;

     

    (d)      certificates of deposit, commercial paper, demand or time
        deposits of, bankers’ acceptances issued by, or federal funds sold by, any depository institution or trust company (including the Indenture Trustee or any Affiliate of the Indenture Trustee) incorporated under the laws of the United States or any
        State and subject to supervision and examination by federal and/or State banking authorities and the deposits of which are fully insured by the Federal Deposit Insurance Corporation, so long as at the time of such investment or contractual
        commitment providing for such investment either such depository institution or trust company is an Eligible Institution (or if such investment will mature after more than one month, the long-term, unsecured debt of the issuer has the highest
        available rating from each Rating Agency) or as to which the Rating Agency Condition is satisfied;

     

    (e)      certificates of deposit issued by any bank, trust company,
        savings bank or other savings institution that is an Eligible Institution and is fully insured by the FDIC (or if such investment will mature after more than one month, the long-term, unsecured debt of the issuer has the highest available rating
        from each Rating Agency);

     

    (f)      repurchase obligations held by the Indenture Trustee that
        are acceptable to the Indenture Trustee with respect to any security described in clauses (a), (b) or (g) hereof or any other security issued or guaranteed by any other agency or instrumentality of the United States, in either case entered into
        with a federal agency or a depository institution or trust company (acting as principal) described in clause (d) above (including the Indenture Trustee); provided, however,
        that repurchase obligations entered into with any particular depository institution or trust company (including the Indenture Trustee) will not be Eligible Investments to the extent that the aggregate principal amount of such repurchase obligations
        with such depository institution or trust company held by the Indenture Trustee on behalf of the Noteholders or the Seller, as the case may be, shall exceed 10% of either the Pool Balance or of the principal balance of all the face amount of all
        Eligible Investments so held thereby;

     

    (g)      securities bearing interest or sold at a discount issued by
        any corporation incorporated under the laws of the United States or any State (including commercial paper of the Sponsor or any of its Affiliates) so long as at the time of such investment or contractual commitment providing for such investment
        (i) the long-term, unsecured debt, or if such securities are commercial paper, the short-term unsecured debt, of such corporation has the highest available rating from each Rating Agency or (ii) as to which the Rating Agency Condition is satisfied;

     

    (h)      money market funds, mutual funds or other pooled investment
        vehicle so long as such funds are rated “Aaa” by Moody’s (so long as Moody’s is a Rating Agency) and “AAA” by S&P (so long as S&P is a Rating Agency), including any such fund for which the Indenture Trustee or an Affiliate thereof serves as
        an investment advisor, administrator, shareholder

     

    
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    servicing agent and/or custodian or subcustodian, and notwithstanding that (i) such Person charges and collects fees and expenses from such funds for services
        rendered, (ii) such Person charges and collects fees and expenses for services rendered pursuant to the Trust Agreement, the Indenture or the Securities Account Control Agreement and (iii) services performed for such funds and pursuant to any such
        agreement may converge at any time.  Each of the Seller and the Servicer hereby specifically authorizes the Indenture Trustee, Owner Trustee, Securities Intermediary or an Affiliate thereof to charge and collect all fees and expenses from such
        funds for services rendered to such funds, in addition to any fees and expenses such Person may charge and collect for services rendered pursuant to any such Agreement;

     

    (i)      investments in Eligible Investments maintained in “sweep
        accounts,” short-term asset management accounts and the like utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other depository institution or trust company
        (including the Indenture Trustee) incorporated under the laws of the United States or any State and subject to supervision and examination by federal and/or State banking authorities and the deposits of which are fully insured by the Federal
        Deposit Insurance Corporation, so long as at the time of such investment or contractual commitment providing for such investment either such depository institution or trust company is an Eligible Institution (or if such investment will mature after
        more than one month, the long-term, unsecured debt of the issuer has the highest available rating from each Rating Agency) or as to which the Rating Agency Condition is satisfied; and

     

    (j)      such other investments acceptable to each Rating Agency (as
        approved in writing by each Rating Agency) as will not result in the downgrading or withdrawal of the ratings then assigned by such Rating Agency to any of the Notes;

     

    provided that each of the foregoing investments shall mature or be liquidated (a)
        on the Payment Date next succeeding such investment or (b) if the short-term unsecured debt obligations of the Indenture Trustee has the highest available rating from each Rating Agency on the date such investment is made, on the Business Day
        immediately preceding the Payment Date next succeeding such investment.

     

    None of the foregoing will be considered an Eligible Investment if:

     

    (1)      it constitutes a certificated security, bankers’ acceptance, commercial paper, negotiable certificate of
        deposit or other obligation that constitutes “financial assets” within the meaning of Section 8-102(a)(9)(c) of the UCC unless a security entitlement with respect to such Eligible Investment has been created, in favor of the Indenture Trustee or
        Owner Trustee, as appropriate, in accordance with Section 8‐501(b) of the UCC and the related securities intermediary has agreed not to comply with entitlement orders of any secured party other than the Indenture Trustee, Seller or Owner Trustee,
        as the case may be; or

     

    (2)      it constitutes a book‐entry security held through the Federal Reserve System pursuant to federal book‐entry
        regulations, unless, in accordance with applicable law, (A) a book‐entry registration thereof is made to an appropriate book‐entry account maintained with a Federal Reserve Bank by the Indenture Trustee, Securities

     

    
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    Intermediary or Owner Trustee, as appropriate, or by a custodian therefor, (B) a deposit advice or other written confirmation of such
        book‐entry registration is issued to such Person, (C) any such custodian makes entries in its books and records identifying that such book‐entry security is held through the Federal Reserve System pursuant to federal book‐entry regulations and
        belongs to such trustee and indicating that such custodian holds such Eligible Investment solely as agent for the Indenture Trustee, Securities Intermediary or Owner Trustee, as appropriate, (D) the Indenture Trustee, Securities Intermediary or
        Owner Trustee, as appropriate, makes entries in its books and records establishing that it holds such security solely in such capacity, and (E) any additional or alternative procedures as may hereafter become necessary to effect complete transfer
        of ownership thereof to such trustee are satisfied, consistent with changes in applicable law or regulations or the interpretation thereof.

     

    Notwithstanding anything to the contrary contained in this definition, no Eligible Investment may be purchased at a premium and no Eligible
        Investment shall be an “interest only” instrument.

     

    For purposes of this definition, any reference to the highest available credit rating of an obligation shall mean the highest available
        credit rating for such obligation (excluding any “+” signs associated with such rating), or such lower credit rating (as approved in writing by each Rating Agency) as will not result in the downgrading or withdrawal of the rating then assigned by
        such Rating Agency to any of the Notes.  Also for purposes of this definition, any reference to a Rating Agency refers only to a Rating Agency that has, at the request of TMCC, rated the Notes.

     

    “Event of Default” shall have the meaning ascribed thereto in
        Section 5.01 of the Indenture.

     

    “Exchange Act” means the Securities Exchange Act of 1934, as
        amended.

     

    “FDIC” means the Federal Deposit Insurance Corporation, and
        its successors.

     

    “Federal Reserve Board” means the Board of Governors of the
        Federal Reserve System.

     

    “Final Scheduled Payment Date” means the Class A-1 Final
        Scheduled Payment Date, the Class A-2a Final Scheduled Payment Date, the Class A-2b Final Scheduled Payment Date, the Class A-3 Final Scheduled Payment Date, the Class A-4 Final Scheduled Payment Date or the Class B Final Scheduled Payment Date, as
        the context requires.

     

    “Financed Vehicle” means, with respect to a Receivable, the
        related car, minivan, light-duty truck or sport utility vehicle, as the case may be, together with all accessions thereto, securing the related Obligor’s indebtedness under such Receivable.

     

    “First Priority Principal Distribution Amount” means, with
        respect to any Payment Date, an amount equal to the excess, if any, of (a) the Class A Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date), over (b) the related
        Adjusted Pool Balance; provided, however, that (i) the

     

    
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    First Priority Principal Distribution Amount on the Class A-1 Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the
        outstanding principal amount of the Class A-1 Notes to zero; (ii) the First Priority Principal Distribution Amount on the Class A-2a Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding
        principal amount of the Class A-2a Notes to zero; (iii) the First Priority Principal Distribution Amount on the Class A-2b Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal amount
        of the Class A-2b Notes to zero; (iv) the First Priority Principal Distribution Amount on the Class A-3 Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-3
        Notes to zero; and (v) the First Priority Principal Distribution Amount on the Class A-4 Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-4 Notes to zero.

     

    “FNMA” means the Federal National Mortgage Association, and
        its successors.

     

    “Hague Securities Convention” means The Convention on the Law
        Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

     

    “Holder” or “Securityholder” means the registered holder of a Note, as evidenced by the Note Register, or the Certificateholder, as the case may be, except that, solely for the purposes of giving certain consents, waivers, requests
        or demands pursuant to the Trust Agreement or the Indenture, the interest evidenced by the Certificate or any Note registered in the name of TAFR LLC or TMCC, or any Person actually known to a Trust Officer of the Owner Trustee or the Indenture
        Trustee to be controlling, controlled by or under common control with TAFR LLC or TMCC, shall not be taken into account in determining whether the requisite percentage necessary to effect any such consent, waiver, request or demand shall have been
        obtained.

     

    “Indenture” means the Indenture, dated as of May 8, 2019,
        between the Issuer and the Indenture Trustee.

     

    “Indenture Trustee” means U.S. Bank National Association, in
        its capacity as Indenture Trustee under the Indenture, its successors in interest and any successor trustee under the Indenture.

     

    “Indenture Trustee Fee” means an annual fee equal to $5,000,
        payable on the Payment Date occurring in May of each year, commencing in May 2020.

     

    “Insolvency Event” means, with respect to a specified Person,
        (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or
        other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding‐up or
        liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or

     

    
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    state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an
        involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of
        its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of
        the foregoing.

     

    “Insurance Policy” means, with respect to a Receivable, an
        insurance policy covering physical damage, credit life, credit disability, theft, mechanical breakdown or similar event relating to the related Financed Vehicle or Obligor.

     

    “Interest Period” means, with respect to any Payment Date and
        (i) the Class A-1 Notes and the Class A-2b Notes, the period from (and including) a Payment Date to (but excluding) the next Payment Date, except that the first Interest Period will be from (and including) the Closing Date to (but excluding) June
        17, 2019; and (ii) the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the period from (and including) the 15th day of each calendar month to (but excluding) the 15th day of the succeeding calendar month, except
        that the first Interest Period will be from (and including) the Closing Date to (but excluding) June 15, 2019.

     

    “Investment Company Act” means the Investment Company Act of
        1940, as amended.

     

    “Issuer” means Toyota Auto Receivables 2019-B Owner Trust,
        unless and until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA (as such term is defined in the Indenture), each other obligor on the Notes, if any.

     

    “LIBOR” means, with respect to any Interest Period, the London
        interbank offered rate for deposits in U.S. Dollars having a maturity of one month commencing on the related LIBOR Determination Date which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such LIBOR Determination Date; provided, however, that for the first Interest Period, LIBOR shall mean an interpolated rate for
        deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of days in the first Interest Period.  If the rates used to determine LIBOR do not appear on the Reuters Screen LIBOR01
        Page, the rates for that day will be determined on the basis of the rates at which deposits in U.S. Dollars, having a maturity of one month and in a principal balance of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London
        time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each Reference Bank to provide a quotation of its rate to the Administrator
        and the Indenture Trustee.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of all such
        quotations.  If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of the offered per annum
        rates that one or more leading banks

     

    
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    in New York City, selected by the Administrator, are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading
        European banks for United States Dollar deposits for that maturity; provided that if such selected banks are not quoting as described in this sentence, LIBOR in effect
        for the applicable Interest Period will be LIBOR in effect for the previous Interest Period.

     

    “LIBOR Determination Date” means, (i) with respect to the
        first Payment Date, the second London Business Day prior to the Closing Date and (ii) with respect to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date.

     

    “Lien” means any security interest, lien, charge, pledge,
        equity or encumbrance of any kind other than tax liens, mechanics’ liens and any liens that attach to a Receivable or any property, as the context may require, by operation of law.

     

    “Liquidated Receivable” means a Receivable that (i) has been
        the subject of a Prepayment in full, or (ii) has been paid in full or as to which the Servicer has determined that the final amounts in respect of such payment have been paid with respect to a Defaulted Receivable, regardless of whether all or any
        part of such payment has been made by the Obligor under such Receivable, the Seller pursuant to this Agreement, the Servicer pursuant to this Agreement or pursuant to the Receivables Purchase Agreement, an insurer pursuant to an Insurance Policy or
        otherwise.

     

    “Liquidation Expenses” means, with respect to a Defaulted
        Receivable, the amount charged by the Servicer, in accordance with its Customary Servicing Practices, to or for its account for repossessing, refurbishing and disposing of the related Financed Vehicle and other out‐of‐pocket costs related to such
        liquidation.

     

    “Liquidation Proceeds” means, with respect to a Defaulted
        Receivable, all amounts realized with respect to such Receivable from whatever sources (including, without limitation, proceeds of any Insurance Policy), net of amounts that are required by law or such Receivable to be refunded to the related
        Obligor.

     

    “London Business Day” means any day other than a Saturday,
        Sunday or day on which banking institutions in London, England are authorized or obligated by law or government decree to be closed.

     

    “Monthly Remittance Conditions” means, collectively, (i) TMCC
        is the Servicer, (ii) either (a) TMCC’s short-term unsecured debt is rated P-1 by Moody’s and A‐1 by S&P, or (b) certain arrangements are made that are acceptable to the Rating Agencies and (iii) no Event of Default or Servicer Default shall
        have occurred and be continuing (unless waived by the appropriate Noteholders).

     

    “Moody’s” means Moody’s Investors Service, Inc. or its
        successor.

     

    “Net Liquidation Proceeds” means, with respect to a Defaulted
        Receivable, Liquidation Proceeds less Liquidation Expenses.

     

    
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    “Note” means a Class A‐1 Note, a Class A‐2a Note, a Class A‐2b
        Note, a Class A‐3 Note, a Class A‐4 Note or a Class B Note.

     

    “Note Balance” as of any date of determination, means the
        aggregate of the outstanding principal balances of the Class A‐1 Notes, Class A‐2a Notes, Class A‐2b Notes, Class A‐3 Notes, Class A‐4 Notes and Class B Notes.

     

    “Note Depository Agreement” means the agreement entitled
        “Letter of Representations,” dated on or before the Closing Date, among the Clearing Agency, the Issuer and the Indenture Trustee with respect to certain matters relating to the duties thereof with respect to the Book-Entry Notes, substantially in
        the form attached to the Indenture as Exhibit A-1, Exhibit A-2 and Exhibit A-3.

     

    “Note Owner” means, with respect to a Book‐Entry Note, any
        Person who is the beneficial owner of such Book‐Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect
        participant, in each case in accordance with the rules of such Clearing Agency).

     

    “Note Pool Factor” means, with respect to each Class of Notes
        as of the close of business on any Payment Date, a seven‐digit decimal figure equal to the outstanding principal balance of such Class of Notes (after giving effect to any reductions thereof to be made on such Payment Date) divided by the original
        outstanding principal balance of such Class of Notes.  The Note Pool Factor for each Class of Notes will be 1.0000000 as of the Closing Date; thereafter, the related Note Pool Factor will decline to reflect reductions in the outstanding principal
        balance of such Class of Notes.

     

    “Note Register” means the Register of Noteholders’ information
        maintained by the Indenture Trustee or its successor pursuant to Section 2.04 of the Indenture, which register records the name of each registered Holder of a Note.

     

    “Noteholder” means any Holder of a Note.

     

    “Obligor” on a Receivable means the purchaser or co‐purchasers
        of the related Financed Vehicle purchased in part or in whole by the execution and delivery of such Receivable or any other Person who owes or may be liable for payments under such Receivable.

     

    “Officer’s Certificate” means a certificate signed by the
        President, any Vice President, the chief financial officer, the chief accounting officer, the Treasurer or any Assistant Treasurer, or the Secretary or any Assistant Secretary of the Issuer, the Seller, the Administrator or the Servicer, as the
        case may be.

     

    “Opinion of Counsel” means one or more written opinions of
        counsel who may, except as otherwise provided herein, be an employee of or counsel to the Issuer, the Seller or the Servicer, which counsel shall be acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as the case may be.

     

    “Optional Purchase Percentage” means 5%.

     

    
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    “Optional Purchase Price” means an amount equal to the greater
        of (i) the fair market value of the Trust Estate and (ii) the Outstanding Amount plus all accrued and unpaid interest on each Class of Notes (including, without duplication, any Class A‐1 Interest Carryover Shortfall, Class A‐2a Interest Carryover
        Shortfall, Class A‐2b Interest Carryover Shortfall, Class A‐3 Interest Carryover Shortfall, Class A‐4 Interest Carryover Shortfall or Class B Interest Carryover Shortfall) through the Payment Date on which the Trust Estate is to be purchased by the
        Servicer, or successor to the Servicer.

     

    “Original Pool Balance” means $1,907,216,811.97.

     

    “Outstanding Amount” means the aggregate principal amount of
        all Notes, or, if indicated by the context, all Notes of any Class, outstanding at the date of determination.

     

    “Overcollateralization Target Amount” means 0.85% of the
        Adjusted Pool Balance as of the Cutoff Date.

     

    “Owner Trustee” means Wilmington Trust, National Association,
        not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust Agreement.

     

    “Owner Trustee Fee” means an annual fee equal to $3,000,
        payable on the Payment Date occurring in May of each year, commencing in May 2020.

     

    “Paying Agent” shall have the meaning ascribed thereto in the
        Indenture.

     

    “Payment Date” means, with respect to a Collection Period, the
        fifteenth (15th) calendar day of the following calendar month, or if such day is not a Business Day, the next succeeding Business Day, commencing in June 2019.

     

    “Permitted Modification” shall have the meaning ascribed
        thereto in Section 4.02.

     

    “Person” means any legal person, including any individual,
        corporation, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

     

    “Pool Balance” means, as of any date, the aggregate Principal
        Balance of the Receivables (exclusive of all Administrative Receivables for which the Servicer has paid the Administrative Purchase Payment, Warranty Receivables for which the Seller has paid the Warranty Purchase Payment and Defaulted Receivables)
        as of the close of business on such date.

     

    “Pool Factor” as of any Payment Date, means a seven‐digit
        decimal figure equal to the Pool Balance as of such Payment Date divided by the Original Pool Balance.

     

    “Prepayment” means any prepayment, whether in part or in full,
        in respect of any Receivable.

     

    “Principal Balance” means, with respect to any Receivable as
        of any date, the Amount Financed minus the sum of the following amounts: (i) that portion of all payments

     

    
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    actually received on or prior to such date allocable to principal, (ii) any Warranty Purchase Payment or Administrative Purchase Payment with respect to such
        Receivable allocable to principal, and (iii) any Prepayments or other payments applied to reduce the unpaid principal balance of such Receivable.  The Principal Balance of a Defaulted Receivable and any Receivable purchased in accordance with the
        terms of Section 9.01(a) shall be zero.

     

    “Rating Agency” means either or each of Moody’s and S&P,
        as indicated by the context.

     

    “Rating Agency Condition” has the meaning set forth in the
        Indenture.

     

    “Receivable” means any retail installment sales contract which
        is executed by an Obligor in respect of a Financed Vehicle that is identified in the Schedule of Receivables, and all proceeds thereof and payments thereunder.

     

    “Receivable File” means the documents (whether tangible or
        electronic) specified in Section 2.02 pertaining to a particular Receivable.

     

    “Receivables Purchase Agreement” means that certain
        Receivables Purchase Agreement, dated as of May 8, 2019, between the Seller and TMCC.

     

    “Record Date” means, with respect to the Notes of any Class
        and each Payment Date, the calendar day immediately preceding such Payment Date or, if Definitive Notes representing any Class of Notes have been issued, the last day of the month immediately preceding the month in which such Payment Date occurs. 
        Any amount stated “as of a Record Date” or “on a Record Date” shall give effect to (i) all applications of collections, and (ii) all payments and distributions to any party under this Agreement, the Indenture and the Trust Agreement or to the
        related Obligor, as the case may be, in each case as determined as of the opening of business on the related Record Date.

     

    “Recoveries” means, with respect to any Receivable that
        becomes a Liquidated Receivable, monies collected in respect thereof, from whatever source, during any Collection Period following the Collection Period in which such Receivable became a Liquidated Receivable, net of the sum of any amounts expended
        by the Servicer for the account of the Obligor and any amounts required by law to be remitted to the Obligor.

     

    “Reference Banks” means, for any LIBOR Determination Date,
        four (4) major banks in the London interbank market selected by the Administrator.

