EXHIBIT 10.2
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TOYOTA MOTOR CREDIT CORPORATION
TMTT, INC.,
as Trustee of Toyota Lease Trust
and,
for Certain Limited Purposes only,
FIRST BANK NATIONAL ASSOCIATION,
as Trust Agent
UTI SUPPLEMENT
TO
AMENDED AND RESTATED
TRUST AND SERVICING AGREEMENT
Dated as of October 1, 1996
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TABLE OF CONTENTS
Page
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ARTICLE X
DEFINITIONS
SECTION 10.01 Definitions............................................. 2
ARTICLE XI
CREATION AND TERMINATION OF TRUST INTERESTS
SECTION 11.01 Initial Creation of UTI, Subdivision Thereof............ 2
SECTION 11.02 Issuance and Form of UTI Certificates................... 3
SECTION 11.03 Filings................................................. 4
SECTION 11.04 Termination of UTI...................................... 5
ARTICLE XII
ACCOUNTS AND CASH FLOWS
SECTION 12.01 Accounts................................................ 5
SECTION 12.02 Cash Flows.............................................. 6
SECTION 12.03 Distribution of Funds, Default in UTI Pledge............ 7
SECTION 12.04 Lease Funding Accounts.................................. 7
SECTION 12.05 Rebalancing After Third-Party Claim..................... 8
ARTICLE XIII
MISCELLANEOUS PROVISIONS
SECTION 13.01 Governing Law........................................... 8
SECTION 13.02 Effect of UTI Supplement on Trust Agreement............. 8
SECTION 13.03 Counterparts............................................ 9
EXHIBITS
EXHIBIT A Form of Direction to Create UTI Unit..................... A-1
EXHIBIT B Form of Direction to Reallocate UTI Unit Assets.......... B-1
EXHIBIT C Form of [Residual] UTI [Unit] Certificate................ C-1
EXHIBIT D Forms of Contract........................................ D-1
EXHIBIT E Form of Dealer Agreement................................. E-1
UTI SUPPLEMENT TO AMENDED AND RESTATED
TRUST AND SERVICING AGREEMENT
UTI SUPPLEMENT TO AMENDED AND RESTATED TRUST AND SERVICING AGREEMENT,
dated and effective as of October 1, 1996, among TOYOTA MOTOR CREDIT
CORPORATION, a California corporation (in its capacities as grantor, initial
beneficiary and servicer), TMTT, INC., a Delaware corporation, as Titling
Trustee, and for certain limited purposes only, FIRST BANK NATIONAL
ASSOCIATION, a national banking association, as Trust Agent.
RECITALS
A. TMCC, the Titling Trustee and the Trust Agent have entered into that
certain Trust and Servicing Agreement, as the same was amended and restated
pursuant to that certain Amended and Restated Trust and Servicing Agreement,
each dated as of October 1, 1996 (collectively, the "Titling Trust Agreement"),
pursuant to which the Grantor and the Titling Trustee formed Toyota Lease Trust,
a Delaware business trust for the purpose of taking assignments and conveyances
of, holding in trust and dealing in, various Titling Trust Assets in accordance
with the Titling Trust Agreement.
B. The Titling Trust Agreement contemplates that all Titling Trust
Assets, other than those from time to time identified on the Titling Trust's
books and records by the Titling Trustee on behalf of the Titling Trust and at
the direction of the UTI Beneficiary, as SUBI Assets allocated to separate SUBI
Sub-Trusts, shall constitute UTI Assets, and that the Titling Trustee shall
create an undivided trust interest therein and issue to the UTI Beneficiary a
UTI Certificate evidencing such UTI, and the UTI Beneficiary and its permitted
assignees generally will be entitled to the proceeds of, including the net cash
flow arising from, but only from, the UTI Assets.
C. The parties hereto desire to supplement the terms of the Titling Trust
Agreement to cause the Titling Trustee, at the direction of the UTI Beneficiary,
to identify the UTI Portfolio and to allocate the related Titling Trust Assets
to the UTI Sub-Trust and to create and issue to the UTI Beneficiary one or more
UTI Certificates that collectively evidence the entire beneficial interest in
the UTI, and to set forth the terms and conditions thereof.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and in the Titling Trust Agreement, the parties hereto agree to
the following supplemental obligations and provisions with regard to the UTI
Portfolio:
ARTICLE X
DEFINITIONS
SECTION 10.01 DEFINITIONS.
For all purposes of this UTI Supplement, except as otherwise expressly
provided or unless the context otherwise requires, capitalized terms used and
not otherwise defined herein shall have the meanings ascribed thereto in the
Annex of Definitions attached hereto for all purposes of this UTI Supplement.
In the event of any conflict between a definition set forth herein and that
set forth in the Annex of Definitions, that set forth herein shall prevail.
