EXHIBIT 4.10
ASSIGNMENT OF SWAP AGREEMENT
ASSIGNMENT OF SWAP AGREEMENT (the "Assignment") dated as of January 25,
2001, by and among TOYOTA AUTO RECEIVABLES 2001-A OWNER TRUST, a Delaware
business trust (the "Assignor" or the "Trust"), U.S. BANK NATIONAL ASSOCIATION,
a national banking association, not in its individual capacity but as Indenture
Trustee (the "Assignee") of the Toyota Auto Receivables 2001-A Owner Trust
pursuant to the Indenture, dated as of January 1, 2001 (the "Indenture"), by and
between the Trust and the Indenture Trustee, and TOYOTA MOTOR CREDIT
CORPORATION, as swap counterparty.
All capitalized terms used herein without definition shall have the
meanings ascribed thereto in the Indenture.
W I T N E S S E T H:
WHEREAS, the Trust has acquired a pool of new and used automobile and
light duty truck retail installment sales contracts originated by Toyota and
Lexus dealers (the "Receivables") and related property from Toyota Motor Credit
Receivables Corporation ("TMCRC"), a California corporation;
WHEREAS, the Assignor is granting to the Assignee all of the Issuer's
right, title and interest in and to the Receivables and other interest to be
evidenced by certain asset backed notes (the "Notes") and Certificates issued by
the Trust;
WHEREAS, the Trust and Toyota Motor Credit Corporation (the
"Counterparty") have entered and/or anticipate entering into one or more
transactions that are or will be governed by that certain ISDA Master Agreement,
dated as of January 25, 2001 ("Master Agreement"), which includes a schedule
(the "Schedule"), and the Class A-3 Confirmation to the ISDA Master Agreement,
dated as of January 25, 2001 (the "Class A-3 Confirmation") and the Class A-4
Confirmation to the ISDA Master Agreement, dated as of January 25, 2001 (the
"Class A-4 Confirmation," and together with the Master Agreement, Schedule and
the Class A-3 Confirmation, the "Swap Agreement");
WHEREAS, Assignor desires to assign all of its rights, title and
interest in and to the Swap Agreement to Assignee; and
NOW, THEREFORE, in order to induce Assignee to enter into the
Indenture, Assignor does hereby assign, transfer, grant and set over to Assignee
all of Assignor's right, title and interest in and to the Swap Agreement, as
more particularly provided herein, and subject to the terms and conditions more
fully set forth herein:
A. Subject to the provisions of Paragraph E below, Assignor
hereby irrevocably authorizes and directs the Counterparty to
perform directly to, or as directed by, Assignee, and to remit
any and all payments due under the Swap Agreement to Assignee,
from and after the date hereof.
B. All notices, demands, requests, consents, approvals and other
instruments under this Assignment shall be in writing and
shall be sent and shall be deemed to have been actually or
properly given if and when given in accordance with the notice
provisions of the Notes.
C. Anything contained herein or in the Notes, the Indenture or
any other security documents to the contrary notwithstanding,
Assignee's recourse for the performance of all of the
obligations and liabilities of Assignor under this Assignment
shall be limited to the same extent as, and for the protection
of the same persons and entities described in, the Swap
Agreement.
D. Except as otherwise expressly provided, nothing contained
herein shall operate or be construed to impose any obligation
upon the Assignee with respect to the Swap Agreement.
E. 1. This Assignment and all rights hereunder assigned to
Assignee shall cease and terminate upon payment in
full by the Assignor of the principal amount of and
interest on the Notes and any that are then due and
payable.
2. In addition, in the event that any portion of the
Swap Agreement is sold, assigned or otherwise
disposed of in connection with a redemption or
prepayment of the Class A-3 Notes and the Class A-4
Notes, such portion of the Swap Agreement shall be
released from this Assignment.
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3. In connection with any release of this Agreement
pursuant to this Paragraph E, Assignee shall execute
such documents as may be reasonably requested by
Assignor to acknowledge such release. Any documents
delivered to confirm such release shall be prepared
by counsel for Assignor at Assignor's reasonable
expense and shall expressly provide that such
confirmation is without recourse and without any
representation or warranty, express or implied
(except that Assignee shall represent that such
document has been and is duly authorized, that all
necessary consents to the execution and delivery
thereof have been obtained and that it has not
assigned or encumbered this Swap Agreement). If the
Swap Agreement is released in its entirety, Assignee,
at the request and sole cost and expense of Assignor
made at the time of any such release, will execute
and deliver to Assignor a proper instrument or
instruments acknowledging the satisfaction and
termination of this Assignment, and will duly assign
and transfer, without recourse and without any
representation or warranty, express or implied
(except that Assignee shall represent that such
termination and such assignment and transfer has been
and is duly authorized, that all necessary consents
to the execution and delivery thereof have been
obtained and that it has not assigned or encumbered
the Swap Agreement) the Swap Agreement and deliver so
much thereof as shall be in its possession and as has
not theretofore been sold or otherwise applied or
released pursuant to this Assignment, together with
any moneys at the time held by Assignee hereunder and
not applied to the payment of the secured obligations
of Assignor.
F. THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
G. This Assignment shall be binding upon and shall inure to the
benefit of the heirs, legal representatives, successors and
assigns of Assignor and Assignee.
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.
ASSIGNOR:
TOYOTA AUTO RECEIVABLES 2001-A
OWNER TRUST
By: U.S. Bank Trust National Association,
not in its individual capacity but
solely as Owner Trustee
By: /s/ XXXXXXX XXXXX
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Name: Xxxxxxx X. Xxxxx
Title: Vice President
ASSIGNEE:
U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but
solely as Indenture Trustee
By: /s/ XXXXXXX XXXXX
-------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
COUNTERPARTY:
TOYOTA MOTOR CREDIT CORPORATION
By: /s/ XXXXXX X. XXXXX
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Name: Xxxxxx X. Xxxxx
Title: President and Chief Executive
Officer