     

    “Regular Principal Distribution Amount” means, with respect to
        any Payment Date, an amount equal to (a) the excess, if any, of (i) the Note Balance as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date), over (ii) the excess, if any, of the Adjusted Pool
        Balance as of the end of the related Collection Period less the Overcollateralization Target Amount minus (b) the sum of the First Priority Principal Distribution Amount and the Second Priority Principal Distribution Amount for such Payment Date.

     

    
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    “Regulation AB” means Subpart 229.1100 – Asset Backed
        Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities,
        Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the Commission, or as
        may be provided by the Commission or its staff from time to time.

     

    “Relief Act” means the Servicemembers Civil Relief Act of
        2003, as amended.

     

    “Requesting Noteholders” shall have the meaning ascribed
        thereto in Section 12.01 of the Indenture.

     

    “Requesting Party” shall have the meaning ascribed thereto in
        Section 11.02(a).

     

    “Required Rate” means 6.80%.

     

    “Reserve Account” means the account designated as such,
        established and maintained pursuant to Section 5.07.

     

    “Review Report” means, for an Asset Representations Review,
        the report of the Asset Representations Reviewer described in Section 3.4 of the Asset Representations Review Agreement.

     

    “Schedule of Receivables” means the schedule of receivables
        attached as an exhibit to the Transfer Notice (as defined in the Receivables Purchase Agreement) delivered on the Closing Date, as it may be amended from time to time in accordance with the terms of this Agreement.

     

    “Scheduled Payment” means, with respect to any Payment Date
        and to a Receivable, the payment set forth in such Receivable as due from the Obligor in the related Collection Period; provided, however, that in the case of the first Collection Period, the Scheduled Payment shall include all such payments due from the Obligor after the Cutoff Date.

     

    “Second Priority Principal Distribution Amount” means, with
        respect to any Payment Date, an amount equal to (a) the excess, if any, of (i) the Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes and the Class B Notes on such Payment Date), over (ii)
        the Adjusted Pool Balance for such Payment Date minus (b) the First Priority Principal Distribution Amount for such Payment Date; provided, however, that the Second Priority Principal Distribution Amount on the Class B Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal
        amount of the Class B Notes to zero.

     

    “Securities Account Control Agreement” means the Securities
        Account Control Agreement, dated as of May 8, 2019, among the Seller, U.S. Bank National Association, as Securities Intermediary thereunder, and the Indenture Trustee, pursuant to which the Reserve Account will be established and maintained.

     

    
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    “Securities Act” means the Securities Act of 1933, as amended.

     

    “Securityholder” see the definition of “Holder.”

     

    “Seller” means TAFR LLC, and its successors in interest to the
        extent permitted hereunder.

     

    “Servicer” means TMCC, as the servicer of the Receivables, and
        each successor to TMCC (in the same capacity) pursuant to Section 7.03 or 8.02.

     

    “Servicer’s Certificate” means an Officer’s Certificate of the
        Servicer delivered pursuant to Section 4.10, substantially in the form attached hereto as Exhibit A.

     

    “Servicer Default” means an event specified in Section 8.01.

     

    “Servicing Criteria” means the “servicing criteria” set forth
        in Item 1122(d) of Regulation AB, as such may be amended from time to time.

     

    “Servicing Fee Rate” means 1.00% per annum.

     

    “Simple Interest Method” means the method of allocating a
        fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of
        time elapsed since the preceding payment of interest was made and the remainder of such payment is allocable to principal.

     

    “Specified Reserve Account Balance” means, with respect to any
        Payment Date, an amount equal to the lesser of (a) $4,375,002.67 and (b) the Outstanding Amount of the Notes for such Payment Date (after giving effect to any principal payments made on the Notes on such Payment Date).

     

    “Sponsor” means Toyota Motor Credit Corporation, in its
        capacity as sponsor hereunder, and any successor in interest.

     

    “S&P” means S&P Global Ratings and its successors.

     

    “Subcontractor” means any vendor, subcontractor or other
        Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the asset-backed securities market) of the Receivables but performs one or more discrete functions identified in Item 1122(d) of
        Regulation AB with respect to the Receivables under the direction or authority of the Servicer or a Subservicer.

     

    “Subservicer” means any Person that services Receivables on
        behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer
        under this Agreement that are identified in Item 1122(d) of Regulation AB.

     

    
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    “Successor Servicer” means any entity appointed as a successor
        to the Servicer pursuant to Section 8.02.

     

    “Supplemental Servicing Fee” means, with respect to any
        Payment Date, all late fees, extension fees and other administrative fees and expenses or similar charges allowed by applicable law with respect to the Receivables received by the Servicer during the related Collection Period, plus investment
        earnings on deposit in the Collection Account.

     

    “TAFR LLC” means Toyota Auto Finance Receivables LLC, a
        Delaware limited liability company, or its successors.

     

    “TMCC” means Toyota Motor Credit Corporation, a California
        corporation, and its successors and assigns.

     

    “Total Servicing Fee” means, for each Payment Date, the sum of
        the Basic Servicing Fee and the Supplemental Servicing Fee for such Payment Date.

     

    “Trust Agreement” means the Trust Agreement, dated as of
        January 3, 2019, as amended and restated by the Amended and Restated Trust Agreement, dated as of May 8, 2019, in each case by and between the Seller and the Owner Trustee.

     

    “Trust Estate” shall have the meaning ascribed thereto in
        Section 1.01 of the Indenture.

     

    “Trust Officer” means, in the case of the Indenture Trustee,
        any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to
        those performed by any of the above designated officers with direct responsibility for the administration of the Indenture and the Basic Documents and, with respect to the Owner Trustee, any officer in the Corporate Trust Administration Department
        of the Owner Trustee with direct responsibility for the administration of the Trust Agreement on behalf of the Owner Trustee.

     

    “Trustee and Reviewer Fees” means, with respect to any Payment
        Date, the sum of the related Indenture Trustee Fee, Owner Trustee Fee and Asset Representations Reviewer Fee.

     

    “UCC” means the Uniform Commercial Code as in effect in the
        relevant jurisdiction at the relevant time.

     

    “United States” means the United States of America.

     

    “Verified Note Owner” has the meaning assigned to such term in
        the Indenture.

     

    “Warranty Purchase Payment” means, with respect to a Payment
        Date and to a Warranty Receivable repurchased by the Seller as of the close of business on the last day of the related Collection Period, the sum of (a) the unpaid principal balance owed by the Obligor in

     

    
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    respect of such Receivable plus (b) interest on such unpaid principal balance at a rate equal to the related APR to the last day in the related Collection
        Period.

     

    “Warranty Receivable” means a Receivable which the Seller is
        required to repurchase pursuant to Section 3.02.

     

    “Yield Supplement Overcollateralization Amount” means, with
        respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of
        the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled
        payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

     

    SECTION 1.02      Usage of Terms.  With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing,
        typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective
        terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term “including” means “including without limitation.”

     

    ARTICLE II

        

        CONVEYANCE OF RECEIVABLES

     

    SECTION 2.01      Conveyance of Receivables.

     

    (a)      Upon the execution of this Agreement by the parties hereto,
        the Seller, pursuant to the mutually agreed upon terms contained in this Agreement, shall sell, transfer, assign and otherwise convey to the Issuer, without recourse (but subject to the Seller’s obligations in this Agreement), all of its right,
        title and interest in and to the Receivables and any proceeds related thereto, including any Dealer Recourse and such other items as shall be specified in this Agreement.  Concurrently therewith and in exchange therefor, the Issuer shall deliver
        to, or to the order of, the Seller the Notes and the Certificate.

     

    (b)      In consideration of the foregoing and other good and
        valuable consideration to be delivered to the Seller hereunder, on behalf of the Issuer, the Seller does hereby sell, transfer, assign and otherwise convey to the Issuer, without recourse (subject to the Seller’s obligations herein):

     

    (i)      all right, title and interest of the
        Seller in and to the Receivables and all monies due thereon or paid thereunder or in respect thereof (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 or the purchase of Receivables by the Servicer pursuant
        to Section 4.08 or 9.01) after the Cutoff Date;

     

    
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    (ii)      the interest of the Seller in the
        security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any accessions thereto;

     

    (iii)     the interest of the Seller in any
        proceeds of any Insurance Policies relating to the Receivables or the Obligors;

     

    (iv)     the interest of the Seller in any Dealer
        Recourse;

     

    (v)      the right of the Seller to realize upon
        any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed pursuant to the terms thereof;

     

    (vi)     the rights and interests of the Seller
        under the Receivables Purchase Agreement;

     

    (vii)    all proceeds of the foregoing; and

     

    (viii)   all present and future claims, demands,
        causes of action and choses in action in respect of any or all of the foregoing and all payments on or under of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary
        or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every
        kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”).

     

    (c)      It is the intention of the Seller that the transfer and
        assignment contemplated by this Agreement shall constitute a sale of the Collateral from the Seller to the Issuer and the beneficial interest in and title to the Collateral shall not be part of the Seller’s estate in the event of the filing of a
        bankruptcy petition by or against the Seller under any bankruptcy law.  The Seller agrees to execute and file all filings (including filings under the UCC) necessary in any jurisdiction to provide third parties with notice of the sale of the
        Collateral pursuant to this Agreement and to perfect such sale under the UCC.

     

    (d)      Although the parties hereto intend that the transfer and
        assignment contemplated by this Agreement be a sale, in the event such transfer and assignment is deemed to be other than a sale, the parties intend that all filings described in the foregoing paragraph shall give the Issuer a first priority
        perfected security interest in, to and under the Receivables, and other Collateral conveyed hereunder and all proceeds of any of the foregoing.  This Agreement shall be deemed to be the grant of a security interest from the Seller to the Issuer,
        and the Issuer shall have all the rights, powers and privileges of a secured party under the UCC.

     

    (e)      In connection with the foregoing conveyance, the Servicer
        shall maintain its computer system so that, from and after the time of sale of the Receivables to the Issuer under this Agreement, the Servicer’s electronic files which are maintained for the purpose of identifying retail installment sales
        contracts which have been transferred in connection with securitizations will show the interest of the Issuer in such Receivable and that the Receivable is

     

    
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    owned and controlled by the Issuer.  Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on the Servicer’s computer systems
        when, and only when, the Receivable has been paid in full, repurchased or assigned pursuant to this Agreement.

     

    (f)      Ownership and control of the Receivables, as between the
        Issuer and the Indenture Trustee (on behalf of the Noteholders) shall be governed by the Indenture.

     

    SECTION 2.02      Custody of Receivable Files.  To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Owner Trustee on behalf of the Issuer, upon the execution and delivery of this Agreement,
        appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments (the parties hereto expressly acknowledging and agreeing that the Servicer may appoint a
        third party to act as the agent of the Servicer to maintain possession or control of such documents, electronic files or instruments as contemplated by Section 3.03(b) of this Agreement) which are hereby held by the Servicer for benefit of the
        Issuer with respect to each Receivable:

     

    (a)      the original tangible record constituting or forming a part
        of such Receivable that is tangible chattel paper (as such term is defined in Section 9-102 of the UCC) fully executed and “signed” (within the meaning of the UCC) by the related Obligor, or a copy or image of such original tangible record that is
        stored in an electronic medium that the Servicer shall maintain in accordance with its Customary Servicing Practices and that shall be a single “authoritative copy” (as such term is used in Section 9-105 of the UCC) of such Receivable, which
        authoritative copy identifies TMCC as the secured party under such Receivable or as the assignee of the secured party under such Receivable, or the authoritative copy of the electronic record evidencing electronic chattel paper initially
        authenticated by the related Obligor that (i) is maintained for TMCC by a third party provider acting on behalf of TMCC that (x) provides computer services that enables Dealers to create, store, control and assign electronic records, records
        constituting an “authoritative copy”, and other related materials and (y) enables TMCC to accept assignment of, control, assign and store, the authoritative copy of such electronic chattel paper and electronic records and other related materials
        and (ii) identifies TMCC as the secured party under such Receivable or as the assignee of the secured party under such Receivable;

     

    (b)      the original credit application executed by the related
        Obligor (or a photocopy or other image or electronic record thereof that the Servicer shall keep on file in accordance with its Customary Servicing Practices), on TMCC’s customary form, or on a form approved by TMCC;

     

    (c)      the original certificate of title (or evidence that such
        certificate of title has been applied for), or a photocopy or other image thereof of such documents that the Servicer shall keep on file in accordance with TMCC’s Customary Servicing Practices, evidencing the security interest in the related
        Financed Vehicle; and

     

    (d)      any and all other documents (whether tangible or
        electronic) that the Seller or the Servicer, as the case may be, shall keep on file, in accordance with its Customary Servicing Practices, relating to such Receivable, the related Obligor or Financed Vehicle, including documents evidencing or
        relating to any Insurance Policy;

     

    
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    provided, that the Servicer may appoint one or more agents to act as subcustodians of certain items contained in a Receivable File so long as the Servicer remains primarily responsible for their safekeeping, provided, further, that the
        Servicer shall not transmit or transfer the authoritative copy of a Receivable that is in the form of electronic chattel paper to another person unless such person is able to and agrees to maintain TMCC’s “control” (as such term is used in Section
        9-105 of the UCC) over the authoritative copy or the control of any authorized assignee of TMCC.  The Servicer shall maintain “control”, within the meaning of Section 9-105 of the
          applicable UCC, of every Receivable for the benefit of the owners of that Receivable, and shall not relinquish such control or transfer such control to any other person except at the direction of the owner of such Receivables and only if such
          transfer is effective to transfer control to the person designated by such owner of the Receivable.

     

    SECTION 2.03      Acceptance by Owner Trustee.  The Owner Trustee hereby acknowledges its acceptance, on behalf of the Issuer, pursuant to this Agreement, of all right, title and interest in and to the Receivables conveyed by the Seller
        pursuant to this Agreement and declares and shall declare from and after the date hereof that the Owner Trustee holds and shall hold such right, title and interest, upon the terms and conditions set forth in this Agreement.

     

    ARTICLE III

        

        THE RECEIVABLES

     

    SECTION 3.01      Representations and Warranties of the Seller with Respect to the Receivables.  The Seller makes the following representations and warranties as to the Receivables on which the Issuer is deemed to have relied in
        acquiring the Receivables.  Such representations and warranties speak as of the Cutoff Date and as of the Closing Date (unless, by its terms, a representation or warranty speaks specifically as of the Cutoff Date or the Closing Date, in which case,
        such representation or warranty speaks specifically as of such date only), but shall survive the sale, transfer and assignment of the Receivables to the Issuer, and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

     

    (a)      Origination.  Each Receivable was originated in the United States by a Dealer for the retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or
        electronically authenticated by the parties thereto, has been purchased by TMCC from such Dealer under an existing agreement with TMCC and has been validly assigned by such Dealer to TMCC.

     

    (b)      Security Interest.  With respect to each Receivable, as of the Closing Date, TMCC has, or has started procedures that will result in TMCC having, a perfected, first priority security interest in the related Financed
        Vehicle, which security interest was validly created and is assignable by the Seller to the Issuer.

     

    (c)      Simple Interest.  Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the
        Receivable) and provide for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

     

    
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    (d)      Prepayment.  Each Receivable allows for prepayment without penalty.

     

    (e)      Compliance with Law.  To the Seller’s knowledge, each Receivable complied in all material respects at the time it was originated with all requirements of applicable federal, state and local laws, and regulations thereunder.

     

    (f)      Binding Obligation.  Each Receivable is on a form contract containing customary and enforceable provisions that includes rights and remedies allowing the holder to enforce the obligation and realize on the related Financed
        Vehicle and represents the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
        reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in
        equity or at law.

     

    (g)      No Government Obligors.  None of the Receivables is due from the United States or any state or local government, or from any agency, department or instrumentality of the United States or any state or local government.

     

    (h)      Receivables in Force.  As of the Cutoff Date, no Receivable has been satisfied, nor has any Financed Vehicle been released in whole or in part from the lien granted by the related Receivable.

     

    (i)      No Amendments or Waivers.  As of the Cutoff Date, no material provision of a Receivable has been amended, modified or waived in a manner that is prohibited by the provisions of this Agreement.

     

    (j)      No Defenses.  To the Seller’s knowledge, as of the Closing Date, no Receivable is subject to any right of rescission, setoff, counterclaim or defense, nor has any such right been asserted or threatened with respect to any
        Receivable.

     

    (k)      No Payment Default.  Except for payment delinquencies that have been continuing for a period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

     

    (l)      No Repossession.  No Financed Vehicle has been repossessed without reinstatement as of the Cutoff Date.

     

    (m)    Insurance.  The terms of each Receivable require the related Obligor to obtain and maintain physical damage insurance covering the related Financed Vehicle in accordance with TMCC’s normal requirements.  No Financed Vehicle
        was subject to force-placed insurance.

     

    (n)     Good Title.  Immediately prior to the transfer and assignment herein contemplated, the Seller had good and marketable title to each Receivable free and clear of all Liens and rights of others (other than pursuant to the
        Basic Documents) and, immediately upon the transfer and assignment thereof, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens and rights of others (other than pursuant to the Basic Documents).

     

    
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    (o)      Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement, or pursuant to the Receivables
        Purchase Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable.  The terms of each Receivable do not limit the right of the owner of such Receivable to sell such Receivable.

     

    (p)      Additional Representations and Warranties.  (A) Each Receivable is being serviced by TMCC as of the Closing Date; (B) each Receivable is secured by a new or used car, minivan, light-duty truck or sport utility vehicle; (C)
        no Receivable was more than 29 days past due as of the Cutoff Date; and (D) as of the Cutoff Date, no Receivable was noted in the records of TMCC or the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.

     

    SECTION 3.02      Remedies.  The Seller, the Servicer or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of the
        Seller’s representations and warranties made pursuant to Section 3.01 that materially and adversely affects the interests of the Issuer in any Receivable, without regard to any limitation set forth in such representation or warranty concerning the
        knowledge of the Seller as to the facts stated therein; provided that the Owner Trustee shall not be obligated to provide such written notice unless it shall have (a)
        received written notice of such a breach or (b) a Trust Officer of the Owner Trustee has actual knowledge of such a breach.  By the last day of the second Collection Period following the Collection Period in which it discovers or receives notice of
        such breach, the Seller shall, unless such breach shall have been cured in all material respects, repurchase such Receivable and, if necessary, the Seller shall enforce the obligation of TMCC under the Receivables Purchase Agreement to repurchase
        such Receivable from the Seller.  Notwithstanding the foregoing, the obligation of the Seller to repurchase a Receivable shall not be conditioned on the performance by TMCC of its obligation to repurchase such Receivable from the Seller pursuant to
        the Receivables Purchase Agreement.  In consideration of the repurchase of any such Receivable, on or prior to 11:00 a.m. New York time on the related Payment Date, the Seller shall remit the Warranty Purchase Payment of such Receivable to the
        Collection Account in the manner specified in Section 5.05.  Except as described below, the sole remedy of the Owner Trustee, the Issuer, the Indenture Trustee (by operation of the assignment of the Owner Trustee’s rights hereunder pursuant to the
        Indenture) or any Securityholder with respect to a breach of the Seller’s representations and warranties pursuant to this Agreement shall be to require the Seller to repurchase the related Receivable pursuant to this Section and to enforce TMCC’s
        obligation to the Seller to repurchase such Receivables pursuant to the Receivables Purchase Agreement.  Neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation as to the occurrence of any
        condition requiring the repurchase of any Receivable pursuant to this Section.  In connection with such repurchase, the Owner Trustee and Indenture Trustee shall take all steps necessary to effect a transfer of such Receivable as set forth in
        Section 9.01(d).

     

    SECTION 3.03      Duties of Servicer as Custodian.

     

    (a)      Safekeeping.  The Servicer shall hold, at one of the locations listed in Schedule A to this Agreement or at such other office as shall be specified to the Owner Trustee and the

     

    
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    Indenture Trustee as provided in Section 3.03(b), the Receivable Files as custodian for the benefit of the Issuer and maintain such accurate and complete
        accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuer to comply with this Agreement.  The Servicer covenants and agrees that it shall hold the Receivable Files in such a manner as to prevent any other
        Person from obtaining control of any electronic chattel paper (as defined in the UCC) included therein, within the meaning of section 9-105 of the UCC.  In performing its duties as custodian, the Servicer shall act in accordance with its Customary
        Servicing Practices.  The Servicer shall promptly report to the Issuer and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall promptly take
        appropriate action to remedy any such failure.  Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Owner Trustee or the Indenture Trustee of the Receivable Files.