All terms used in this UTI Supplement include, as appropriate, all genders
and the plural as well as the singular. All references such as "herein",
"hereof" and the like shall refer to this UTI Supplement as a whole and not
to any particular article or section within this UTI Supplement. All
references such as "includes" and variations thereon shall mean "includes
without limitation" and references to "or" shall mean "and/or". Any
reference herein to the "Titling Trustee, acting on behalf of the Titling
Trust", or words of similar import, shall be deemed to mean the Titling
Trustee, acting on behalf of Toyota Lease Trust and all beneficiaries thereof.
ARTICLE XI
CREATION AND TERMINATION OF TRUST INTERESTS
SECTION 11.01 INITIAL CREATION OF UTI, SUBDIVISION THEREOF.
(a) Pursuant to Section 3.01(b) of the Titling Trust Agreement, all
Titling Trust Assets (including without limitation Contracts and Leased
Vehicles), other than any Titling Trust Assets denominated as SUBI Assets
from time to time in accordance with Section 3.01(c) of the Titling Trust
Agreement, shall constitute UTI Assets. All Contracts and Leased Vehicles
that are included as UTI Assets shall be, for so long as they remain UTI
Assets, "UTI Contracts" and "UTI Leased Vehicles", respectively, and
collectively shall comprise the "UTI Portfolio". The UTI Assets also shall
include: the Lease Funding Account, including all cash and Permitted
Investments therein and all income from the investment of funds therein; all
Insurance Policies and rights thereunder to the extent applicable to the UTI
Portfolio, including the right to proceeds therefrom with respect to the UTI
Portfolio or obligors with respect thereto, as the case may be; the right to
receive the proceeds of all Dealer or other repurchase obligations, if any,
relating to the UTI Portfolio; and all proceeds of the conversion, voluntary
or involuntary, of any of the foregoing into cash or other property.
(b) Also pursuant to Section 3.01(b) of the Titling Trust Agreement,
the beneficial interest in the UTI Assets shall constitute the UTI. The UTI
shall represent an undivided beneficial interest solely in the UTI Assets.
(c) Upon the written direction of the UTI Beneficiary to the Titling
Trustee (in substantially the form attached as Exhibit A) in connection with a
UTI Pledge or otherwise, the
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Titling Trustee shall from time to time identify and allocate or cause to be
identified and allocated on the books and records of the Titling Trust one or
more separate sub-portfolios of UTI Assets, to be so identified and allocated
by date of origination, lease number and original principal balance, but
otherwise not accounted for independently within the UTI Portfolio, which
shall be represented by one or more UTI Unit Certificates (as defined in
Section 11.02(a)), with the residual UTI Assets and the residual UTI
Portfolio being represented by the Residual UTI Certificate.
All UTI Assets not allocated or identified as UTI Unit Assets shall remain
as Residual UTI Assets until allocated as UTI Unit Assets or SUBI Assets. Upon
such allocation as UTI Unit Assets or SUBI Assets, such Residual UTI Assets
shall no longer be assets of, or allocated to, the Residual UTI Portfolio,
unless and until specifically reallocated to the Residual UTI Portfolio from
that UTI Unit Portfolio or SUBI Portfolio pursuant to a written direction from
the holder of the related UTI Unit Certificate or SUBI Certificate, as
applicable, to the Titling Trustee. Each such direction to reallocate UTI Unit
Assets or SUBI Assets to the Residual UTI Portfolio, and each similar direction
to allocate UTI Unit Assets or UTI Residual Assets to a SUBI Portfolio, shall be
in substantially the form attached as Exhibit B. The undivided beneficial
interest in each such UTI Unit Portfolio shall constitute a separate subdivision
of the Undivided Trust Interest (each, a "UTI Unit"); the undivided interest in
the Residual UTI Portfolio shall constitute a separate subdivision of the UTI
(the "Residual UTI Unit"); and the Residual UTI Unit and any UTI Units
outstanding from time to time collectively shall comprise the UTI.
The Titling Trustee shall distribute to or upon the order of the UTI
Beneficiary one or more UTI Units, each UTI Unit representing a specific
undivided interest in (but only in) such identified UTI Unit Portfolio and the
UTI Unit Assets allocated thereto from time to time.
(d) The UTI Beneficiary shall at all times maintain a minimum net worth of
at least $5,000,000 (excluding the value of any UTI Certificate(s) or SUBI
Certificates held thereby).
SECTION 11.02 ISSUANCE AND FORM OF UTI CERTIFICATES.
