EX-10.2
3
dp29017_ex1002.htm
EXHIBIT 10.2
Exhibit 10.2
EXECUTION COPY
AMENDMENT NO. 1 TO THE
THREE YEAR CREDIT AGREEMENT
Dated as of March 1, 2012
AMENDMENT NO. 1 TO THE
THREE YEAR CREDIT AGREEMENT among TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), TOYOTA MOTOR FINANCE (NETHERLANDS) B.V., a corporation organized under the laws of the Netherlands (“TMFNL”), TOYOTA FINANCIAL SERVICES (UK) PLC, a corporation organized under the laws of England (“TFSUK”), TOYOTA KREDITBANK GMBH , a corporation organized under the laws of Germany (“TKG”), TOYOTA CREDIT DE PUERTO RICO CORP., a corporation organized under the laws of the Commonwealth of Puerto Rico (“TCPR”), TOYOTA CREDIT CANADA INC., a corporation incorporated under the laws of Canada (“TCCI”), TOYOTA LEASING GMBH, a corporation organized under the laws of Germany (“TLG” and, together with TMFNL, TMCC, TFSUK, TKG, TCPR and TCCI, the “Borrowers”), the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (each, a “Lender”, and collectively, the “Lenders”) and BNP PARIBAS, as Administrative Agent.
PRELIMINARY STATEMENTS:
(1) The Borrowers, the Lenders and the Administrative Agent have entered into a
Three Year Credit Agreement dated as of March 1, 2011 (the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.
(2) The Borrowers wish to amend the Credit Agreement as hereinafter set forth. The Required Lenders are, on the terms and conditions stated below, willing to grant the request of the Borrowers and the Borrowers, the Required Lenders and the Administrative Agent have agreed to amend the Credit Agreement as hereinafter set forth.
(3) The Borrowers have, in accordance with Section 2.13 of the Credit Agreement, requested an extension of the Revolving Maturity Date currently in effect by one year. The Borrowers have agreed to amend certain of the pricing terms applicable to Consenting Lenders, and have requested that Lenders indicate their willingness to become Consenting Lenders by executing this Amendment.
SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2 below, hereby amended as follows:
(a) A definition of “2012 Consenting Lender” is added to Section 1.1 in appropriate alphabetical order to read as follows:
“2012 Consenting Lender” means each Lender that agrees to become a Consenting Lender in response to the request by the Borrowers, dated January 25, 2012, to extend the Revolving Maturity Date by one year, to March 1, 2015.
(b) The definition of “Applicable Minimum/Maximum Rate” in Section 1.1 is amended in full as follows:
“Applicable Minimum/Maximum Rate” means, as of any day (a) in respect of all Loans made by Lenders that are not 2012 Consenting Lenders, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below:
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Public Debt Rating
S&P/Xxxxx’x
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Applicable
Minimum Rate
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Applicable
Maximum Rate
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Level 1
At least AA/Aa2
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0.500%
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1.125%
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Xxxxx 0
Less than Level 1 but at least A/A2
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0.625%
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1.250%
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Xxxxx 0
Xxxx xxxx Xxxxx 0
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0.750%
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1.500%
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and (b) in respect of all Loans made by 2012 Consenting Lenders, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below:
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Public Debt Rating
S&P/Xxxxx’x
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Applicable
Minimum Rate
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Applicable
Maximum Rate
|
|
Level 1
At least AA/Aa2
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0.750%
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1.750%
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|
Xxxxx 0
Less than Level 1 but at least A/A2
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1.000%
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2.000%
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Xxxxx 0
Xxxx xxxx Xxxxx 0
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1.250%
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2.250%
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(c) The definition of “Regulatory Change” in Section 1.1 is amended in full as follows:
“Regulatory Change” shall mean, with respect to any Lender, the introduction of or any change in or in the interpretation of any Law, or such Lender’s compliance therewith. For the avoidance of doubt, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, are deemed to have been introduced or adopted after the date hereof, regardless of the date enacted, adopted, issued, promulgated or implemented.
(d) Section 6.7 is amended by deleting the phrase “including, without limitation, the refunding of its maturing commercial paper”.
(e) The proviso to the definition of “Eligible Assignee” in Section 9.7(i) is amended in full as follows:
provided that, notwithstanding the foregoing (x) no Person shall qualify as an Eligible Assignee without the approval of each Swing Line Lender (such approval not to be unreasonably withheld or delayed), (y) “Eligible Assignee” shall not include a Borrower or any of the Borrowers’ Affiliates and (z) “Eligible Assignee” shall not include any Person that is not a regulated lending institution in the United States, Canada, Japan, Australia or the European Union.
SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date first above written when, and only when, the Administrative Agent shall have received counterparts of this Amendment executed by each Borrower and the Required Lenders. This Amendment is subject to the provisions of Section 9.1 of the Credit Agreement.
SECTION 3. Representations and Warranties of the Borrowers. Each Borrower represents and warrants to the Administrative Agent and the Lenders that:
(a) The representations and warranties made by such Borrower contained in Article V of the Credit Agreement are true and correct with the same effect as if made on and as of the date of this Amendment, except where such representations and warranties specifically refer to an earlier date in which case they shall be true and correct as of such earlier date and provided that Section 5.4 of the Credit Agreement shall be deemed to refer to the most recent financial statements delivered in accordance with Section 6.1(a) and, in the case of TMCC and TCPR, Section 6.1(b) of the Credit Agreement.
