Exhibit 10.2
 
 
EXECUTION COPY
 
AMENDMENT NO. 1 TO THE
 
THREE YEAR CREDIT AGREEMENT
 
Dated as of March 1, 2012
 
AMENDMENT NO. 1 TO THE THREE YEAR CREDIT AGREEMENT among TOYOTA MOTOR CREDIT
CORPORATION, a California corporation (“TMCC”), TOYOTA MOTOR FINANCE
(NETHERLANDS) B.V., a corporation organized under the laws of the Netherlands
(“TMFNL”), TOYOTA FINANCIAL SERVICES (UK) PLC, a corporation organized under the
laws of England (“TFSUK”), TOYOTA KREDITBANK GMBH , a corporation organized
under the laws of Germany (“TKG”), TOYOTA CREDIT DE PUERTO RICO CORP., a
corporation organized under the laws of the Commonwealth of Puerto Rico
(“TCPR”), TOYOTA CREDIT CANADA INC., a corporation incorporated under the laws
of Canada (“TCCI”), TOYOTA LEASING GMBH, a corporation organized under the laws
of Germany (“TLG” and, together with TMFNL, TMCC, TFSUK, TKG, TCPR and TCCI, the
“Borrowers”), the banks, financial institutions and other institutional lenders
parties to the Credit Agreement referred to below (each, a “Lender”, and
collectively, the “Lenders”) and BNP PARIBAS, as Administrative Agent.
 
PRELIMINARY STATEMENTS:
 
(1)           The Borrowers, the Lenders and the Administrative Agent have
entered into a Three Year Credit Agreement dated as of March 1, 2011 (the
“Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment
have the same meanings as specified in the Credit Agreement.
 
(2)           The Borrowers wish to amend the Credit Agreement as hereinafter
set forth.  The Required Lenders are, on the terms and conditions stated below,
willing to grant the request of the Borrowers and the Borrowers, the Required
Lenders and the Administrative Agent have agreed to amend the Credit Agreement
as hereinafter set forth.
 
(3)           The Borrowers have, in accordance with Section 2.13 of the Credit
Agreement, requested an extension of the Revolving Maturity Date currently in
effect by one year.  The Borrowers have agreed to amend certain of the pricing
terms applicable to Consenting Lenders, and have requested that Lenders indicate
their willingness to become Consenting Lenders by executing this Amendment.
 
SECTION 1. Amendments to Credit Agreement.  The Credit Agreement is, effective
as of the date hereof and subject to the satisfaction of the conditions
precedent set forth in Section 2 below, hereby amended as follows:
 
(a)           A definition of “2012 Consenting Lender” is added to Section 1.1
in appropriate alphabetical order to read as follows:
 
“2012 Consenting Lender” means each Lender that agrees to become a Consenting
Lender in response to the request by the Borrowers, dated January 25, 2012, to
extend the Revolving Maturity Date by one year, to March 1, 2015.
 
 
 

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(b)           The definition of “Applicable Minimum/Maximum Rate” in Section 1.1
is amended in full as follows:
 
“Applicable Minimum/Maximum Rate” means, as of any day (a) in respect of all
Loans made by Lenders that are not 2012 Consenting Lenders, a percentage per
annum determined by reference to the Public Debt Rating in effect on such date
as set forth below:

Public Debt Rating
S&P/Moody’s
Applicable
Minimum Rate
Applicable
Maximum Rate
Level 1
At least AA/Aa2
 
0.500%
 
1.125%
Level 2
Less than Level 1 but at least A/A2
 
0.625%
 
1.250%
Level 3
Less than Level 2
 
0.750%
 
1.500%

 
and (b) in respect of all Loans made by 2012 Consenting Lenders, a percentage
per annum determined by reference to the Public Debt Rating in effect on such
date as set forth below:

Public Debt Rating
S&P/Moody’s
Applicable
Minimum Rate
Applicable
Maximum Rate
Level 1
At least AA/Aa2
 
0.750%
 
1.750%
Level 2
Less than Level 1 but at least A/A2
 
1.000%
 
2.000%
Level 3
Less than Level 2
 
1.250%
 
2.250%

 
(c)           The definition of “Regulatory Change” in Section 1.1 is amended in
full as follows:
 
“Regulatory Change” shall mean, with respect to any Lender, the introduction of
or any change in or in the interpretation of any Law, or such Lender’s
compliance therewith.  For the avoidance of doubt, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (y) all requests,
rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in
each case pursuant to Basel III, are deemed to have been introduced or adopted
after the date hereof, regardless of the date enacted, adopted, issued,
promulgated or implemented.
 