     

    (b)      Maintenance of and Access to Records.  The Servicer shall maintain each Receivable File at one of its offices specified in Schedule A or at such other office of the Servicer or a third party agent retained by the Servicer
        as shall be specified to the Issuer and the Indenture Trustee by written notice not later than ninety (90) days after any change in location.  The Servicer shall make available to the Issuer and the Indenture Trustee or their respective duly
        authorized representatives, attorneys or auditors a list of locations of the Receivable Files and the related accounts, records and computer systems maintained by the Servicer at such times during normal business hours as the Issuer or the
        Indenture Trustee shall instruct with reasonable advance notice.

     

    (c)      Release of Documents.  Upon instruction from the Indenture Trustee, the Servicer shall release any Receivable File to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may
        be, at such place or places as the Indenture Trustee may designate, as soon as practicable.

     

    SECTION 3.04      Instructions; Authority To Act.  The Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Trust Officer of the Owner
        Trustee or the Indenture Trustee.  A certified copy of a bylaw or of a resolution of the board of directors of the Owner Trustee or of the Indenture Trustee shall constitute conclusive evidence of the authority of such Trust Officer to act, and
        shall be considered conclusive evidence of the authority of such Trust Officer to act until receipt by the Servicer of written notice to the contrary given by the Owner Trustee or Indenture Trustee, as the case may be.

     

    SECTION 3.05      Custodian’s Indemnification.  (a) The Servicer as custodian shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee and each of their respective officers, directors, employees and agents for any and all
        liabilities, obligations, losses, compensatory damages, payments, costs or expenses (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with
        any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Servicer) of any kind whatsoever that may be imposed on, incurred by or asserted against any of them as the
        result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files in accordance with the terms of this Agreement; provided,

     

    
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    however, that the Servicer shall not be liable to the Owner Trustee for any
        portion of any such amount resulting from the willful misfeasance, bad faith or gross negligence of the Owner Trustee, and the Servicer shall not be liable to the Indenture Trustee for any portion of any such amount resulting from the willful
        misfeasance, bad faith or negligence of the Indenture Trustee, in each case to the extent such matters have been determined definitively by a court of competent jurisdiction pursuant to a final order or verdict not subject to appeal, and until such
        determination, the Issuer, the Owner Trustee, the Indenture Trustee and each of their officers, directors, employees and agents shall be entitled to indemnification hereunder.

     

    (b)      Promptly after receipt by a party indemnified under this
        Section 3.05 (a “Custodian Indemnified Party”) of notice of the commencement of any action, such Custodian Indemnified Party will, if a claim in respect thereof is to be made against the party providing indemnification under this Section 3.05 (a
        “Custodian Indemnifying Party”), notify such Custodian Indemnifying Party of the commencement thereof.  In case any such action is brought against any Custodian Indemnified Party under this Section 3.05 and it notifies the Custodian Indemnifying
        Party of the commencement thereof, the Custodian Indemnifying Party will assume the defense thereof, with counsel reasonably satisfactory to such Custodian Indemnified Party, and the Custodian Indemnifying Party will not be liable to such Custodian
        Indemnified Party under this Section for any legal or other expenses subsequently incurred by such Custodian Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation.  The obligations set forth in this
        Section 3.05 shall survive the termination of this Agreement or the resignation or removal of the Servicer, the Owner Trustee, the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of litigation.  If the
        Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the
        Servicer, without interest.

     

    

    

    SECTION 3.06      Effective Period and Termination.  The Servicer’s appointment as custodian shall become effective as of the date hereof, and shall continue in full force and effect until terminated pursuant to this Section.  If TMCC
        shall resign as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.01, the appointment of TMCC (as Servicer) as custodian shall be
        terminated hereunder without further action by the Indenture Trustee, Owner Trustee, Noteholders or the Certificateholder. The Indenture Trustee or, with the consent of the Indenture Trustee, the Owner Trustee may terminate the Servicer’s
        appointment as custodian, with cause, at any time upon written notification to the Servicer.  The Owner Trustee, Indenture Trustee or Noteholders may terminate the Servicer as custodian hereunder in the same manner as the Owner Trustee, Indenture
        Trustee or Noteholders may terminate the rights and obligations of the Servicer under Section 8.01.  As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the Indenture Trustee or the
        agent thereof at such place or places as the Indenture Trustee may reasonably designate.

     

    ARTICLE IV

        

        ADMINISTRATION AND SERVICING OF RECEIVABLES

     

      

    
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    SECTION 4.01      Duties of Servicer.  The Servicer, for the benefit of the Issuer and the Securityholders (to the extent provided herein), shall manage, service, administer and make collections on the Receivables in accordance with its
        Customary Servicing Practices.  The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors or by federal, state or local government authorities with respect to the Receivables, investigating
        delinquencies, sending payment information to Obligors, reporting tax information to Obligors in accordance with its Customary Servicing Practices, accounting for collections and furnishing monthly and annual statements to the Owner Trustee and the
        Indenture Trustee.  The Servicer shall have full power and authority, acting alone, to do any and all things in connection with managing, servicing, administering and making collections on the Receivables that it may deem necessary or desirable, in
        accordance with its Customary Servicing Practices.  Nothing in the foregoing or in any other section of this Agreement shall be construed to prevent the Servicer from implementing new programs, whether on an intermediate, pilot or permanent basis,
        or on a regional or nationwide basis, or from modifying its standards, policies and procedures as long as, in each case, the Servicer does or would implement such programs or modify its standards, policies and procedures in respect of comparable
        assets serviced for itself in the ordinary course of business.

     

    Without limiting the generality of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the
        Issuer, the Owner Trustee, the Indenture Trustee, the Securityholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to the
        Receivables and the Financed Vehicles.  The Servicer is hereby authorized to communicate with Obligors in the ordinary course of its servicing of the Receivables and Financed Vehicles in its own name.  The Servicer is hereby authorized to commence,
        in its own name or in the name of the Issuer, a legal proceeding to enforce a Defaulted Receivable or to commence or participate in a legal proceeding (including without limitation a bankruptcy proceeding) relating to or involving a Receivable,
        including a Defaulted Receivable.  If the Servicer shall commence or participate in a legal proceeding to enforce a Receivable, the Issuer shall thereupon be deemed to have automatically assigned to the Servicer, solely for the purpose of
        collection on behalf of the party retaining an interest in such Receivable, such Receivable and the other property conveyed to the Issuer hereby with respect to such Receivable for purposes of commencing or participating in any such proceeding as a
        party or claimant, and the Servicer is authorized and empowered by the Owner Trustee to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with
        any such proceeding.  If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the
        Owner Trustee on behalf of the Issuer shall, at the Servicer’s expense and direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Owner Trustee, the Indenture Trustee, the Certificateholder and/or
        the Noteholders.  The Owner Trustee, on behalf of the Issuer, shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry
        out its servicing and administrative duties under this Agreement.

     

    SECTION 4.02      Collection and Allocation of Receivable Payments.  The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of

     

    
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    the Receivables as and when the same shall become due and shall follow such customary collection procedures as it follows with respect to comparable
        automotive receivables that it services for itself or others.  The Servicer shall be authorized to grant extensions, rebates or adjustments on a Receivable in accordance with the Customary Servicing Practices of the Servicer without the prior
        consent of the Owner Trustee, the Indenture Trustee or any Securityholder; provided, however,
        that if the amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of
        payments such that the Receivable will be outstanding later than the last day of the Collection Period preceding the Class B Final Scheduled Payment Date, then the Servicer shall be obligated (except to the extent any such extension, rebate or
        adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments
        under clause (z) above if it is required to grant such extension under law or pursuant to a court order.  In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to
        release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable
        pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer.  Notwithstanding the foregoing, (1)
        if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related
        reasons that would be acceptable to the Servicer with respect to comparable new or used car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable
        as extended would not be later than the last day of the Collection Period preceding the Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of the Receivable in the event of a prepayment resulting from refunds of
        Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (2) if at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such
        that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one
        payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the Collection Period preceding the Class B Final
        Scheduled Payment Date; and (3) the Servicer may, in accordance with its Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. 
        Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.”

     

    In addition, in accordance with its Customary Servicing Practices, the Servicer shall modify the terms of any Receivable impacted by the
        Relief Act and the Servicer shall be obligated to purchase any such modified Receivable in accordance with the terms of Section 4.08.

     

    
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    SECTION 4.03      [Reserved].

     

    SECTION 4.04      Realization upon Receivables.  On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practices, to repossess or otherwise comparably convert the ownership of any
        Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the
        Determination Date following the end of the Collection Period in which the Servicer shall have made such determination).  The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and
        usual in its servicing of car, minivan, light-duty truck and sport utility vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or
        private sale and other actions to realize upon such a Receivable.  The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable.  All Net Liquidation Proceeds realized in connection with any such
        action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02.  The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered
        damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds
        of the related Receivable by an amount greater than the amount of such expenses.

     

    SECTION 4.05      Physical Damage Insurance.  The Servicer shall, in accordance with its Customary Servicing Practices and only to the same extent, if any, that the Servicer so requires by obligors with respect to retail installment
        sales contracts that are held for the account of TMCC, require that each Obligor, upon the Servicer’s request, deliver proof that it has obtained physical damage insurance covering the related Financed Vehicle at the date of origination of the
        related Receivable, but shall not obtain any such coverage on behalf of any Obligor.

     

    SECTION 4.06      Maintenance of Security Interests in Financed Vehicles.  The Servicer shall, in accordance with its Customary Servicing Practices and at its own expense, take such steps as are necessary to maintain perfection of the
        security interest created by each Receivable in the related Financed Vehicle.  The Issuer hereby authorizes the Servicer to take such steps as are necessary to again perfect such security interest on behalf of the Issuer and the Indenture Trustee
        in the event of the relocation of a Financed Vehicle or for any other reason.  In the event that the assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed Vehicle’s certificate of title, to grant to
        the Issuer a first priority perfected security interest in the related Financed Vehicle, the Servicer hereby agrees to serve as the agent of the Issuer for the purpose of perfecting the security interest of the Issuer in such Financed Vehicle and
        agrees that the Servicer’s listing as the secured party on the certificate of title is in this capacity as agent of the Issuer.

     

    SECTION 4.07      Covenants of Servicer.  The Servicer hereby makes the following covenants to the Issuer on which the Issuer has relied in purchasing the Receivables and issuing the Certificate, and on which the Indenture Trustee will
        rely in undertaking the trusts set forth in the Indenture and acting for the Noteholders.

     

    
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    (a)      Liens in Force.  Except as contemplated by this Agreement or to the extent required by law or court order, the Servicer shall not release in whole or in part any Financed Vehicle from the security interest securing the
        related Receivable except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices,
        (b) in connection with repossession or (c) except as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.

     

    (b)      No Impairment.  The Servicer shall do nothing to impair the rights of the Securityholders in the Receivables.

     

    (c)      No Amendments.  Except as provided in Section 4.02 or to the extent required by law or court order, the Servicer shall not amend or otherwise modify any Receivable such that the total number of Scheduled Payments, the
        Amount Financed or the APR is altered, or extend the maturity of such Receivable beyond the last day of the Collection Period preceding the Class B Final Scheduled Payment Date.

     

    SECTION 4.08      Remedies.  The Servicer shall inform the Owner Trustee and Indenture Trustee promptly (but no more frequently than monthly), in writing (including, without limitation, delivery in writing by means of electronic mail),
        upon the actual knowledge of one of its officers of, and the Owner Trustee, on behalf of the Issuer, shall inform the Servicer and the Indenture Trustee promptly, in writing, upon the actual knowledge of one of its Trust Officers of, any breach
        pursuant to Section 4.06 or 4.07 that materially and adversely affects the interests of the Issuer in a Receivable, or if an extension, rescheduling or modification of a Receivable is made by the Servicer and which obligates the Servicer to
        repurchase such Receivable, as described in Section 4.02, the party discovering such event shall give prompt (but no more frequently than monthly) written notice to the others.  By the last day of the second Collection Period following the
        Collection Period in which it discovers or receives notice of such event, the Servicer shall, unless such event shall have been cured in all material respects or such modification has been rescinded, purchase from the Issuer such Receivable in
        accordance with the terms of this Agreement.  In consideration of the purchase of any such Receivable, on or prior to 11:00 a.m. New York time on the related Payment Date, the Servicer shall remit the Administrative Purchase Payment to the
        Collection Account in the manner specified in Section 5.05.  Except as otherwise provided in Section 7.02, the sole remedy of the Owner Trustee, the Issuer, the Indenture Trustee or any Securityholders against the Servicer with respect to a breach
        pursuant to Section 4.02, 4.06 or 4.07 shall be to require the Servicer to purchase the related Receivables pursuant to this Section.  Neither the Owner Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative investigation
        as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.  In connection with such repurchase, the Owner Trustee and Indenture Trustee shall take all steps necessary to effect a transfer of such
        Receivable to the Servicer as set forth in Section 9.01(d).

     

    SECTION 4.09      Servicing Fee and Expenses.  As compensation for the performance of its obligations hereunder, the Servicer shall be entitled to receive on each Payment Date, out of Available Collections, the Total Servicing Fee.  The
        Basic Servicing Fee in respect of a Collection Period shall be calculated based on a 360 day year comprised of twelve 30-day months.  Except to the extent otherwise provided herein, the Servicer shall be required to

     

    
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    pay all expenses incurred by it in connection with its activities under this Agreement (including fees and disbursements of the independent accountants,
        transition expenses as provided in Section 8.02 hereof, taxes imposed on the Servicer, expenses incurred by the Servicer in connection with its preparation of reports hereunder, and all other fees and expenses not expressly stated under this
        Agreement to be for the account of the Certificateholder).

     

    SECTION 4.10      Servicer’s Certificate.  On or before each Determination Date, the Servicer shall deliver (which delivery may be made by means of electronic mail) to the Owner Trustee, each Paying Agent, the Indenture Trustee and the
        Seller, and shall make available to the Rating Agencies, a Servicer’s Certificate substantially in the form of Exhibit A hereto, containing (i) the information necessary to make the payments to be made on the related Payment Date, (ii) a statement
        as to whether or not a Delinquency Trigger has occurred in respect of the related Collection Period, together with reasonably detailed calculations thereof, (iii) the information necessary for the Owner Trustee and the Indenture Trustee to make
        available on its website statements to the Securityholders pursuant to the Trust Agreement or Indenture, as the case may be and (iv) in the case of the Servicer’s Certificate related to the first Collection Period, the disclosure (if any) required
        by Rule 4(c)(2)(ii) of the Credit Risk Retention Rules.  On or before each applicable Determination Date, the Servicer shall provide written notice (which written notice may be delivered by means of electronic mail) to the Owner Trustee and the
        Indenture Trustee specifying (i) the identity of any Receivable that the Servicer or the Seller became obligated to purchase or that the Servicer determined to be a Defaulted Receivable, in either case during the Collection Period for the Payment
        Date to which such Determination Date relates, (ii) the identity of any Receivable in respect of which payment of the Administrative Purchase Payment or Warranty Purchase Payment has been made in the Collection Period for the Payment Date to which
        such Determination Date relates, and (iii) the account number of the Obligor of any such Receivable described in the foregoing clause (i) or (ii) (as specified in the Schedule of Receivables).  In addition, with respect to each Collection Period,
        the Servicer will prepare and file, or cause to be filed, a Form ABS-EE (including an asset data file and asset-related document containing the asset-level information for each Receivable for such Collection Period) on or before the date on which
        the Form 10-D with respect to such Collection Period is required to be filed.

     

    SECTION 4.11      Annual Statement as to Compliance; Notice of Default.

     

    (a)      Within ninety (90) days after the end of each fiscal year
        for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Issuer (commencing with the fiscal year ended December 31, 2019), the Servicer shall deliver an Officer’s Certificate to the Owner Trustee and the
        Indenture Trustee to the effect that a review of the activities of the Servicer during the prior fiscal year (or since the Closing Date in the case of the first such Officer’s Certificate) has been made under the supervision of the officer
        executing such Officer’s Certificate with a view to determining whether during such period the Servicer has fulfilled all of its obligations under this Agreement, and either (i) stating that, to the best of his or her knowledge, the Servicer has
        materially fulfilled its obligations under this Agreement, or (ii) if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof.

     

    
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    (b)      The Servicer shall deliver to the Owner Trustee, the
        Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five (5) Business Days thereafter, written notice in an Officer’s Certificate of any event which with the giving of notice or
        lapse of time, or both, would become a Servicer Default under Section 8.01(a) or (b).

     

    SECTION 4.12      Assessment of Compliance and Accountants’ Attestation.

     

    (a)      Within ninety (90) days after the end of each fiscal year
        for which a report on Form 10-K is required to be filed with the Commission by or on behalf of the Issuer (commencing with the fiscal year ended December 31, 2019), the Servicer shall:

     

    (i)      deliver to the Issuer, Administrator,
        Owner Trustee and Indenture Trustee a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding fiscal year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
        Regulation AB.  Such report shall be addressed to the Issuer and signed by an authorized officer of the Servicer, and shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit C hereto delivered
        to the Issuer and the Administrator concurrently with the execution of this Agreement;

     

    (ii)      deliver to the Issuer, Administrator,
        Owner Trustee and Indenture Trustee a report of a registered public accounting firm reasonably acceptable to the Issuer and the Administrator that attests to, and reports on, the assessment of compliance made by the Servicer and delivered pursuant
        to the preceding paragraph.  Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S‐X under the Securities Act and the Exchange Act;

     

    (iii)      cause each Subservicer and each
        Subcontractor determined by the Servicer to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Issuer, Administrator, Owner Trustee and Indenture Trustee an assessment of compliance and
        accountants’ attestation as and when provided in paragraphs (i) and (ii) of this Section; and

     

    (iv)      if requested by the Administrator,
        acting on behalf of the Issuer, deliver to the Issuer and the Administrator and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
        (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with respect to a securitization transaction a certification in the form attached hereto as Exhibit B.

     

    The Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicer pursuant to such clause
        in signing a Sarbanes Certification and filing such with the Commission.  The Administrator, acting on behalf of the Issuer, will not request delivery of a certification under clause (a)(iv) above unless the Depositor is required under the Exchange
        Act to file an annual report on Form 10‐K with respect to an Issuer whose asset pool includes the Receivables.

     

    
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    (b)      Each assessment of compliance provided by a Subservicer
        pursuant to Section 4.12(a)(iii) shall address each of the Servicing Criteria specified on a certification to be delivered to the Servicer, Issuer and the Administrator on or prior to the date of such appointment.  An assessment of compliance
        provided by a Subcontractor pursuant to Section 4.12(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer and the Issuer on the date of such appointment.

     

    SECTION 4.13      Access to Certain Documentation and Information Regarding Receivables.  The Servicer shall provide to the Owner Trustee and Indenture Trustee reasonable access to the documentation regarding the Receivables as provided
        in Section 3.03(b).  The Servicer shall provide such access to any Securityholder only in such cases where the Certificateholder or Noteholders are required by applicable statutes or regulations to review such documentation.  In each case, such
        access shall be afforded without charge, but only upon reasonable request and during the normal business hours at the respective offices of the Servicer.  Nothing in this Section shall derogate from the obligation of the Servicer to observe any
        applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section.

     

    SECTION 4.14      Appointment of Subservicer.

     

    (a)      The Servicer may at any time after the execution of this
        Agreement appoint a Subservicer to perform all or any portion of its obligations as Servicer hereunder; provided, however, that the Servicer shall remain obligated and be liable to the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholder and the Noteholders for the servicing and administering of the Receivables in
        accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such Subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
        administering the Receivables.  The fees and expenses of the Subservicer shall be as agreed between the Servicer and its Subservicer from time to time, and none of the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholder or the
        Noteholders shall have any responsibility therefor.

     

    (b)      The Servicer shall cause any Subservicer used by the
        Servicer (or by any Subservicer) for the benefit of the Issuer to comply with the reporting and compliance provisions of this Agreement to the same extent as if such Subservicer were the Servicer, and to provide the information required with
        respect to such Subservicer as is required to file all required reports with the Commission.  The Servicer shall be responsible for obtaining from each Subservicer and delivering to the Issuer and the Administrator any servicer compliance statement
        required to be delivered by such Subservicer under Section 4.11, any assessment of compliance and attestation required to be delivered by such Subservicer under Section 4.12 and any certification required to be delivered to the Person that will be
        responsible for signing the Sarbanes Certification under Section 4.12(a)(iv) as and when required to be delivered.

     

    (c)      The Servicer shall promptly upon request provide to the
        Issuer or the Administrator, acting on behalf of the Issuer, a written description (in form and substance satisfactory to the Issuer and the Administrator) of the role and function of each Subcontractor

     

    
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    utilized by the Servicer or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which, if any, of such Subcontractors are
        “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and (iii) which, if any, elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified
        pursuant to clause (ii) of this paragraph.

