Document:

Form of 3.669% Senior Notes due 2028

 Exhibit 4.3 

[FORM OF 3.669% SENIOR NOTES DUE 2028] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERENCED AND REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THIS SECURITY, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. TRANSFER OF A PORTION OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE. IN THE EVENT THAT THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, ALL SUCH INDIVIDUAL SECURITIES IN THE FORM OF DEFINITIVE CERTIFICATES SHALL CONTAIN
THE BELOW LEGEND WITH RESPECT TO JAPANESE TAXATION. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO
TOYOTA MOTOR CORPORATION (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS SECURITY IS HELD BY OR FOR
THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE ISSUER OF THIS SECURITY AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING
TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “SPECIAL TAXATION MEASURES ACT” AND, EACH SUCH PERSON, A “SPECIALLY-RELATED PERSON OF THE ISSUER”), (II) A JAPANESE FINANCIAL INSTITUTION DESIGNATED IN ARTICLE
6, PARAGRAPH (9) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III) A JAPANESE PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR
DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

 INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION
(EXCEPT AS DESCRIBED IN THE PRECEDING PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED
PERSON OF THE ISSUER WILL BE SUBJECT TO DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% OF THE AMOUNT OF SUCH INTEREST. 

 TOYOTA MOTOR CORPORATION 

GLOBAL SECURITY 
 3.669% Senior
Notes due 2028 
  

	 No. [    ] 
	U.S.$[            ] 

 CUSIP No. 892331 AD1 

ISIN No. US892331AD13 
 Common Code 184778408 

Toyota Motor Corporation, a joint stock company incorporated under the laws of Japan (the “Issuer”, which term includes any
successor under the Indenture referred to on the reverse of this Security) for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[            ] U.S. Dollars on July 20, 2028 and to pay interest thereon from July 20, 2018 or from the most recent interest payment date to which interest has been paid or duly
provided for, semiannually in arrears on January 20 and July 20 in each year (each, an “Interest Payment Date”) commencing January 20, 2019 at the rate per annum of 3.669%, until the principal hereof is paid or
made available for payment, all subject to and in accordance with the terms of the Indenture. 
 For the purposes of this Security, the term
“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in The City of New York or Tokyo are authorized generally or are obligated by law, regulation or
executive order to be closed. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the person in whose name this Security is registered as of the close of business on January 10 and July 10 of each year (whether or not a Business Day). If and to the extent the Issuer shall default in
the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the person in whose name this Security is registered at the close of business on a subsequent record date (which date shall not be less than ten
days prior to the date of payment of such defaulted interest), established by notice given by mail by or on behalf of the Issuer to the Holder of this Security not less than 15 days preceding such subsequent record date. Interest on this Security
will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months and rounding the resulting figure to the nearest cent (half a cent being rounded upwards). If any payment is due on the Securities on a day that is not a Business Day, payment will be made on the day
that is the next succeeding Business Day. Payments postponed to the next Business Day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in a default under
the Securities or the Indenture, and no interest will accrue on the postponed amount from the original due date to the next succeeding day that is a Business Day. 

 The principal of, and interest and Additional Amounts on, the Securities will be payable in U.S.
dollars. The Issuer will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to The Depository Trust Company (“DTC”). 

The Issuer will pay the Holder hereof Additional Amounts with respect to withholding taxes as are provided for, and subject to the conditions
stated, on the reverse of this Security. 
 This Security is being deposited with DTC acting as depository, and registered in the name of
Cede & Co., a nominee of DTC. As Holder of record of this Security, Cede & Co. shall be entitled to receive payments of principal and interest. Payments of principal and interest, including any Additional Amounts, on this Security
shall be made in the manner specified on the reverse hereof and, to the extent not inconsistent with the provisions set forth herein, in the Indenture referred herein. 