(d)           Section 6.7 is amended by deleting the phrase “including, without
limitation, the refunding of its maturing commercial paper”.
 
 
 

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(e)           The proviso to the definition of “Eligible Assignee” in Section
9.7(i) is amended in full as follows:
 
provided that, notwithstanding the foregoing (x) no Person shall qualify as an
Eligible Assignee without the approval of each Swing Line Lender (such approval
not to be unreasonably withheld or delayed), (y) “Eligible Assignee” shall not
include a Borrower or any of the Borrowers’ Affiliates and (z) “Eligible
Assignee” shall not include any Person that is not a regulated lending
institution in the United States, Canada, Japan, Australia or the European
Union.
 
SECTION 2. Conditions of Effectiveness.  This Amendment shall become effective
as of the date first above written when, and only when, the Administrative Agent
shall have received counterparts of this Amendment executed by each Borrower and
the Required Lenders.  This Amendment is subject to the provisions of Section
9.1 of the Credit Agreement.
 
SECTION 3. Representations and Warranties of the Borrowers.  Each Borrower
represents and warrants to the Administrative Agent and the Lenders that:
 
(a) The representations and warranties made by such Borrower contained in
Article V of the Credit Agreement are true and correct with the same effect as
if made on and as of the date of this Amendment, except where such
representations and warranties specifically refer to an earlier date in which
case they shall be true and correct as of such earlier date and provided that
Section 5.4 of the Credit Agreement shall be deemed to refer to the most recent
financial statements delivered in accordance with Section 6.1(a) and, in the
case of TMCC and TCPR, Section 6.1(b) of the Credit Agreement.
 
(b) No Default with respect to such Borrower exists.
 
SECTION 4. Consent to Extension of Revolving Maturity Date.  Each Lender that
desires to become a 2012 Consenting Lender shall so indicate on its signature
page to this Amendment, whereupon, subject to the conditions set forth in
Section 2.13 of the Credit Agreement, the Revolving Maturity Date for each 2012
Consenting Lender shall be extended to March 1, 2015.
 
SECTION 5. Change of Notice Address.  Each Borrower hereby gives notice that the
“Attention” line in each address for notices to Toyota Motor Credit Corporation
set forth in Section 9.2 of the Credit Agreement is revised to replace “Marcy
Morita, Business Strategy Manager and Jeff Carter, Assistant Global Treasurer’
with “David Johnson, Treasury Manager and Jeff Carter, Assistant Global
Treasurer”.  TMFNL hereby gives notice that its address set forth in Section 9.2
of the Credit Agreement is amended in full to read as follows:
 
World Trade Center Amsterdam
Tower H, Level 10, Zuidplein 90
1077 XV Amsterdam
The Netherlands
Attention: Chief Finance Officer
Telephone: 31 20 502 5314
Telefax: 31 20 502 5319
 
 
 

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SECTION 6. Reference to and Effect on the Credit Agreement and the
Notes.  (a)  On and after the effectiveness of this Amendment, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in the Notes and
each of the other Loan Documents to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by this Amendment, and
this Amendment shall be deemed to be a Loan Document.
 
(b) The Credit Agreement and the Notes and each of the other Loan Documents, as
specifically amended by this Amendment, are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.
 
(c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender or the Administrative Agent under the Credit Agreement or
any other Loan Document, nor constitute a waiver of any provision of the Credit
Agreement or any other Loan Document.
 
SECTION 7. Costs and Expenses.  TMCC agrees to pay on demand all reasonable
costs and expenses of the Administrative Agent in connection with the
preparation, execution, delivery and administration of this Amendment and the
other instruments and documents to be delivered hereunder (including, without
limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 9.4 of the Credit Agreement.
 
SECTION 8. Execution in Counterparts.  This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement.  Delivery
of an executed counterpart of a signature page to this Amendment by telecopier
or other elctronic means shall be effective as delivery of a manually executed
counterpart of this Amendment.
 
SECTION 9. Governing Law.  This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.
 
 
 
 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers or representatives thereunto duly authorized, as of
the date first above written.
 

