Document:

Exhibit 10.1

 

Execution
Version

 

 

 

AMENDMENT NO. 7 TO FIRST LIEN CREDIT
AGREEMENT

 

dated as of

 

January 25, 2021,

 

among

 

FOCUS FINANCIAL PARTNERS, LLC,

as the Borrower,

 

THE LENDERS PARTY HERETO,

 

and

 

ROYAL BANK OF CANADA,

as Term Administrative Agent and Collateral Agent

 

 

 

RBC CAPITAL MARKETS,*

SPC
FINANCING COMPANY LLC,

KKR
CAPITAL MARKETS LLC,

BMO
CAPITAL MARKETS CORP.,

TRUIST
SECURITIES, INC.,

CAPITAL
ONE, NATIONAL ASSOCIATION,

FIFTH
THIRD SECURITIES, INC.,

GOLDMAN
SACHS BANK USA,

MUFG BANK, LTD.,

REGIONS CAPITAL MARKETS, A DIVISION
OF REGIONS BANK,

BOFA
SECURITIES, INC.

 

and

 

CITIZENS BANK, N.A.,

as
Lead Arrangers and Bookrunners

 

 

 

 

* 
RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.

 

     

     

    

 

AMENDMENT NO. 7 TO FIRST LIEN CREDIT
AGREEMENT

 

This AMENDMENT NO. 7
TO FIRST LIEN CREDIT AGREEMENT, dated as of January 25, 2021 (this “Amendment”), among FOCUS FINANCIAL
PARTNERS, LLC, a Delaware limited liability company (the “Borrower”), ROYAL BANK OF CANADA, as term administrative
agent and collateral agent (in such capacities, the “Term Administrative Agent”) under the Credit Agreement
referred to below and each new term loan lender party hereto (collectively, the “New Term Loan Lenders”).

 

RECITALS:

 

WHEREAS, reference
is made to the First Lien Credit Agreement, dated as of July 3, 2017 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, prior to the date hereof, the “Existing Credit Agreement” and as may
be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, including by this Amendment,
the “Credit Agreement”), among the Borrower, the lenders or other financial institutions or entities from time
to time party thereto and the Term Administrative Agent (capitalized terms used but not defined herein having the meaning provided
in the Credit Agreement);

 

WHEREAS, the Borrower
has requested New Term Loan Commitments in an aggregate principal amount of $500,000,000.00 (the “Amendment No. 7
Incremental Term Commitments”), which will be available on the Amendment No. 7 Effective Date, and which shall constitute
New Term Loan Commitments under the Credit Agreement and the loans thereunder (the “Amendment No. 7 Incremental Term
Loans”), New Term Loans under the Credit Agreement, the proceeds of which Amendment No. 7 Incremental Term Loans
shall be used by the Borrower to repay outstanding Revolving Credit Loans and for other general corporate purposes;

 

WHEREAS, each
New Term Loan Lender party hereto is willing to make Amendment No. 7 Incremental Term Loans in an amount equal to such New
Term Loan Lender’s Amendment No. 7 Incremental Term Commitment, as set forth opposite such New Term Loan Lender’s
name on Schedule 1.1(c)  hereto; and

 

WHEREAS, this
Amendment shall constitute a Joinder Agreement giving effect to New Term Loan Commitments and New Term Loans, pursuant to and as
set forth in Section 2.14(a) of the Credit Agreement.

 

NOW THEREFORE,
in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby covenant
and agree as follows:

 

		1.	Existing Credit Agreement Amendments. Effective as of the Amendment No. 7 Effective
Date, the Existing Credit Agreement is hereby amended as follows:

 

(a)            Schedule
1.1(c) of the Existing Credit Agreement is amended by adding thereto the Amendment No. 7 Incremental Term Commitments
of the New Term Loan Lenders party hereto, as set forth on Schedule 1.1(c) hereto.

 

     

     

    

 

(b)            Section 1.1
of the Existing Credit Agreement is hereby amended by adding the following new defined terms thereto in their correct alphabetical
order:

 

“Amendment
No. 7” means Amendment No. 7 to this Agreement, dated as of January 25, 2021 among the Borrower,
the Term Administrative Agent, the Collateral Agent and the lenders party thereto.

 

“Amendment
No. 7 Effective Date” has the meaning assigned to such term in Amendment No. 7.

 

“Amendment
No. 7 Incremental Term Loans” has the meaning assigned to such term in Amendment No. 7.