The Securities constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Issuer and shall at all times
rank pari passu without any preference among themselves and with all other unsecured obligations of the Issuer, other than subordinated obligations of the Issuer and except for statutorily preferred obligations. The Securities are not
redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund. 
 Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Security
shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed. 

Date: July     , 2018 
  

			
	TOYOTA MOTOR CORPORATION
		
	By:	 	  

		 	Name: [                ]
		 	Title:   [                ]

  
 [Signature page to Global
Security 10-year Note No. [    ]] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Date: July     , 2018 
  

			
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	   

		 	Authorized Signatory

  
 [Authentication
Certificate: Global Security 10-year Note No. [    ]] 

 [REVERSE OF SECURITY] 

Toyota Motor Corporation 

3.669% Senior Notes due 2028 

This Security is one of a duly authorized issue of unsecured bonds, debentures, notes or other evidences of indebtedness of Toyota Motor
Corporation, a joint stock company organized under the laws of Japan (herein called the “Issuer”, which term includes any successor person under the Indenture hereinafter referred) designated as its 3.669% Senior Notes due 2028
(herein called the “Securities”), issued under and pursuant to a senior indenture dated as of July 20, 2018 (hereinafter called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying agent, the Issuer and the Holders of the Securities and of the terms upon which the Securities are issued and are to be
authenticated and delivered. 
 This Security is one of the series designated on the face hereof. By the terms of the Indenture, additional
Securities of this series and of other separate series, which may vary as to denomination, date, amount, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein provided, may be issued in
an unlimited amount. 
 The principal of and interest (and any Additional Amounts) on the Securities shall be payable in U.S. Dollars or in
such other coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. So long as any of the Securities are held in global form, payments of principal and interest on such
Securities shall be made by wire transfer in immediately available funds in U.S. Dollars to a bank account designated by the Holder of this Registered Global Security. Otherwise, upon the presentation and surrender of the Securities at the Corporate
Trust Office of the Trustee or at any office or agency maintained by the Issuer for such purpose, all payments in respect of the Securities may be received by wire transfer in immediately available funds to a bank account designated by such Holder
in a written notice received by the Trustee (a) in the case of an interest payment, prior to the record date immediately preceding the Interest Payment Date on which such payment is due and (b) in the case of payment of principal, prior to
the record date immediately preceding the date of redemption or maturity, as the case may be; provided, however, that in the case of such a payment of principal, the Securities shall have been surrendered to the Trustee at the Corporate Trust Office
of the Trustee or at any office or agency maintained by the Issuer for such purpose for payment together with such notice. 

  
 1 

 Payments of principal and interest in respect of the Securities will be made by the Issuer
without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”) unless such withholding or deduction is required by law. In such event, the Issuer shall pay to a Holder such additional amounts (“Additional Amounts”) as will result in the receipt by the Holder of
such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to the Securities under any of the following circumstances: 

 

	 	(i)	the Holder or beneficial owner of the Securities is an individual non-resident of Japan or a non-Japanese corporation and is liable for
such Taxes in respect of such Securities by reason of its (A) having some connection with Japan other than the mere holding of such Securities or (B) being a person having a special relationship with the Issuer as described in Article 6,
Paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (the “Special Taxation Measures Act” and, each such person, a “specially-related person of the
Issuer”); 

  

	 	(ii)	the Holder or beneficial owner of the Securities would otherwise be exempt from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined
below) or to submit a Tax Exemption Application (as defined below) to the relevant paying agent to whom the relevant Securities are presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through
the relevant Participant (as defined below) and the relevant international Clearing Organization to such paying agent; 

  

	 	(iii)	the Holder or beneficial owner of the Securities is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined
below) that complies with the requirement to provide Interest Recipient Information or to submit a Tax Exemption Application and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly or through the relevant
Participant or otherwise) the relevant paying agent of its status as not being subject to withholding or deduction by the Issuer by reason of receipt by such individual resident of Japan or Japanese corporation of interest on the relevant Securities
through a payment handling agent in Japan appointed by it); 

  

	 	(iv)	the Securities are presented for payment (where presentation is required) more than 30 days after the day on which such payment on the Securities became due or after the full payment was provided for, whichever occurs
later, except to the extent that the Holder thereof would have been entitled to Additional Amounts on presenting the same for payment on the last day of such period of 30 days; 

  
 2 

	 	(v)	the Holder of the Securities is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal of, or any interest on, any Security, and Japanese law requires the payment to be included
for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or another beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder
of such Security; or 

  

	 	(vi)	any combination of the above. 