(a) The UTI initially shall be represented by a single trust certificate
(together with any replacements thereof, the "Residual UTI Certificate"). Upon
the written direction described above in Section 11.01(c), the UTI thereafter
shall be represented by the Residual UTI Certificate and any additional trust
certificate representing each UTI Unit to be formed (together with any
replacements thereof, a "UTI Unit Certificate") and such previous UTI Unit
Certificates as may have been issued and not retired. All such trust
certificates shall constitute "UTI Certificates" within the meaning of Section
3.01(b) of the Titling Trust Agreement. The Residual UTI Certificate, and each
other UTI Certificate shall be in substantially the form of Exhibit C attached
hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required by this UTI Supplement, and may have such letters,
numbers or other marks of identification and such legends and endorsements
placed thereon as may, consistently herewith and with the Titling Trust
Agreement, be directed by the UTI Beneficiary. Each UTI Certificate shall be
printed, lithographed, typewritten,
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mimeographed, photocopied or otherwise produced or may be produced in any
other manner as may, consistently herewith and with the Titling Trust
Agreement, be determined by the UTI Beneficiary.
(b) Each UTI Certificate shall contain (i) an express written waiver
of any claim by any holder thereof to any assets of the Titling Trustee and to
all of the Titling Trust Assets or proceeds thereof other than the UTI Unit
Assets or Residual UTI Assets, as the case may be, represented by such UTI
Certificate, and those proceeds or assets derived from or earned by such UTI
Assets, and (ii) an express subordination in favor of the holder of each SUBI
Certificate (or pledgee thereof) by any holder or pledgee of a UTI Certificate
to any claim to any SUBI Asset that, notwithstanding such holder's or pledgee's
disclaimer, may be determined to exist.
(c) Neither any interest in the UTI nor any UTI Certificate may be
transferred or assigned by the UTI Beneficiary other than as contemplated
herein, and any such purported transfer or assignment shall be deemed null,
void and of no effect. However, any UTI Certificates and the Residual UTI
Certificate may be pledged, and a security interest therein granted, and may
be transferred or assigned absolutely to or by the pledgee thereof, solely in
connection with exercise of remedies with respect to a default under or with
respect to any Securitized Financing secured thereby or any UTI Pledge
secured thereby; provided that each pledgee or transferee must (i) give a
non-petition covenant substantially similar to that set forth in Section 6.14
of the Titling Trust Agreement, and (ii) execute an agreement between or
among itself, each other assignee or pledgee from time to time of the UTI or
any UTI Certificate, and each assignee or pledgee from time to time of any
SUBI or SUBI Certificate, to release all claims to the SUBI Assets and, in
the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the SUBI Assets.
SECTION 11.03 FILINGS.
The Grantor, the UTI Beneficiary (if different from the Grantor) and the
Titling Trustee, as directed by and at the expense the Grantor or the UTI
Beneficiary, will undertake all other and future actions and activities as may
be deemed reasonably necessary by the Grantor or the UTI Beneficiary to perfect
(or evidence) and confirm the foregoing allocations of Titling Trust Assets to
the UTI Portfolio, including without limitation filing or causing to be filed
UCC financing statements and executing and delivering all related filings,
documents or writings as may be deemed reasonably necessary by the Grantor or
the UTI Beneficiary hereunder or for such purposes under any other documents
relating to any Securitized Financing involving the UTI or a UTI Pledge;
provided, however, that in no event will the Grantor, the UTI Beneficiary or the
Titling Trustee be required to take any action to perfect (i) any allocation of
UTI Assets to a UTI Unit Portfolio or (ii) any security interest that may be
deemed to be held by any party in any UTI Leased Vehicle. The Grantor and the
UTI Beneficiary each hereby revocably makes and appoints each of the Titling
Trustee and the Servicer from time to time of the UTI Portfolio, and any of the
respective officers, employees or agents, as the true and lawful
attorney-in-fact of the Grantor and the UTI Beneficiary, which appointment is
coupled with an interest and is revocable (but, in the case of the Servicer, is
made only for so long as such Servicer is acting in such capacity) with power to
sign on behalf of
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the Grantor or the UTI Beneficiary any financing statements, continuation
statements, security agreements, assignments, affidavits, letters of
authority, notices or similar documents necessary or appropriate
SECTION 11.04 TERMINATION OF UTI.
In connection with the termination of the Titling Trust Agreement and the
Titling Trust, upon the direction of the UTI Beneficiary and the consent of any
pledgee of a UTI Pledge, the UTI shall be terminated and the UTI Certificates
shall be returned to the Titling Trustee and canceled thereby.
ARTICLE XII
ACCOUNTS AND CASH FLOWS
SECTION 12.01 ACCOUNTS.
(a) On the date of the creation of the first SUBI, the Titling Trustee
will establish, and for so long as may be required by the provisions of any SUBI
Supplement, the Titling Trustee will maintain with respect to the UTI the UTI
Collection Account and Lease Funding Account (collectively, the "UTI Accounts")
described in Section 7.01(a) of the Titling Trust Agreement. All amounts that
are held in the UTI Collection Account shall be invested in Permitted
Investments in accordance with Section 12.02 of this UTI Supplement until
distributed or otherwise applied in accordance with the Titling Trust Agreement
or this UTI Supplement.
