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SECURITIES AND EXCHANGE COMMISSION
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FORM T-1
STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)___
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U.S. BANK NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
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(Address of principal executive offices) (Zip Code) I.R.S. Employer Identification No.
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Telephone (▇▇▇) ▇▇▇-▇▇▇▇
(Name, address and telephone number of agent for service)
TOYOTA MOTOR CREDIT CORPORATION
(ISSUER OF THE TMCC DEMAND NOTES)
TOYOTA MOTOR CREDIT RECEIVABLES CORPORATION
(Exact name of obligor as specified in its charter)
CALIFORNIA ▇▇-▇▇▇▇▇▇▇
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices) (Zip Code)
DEMAND NOTES
(Title of the Indenture Securities)
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FORM T-1
ITEM 1. GENERAL INFORMATION. Furnish the following information as to the
Trustee.
a) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO
WHICH IT IS SUBJECT.
Comptroller of the Currency
Washington, D.C.
b) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes
ITEM 2. AFFILIATIONS WITH OBLIGOR. IF THE OBLIGOR IS AN AFFILIATE OF THE
TRUSTEE, DESCRIBE EACH SUCH AFFILIATION.
None
ITEMS 3-15 The Trustee is a Trustee under other Indentures under which
securities issued by the obligor are outstanding. There is not
and there has not been a default with respect to the securities
outstanding under other such Indentures.
ITEM 16. LIST OF EXHIBITS: LIST BELOW ALL EXHIBITS FILED AS A PART OF THIS
STATEMENT OF ELIGIBILITY AND QUALIFICATION.
1. A copy of the Articles of Association of the Trustee now in
effect, incorporated herein by reference to Exhibit 1 to Item 16
of Form T-1, Registration No. 333-30939*.
2. A copy of the certificate of authority of the Trustee to commence
business, incorporated herein by reference to Exhibit 2 to Item
16 of Form T-1, Registration No. 333-30939.*
3. A copy of the certificate of authority of the Trustee to exercise
corporate trust powers, incorporated herein by reference to
Exhibit 3 to Item 16 of Form T-1, Registration No. 333-30939.*
4. A copy of the existing bylaws of the Trustee, as now in effect,
incorporated herein by reference to Exhibit 4 to Item 16 of Form
T-1, Registration No. 333-30939*.
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939, incorporated herein by reference to
Exhibit 6 of Form T-1, Registration No. 333-30939.*
7. A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or
examining authority, filed herewith.
8. Not applicable.
9. Not applicable.
*See * at top of page 3.
2
* Exhibits thus designated are incorporated herein by reference to Exhibits
bearing identical numbers in Item 16 of the Form T-1 filed by the Trustee
with the Securities and Exchange Commission with the specific references
noted.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association organized and existing under the laws of the United
States of America, has duly caused this statement of eligibility and
qualification to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Chicago, State of Illinois on the 7th day of
June, 1999.
U.S. BANK NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Vice President and Assistant Secretary
3
U.S. Bank National Association Call Date: 03/31/1999 ST-BK: 27-4037 FFIEC 031
601 Second Avenue South Page RC-1
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Transit Number: 09100002
Consolidated Report of Condition for Insured Commercial and State-Chartered
Savings Banks for March 31, 1999
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC - Balance Sheet
C400 -
Dollar Amounts in Thousands
------------------------------------------------------------------------------
ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A): RCFD
----
a. Noninterest-bearing balances and currency and coin (1)--------------------------------- 0081 ... 3,942,759 1.a
b. Interest-bearing balances (2) --------------------------------------------------------- 0071 ... 4,943 1.b
2. Securities:
a. Held-to-maturity securities (from Schedule RC-B, column A)----------------------------- 1754 ... 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D)--------------------------- 1773 ... 5,314,559 2.b
3. Federal funds sold and securities purchased under agreements to resell-------------------- 1350 ... 370,296 3.
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income RCFD
----
(from Schedule RC-C----------------------------- 2122 ... 57,331,504 .......... 4.a
b. LESS: Allowance for loan and lease losses------- 3123 ... 908,715 .......... 4.b
c. LESS: Allocated transfer risk reserve----------- 3128 ... 0 .......... 4.c
d. Loans and leases, net of unearned income,
allowance, and reserve (item 4.a minus 4.b and 4.c)------------------------------------ 2125 ...56,422,789 4.d
5. Trading assets (from Schedule RC-D)------------------------------------------------------- 3545 ... 35,476 5.
6. Premises and fixed assets (including capitalized leases)---------------------------------- 2145 ... 523,403 6.
7. Other real estate owned (from Schedule RC-M)---------------------------------------------- 2150 ... 12,307 7.
8. Investments in unconsolidated subsidiaries and associated companies (from
Schedule RC-M)---------------------------------------------------------------------------- 2130 ... 607,289 8.