 No Additional Amounts will be payable for or on account of any
deduction or withholding imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), the U.S. Treasury regulations thereunder and any other official guidance thereunder
(“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and
the United States with respect to any of the foregoing or any agreements entered into pursuant to Section 1471(b) of the Code. 
 Where
Securities are held through a participant of an international Clearing Organization or a financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for or on account
of Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the
Issuer) or (B) a Japanese financial institution falling under certain categories prescribed by the Special Taxation Measures Act (a “Designated Financial Institution”), each such beneficial owner shall, at the time of
entrusting a Participant with the custody of the relevant Securities, provide certain information prescribed by the Special Taxation Measures Act to enable the Participant to establish that such beneficial owner is exempted from the requirement for
withholding or deduction of such Taxes (“Interest Recipient Information”), and advise the Participant if the beneficial owner ceases to be so exempted (including the case in which a beneficial owner who is an individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Issuer). 

Where Securities are not held through a Participant, in order to receive payments free of withholding or deduction by the Issuer for, or on
account of, Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person
of the Issuer) or (B) a Designated Financial Institution, each such beneficial owner shall, prior to each time at which it receives interest, submit to the relevant paying agent a written application for tax exemption (hikazei tekiyo
shinkokusho) (a “Tax Exemption Application”), in a form obtainable from the paying agent stating, inter alia, the name and address (and, if applicable, the Japanese individual or corporation ID number) of the beneficial
owner, the title of the Securities, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to submit the Tax Exemption Application, together with documentary evidence regarding its identity and
residence. 

  
 3 

 By subscribing to the Securities as part of the distribution under the applicable underwriting
agreement by the underwriters party thereto, a Holder shall be deemed to have represented that it is a beneficial owner who is, (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer or (ii) a Japanese financial institution, designated
in Article 6, Paragraph (9) of the Special Taxation Measures Act. 
 The Issuer shall make any required withholding or deduction and
remit the full amount withheld or deducted to the Japanese taxing authority in accordance with applicable law. The Issuer shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment,
fee or other governmental charge so withheld or deducted from the Japanese taxing authority imposing such tax, duty, assessment or other governmental charge, and if certified copies are not available, the Issuer shall use reasonable efforts to
obtain other evidence satisfactory to the Trustee, and the Trustee shall make such certified copies or other evidence available to the Holders upon reasonable request to the Trustee. 

If (i) subsequent to making a payment on this Security without withholding or deduction of Japanese taxes the Issuer is required to remit
to the Japanese taxing authority any amount in respect of Japanese taxes that should have been withheld or deducted from such payment (together with any interest and penalties) due to the failure of the beneficial owner to provide accurate Interest
Recipient Information or to otherwise properly claim an exemption from Japanese taxes imposed with respect to such payment, and (ii) such beneficial owner would not have been entitled to receive Additional Amounts with respect to such payment
had Japanese taxes been withheld from the payment when it was made, such beneficial owner (but not any subsequent beneficial owner of such Security) shall be required to reimburse the Issuer, in Japanese yen, for the amount remitted by the Issuer to
the Japanese taxing authority. 
 The obligation to pay Additional Amounts with respect to any taxes, duties, assessments or other
governmental charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other
governmental charge which is payable otherwise than by withholding or deduction from payments of principal of or interest on this Security; provided that, except as otherwise set forth herein and in the Indenture, the Issuer shall pay all stamp,
court or documentary taxes or any excise or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to
the execution and enforcement of the Indenture or as a consequence of the initial issuance, execution, delivery or registration of this Security. 