 

(c)            Section 1.1
of the Existing Credit Agreement is hereby amended by replacing the definition of “Tranche B-3 Term Loans” contained
therein with the following:

 

“Tranche B-3 Term Loans”
means (a) prior to the Amendment No. 7 Effective Date, the Tranche B-3 Term Loans made to the Borrower on the Amendment
No. 6 Effective Date and (b) from and after the Amendment No. 7 Effective Date, collectively, (i) the Tranche
B-3 Term Loans referred to in the foregoing clause (a) and (ii) the Amendment No. 7 Incremental Term Loans.

 

(d)            Section 2.1
of the Existing Credit Agreement is hereby amended by adding the following new clause (k) at the end thereof:

 

“Upon the funding of the
Amendment No. 7 Incremental Term Loans on the Amendment No. 7 Effective Date, the Amendment No. 7 Incremental Term
Loans shall automatically and without further action by any Person constitute additional Tranche B-3 Term Loans (and shall have
the same terms as the Tranche B-3 Term Loans (as modified by Amendment No. 7)) for all purposes of this Agreement and the
other Credit Documents.”

 

(e)            Section 2.5(b) of
the Existing Credit Agreement is hereby amended by replacing the reference to “$2,891,338” contained therein with a
reference to “$4,173,389”.

 

(f)             Section 5.1(b) of
the Existing Credit Agreement is hereby amended by replacing the reference to “Amendment No. 6 Effective Date”
contained therein with a reference to “Amendment No. 7 Effective Date”.

 

(g)            The
Amendment No. 7 Incremental Term Commitments provided for hereunder shall terminate on the Amendment No. 7 Effective
Date immediately upon the borrowing of the Amendment No. 7 Incremental Term Loans pursuant to Section 2 below.

 

		2.	New Term Loan Lenders. Each New Term Loan Lender party hereto hereby acknowledges
and agrees that it has an Amendment No. 7 Incremental Term Commitment in the amount set forth opposite such New Term Loan
Lender’s name on Schedule 1.1(c) to this Amendment and agrees to severally make to the Borrower Amendment No. 7
Incremental Term Loans on the Amendment No. 7 Effective Date, in Dollars, in an aggregate amount equal to such New Term Loan
Lender’s Amendment No. 7 Incremental Term Commitment hereunder. From and after the Amendment No. 7 Effective Date,
(a) each New Term Loan Lender party hereto shall be a Term Loan Lender for all purposes under the Credit Agreement and the
other Credit Documents and (b) the Amendment No. 7 Incremental Term Commitment of each New Term Loan Lender party hereto
shall be a Term Loan Commitment for all purposes under the Credit Agreement and the other Credit Documents.

 

     

     

    

 

		3.	Conditions to Effectiveness. This Amendment shall become effective on the first date
(the “Amendment No. 7 Effective Date”) on which each of the applicable conditions set forth below have
been satisfied (or waived) in accordance with the terms hereof; and the obligations of the New Term Loan Lenders party hereto to
make Amendment No. 7 Incremental Term Loans, are subject to each of the applicable conditions set forth below having been
satisfied (or waived) in accordance with the terms hereof:

 

(a)           this
Amendment shall have been executed and delivered by the Borrower, the Term Administrative Agent and New Term Loan Lenders representing
100% of the Amendment No. 7 Incremental Term Commitments;

 

(b)           the
Term Administrative Agent shall have received a certificate of the Borrower dated as of the Amendment No. 7 Effective Date
and executed by a secretary, assistant secretary or other senior officer (as the case may be) thereof (i) (A) certifying
and attaching the resolutions or similar consents adopted by the Borrower approving or consenting to this Amendment and the Amendment
No. 7 Incremental Term Loans, (B) certifying that the certificate of formation and operating agreement of the Borrower
have not been amended since the Amendment No. 6 Effective Date, and (C) certifying as to the incumbency and specimen
signature of each officer executing this Amendment and any related documents on behalf of the Borrower and (ii) certifying
as to the matters set forth in clauses (d), (e) and (g) below;

 

(c)           the
Term Administrative Agent shall have received a Notice of Borrowing as required pursuant to Section 7.2(a) of the Credit
Agreement;

 

(d)           the
representations and warranties in Section 4 of this Amendment shall be true and correct in all material respects on and as
of the Amendment No. 7 Effective Date; provided that, (A) in the case of any such representation and warranty
which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects
as of the respective date or for the respective period, as the case may be and (B) if any such representation and warranty
is qualified by or subject to a “material adverse effect”, “material adverse change” or similar term or
qualification such representation and warranty shall be true and correct in all respects;

 

(e)           no
Default or Event of Default shall exist on the Amendment No. 7 Effective Date before or after giving effect to the effectiveness
of this Amendment and the incurrence of the Amendment No. 7 Incremental Term Loans;

