TMCC`s articles authorize TMCC to keep its senior officers and directors harmless to the extent permitted by the California Corporation Code. TMCC has entered into compensation agreements with its senior officers and directors to compensate such senior officers and directors to the fullest extent permitted by the California Corporations Code. Holders of TMCC Securities, including the obligations offered under this prospectus, have the right to assert directly with TFSC and TMC the performance of their respective obligations under the credit assistance agreements by filing a written claim accompanied by a statement clarifying that the holder may have recourse to the rights arising from the credit assistance agreement. Where TFSC and/or TMC receive such a claim from a TMCC Securities licensee, TFSC and/or TMC release the licensee from any loss or damage resulting from TFSC and/or TMC`s inability to perform any of their respective obligations under the credit agreements. The holder of TMCC Securities who has asserted the right may then obtain compensation directly from TFSC and/or TMC. Indenture contains certain restrictions on the right of an agent, if he becomes a creditor of TMCC, to obtain, in certain cases, payment of claims or to realise certain assets which he has received as security or elsewhere in respect of such a claim. An agent is authorized to conduct other transactions with TMCC; However, provided that a mandatary, when he acquires a contradictory interest, is required to eliminate the conflict or to resign. We have filed with the SEC a registration statement on Form S-3, pursuant to the Securities Act of 1933, which covers the obligations containing that prospectus. For more information about us and debt securities, please see the registration statement and exposures. This prospectus summarizes essential elements of the agreements and other documents that we send back to you. However, as the prospectus may not contain all the information that you might consider important, you should read the full text of these documents.
We have included copies of these documents in the declaration of registration as exhibits. In this prospectus, TMCC, we refer to toyota motor credit corporation and our specifically. TMCC is the issuer of all bonds offered under this prospectus. The bonds will be general unsecured obligations of TMCC and will from time to time be equivalent to our other unsecured and uns subordinated debts. We intend to use the net proceeds from the sale of bonds for general purposes, the acquisition of performing assets and the repayment of debts. We can first use the net proceeds to reduce short-term loans or invest in short-term securities. The indenture is discharged with respect to the obligations of a series after fulfilling certain conditions, including: DESCRIPTION OF THE TOYOTA MOTOR CREDIT CORPORATION LOGO TMCC may terminate some of its obligations related to the indenture with respect to the obligations of a series, including its obligations to comply with the restrictive covenants established in the Indenture (see Certain Covenants) with respect to the obligations of this series, under the conditions and subject to the conditions contained in the indenture, by depositing in trust with the corresponding agent liquidity or liabilities of the United States Government sufficient to pay the amount of the principal and, if applicable, the premium and interest on the bonds of the series until their maturity, in accordance with the conditions of the indenture and the bonds of the series. . . .