  
 4 

 The Securities may be redeemed at the option of the Issuer, in whole, but not in part, at any
time, on giving not less than 10 nor more than 60 days’ notice of redemption to the Holders of the series to be redeemed (which notice shall be irrevocable and shall conform to all requirements with respect to such notice as set forth in the
Indenture) at a redemption price equal to 100% of the principal amount of the Securities together with any accrued and unpaid interest (including Additional Amounts with respect thereto, if any) to (but excluding) the date fixed for redemption, if
the Issuer is or will be obliged to pay Additional Amounts as a result of any change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in
application or official interpretation of such laws or regulations, which change or amendment becomes effective, or which change in application or interpretation is publicly announced, on or after the date of the pricing of the Securities; provided,
that no such notice of redemption shall be given sooner than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment then due in respect of the Securities. 

So long as any of the Securities remain Outstanding the Issuer will not create or permit to subsist any Lien (as defined below) on any of its
property, assets or revenues, present or future, to secure, for the benefit of the holders of Public External Indebtedness (as defined below), payment of any sum owing in respect of any such Public External Indebtedness, any payment under any
guarantee of any such Public External Indebtedness or any payment under any indemnity or other like obligation relating to any such Public External Indebtedness, unless contemporaneously therewith effective provision is made to secure such
Outstanding Securities equally and ratably with such Public External Indebtedness with a similar Lien on the same property, assets or revenues securing such Public External Indebtedness for so long as such Public External Indebtedness are secured by
such Lien. Notwithstanding the foregoing, this restriction will not apply to Liens on money paid to or money or securities deposited by the Issuer with a paying agent, trustee or depository to pay, defease or discharge in full over time the
Issuer’s obligations in respect of other Public External Indebtedness (provided that such money or securities so paid or deposited, and the proceeds therefrom, will be sufficient to pay or discharge such obligations in full). 

“Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such property or asset and any other right of or arrangement with any creditor to have its claims satisfied out of any property or assets, or the proceeds therefrom, prior to any general creditor of the owner thereof. 

“Public External Indebtedness” means any bonds, debentures, notes or any other similar investment securities evidencing our
indebtedness of the Issuer for borrowed money, or guarantees thereof, which (a) are either (i) by their terms payable, or confer a right to receive payment, in any currency other than Japanese yen or (ii) denominated in Japanese yen
and more than 50% of the aggregate principal amount thereof is initially distributed outside of Japan by or with the authorization of the Issuer; and (b) are, are capable of being or are intended to be, quoted, listed, ordinarily dealt in or
traded on a stock exchange or over-the-counter or other securities market outside Japan. 

  
 5 

 The Bank of New York Mellon is hereby appointed by the Issuer, and The Bank of New York Mellon
accepts such appointment, as the initial paying agent, transfer agent and registrar for the Securities. The Issuer may change the paying agent, transfer agent or registrar without prior notice to the Holders of the Securities, and the Issuer or any
of its subsidiaries may act as paying agent, transfer agent or registrar. 
 A beneficial interest in the Securities may not be exchanged
for a definitive note unless (i) DTC notifies the Issuer that it is unwilling or unable to continue as depository for the Securities or has ceased to be a clearing agency registered under the Exchange Act, and the Issuer does not appoint a
successor depository within 90 days or (ii) an event of default with respect to the Securities has occurred and is continuing. 
 A
Holder of Securities issued in definitive form may transfer or exchange Securities in accordance with the Indenture. As described in the legend on the face of this global Security, interest payments on such Securities issued in definitive form will
be subject to Japanese income taxation unless the Holder establishes the matters set forth therein. Such legend concerning Japanese taxation shall also be included on the face of any Securities issued in definitive form. The security registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the Indenture. The Issuer will treat the registered Holder of a Security
as the owner of that Security for all purposes, except as described above. 
 If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of
the Securities at the time Outstanding of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 

  
 6 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable, upon surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange; provided, however, the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name this Security is registered upon the Security register as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, as herein prescribed. 