(b) The UTI Accounts shall relate solely to the UTI and the UTI
Portfolio and any funds held therein shall not be commingled with any other
monies, except as otherwise provided for or contemplated in the Titling Trust
Agreement as supplemented by this UTI Supplement. SUBI Accounts established
pursuant to any SUBI Supplement shall relate solely to the respective SUBI's
and SUBI Portfolios. The Titling Trustee, as directed by the Servicer, will
account for and record separately all proceeds that are received by the
Titling Trustee relating to each of the Titling Trustee Accounts from the
Titling Trust Assets.
(c) For so long as TMCC shall be the Servicer, the Servicer and the
Titling Trustee may make any remittances pursuant to this Article net of
amounts to be distributed to such remitting party from the Lease Funding
Account or the UTI Collection Account. In particular, unless otherwise
specified in any SUBI Supplement, advances by the UTI Beneficiary or the
Servicer with respect to the funding of Contracts or the payment of Titling
Trust Expenses, and the reimbursement of such advances from collections on
the Contracts, the proceeds of any Securitized Financing or otherwise, will
not require deposit of funds into the Lease Funding Account or UTI Collection
Account, and may in each case be made by using funds that have been
commingled with other funds. Nonetheless, each such party shall account for
all of the above described remittances and distributions as if the amounts
were deposited and/or transferred separately rather than on a net basis.
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SECTION 12.02 CASH FLOWS.
(a) Subject to Section 7.01(b) of the Titling Trust Agreement and
Sections 12.04 and 12.05 hereof, and except as otherwise provided herein, in
any SUBI Supplement or in any related SUBI Servicing Supplement, the Servicer
or Titling Trustee shall deposit as described in Section 7.01(b) of the
Titling Trust Agreement all collections and proceeds received by the Servicer
with respect to any Contract or Leased Vehicle, whether from regular periodic
payments by obligors under a Contract sent to a Servicer lock box or from any
other payments from such obligors or any other Persons received in any other
way by the Servicer. All such collections and proceeds shall be identified
by the Servicer as related either to (i) Contracts and Leased Vehicles in a
particular SUBI Portfolio or (ii) Contracts and Leased Vehicles remaining as
part of the UTI Portfolio and shall be deposited by the Servicer into the
appropriate SUBI Collection Account to the extent they relate to any SUBI
Portfolio and into the UTI Collection Account (or simply paid to the UTI
Beneficiary by the Servicer if the UTI Beneficiary and the Servicer are not
the same person) to the extent they relate to the UTI Portfolio.
(b) Except as provided in Sections 12.01, 12.04 and 12.05 of this
UTI Supplement, or as provided in any SUBI Supplement or related SUBI
Servicing Supplement, the Titling Trustee shall, at the direction of the
Servicer, make, or cause to be made, the following payments and transfers on
each Distribution Date in the following order and priority: (i) to or on
behalf of the Servicer, all Servicer Expenses incurred during the related
Collection Period, together with any unreimbursed Servicer Expenses incurred
in one or more prior Collection Periods; (ii) to or on behalf of the
Servicer, all Servicing Fees incurred during the related Collection Period,
together with any unpaid Servicing Fees incurred in one or more prior
Collection Periods; (iii) to or on behalf of the Person to whom due, all
Titling Trust Expenses incurred during the related Collection Period,
together with any unpaid Titling Trust Expenses incurred in one or more prior
Collection Periods; and (iv) to or upon the direction of the UTI Beneficiary,
any remaining funds therein.
(c) Except as provided in Sections 12.04 and 12.05 of this UTI
Supplement, or as provided in any SUBI Supplement or related SUBI Servicing
Supplement, the Titling Trustee shall, at the direction of the Servicer,
make, or cause to be made (or permit the allocation by the Servicer with
respect to monies held by the Servicer), on each Funding Advance
Reimbursement Date, payment from the Lease Funding Account (or from monies
held by the Servicer and allocable or distributable therefor) to or on behalf
of the Servicer, the related Funding Advance Reimbursement Amount, together
with any unreimbursed Funding Advance Reimbursement Amounts incurred in one
or more prior Collection Periods.
(d) Unless this UTI Supplement is amended to reflect a different
arrangement specified in any one or more SUBI Supplements, the allocation of
Liabilities of the Titling Trust, including with respect to any Affected
Trust Assets, shall be as specified in Section 3.04 of the Titling Trust
Agreement.
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SECTION 12.03 DISTRIBUTION OF FUNDS, DEFAULT IN UTI PLEDGE.
(a) On any date during any period in which the Titling Trustee has
neither received notice from the Servicer or any pledgee of a UTI Pledge nor
otherwise obtained actual knowledge to the effect that (i) there is any sum
due with respect to the related Securitized Financing or other UTI Pledge not
otherwise timely paid by the UTI Beneficiary (after any applicable grace
period), (ii) there is any other outstanding and uncured default by the UTI
Beneficiary with respect thereto (after any applicable grace period), or
(iii) any reimbursements of Funding Advances due to the Servicer have not
been made, the Titling Trustee, promptly upon receipt of a written demand
therefor from the related UTI Beneficiary accompanied by a written
determination by the Servicer as to the extent of Excess Funds in the Lease
Funding Account, shall pay out to such UTI Beneficiary upon its request any
or all Excess Funds so requested.