  TOYOTA MOTOR CREDIT CORPORATION             By: 
/s/ Wei Shi
   
Name: Wei Shi
Title: Vice President- Treasury, Finance & Analytics
                 
TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.
                    By:
/s/ Yoriyuki Hirayama
   
Name: Yoriyuki Hirayama
Title: CEO
                   
TOYOTA FINANCIAL SERVICES (UK) PLC
            By:  /s/ Raj Jouhal    
Name: Raj Jouhal
Title:  General Counsel
                   
TOYOTA CREDIT DE PUERTO RICO CORP.
            By:
/s/ Wei Shi
   
Name: Wei Shi
Title: Vice President- Treasury, Finance & Analytics, Toyota Motor Credit
Corporation
             
TOYOTA CREDIT CANADA INC.
            By: /s/ Fernando Belfiglio    
Name: Fernando Belfiglio
Title: Vice President - Finance
                   
TOYOTA KREDITBANK GMBH
            By: /s/ Christian Ruben    
Name: Christian Ruben
Title: Managing Director
                    By: /s/ Joo Ljubica    
Name: Joo Ljubica
   
Title: Managing Director
 

 
 
 
 

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TOYOTA LEASING GMBH
            By: /s/ C. Ruben    
Name: C. Ruben
Title: Managing Director
            By:  /s/ W. Jio    
Name: W. Jio
Title: Managing Director
 

 

 
 
 

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Accepted and agreed:
 
   
BNP PARIBAS,
   
as Administrative Agent, as a Lender and
   
as a 2012 Consenting Lender
 
   
By:
 /s/ Andrew Strait
 
 
Name:
Andrew Strait
   
Title:
Managing Director
 
   
By:
 /s/ Renaud-Franck Falce
   
Name:
Renaud-Franck Falce
   
Title:
Managing Director
           
BNP PARIBAS (CANADA),
   
as Canadian Sub-Agent, as a Lender and
   
as a 2012 Consenting Lender
           
By:
 /s/ Tony Baratta
   
Name:
Tony Baratta
   
Title:
Director – Corporate Banking
           
By:
 /s/ Chris Golding
   
Name:
Chris Golding
   
Title:
Director – Corporate Banking
 

 
 
 
 
 
 

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CITIBANK, N.A., as
a Lender and as a 2012 Consenting Lender
 
By:     /s/ Susan M. Olsen                                                      
Name:  Susan M. Olsen
Title:  Vice President
 

CITIBANK, N.A., CANADIAN BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Niyousha
Zarinpour                                                      
Name:  Niyousha Zarinpour
Title:  Authorised Signer

 
 
 

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BANK OF AMERICA, N.A.,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Alan H. Roche                                                      
Name:  Alan H. Roche
Title:  Managing Director

BANK OF AMERICA, N.A., CANADIAN BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Medina Sales de Andrade  
Name:  Medina Sales de Andrade
Title:  Vice President

 
 
 
 
 
 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,
as a Lender and as a 2012 Consenting Lender

By:     /s/ Akira Ryu                                                      
Name:  Akira Ryu
Title:  Managing Director

BANK OF TOKYO-MITSUBISHI UFJ
(CANADA),
as a Lender and as a 2012 Consenting Lender

By:     /s/ Eijun
Hoshiyama                                                      
Name:  Eijun Hoshiyama
Title:  Vice President

 
 
 

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HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Christopher
Samms                                                      
Name:  Christopher Samms
Title:  Senior Vice President, #9426

 
 
 
 

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JP MORGAN CHASE BANK N.A.,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Neha Desai                                                      
Name:  Neha Desai
Title:  Vice President
 

 
 
 
 

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SUMITOMO MITSUI BANKING
CORPORATION,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Takashi Toyoda                                                      
Name:  Takashi Toyoda
Title:  Director
 
By:     /s/ Konstantinos Karabalis
Name:  Konstantinos Karabalis
Title:  Deputy General Manager
 
By:     /s/ Nadine Boudart                                                      
Name:  Nadine Boudart
Title:  Assistant Manager

SUMITOMO MITSUI BANKING
CORPORATION,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Koichi Tanaka                                                      
Name:  Koichi Tanaka
Title:  Joint General Manager
 
By:     /s/ Yasushi Iwata                                                      
Name:  Yasushi Iwata
Title:  Assistant Manager

Dusseldorf Branch

 
SUMITOMO MITSUI BANKING
CORPORATION OF CANADA,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Yusuke Ono                                                      
Name:  Yusuke Ono
Title:  Senior Vice President

THE SUMITOMO TRUST & BANKING CO.,
Ltd., NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Yuji Kabe                                                      
Name:  Yuji Kabe
Title:  Vice President and Manager

 
 
 
 

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ROYAL BANK OF CANADA,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Meredith
Majesty                                                      
Name:  Meredith Majesty
Title:  Authorized Signatory
 
By:     /s/ Matthew
Balicki                                                      
Name:  Matthew Balicki
Title:  Attorney-in-Fact
 