     

    As a condition to the utilization of any Subcontractor determined to be “participating in the servicing function” within the meaning of
        Item 1122 of Regulation AB, the Servicer shall cause any such Subcontractor used by the Servicer (or by any Subservicer) for the benefit of the Issuer and the Depositor to comply with the reporting and compliance provisions of this Agreement to the
        same extent as if such Subcontractor were the Servicer.  The Servicer shall be responsible for obtaining from each Subcontractor and delivering to the Issuer and the Administrator any assessment of compliance and attestation required to be
        delivered by such Subcontractor, in each case as and when required to be delivered.

     

    SECTION 4.15      Amendments to Schedule of Receivables.  If the Servicer, during a Collection Period, assigns to a Receivable an account number that differs from the original account number identifying such Receivable on the Schedule of
        Receivables, the Servicer shall deliver to the Issuer, the Owner Trustee and the Indenture Trustee, on or before the Payment Date relating to such Collection Period, an amendment to the Schedule of Receivables reporting the newly assigned account
        number, together with the old account number of each such Receivable.  The first such delivery of amendments to the Schedule of Receivables shall include monthly amendments reporting account numbers appearing on the Schedule of Receivables with the
        new account numbers assigned to such Receivables during any prior Collection Period.

     

    SECTION 4.16      Reports to Securityholders and Rating Agencies.  The Administrator shall send a copy of each Officer’s Certificate delivered pursuant to Section 4.11 and each assessment of compliance and accountant’s attestation
        delivered pursuant to Section 4.12 to the Rating Agencies within five (5) days of its receipt thereof from the Servicer or accountants.  A copy of any such Officer’s Certificate, assessment of compliance or accountant’s attestation may be obtained
        by any Certificateholder, Noteholder or Note Owner by a request in writing to the Administrator addressed as set forth in Section 10.03 hereof.  Upon the telephone request of the Administrator, the Indenture Trustee shall promptly furnish to the
        Administrator a list of Noteholders as of the date specified by the Administrator.

     

    SECTION 4.17      Information to be Provided by the Servicer.

     

    (a)      At the request of the Administrator, acting on behalf of
        the Issuer, for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) notify the Issuer and the Administrator in
        writing of any material litigation or governmental proceedings pending against the Servicer or any Subservicer and (ii) provide to the Issuer and the Administrator a description of such proceedings.

     

    (b)      As a condition to the succession to the Servicer or any
        Subservicer as servicer or Subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or

     

    
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    any Subservicer, the Servicer shall provide to the Issuer, the Administrator and the Depositor, at least ten (10) Business Days prior to the effective date of
        such succession or appointment, (x) written notice to the Issuer and the Administrator of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Issuer and the Administrator, all information
        reasonably requested by the Issuer or the Administrator, acting on behalf of the Issuer, in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.

     

    (c)      In addition to such information as the Servicer, as
        servicer, is obligated to provide pursuant to other provisions of this Agreement, if so requested by the Issuer or the Administrator, acting on behalf of the Issuer, the Servicer shall provide such information regarding the performance or servicing
        of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB.  Such information shall be provided concurrently with the monthly reports otherwise required to be
        delivered by the Servicer under this Agreement, commencing with the first such report due not less than ten (10) Business Days following such request.

     

    SECTION 4.18      Remedies.

     

    (a)      The Servicer shall be liable to the Issuer, the
        Administrator and the Depositor for any monetary damages incurred as a result of the failure by the Servicer, any Subservicer or any Subcontractor to deliver any information, report, certification, attestation, accountants’ letter or other material
        when and as required under this Article IV, including any failure by the Servicer to identify any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and shall reimburse the applicable party for
        all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Servicer, any Subservicer, or any Subcontractor.

     

    (b)      The Seller shall promptly reimburse the Issuer and the
        Administrator for all reasonable expenses incurred by the Issuer or Administrator as such are incurred, in connection with the termination of the Servicer as servicer and the transfer of servicing of the Receivables to a successor servicer.  The
        provisions of this paragraph shall not limit whatever rights the Issuer or Administrator may have under other provisions of this Agreement or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive
        relief.

     

    ARTICLE V

        

        ACCOUNTS; PAYMENTS AND DISTRIBUTIONS;

        STATEMENTS TO SECURITYHOLDERS

     

    SECTION 5.01      Establishment of Collection Account.

     

    (a)      The Servicer, on behalf of the Issuer and the Indenture
        Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders.  The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and
        maintained with the Indenture Trustee.  Except as otherwise provided in

     

    
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    this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer
        shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty (30) days.

     

    (b)      For so long as the Collection Account is maintained as an
        Eligible Deposit Account, all amounts held in these accounts shall, to the extent permitted by applicable laws, rules and regulations, be invested, as directed in writing by the Servicer, in Eligible Investments; otherwise such amounts shall be
        maintained in cash.  Earnings on investment of funds in these accounts (net of losses and investment expenses) shall be paid to the Servicer on each Payment Date as servicing compensation, and any losses and investment expenses shall be charged
        against the funds on deposit in the related account.

     

    (c)      For so long as U.S. Bank National Association is the
        Indenture Trustee, the Collection Account shall be maintained with U.S. Bank National Association as an Eligible Deposit Account.  In the event that the long-term debt rating of the Indenture Trustee does not satisfy clause (a) of the definition of
        Eligible Deposit Account, the Servicer shall, with the assistance of the Indenture Trustee, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or an account otherwise satisfying the
        requirements of clause (b) of the definition of Eligible Deposit Account (which may be an account with the Indenture Trustee) within thirty (30) days.

     

    (d)      The Indenture Trustee shall transfer all amounts remaining
        on deposit in the Collection Account on the Payment Date on which the Notes of all Classes have been paid in full (or substantially all of the Trust Estate is otherwise released from the lien of the Indenture) to the Issuer for the benefit of the
        Certificateholder, and to take all necessary or appropriate actions to transfer all of its right, title and interest in the Collection Account, all funds or investments held or to be held therein and all proceeds thereof, to the Issuer for the
        benefit of the Certificateholder, subject to the limitations set forth in the Indenture with respect to amounts held for payment to the Noteholders that do not promptly deliver a Note for payment on such Payment Date.

     

    (e)      With respect to the Collection Account and all property
        held therein, the Issuer agrees, by its acceptance hereof that, on the terms and conditions set forth in the Indenture, for so long as Notes of any Class remain outstanding, the Indenture Trustee shall possess all right, title and interest therein
        (excluding interest or investment income thereon payable to the Servicer), and that such account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholder, as set forth in the
        Indenture.  The parties hereto agree that the Servicer shall have the power, revocable by the Indenture Trustee upon an Event of Default resulting in an acceleration of the Notes or liquidation of the Trust Estate or by the Owner Trustee with the
        consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Collection Account for the purpose of permitting the Servicer, Indenture Trustee or the Owner Trustee to carry out its respective duties
        hereunder or under the Indenture or the Trust Agreement, as the case may be.

     

    (f)      The Servicer, the Issuer, the Indenture Trustee and the Securities Intermediary agree as follows:

     

    
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    (i)      the Collection Account is, and will be
        maintained as, a “securities account” (as defined in Section 8-501 of the UCC);

     

    (ii)      the Securities Intermediary is acting,
        and will act as a “securities intermediary” (as defined in the UCC) with respect to the Collection Account;

     

    (iii)      this Agreement (together with the
        Indenture) is the only agreement entered into among the parties with respect to the Collection Account and the parties will not enter into any other agreement related to the Collection Account; and

     

    (iv)      at the time of this Agreement, and
        continuously thereafter, the Securities Intermediary shall have a place of business in the United States at which any of the activities of the Securities Intermediary are carried on and which (i) alone or together with other offices of the
        Securities Intermediary or with other persons acting for the Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts, (B) administers payments or corporate actions relating to securities
        held with the Securities Intermediary or such other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii)  is identified by an account number, bank code, or other specific means of
        identification as maintaining securities accounts in the United States.

     

    

    

    SECTION 5.02      Collections.

     

    (a)      Except as otherwise provided in this Agreement, the
        Servicer shall remit daily to the Collection Account all payments received by or on behalf of the Obligors on or in respect of the Receivables and all Net Liquidation Proceeds within two (2) Business Days after receipt thereof.  Notwithstanding the
        foregoing, for so long as the Monthly Remittance Conditions are satisfied, the Servicer shall not be required to remit such collections to the Collection Account on the foregoing daily basis but shall be entitled to retain such collections, without
        segregation from its other funds, until 11:00 a.m. New York time on each Payment Date, at which time the Servicer shall remit all such collections in respect of the related Collection Period to the Collection Account in immediately available
        funds.  Commencing with the first day of the first Collection Period that begins at least two (2) Business Days after the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any Monthly Remittance Condition is
        not satisfied, all collections then held by the Servicer shall be immediately deposited into the Collection Account and all future collections on or in respect of the Receivables and all Net Liquidation Proceeds shall be remitted by the Servicer to
        the Collection Account on a daily basis within two (2) Business Days after receipt thereof.

     

    (b)      The Servicer shall give the Owner Trustee, the Indenture
        Trustee and each Rating Agency written notice of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed Monthly Remittance Condition) as soon as practical after the occurrence thereof.  Notwithstanding the failure of
        any Monthly Remittance Condition, the Servicer may utilize an alternative collection remittance schedule (which may be the remittance schedule previously utilized prior to the failure of such Monthly Remittance Condition), if the Servicer provides
        to the Owner Trustee and Indenture Trustee written confirmation from each Rating

     

    
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    Agency that such alternative remittance schedule will not result in the reduction or withdrawal of the rating then assigned to any Class of Notes.

     

    SECTION 5.03      Application of Collections.  On each Payment Date, all collections for the related Collection Period shall be applied by the Servicer as follows:

     

    (a)      With respect to each Receivable (other than an
        Administrative Receivable or a Warranty Receivable), payments made by or on behalf of the Obligor which are in excess of Supplemental Servicing Fees with respect to such Receivable shall be applied to the Scheduled Payment with respect to such
        Receivable.  The amount of such payment remaining after the applications described in the preceding sentence shall be applied to the unpaid principal balance of such Receivable.

     

    (b)      With respect to each Administrative Receivable and Warranty
        Receivable, payments made by or on behalf of the Obligor shall be applied in the same manner.  A Warranty Purchase Payment or an Administrative Purchase Payment with respect to any Receivable shall be applied to the Scheduled Payment, in each case
        to the extent that the payments by the Obligor shall be insufficient, and then to prepay the unpaid principal balance of such Receivable in full.

     

    SECTION 5.04      [Reserved].

     

    SECTION 5.05      Additional Deposits.

     

    (a)      The following additional deposits shall be made to the
        Collection Account:  (i) the Seller shall remit the aggregate Warranty Purchase Payments with respect to Warranty Receivables pursuant to Section 3.02, (ii) the Servicer shall remit the aggregate Administrative Purchase Payments with respect to
        Administrative Receivables pursuant to Section 4.08 and the amount required upon any optional purchase of the Receivables by the Servicer, or any successor to the Servicer, pursuant to Section 9.01; and (iii) the Indenture Trustee shall deposit the
        amounts described in Sections 5.06 and 5.07 that are withdrawn from the Reserve Account and deposit such amounts into the Collection Account, pursuant to Sections 5.06 and 5.07.

     

    (b)      All deposits required to be made pursuant to this Section
        by the Seller or the Servicer, as the case may be, may be made in the form of a single deposit and shall be made in immediately available funds, on or prior to 11:00 a.m. New York time on each Payment Date.  At the direction of the Servicer, the
        Indenture Trustee shall invest any amounts deposited prior to a Payment Date in Eligible Investments maturing in such a manner and such time so as to be available as part of Available Collections on the related Payment Date.

     

    SECTION 5.06      Payments and Distributions.

     

    (a)      On each Determination Date, the Servicer shall calculate:
        (i) the Available Collections and the amounts to be paid to Noteholders of each Class and the Certificateholder pursuant to Section 5.06(b) or 5.06(c), as the case may be; (ii) the amount, if any, to be withdrawn from or required to be deposited
        into the Reserve Account; and (iii) all other distributions, deposits and withdrawals to be made on the related Payment Date.

     

    
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    (b)      Subject to Section 5.06(c), on each Payment Date, the
        Indenture Trustee shall make the following payments and distributions from the Collection Account (after payment of the Supplemental Servicing Fee to the Servicer, to the extent not previously retained by the Servicer) in the following order of
        priority and in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided, however,
        that such payments and distributions shall be made only from those funds deposited in the Collection Account for the related Collection Period and available therefore as Available Collections:

     

    (i)      to the Servicer, the Basic Servicing Fee
        (including any unpaid Basic Servicing Fees from one or more prior Collection Periods);

     

    (ii)      on a pro rata basis (based on amounts
        due and payable to each party), to the Owner Trustee, the Indenture Trustee and the Asset Representations Reviewer, the Trustee and Reviewer Fees and any expenses and indemnification amounts then due and payable to each such party in accordance
        with the terms of the Basic Documents, in an aggregate amount not to exceed $300,000 in any calendar year;

     

    (iii)      on a pro rata basis (based on the
        amounts distributable pursuant to this clause to each such class of the Class A Notes), to the Holders of the Class A‐1 Notes, the Class A‐1 Interest Distributable Amount and any outstanding Class A‐1 Interest Carryover Shortfall, to the Holders of
        the Class A‐2a Notes, the Class A‐2a Interest Distributable Amount and any outstanding Class A‐2a Interest Carryover Shortfall, to the Holders of the Class A‐2b Notes, the Class A‐2b Interest Distributable Amount and any outstanding Class A‐2b
        Interest Carryover Shortfall, to the Holders of the Class A‐3 Notes, the Class A‐3 Interest Distributable Amount and any outstanding Class A‐3 Interest Carryover Shortfall and to the Holders of the Class A‐4 Notes, the Class A‐4 Interest
        Distributable Amount and any outstanding Class A‐4 Interest Carryover Shortfall;

     

    (iv)      sequentially, (i) to Holders of the
        Class A‐1 Notes until the principal amount of the Class A-1 Notes is reduced to zero, (ii) to the Class A‐2a Notes and the Class A-2b Notes, pro rata, based on the outstanding principal amounts of each of those classes of notes, until the principal
        amount of each such note is reduced to zero, (iii) to the Class A‐3 Notes until the principal amount of the Class A‐3 Notes is reduced to zero and (iv) to the Class A‐4 Notes until the principal amount of the Class A‐4 Notes is reduced to zero, an
        amount equal to the First Priority Principal Distribution Amount;

     

    (v)      to the Holders of the Class B Notes, the
        Class B Interest Distributable Amount and any outstanding Class B Interest Carryover Shortfall;

     

    (vi)      sequentially, (i) to Holders of the
        Class A‐1 Notes until the principal amount of the Class A-1 Notes is reduced to zero, (ii), to the Class A‐2a Notes and the Class A-2b Notes, pro rata, based on the outstanding principal amounts of each of those classes of notes, until the
        principal amount of each such note is reduced to zero, (iii) to the Class A‐3 Notes until the principal amount of the Class A‐3 Notes is reduced to zero, (iv) to the Class A‐4 Notes until the principal amount of the Class A‐4 Notes is reduced

     

    
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    to zero and (v) to the Class B Notes, until the principal amount of the Class B Notes is reduced to zero, an amount equal to the Second
        Priority Principal Distribution Amount;

     

    (vii)      to the Reserve Account, if the amount
        on deposit in the Reserve Account is less than the related Specified Reserve Account Balance on such Payment Date, the amount necessary to cause the balance of funds therein to equal the Specified Reserve Account Balance;

     

    (viii)      sequentially, (i) to Holders of the
        Class A‐1 Notes until the principal amount of the Class A-1 Notes is reduced to zero, (ii), to the Class A-2a Notes and the Class A-2b Notes, pro rata, based on the outstanding principal amounts of each of those classes of notes, until the
        principal amount of each such note is reduced to zero, (iii) to the Class A‐3 Notes until the principal amount of the Class A‐3 Notes is reduced to zero, (iv) to the Class A‐4 Notes until the principal amount of the Class A‐4 Notes is reduced to
        zero and (v) to the Class B Notes, until the principal amount of the Class B Notes is reduced to zero, an amount equal to the Regular Principal Distribution Amount;

     

    (ix)      on a pro rata basis (based on amounts
        due and payable to each party), to the Owner Trustee, the Indenture Trustee and the Asset Representations Reviewer, the Trustee and Reviewer Fees and any expenses and indemnification then due and payable to each such party in accordance with the
        terms of the Basic Documents and not paid in clause (ii) above; and

     

    (x)      to the Certificateholder, any remaining
        amounts.

     

    (c)      Notwithstanding the provisions of Section 5.06(b), after an
        Event of Default occurs that results in the acceleration of the Notes and unless and until such acceleration has been rescinded, on each Payment Date, the Indenture Trustee shall make the following payments and distributions from the Collection
        Account (after payment of the Supplemental Servicing Fee to the Servicer, to the extent not previously retained by the Servicer) in the following order of priority and in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided, however, that such payments and distributions shall be made only from Available
        Collections deposited in the Collection Account for the related Collection Period:

     

    (i)      to the Servicer, the Basic Servicing Fee
        (including any unpaid Basic Servicing Fees from one or more prior Collection Periods);

     

    (ii)      to the Owner Trustee, the Indenture
        Trustee and the Asset Representations Reviewer, the Trustee and Reviewer Fees and any expenses and indemnification amounts then due and payable to each such party in accordance with the terms of the Basic Documents, on a pro rata basis (based on
        amounts due and payable to each party);

     

    (iii)      to the Holders of the Class A Notes
        (pro rata based, on the amounts distributable pursuant to this clause to each such class of the Class A Notes), to the Holders of the Class A‐1 Notes, the Class A‐1 Interest Distributable Amount and any outstanding Class A‐1 Interest Carryover
        Shortfall, to the Holders of the Class A‐2a Notes, the Class A‐2a Interest Distributable Amount and any outstanding Class A‐2a Interest Carryover Shortfall, to the Holders of the Class A‐2b Notes, the Class A‐2b

     

    
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    Interest Distributable Amount and any outstanding Class A‐2b Interest Carryover Shortfall, to the Holders of the Class A‐3 Notes, the Class
        A‐3 Interest Distributable Amount and any outstanding Class A‐3 Interest Carryover Shortfall and to the Holders of the Class A‐4 Notes, the Class A‐4 Interest Distributable Amount and any outstanding Class A‐4 Interest Carryover Shortfall;

     

    (iv)      to the Holders of the Class A‐1 Notes,
        the Class A‐2a Notes, the Class A-2b Notes, the Class A‐3 Notes and the Class A‐4 Notes, on a pro rata basis (based on the Outstanding Amount of each such Class of Notes), until the principal amount of each such Class of Notes is reduced to zero;

     

    (v)      to the Holders of the Class B Notes, the
        Class B Interest Distributable Amount and any outstanding Class B Interest Carryover Shortfall;

     

    (vi)      to the Holders of the Class B Notes,
        until the principal amount of the Class B Notes is reduced to zero; and

     

    (vii)      to the Certificateholder, any
        remaining funds.

     

    (d)      For purposes of determining whether an Event of Default
        pursuant to Section 5.01(b) of the Indenture has occurred on the Final Scheduled Payment Date or the Redemption Date for a Class of Notes, (i) the Class A-1 Notes are required to be paid in full on or before the Class A‐1 Final Scheduled Payment
        Date, meaning that Holders of Class A‐1 Notes are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Class A‐1 Initial Principal Balance together with all interest accrued thereon
        through such date; (ii) the Class A‐2a Notes are required to be paid in full on or before the Class A‐2a Final Scheduled Payment Date, meaning that Holders of Class A‐2a Notes are entitled to have received on or before such date payments in respect
        of principal in an aggregate amount equal to the Class A‐2a Initial Principal Balance together with all interest accrued thereon through such date, (iii) the Class A‐2b Notes are required to be paid in full on or before the Class A‐2b Final
        Scheduled Payment Date, meaning that Holders of Class A‐2b Notes are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Class A‐2b Initial Principal Balance together with all
        interest accrued thereon through such date, (iv) the Class A‐3 Notes are required to be paid in full on or before the Class A‐3 Final Scheduled Payment Date, meaning that Holders of Class A‐3 Notes are entitled to have received on or before such
        date payments in respect of principal in an aggregate amount equal to the Class A‐3 Initial Principal Balance together with all interest accrued thereon through such date; (v) the Class A‐4 Notes are required to be paid in full on or before the
        Class A‐4 Final Scheduled Payment Date, meaning that Holders of Class A‐4 Notes are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Class A‐4 Initial Principal Balance together
        with all interest accrued thereon through such date; and (vi) the Class B Notes are required to be paid in full on or before the Class B Final Scheduled Payment Date, meaning that Holders of Class B Notes are entitled to have received on or before
        such date payments in respect of principal in an aggregate amount equal to the Class B Initial Principal Balance together with all interest accrued thereon through such date.