(b) Notwithstanding subsection (a) above, or any direction of the
Grantor, the UTI Beneficiary or the Servicer to the contrary, during any
period as to which the Titling Trustee either has received notice from the
Servicer or any pledgee of a UTI Pledge or otherwise has obtained actual
knowledge that a default in connection therewith has occurred and is
continuing, and the Titling Trustee has not received notice of correction or
cure thereof and other assurances and indemnifications reasonably
satisfactory to it with respect to such correction or cure, the Titling
Trustee shall (i) not create any new SUBI, (ii) direct each Servicer not to
accept any further assignments on behalf of the Titling Trustee of Contracts
or Leased Vehicles except as provided for in Sections 3.04, 7.02, 7.03 and
7.04 of the Titling Trust Agreement and Section 12.04 of this UTI Supplement,
and (iii) distribute to the relevant pledgee of the UTI Pledge to which such
default relates, on demand, all Excess Funds that would otherwise be
distributable to the UTI Beneficiary up to the amount necessary to cure any
such default. The Grantor, UTI Beneficiary and Servicer each hereby agrees
to and ratifies each such action on the part of the Titling Trustee, and
covenants not to give the Titling Trustee contrary instructions or directions.
(c) If for any reason circumstances with respect to any Securitized
Financing or other UTI Pledge are such that the Titling Trustee has given to any
Servicer the notice provided for in subsection (b)(ii) above, the Titling
Trustee shall take the actions set forth in Section 12.04 of this UTI
Supplement.
SECTION 12.04 LEASE FUNDING ACCOUNTS.
In the event that for any reason (a) (i) a different Servicer shall be
engaged by the Titling Trustee to manage one or more SUBI Portfolios, on the one
hand, and the UTI Portfolio, on the other hand, or (ii) the Titling Trustee has
actual knowledge that circumstances with respect to any Securitized Financing
secured by a UTI Pledge are such that a Trust Asset Transfer into one or more
SUBI Portfolios would cause a borrowing base deficiency (as defined in the
documents related to such Securitized Financing or UTI Pledge) or similar
default to occur with respect to such Securitized Financing or UTI Pledge, and
(b) at such time the Titling Trustee, acting pursuant to any SUBI Supplement,
would otherwise be causing the related Servicer to effect Trust Asset Transfers
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from the UTI Portfolio into one or more SUBI Portfolios upon the written
direction of the UTI Beneficiary, the Titling Trustee shall (1) establish (to
the extent such account has not already been established with respect to such
SUBI Portfolio) and maintain in its name for each SUBI a separate SUBI Lease
Funding Account, each of which shall be a Titling Trustee Account and a SUBI
Account; (2) to the extent that the Titling Trustee would, but for the
conditions set forth in clauses (a)(i) and (a)(ii) of this Section 12.04,
cause the transfer of funds from any SUBI Collection Account to the Lease
Funding Account (or directly to the Servicer) in connection with any Trust
Asset Transfer, instead cause the transfer of such funds from that SUBI
Collection Account to the related SUBI Lease Funding Account; (3) direct the
Servicer then servicing the respective SUBI Portfolio to acquire on behalf of
the Titling Trust, for the account of that SUBI Portfolio rather than for the
UTI Portfolio, Contracts and Leased Vehicles from Dealers, and (4) apply any
such funds in any such SUBI Lease Funding Account directly to reimburse the
Servicer then servicing that SUBI Portfolio for any payments made by it to
Dealers in respect of such Contracts and Leased Vehicles. In the event that
Contracts and Leased Vehicles are being acquired by any Servicer(s) at such
direction of the Titling Trustee on behalf of the Titling Trust with respect
to both the UTI Portfolio and any SUBI Portfolio simultaneously, the Titling
Trustee and the Servicer shall first allocate all such Contracts and Leased
Vehicles to the relevant SUBI Portfolios until funds available for such
purpose in any SUBI Lease Account shall be exhausted and then shall allocate
all remaining Contracts and Leased Vehicles to the UTI Portfolio.
SECTION 12.05 REBALANCING AFTER THIRD-PARTY CLAIM.
To the extent that a third-party Claim against Titling Trust Assets is
satisfied out of Titling Trust Assets in proportions other than as provided in
Section 3.04 of the Titling Trust Agreement, then, notwithstanding anything to
the contrary contained herein, the Titling Trustee shall promptly identify and
reallocate (or cause the Servicer to identify and reallocate) the remaining
Titling Trust Assets among the UTI Sub-Trust and each of the SUBI Sub-Trusts
such that each shall bear the expense of such Claim as nearly as possible as if
the burden thereof had been allocated as provided in Section 3.04 of the Titling
Trust Agreement.
