EX-10.4



 Exhibit 10.4 

EXECUTION COPY 
  

 
 NISSAN AUTO LEASING LLC II, 

as Depositor, 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 
  

 
 AMENDED AND
RESTATED 
 TRUST AGREEMENT 

Dated as of November 12, 2015 
  

 
  

 







 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 ARTICLE ONE
	 	       DEFINITIONS
	  	 	1	  
			
	 1.01
	 	 Definitions
	  	 	1	  
	 1.02
	 	 Interpretive Provisions
	  	 	1	  
			
	 ARTICLE TWO
	 	      ORGANIZATION
	  	 	2	  
			
	 2.01
	 	 Name and Status
	  	 	2	  
	 2.02
	 	 Office
	  	 	2	  
	 2.03
	 	 Purposes and Powers
	  	 	2	  
	 2.04
	 	 Appointment of Owner Trustee
	  	 	3	  
	 2.05
	 	 Liability of the Trust Certificateholders
	  	 	3	  
	 2.06
	 	 Initial Capital Contribution of Owner Trust Estate
	  	 	3	  
	 2.07
	 	 Declaration of Trust
	  	 	3	  
	 2.08
	 	 Title to Issuing Entity Property
	  	 	4	  
	 2.09
	 	 Situs of Issuing Entity
	  	 	4	  
	 2.10
	 	 Representations and Warranties of the Depositor
	  	 	4	  
	 2.11
	 	 Power of Attorney
	  	 	5	  
			
	 ARTICLE THREE
	 	      TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	  	 	5	  
			
	 3.01
	 	 Initial Ownership
	  	 	5	  
	 3.02
	 	 The Trust Certificates
	  	 	5	  
	 3.03
	 	 Authentication and Delivery of Trust Certificates
	  	 	6	  
	 3.04
	 	 Registration of Transfer and Exchange
	  	 	6	  
	 3.05
	 	 Mutilated, Destroyed, Lost or Stolen Trust Certificates
	  	 	9	  
	 3.06
	 	 Persons Deemed Trust Certificateholders
	  	 	9	  
	 3.07
	 	 Access to List of Trust Certificateholders’ Names and Addresses
	  	 	9	  
	 3.08
	 	 Maintenance of Office or Agency
	  	 	10	  
	 3.09
	 	 Appointment of Paying Agent
	  	 	10	  
	 3.10
	 	 Ownership by the Depositor of Trust Certificates
	  	 	10	  
			
	 ARTICLE FOUR
	 	      ACTIONS BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS
	  	 	11	  
			
	 4.01
	 	 Prior Notice to Trust Certificateholders With Respect to Certain Matters
	  	 	11	  
	 4.02
	 	 Action by Trust Certificateholders With Respect to Certain Matters
	  	 	11	  
	 4.03
	 	 Action by Owner Trustee With Respect to Bankruptcy
	  	 	11	  
	 4.04
	 	 Restrictions on Trust Certificateholders’ Power
	  	 	12	  
	 4.05
	 	 Majority Control
	  	 	12	  
			
	 ARTICLE FIVE
	 	      APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	12	  
			
	 5.01
	 	 Establishment of Certificate Distribution Account and Reserve Account
	  	 	12	  
	 5.02
	 	 Application of Issuing Entity Funds
	  	 	13	  
	 5.03
	 	 Method of Payment
	  	 	15	  
	 5.04
	 	 Duties of Depositor on Behalf of Issuing Entity
	  	 	15	  


  
 -i- 









 TABLE OF CONTENTS 

(continued) 
  


									
	 	 	 	 	 	  	Page	 
			
	 ARTICLE SIX
	 	   AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	15	  
			
	 6.01
	 	 General Authority
	  	 	15	  
	 6.02
	 	 General Duties
	  	 	15	  
	 6.03
	 	 Action Upon Instruction
	  	 	16	  
	 6.04
	 	 No Duties Except as Specified
	  	 	17	  
	 6.05
	 	 No Action Unless Specifically Authorized
	  	 	17	  
	 6.06
	 	 Restrictions
	  	 	18	  
	 6.07
	 	 Information to be Provided by the Owner Trustee
	  	 	18	  
			