9. Customers' liability to this bank on acceptances outstanding------------------------------ 2155 ... 151,523 9.
10. Intangible assets (from Schedule RC-M)---------------------------------------------------- 2143 ... 1,372,912 10.
11. Other assets (from Schedule RC-F)--------------------------------------------------------- 2160 ... 1,022,769 11.
12. Total assets (sum of items 1 through 11)-------------------------------------------------- 2170 ...69,781,025 12.
--------------------
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
U.S. Bank National Association Call Date: 03/31/1999 ST-BK: 27-4037 FFIEC 031
601 Second Avenue South Page RC-2
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Transit Number: 09100002
Schedule RC - Continued
Dollar Amounts in Thousands
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of RCON
----
columns A and C from Schedule RC-E, part 1)-------------------------------------------- 2200 ...47,663,334 13.a
RCON
----
(1) Noninterest-bearing (1) -------------------- 6631 ... 12,125,661 .......... 13.a.1
(2) Interest-bearing --------------------------- 6636 ... 35,537,673 .......... 13.a.2
RCFN
----
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from
Schedule RC-E, part II) --------------------------------------------------------------- 2200 ... 722,006 13.b
RCFN
----
(1) Noninterest-bearing ------------------------ 6631 ... 0 .......... 13.b.1
(2) Interest-bearing --------------------------- 6636 ... 722,006 .......... 13.b.2
RCFD
----
14. Federal funds purchased and securities sold under agreements to repurchase---------------- 2800 ... 2,878,456 14.
RCON
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15. a. Demand notes issued to the U.S. Treasury----------------------------------------------- 2840 ... 413,496 15.a
b. Trading liabilities (from Schedule RC-D)----------------------------------------------- 3548 ... 28,855 15.b
16. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized (leases):
a. With a remaining maturity of one year or less------------------------------------------ 2332 ... 2,523,298 16.a
b. With a remaining maturity of more than one year through three years-------------------- A547 ... 3,002,461 16.b
c. With a remaining maturity of more than three years------------------------------------- A548 ... 2,797,592 16.c
17. No applicable.
18. Bank's liability on acceptances executed and outstanding---------------------------------- 2920 ... 151,523 18.
19. Subordinated notes and debentures (2)----------------------------------------------------- 3200 ... 2,427,450 19.
20. Other liabilities (from Schedule RC-G)---------------------------------------------------- 2930 ... 983,961 20.
21. Total liabilities (sum of items 13 through 20)-------------------------------------------- 2948 ...63,592,432 21.
22. Not applicable.
EQUITY CAPITAL
RCFD
----
23. Perpetual preferred stock and related surplus--------------------------------------------- 3838 ... 0 23.
24. Common stock------------------------------------------------------------------------------ 3230 ... 310,004 24.
25. Surplus (exclude all surplus related to preferred stock)---------------------------------- 3839 ... 2,857,896 25.
26. a. Undivided profits and capital reserves------------------------------------------------- 3632 ... 2,975,597 26.a
b. Net unrealized holding gains (losses) on available-for-sale securities----------------- 8434 ... 45,096 26.b
c. Accumulated net gains (losses) on cash flow ▇▇▇▇▇▇------------------------------------- 4336 ... 0 26.c
27. Cumulative foreign currency translation adjustments--------------------------------------- 3284 ... 0 27.
28. Total equity capital (sum of items 23 through 27)----------------------------------------- 3210 ... 6,188,593 28.
29. Total liabilities and equity capital (sum of items 21 and 28)----------------------------- 3300 ...69,781,025 29.
Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that best describes RCFD Number
the most comprehensive level of auditing work performed for the bank by independent ---- ------
external auditors as of any date during 1998---------------------------------------------- 6724 ... 2 M.I
1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified
public accounting firm which submits a report on the consolidated
holding company (but not on the bank separately)
3 = Directors' examination of the bank conducted in accordance with
generally accepted auditing standards by a certified public accounting
firm (may be required by state chartering authority)
4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
---------------------
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