ARTICLE XIII
MISCELLANEOUS PROVISIONS
SECTION 13.01 GOVERNING LAW.
This UTI Supplement shall be created under and governed by and construed
under the internal laws of the State of California, without regard to any
otherwise applicable principles of conflicts of laws, and the obligations,
rights and remedies of the parties hereunder shall be determined in accordance
with such laws.
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SECTION 13.02 EFFECT OF UTI SUPPLEMENT ON TRUST AGREEMENT.
(a) Except as otherwise specifically provided herein: (i) the parties
shall continue to be bound by all provisions of the Titling Trust Agreement;
and (ii) the provisions set forth herein shall operate either as additions to
or modifications of the extant obligations of the parties under the Titling
Trust Agreement, as the context may require. In the event of any conflict
between the provisions of this UTI Supplement and the Titling Trust Agreement
with respect to the UTI and any UTI Assets, the provisions of this UTI
Supplement shall prevail.
(b) For purposes of determining the parties' obligations under this
UTI Supplement with respect to the UTI, general references in the Titling Trust
Agreement to a UTI Supplement shall be deemed to refer more specifically to this
UTI Supplement.
SECTION 13.03 COUNTERPARTS.
This UTI Supplement may be executed in any number of counterparts, each of
which so executed and delivered shall be deemed to be an original, but all of
which counterparts shall together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the Grantor, the Titling Trustee and (solely for the
limited purposes set forth in Sections 6.03(e), 6.11(d), 6.14, 6.15, 9.01 and
9.03 of the Titling Trust Agreement), the Trust Agent, have caused this UTI
Supplement to be duly executed by the respective officers as of the day and year
first above written.
TOYOTA MOTOR CREDIT CORPORATION,
as Grantor, UTI Beneficiary and Servicer
By: ______________________________________
Name:
Title:
TMTT, Inc.,
as Titling Trustee
By: ______________________________________
Name:
Title:
FIRST BANK NATIONAL ASSOCIATION,
as Trust Agent
By: ______________________________________
Name:
Title:
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EXHIBIT A
FORM OF DIRECTION TO CREATE UTI UNIT
TMTT, INC., Titling Trustee
c/o First Bank National Association
000 Xxxx Xxxxxx Xxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Corporate Trust Office
Re: Toyota Least Trust
Creation of UTI Unit No. ____
Dear sirs:
Pursuant to Section 11.01(c) of the UTI Supplement (the "UTI Supplement")
dated as of October 1, 1996, to the Trust and Servicing Agreement, as the same
was amended and restated pursuant to the Amended and Restated Trust and
Servicing Agreement (the "Titling Trust Agreement"), dated as of October 1,
1996, each among Toyota Motor Credit Corporation ("TMCC") as grantor, initial
beneficiary and servicer, TMTT, INC., as trustee (the "Titling Trustee"), and
for certain limited purposes only, First Bank National Association, a national
banking association as trust agent, you are hereby directed to create a UTI Unit
No. ___ (the "UTI Unit") comprised of the assets identified in the attached
schedule.
You are hereby directed to register the UTI Unit Certificate in the name of
[Pledgee/Transferee] as of [date], and to deliver the same on [date] to
[Pledgee/Transferee or Agent] at [Address], against confirmation of receipt of
[amount of proceeds of Pledge or Securitized Financing] received in the account
described in the attached account details.
The [name, date and parties to controlling document] setting forth the
terms and conditions of the [Pledge/Securitized Financing] is attached hereto.
Your attention is directed to Sections ___, ___ and ___, which specify events of
default the occurrence of which may require the Titling Trustee to make future
distributions of amounts payable to the UTI Beneficiary to the persons or on the
basis specified in Section 12.03 of the UTI Supplement.
A-1
TMCC, as UTI Beneficiary, hereby represents and warrants to the Titling
Trustee that all of the conditions precedent to the creation of a UTI Unit are
satisfied as of the date of this instruction, including, but not limited to,
those contained in Sections 3.01 and 7.02 of the Titling Trust Agreement and
Section 11.02 of the UTI Supplement.