	 ARTICLE SEVEN
	 	   CONCERNING THE OWNER TRUSTEE
	  	 	18	  
			
	 7.01
	 	 Acceptance of Trusts and Duties
	  	 	18	  
	 7.02
	 	 Furnishing of Documents
	  	 	20	  
	 7.03
	 	 Representations and Warranties
	  	 	20	  
	 7.04
	 	 Reliance; Advice of Counsel
	  	 	20	  
	 7.05
	 	 Not Acting in Individual Capacity
	  	 	21	  
	 7.06
	 	 Owner Trustee Not Liable for Trust Certificates
	  	 	21	  
	 7.07
	 	 Owner Trustee May Own Trust Certificates and Notes
	  	 	21	  
			
	 ARTICLE EIGHT
	 	   COMPENSATION OF OWNER TRUSTEE
	  	 	22	  
			
	 8.01
	 	 Owner Trustee’s Compensation and Indemnification
	  	 	22	  
			
	 ARTICLE NINE
	 	   TERMINATION OF TRUST AGREEMENT
	  	 	23	  
			
	 9.01
	 	 Termination of Trust Agreement
	  	 	23	  
	 9.02
	 	 [Reserved]
	  	 	24	  
	 9.03
	 	 Purchase of the 2015-B SUBI Certificate; Repayment of the Trust Certificates
	  	 	24	  
			
	 ARTICLE TEN
	 	   SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	24	  
			
	 10.01
	 	 Eligibility Requirements for Owner Trustee
	  	 	24	  
	 10.02
	 	 Resignation or Removal of Owner Trustee
	  	 	25	  
	 10.03
	 	 Successor Owner Trustee
	  	 	26	  
	 10.04
	 	 Merger or Consolidation of Owner Trustee
	  	 	26	  
	 10.05
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	26	  
			
	 ARTICLE ELEVEN
	 	   TAX MATTERS
	  	 	28	  
			
	 11.01
	 	 Tax and Accounting Characterization
	  	 	28	  
	 11.02
	 	 Signature on Returns; Tax Matters Partner
	  	 	28	  
	 11.03
	 	 Tax Reporting
	  	 	28	  
			
	 ARTICLE TWELVE
	 	   MISCELLANEOUS
	  	 	29	  
			
	 12.01
	 	 Supplements and Amendments
	  	 	29	  
	 12.02
	 	 No Legal Title to Owner Trust Estate
	  	 	30	  


  
 -ii- 









 TABLE OF CONTENTS 

(continued) 
  


									
	 	 	 	 	 	  	Page	 
			
	 12.03
	 	 Limitations on Rights of Others
	  	 	30	  
	 12.04
	 	 Notices
	  	 	30	  
	 12.05
	 	 Severability
	  	 	31	  
	 12.06
	 	 Counterparts
	  	 	31	  
	 12.07
	 	 Successors and Assigns
	  	 	31	  
	 12.08
	 	 No Petition
	  	 	31	  
	 12.09
	 	 No Recourse
	  	 	32	  
	 12.10
	 	 Headings
	  	 	32	  
	 12.11
	 	 GOVERNING LAW
	  	 	32	  
	 12.12
	 	 Trust Certificates Nonassessable and Fully Paid
	  	 	32	  
	 12.13
	 	 Furnishing of Basic Documents
	  	 	32	  

 EXHIBITS 
 Exhibit A – Form
of Trust Certificate 
 Exhibit B – Form of Transferee Representation Letter 

  
 -iii- 








 AMENDED AND RESTATED TRUST AGREEMENT 

This Amended and Restated Trust Agreement (this “Agreement”), dated as of November 12, 2015, is between Nissan Auto
Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association with trust powers (“Wilmington
Trust”), as trustee (the “Owner Trustee”). 
 WHEREAS, the parties hereto entered into a trust agreement, dated as
of October 21, 2015 (the “Initial Trust Agreement”) pursuant to which the Nissan Auto Lease Trust 2015-B (the “Issuing Entity”) was created; and 

