Exhibit 10.1

SEVENTH AMENDMENT dated as of March 19, 2020 between HONDA CANADA FINANCE INC.,
a Canada corporation (the “Borrower”) and CANADIAN IMPERIAL BANK OF COMMERCE, as
administrative agent, for and on behalf of the Banks party to the Credit
Agreement (as defined below) (the “Administrative Agent”).

WHEREAS, the Borrower, the Banks, the Administrative Agent, and the other Agents
party thereto are party to a second amended and restated credit agreement dated
as of March 24, 2014 (as amended pursuant to an amendment dated as of June 30,
2014, a second amendment dated as of March 13, 2015, a third amendment dated as
of March 23, 2016, a fourth amendment dated as of March 23, 2017, a fifth
amendment dated as of March 13, 2018 and a sixth amendment dated as of March 12,
2019, collectively, the “Credit Agreement”);

WHEREAS, pursuant to Section 2.11 of the Credit Agreement, the Borrower may
request that the Commitment Termination Date of a Class be extended by one year;
and

WHEREAS the Borrower has requested, inter alia, that (i) each of the Tranche A
Commitments and the Tranche B Commitments be increased by $200,000,000, (ii)
each of the Class A Commitment Termination Date and the Class B Commitment
Termination Date be extended, and (iii) the Undrawn Fees in respect of the
Tranche A Commitments be reduced, and the Lenders have agreed to each such
increase, extension and amendments.

NOW THEREFORE IT IS AGREED:

 

Section

 1 Defined Terms.

Capitalized terms used in this Amendment and not otherwise defined have the
meanings specified in the Credit Agreement.

 

Section

 2 Amendments.

 

(1)

The cover page to the Credit Agreement is hereby deleted and replaced with the
cover page at Schedule “A”.

 

(2)

Section 1.1 of the Credit Agreement is hereby amended as follows:

 

  (a)

The definition of “Applicable Margin” is hereby deleted and replaced with the
following:

“Applicable Margin” shall mean, for any day, for Drafts, Prime Rate Loans and
Undrawn Fees of a Class, the applicable percentage per annum set forth below
with respect thereto which corresponds to the Borrower’s Rating Level for such
day:

 

Borrower’s

Rating Level

  

Drafts

   

Prime Rate Loans

   

Undrawn Fees

       Tranche A     Tranche B     Tranche A     Tranche B     Tranche A    
Tranche B  

1

     0.60 %      0.60 %      0.00 %      0.00 %      0.06 %      0.12 % 

2

     0.70 %      0.70 %      0.00 %      0.00 %      0.07 %      0.14 % 

3

     0.80 %      0.80 %      0.00 %      0.00 %      0.08 %      0.16 % 

4

     1.00 %      1.00 %      0.00 %      0.00 %      0.10 %      0.20 % 

5

     1.20 %      1.20 %      0.20 %      0.20 %      0.12 %      0.24 % 

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  (b)

The definition of “Joint Bookrunners” is hereby amended by deleting “CIBC and
RBC Capital Markets” and replacing it with “CIBC, RBC Capital Markets and BMO
Capital Markets”;

 

  (c)

The definition of “Tranche A Commitment Termination Date” is hereby amended by
deleting “March 24, 2020” and replacing it with “March 25, 2021”; and

 

  (d)

The definition of “Tranche B Commitment Termination Date” is hereby amended by
deleting “March 24, 2024” and replacing it with “March 25, 2025”.

 

(3)

Exhibit “H” of the Credit Agreement is hereby deleted and replaced with the
Exhibit “H” attached hereto.

 

(4)

Section 8.4 of the Credit Agreement is hereby amended by deleting each reference
to “March 31, 2018” and replacing it with “March 31, 2019”.

 

Section

 3 Representations and Warranties.

To induce the Administrative Agent to enter into this Amendment, the Borrower
represents and warrants to the Administrative Agent and the Banks as follows,
which representations and warranties shall survive the execution and delivery
hereof:

 

  (a)

The Borrower is duly organized and validly existing as a corporation under the
laws of Canada;

 

  (b)

The execution, delivery and performance of this Amendment has been duly
authorized by the Borrower by all necessary corporation action. This Amendment
has been duly executed and delivered by the Borrower and constitutes a legal,
valid and binding obligation of the Borrower enforceable in accordance with its
terms, except as enforceability may be subject to or limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability shall be considered in a proceeding in equity or at
law;

 

  (c)

The execution, delivery and performance of this Amendment by the Borrower and
the fulfillment of the terms hereof do not conflict with, result in any breach
of any of the terms and provisions of, or constitute (with or without notice or
lapse of time) a default under, any indenture, agreement or other instrument to
which the Borrower is a party or by which it is bound; nor result in or require
the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument; nor violate any
law or, to the best of its knowledge, any order, rule or regulation applicable
to the Borrower of any Governmental Authority having jurisdiction over the
Borrower or its properties; which breach, default, conflict, Lien or violation
would have a Material Adverse Effect; and

 

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  (d)

The Credit Agreement, as amended pursuant hereto, remains in full force and
effect, unamended, and is enforceable against the Borrower in accordance with
its terms, except as enforceability may be subject to or limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability shall be considered in a proceeding in equity or at
law.