     

    
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    (e)      Except with respect to the final payment upon retirement of
        a Note or Certificate, the Servicer shall on each Payment Date instruct the Indenture Trustee to pay or distribute to each Securityholder of record on the related Record Date by check mailed to such Securityholder at the address of such Holder
        appearing in the Note Register, or herein (in the case of the Certificate) (or, if DTC, its nominee or a Clearing Agency is the relevant Holder, by wire transfer of immediately available funds or pursuant to other arrangements), the amount to be
        paid or distributed to such Securityholder pursuant to such Holder’s Note or Certificate.  With respect to the final payment upon retirement of a Note or of the Certificate, the Servicer shall on the relevant final Payment Date instruct the
        Indenture Trustee to pay or distribute the amounts due thereon only upon delivery for cancellation of the certificate representing such Note or Certificate in accordance with the Indenture or the Trust Agreement, as the case may be.

     

    (f)      The rights of the Certificateholder to receive
        distributions in respect of the Certificate shall be and hereby are subordinated to the rights of the Noteholders to receive distributions in respect of the Notes, to the extent provided in this Agreement and the other Basic Documents.

     

    SECTION 5.07      Reserve Account.

     

    (a)      The Seller will, pursuant to the Securities Account Control
        Agreement and the Indenture, establish and maintain with the Indenture Trustee a segregated trust account (the “Reserve Account”) which will include any money and other property deposited and held therein pursuant to Section 5.06(b)(vii) and this
        Section 5.07.  On any Payment Date on which the amount on deposit in the Reserve Account is less than the Specified Reserve Account Balance, the Indenture Trustee shall, as directed in writing by the Servicer in accordance with Section
        5.06(b)(vii), deposit into the Reserve Account Available Collections until the amount on deposit therein equals the Specified Reserve Account Balance.  On each Payment Date, to the extent that Available Collections are insufficient to fully fund
        (x) the payments and distributions described in clauses (i) through (vi) of Section 5.06(b), (y) the payment of principal on any class of Notes on the related Final Scheduled Payment Date and (z) the payments and distributions to the Noteholders
        described in clauses (iv) and (vi) of Section 5.06(c), the Indenture Trustee shall withdraw amounts then on deposit in the Reserve Account (excluding any net investment income on Eligible Investments payable to the Seller therefrom in accordance
        with the terms of the Basic Documents), up to the amounts of any such deficiencies, and deposit such amounts into the Collection Account for application pursuant to such clauses.  On each Payment Date prior to the occurrence of an Event of Default
        that results in the acceleration of the Notes, and as directed in writing by the Servicer, the Indenture Trustee shall release to the Seller any amounts remaining on deposit in the Reserve Account in excess of the Specified Reserve Account
        Balance.  Following the payment in full of the Class A Note Balance, the Class B Note Balance and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders, as directed in writing by the
        Servicer, the Indenture Trustee shall release to the Seller any amounts remaining on deposit in the Reserve Account.  Upon any such distribution to the Seller, the Issuer, the Owner Trustee, the Certificateholder, the Indenture Trustee and the
        Noteholders will have no further rights in, or claims to, such amounts.

     

    (b)      Any amounts held in the Reserve Account shall be invested
        by the Indenture Trustee in Eligible Investments, as directed in writing by the Seller or any agent designated to

     

    
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    the Indenture Trustee by the Seller.  Earnings on Eligible Investments in the Reserve Account shall be paid to the Seller on each Payment Date (i) prior to
        the occurrence of an Event of Default that results in an acceleration of the Notes that has not been rescinded under the Indenture and (ii) for so long as a Suspension Period (as defined in the Securities Account Control Agreement) is not
        continuing on such Payment Date, and such amounts paid to the Seller shall be released from the security interest of the Indenture Trustee and paid to the Seller on such Payment Date and shall not be available for payment of any other amounts due
        to the Noteholders or any other party hereunder.  Any losses and any investment expenses shall be charged against the funds on deposit in the Reserve Account.  The Indenture Trustee shall incur no liability for the selection of investments or for
        losses thereon absent its own negligence or willful misfeasance.  The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity date or the failure of the
        Seller or its designee to provide timely written investment directions.

     

    (c)      Subject to the right of the Indenture Trustee to make
        withdrawals therefrom, as directed by the Servicer for the purposes and in the amounts set forth in Section 5.06, the Reserve Account and all funds held therein shall be the property of the Seller and not the property of the Issuer, the Owner
        Trustee or the Indenture Trustee.  The Issuer, Owner Trustee, Seller and Indenture Trustee shall treat the Reserve Account, all funds therein and all net investment income with respect thereto as assets of the Seller for federal income tax and all
        other purposes.

     

    (d)      Under the Securities Account Control Agreement, the Seller
        shall grant to the Indenture Trustee, for the benefit of the Noteholders, a security interest in any funds (including Eligible Investments) in the Reserve Account and the proceeds thereof to secure the payment of interest on and principal of the
        Notes, and the Indenture Trustee shall have all of the rights of a secured party under the UCC with respect thereto; provided that, on each Payment Date (i) prior to the
        occurrence of an Event of Default that results in an acceleration of the Notes that has not been rescinded under the Indenture and (ii) for so long as a Suspension Period (as defined in the Securities Account Control Agreement) is not continuing on
        such Payment Date, all income from the investment of funds in the Reserve Account shall be released from the security interest of the Indenture Trustee and paid to the Seller on such Payment Date and shall not be available for payment of any other
        amounts due to the Noteholders or any other party hereunder.  If for any reason the Reserve Account is no longer an Eligible Deposit Account, the Indenture Trustee shall use reasonable efforts to promptly cause the Reserve Account to be moved to an
        Eligible Institution or to otherwise be changed so that the Reserve Account becomes an Eligible Deposit Account, in each case within thirty (30) days.

     

    Neither the Owner Trustee nor the Indenture Trustee shall enter into any subordination or intercreditor agreement with respect to the
        Reserve Account.

     

    SECTION 5.08      [Reserved].

     

    SECTION 5.09      Statements to Certificateholder and Noteholders.

     

    (a)      On or prior to each Payment Date, the Servicer shall
        provide to the Indenture Trustee and the Owner Trustee (with a copy to the Rating Agencies and each Paying Agent) for

     

    
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    the Indenture Trustee to forward on such Payment Date to each Paying Agent and each Noteholder of record as of the most recent Record Date, and for the Owner
        Trustee to forward to each Certificateholder of record as of the most recent Record Date, a statement substantially in the form of Exhibit A, setting forth at least the following information as to the Notes and the Certificate to the extent
        applicable:

     

    (i)      the amount paid or distributed in
        respect of interest on each Class of Notes, including LIBOR (as determined by the Indenture Trustee) for the related Interest Period;

     

    (ii)     the First Priority Principal
        Distribution Amount, the Second Priority Principal Distribution Amount, the Regular Principal Distribution Amount and the amount paid or distributed in respect of principal on or with respect to each Class of Notes;

     

    (iii)    the amount paid or distributed to the
        Certificateholders;

     

    (iv)    the number of Receivables, the Pool
        Balance and the Adjusted Pool Balance as of the close of business on the first day and the last day of the related Collection Period;

     

    (v)     the Outstanding Amount, the Class A‐1
        Principal Balance, the Class A‐2a Principal Balance, the Class A‐2b Principal Balance, the Class A‐3 Principal Balance, the Class A‐4 Principal Balance, the Class B Principal Balance and the Note Pool Factor for each Class of Notes, in each case
        before and after giving effect to all payments in respect of principal on such Payment Date;

     

    (vi)    the amount of the Basic Servicing Fee
        paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Basic Servicing Fees from the prior Payment Date;

     

    (vii)   the amount of any Class A‐1 Interest
        Carryover Shortfall, Class A‐2a Interest Carryover Shortfall, Class A-2b Interest Carryover Shortfall, Class A‐3 Interest Carryover Shortfall, Class A‐4 Interest Carryover Shortfall and Class B Interest Carryover Shortfall after giving effect to
        all payments of interest on such Payment Date, and the change in such amounts from the preceding Payment Date;

     

    (viii)  the amount of fees, expenses and
        indemnification amounts due and payable to each of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, before and after giving effect to payments on such Payment Date;

     

    (ix)    the balance of the Reserve Account on
        such Payment Date and the Specified Reserve Account Balance for such Payment Date, before and after giving effect to changes thereto on such Payment Date;

     

    (x)     the Yield Supplement
        Overcollateralization Amount for such Payment Date;

     

    
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    (xi)    the amount of Available Collections for
        the related Collection Period;

     

    (xii)   delinquency and loss information with
        respect to the Receivables for the related Collection Period;

     

    (xiii)  any material change in practices with
        respect to charge-offs, collection and management of delinquent Receivables, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience;

     

    (xiv)  any material modifications, extensions or
        waivers to Receivables terms, fees, penalties or payments during the related Collection Period, or that have cumulatively become material over time;

     

    (xv)   any material breaches of representations
        and warranties made with respect to the Receivables, or covenants, contained in the Basic Documents; and

     

    (xvi)  whether a Delinquency Trigger has occurred
        as of the end of the related Collection Period.

     

    SECTION 5.10      Net Deposits.  As an administrative convenience, the Servicer may make any remittances pursuant to this Article net of amounts to be distributed by the Indenture Trustee to the Servicer.  Nonetheless, the Servicer shall
        account to the Owner Trustee and the Indenture Trustee for all of the above described remittances, payments and distributions (except for the Supplemental Servicing Fee, to the extent the Servicer is entitled to retain such amounts) as if all
        deposits, payments, distributions and transfers were made individually.

     

    ARTICLE VI

        

        THE SELLER

     

    SECTION 6.01      Representations of Seller.  The Seller makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution and delivery of this
        Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

     

    (a)      Organization and Good Standing.  The Seller shall have been duly organized and shall be validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to
        own its properties and to conduct its business as such properties shall be currently owned and such business is presently conducted, and had at all relevant times, and shall now have, power, authority and legal right to acquire, own and sell the
        Receivables.

     

    (b)      Due Qualification.  The Seller shall be duly qualified to do business as a foreign limited liability company in good standing, and shall have obtained all necessary licenses and approvals in all jurisdictions in which the
        ownership or lease of property or the conduct of its business shall require such qualifications and where the failure to so qualify will have a material

     

    
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    adverse effect on the ability of the Seller to conduct its business or perform its obligations under this Agreement.

     

    (c)      Power and Authority.  The Seller shall have (i) the power and authority to execute and deliver this Agreement and to carry out its terms, (ii) full power and authority to sell and assign the property to be sold and assigned
        to and deposited as part of the Trust Estate (other than the funds and investment property on deposit from time to time in the Reserve Account), (iii) duly authorized such sale and assignment to the Issuer, the Owner Trustee or the Indenture
        Trustee, as the case may be, and (iv) duly authorized by all necessary action the execution, delivery and performance of this Agreement.

     

    (d)      Valid Sale; Binding Obligations.  This Agreement shall have been duly authorized by all necessary limited liability company action on the part of the Seller and shall evidence a valid sale, transfer and assignment of the
        Receivables, enforceable against creditors of and purchasers from the Seller; and shall constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,
        insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general equity principles.

     

    (e)      No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms of this Agreement shall not conflict with, result in any breach of any of the terms and provisions of, nor
        constitute (with or without notice or lapse of time) a default under, the Certificate of Formation or limited liability company agreement of the Seller or any indenture, agreement or other instrument to which the Seller is a party or by which it
        shall be bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than the Basic Documents), nor violate any law or, to the best of the
        Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or its properties
        which breach, default, conflict, lien or violation would have a material adverse effect on the earnings or business affairs of the Seller.

     

    (f)      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 Seller’s knowledge, threatened, against or affecting the Seller: 
        (i) asserting the invalidity or unenforceability of this Agreement, the Trust Agreement, the Indenture, the Securities Account Control Agreement, the Certificate, the Notes or any of the Basic Documents, (ii) seeking to prevent the issuance of the
        Certificate or the Notes or the consummation of any of the transactions contemplated by this Agreement, the Trust Agreement, or the Indenture, (iii) seeking any determination or ruling that might materially and adversely affect the performance by
        the Seller of its obligations under, or the validity or enforceability of, this Agreement, the Trust Agreement, the Indenture, the Certificate or the Notes, or (iv) relating to the Seller and which might adversely affect the federal income tax
        attributes of the Issuer, the Certificate or the Notes.

     

    (g)      Intent to Sell.  It is the intention of the Seller that the transfer and assignment herein contemplated, taken as a whole, constitute a sale of the Receivables from the Seller to the Issuer and that the beneficial interest
        in and title to the Receivables not be part of the debtor’s

     

    
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    estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law.

     

    (h)      Schedule of Receivables to the Transfer Notice.  As of the Cutoff Date, the information set forth in the Schedule of Receivables attached to the Transfer Notice shall be true and correct in all material respects.

     

    (i)      No Adverse Selection.  No selection procedures adverse to the Securityholders shall have been utilized in selecting the Receivables from those new and used car, minivan, light-duty truck and sport utility vehicle
        receivables of TMCC that met the selection criteria set forth in this Agreement.

     

    (j)      No Restriction on Sale.  The Seller has not entered into any agreement with any Person that prohibits, restricts or conditions the sale of any Receivable by the Seller.

     

    (k)      Perfection Representations, Warranties and Covenants.  The Seller hereby makes the perfection representations, warranties and covenants set forth on Schedule B hereto to the Issuer and the Issuer shall be deemed to have
        relied on such representations, warranties and covenants in acquiring the Receivables.

     

    SECTION 6.02      Company Existence.  During the term of this Agreement, the Seller shall keep in full force and effect its existence, rights and franchises as a limited liability company under the laws of the jurisdiction of its
        formation and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Basic Documents and each other instrument or
        agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.  In addition, all transactions and dealings between the Seller and its Affiliates (including the Issuer) shall be conducted
        on an arm’s length basis.

     

    SECTION 6.03      Liability of Seller; Indemnities.  The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement.

     

    (a)      The Seller shall indemnify, defend and hold harmless the
        Issuer, the Owner Trustee, the Indenture Trustee, the Securities Intermediary and the Servicer from and against any taxes that may at any time be asserted against any such Person with respect to, as of the date hereof, the sale of the Receivables
        to the Issuer or the issuance and original sale of the Notes and the Certificates, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any
        taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuer or the issuance and original sale of the Certificate or any of the Notes, or asserted with respect to ownership of the Receivables or federal or other
        income taxes arising out of payments or distributions on the Certificate or the Notes) and costs and expenses in defending against the same (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable
        fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Seller).

     

    
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    (b)      The Seller shall indemnify, defend and hold harmless the
        Issuer, the Owner Trustee, the Indenture Trustee, the Securities Intermediary, the Issuer, the Certificateholder and the Noteholders and any of the officers, directors, employees and agents of the Issuer, the Owner Trustee, the Indenture Trustee
        from and against any loss, liability or expense (including, but not limited to, reasonable legal fees and expenses (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses
        incurred in connection with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Seller)) incurred by reason of (i) the Seller’s willful misfeasance, bad faith
        or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement, (ii) the Seller’s or the Issuer’s violation of federal or state securities laws in
        connection with the offering and sale of any of the Notes or the Certificate, and (iii) any failure of a Receivable to have been originated in compliance with all applicable requirements of law.

     

    (c)      Except as set forth in clause (a) above, the Seller shall
        pay any and all taxes levied or assessed upon all or any part of the Trust Estate.

     

    (d)      Promptly after receipt by a party indemnified under this
        Section 6.03 or Section 3.02 (a “Seller Indemnified Party”) of notice of the commencement of any action, such Seller Indemnified Party will, if a claim in respect thereof is to be made against the party providing indemnification under this Section
        6.03 or Section 3.02 (a “Seller Indemnifying Party”), notify such Seller Indemnifying Party of the commencement thereof.  In case any such action is brought against any Seller Indemnified Party under this Section 6.03 or Section 3.02 and it
        notifies the Seller Indemnifying Party of the commencement thereof, the Seller Indemnifying Party will assume the defense thereof, with counsel reasonably satisfactory to such Seller Indemnified Party, and the Seller Indemnifying Party will not be
        liable to such Seller Indemnified Party under this Section for any legal or other expenses subsequently incurred by such Seller Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation.  The obligations
        set forth in this Section 6.03 and Section 3.02 shall survive the termination of this Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of
        litigation.  If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such
        amounts to the Seller, without interest.

     

    SECTION 6.04      Merger or Consolidation of, or Assumption of the Obligations of, Seller.  Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller
        shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this
        Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided,
        however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 6.01 shall have been breached (except that
        the representations regarding the due organization and valid existence of the successor may be deemed to reference jurisdictions other than Delaware), (ii) the Seller shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s
        Certificate and an Opinion of Counsel each stating that such

     

    
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    consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this
        Agreement relating to such transaction have been complied with, (iii) the Seller shall have given ten (10) days’ prior written notice to each Rating Agency of its intent or expectation to enter such transaction and neither Rating Agency shall have
        notified the Seller, the Owner Trustee or the Indenture Trustee that such transaction might or would cause it to reduce, withdraw or modify its then current rating of any Class of Notes and (iv) the Seller shall have delivered to the Owner Trustee
        and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve
        and protect the interest of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and
        protect such interests.  Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions
        referred to in clauses (a), (b) or (c) above.

     

    SECTION 6.05      Limitation on Liability of Seller and Others.  The Seller and any director, officer, employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly
        executed and submitted by any Person respecting any matters arising hereunder.  The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement and
        that in its opinion may involve it in any expense or liability.

     

    SECTION 6.06      Seller May Own Certificate or Notes.  The Seller will own the Certificate on the Closing Date, and the Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of the
        Notes of any class with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided in any Basic Document.

     

    ARTICLE VII

        

        THE SERVICER

     

    SECTION 7.01      Representations of Servicer.  The Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables.  The representations speak as of the execution and delivery of
        this Agreement and as of the Closing Date and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

     

    (a)      Organization and Good Standing.  The Servicer shall have been duly organized and shall be validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation, with corporate power and
        authority to own its properties and to conduct its business as such properties shall be currently owned and such business is presently conducted, and had at all relevant times, and shall now have, corporate power, authority and legal right to
        acquire, own and sell the Receivables.

     

    
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    (b)      Due Qualification.  The Servicer shall be duly qualified to do business as a foreign corporation in good standing, and shall have obtained all necessary licenses and approvals in all jurisdictions in which the ownership or
        lease of property or the conduct of its business shall require such qualifications and where the failure to so qualify will have a material adverse effect on the ability of the Servicer to conduct its business or perform its obligations under this
        Agreement.

     

    (c)      Power and Authority.  The Servicer shall have the corporate power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly
        authorized by the Servicer by all necessary corporate action.

     

    (d)      Binding Obligations.  This Agreement shall have been duly authorized by all necessary corporate action on the part of the Servicer and shall constitute a legal, valid and binding obligation of the Servicer enforceable in
        accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally or by general equity principles.

     

    (e)      No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms of this Agreement shall not conflict with, result in any breach of any of the terms and provisions of, nor
        constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer or any indenture, agreement or other instrument to which the Servicer is a party or by which it shall be bound; nor result
        in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Agreement), nor violate any law or, to the best of the Servicer’s knowledge, any order,
        rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties which breach, default,
        conflict, lien or violation would have a material adverse effect on the earnings, business affairs of the Servicer.

     

    (f)      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 Servicer’s knowledge, threatened, against or affecting the
        Servicer:  (i) asserting the invalidity or unenforceability of this Agreement, the Trust Agreement, the Indenture, the Certificate or the Notes, (ii) seeking to prevent the issuance of the Certificate or the Notes or the consummation of any of the
        transactions contemplated by this Agreement, the Trust Agreement, the Indenture or any Basic Document, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or
        the validity or enforceability of, this Agreement, the Trust Agreement, the Indenture, the Certificate or the Notes, or (iv) relating to the Servicer and which might adversely affect the federal or state income, excise, franchise or similar tax
        attributes of the Notes.