Dated: TOYOTA MOTOR CREDIT CORPORATION,
----------------------- as UTI Beneficiary
By:
------------------------------------
Name:
Title:
A-2
EXHIBIT B
FORM OF DIRECTION TO REALLOCATE UTI UNIT ASSETS
TMTT, INC., Titling Trustee
c/o First Bank National Association
000 Xxxx Xxxxxx Xxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Corporate Trust Office
Re: Toyota Least Trust
Reallocation with respect to UTI Unit No. ____
Dear sirs:
Pursuant to Section 11.01(c) of the UTI Supplement (the "UTI Supplement")
dated as of October 1, 1996, to the Trust and Servicing Agreement, as the same
was amended and restated pursuant to the Amended and Restated Trust and
Servicing Agreement (collectively, the "Titling Trust Agreement"), dated as of
October 1, 1996, each among Toyota Motor Credit Corporation ("TMCC") as grantor,
initial beneficiary and servicer, TMTT, INC., as trustee (the "Trustee"), and
for certain limited purposes only, First Bank National Association, a national
banking association as trust agent, you are hereby directed to allocate to a UTI
Unit Portfolio relating to UTI Unit No. ___ the Contracts and Leased Vehicles
specified on the attached schedule, and additionally, for the term of the
[Secured Financing UTI Pledge] documented in the attached [name, date and
parties to controlling document], to regard and treat the related proceeds and
other rights associated with such leases and leased vehicles in relation to such
UTI Unit No. ___ as specified in the UTI Supplement.
TMCC, as UTI Beneficiary, hereby represents and warrants to the Titling
Trustee that all of the conditions precedent to the allocation of UTI Assets to
a UTI Unit are satisfied as of the date of this direction, including, but not
limited to, those contained in Sections 3.01 and 7.02 of the Titling Trust
Agreement and Section 11.02 of the UTI Supplement.
Dated: TOYOTA MOTOR CREDIT CORPORATION
------------------------
By:
---------------------------------
Name:
Title:
B-1
EXHIBIT C
FORM OF [RESIDUAL] UTI [UNIT] CERTIFICATE
TOYOTA LEASE TRUST
UNDIVIDED TRUST INTEREST CERTIFICATE
evidencing a fractional undivided interest in the UTI Sub-Trust (as defined
below).
(This Certificate does not represent any obligation of, or an interest in,
Toyota Motor Credit Corporation, Toyota Motor Sales, U.S.A., Inc., TMTT, Inc.,
TLI, Inc. or any of their respective affiliates.)
Number ___
THIS CERTIFIES THAT_____________________________________is the registered
owner of a nonassessable, fully-paid, fractional undivided interest in the UTI
[UTI Unit] (the ["UTI"]["UTI Unit"]) comprised of interests in those Titling
Trust Assets not allocated to any other Sub-Trust of the Titling Trust [or the
Residual UTI Sub-Trust], such assets comprising the UTI Sub-Trust (the "UTI
Sub-Trust") of the Toyota Lease Trust, a Delaware business trust (the "Trust")
formed by Toyota Motor Credit Corporation, as Grantor and UTI Beneficiary (in
such capacities, the "Grantor" and the "UTI Beneficiary" respectively), and
TMTT, Inc., a Delaware corporation, as trustee (the "Trustee") pursuant to a
Trust and Servicing Agreement, as the same was amended and restated pursuant to
the Amended and Restated Trust and Servicing Agreement (as amended and restated,
the "Titling Trust Agreement"), each dated and effective as of October 1, 1996,
among the Grantor, the Titling Trustee, and, for certain limited purposes set
forth therein, First Bank National Association, a national banking association,
as Trust Agent (the "Trust Agent"). A summary of certain of the provisions of
the Titling Trust Agreement is set forth below. Capitalized terms used and not
otherwise defined herein have the meanings ascribed thereto in the Titling Trust
Agreement and UTI Supplement (defined below).
This Certificate is one of the duly authorized UTI Certificates issued
under the Titling Trust Agreement, as supplemented by the UTI Supplement (the
"UTI Supplement") dated and effective as of October 1, 1996, among the UTI
Beneficiary, the Titling Trustee and, for certain limited purposes only set
forth therein, the Trust Agent (the "UTI Certificates"). This UTI Certificate
is subject to the terms, provisions and conditions of the Titling Trust
Agreement and the UTI Supplement, to which agreements each UTI Beneficiary by
virtue of the acceptance hereof or of any interest herein hereby assents and by
which such UTI Beneficiary is bound.
C-1
Also issued or to be issued under the Titling Trust Agreement are various
other series of certificates evidencing undivided interests in other Sub-Trusts
of the Titling Trust. [To date, no other UTI Certificate has been issued, but]
SUBI Certificates representing 100% of the undivided interests in each SUBI
Sub-Trust formed or to be formed have or will be issued at the time each related
SUBI Sub-Trust is formed.