 

Section

 4 Acknowledgement by New Banks.

Each of National Bank of Canada, The Bank of Nova Scotia and Sumitomo Mitsui
Banking Corporation, Canada Branch (the “New Banks”) (i) confirms that it has
received a copy of the Credit Agreement, together with such financial statements
and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to become a party to the Credit Agreement,
(ii) agrees that it will, independently and without reliance upon the
Administrative Agent or any other Bank and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of the Borrower
and will make its own credit analysis, appraisals, and decisions in taking or
not taking action under the Credit Agreement, (iii) appoints and authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise
such powers under the Credit Agreement as are delegated to the Administrative
Agent by the terms thereof, together with such powers as are incidental thereto,
(iv) agrees that it will be bound by and perform in accordance with their terms
all of the obligations which by the terms of the Credit Agreement are required
to be performed by it as a Bank, and (v) specifies as its address for notices
and Applicable Lending Offices, the offices set forth beneath its name on the
signature pages hereof.

 

Section

 5 Reference to and Effect on the Credit Agreement.

Upon this Amendment becoming effective, each reference in the Credit Agreement
to “this Agreement” and each reference to the Credit Agreement in the other
Credit Documents and any and all other agreements, documents and instruments
delivered by any of the Banks, the Administrative Agent, the Credit Parties or
any other Person shall mean and be a reference to the Credit Agreement as
amended by this Amendment. Except as specifically amended by this Amendment, the
Credit Agreement shall remain in full force and effect.

 

Section

 6 Costs and Expenses.

The Borrower agrees to reimburse the Administrative Agent and the Banks for all
reasonable fees, costs and expenses, including the reasonable fees, costs and
expenses of counsel to the Administrative Agent, in connection with this
Amendment and the other documents executed in connection herewith.

 

Section

 7 Effectiveness.

This Amendment shall become effective upon the following conditions precedent
being satisfied:

 

  (a)

duly executed signature pages for this Amendment signed by the Borrower and the
Administrative Agent shall have been delivered to the Administrative Agent;

 

  (b)

the Administrative Agent shall have received an Officer’s Certificate in form
and substance satisfactory to the Agent to the effect that since the date of the
most recent audited financial statements furnished to the Banks pursuant to
Section 9.1 of the Credit Agreement, there has occurred no material adverse
change in the business,

 

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  operations, business prospects or financial condition of the Borrower and its
Subsidiaries, taken as a whole; as of the date of said certificate, no Default
has occurred or is continuing or will result from extending each of the
Commitment Termination Dates; and, as of the date of said certificate, the
representations and warranties made by the Borrower in Section 8 of the Credit
Agreement (excluding Section 8.4(b)) are true and correct with the same force
and effect as if made on and as of such date (unless stated to relate solely to
an earlier date, in which case such representations and warranties shall be true
and correct in all respects as of such earlier date);

 

  (c)

the Administrative Agent shall have received a written confirmation from HMC
that, upon and after the increase in the Tranche A Commitments and Tranche B
Commitments set forth on Exhibit “H” attached hereto, all Accommodations
Outstanding and all interest under the Credit Agreement, as amended hereby, will
constitute “Debt” as such term is used in the HMC Support Agreement, together
with the certifications provided by the Borrower pursuant to Section 7.2(d) of
the Credit Agreement; and

 

  (d)

the Administrative Agent shall have received (x) for the benefit of each of the
Banks (other than the New Banks), a commitment fee equal to the sum of (i) 0.02%
of the Tranche A Commitments of each such Bank, (ii) 0.03% of each such Bank’s
Tranche B Commitments as of the date before the date hereof (the “Existing
Tranche B Commitments”), and (iii) 0.03% per annum on the amount by which the
amount of each such Bank’s Tranche B Commitments as of the date hereof pursuant
to this Amendment exceed the Existing Tranche B Commitments, and (y) for the
benefit of each of the New Banks, such fees on behalf of the New Banks as
mutually agreed in writing between the Borrower and the Administrative Agent on
behalf of such New Banks.

 

Section

 8 Governing Law.

This Amendment shall be governed by and construed in accordance with the laws of
the Province of Ontario and the federal laws of Canada applicable therein.

 

Section

 9 Counterparts.

This Amendment may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties
hereto may execute this Amendment by signing any such counterpart. Delivery of
an executed counterpart of a signature page to this Amendment by telecopier or
electronic transmission shall be effective as delivery of a manually executed
counterpart of this Amendment.

 

Section

 10 Severability; Headings Descriptive.

In case any provision in or obligation under this Amendment shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction shall not in any way be affected or
impaired thereby. The headings of the several Sections and subsections of this
Amendment are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Amendment.

 

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
as of the day and year first above written.