 

(f)            the
Term Administrative Agent shall have received all fees and other amounts previously agreed to in writing by the Lead Arrangers
and the Borrower to be due on or prior to the Amendment No. 7 Effective Date, including, to the extent invoiced at least three
Business Days prior to the Amendment No. 7 Effective Date (or such later date as is reasonably agreed by the Borrower), the
reasonable and documented out-of-pocket legal fees and expenses and the reasonable and documented out-of-pocket fees and expenses
of any other advisors in accordance with the terms of the Credit Agreement;

 

     

     

    

 

(g)           the
Amendment No. 7 Incremental Term Commitments shall not exceed the Maximum Incremental Facilities Amount; and

 

(h)           the
Term Administrative Agent shall have received a certificate dated as of the Amendment No. 7 Effective Date from the Chief
Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager,
or any other senior financial officer of the Borrower to the effect that after giving effect to this Amendment, the Borrower is
Solvent.

 

		4.	Representations and Warranties. On the Amendment No. 7 Effective Date, the Borrower,
on behalf of itself and each other Credit Party (as applicable), hereby represents and warrants that:

 

		(a)	The Borrower has the corporate or other organizational power and authority to execute, deliver
and carry out the terms and provisions under this Amendment and has taken all necessary corporate or other organizational action
to authorize the execution, delivery and performance of this Amendment. The Borrower has duly executed and delivered this Amendment
and this Amendment constitutes the legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
generally and subject to general principles of equity;

 

		(b)	neither the execution, delivery or performance by the Borrower of this Amendment nor compliance
with the terms and provisions hereof nor the consummation of the other transactions contemplated hereby will (a) contravene
any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental
instrumentality other than as would not reasonably be expected to result in a Material Adverse Effect, (b) result in any breach
of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition
of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or any of the Restricted
Subsidiaries (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture,
loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which any Credit Party or any
of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound other than any such breach,
default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision
of the certificate of incorporation, by-laws, articles or other organizational documents of the Borrower or any of the Restricted
Subsidiaries;

 

		(c)	the execution, delivery and performance of this Amendment does not require any consent or approval
of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained
or made and are in full force and effect and (ii) such licenses, approvals, authorizations, registrations, filings or consents
the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect; and

 

     

     

    

 

		(d)	both immediately before and after giving effect to the Amendment No. 7 Effective Date and
the incurrence of the Amendment No. 7 Incremental Term Loans, (i) the representations and warranties of the Credit Parties
set forth in the Credit Agreement and the other Credit Documents shall be true and correct in all material respects (or, in the
case of any such representation and warranty that is qualified by “material”, “material adverse effect”
or a similar term, in all respects), in each case, on and as of the Amendment No. 7 Effective Date with the same effect as
though such representations and warranties had been made on and as of the Amendment No. 7 Effective Date, except to the extent
that such representations and warranties relate to an earlier date, in which case such representations and warranties shall be
true and correct in all material respects (or, in the case of any such representation and warranty that is qualified by “material”,
 “material adverse effect” or a similar term, in all respects) as of such earlier date and (ii) no Default or Event
of Default shall have occurred and be continuing on the Amendment No. 7 Effective Date or would result from the consummation
of this Amendment and the transactions contemplated hereby.

 

		5.	Reaffirmation of the Credit Parties; Reference to and Effect on the Credit Agreement and
the other Credit Documents.

 

		(a)	The Borrower, on behalf of itself and each other Credit Party, hereby confirms and agrees that,
notwithstanding the effectiveness of this Amendment, each Credit Document to which any Credit Party is a party is, and the obligations
of such Credit Party contained in the Credit Agreement, this Amendment or in any other Credit Document to which it is a party are,
and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended
by this Amendment. For greater certainty and without limiting the foregoing, the Borrower, on behalf of itself and each other Credit
Party, hereby confirms that the existing security interests and/or guarantees granted by any Credit Party in favor of the Secured
Parties pursuant to the Credit Documents in the Collateral described therein shall continue to secure the obligations of the Credit
Parties under the Credit Agreement and the other Credit Documents as and to the extent provided in the Credit Documents. Except
as specifically amended by this Amendment, the Credit Agreement and the other Credit Documents shall remain in full force.

 

		(b)	Except to the extent expressly set forth in this Amendment, the execution, delivery and performance
of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any
Agent or Lender under, the Credit Agreement or any of the other Credit Documents.

 

		(c)	On and after the Amendment No. 7 Effective Date, each reference in the Credit Agreement to
 “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring
to the Credit Agreement, and each reference in the other Credit 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.