This Security is governed by and shall be construed in accordance with the laws of the State of New York. 

All capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture. 

TRUSTEE 
 The Bank of New York
Mellon 
 101 Barclay Street 
 New
York, NY 10286 
 United States of America 

Attn: Global Corporate Trust — Toyota Motor Corporation 

Fax: +1 212 815 5915 

  
 7Exhibit 10.1

 

AMENDMENT NO. 3 TO SENIOR

SECURED REVOLVING CREDIT AGREEMENT

 

This AMENDMENT NO. 3 TO SENIOR SECURED REVOLVING
CREDIT AGREEMENT (this “Amendment”) dated as of July 19, 2018 and effective as of June 30, 2018 (the “Effective
Date”), is made with respect to the Senior Secured Revolving Credit Agreement, dated as of October 17, 2014 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among CAPITALA FINANCE
CORP., a Maryland corporation (the “Borrower”), the several banks and other financial institutions or entities
from time to time party to the Credit Agreement as lenders (the “Lenders”) and ING CAPITAL LLC, as administrative
agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative
Agent”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement
(as amended hereby).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Credit Agreement,
the Lenders have made certain loans and other extensions of credit to the Borrower; and

 

WHEREAS, the Borrower has requested that
the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement, and the Lenders signatory hereto and
the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment.

 

NOW THEREFORE, in consideration of the promises
and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION I AMENDMENT TO CREDIT AGREEMENT

 

Effective as of the Effective Date, and
subject to the terms and conditions set forth below, the Credit Agreement is hereby amended as follows:

 

(a) Section 1.01 of the Credit Agreement
is hereby amended by adding the following defined term in the appropriate alphabetical order:

 

““Third Amendment
Effective Date” means July 19, 2018.”

 

(b) Section 6.07(c) of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

“(c)Consolidated
Interest Coverage Ratio. The Borrower will not permit the Consolidated Interest Coverage Ratio to be less than (i) 1.75 to
1 as of the last day of any fiscal quarter of the Borrower ending on or prior to December 31, 2015, (ii) 2.25 to 1 as of the last
day of any fiscal quarter of the Borrower thereafter ending on or prior to March 31, 2018, (iii) 1.75 to 1 as of the last day of
any fiscal quarter of the Borrower thereafter ending on or prior to December 31, 2018, or (iv) 2.00 to 1 as of the last day of
any fiscal quarter of the Borrower thereafter.”

 

     

     

    

 

(c) Paragraph 9 of Schedule 1.01(d) of the
Credit Agreement is hereby amended by adding the following clause thereto:

 

“; for the avoidance
of doubt, each investment in Currency Capital, LLC shall not be excluded as an Eligible Portfolio Investment if such investment
(1) is owned directly by the Borrower, (2) constitutes a Portfolio Investment and (3) meets all other requirements of the definition
of “Eligible Portfolio Investment” and the reason it would not otherwise be deemed to be an Eligible Portfolio Investment
is solely as a result of not qualifying under this paragraph 9, and only for so long as such investment has not been increased,
adversely modified or otherwise restructured after the Third Amendment Effective Date.”

 

SECTION II FEES

 

2.1       Fees. The
Borrower agrees to pay to the Administrative Agent for account of each Lender executing this Amendment an amendment fee equal to
0.05% of such Lender’s Revolving Credit Exposure and unused Commitments as of the Third Amendment Effective Date.  Such
fee shall be fully earned, due and payable on the Third Amendment Effective Date.  The Borrower agrees that, once paid, the
fees or any part thereof payable hereunder shall not be refundable under any circumstances, regardless of whether the transactions
contemplated by this Amendment are consummated, shall not be creditable against any other fee or amount payable to the Administrative
Agent or any Lender, and shall not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute
the Borrower may have.