     

    SECTION 7.02      Indemnities of Servicer.  The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement:

     

    
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    (a)      The Servicer shall indemnify, defend and hold harmless the
        Seller, the Issuer, the Owner Trustee, the Indenture Trustee, the Paying Agent, the Note Registrar, the Securities Intermediary, the Noteholders and the Certificateholder and any of the officers, directors, employees and agents of the each such
        party from and against any and all costs, expenses, losses, damages, claims and liabilities (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection
        with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Servicer), arising out of or resulting from the use, ownership or operation by the Servicer or any
        Affiliate thereof of a Financed Vehicle.

     

    (b)      [Reserved].

     

    (c)      The Servicer shall indemnify, defend and hold harmless the
        Seller, the Issuer, the Owner Trustee, the Indenture Trustee, the Securities Intermediary, the Certificateholder and the Noteholders and any of the officers, directors, employees and agents of the Seller, the Issuer, the Owner Trustee, the
        Indenture Trustee, the Securities Intermediary, the Certificateholder and the Noteholders from and against any and all costs, expenses, losses, claims, damages and liabilities (including, but not limited to, reasonable legal fees, costs and
        expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Servicer),
        to the extent that such cost, expense, loss, claim, damage or liability arose out of, or is imposed upon any such Person through, the negligence, willful misfeasance or bad faith of the Servicer in the performance of its duties under this Agreement
        or by reason of reckless disregard of its obligations and duties under this Agreement, including those that may be incurred by any such indemnified party as a result of any act or omission by the Servicer in connection with its maintenance and
        custody of the Receivables Files.

     

    (d)      Promptly after receipt by a party indemnified under this
        Section 7.02 or Section 4.08 (a “Servicer Indemnified Party”) of notice of the commencement of any action, such Servicer Indemnified Party will, if a claim in respect thereof is to be made against the party providing indemnification under this
        Section 7.02 or 4.08 (a “Servicer Indemnifying Party”), notify such Servicer Indemnifying Party of the commencement thereof.  In case any such action is brought against any Servicer Indemnified Party under this Section 7.02 or 4.08 and it notifies
        the Servicer Indemnifying Party of the commencement thereof, the Servicer Indemnifying Party will assume the defense thereof, with counsel reasonably satisfactory to such Servicer Indemnified Party (who may, unless there is, as evidenced by an
        opinion of counsel to the Servicer Indemnified Party stating that there is an unwaivable conflict of interest, be counsel to the Servicer Indemnifying Party), and the Servicer Indemnifying Party will not be liable to such Servicer Indemnified Party
        under this Section for any legal or other expenses subsequently incurred by such Servicer Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation.  The obligations set forth in this Section 7.02 and
        Section 4.08 shall survive the termination of this Agreement or the resignation or removal of the Servicer, the Owner Trustee, the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of litigation.  If the
        Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the
        Servicer, without interest.

     

    
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    For purposes of this Section, in the event of the termination of the rights and obligations of TMCC (or any successor thereto pursuant to
        Section 7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer (other than the Indenture Trustee)
        pursuant to Section 8.02.

     

    SECTION 7.03      Merger or Consolidation of, or Assumption of the Obligations of, Servicer.  Any corporation (a) into which the Servicer may be merged or consolidated, (b) which may result from any merger, conversion or consolidation to
        which the Servicer shall be a party or (c) which may succeed to all or substantially all of the business of the Servicer, which corporation in any of the foregoing cases executes an agreement of assumption to perform every obligation of the
        Servicer under this Agreement, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made
        pursuant to Section 7.01 shall have been breached (except that the representations regarding the due organization and valid existence of the successor may be deemed to reference jurisdictions other than its jurisdiction of incorporation), and no
        Servicer Default, and no event which, after notice or lapse of time, or both, would become a Servicer Default, shall have occurred and be continuing, (ii) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s
        Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement relating to such transaction
        have been complied with, (iii) the Servicer shall have given ten (10) days’ written notice prior to the consummation of any such transaction to each Rating Agency of its intent or expectation to enter such transaction and neither Rating Agency
        shall have notified the Seller, the Owner Trustee or the Indenture Trustee that such transaction might or would cause it to reduce, withdraw or modify its then current rating of any Class of Notes, (iv) immediately after giving effect to such
        transaction, the successor to the Servicer shall become the Administrator under the Administration Agreement in accordance with Section 8 of such Agreement and (v) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an
        Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of
        the Owner Trustee and the Indenture Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interests.  Notwithstanding anything herein to the
        contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clause (a), (b) or (c) above.

     

    SECTION 7.04      Limitation on Liability of Servicer and Others.  Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Seller, the Issuer, the Indenture
        Trustee, the Owner Trustee, the Noteholders or the Certificateholder, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against
        any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this

     

    
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    Agreement.  The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly
        executed and submitted by any person respecting any matters arising under this Agreement.

     

    Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action
        that shall not be incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided,
        however, that the Servicer may (with the written consent of the Owner Trustee or Indenture Trustee) undertake any reasonable action that it may deem necessary or desirable
        in respect of the Basic Documents and the rights and duties of the parties to the Basic Documents and the interests of the Certificateholder under this Agreement and the Noteholders under the Indenture.  In such event, the reasonable legal expenses
        and costs for such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Estate and the Servicer will be entitled to be reimbursed therefor solely from Available Collections.

     

    SECTION 7.05      TMCC Not To Resign as Servicer.  Subject to the provisions of Section 7.03, TMCC shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon a determination that
        the performance of its duties under this Agreement shall no longer be permissible under applicable law.  Notice of any such determination permitting the resignation of TMCC shall be communicated to the Owner Trustee, the Indenture Trustee and each
        Rating Agency at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect
        delivered to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice.  No such resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have (i) assumed the responsibilities
        and obligations of TMCC in accordance with Section 8.02 and (ii) become the Administrator under the Administration Agreement in accordance with Section 8 of such Agreement.

     

    ARTICLE VIII

        

        DEFAULT

     

    SECTION 8.01      Servicer Default.  Each of the following events is a “Servicer Default”:

     

    (a)      any failure by the Servicer to deliver to the Indenture
        Trustee for deposit in the Collection Account or Reserve Account any required payment or to direct the Indenture Trustee to make any required payment or distribution therefrom, which failure continues unremedied for a period of five (5) Business
        Days after discovery of the failure by an officer of the Servicer or written notice of such failure is received (i) by the Servicer from the Owner Trustee or the Indenture Trustee or (ii) by the Servicer and the Owner Trustee or the Indenture
        Trustee, from the Holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class then outstanding, acting together as a single Class;

     

    
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    (b)      failure by the Servicer to duly observe or to perform in
        any material respect any other covenants or agreements of the Servicer set forth in this Agreement, which failure shall materially and adversely affect the rights of the Certificateholder or Noteholders and shall continue unremedied for a period of
        ninety (90) days after the date on which written notice of such failure is received (i) by the Servicer from the Owner Trustee or the Indenture Trustee or (ii) by the Servicer and the Owner Trustee and Indenture Trustee, from the Holders of Notes
        evidencing not less than a majority of the principal amount of the Controlling Class then outstanding, acting together as a single Class; or

     

    (c)      the occurrence of an Insolvency Event with respect to the
        Servicer;

     

    provided, however,
        that (A) if any delay or failure of performance referred to in clause (a) above shall have been caused by force majeure or other similar occurrences, the five (5) Business Day grace period referred to in such clause (a) shall be extended for an
        additional sixty (60) calendar days and (B) if any delay or failure of performance referred to in clause (b) above shall have been caused by force majeure or other similar occurrences, the ninety (90) day grace period referred to in such clause (b)
        shall be extended for an additional sixty (60) calendar days.

     

    Upon receipt of notice of the occurrence of a Servicer Default, the Indenture Trustee shall give prompt written notice thereof to the
        Administrator, and the Administrator shall provide such notice to the Rating Agencies.

     

    At any time when a Servicer Default set forth in clauses (a) through (c) above has occurred and is continuing, so long as the Servicer
        Default shall not have been remedied, either the Indenture Trustee or the Holders of Notes evidencing at least a majority of the Outstanding Amount of Notes of the Controlling Class of Notes acting together as a single Class, by notice then given
        in writing to the Servicer (and to the Indenture Trustee and the Owner Trustee if given by the Noteholders) may terminate all the rights and obligations (other than the obligations set forth in Section 7.02 hereof and the rights set forth in
        Section 7.04 hereof) of the Servicer under this Agreement.  By the same required vote, the Noteholders specified in the prior sentence may waive any such Servicer Default (other than a default in the making of any required deposits or payments from
        or to the Collection Account or Reserve Account) for a specified period or permanently.  Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for
        every purpose of this Agreement.  No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

     

    SECTION 8.02      Appointment of Successor.

     

    (a)      Upon the Servicer’s receipt of notice of termination
        pursuant to Section 8.01 or the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, in the case of termination, only until the
        date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of (i) the date sixty (60) days from the delivery to the Owner
        Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (ii) the date upon which the predecessor

     

    
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    Servicer shall become unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel.  In the event of the
        Servicer’s termination hereunder, the Indenture Trustee shall appoint a Successor Servicer, which shall be any established institution having a net worth of not less than $25,000,000 and whose regular business shall include the servicing of
        receivables similar to the Financed Receivables, and the Successor Servicer shall accept its appointment (including its appointment as Administrator under the Administration Agreement as set forth in Section 8.02(b)) by a written assumption in form
        acceptable to the Owner Trustee and the Indenture Trustee.  In the event that a Successor Servicer has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section, the Indenture Trustee
        without further action shall automatically be appointed the Successor Servicer and the Indenture Trustee shall be entitled to the Servicing Fee.  Notwithstanding the above, the Indenture Trustee shall, if it shall be unwilling or legally unable so
        to act, appoint or petition a court of competent jurisdiction to appoint any established institution having a net worth of not less than $25,000,000 and whose regular business shall include the servicing of receivables similar to the Financed
        Receivables, as the successor to the Servicer under this Agreement.  In connection therewith, the Indenture Trustee is authorized and empowered to offer such successor servicer compensation up to, but not in excess of, the Total Servicing Fee and
        other servicing compensation specified in this Agreement as payable to the initial Servicer.  Upon such appointment, the Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer, such release effective upon
        the effective date of the servicing agreement entered into between the Successor Servicer and the Issuer.

     

    (b)      Upon appointment, the Successor Servicer (including the
        Indenture Trustee acting as Successor Servicer) shall (i) be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the
        predecessor Servicer and shall be entitled to the Servicing Fee and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement and (ii) become the Administrator under the Administration Agreement in accordance
        with Section 8 of such Agreement; provided, that, the Indenture Trustee shall
        not be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer to act as Successor Servicer hereunder; provided, further, that the Indenture Trustee, as Successor Servicer, shall have no obligations with respect to the fees,
        expenses or other amounts (including indemnities other than those resulting from the actions of the Indenture Trustee as Successor Servicer) of the Owner Trustee, the Indenture Trustee or the Asset Representations Reviewer, the fees and expenses of
        the Owner Trustee’s attorneys,  the Indenture Trustee’s attorneys, or the Asset Representations Reviewer’s attorneys, the fees and expenses of any custodian and the fees and expenses of independent accountants or expenses incurred in connection
        with distributions and reports to the Noteholders.

     

    (c)      On or after the receipt by the Servicer of written notice
        of termination pursuant to Section 8.01, all authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the Receivables or otherwise, shall, without further action, pass to and be vested in the
        Indenture Trustee or such Successor Servicer as may be appointed under this Section 8.02 and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the
        predecessor Servicer, as attorney‐in‐fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice

     

    
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    of termination, whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise.  The predecessor Servicer shall
        cooperate with the Successor Servicer and the Owner Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including, without limitation, the transfer to the Successor Servicer for
        administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or have been deposited by the predecessor Servicer, in the Collection Account or thereafter received with respect to the Receivables. 
        All reasonable costs and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable Files to the Successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall
        be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses.  Any such costs, expenses and fees not paid by the predecessor Servicer shall be paid solely from the application of Available Collections
        in accordance with the terms of this Agreement.  In the event that the Indenture Trustee succeeds to the rights and obligations of the Servicer hereunder, and a subsequent transfer of such rights and obligations is effected pursuant to Section 8.01
        or this Section 8.02 hereof, the original Servicer hereunder shall reimburse the Indenture Trustee for all reasonable costs and expenses as described in the immediately preceding sentence and if such amounts remain unpaid for ninety (90) days, the
        Indenture Trustee shall be entitled to reimbursement from the Issuer from Available Collections.  Upon receipt of notice of the occurrence of a Servicer Default, the Indenture Trustee shall give prompt written notice thereof to the Administrator,
        and the Administrator shall provide such notice to the Rating Agencies.

     

    SECTION 8.03      Compensation Payable.  If the Servicer shall resign or be terminated, the Servicer shall continue to be entitled to all accrued and unpaid compensation payable to the Servicer through the date of such termination as
        specified in Section 4.09 of this Agreement.

     

    SECTION 8.04      Notification.  Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Issuer shall give prompt written notice thereof to Certificateholder, and the Indenture Trustee
        shall give prompt written notice thereof to Noteholders and the Administrator, and the Administrator shall provide such notice to the Rating Agencies.

     

    ARTICLE IX

        

        TERMINATION

     

    SECTION 9.01      Optional Purchase of All Receivables.

     

    (a)      On each Payment Date following the last day of a Collection
        Period as of which the Pool Balance shall be less than the Optional Purchase Percentage multiplied by the Original Pool Balance, the Servicer, or any successor to the Servicer, shall have the option to purchase, as of the end of the immediately
        preceding Collection Period, the corpus of the Trust Estate for an amount equal to the Optional Purchase Price.  To exercise such option, the Servicer, or any successor to the Servicer, shall notify the Owner Trustee and the Indenture Trustee of
        its intention to do so in writing, no later than the tenth day of the month preceding the month in which the Payment Date as of which such purchase is to be effected and shall, on or before the

     

    
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    Payment Date on which such purchase is to occur, deposit pursuant to Section 5.05 in the Collection Account an amount equal to the Optional Purchase Price,
        and shall succeed to all interests in and to the Trust Estate.  Amounts so deposited will be paid and distributed as set forth in Section 5.06 of this Agreement.

     

    (b)      Notice of any such purchase of the Trust Estate shall be
        given by the Owner Trustee and the Indenture Trustee to each Securityholder as soon as practicable after receipt of notice thereof from the Servicer by a Trust Officer of the Owner Trustee (in the case of each Certificateholder) and the Indenture
        Trustee (in the case of each Noteholder).

     

    (c)      Following the satisfaction and discharge of the Indenture
        and the payment in full of the principal of and interest on the Notes, the Certificateholder will succeed to the rights of the Noteholders under this Agreement other than Section 5.06 and the Owner Trustee will succeed to the rights of, and assume
        the obligations of, the Indenture Trustee provided for in this Agreement.

     

    (d)      Upon the repurchase of any Receivable by the Seller or the
        Servicer, pursuant to any provision hereof (including Sections 3.02, 4.08 and 9.01(a)), the Owner Trustee on behalf of the Issuer and the Certificateholder, and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be
        deemed to transfer, assign, set-over and otherwise convey to the Seller or the Servicer, as the case may be, all right, title and interest of the Owner Trustee on behalf of the Issuer in, to and under such repurchased Receivable, all monies due or
        to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any documents relating thereto, such assignment being
        an assignment outright and not for security; and the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and documents, free of any further obligation to the Issuer, the Owner Trustee, the
        Certificateholder, the Indenture Trustee or the Noteholders with respect thereto.  The Owner Trustee and Indenture Trustee shall execute such documents and instruments of transfer and assignment and take such other actions as shall be reasonably
        requested by the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to this Section.  If in any enforcement suit or legal proceeding it is held that the Seller or Servicer may not enforce a repurchased
        Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Owner Trustee on behalf of the Issuer and the Certificateholder, and the Indenture Trustee on behalf of the Noteholders shall, at
        the written direction and expense of the Seller or Servicer, as the case may be, take such reasonable steps as the Seller or Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer,
        Certificateholder or Noteholders.

     

    SECTION 9.02      Termination of the Trust Agreement.  The respective obligations and responsibilities of the Issuer, the Seller and the Servicer under this Agreement shall terminate upon the termination of the Trust Agreement pursuant
        to Article IX of the Trust Agreement.

     

    ARTICLE X

        

        MISCELLANEOUS

     

    
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    SECTION 10.01      Amendment.

     

    (a)      This Agreement may be amended by the Seller, the Servicer
        and the Issuer, with the consent of the Indenture Trustee and, if the interests of the Owner Trustee are affected, the Owner 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
        Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying
        that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in respect of such proposed amendment.

     

    (b)      This Agreement may also be amended by the Seller, the
        Servicer and the Issuer, with the consent of the Indenture Trustee and, if the interests of the Owner Trustee are affected, the Owner Trustee, but without the consent of any of the Noteholders or the Certificateholder for the purpose of changing
        the formula or percentage for determining the Specified Reserve Account Balance, but not to change any order of priority of payments and distributions specified in Section 5.06, changing the remittance schedule for the deposit of collections with
        respect to the Receivables in the Collection Account pursuant to Section 5.02 hereof or changing the definition of Eligible Investment, in each case only if the Rating Agency Condition has been satisfied in respect of such proposed amendment.

     

    (c)      This Agreement may also be amended from time to time by the
        Seller, the Servicer and the Issuer, with prior written notice to the Rating Agencies, with the consent of the Indenture Trustee and, if the interests of the Owner Trustee are affected, the Owner Trustee and, if the interests of the Noteholders are
        materially and adversely affected, with the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of Notes, acting together as a single Class, for the purpose of adding any provisions to
        or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under this Agreement.

     

    (d)      No amendment otherwise permitted under this Section 10.01
        (except as described in the last sentence of this Section 10.01(d)) may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for
        the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such
        amendment without the consent of the Noteholders and Certificateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above
        shall be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately preceding sentence shall be permitted unless
        an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of
        any Noteholder or Certificateholder whose consent was not obtained.

     

    
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    Notwithstanding the immediately preceding two sentences, this Agreement may also be amended by the parties hereto, without the consent of the Securityholders,
        for the purpose of conforming the provisions in this Agreement to the descriptions thereof contained in the prospectus, dated April 30, 2019, related to the offering of the Notes.

     

    (e)      Promptly after the execution of any such amendment or
        consent, the Issuer shall cause written notification of the substance of such amendment or consent to be furnished to each Noteholder, Certificateholder, the Indenture Trustee and each of the Rating Agencies.

     

    (f)      It shall not be necessary for the consent of the
        Certificateholder or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

     

    (g)      Prior to the execution of any amendment to this Agreement,
        the Owner Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement, and, if applicable, the Opinion of Counsel
        referred to in Section 10.02.  The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or
        immunities under this Agreement or otherwise.  The reasonable fees and expenses of the Owner Trustee and the Indenture Trustee in connection with any amendment or supplement to this Agreement shall be payable by the Servicer.

     

    SECTION 10.02      Protection of Title to Trust.

     

    (a)      The Seller shall execute and file or cause to be filed such
        financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and of the Indenture Trustee in
        the Receivables and in the proceeds thereof.  The Seller shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture Trustee file‐stamped copies of, or filing receipts for, any document filed as provided above, as soon as
        available following such filing.

     

    (b)      Neither the Seller nor the Servicer shall change (i) its
        location of organization under Section 9-307(e) of the UCC or (ii) its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a)
        above seriously misleading within the meaning of Section 9‐507 and 9-508 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least five (5) days’ prior written notice thereof and shall have promptly filed
        appropriate amendments to all previously filed financing statements or continuation statements.

     

    (c)      Each of the Seller and the Servicer shall have an
        obligation to give the Owner Trustee and the Indenture Trustee at least sixty (60) days’ prior written notice of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require
        the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement.  The Servicer shall at all times maintain each office

     

    
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    from which it shall service Receivables, and its principal executive office, within the United States of America.

     

    (d)      The Servicer shall maintain accounts and records as to each
        Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between
        payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable.

     

    (e)      The Servicer shall maintain its computer systems so that,
        from and after the time of sale under this Agreement of  the Receivables, the Servicer’s electronic files which are maintained for the purpose of identifying retail installment sales contracts which have been transferred in connection with
        securitizations will show the interest of the Issuer in such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee.  Indication of these respective interests in a Receivable shall be deleted from
        or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have become a Liquidated Receivable or been repurchased.

     

    (f)      If at any time the Seller or the Servicer (or any
        Subservicer appointed by the Servicer) shall propose to sell, grant a security interest in, or otherwise transfer any interest in automotive receivables to, any prospective purchaser, lender or other transferee, the Servicer shall give to such
        prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable
        has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee.