(b) No Default with respect to such Borrower exists.
SECTION 4. Consent to Extension of Revolving Maturity Date. Each Lender that desires to become a 2012 Consenting Lender shall so indicate on its signature page to this Amendment, whereupon, subject to the conditions set forth in Section 2.13 of the Credit Agreement, the Revolving Maturity Date for each 2012 Consenting Lender shall be extended to March 1, 2015.
SECTION 5. Change of Notice Address. Each Borrower hereby gives notice that the “Attention” line in each address for notices to Toyota Motor Credit Corporation set forth in Section 9.2 of the Credit Agreement is revised to replace “Xxxxx Xxxxxx, Business Strategy Manager and Xxxx Xxxxxx, Assistant Global Treasurer’ with “Xxxxx Xxxxxxx, Treasury Manager and Xxxx Xxxxxx, Assistant Global Treasurer”. TMFNL hereby gives notice that its address set forth in Section 9.2 of the Credit Agreement is amended in full to read as follows:
World Xxxxx Xxxxxx Xxxxxxxxx
Xxxxx X, Xxxxx 00, Xxxxxxxxx 00
0000 XX Xxxxxxxxx
The Netherlands
Attention: Chief Finance Officer
Telephone: 00 00 000 0000
Telefax: 31 20 502 5319
SECTION 6. Reference to and Effect on the Credit Agreement and the Notes. (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment, and this Amendment shall be deemed to be a Loan Document.
(b) The Credit Agreement and the Notes and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.
SECTION 7. Costs and Expenses. TMCC agrees to pay on demand all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 9.4 of the Credit Agreement.
SECTION 8. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other elctronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 9. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of
New York.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers or representatives thereunto duly authorized, as of the date first above written.
| | TOYOTA MOTOR CREDIT CORPORATION | |
| | | | |
| | By: |
/s/ Xxx Xxx
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Name: Xxx Xxx
Title: Vice President- Treasury, Finance & Analytics
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TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.
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| | By: |
/s/ Yoriyuki Hirayama
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Name: Yoriyuki Hirayama
Title: CEO
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TOYOTA FINANCIAL SERVICES (UK) PLC
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| | By: | /s/ Xxx Xxxxxx | |
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Name: Xxx Xxxxxx
Title: General Counsel
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TOYOTA CREDIT DE PUERTO RICO CORP.
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| | By: |
/s/ Xxx Xxx
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| |
Name: Xxx Xxx
Title: Vice President- Treasury, Finance & Analytics, Toyota Motor Credit Corporation
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TOYOTA CREDIT CANADA INC.
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| | By: | /s/ Xxxxxxxx Xxxxxxxxx | |
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Name: Xxxxxxxx Xxxxxxxxx
Title: Vice President - Finance
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TOYOTA KREDITBANK GMBH
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| | By: | /s/ Xxxxxxxxx Xxxxx | |
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Name: Xxxxxxxxx Xxxxx
Title: Managing Director
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| | By: | /s/ Xxx Xxxxxxx | |
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Name: Xxx Xxxxxxx
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Title: Managing Director
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TOYOTA LEASING GMBH
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| | By: | /s/ X. Xxxxx | |
| |
Name: X. Xxxxx
Title: Managing Director
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| | | | |
| | By: | /s/ W. Jio | |
| |
Name: W. Jio
Title: Managing Director
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Accepted and agreed:
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BNP PARIBAS,
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as Administrative Agent, as a Lender and
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as a 2012 Consenting Lender
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By:
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/s/ Xxxxxx Xxxxxx
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Name:
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Xxxxxx Xxxxxx
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Title:
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Managing Director
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By:
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/s/ Xxxxxx-Xxxxxx Xxxxx
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Name:
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Xxxxxx-Xxxxxx Xxxxx
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Title:
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Managing Director
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BNP PARIBAS (CANADA),
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as Canadian Sub-Agent, as a Lender and
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as a 2012 Consenting Lender
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By:
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/s/ Xxxx Xxxxxxx
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Name:
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Xxxx Xxxxxxx
| |
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Title:
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Director – Corporate Banking
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By:
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/s/ Xxxxx Xxxxxxx
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Name:
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Xxxxx Xxxxxxx
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Title:
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Director – Corporate Banking
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CITIBANK, N.A., as
a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxx X. Xxxxx
Name: Xxxxx X. Xxxxx
Title: Vice President