The property of the Titling Trust includes, or will include, among other
things: (i) any capital contributed by the Grantor; (ii) the Contracts and all
proceeds thereof; (iii) the Leased Vehicles and all proceeds thereof, including
each Certificate of Title and the Residual Value of each Leased Vehicle, whether
realized through the exercise by Obligors of purchase options under the
Contracts, the proceeds of sale of the Leased Vehicles to Dealers or third
parties or through payments received from any other Person (directly or
indirectly) under any related Insurance Policy (to the extent not applied to
repair or otherwise paid to a third Person or Governmental Authority by the
Servicer as required by law or pursuant to its normal servicing practices) or
as a subsidy or other funding of any modification of the related Booked Residual
Value; (iv) all of the Titling Trust's rights (but not its obligations) with
respect to any Contract or Leased Vehicle, including the right to enforce and to
proceeds arising from all Dealer repurchase obligations arising under Dealer
Agreements; (v) all of TMCC's rights (but not its obligations) with respect to
any Contract or Leased Vehicle, including the right to enforce and to proceeds
arising from all Dealer repurchase obligations arising under Dealer Agreements;
(vi) any Insurance Policy and rights thereunder or proceeds therefrom relating
to any of the Contracts, Leased Vehicles or payments of the related Obligors
with respect thereto; (vii) any portion of any security deposit actually and
properly applied by the Servicer against amounts due under the related Contract,
to the extent not applied to making repairs to the related Leased Vehicle or
paid to a third party or Governmental Authority in accordance with the
Servicer's normal servicing practices; and (viii) all proceeds of any of the
foregoing (such assets, together with any other assets of the Titling Trust, the
"Titling Trust Assets"). The Titling Trust Agreement provides that, from time
to time, certain of the Titling Trust Assets will be identified and allocated on
the records of the Titling Trust into one or more separate Sub-Trusts comprised
of identified Titling Trust Assets (such Sub-Trusts the "UTI Sub-Trust" or a
"SUBI Sub-Trust", as the case may be, and the related assets, "UTI Assets" or
"SUBI Assets", as the case may be).
Pursuant to the UTI Supplement, the UTI Assets were identified and
allocated on the records of the Titling Trust as the UTI Sub-Trust, and the
beneficial interest in the UTI Sub-Trust was designated as the UTI. The rights
of the UTI Beneficiary to certain of the proceeds of the UTI Assets are further
set forth in the Titling Trust Agreement and the UTI Supplement.
This UTI Certificate is limited in right of payment to certain collections
and recoveries respecting the Contracts (and the related Obligors) and the
Leased Vehicles allocated to the UTI [Unit] Sub-Trust, all to the extent and as
more specifically set in the Titling Trust Agreement and the UTI Supplement.
Copies of the Titling Trust Agreement and the UTI Supplement may be examined
during normal business hours at the principal office of the Titling Trustee, and
at such other places, if any, designated by the Titling Trustee, or by the UTI
Beneficiary upon request.
C-2
By accepting this UTI Certificate or any interest herein, the UTI
Beneficiary waives any claim to any proceeds or assets of the Titling Trustee
and to all of the Titling Trust Assets other than those from time to time
included within the UTI [Unit] Sub-Trust and those proceeds or assets derived
from or earned by the UTI Assets. In addition, by accepting this UTI
Certificate or any interest herein, the UTI Beneficiary hereby expressly
subordinates any claim or interest in or to any Titling Trust Assets not
included in the UTI [Unit] Sub-Trust that may be determined to exist in favor of
such UTI Beneficiary notwithstanding the foregoing disclaimer to the rights and
interests of each SUBI Beneficiary.
The Titling Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the parties thereto by written agreement between the UTI
Beneficiary and the Titling Trustee to correct or supplement any provision in
the Titling Trust Agreement, to cure any ambiguity, and to add, change or
eliminate any other provision of the Titling Trust Agreement with respect to
matters or questions arising under the Titling Trust Agreement. After the first
Securitized Financing, any such amendment shall also require such additional
approvals, if any, as are required under documents relating to each Securitized
Financing.
As provided in the Titling Trust Agreement and the UTI Supplement, this UTI
Certificate and the underlying interests represented hereby may not be
transferred or assigned, and any purported transfer or assignment shall be null,
void, and of no effect, except in accordance with the provisions of the Titling
Trust Agreement and the UTI Supplement.
Prior to due presentation of this UTI Certificate for registration of a
permitted transfer, the Titling Trustee, the certificate registrar and any of
their respective agents may treat the person or entity in whose name this UTI
Certificate is registered as the owner hereof for the purpose of receiving
distributions and for all other purposes, and, except as provided for in the
Titling Trust Agreement, neither the Titling Trustee, the certificate registrar
nor any such agent shall be affected by any notice to the contrary.
Unless this UTI Certificate shall have been executed by an authorized
officer of the Titling Trustee, by manual signature, this UTI Certificate shall
not entitle the holder hereof to any benefit under the Titling Trust Agreement
or the UTI Supplement or be valid for any purpose.
C-3
IN WITNESS WHEREOF, the Titling Trustee on behalf of the Titling Trust and
not in its individual capacity has caused this UTI Certificate to be duly
executed.
Dated: TOYOTA LEASE TRUST
By: TMTT, INC., as Titling Trustee
By:
---------------------------------
Authorized Officer
ATTEST:
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C-4
EXHIBIT D
FORMS OF CONTRACT
[Omitted - On file with the Servicer]
D-1
EXHIBIT E
FORM OF DEALER AGREEMENT
E-1