WHEREAS, in connection with the issuance of the Notes, the parties hereto are entering into this Agreement pursuant to which, among other
things, the Initial Trust Agreement will be amended and restated, and the Trust Certificates will be issued. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE ONE 
 DEFINITIONS

 1.01 Definitions. Capitalized terms used herein that are not otherwise defined shall have the respective meanings ascribed thereto
in the Agreement of Definitions, dated as of November 12, 2015, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and the “UTI
Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its individual capacity, as servicer
and as administrative agent (in such capacity, the “Servicer” and the “Administrative Agent,” respectively), NALL II, NILT, Inc., a Delaware corporation, as trustee to the Titling Trust (the “Titling
Trustee”), Wilmington Trust, as Owner Trustee, Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (in such capacity, the “Delaware Trustee”), U.S. Bank National Association, a national
banking association (“U.S. Bank”), as trust agent (in such capacity, the “Trust Agent”), and U.S. Bank, as indenture trustee (in such capacity, the “Indenture Trustee”). 

1.02 Interpretive Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like shall refer to this Agreement as a
whole and not to any particular part, Article or Section within this Agreement, (iii) references to an Article or Section such as “Article Twelve” or “Section 12.01” shall refer to the applicable Article or Section of
this Agreement, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall
have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted 

  

					
		 	1	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
successors and assigns, (viii) references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes
therein entered into in accordance with their respective terms and not prohibited by this Agreement, except that references to the SUBI Trust Agreement include only such items as related to the 2015-B SUBI and the Titling Trust, (ix) references
to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto, (x) references to this Agreement include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the
Trust,” or words of similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the Titling Trust,
and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from and including” and the words “to” and “until” shall mean “to but
excluding.” 
 ARTICLE TWO 

ORGANIZATION 
 2.01 Name and
Status. The trust created hereby shall be known as “Nissan Auto Lease Trust 2015-B,” in which name the Issuing Entity may engage in activities as permitted by the Basic Documents, make and execute contracts and other instruments and
sue and be sued, to the extent provided herein. It is the intention of the parties hereto that the Issuing Entity shall be a statutory trust under the Statutory Trust Statute, and that this Agreement shall constitute the governing instrument of that
statutory trust. 
 2.02 Office. The chief executive office and principal place of business of the Issuing Entity shall be in care of
the Owner Trustee, initially at the Owner Corporate Trust Office and thereafter at such other address as the Owner Trustee may designate by written notice to the Trust Certificateholders and the Depositor. 

2.03 Purposes and Powers. 

(a) The purpose of the Issuing Entity is, and the Issuing Entity shall have the power and authority and is authorized, to engage in the
following activities: 
 (i) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this
Agreement; 
 (ii) to acquire the 2015-B SUBI Certificate from the Depositor and the other property of the Owner Trust Estate
in exchange for (A) the issuance of the Notes to the Depositor, (B) certain capital contributions from the Depositor and (C) the issuance of the Trust Certificate to the Depositor; 

(iii) to pay interest on and principal of the Notes; 

(iv) to assign, grant, transfer, pledge mortgage and convey the Owner Trust Estate pursuant to the Indenture to the Indenture
Trustee as security for the Notes and to hold, manage and distribute to the Trust Certificateholders pursuant to the terms of this Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Issuing Entity pursuant
to, the Indenture; 

  

					
		 	2	 	(NALT 2015-B Amended and Restated Trust Agreement)









 (v) to enter into and perform its obligations under the Basic Documents to which
the Issuing Entity is a party; 
 (vi) to engage in other transactions, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or that are incidental thereto or connected therewith; and 

(vii) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with
conservation of the Owner Trust Estate and the making of distributions to the Trust Certificateholders and the Noteholders and in respect of amounts to be released to the Servicer, and the Administrative Agent and third parties, if any. 

(b) The Issuing Entity shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by
the terms of this Agreement or the other Basic Documents. 
 2.04 Appointment of Owner Trustee. The Depositor hereby appoints the
Owner Trustee as trustee of the Issuing Entity effective as of the date hereof, to have all the rights, powers and duties set forth herein, and the Owner Trustee hereby accepts such appointment. 