 

SECTION III MISCELLANEOUS

 

3.1.       Conditions
to Effectiveness of Amendment. Each of the following shall be a condition precedent (unless a condition shall have been waived
in accordance with Section 9.02 of the Credit Agreement) to the effectiveness of this Amendment:

 

(a) Documents. The Administrative
Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the Administrative
Agent (and to the extent specified below to each Lender) in form and substance:

 

(1) Executed Counterparts. From each of the Lenders,
the Administrative Agent and the Borrower, either (1) a counterpart of this Amendment signed on behalf of such party or (2) written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission or electronic mail of a signed signature
page to this Amendment) that such party has signed a counterpart of this Amendment.

 

     

     

    

 

(2) Officer’s Certificate. A certificate,
dated the Effective Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions set forth
in Sections 2.1(b) through (e) of this Amendment.

 

(b) Default. No Default or Event
of Default shall have occurred and be continuing under the Credit Agreement or this Amendment, nor any default or event of default
that permits acceleration of any Material Indebtedness, immediately before or after giving effect to this Amendment, any incurrence
of Indebtedness hereunder or thereunder and the use of proceeds hereof or thereof on a pro forma basis.

 

(c) Financial Covenants. The Borrower
is in pro forma compliance with each of the covenants set forth in Sections 6.07 of the Credit Agreement (as amended hereby) at
the time of the Effective Date.

 

(d) Consents. The Borrower shall
have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations, registrations
or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder, including,
without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all guarantors in connection
with this Amendment, and any other evidence reasonably requested by and reasonably satisfactory to the Administrative Agent as
to compliance with all material legal and regulatory requirements applicable to the Borrower, and such consents, approvals, authorizations,
registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no
investigation or inquiry by any Governmental Authority regarding this Amendment or any transaction being financed with the proceeds
of the Loans shall be ongoing.

 

(e) No Litigation. There shall not
exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments pending or, to the knowledge
of the Borrower, threatened in any court or before any arbitrator or Governmental Authority that relates to this Amendment or that
could reasonably be expected to have a Material Adverse Effect.

 

(f) Fees and Expenses. The Borrower
shall have paid in full, to the extent not paid pursuant to Section 2.09 of the Credit Agreement, to the Administrative Agent and
the Lenders all fees and expenses (including reasonable legal fees to the extent invoiced) related to this Agreement owing on or
prior to the Effective Date.

 

(g) Other Documents. The Administrative
Agent shall have received such other documents, instruments, certificates, opinions and information as the Administrative Agent
may reasonably request in form and substance satisfactory to the Administrative Agent.

 

3.2.       Representations
and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the
Administrative Agent and each of the Lenders that, as of the Effective Date and after giving effect to this Amendment:

 

(a) This Amendment has been duly authorized,
executed and delivered by the Borrower, and constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance
with its terms. The Credit Agreement, as amended by this Amendment, constitutes the legal, valid and binding obligation of the
Borrower enforceable in accordance with its terms.

 

     

     

    

 

(b) The representations and warranties set
forth in Article 3 of the Credit Agreement as amended by this Amendment and the representations and warranties in each other Loan
Document (in each case, as amended hereby) are true and correct in all material respects (other than any representation or warranty
already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the
Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific date, with the
same effect as though made on and as of the Effective Date.

 

(c) No Default or Event of Default has occurred
or is continuing under the Credit Agreement.

 

3.3.       Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the
entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective as provided in
Section 3.1, and thereafter shall be binding upon and inure to the benefit of the parties thereto and the respective successors
and assigns as permitted under the Credit Agreement. Delivery of an executed counterpart of this Amendment by telecopy or electronic
mail shall be effective as delivery of a manually executed counterpart of this Amendment.

 

3.4.       Payment of
Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket
costs and expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and
disbursements of legal counsel to the Administrative Agent (but excluding, for the avoidance of doubt, the allocated costs of internal
counsel).