By:     /s/ Michael
Ellison                                                      
Name:  Michael Ellison
Title:  Managing Director

 
 
 

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DEUTSCHE BANK AG
NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Hans-Josef
Thiele                                                      
Name:  Hans-Josef Thiele
Title:  Director
 
By:     /s/ Ming K. Chu                                                      
Name:  Ming K. Chu
Title:  Vice President
 

 
DEUTSCHE BANK AG
CANADA BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Paul M. Jurist                                                      
Name:  Paul M. Jurist
Title:  Managing Director & Principal Officer
 
By:      /s/ Renate Engel                                                      
Name:  Renate Engel
Title:  Assistant Vice President

 
 
 

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MIZUHO CORPORATE BANK, LTD., LOS ANGELES BRANCH,
 
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Mitsuyoshi
Matsuura                                                      
Name:  Mitsuyoshi Matsuura
Title:  Joint General Manager

 
MIZUHO CORPORATE BANK, LTD., CANADA BRANCH,
 
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Kazuoki Okuma                                                      
Name:  Kazuoki Okuma
Title:  Joint General Manager

 
 
 

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THE ROYAL BANK OF SCOTLAND PLC,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ James Welch                                                      
Name:  James Welch
Title:  Director

 
 
 

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BARCLAYS BANK PLC,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Michael Mozer                                                      
Name:  Michael Mozer
Title:  Vice President

 
 
 

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UBS LOAN FINANCE LLC,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Irja R. Otsa                                                      
Name:  Irja R. Otsa
Title:  Associate Director
 
By:     /s/ Mary E. Evans                                                      
Name:  Mary E. Evans
Title:  Associate Director

 
 
 
 

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MORGAN STANLEY SENIOR FUNDING INC.,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Michael King                                                      
Name:  Michael King
Title:  Vice President

 
 
 
 

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THE TORONTO DOMINION BANK,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Bebi Yasin                                                      
Name:  Bebi Yasin
Title:  Authorized Signator

 
 
 

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ING BANK N.V. DUBLIN BRANCH,
as a Lender
 
By:     /s/ Emma Condon                                                      
Name:  Emma Condon
Title:  Vice President
 
By:     /s/ Sean Hassett                                                      
Name:  Sean Hassett
Title:  Director

 
 
 
 

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BANK OF MONTREAL,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Jean-Jacques van Helten
Name:  Jean-Jacques van Helten
Title:  Managing Director
 
By:     /s/ Joe Linder                                                      
Name:  Joe Linder
Title:  Vice President, Chicago Branch
 
By:     /s/ Jeff Currie                                                      
Name:  Jeff Currie
Title:  Vice President

 
 
 
 

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CIBC INC.,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Dominic
Sorresso                                                      
Name:  Dominic Sorresso
Title:  Executive Director
 
By:     /s/ Eoin Roche                                                      
Name:  Eoin Roche
Title:  Executive Director

CANADIAN IMPERIAL BANK OF COMMERCE,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Sheryl Holmes                                                      
Name:  Sheryl Holmes
Title:  Managing Director
 
By:     /s/ Geraint Breeze                                                      
Name:  Geraint Breeze
Title:  Executive Director

 
 
 
 

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SOCIETE GENERALE,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Yao Wang                                                      
Name:  Yao Wang
Title:  Director

 
 
 
 

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FIFTH THIRD BANK,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Yumiko Tokiwa                                                      
Name:  Yumiko Tokiwa
Title:  Vice President

 
 
 
 

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WELLS FARGO BANK, N.A.,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ S. Michael St.
Geme                                                      
Name:  S. Michael St. Geme
Title:  Managing Director

 
 
 
 

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THE BANK OF NEW YORK MELLON,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Robert Besser                                                      
Name:  Robert Besser
Title:  Managing Director

 
 
 

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COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Peter
Wesemeier                                                      
Name:  Peter Wesemeier
Title:  Vice President
 
By:     /s/ Raquel
Pellegrino                                                      
Name:  Raquel Pellegrino
Title:  Assistant Vice President

 
 
 
 

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MITSUBISHI UFJ TRUST AND BANKING CORPORATION,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Tomoyuki
Nagano                                                      
Name:  Tomoyuki Nagano
Title:  Senior Vice President
 

 
 
 
 

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INTESA SANPAOLO S.P.A., NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
 
By:     /s/ Sergio
Maggioni                                                      
Name:  Sergio Maggioni
Title:  Head of Business and FVP
 
By:     /s/ Cristina
Cignoli                                                      
Name:  Cristina Cignoli
Title:  AVP