2.05 Liability of the Trust Certificateholders. No Trust Certificateholder shall have any personal liability for any liability or
obligation of the Issuing Entity, solely by reason of it being a Trust Certificateholder. 
 2.06 Initial Capital Contribution of Owner
Trust Estate. The Owner Trustee hereby acknowledges receipt from the Depositor in connection with the Initial Trust Agreement of the sum of $1.00, which constituted the initial Owner Trust Estate and shall be deposited in the Certificate
Distribution Account. The Depositor shall pay organizational expenses of the Issuing Entity as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 

2.07 Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Trust Certificateholders, who are intended to be “beneficial
owners” within the meaning of the Statutory Trust Statute, subject to the Lien of the Indenture Trustee and the obligations of the Issuing Entity under the Basic Documents. Consistent with Section 11.01, it is the intention of the
parties hereto that, solely for income and franchise tax purposes, the Issuing Entity shall be treated as a division or branch of the Trust Certificateholder. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth herein and to the extent not inconsistent herewith, under the Statutory Trust Statute for the purpose and to the extent necessary to accomplish the purpose of the Issuing Entity as set forth in Sections 2.03(a) and
2.03(b). At the direction of the Depositor, the Owner Trustee caused to be filed the Certificate of Trust pursuant to the Statutory Trust Statute, and the 

  

					
		 	3	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions
hereof. 
 2.08 Title to Issuing Entity Property. Legal title to the Owner Trust Estate shall be vested at all times in the Issuing
Entity as a separate legal entity. 
 2.09 Situs of Issuing Entity. The Issuing Entity shall be located in the State of Delaware and
shall be administered in the States of Delaware or New York. All bank accounts maintained by the Owner Trustee on behalf of the Issuing Entity shall be located in the States of Delaware or New York. The Issuing Entity shall not have any employees in
any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the state of Delaware. 

2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee as of the
Closing Date that: 
 (a) Organization and Good Standing. The Depositor is a limited liability company duly formed, validly existing,
and in good standing under the laws of the State of Delaware, and has the power and the authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

(b) Due Qualification. The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval, or
qualification would not have a Material Adverse Effect on the Depositor. 
 (c) Power and Authority. The Depositor has the power and
authority to execute and deliver this Agreement and to carry out its terms, and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(d) Binding Obligation. This Agreement constitutes a legal, valid, and binding obligation of the Depositor, enforceable against it in
accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general
principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 
 (e) No
Violation. The execution, delivery, and performance by the Depositor of this Agreement, the consummation of the transactions contemplated by this Agreement, and the fulfillment of the terms hereof do not (A) conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the limited liability company agreement of the Depositor, (B) conflict with or breach any of the material terms or provisions
of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Depositor is a party or by which it may be bound or any of its properties are subject, (C) result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any material indenture, agreement, 

  

					
		 	4	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the knowledge of the Depositor, any order, rule or regulation applicable to it or its
properties, or (E) contravene, violate, or result in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or any of its properties; except, in the case of clauses (B), (C), (D) and (E) of this Section 2.10(e), to the extent it would not reasonably be likely to have a Material
Adverse Effect on the Depositor. 
 (f) No Proceedings. There are no proceedings in which the Depositor has been served or, to the
knowledge of the Depositor, proceedings or investigations that are pending or threatened, in each case against the Depositor, before any court, regulatory body, administrative agency or other tribunal, or governmental instrumentality
(A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document or (C) seeking any determination or ruling that, in the
reasonable judgment of the Depositor, would materially and adversely affect the performance by the Depositor of its obligations under this Agreement. 

(g) Independent Manager. Notwithstanding anything to the contrary in the certificate of formation or limited liability company
agreement of the Depositor, the Depositor shall ensure that at least one manager of the Depositor shall be an Independent Manager. 
 2.11
Power of Attorney. Pursuant to the Trust Administration Agreement, the Owner Trustee has authorized the Administrative Agent to perform certain of its administrative duties hereunder, including duties with respect to the management of the
Owner Trust Estate, and in connection therewith hereby grants the Administrative Agent its revocable power of attorney. Each Trust Certificateholder by such Holder’s acceptance of any Trust Certificate or beneficial interest therein, as the
case may be, shall be deemed to have granted power of attorney to the Administrative Agent for purposes of actions taken or to be taken with respect to the Trust Certificates. 