 

		6.	Notice. For purposes of the Credit Agreement, the initial notice address of each
New Term Loan Lender shall be as separately identified to the Term Administrative Agent.

 

		7.	Tax Forms. For each New Term Loan Lender, delivered herewith to the Term Administrative
Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such
New Term Loan Lender may be required to deliver to the Term Administrative Agent pursuant to Section 5.2(e) of the Credit
Agreement.

 

     

     

    

 

		8.	Recordation of the New Loans. Upon execution and delivery hereof, the Term Administrative
Agent will record the Amendment No. 7 Incremental Term Loans made by each New Term Loan Lender in the Register.

 

		9.	Amendment, Modification and Waiver. This Amendment may not be amended, modified or
waived except as permitted by Section 13.1 of the Credit Agreement.

 

		10.	Integration. This Amendment, the other Credit Documents and the agreements regarding
certain fees referred to herein represent the agreement of the Borrower, the Collateral Agent, the Administrative Agents and the
Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the
Borrower, the Administrative Agents, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth
or referred to herein, in the Credit Agreement or in the other Credit Documents. Nothing in this Amendment or in the other Credit
Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies,
obligations or liabilities under or by reason of this Amendment or the other Credit Documents. This Amendment shall not constitute
a novation of any amount owing under the Credit Agreement and all amounts owing in respect of principal, interest, fees and other
amounts pursuant to the Credit Agreement and the other Credit Documents shall, to the extent not paid on or prior to the Amendment
No. 7 Effective Date, continue to be owing under the Credit Agreement or such other Credit Documents until paid in accordance
therewith.

 

		11.	APPLICABLE LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. Each party hereto irrevocably and unconditionally: (a) submits for itself and its property in any
legal action or proceeding relating to this Amendment to the exclusive general jurisdiction of the courts of the State of New York
or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough
of Manhattan, and appellate courts from any thereof; (b) consents that any such action or proceeding shall be brought in such
courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any
such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not
to plead or claim the same or to commence or support any such action or proceeding in any other courts; (c) agrees that service
of process in any such action or proceeding shall be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address set forth on Schedule 13.2 of the Credit Agreement
or at such other address of which the applicable Administrative Agent shall have been notified pursuant to Section 13.2 of
the Credit Agreement; (d) agrees that nothing herein shall affect the right of the Administrative Agents, any Lender or another
Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed
against the Borrower or any other Credit Party in any other jurisdiction; and (e) waives, to the maximum extent not prohibited
by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 12 any special,
exemplary, punitive or consequential damages; provided that nothing in this clause (e) shall limit the Credit Parties’
indemnification obligations set forth in Section 13.5 of the Credit Agreement.

 

     

     

    

 

		12.	Severability. Any provision of this Amendment that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

		13.	Counterparts; Electronic Execution. This Amendment may be executed by one or more
of the parties to this Amendment on any number of separate counterparts (including by facsimile or other electronic transmission),
and all of said counterparts taken together shall be deemed to constitute an original and one and the same instrument. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile or by email as a “.pdf” or “.tiff”
attachment shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,”
 “execute”, “signed,” “signature,” and words of like import in or related to any document to
be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures,
the electronic matching of assignment terms and contract formations on electronic platforms approved by the Term Administrative
Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

		14.	WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO
THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AND FOR ANY
COUNTERCLAIM THEREIN.

 

		15.	Credit Document. On and after the Amendment No. 7 Effective Date, this Amendment
shall constitute a “Credit Document” for all purposes of the Credit Agreement and the other Credit Documents.

 

[Remainder of Page Intentionally
Blank]

 

     

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first set forth
above.

 

	 	FOCUS FINANCIAL PARTNERS, LLC
	 	 
	 	By:	/s/ James Shanahan
	 	Name:	James Shanahan
	 	Title:	Chief Financial Officer

 

Signature
Page to Amendment No. 7 to First Lien Credit Agreement

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as Term
	 	Administrative Agent and Collateral Agent
	 	 
	 	By:	/s/ Yvonne Brazier
	 	 	Name:	Yvonne Brazier
	 	 	Title:	Manager, Agency Services

 

Signature
Page to Amendment No. 7 to First Lien Credit Agreement

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as New Term Loan Lender
	 	 
	 	By:	/s/ Charles D. Smith
	 	 	Name:	Charles D. Smith
	 	 	Title:	Managing Director, Head of Leveraged Finance

 

Signature
Page to Amendment No. 7 to First Lien Credit Agreement

 

     

     

    

 

Schedule 1.1(c)

 

