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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 12, 2000
TOYOTA AUTO LEASE TRUST 1997-A
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(Exact name of registrant as specified in its charter)
CALIFORNIA 333-26717 33-0755530
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
c/o Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices)
(310) 787-1310
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Toyota Leasing, Inc. ("TLI") and U.S. Bank National
Association ("U.S. Bank") have executed the Instrument of Amendment of the
1997-A Securitization Trust Agreement, dated as of May 12, 2000 (the
"Amendment"), in order to amend the 1997-A Securitization Trust Agreement, dated
as of September 1, 1997, between TLI, as transferor, and U.S. Bank, as trustee.
The Amendment provides for an increase in the Specified Reserve Fund Balance
from $30,780,878.98 to $54,481,995.00 and allows TLI to make a capital
contribution to the Reserve Fund to fund such increase.
On May 25, 2000, TLI deposited $27,694,995 into the Reserve
Fund of the 1997 -A Securitization Trust to fund such increase.
The Amendment is attached hereto as exhibit 20.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
20 Instrument of Amendment to the 1997-A Securitization Trust
Agreement.
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
TOYOTA AUTO LEASE TRUST 1997-A
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
By: /s/ GEORGE E. BORST
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Name: George E. Borst
Title: Senior Vice President and General
Manager
May 25, 2000
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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20 Instrument of Amendment to the 1997-A Securitization
Trust Agreement.
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TOYOTA LEASING, INC.
AND
U.S. NATIONAL ASSOCIATION, AS 1997-A SECURITIZATION TRUSTEE
TOYOTA AUTO LEASE TRUST 1997-A
AUTO LEASE ASSET-BACKED CERTIFICATES
INSTRUMENT OF AMENDMENT OF
1997-A SECURITIZATION TRUST AGREEMENT
Dated as of May 12, 2000
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TOYOTA AUTO LEASE TRUST 1997-A
AUTO LEASE ASSET-BACKED CERTIFICATES
INSTRUMENT OF AMENDMENT OF
1997-A SECURITIZATION TRUST AGREEMENT
THIS INSTRUMENT OF AMENDMENT, dated as of May 12, 2000 (the
"Amendment"), between Toyota Leasing, Inc. ("TLI"), in its capacity as
transferor (the "Transferor"), and U.S. Bank National Association ("U.S. Bank"),
in its capacity as the trustee (the "1997-A Securitization Trustee"), is made
with respect to amending the 1997-A Securitization Trust Agreement, dated as of
September 1, 1997 (the "1997-A Securitization Trust Agreement"), between TLI and
U.S. Bank.
RECITALS
WHEREAS, the parties hereto wish to enter into this Amendment
in order to amend and supplement certain provisions of the 1997-A Securitization
Trust Agreement to increase the size of the reserve fund; and
WHEREAS, TLI desires to fund the increased reserve fund by
making a capital contribution.
NOW, THEREFORE, in consideration of the premises and the
mutual covenants herein contained, the parties hereto agree as follows:
SECTION 1. DEFINITIONS. For all purposes of this Amendment, unless
otherwise defined herein, all capitalized terms used herein shall have the
meanings attributed to them in the Annex of Definitions to the Titling Trust
Agreement, or the Annex of Supplemental Definitions to the 1997-A SUBI
Supplement.
SECTION 2. AMENDMENT TO SECTION 1.01. The following
paragraph is added following the first paragraph of Section 1.01:
Notwithstanding the foregoing paragraph, the term "Specified
Reserve Fund Balance," as used in this 1997-A Securitization Trust Agreement,
shall have the following definition:
"SPECIFIED RESERVE FUND BALANCE" means with respect to any
Monthly Allocation Date, $54,481,995 (4.425% of the Aggregate Net
Investment Value as of the Cutoff Date); provided, however that the
Specified Reserve Fund Balance shall in no
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event be more than the lesser of (1) the sum of the outstanding
principal amounts of each Class of Investor Certificates or (2) the
greater of (A) 20% of the aggregate of the Residual Values of
Contracts that are not Matured Contracts as of the last day of the
preceding Collection Period or (B) $30,780,787.98 (or $61,561,575.96
if (i) the average of the Charge-off Rates for the three preceding
Collection Periods exceeds 1.25%, (ii) the average of the Delinquency
Percentages for the three preceding Collection Periods exceeds 1.25%,
or (iii) the Residual Value Test is not satisfied as of the related
Determination Date).
SECTION 3. AMENDMENT TO SECTION 3.02. The following
sentence is added following the second sentence of paragraph (c) of
Section 3.02:
Subsequent to the Closing Date, the Transferor may,
at its discretion, deposit cash or other property into the Reserve Fund
on any Business Day, provided that the Transferor receives prior
written consent from the 1997-A Securitization Trustee.
[Remainder of the page intentionally left blank.]
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IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective officers as of the date first
written above.
TOYOTA LEASING, INC.,
as Transferor
By: /s/ LLOYD MISTELE
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Name: Lloyd Mistele
Title: President
U.S. BANK NATIONAL ASSOCIATION,
as 1997-A Securitization Trustee
By: /s/ MELISSA ROSAL
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Name: Melissa Rosal
Title: Vice President
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