ARTICLE THREE 
 TRUST
CERTIFICATES AND TRANSFER OF INTERESTS 
 3.01 Initial Ownership. Upon the formation of the Issuing Entity by the contribution by the
Depositor pursuant to Section 2.06 and until the issuance of the Trust Certificates, the Depositor shall be sole beneficiary of the Issuing Entity. 

3.02 The Trust Certificates. 

(a) The Trust Certificates shall be substantially in the form set forth in Exhibit A, in minimum denominations of $250,000 and in
integral multiples of $1,000 in excess thereof. Except for the issuance of the Trust Certificate to the Depositor, no Trust Certificate may be sold, pledged, exchanged or otherwise transferred to any Person except in accordance with Sections
3.04 and 3.10 and any attempted sale, pledge, exchange or transfer (each referred to hereinafter as a “transfer”) in violation of such Sections shall be null and void. 

(b) The Trust Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, and may be executed on behalf of the
Issuing Entity by manual or facsimile signature of an Authenticating Agent. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf
of the Issuing Entity, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust
Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. 

  

					
		 	5	 	(NALT 2015-B Amended and Restated Trust Agreement)









 If registration of a transfer of a Trust Certificate is permitted pursuant to
Section 3.04 and Section 3.10, the transferee of such Trust Certificate shall become a Trust Certificateholder and shall be entitled to the rights and subject to the obligations of a Trust Certificateholder hereunder, upon
such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04. 

3.03 Authentication and Delivery of Trust Certificates. Concurrently with the transfer of the 2015-B SUBI Certificate to the Issuing
Entity, the Owner Trustee shall cause to be executed on behalf of the Issuing Entity the Trust Certificate in an aggregate principal amount equal to the Initial Trust Certificate Balance, authenticated and delivered to or upon the written order of
the Depositor, in authorized denominations, evidencing the entire ownership of the Issuing Entity. No Trust Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on
such Trust Certificate a certificate of authentication, substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its Authenticating Agent, by manual or facsimile signature; and such authentication shall constitute
conclusive evidence, and the only evidence, that such Trust Certificate shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication. Upon issuance, execution and delivery
pursuant to the terms hereof, the Trust Certificates shall be entitled to the benefits of this Agreement. Wilmington Trust shall be the initial Authenticating Agent of the Owner Trustee hereunder, and all references herein to authentication by the
Owner Trustee shall be deemed to include the Authenticating Agent. 
 3.04 Registration of Transfer and Exchange. 

(a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a
register (the “Certificate Register”), in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust Certificates and, if and to the extent transfers are
permitted pursuant to Section 3.04(b) and Section 3.10, the registration of transfers of Trust Certificates. No transfer of a Trust Certificate shall be recognized except upon registration of such transfer. Wilmington Trust
is hereby appointed as the initial Certificate Registrar. The Certificate Registrar hereby agrees to notify the Paying Agent in writing of any changes to the Registered Holders of the Trust Certificates. If the Certificate Registrar shall for any
reason become unable to act as Certificate Registrar, the Certificate Registrar shall give prompt written notice to such effect to the Depositor, the Owner Trustee and the Servicer. The Owner Trustee shall promptly appoint a successor, which shall
be another trust company or bank, and shall agree to act in accordance with the provisions of this Agreement applicable to it as successor Certificate Registrar under this Agreement. 

(b) Each Trust Certificate shall bear a legend regarding transfers to the effect of the legend on the form of Trust Certificate attached as
Exhibit A hereto, unless determined otherwise by the Servicer (as certified to the Certificate Registrar in an Officer’s Certificate) consistent with applicable law. 