Incremental Term Commitments

 

	Lender	Amendment
    No. 7 Incremental Term Commitment
	Royal Bank of Canada	$500,000,000Exhibit 4.1

[FORM OF FACE OF DTC REGISTERED

FIXED RATE GLOBAL MEDIUM-TERM NOTE, SERIES
B]

 

TOYOTA MOTOR CREDIT CORPORATION

GLOBAL MEDIUM-TERM NOTE, SERIES B

(Fixed Rate)

 

	REGISTERED	PRINCIPAL OR FACE AMOUNT
	CUSIP:  ___________________  	$___________________1
	[ISIN:  ___________________]  	 

[Common Code:  ___________________]

[No. [_]]  

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer
or its agent for registration of transfer, exchange, or payment, and any certificate issued 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.

 

 

 

*** [  ] CHECK IF A PRINCIPAL
INDEXED NOTE *** 

IF CHECKED, CALCULATION AGENT: _____________

 

If this is a Principal Indexed Note, references
herein to “principal” shall be deemed to be the face amount hereof, except that the amount payable upon Maturity of
this Note shall be determined in accordance with the formula or formulas set forth below or in an attached Addendum hereto.

 

 

 

 

 

 

 

1
Insert Principal or Face Amount

 

     

     

    

Original Issue Date:

Stated Maturity Date:

 

Interest Rate:      % 

Interest Payment Dates:

 

Day Count Convention:  30/360 unless another convention
is checked below

[  ] Actual/360 

[  ] Actual/Actual

 

Business Day Convention:

 

Redemption:

Redemption Date(s): 

Notice of Redemption:

 

Repayment:

Optional Repayment Date(s): 

Repayment Price:

 

Original Issue Discount:

Total Amount of Original Issue Discount: 

Yield to Maturity:

Initial Accrual Period:

 

Specified Currency: 

Minimum Denomination/Minimum Incremental Denomination:

 

If a Reopening Note, check [   ], and specify:

Initial Interest Accrual Date:

 

Note also represented by Clearstream/Euroclear Note:

 

Addendum Attached: 

[  ] Yes

[  ] No

 

Other Provisions:

 

    2 

    	 

    

TOYOTA MOTOR CREDIT
CORPORATION, a California corporation (“Issuer” or the “Company,” which terms include any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the Principal or Face Amount specified above, or if this is a Principal Indexed Note, the principal amount as determined in accordance
with the terms set forth under “Other Provisions” above and/or in an Addendum attached hereto, on the Stated Maturity
Date specified above (except to the extent redeemed or repaid prior to the Stated Maturity Date), and to pay interest on the Principal
or Face Amount hereof as set forth above at the annual Interest Rate specified above, until the principal hereof is paid or duly
made available for payment.  

 

Unless otherwise specified
in an Addendum hereto, Deutsche Bank Trust Company Americas will act as the Company’s paying agent and will make all payments
of principal, premium and interest on the Note on the Company’s behalf.  Payment of the principal of this Note,
any premium and the interest due at Maturity (as defined below) will be made upon surrender of this Note at the office or agency
of such paying agent or at the office or agency of such other paying agent as the Company may determine.

 

Interest on this Note
will accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for or, if
no interest has been paid, from and including the Original Issue Date specified above to, but excluding, the related Interest Payment
Date or Maturity, as the case may be.  The Company will pay interest on each Interest Payment Date specified above, commencing
on the first Interest Payment Date following the Original Issue Date, and on the Stated Maturity Date or any Redemption Date or
Optional Repayment Date (if specified as repayable at the option of the Holder in an attached Addendum) (the date of each such
Stated Maturity Date, Redemption Date and Optional Repayment Date and the date on which principal or an installment of principal
is due and payable by declaration of acceleration or otherwise pursuant to the Indenture being referred to hereinafter as a “Maturity”
with respect to principal payable on such date); provided, however, that if the Original Issue Date is between a
Regular Record Date (as defined below) and the next succeeding Interest Payment Date, interest payments will commence on the second
Interest Payment Date following the Original Issue Date; and provided further, that, unless specified otherwise in an Addendum
attached hereto, if any Interest Payment Date or the Maturity falls on a day that is not a Business Day (this and certain other
capitalized terms used herein are defined on the reverse of this Note), any principal, premium or interest payments will be made
on the next succeeding Business Day as if made on the date the payment was due (the “Following Business Day Convention”),
and no interest on such payment will accrue on the amount payable for the period from and after such Interest Payment Date or Maturity,
as the case may be.  Unless otherwise specified above, the “Regular Record Date” (i) if held in global book-entry
only form, will be at the close of business on the date that is one Business Day immediately preceding the related Interest Payment
Date or (ii) if held in definitive form, will be the fifteenth calendar day (whether or not a Business Day) immediately preceding
the related Interest Payment Date. 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 Note (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Interest Payment Date.  Any such interest which is payable,
but not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”), will
forthwith cease to be payable to the registered Holder on such Regular Record Date, and may be paid to the Person in whose name
this Note (or

 

    3 

    	 

    

one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest or at any
time in any other lawful manner, as more fully provided in the Indenture.  A Special Record Date shall be fixed by the
Trustee and notice thereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date.