CITIBANK, N.A., CANADIAN BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Niyousha Zarinpour
Name: Niyousha Zarinpour
Title: Authorised Signer
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BANK OF AMERICA, N.A.,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx X. Xxxxx
Name: Xxxx X. Xxxxx
Title: Managing Director
BANK OF AMERICA, N.A., CANADIAN BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Sales xx Xxxxxxx
Name: Xxxxxx Sales xx Xxxxxxx
Title: Vice President
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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD,
as a Lender and as a 2012 Consenting Lender
By: /s/ Akira Ryu
Name: Akira Ryu
Title: Managing Director
BANK OF TOKYO-MITSUBISHI UFJ
(CANADA),
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxx Xxxxxxxxx
Name: Xxxxx Xxxxxxxxx
Title: Vice President
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HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxxxxxx Xxxxx
Name: Xxxxxxxxxxx Xxxxx
Title: Senior Vice President, #9426
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XX XXXXXX XXXXX BANK N.A.,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Vice President
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SUMITOMO MITSUI BANKING
CORPORATION,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
Title: Director
By: /s/ Konstantinos Karabalis
Name: Konstantinos Karabalis
Title: Deputy General Manager
By: /s/ Xxxxxx Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: Assistant Manager
SUMITOMO MITSUI BANKING
CORPORATION,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Joint General Manager
By: /s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Assistant Manager
Dusseldorf Branch
SUMITOMO MITSUI BANKING
CORPORATION OF CANADA,
as a Lender and as a 2012 Consenting Lender
By: /s/ Yusuke Ono
Name: Yusuke Ono
Title: Senior Vice President
THE SUMITOMO TRUST & BANKING CO.,
Ltd., NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx Xxxx
Name: Xxxx Xxxx
Title: Vice President and Manager
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ROYAL BANK OF CANADA,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxxx Majesty
Name: Xxxxxxxx Majesty
Title: Authorized Signatory
By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxxxxx Xxxxxxx
Title: Attorney-in-Fact
By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxxxxx Xxxxxxx
Title: Managing Director
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DEUTSCHE BANK AG
NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx-Xxxxx Xxxxxx
Name: Xxxx-Xxxxx Xxxxxx
Title: Director
By: /s/ Xxxx X. Xxx
Name: Xxxx X. Xxx
Title: Vice President
DEUTSCHE BANK AG
CANADA BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Title: Managing Director & Principal Officer
By: /s/ Xxxxxx Xxxxx
Name: Xxxxxx Xxxxx
Title: Assistant Vice President
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MIZUHO CORPORATE BANK, LTD., LOS ANGELES BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxxxxx Xxxxxxxx
Name: Xxxxxxxxxx Xxxxxxxx
Title: Joint General Manager
MIZUHO CORPORATE BANK, LTD., CANADA BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Kazuoki Okuma
Name: Kazuoki Okuma
Title: Joint General Manager
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| | |
THE ROYAL BANK OF SCOTLAND PLC,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title: Director
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BARCLAYS BANK PLC,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Vice President
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UBS LOAN FINANCE LLC,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx X. Xxxx
Name: Xxxx X. Xxxx
Title: Associate Director
By: /s/ Xxxx X. Xxxxx
Name: Xxxx X. Xxxxx
Title: Associate Director
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XXXXXX XXXXXXX SENIOR FUNDING INC.,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxx Xxxx
Name: Xxxxxxx Xxxx
Title: Vice President
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THE TORONTO DOMINION BANK,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Authorized Signator
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ING BANK N.V. DUBLIN BRANCH,
as a Lender
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Vice President
By: /s/ Xxxx Xxxxxxx
Name: Xxxx Xxxxxxx
Title: Director
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BANK OF MONTREAL,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxx-Xxxxxxx xxx Xxxxxx
Name: Xxxx-Xxxxxxx xxx Xxxxxx
Title: Managing Director
By: /s/ Xxx Xxxxxx
Name: Xxx Xxxxxx
Title: Vice President, Chicago Branch
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Vice President
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CIBC INC.,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Executive Director
By: /s/ Xxxx Xxxxx
Name: Xxxx Xxxxx
Title: Executive Director
CANADIAN IMPERIAL BANK OF COMMERCE,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Managing Director
By: /s/ Geraint Breeze
Name: Geraint Breeze
Title: Executive Director
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SOCIETE GENERALE,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxx Xxxx
Name: Xxx Xxxx
Title: Director
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FIFTH THIRD BANK,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Vice President
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XXXXX FARGO BANK, N.A.,
as a Lender and as a 2012 Consenting Lender
By: /s/ S. Xxxxxxx St. Geme
Name: S. Xxxxxxx St. Geme
Title: Managing Director
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| | |
THE BANK OF NEW YORK MELLON,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Managing Director
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| | |
COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxx Wesemeier
Name: Xxxxx Wesemeier
Title: Vice President
By: /s/ Xxxxxx Xxxxxxxxxx
Name: Xxxxxx Xxxxxxxxxx
Title: Assistant Vice President
|
| | |
MITSUBISHI UFJ TRUST AND BANKING CORPORATION,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxxxx Xxxxxx
Name: Xxxxxxxx Xxxxxx
Title: Senior Vice President
|
| | |
INTESA SANPAOLO S.P.A., NEW YORK BRANCH,
as a Lender and as a 2012 Consenting Lender
By: /s/ Xxxxxx Xxxxxxxx
Name: Xxxxxx Xxxxxxxx
Title: Head of Business and FVP
By: /s/ Xxxxxxxx Xxxxxxx
Name: Xxxxxxxx Xxxxxxx
Title: AVP
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