  

					
		 	6	 	(NALT 2015-B Amended and Restated Trust Agreement)









 If and to the extent transfers are permitted pursuant to Section 3.10, as a condition
to the registration of any transfer of a Trust Certificate, the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar the following: 

(i) It has neither acquired through nor will it transfer any Trust Certificate it purchases (or any interest therein) through
or cause any such Trust Certificates (or any interest therein) to be traded or readily available on or through (A) an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without
limitation, an over-the counter-market or an interdealer quotation system that regularly disseminates firm buy or sell quotations, or (B) a “secondary market” (or the substantial equivalent thereof) within the meaning of
Section 7704(b)(2) of the Code. 
 (ii) It either (A) is not, and will not become, a partnership, Subchapter S
corporation, grantor trust or an entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes or (B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such
transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s
ownership of Trust Certificates. 
 (iii) It understands that no subsequent transfer of the Trust Certificates is permitted
unless (A) such transfer is of a Trust Certificate with a denomination of at least $250,000 and (B) it causes its proposed transferee to provide the Issuing Entity and the Certificate Registrar a letter substantially in the form of
Exhibit B hereto; provided, however, that any attempted transfer that would either cause (1) the number of registered holders of Trust Certificates to exceed 95 or (2) the number of holders of direct or indirect
interests in the Titling Trust to exceed 50, shall be a void transfer. 
 (iv) It understands that the Opinion of Counsel to
the Issuing Entity that the Issuing Entity is not a publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the representations in paragraphs (i), (ii) and (iii) above. 

If and to the extent transfers are permitted pursuant to Section 3.10, as a condition to the registration of any transfer of a
Trust Certificate, the prospective transferee shall be required to represent in writing to the Owner Trustee, the Depositor and the Certificate Registrar substantially in the form of Exhibit B to the effect that: (i) such transferee is
not a Non-U.S. Person, (ii) such transferee is not a Benefit Plan Investor, and (iii) if such transferee is a “governmental plan” (as defined in Section 3(32) of ERISA) or any other plan that is subject to Similar Law, its
acquisition, holding and disposition of the Trust Certificates (or interest therein) 

  

					
		 	7	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
will not result in a violation of Similar Law and will not result in the assets of the Issuing Entity being plan assets of such plan under Similar Law. A “Non-U.S. Person” means any
Person who is not (a) a citizen or resident of the United States who is a natural person, (b) a corporation or partnership (or an entity treated as a corporation or partnership) created or organized in or under the laws of the United
States or any state thereof, including the District of Columbia (unless, in the case of a partnership, Treasury Regulations are adopted that provide otherwise), (c) an estate, the income of which is subject to United States Federal income
taxation, regardless of its source, (d) a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined in the Code and Treasury
Regulations) have the authority to control all substantial decisions of the trust; or (e) a trust that was in existence prior to August 20, 1996 and that, under Treasury Regulations, is eligible to elect, and does validly elect, to be
treated as a United States person (as defined in the Code and Treasury Regulations) despite not meeting the requirements of clause (d). 

(c) By acceptance of any Trust Certificate, the related Trust Certificateholder specifically agrees with and represents to the Depositor, the
Issuing Entity and Certificate Registrar that no transfer of such Trust Certificate shall be made unless the registration requirements of the Securities Act and any applicable state securities laws are complied with, or such transfer is exempt from
the registration requirements under the Securities Act. 
 (d) Upon surrender for registration of transfer or exchange of any Trust
Certificate at the office of the Certificate Registrar and upon compliance with the provisions of this Agreement relating to such transfer or exchange the Owner Trustee shall execute and shall, or shall cause the Authenticating Agent to,
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate face amount dated the date of such authentication or the Trust Certificates that
the Trust Certificateholder making the exchange is entitled to receive, as the case may be. 
 The Certificate Registrar shall require that
every Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-9 or such other form as may be reasonably required to establish such
transferee’s complete exemption from deduction or withholding (including backup withholding) of U.S. federal income tax in form satisfactory to the Certificate Registrar duly executed by the Trust Certificateholder or such Person’s
attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Trust Certificates,
but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any registration of transfer or exchange of Trust Certificates. 

The Certificate Registrar shall cancel and retain or destroy, in accordance with the Certificate Registrar’s retention policy then in
effect, all Trust Certificates surrendered for registration of transfer or exchange and shall upon written request certify to the Depositor as to such retention or destruction. 