 

Unless otherwise specified
under Specified Currency above and/or in an Addendum attached hereto, this Note will be denominated in U.S. dollars and payments
of principal, premium and interest, if any, on this Note will be made in U.S. dollars or in such coin or currency of the United
States as at the time of payment is legal tender for payments of public and private debts.  If this Note is not denominated
in U.S. dollars or if the principal, premium or interest, if any, on this Note is payable in or by reference to a currency or in
amounts determined by reference to one or more currencies other than that in which this Note is denominated, any other applicable
provisions will be included in an Addendum attached hereto.  However, unless otherwise specified in an Addendum attached
hereto, if any payment in respect of this Note is required to be made in a currency other than U.S. dollars and such currency is
unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or is no longer
used by the relevant government or for the settlement of transactions within the international banking community, then all payments
in respect of this Note will be made in U.S. dollars until such currency is again available to the Company or so used. The amounts
payable on any date in such currency will be converted into U.S. dollars on the basis of the most recently available market exchange
rate for such currency or as otherwise indicated in an Addendum attached hereto.  Any payment so made in U.S. dollars
will not constitute an Event of Default under the Indenture. If the Company cannot make payment in the Specified Currency indicated
above solely because that currency has been replaced by the euro, then, beginning with the date the replacement becomes effective,
the Company will be able to satisfy its obligations under this Note by making payment in euro.  

 

Reference is hereby
made to the further provisions of this Note 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 signed pursuant
to the terms of the Indenture, this Note will not be entitled to any benefits under the Indenture or be valid or obligatory for
any purpose.

 

    4 

    	 

    

[FORM OF REVERSE OF
NOTE]

 

This Note is one of
a duly authorized series of Securities (hereinafter called the “Securities”) of the Company designated as its Medium-Term
Notes, Series B (the “Notes”).  The Notes are issued and to be issued under an Indenture, dated as of August
1, 1991, between the Company and The Bank of New York Mellon Trust Company, N.A., as amended and supplemented by the First Supplemental
Indenture, dated as of October 1, 1991, among the Company, The Bank of New York Mellon Trust Company, N.A. and Deutsche Bank Trust
Company Americas, formerly known as Bankers Trust Company, the Second Supplemental Indenture, dated as of March 31, 2004, among
the Company, The Bank of New York Mellon Trust Company, N.A. and Deutsche Bank Trust Company Americas and the Third Supplemental
Indenture, dated as of March 8, 2011, among the Company, The Bank of New York Mellon Trust Company, N.A. and Deutsche Bank Trust
Company Americas (collectively, the “Indenture”), to which Indenture, and all indentures supplemental thereto, reference
is hereby made for a statement of the respective rights thereunder of the Company, the Trustee (as defined below) and the Holders
of the Notes, and the terms upon which the Notes are to be authenticated and delivered.  Deutsche Bank Trust Company
Americas shall act as Trustee with respect to the Notes (herein called the “Trustee”, which term includes any successor
Trustee with respect to the Notes under the Indenture) and, unless otherwise specified in an Addendum attached hereto, as registrar
for the Notes.  The terms of individual Notes may vary with respect to interest rates or interest rate formulas, issue
dates, maturity, redemption, repayment, currency of payment and otherwise.

 

This Note is not subject
to any sinking fund and will not be redeemable or subject to repayment at the option of the Holder prior to the Stated Maturity
Date, except as provided below.

 

Unless otherwise indicated
on the face of this Note, this Note may not be redeemed prior to the Stated Maturity Date.  If so provided above, this
Note may be redeemed by the Company on any Redemption Date specified above, in whole or in part, in integral multiples of the Minimum
Incremental Denomination specified above (unless specified otherwise in an Addendum attached hereto, and provided that any remaining
principal hereof shall be at least equal to the Minimum Denomination specified above) at the option of the Company at the applicable
Redemption Price (as defined below) together with accrued interest hereon at the applicable rate payable to the applicable Redemption
Date, upon written Notice of Redemption specified above or such other notice specified in an Addendum attached hereto.  In
the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof shall be issued in the name of
the Holder hereof upon the surrender hereof.  Unless otherwise specified in an Addendum attached hereto, the “Redemption
Price” will be 100% of the principal amount of this Note.