     

    (g)      Upon request, the Servicer shall furnish or cause to be
        furnished to the Owner Trustee or to the Indenture Trustee, within five (5) Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust Estate, together with a reconciliation of such list to the
        Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust Estate.

     

    (h)      The Servicer shall deliver to the Owner Trustee and the
        Indenture Trustee:

     

    (A)      promptly after the execution and
        delivery of this Agreement and, if required pursuant to Section 10.01, of each amendment hereto, an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed
        and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given,
        or (B) no such action shall be necessary to preserve and protect such interest, in each case also  specifying any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest; and

     

    
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    (B)      within ninety (90) days after the
        beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90‐day period, stating that, in the opinion of such counsel, either
        (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings
        or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest.

     

    SECTION 10.03      Notices.  All demands, notices, communications and instructions upon or to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee, the Rating Agencies or the Asset Representations Reviewer 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 Servicer, to Toyota Motor Credit Corporation, 6565
        Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: Treasury Operations Department, (469) 486-9013, with a copy by electronic mail to: TFS_Treasury_Operations@toyota.com, and with a copy to Toyota Motor Credit Corporation, 6565
        Headquarters Drive, W2-5A, Plano, Texas 75024-5965, Attention: General Counsel, (b) in the case of the Seller, to Toyota Auto Finance Receivables LLC, 6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: President, (469) 486-9020,
        (c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in the Trust Agreement) or, in the case of any information permissibly delivered to the Owner Trustee by means of electronic mail, to cwright1@wilmingtontrust.com, (d) in the case of the Indenture Trustee, at the Corporate Trust Office specified in the Indenture, or, in the case of any information permissibly
        delivered to the Indenture Trustee by means of electronic mail, to mirtza.escobar@usbank.com and melissa.rosal@usbank.com,
        (e) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, (f) in the case of S&P, to S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention of Asset Backed Surveillance Department and (g) in the case of the Asset Representations Reviewer, to 2638 South Falkenburg Road, Riverview, FL 33578,
        Attention: SVP, with a copy by electronic mail to ARRNotices@clayton.com, and with a copy to 1500 Market Street, West Tower Suite 2050, Philadelphia, PA 19102, Attention:
        General Counsel; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

     

    SECTION 10.04      Assignment by the Seller or the Servicer.  Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.04 and 7.03 of this Agreement and as provided in the provisions of this Agreement
        concerning the resignation or termination of the Servicer, this Agreement may not be assigned by the Seller or the Servicer.

     

    SECTION 10.05      Limitations on Rights of Others.  The provisions of this Agreement are solely for the benefit of the Seller, the Servicer, the Issuer, the Owner Trustee, the Certificateholder, the Indenture Trustee and the Noteholders,
        and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or
        provisions contained herein.

     

    
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    SECTION 10.06      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 10.07      Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together
        constitute but one and the same instrument.

     

    SECTION 10.08      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 10.09      Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of New York, without reference to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the
        General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

     

    For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction, and the law of the State of New York
        shall govern all issues specified in Article 2(1) of the Hague Securities Convention.  The parties will not agree to amend this Agreement to change the governing law to any law other than the laws of the State of New York.

     

    SECTION 10.10      Assignment by Issuer.  The Seller 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 in, to and under the Receivables and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee.

     

    SECTION 10.11      Nonpetition Covenants.  Notwithstanding any prior termination of this Agreement, each of the parties hereto, by entering into this Agreement hereby covenants and agrees that it shall not at any time acquiesce, petition
        or otherwise invoke or cause the Issuer or the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer or the 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 the Seller, as the case may be, or any substantial part of its property, or ordering the winding up or
        liquidation of the affairs of the Issuer or the Seller, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Basic Documents prior to the date that is one year and one day after the date on which
        the Indenture is terminated.  This Section 10.11 shall survive the termination of this Indenture and the termination of the Servicer under this Agreement.

     

    SECTION 10.12      Limitation of Liability of Owner Trustee and Indenture Trustee.  Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wilmington Trust, National Association, not in its
        individual capacity, but

     

    
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    solely in its capacity as Owner Trustee on behalf of the Issuer, and by U.S. Bank National Association, not in its individual capacity, but solely in its
        capacity as Indenture Trustee under the Indenture.  In no event shall either of Wilmington Trust, National Association, in its individual capacity or U.S. Bank 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 Seller or Servicer, or prepared by the Seller or Servicer 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 10.13      Intent of the Parties; Reasonableness.  The Seller, Servicer, Sponsor and Issuer acknowledge and agree that the purpose of Sections 4.11, 4.12 and 4.14 of this Agreement is to facilitate compliance by the Issuer and the
        Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

     

    None of the Sponsor, the Administrator nor the Issuer shall exercise its right to request delivery of information or other performance
        under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure
        comparable to that required under the Securities Act).  The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff,
        consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Issuer or the Administrator in good faith for delivery of information under these provisions on the
        basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Servicer shall cooperate fully with the Administrator and the Issuer to deliver to the Administrator or Issuer, as applicable (including any of its
        assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Issuer or the Administrator to permit the Issuer or Administrator (acting on behalf of the
        Issuer) to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, any Subservicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Issuer or the Administrator to be
        necessary in order to effect such compliance.

     

    SECTION 10.14      Notice of Requests.  The Issuer and the Administrator (including any of its assignees or designees) shall cooperate with the Servicer by providing timely notice of requests for information under these provisions and by
        reasonably limiting such requests to information required, in the reasonable judgment or the Issuer or the Administrator, as applicable, to comply with Regulation AB.

     

    SECTION 10.15      Regulation RR Risk Retention.  TMCC, as “sponsor” within the meaning of the Credit Risk Retention Rules, shall cause the Depositor to retain the “eligible vertical interest” (as defined in the Credit Risk Retention
        Rules) (the “Retained Interest”) on the Closing Date and TMCC will not, and will cause the Depositor and each Affiliate of TMCC not

     

    
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    to, sell, transfer, finance or hedge the Retained Interest except as permitted by the Credit Risk Retention Rules.  This Section 10.15 shall survive the
        termination of this Agreement and any resignation by, or termination of, TMCC in its capacity as Servicer hereunder.

     

    ARTICLE XI

        

        ASSET REPRESENTATIONS REVIEW; DISPUTE RESOLUTION

     

    SECTION 11.01      Asset Representations Review.

     

    (a)      Upon the occurrence of a Delinquency Trigger with
        respect to any Collection Period, the Servicer will promptly send to TMCC, the Administrator, the Indenture Trustee and each Noteholder (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such
        Clearing Agency) a notice describing (i) the occurrence of the Delinquency Trigger, and including reasonably detailed calculations thereof, and (ii) the rights of the Noteholders and Note Owners regarding an Asset Representations Review (including
        a description of the method by which Noteholders and Note Owners may contact the Indenture Trustee in order to request a Noteholder vote in respect of an Asset Representations Review).

     

    (b)      If the Indenture Trustee notifies the Servicer pursuant
        to Section 12.02 of the Indenture that sufficient Noteholders have voted within the required time to initiate an Asset Representations Review of all ARR Receivables by the Asset Representations Reviewer pursuant to the Asset Representations Review
        Agreement, then the Servicer shall:

     

    (i)      promptly notify the Asset Representations Reviewer and the Indenture Trustee of the number of ARR Receivables;

     

    (ii)      within sixty (60) days after receipt by the Servicer of such notice from the Indenture Trustee, render reasonable assistance,
        including granting access to copies of any underlying documents and Receivable Files and all other relevant documents, to the Asset Representations Reviewer to facilitate the performance of a review of all ARR Receivables, pursuant to Section
        3.2(a) of the Asset Representations Review Agreement, in order to verify compliance with the representations and warranties made to the Issuer by the Seller and the Servicer; and

     

    (iii)      provide such other reasonable assistance to the Asset Representations Reviewer as it requests in order to facilitate its
        Asset Representations Review of the ARR Receivables pursuant to the Asset Representations Review Agreement.

     

    The Servicer may redact any materials provided to the Asset Representations Reviewer in order to remove any personally identifiable customer information. 
        Except for the measure described in the immediately preceding sentence, the Servicer will use commercially reasonable efforts not to change the meaning of such materials or their usefulness to the Asset Representations Reviewer in connection with
        its review pursuant to Section 3.2(a) of the Asset Representations Review Agreement.

    

    

    SECTION 11.02      Dispute Resolution.

     

    
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    (a)      If the Owner Trustee or any Noteholder or Verified Note
        Owner requests (by written notice to TMCC or the Seller) (any such party making a request, the “Requesting Party”), that a Receivable be repurchased due to an alleged breach of a representation and warranty in Section 3.01 of this Agreement or
        Section 2.03 of the Receivables Purchase Agreement, and the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within one-hundred eighty (180) days of the receipt of such request by TMCC or
        the Seller (which, if sent by a Noteholder or Verified Note Owner to the Indenture Trustee, will be required to be forwarded by the Indenture Trustee to TMCC and the Seller in accordance with the terms of Section 7.02(d) of the Indenture), then the
        Requesting Party will have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or third-party binding arbitration pursuant to this Section 11.02.  Dispute resolution to resolve repurchase
        requests will be available regardless of whether Noteholders and Verified Note Owners voted to direct an Asset Representations Review or whether the Delinquency Trigger occurred.  The Seller will provide written direction to the Indenture Trustee
        instructing it to notify the Requesting Party of the date when the 180-day period ends without resolution by the appropriate party, which written direction will specify the identity of such Requesting Party and the date as of which such 180-day
        period shall have ended. The Requesting Party must provide notice of its intention to refer the matter to mediation, to refer the matter to arbitration, or to institute a legal proceeding to the Seller within thirty (30) days after the delivery of
        such notice of the end of the 180-day period.  The Seller agrees to participate in the resolution method selected by the Requesting Party.

     

    (b)      If the Requesting Party selects mediation (including
        non-binding arbitration) as the resolution method, the following provisions will apply:

     

    (i)      The mediation will be administered by JAMS pursuant to its Mediation Procedures in effect on the date hereof.

     

    (ii)      The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney
        specializing in commercial litigation with at least 15 years of experience and who will be appointed from a list of neutrals maintained by JAMS.  Upon being supplied a list of at least 10 potential mediators by JAMS each party will have the right
        to exercise two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference JAMS will select the mediator from the remaining attorneys on the list respecting the preference choices of the
        parties to the extent possible.

     

    (iii)      The parties will use commercially reasonable efforts to begin the mediation within thirty (30) days of the selection of the
        mediator and to conclude the mediation within sixty (60) days of the start of the mediation.

     

    (iv)      The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation.

     

    (c)      If the Requesting Party selects binding arbitration as the
        resolution method, the following provisions will apply:

     

    
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    (i)      The arbitration will be administered by the AAA pursuant its Arbitration Rules in effect on the date of this Agreement.

     

    (ii)      The arbitral panel will consist of three members, (i) one to be appointed by the Requesting Party within five (5) Business
        Days of providing notice to the Seller of its selection of arbitration, (ii) one to be appointed by the Seller within five (5) Business Days of that appointment and (iii) the third, who will preside over the panel, to be chosen by the two
        party-appointed arbitrators within five (5) Business Days of the second appointment.  If any party fails to appoint an arbitrator or the two party-appointed arbitrators fail to appoint the third within the stated time periods, then the appointments
        will be made by AAA pursuant to the Arbitration Rules.  In each such case, each arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York and an attorney specializing in commercial litigation with at
        least 15 years of experience.

     

    (iii)      Each arbitrator will be independent and will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect as
        of the date of this Agreement.  Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings
        within the prescribed time schedule.   Any arbitrator may be removed by AAA for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

     

    (iv)      After consulting with the parties, the arbitral panel will devise procedures and deadlines for the arbitration, to the extent
        not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within ninety (90) days after appointment.  The arbitral panel will have the authority to schedule, hear, and determine any and all
        motions, including dispositive and discovery motions, in accordance with then-prevailing New York law (including prehearing and post hearing motions), and will do so on the motion of any party to the arbitration.

     

    (v)      Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party
        to the arbitration will be presumptively limited to the following discovery in the arbitration: (A) four party witness depositions not to exceed five hours, and (B) one set of interrogations, document requests, and requests for admissions; provided that the arbitral panel will have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitral panel determines good
        cause is shown that such additional discovery is reasonable and necessary.

     

    (vi)      The arbitral panel will make its final determination no later than ninety (90) days after appointment.  The arbitral panel
        will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way.  The arbitral panel will not have the power to award punitive damages or consequential damages in any arbitration
        conducted by them.  In its final determination, the arbitral panel will determine and award the costs of the arbitration (including the fees of the arbitral panel, cost of any record or transcript of the arbitration, and administrative fees) and
        reasonable attorneys’ fees to the parties as determined by the arbitral panel in its reasonable discretion.  The determination in any binding arbitration of the arbitral panel will be in writing and counterpart copies will be promptly

     

    
      70

      
        

    

    

    

    delivered to the parties.  The determination will be final and non-appealable and may be enforced in any court of competent jurisdiction.

     

    (vii)      By selecting binding arbitration, the selecting party is giving up the right to sue in court, including the right to a trial
        by jury.

     

    (viii)      No person may bring a putative or certified class action to arbitration.

     

    (d)      The following provisions will apply to both mediations and
        arbitrations:

     

    (i)      Any mediation or arbitration will be held in New York, New York; and

     

    (ii)      The details and existence of any unfulfilled repurchase request, any informal meetings, mediations or arbitration proceedings
        conducted under this Section 11.02, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and any discovery taken in
        connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 11.02).  Such
        information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with any
        resolution procedure under this Section 11.02), except as otherwise required by law, regulatory requirement or court order.  If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than
        a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the other party with the opportunity to object to the production of its confidential
        information.

     

    (e)      The sole duties and obligations of the Indenture Trustee
        under this Section 11.02 are to forward requests for repurchases, and to provide notices, in each case in the limited circumstances described in Section 11.02(a), and the Indenture Trustee shall have no other obligation whatsoever to participate in
        any dispute resolution, mediation or arbitration nor to determine if a repurchase request has been resolved.

     

    

    

     

    

    

    

    

    

    

    

    

    
      71

      
        

    

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

     

    TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

    

    

    By:     WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf
        of the Issuer

    

    

    

    

        By:    /s/ Clarice
          Wright                                      

        

                   Name:  Clarice Wright

      

                   Title:    Assistant Vice President

      

    

    

    

    

    TOYOTA AUTO FINANCE RECEIVABLES LLC, Seller

    

    

    

    

        By:     /s/ Matthew Venardi                            

      

                   Name:  Matthew Venardi

      

                   Title:    Secretary

      

    

    

    

    

    TOYOTA MOTOR CREDIT CORPORATION, Servicer

    

    

    

    

        By:      /s/ Cindy Wang     _____________

                   Name:  Cindy Wang

      

                   Title:    Group Vice President —
        Treasury

    

    

    
      
        

    

     

    ACKNOWLEDGED AND ACCEPTED AS OF

        THE DAY AND YEAR FIRST ABOVE WRITTEN:

     

    U.S. BANK NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Indenture Trustee

    

    

    

    

    By:      /s/ Mirtza J. Escobar___________________

                Name:  Mirtza J. Escobar

      

                Title:    Vice President

      

    

    

    

    

     

    ACKNOWLEDGED, SOLELY WITH RESPECT TO SECTION 5.01(f),

    AS OF THE DAY AND YEAR FIRST ABOVE WRITTEN:

     

    U.S. BANK NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Securities Intermediary

    

    

    
      

      

      By:      /s/ Mirtza J. Escobar___________________

                  Name:  Mirtza J. Escobar

        

                  Title:    Vice President

        

      

    

    
      
        

    

    
    SCHEDULE A

     

    Location of Receivable Files

    

    

    

    

    1.            Toyota Motor Credit Corporation, 3200 West Ray Road, Chandler, Arizona 85226

    

    

    2.            Toyota Motor Credit Corporation, Technology Center - Chandler (TCX), 2121 South Price Road, Suite B106,
        Chandler, Arizona 85286

    

    

    3.            Toyota Motor Credit Corporation, Technology Center - Richardson (TCD), 850 E Collins Blvd, Suite 135,
        Richardson, Texas 75081

    

    

    4.           HP Enterprise Services (fka EDS, aka Electronic Data Systems), 5400 Legacy Dr., Plano, TX 75024

    

    

    5.           RouteOne LLC, 31500 Northwestern Hwy., Farmington Hills, MI 48334

    

    

    

    

    
      SA-1

      
        

    

    
    SCHEDULE B

     

    PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     

     

              In addition to the representations, warranties and covenants contained in this Agreement, the Seller hereby represents, warrants and covenants to
        the Issuer as follows on the Closing Date:

     

     

          1.       This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
        Collateral in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

     

     

          2.      TMCC has taken all steps necessary to perfect its security interest against each Obligor in the property securing the Receivables.

     

     

          3.         The Receivables constitute “chattel paper” (including “tangible chattel paper” and “electronic chattel paper”) within the meaning
        of the applicable UCC.

     

     

          4.       The Seller has caused or will have caused, within ten (10) days after the Closing Date, the filing of all appropriate financing statements
        in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Issuer hereunder.

     

     

          5.       With respect to Receivables that constitute tangible chattel paper, such tangible chattel paper is in the possession of the Servicer, and
        the Servicer (in its capacity as custodian) is holding such tangible chattel paper solely on behalf and for the benefit of the Seller.  With respect to Receivables that constitute electronic chattel paper, the Servicer has “control” of such
        electronic chattel paper within the meaning of Section 9-105 of the applicable UCC and the Servicer (in its capacity as custodian) is maintaining control of such electronic chattel paper solely on behalf and for the benefit of the Seller.  No
        person other than the Servicer has “control” of any Receivable that is evidenced by electronic chattel paper.

     

     

          6.      Either (1) (i) only one authoritative copy of each contract that constitutes or evidences the Receivable exists, and each such authoritative
        copy (y) is unique, identifiable, and unalterable (other than with the participation of TMCC, in the case of an addition or change of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized
        revision) and (z) has been communicated to and is maintained by the Servicer or a third party provider acting on behalf of TMCC, (ii) the authoritative copy of the related contract identifies only TMCC as the assignee thereof, (iii) each copy of
        the authoritative copy of the related contract and any copy of a copy are readily identifiable as copies that are not the authoritative copy and (iv) the Receivable has been established in a manner such that (a) all copies or revisions that add or
        change an identified assignee of the authoritative copy of each contract that constitutes or evidences the Receivable must be made with the participation of TMCC, and (b) all revisions of the authoritative copy of each contract that constitute or
        evidence the Receivable must be readily identifiable as an authorized or unauthorized revision or (2) each contract that constitutes or evidences the Receivable and the system pursuant to which TMCC

     

    
      SB-1

      
        

    

    

    

     

    has acquired such contract reliably establishes TMCC as the person to whom the related chattel paper was assigned.

     

     

          7.      In the case of a Receivable evidenced by an electronic record consisting of a copy or image stored in an electronic medium of the original
        contract that was signed by the related Obligor, the related contract was originated in the form of an original contract that constitutes “tangible chattel paper” within the meaning of the applicable UCC, such original contract was delivered to the
        Servicer and, in accordance with the Customary Servicing Practices of the Servicer, was or will be destroyed as soon as practicable after the expiration of 14 to 30 days after the conversion of such original contract to an electronic record by a
        scanning and imaging process.  After destruction of the original contract, the related Receivable will be evidenced only by “electronic chattel paper” within the meaning of the applicable UCC.

     

     

          8.       The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of
        collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Seller to the Issuer under this Agreement, (ii) relating to the conveyance of the Receivables by TMCC to the Seller
        under the Receivables Purchase Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated.  The Seller is not aware of any material judgment, ERISA or tax lien filings
        against the Seller.

     

     

          9.      The Servicer, in its capacity as custodian, has in its possession or control (within the meaning of the applicable UCC) the record or records
        that constitute or evidence the Receivables.  The tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise
        conveyed to any Person other than TMCC, the Seller, the Issuer or the Indenture Trustee.  All financing statements filed or to be filed against TMCC, the Seller and the Issuer in connection with the Receivables Purchase Agreement, this Agreement
        and the Indenture, respectively, contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.”

     

     

          10.       Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection representations, warranties and covenants
        contained in this Schedule B shall be continuing, and remain in full force and effect until such time as all obligations under the Basic Documents and the Notes have been
        finally and fully paid and performed.

     

          11.       The Seller shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations,
        warranties and covenants contained in this Schedule B, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection
        representations, warranties or covenants.