 

3.5.       GOVERNING LAW.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

3.6.       WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUALWAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

     

     

    

 

3.7       Incorporation
of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby incorporated
by reference mutatis mutandis as if fully set forth herein.

 

3.8.       Effect of Amendment.
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of,
or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent or the Borrower

under the Credit Agreement or any other Loan Document, and,
except as expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to,
or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective
only with respect to the provisions amended herein of the Credit Agreement. Upon the effectiveness of this Amendment, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in
any other Loan Document shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document.

 

3.9.       Consent and
Affirmation. Without limiting the generality of the foregoing, by its execution hereof, the Borrower hereby, as of the Effective
Date, (i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees that the Guarantee and Security Agreement
and each of the other Security Documents is in full force and effect, (iii) affirms its obligations under the Guarantee and Security
Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in
the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such grant is in full force and effect in respect
of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).

 

     

     

    

 

3.10       Release.
The Borrower hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against
the Administrative Agent, the Collateral Agent or any Lender (or any of their respective Affiliates, officers, directors, employees,
attorneys, consultants or agents) under the Credit Agreement and the other Loan Documents (and each other document entered into
in connection therewith) and the transactions contemplated thereby, and (b) the Administrative Agent, the Collateral Agent and
each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to the Obligors and their
Affiliates under the Credit Agreement and the other Loan Documents (and each other document entered into in connection therewith)
that are required to have been performed on or prior to the date hereof. Accordingly, for and in consideration of the agreements
contained in this Amendment and other good and valuable consideration, the Borrower (for itself and its Affiliates and the successors,
assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully,
finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, the Collateral Agent, each Lender
and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the “Released
Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities,
actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and
of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor
has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing
whatsoever done or omitted to be done on or prior to the date hereof directly arising out of, connected with or related to this
Amendment, the Credit Agreement or any other Loan Document (or any other document entered into in connection therewith), or any
act, event or transaction related or attendant thereto, or the agreements of the Administrative Agent, the Collateral Agent or
any Lender contained therein, or the possession, use, operation or control of any of the assets of the Borrower, or the making
of any Loans or other advances, or the management of such Loans or advances or the Collateral.

 

 

    [Signature pages follow]

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	CAPITALA FINANCE CORP.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Steve Arnall	 
	 	 	Name: Steve Arnall
Title:   Chief Financial Officer	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

     

    

 

	 	ING CAPITAL LLC,
	 	as Administrative Agent and a Lender
	 	 	 
	 	 	 
	 	By: 	/s/ Patrick Frisch	 
	 	 	Name: Patrick Frisch
Title:   Managing Director	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Grace Fu	 
	 	 	Name: Grace Fu
Title:   Director	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

     

    

 

	 	PINNACLE BANK,	 
	 	as a Lender	 
	 	 	 
	 	 	 
	 	By: 	/s/ Mark D. Crum	 
	 	 	Name: Mark D. Crum
Title:   Senior Vice President	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

     

    

 

	 	FIRST NATIONAL BANK OF PENNSYLVANIA,
	 	as a Lender	 
	 	 	 
	 	 	 
	 	By: 	/s/ Doug Bowman	 
	 	 	Name: Doug Bowman
Title:   Senior Vice President, Team Lead	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

     

    

 

	 	CAPITAL BANK CORPORATION,
	 	as a Lender	 
	 	 	 
	 	 	 
	 	By: 	/s/ John S. Natale	 
	 	 	Name:  John S. Natale
Title:    Senior Vice President	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

     

    

 

	 	FIRST BANK,
	 	as a Lender	 
	 	 	 
	 	 	 
	 	By: 	/s/ Stephen F. Heaseman	 
	 	 	Name: Stephen F. Heaseman
Title:   Senior Vice President	 

 

 

    [Signature Page to Amendment No. 3 to Senior Secured Revolving Credit Agreement]

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