 

Unless otherwise specified
in an Addendum attached hereto, this Note is not subject to repayment at the option of the Holder.  If this Note shall
be repayable at the option of the Holder as specified in an Addendum attached hereto, unless otherwise specified in such Addendum,
on any Optional Repayment Date, this Note shall be repayable in whole or in part in integral multiples of the Minimum Incremental
Denomination specified above (unless specified otherwise in an Addendum attached hereto, and provided that any remaining principal
hereof

 

    5 

    	 

    

shall be at least equal
to the Minimum Denomination specified above) at the option of the Holder hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with accrued and unpaid interest thereon payable to, but excluding, the date of repayment.  If
specified as repayable at the option of the Holder in such Addendum, for this Note to be repaid in whole or in part at the option
of the Holder hereof, this Note must be received, with the form entitled “Option to Elect Repayment” set forth below
duly completed, by the Trustee at its Corporate Trust Office, or such address which the Company shall from time to time notify
the Holders of the Notes, not more than 15 nor less than 10 days prior to the related Optional Repayment Date or such other time
as is specified in an Addendum attached hereto.  Exercise of such repayment option by the Holder hereof will be irrevocable.  

 

This Note is unsecured
and ranks equally with the other unsecured and unsubordinated indebtedness of the Company.

 

Unless otherwise indicated
on the face of this Note, interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day
months.  If the Day Count Convention specified above is “Actual/360” or “Actual/Actual,” interest
payments for this Note shall be computed on the basis of the actual number of days in the related month and a 360-day year or on
the basis of the actual number of days in the related year and month, respectively.

 

The Notes are issuable
only in registered form without coupons in denominations equal to the Minimum Denomination specified above and higher integral
multiples of the Minimum Incremental Denomination specified above (unless otherwise specified in an Addendum attached hereto).  The
Company will specify the minimum denominations for Notes denominated in a foreign currency in an Addendum attached hereto.  As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate
principal amount of Notes as requested by the Holder surrendering the same.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Security Register
of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge will
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Notwithstanding anything
to the contrary contained herein or in the Indenture, for purposes of determining the voting rights of a Holder of a Note for which
the principal thereof is determined by reference to the price or prices of specified commodities or stocks, interest rate indices,
interest rate swap or exchange rate swap indices, the exchange rate of one or more specified currencies relative to another currency
or such other price, exchange rate or other financial index or indices as specified above (a “Principal Indexed Note”),
the principal amount of any such Principal Indexed Note will be deemed to be equal to the face amount thereof upon

 

    6 

    	 

    

issuance.  The
method for determining the amounts, if any, payable on Interest Payment Dates and at Maturity on a Principal Indexed Note will
be specified in an attached Addendum.

 

If an Event of Default
with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

 

The Indenture permits,
subject to certain exceptions provided therein, the Company and the Trustee to enter into supplemental indentures for a series
of Securities with the consent of the Holders of 66 2/3% of the outstanding principal amount of that series, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any
manner the rights of the Holders of each such series affected by such modification or amendment.  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 the Securities of such series, to waive compliance by the Company 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 Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note 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 Note.  

 

So long as this Note
shall be outstanding, the Company will cause to be maintained, in each Place of Payment, an office or agency for the payment of
the principal of and premium, if any, and interest on this Note as herein provided and for the registration, transfer and exchange
of this Note. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture will alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency,
herein prescribed.

 

Prior to due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

If this Note is not
a Reopening Note, the Company may reopen this issue of Notes by issuing additional Securities with the same terms as these Notes,
except that the additional Securities shall bear interest from and including the last date to which interest has been paid on these
Notes or from and including the Original Issue Date specified above, if no interest has been paid.  Any additional Securities
so issued will be considered for all purposes part of the same issue of Notes.  

 

Unless otherwise specified
in an Addendum attached hereto, if this Note is a Reopening Note, notwithstanding anything to the contrary in this Note, interest
on this Note shall accrue from and including the Initial Interest Accrual Date specified above; and for purposes of all

 

    7 

    	 

    

interest calculations,
references to Original Issue Date in this Note shall be replaced with a reference to the Initial Interest Accrual Date specified
above.  If this Note is a Reopening Note, this Note shall be considered for all purposes part of the same issue of Notes
that has been reopened.

