Exhibit 10.3
 
EXECUTION COPY
 
AMENDMENT NO. 1 TO THE
FIVE YEAR CREDIT AGREEMENT
 

 
Dated as of March 1, 2012

 
 
AMENDMENT NO. 1 TO THE FIVE 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 Five 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, 2017.
 
 
 

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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
 
0.875%
 
1.625%
Level 2
Less than Level 1 but at least A/A2
 
1.000%
 
1.750%
Level 3
Less than Level 2
 
1.125%
 
2.000%

 
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
 
1.000%
 
2.000%
Level 2
Less than Level 1 but at least A/A2
 
1.250%
 
2.250%
Level 3
Less than Level 2
 
1.500%
 
2.500%

 
(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, 2017.
 
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 Signatory
 

 
 
 

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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
 

 
 
 
 

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