    
      SB-2

      
        

    

    
    EXHIBIT A

     

    Form of Servicer’s Certificate

     

    (See Attached)

     

    

    

    
      A-1

      
        

    

    
    

      
        
          
            
              
                
                  Servicer's Certificate

                  
                    for the Collection Period [x] through [x]

                    for Payment Date of [x]

                  

                  
                    Toyota Auto Receivables 2019-B Owner Trust

                    Toyota Auto Finance Receivables, LLC

                  

                  SELLER

                

              

              
                SERVICER

                 

                
                  	
                          Collection Period

                        	
                          30/360 Days

                        
	
                          Interest Accrual Period

                        	
                          Actual/360 Days

                        

                

                 

                 

                
                  	  	
                          Initial Principal

                        	
                          Final

                        	
                          Beginning

                        	
                          Beginning

                        	
                          First Priority

                        	
                          Second Priority

                        	
                          Regular Principal

                        	
                          Ending

                        	
                          Ending

                        
	
                          Class

                        	
                          Balance

                        	
                          Scheduled

                        	
                          Principal

                        	
                          Principal

                        	
                          Principal

                        	
                          Principal

                        	
                          Distribution

                        	
                          Principal

                        	
                          Principal

                        
	  	  	
                           Payment Date

                        	
                          Balance

                        	
                          Factor

                        	
                          Distribution Amount

                        	
                          Distribution Amount

                        	
                          Amount

                        	
                          Balance

                        	
                          Factor

                        
	  	  	  	  	  	  	  	  	  	  
	
                              A-1

                        	  	  	  	  	  	  	  	  	  
	
                            A-2a

                        	  	  	  	  	  	  	  	  	  
	
                            A-2b

                        	 	 	 	 	 	 	 	 	 
	
                              A-3

                        	  	  	  	  	  	  	  	  	  
	
                              A-4

                        	  	  	  	  	  	  	  	  	  
	
                                  B

                        	  	  	  	  	  	  	  	  	  
	
                                 Total

                        	  	  	  	  	  	  	  	  	  

                

                 

                 

                
                  	  	  	
                          Interest

                        	
                          Prior

                        	 	
                          Interest

                        	
                          Current

                        	
                          Total

                        
	
                          Class

                        	
                          Interest Rate

                        	
                          Distributable

                        	
                          Interest

                        	 	
                          Distribution

                        	
                          Interest

                        	
                          Principal &

                        
	  	  	
                           Amount

                        	
                          Carryover

                        	 	
                          Amount

                        	
                          Carryover

                        	
                          Interest Distribution

                        
	 	 	 	 	 	 	 	 
	
                              A-1

                        	  	  	  	 	  	  	  
	
                            A-2a 

                        	  	  	  	 	  	  	  
	
                            A-2b 

                        	 	 	 	 	 	 	 
	
                              A-3

                        	  	  	  	 	  	  	  
	
                              A-4

                        	  	  	  	 	  	  	  
	
                                  B

                        	  	  	  	 	  	  	  
	
                                 Total

                        	  	  	  	 	  	  	  

                

                 

                
                   

                  
                    	Credit
                            Enhancement

                  

                   

                

                
                  	 	 
	
                          Reserve Account

                        	
                          Yield Supplement Overcollateralization Amount

                        
	  	  
	
                          Initial Deposit Amount

                        	
                          Beginning Period Amount

                        
	
                          Specified Reserve Account Amount

                        	
                          Increase/(Decrease)

                        
	
                          Beginning Balance

                        	
                          Ending Period Amount

                        
	
                          Withdrawals

                        	  
	
                          Amount Available for Deposit

                        	
                          Overcollateralization

                        
	
                          Amount Deposited to the Reserve Account

                        	
                          Adjusted Pool Balance

                        
	
                          Reserve Account Balance Prior to Release

                        	
                          Total Note Balance

                        
	
                          Reserve Account Required Amount

                        	
                          Ending Overcollateralization Amount

                        
	
                          Reserve Account Release to Seller

                        	
                          Overcollateralization Target Amount

                        
	
                          Ending Reserve Account Balance

                        	  

                

                
                  
                    
 

                

                Servicer's Certificate

                
                  for the Collection Period [x] through [x]

                  for Payment Date of [x]

                

                
                  
                    Toyota Auto Receivables 2019-B Owner Trust

                  

                  
                    Toyota Auto Finance Receivables, LLC

                    SELLER

                    

                    SERVICER

                    
                       

                      
                        	
                                Collection Period

                              	
                                30/360 Days

                              
	
                                Interest Accrual Period

                              	
                                Actual/360 Days

                              

                      

                       

                       

                    

                  

                

                
                   

                  
                    	Liquidations of
                            Charge-offs and Repossessions

                  

                   

                

                 

                
                  
                    	 	 	 	 	
                            Cumulative

                          
	 	 	 	 	 	 	 	 	 	 	 
	  	  	
                            Current Period Only

                          	  	
                            Current Period

                          	  	
                            Prior Period

                          	  	
                            Two Periods Prior

                          	 	 Three Periods Prior
	  	  	  	  	  	  	  	  	  	 	 
	
                            Number of Liquidated Receivables

                          	  	  	  	  	  	  	  	  	 	 
	
                            Gross Principal of Liquidated Receivables

                          	  	  	  	  	  	  	  	  	 	 
	
                            Principal of Repurchased Contracts, previously charged-off

                          	  	  	  	  	  	  	  	  	 	 
	
                            Net Liquidation Proceeds Received During the Collection Period

                          	 	 	 	 	 	 	 	 	 	 
	
                            Recoveries on Previously Liquidated Contracts

                          	  	  	  	  	  	  	  	  	 	 
	
                            Net Credit Losses

                          	  	  	  	  	  	  	  	  	 	 
	  	  	  	  	  	  	  	  	  	 	 
	Charge-off Rate (Number of Liquidated Receivables
                              / Initial 
                            number of accounts in the pool)

                          	 	 	 	 	 	 	 	 	 	 
	
                            Number of Accounts with Liquidation Proceeds or Recoveries

                          	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                            Ratio of Aggregate Net Losses to Average Portfolio Balance

                          	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                            Number of Assets Experiencing a Net Loss

                          	 	 	 	 	 	 	 	 	 	 
	
                            Net Credit Losses for Assets Experiencing a Loss

                          	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Average Net Loss on all assets that have Experienced a Net Loss	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                            Cumulative Net Loss Ratio

                          	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                            Repossessed in Current Period

                          	  	  	  	
                            vehicles

                          	  	  	  	  	 	 

                  

                   

                

                 

                 

                
                  
                    	Pool Data

                  

                   

                   

                

                
                  	  	 	
                          Original

                        	 	
                          Prior Month

                        	 	
                          Current Month

                        	 
	  	 	  	 	  	 	  	 
	
                          Receivables Pool Balance

                        	 	  	 	  	 	  	 
	
                          Number of Contracts

                        	 	  	 	  	 	  	 
	
                          Weighted Average APR

                        	 	  	 	  	 	  	 
	
                          Weighted Average Remaining Term (Months)

                        	 	  	 	  	 	  	 

                

                 

                 

                 

                
                  
                    
 

                

                
                  Servicer's Certificate

                  
                    for the Collection Period [x] through [x]

                    for Payment Date of [x]

                  

                  
                    
                      Toyota Auto Receivables 2019-B Owner Trust

                    

                    
                      Toyota Auto Finance Receivables, LLC

                      SELLER

                      

                    

                  

                

                
                  SERVICER

                

                
                  
                    	
                            Collection Period

                          	
                            30/360 Days

                          
	
                            Interest Accrual Period

                          	
                            Actual/360 Days

                          

                  

                   

                

                
                   

                  
                    
                      	Collections

                    

                     

                     

                  

                

                
                  	
                          Principal Payments Received

                        	 	  
	
                          Prepayments in Full

                        	 	  
	
                          Interest Payments Received

                        	 	  
	
                          Aggregate Net Liquidation Proceeds

                        	 	  
	
                          Interest on Repurchased Contracts            

                        	 	  
	
                          Total Collections

                        	 	  
	
                          Principal of Repurchased Contracts

                        	 	  
	
                          Principal of Repurchased Contracts, prev charged-off

                        	 	  
	
                          Adjustment on Repurchased Contracts

                        	 	  
	
                          Total Repurchased Amount

                        	 	  
	  	 	  
	
                          Total Available Collections

                        	 	  

                

                 

                
                   

                  
                    
                      	Distributions

                    

                     

                     

                  

                

                
                  	  	 	
                          Calculated Amount

                        	 	
                          Amount Paid

                        	 	
                          Shortfall

                        
	
                          Servicing Fee

                        	 	  	 	  	 	  
	
                          Trustee and Other Fees/Expenses (capped at $300,000.00 per calendar year)

                        	 	 	 	 	 	 
	
                          Indenture Trustee

                        	 	 	 	 	 	 
	
                          Owner Trustee

                        	 	 	 	 	 	 
	
                          Asset Representations Reviewer

                        	 	 	 	 	 	 
	
                          Interest - Class A-1 Notes

                        	 	  	 	  	 	  
	
                          Interest - Class A-2a Notes

                        	 	  	 	  	 	  
	
                          Interest - Class A-2b Notes

                        	 	 	 	 	 	 
	
                          Interest - Class A-3 Notes

                        	 	  	 	  	 	  
	
                          Interest - Class A-4 Notes

                        	 	  	 	  	 	  
	
                          First Priority Principal Distribution Amount

                        	 	  	 	  	 	  
	
                          Interest - Class B Notes

                        	 	  	 	  	 	  
	
                          Second Priority Principal Distribution Amount

                        	 	  	 	  	 	  
	
                          Reserve Account Deposit

                        	 	  	 	  	 	  
	
                          Regular Principal Distribution Amount

                        	 	  	 	  	 	  
	Additional Trustee and Other Fees/Expenses	 	 	 	 	 	 
	
                          Indenture Trustee

                        	 	 	 	 	 	 
	
                          Owner Trustee

                        	 	 	 	 	 	 
	
                          Asset Representations Reviewer

                        	 	 	 	 	 	 
	
                          Excess Amounts to the Certificateholder

                        	 	  	 	  	 	  

                

                 

                
                  
                    
                      
                        
 

                    

                  

                

              

            

            
              
                
                  
                    
                      
                        Servicer's Certificate

                        
                          for the Collection Period [x] through [x]

                          for Payment Date of [x]

                        

                        
                          
                            Toyota Auto Receivables 2019-B Owner
                              Trust

                          

                          
                            Toyota Auto Finance Receivables, LLC

                            SELLER

                            

                            SERVICER

                          

                        

                         

                    

                    
                      
                        

                        

                      

                    

                    
                      
                        	Collection Period

                              	30/360 Days

                              
	Interest Accrual Period

                              	Actual/360Days

                              

                      

                    

                    
                       

                      

                    

                    
                      
                        	
                                Noteholder Distributions

                              

                      

                       

                       

                    

                  

                   

                

                
                  	  	
                          Interest

                        	
                          Per $1000 of

                        	
                          Principal

                        	
                          Per $1000 of

                        	
                          Amount

                        	
                          Per $1000 of

                        
	  	
                          Distributed

                        	
                          Original Balance

                        	
                          Distributed

                        	
                          Original Balance

                        	
                          Distributed

                        	
                          Original Balance

                        
	  	  	  	  	  	  	  
	
                          Class A-1 Notes

                        	  	  	  	  	  	  
	
                          Class A-2a Notes

                        	  	  	  	  	  	  
	
                          Class A-2b Notes

                        	 	 	 	 	 	 
	
                          Class A-3 Notes

                        	  	  	  	  	  	  
	
                          Class A-4 Notes

                        	  	  	  	  	  	  
	
                          Class B Notes

                        	  	  	  	  	  	  

                

                 

                
                   

                   

                  
                    
                      	Delinquent and
                              Repossessed Contracts

                    

                     

                  

                   

                  
                    	  	  	
                            Percentage of Current

                          	  	  	  	
                            Percentage of Current

                          	  	  
	  	  	
                            Month Number

                          	  	  	  	
                            Month Receivables Pool

                          	  	  
	  	  	
                            of Contracts

                          	  	
                            Units

                          	  	
                            Balance

                          	  	
                            Balance

                          
	  	  	  	  	  	  	  	  	  
	
                            30-59 Days Delinquent

                          	  	  	  	  	  	  	  	  
	
                            60-89 Days Delinquent

                          	  	  	  	  	  	  	  	  
	
                            90-119 Days Delinquent

                          	  	  	  	  	  	  	  	  
	
                            120 or more Days Delinquent

                          	  	  	  	  	  	  	  	  
	
                            Total Delinquencies

                          	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  
	
                            Total Delinquencies - Prior Period

                          	 	 	 	 	 	 	 	 
	
                            Total Delinquencies - Two Months Prior

                          	 	 	 	 	 	 	 	 
	
                            Total Delinquencies - Three Months Prior

                          	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
                            Receivables Pool Balance

                          	 	 	 	 	 	 	 	 
	
                            60-Day Delinquency Percentage

                          	 	 	 	 	 	 	 	 
	
                            Delinquency Trigger Percentage

                          	  	  	  	  	  	  	  	  
	
                            Has a Delinquency Trigger occurred in this Collection Period?

                          	  	  	  	  	  	  	  	  

                  

                

              

               

              

               

               

              
                	
                        Repossessed Vehicle Inventory

                      	
                        vehicles

                      
	
                        * Included with Delinquencies Above

                      	 

              

               

            

             

             

             

            
              
                
                  
                     
                      
 

                  

                

                Servicer's Certificate

                
                  for the Collection Period [x] through [x]

                  for Payment Date of [x]

                

                
                  
                    Toyota Auto Receivables 2019-B Owner Trust

                  

                  
                    Toyota Auto Finance Receivables, LLC

                    SELLER

                    

                    SERVICER

                  

                

              

               

               

               

              [To be included on the Servicer's Certificate for the first Collection Period only:]

              
                 

                Credit Risk Retention

                 

                On the Closing Date, Toyota Auto Finance Receivables LLC retained $ of the Class A-1 Notes, $ of the Class A-2a Notes, $ of the Class A-2b Notes, $ of the Class A-3 Notes, $
                  of the Class A-4 Notes, $ of the Class B Notes and 100% of the Certificate.

                 

                

                

                

                

                

                

                

              

               

               

               

               

              
                
                   
                    
 

                

              

              
                
                  Servicer's Certificate

                  
                    
                      for the Collection Period [x] through [x]

                      for Payment Date of [x]

                       

                      Toyota Auto Receivables 2019-B Owner Trust

                    

                    
                      Toyota Auto Finance Receivables, LLC

                      SELLER

                      

                      SERVICER

                    

                  

                

                 

                 

                 

                 

                
                  I hereby certify to the best of my knowledge that the report provided is true and correct.

                   

                   

                  
                    ____________________________________________________

                    
                      Name:

                    

                  

                  Title:

                   

                

                 

                 

              

            

          

           

        

        

             

      
        
          

      

    

     

      

    EXHIBIT B

     

    FORM OF ANNUAL CERTIFICATION

     

    Re:      The Sale and Servicing Agreement, dated as of May 8, 2019 (the “Agreement”), among Toyota Auto Receivables
        2019-B Owner Trust (the “Issuer”), Toyota Auto Finance Receivables LLC (“TAFR LLC” or the “Seller”) and Toyota Motor Credit Corporation (the “Servicer”).

     

    I, ________________________________, the _______________________ [NAME OF COMPANY] (the “Company”), certify to the Issuer and the
        Depositor, and their officers, with the knowledge and intent that they will rely upon this certification, that:

     

    (1)      I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of
        Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
        under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under
        the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Receivables by the Company during 20__ that were delivered by
        the Company to the Issuer and the Depositor pursuant to the Agreement (collectively, the “Company Servicing Information”);

     

    (2)      Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue
        statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company
        Servicing Information;

     

    (3)      Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under
        the Agreement has been provided to the Issuer and the Depositor;

     

    (4)      I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and
        based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under
        the Agreement in all material respects; and

     

    (5)      The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing
        Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the Issuer, the Administrator, the Depositor and the Trustees.  Any material instances
        of noncompliance described in such reports have been 

     

      

     

      

     

      

    
      B-1

      
        

    

    
     

      

    disclosed to the Issuer, the Administrator and the Depositor.  Any material instance of noncompliance with the Servicing Criteria
        has been disclosed in such reports.

     

    Date:      _________________________

    

    

    

    

    By:  ___________________________

        Name:

        Title:

    

    

    
      B-2

      
        

    

    
    EXHIBIT C

     

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    The assessment of compliance to be delivered by the Servicer, shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

     

    	
            Reference

             

          	
            Criteria

             

          	 
	 	
            General Servicing Considerations

             

          	 
	
            1122(d)(1)(i)

          	
            Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
                agreements.

          	
            X

          
	
            1122(d)(1)(ii)

          	
            If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance
                and compliance with such servicing activities.

          	
            X

          
	
            1122(d)(1)(iii)

          	
            Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

          	
            N/A

          
	
            1122(d)(1)(iv)

          	
            A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in
                the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

          	
            N/A

          
	
            1122(d)(1)(v)

          	
            Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.

          	
            X

          
	 	
            Cash Collection and Administration

             

          	 
	
            1122(d)(2)(i)

          	
            Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days
                of receipt, or such other number of days specified in the transaction agreements.

          	
            X

          
	
            1122(d)(2)(ii)

          	
            Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

          	
            X1

          
	
            1122(d)(2)(iii)

          	
            Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are
                made, reviewed and approved as specified in the transaction agreements.

          	
            N/A

          
	
            1122(d)(2)(iv)

          	
            The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

          	
            X

          
	
            1122(d)(2)(v)

          	
            Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this
                criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the 

              

          	
            X

          

    
      

      1       Solely as it relates to
          remittance to the Indenture Trustee.

    

    
      C-1

      
        

    

    

    

    
      	
              Reference

               

            	
              Criteria

               

            	 

    

    	 	
            requirements of § 240.13k-1(b)(1) of the Securities Exchange Act.

             

              

          	 
	
            1122(d)(2)(vi)

          	
            Unissued checks are safeguarded so as to prevent unauthorized access.

          	
            N/A

          
	
            1122(d)(2)(vii)

          	
            Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank
                clearing accounts. These reconciliations: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed
                and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other
                number of days specified in the transaction agreements.

          	
            X

          
	 	
            Investor Remittances and Reporting

             

          	 
	
            1122(d)(3)(i)

          	
            Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the
                transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the
                servicer.

          	
            X

          
	
            1122(d)(3)(ii)

          	
            Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
                agreements.

          	
            X2

          
	
            1122(d)(3)(iii)

          	
            Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in
                the transaction agreements.

          	
            X3

          
	
            1122(d)(3)(iv)

          	
            Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

          	
            X3

          
	 	
            Pool Asset Administration

             

          	 
	
            1122(d)(4)(i)

          	
            Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

          	
            X

          

    ___________________________

    

    
      2       Solely as it relates to
          allocation and remittance to the Indenture Trustee.

      3       Solely as it relates to
          remittance to the Indenture Trustee.

    

    

    

    
      C-2

      
        

    

    

    

    
      	
              Reference

               

            	
              Criteria

               

            	 

    

    	
            1122(d)(4)(ii)

          	
            Pool assets and related documents are safeguarded as required by the transaction agreements.

          	
            X

          
	
            1122(d)(4)(iii)

          	
            Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the
                transaction agreements.

          	
            X

          
	
            1122(d)(4)(iv)

          	
            Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s
                obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
                pool asset documents.

          	
            X

          
	
            1122(d)(4)(v)

          	
            The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.

          	
            X

          
	
            1122(d)(4)(vi)

          	
            Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by
                authorized personnel in accordance with the transaction agreements and related pool asset documents.

          	
            X

          
	
            1122(d)(4)(vii)

          	
            Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

          	
            X

          
	
            1122(d)(4)(viii)

          	
            Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such
                records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and
                payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

          	
            X

          
	
            1122(d)(4)(ix)

          	
            Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

          	
            N/A

          
	
            1122(d)(4)(x)

          	
            Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset
                documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and
                (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.

          	
            N/A

          
	
            1122(d)(4)(xi)

          	
            Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated
                on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

          	
            N/A

          

    

    

    
      C-3

      
        

    

    

    

    
      	
              Reference

               

            	
              Criteria

               

            	 

    

    	
            1122(d)(4)(xii)

          	
            Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or omission.

          	
            N/A

          
	
            1122(d)(4)(xiii)

          	
            Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other
                number of days specified in the transaction agreements.

          	
            N/A

          
	
            1122(d)(4)(xiv)

          	
            Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

          	
            X

          
	
            1122(d)(4)(xv)

          	
            Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
                transaction agreements.

          	
            N/A

          

    

    

    By:      _______________________________

          Name:

          Title:

    

    

    

    

  

  

  C-4

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