 

The Indenture and the
Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

Any provision contained
herein with respect to the calculation of the rate of interest applicable to this Note, its payment dates or any other matter relating
hereto may be modified as specified in an Addendum relating hereto.  References herein to “this Note,” “hereof,”
“herein,” “as specified above” or similar language of like import shall include any Addendums to this Note.

 

As used herein, and
unless otherwise specified in an Addendum attached hereto:

 

(a) the term “Business
Day” means:

 

		1.	for U.S. dollar denominated Notes:  a day other than a Saturday or Sunday, that is neither
a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in
The City of New York (a “New York Business Day”);

 

		2.	for non-U.S. dollar denominated Notes (other than Notes denominated in euro):  a day
that is both (x) a day other than a day on which commercial banks are authorized or required by law, regulation or executive order
to close in the Principal Financial Center (as defined below) of the country issuing the Specified Currency (as indicated above)
and (y) a New York Business Day; and

 

		3.	for euro denominated Notes:  a day that is both (x) a day on which the Trans-European
Automated Real-time Gross Settlement Express Transfer (TARGET2) system is open; and (y) a New York Business Day;

 

(b) the term “Principal
Financial Center” means: the capital city of the country issuing the Specified Currency, except that with respect to
U.S. dollars, Australian dollars, Canadian dollars, euros, New Zealand dollars, South African rand and Swiss francs, the Principal
Financial Center will be the City of New York, Sydney, Toronto, Brussels, Wellington, Johannesburg and Zurich, respectively;

 

(c) the term “Specified
Currency” means the currency specified above (or, if the currency is no longer legal tender for the payment of public
and private debts, any other currency of the relevant country or entity which is then legal tender for the payment of such debts);
and

 

(d) all terms used
in this Note which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the
Indenture.

 

    8 

    	 

    

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed, manually or in facsimile, and an imprint or facsimile of its corporate
seal to be imprinted hereon.

 

	 	TOYOTA MOTOR CREDIT CORPORATION
	 	 
	 	 
	 	By: _____________________________
	 	 
	 	 
	 	 

Attest:

 

By: _________________________

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series

designated therein referred to in the

within-mentioned Indenture.

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 

	By: ____________________________	Dated:___________________
	       Authorized Signatory	 
	 	 
	 	 
	By: ____________________________	Dated:___________________

       Authorized
Signatory

 

     

     

    

OPTION TO ELECT REPAYMENT

 

The undersigned hereby
irrevocably request(s) and instruct(s) the Company to repay this Note (or portion hereof specified below) pursuant to its terms
and at a price equal to the principal amount hereof together with interest to the repayment date, to the undersigned, at _________________________________________________________

 

(Please print or typewrite name and address
of the undersigned)

 

For this Note to be
repaid, the Trustee must receive at its Corporate Trust Office, or at such other place or places of which the Company shall from
time to time notify the Holder of this Note, not more than 15 nor less than 10 days prior to an Optional Repayment Date, if any,
shown on the face of this Note, this Note with this “Option to Elect Repayment” form duly completed.

 

If less than the entire
principal amount of this Note is to be repaid, specify the portion hereof (which shall be integral multiples of the Minimum Incremental
Denomination specified above) which the Holder elects to have repaid and specify the denomination or denominations (which shall
be equal to at least the Minimum Denomination specified above or higher integral multiples of the Minimum Incremental Denomination
specified above) of the Notes to be issued to the Holder for the portion of this Note not being repaid (in the absence of any such
specification, one such Note will be issued for the portion not being repaid).

 

	
        $____________________________

         

        Date _________________________

         
	
        ___________________________________

         

        NOTICE:  The signature on this
        Option to Elect Repayment must correspond with the name as written upon the face of this Note in every particular, without alteration
        or enlargement or any change whatever.

         

     

     

    

ASSIGNMENT/TRANSFER FORM

 

FOR VALUE RECEIVED
the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto (insert Taxpayer Identification No.)

 

 

 

(Please print or typewrite name and address
including postal zip code of assignee)

 

_____________________________________________________________________

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _____________________________________________________________________

attorney to
transfer said Note on the books of the Company with full power of substitution in the premises.

 

Dated: ____________            _________________________________________

 

NOTICE:  The signature
of the registered Holder to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatsoever.

 

     

     

    

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations.

 

TEN COM--as tenants in common

 

	UNIF GIFT MIN ACT--	 	Custodian    	 
	 	(Cust)		(Minor)

 

Under
Uniform Gifts to Minors Act

 

	 
	(State)

 

TEN ENT--as tenants by the entireties

JT TEN--as joint tenants with
right of survivorship and not as tenants in common

 

Additional abbreviations may also be used
though not in the above list.

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