 

HONDA CANADA FINANCE INC., as

Borrower

By:  

/s/ Tony Facciolo

 

Name:  Tony Facciolo

 

Title:   Vice President – Secretary &

        Risk Management Officer

By:  

/s/ Kei Yamada

 

Name:  Kei Yamada

 

Title:     President

 

 

Honda Seventh Amending Agreement – Signature Page

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CANADIAN IMPERIAL BANK OF

COMMERCE, as Administrative Agent

By:  

/s/ Viktoriya Gruzytska

 

Name:  Viktoriya Gruzytska

 

Title:   Executive Director

By:  

/s/ Sushant Pathak

 

Name:  Sushant Pathak

 

Title:     Director

 

 

Honda Seventh Amending Agreement – Signature Page

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CANADIAN IMPERIAL BANK OF

COMMERCE, as a Bank

By:  

/s/ Viktoriya Gruzytska

 

Name:  Viktoriya Gruzytska

 

Title:   Executive Director

By:  

/s/ Sushant Pathak

 

Name:  Sushant Pathak

 

Title:     Director

 

 

Honda Seventh Amending Agreement – Signature Page

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BANK OF MONTREAL, as a Bank By:  

/s/ Matthew Brink

 

Name:  Matthew Brink

 

Title:     Vice President

 

 

Honda Seventh Amending Agreement – Signature Page

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ROYAL BANK OF CANADA, as a Bank By:  

/s/ Chris Cowan

 

Name:  Chris Cowan

 

Title:     Authorized Signatory

 

 

Honda Seventh Amending Agreement – Signature Page

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THE TORONTO-DOMINION BANK, as a

Bank

By:  

/s/ Michael Borowiecki

 

Name:  Michael Borowiecki

 

Title:     Authorized Signatory

 

 

Honda Seventh Amending Agreement – Signature Page

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MUFG BANK, LTD., CANADA BRANCH,

as a Bank

By:  

/s/ Masashi Karino

 

Name:  Masashi Karino

 

Title:     Managing Director & Head of

          Japanese Corporate Banking

          Division (Canada)

 

 

Honda Seventh Amending Agreement – Signature Page

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MIZUHO BANK LTD., CANADA

BRANCH, as a Bank

By:  

/s/ Ryo Shimada

 

Name:  Ryo Shimada

 

Title:     Managing Director, Canada

 

 

Honda Seventh Amending Agreement – Signature Page

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             THE BANK OF NOVA SCOTIA, as a Bank      By:   

/s/ David W. Brooks

       

Name:  David W. Brooks

Title:     Managing Director

               

 

Honda Seventh Amending Agreement – Signature Page

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NATIONAL BANK OF CANADA, as a Bank By:  

/s/ David Sellitto

 

Name:  David Sellitto

 

Title:     Director

 

 

Honda Seventh Amending Agreement – Signature Page

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SUMITOMO MITSUI BANKING

CORPORATION, CANADA BRANCH, as a

Bank

By:  

/s/ Taichi Maeda

 

Name:  Taichi Maeda

 

Title:     Executive Director

 

 

Honda Seventh Amending Agreement – Signature Page

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Schedule “A”

 

 

HONDA CANADA FINANCE INC.

 

 

$2,000,000,000 SECOND AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of March 24, 2014

 

 

CANADIAN IMPERIAL BANK OF COMMERCE,

as Administrative Agent

CANADIAN IMPERIAL BANK OF COMMERCE

RBC CAPITAL MARKETS

and

BMO CAPITAL MARKETS

as Joint Bookrunners

CANADIAN IMPERIAL BANK OF COMMERCE

BMO CAPITAL MARKETS

and

RBC CAPITAL MARKETS,

as Co-Lead Arrangers

THE TORONTO-DOMINION BANK

and

MUFG BANK, LTD., CANADA BRANCH

as Co-Arrangers

BANK OF MONTREAL

ROYAL BANK OF CANADA

THE TORONTO-DOMINION BANK

and

MUFG BANK, LTD., CANADA BRANCH,

as Co-Syndication Agents

MIZUHO BANK, LTD., CANADA BRANCH,

as Documentation Agent

and

THE FINANCIAL INSTITUTIONS LISTED

ON THE SIGNATURE PAGES,

as Banks

 

 

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Exhibit “H”

COMMITMENTS

 

Bank

   Tranche A
Commitment        Tranche B
Commitment  

Canadian Imperial Bank of Commerce

   $ 160,000,000        $ 160,000,000  

Royal Bank of Canada

   $ 160,000,000        $ 160,000,000  

Bank of Montreal

   $ 160,000,000        $ 160,000,000  

MUFG Bank, Ltd., Canada Branch

   $ 125,000,000        $ 125,000,000  

The Toronto-Dominion Bank

   $ 125,000,000        $ 125,000,000  

Mizuho Bank, Ltd., Canada Branch

   $ 85,000,000        $ 85,000,000  

The Bank of Nova Scotia

   $ 85,000,000        $ 85,000,000  

National Bank of Canada

   $ 50,000,000        $ 50,000,000  

Sumitomo Mitsui Banking Corporation, Canada Branch

   $ 50,000,000        $ 50,000,000