(e) The provisions of this Section generally are intended, among other things, to prevent the Issuing Entity from being characterized as a
“publicly traded partnership,” within the 

  

					
		 	8	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
meaning of Section 7704 of the Code, in reliance on Treasury Regulations Section 1.7704-1(e) and (h), and the Depositor shall take such intent
into account in determining whether or not to consent to any proposed transfer of any Trust Certificate. 
 The preceding provisions of this
Section notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register any transfer or exchange of Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust
Certificates. 
 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates. If any mutilated Trust Certificate is surrendered to
the Certificate Registrar, or if the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and there is delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been transferred to a protected purchaser and provided that the requirements of Section 8-405 of the UCC are met,
the Owner Trustee on behalf of the Issuing Entity shall execute and the Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of
like tenor and denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Issuing Entity, as if originally issued, whether or not the lost,
stolen or destroyed Trust Certificate shall be found at any time. 
 3.06 Persons Deemed Trust Certificateholders. Prior to due
presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name any Trust Certificate is registered in the
Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying
Agent or any of their respective agents shall be affected by any notice to the contrary. 
 3.07 Access to List of Trust
Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Owner Trustee, the Servicer and the Depositor or the Indenture Trustee, as the case may be, within 15 days after its receipt of
a request therefor from the Owner Trustee, the Servicer, the Depositor or the Indenture Trustee in writing, a list, in such form as the requesting party may reasonably request, of the names and addresses of the Trust Certificateholders as of the
most recent Record Date. If (i) two or more Trust Certificateholders or (ii) one or more Trust Certificateholders evidencing not less than 25% of the Certificate Balance apply in writing to the Owner Trustee, and such application states
that the applicants desire to communicate with other Trust Certificateholders with respect to their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants
propose to transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list of Trust Certificateholders. Each Trust
Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed 

  

					
		 	9	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
not to hold any of the Depositor, the Owner Trustee, the Indenture Trustee or the Servicer, as the case may be, accountable by reason of the disclosure of its name and address, regardless of the
source from which such information was derived. 
 3.08 Maintenance of Office or Agency. The Owner Trustee shall maintain an office
or offices or agency or agencies where Trust Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Trust Certificates and the other Basic Documents to
which the Issuing Entity is a party may be served. The Owner Trustee initially designates the Owner Corporate Trust Office as the office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and the other Trust
Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
 3.09 Appointment of Paying
Agent. The Paying Agent shall make distributions to the Trust Certificateholders pursuant to Section 5.02, and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to
withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Paying Agent initially shall be U.S. Bank. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations under this Agreement in any material respect. Any co-paying agent chosen by the Depositor and acceptable to the Owner Trustee shall also be a
Paying Agent. Each Paying Agent may resign upon 30 days’ written notice to the Owner Trustee. In the event that a Paying Agent may no longer act as Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be
a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for payment to the Trust Certificateholders in trust for the benefit of
the Trust Certificateholders entitled thereto until such sums are paid to the Trust Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all
funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying
Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

3.10 Ownership by the Depositor of Trust Certificates. The Depositor shall receive on the Closing Date in accordance with
Section 3.02 beneficial and record ownership of Trust Certificates representing 100% of the Certificate Balance. Notwithstanding any other provision of this Agreement to the contrary, the Depositor may not transfer any Trust Certificate
prior to payment in full of the Notes unless the Rating Agency Condition has been satisfied with respect to such transfer. 

  

					
		 	10	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ARTICLE FOUR 

ACTIONS BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS 

4.01 Prior Notice to Trust Certificateholders With Respect to Certain Matters. Subject to the provisions and limitations of
Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless (i) the Owner Trustee has notified the Trust Certificateholders in writing of the proposed action (or such shorter period as shall
be agreed to in writing by all Trust Certificateholders) at least 30 days before the taking of such action and (ii) the Owner Trustee has not received written notification from Trust Certificateholders representing at least 25% of the
Certificate Balance prior to the 30th day after such notice is given that such Trust Certificateholders have withheld consent or provided alternative direction: 

(a) the initiation of any claim or lawsuit by the Issuing Entity or the settlement or compromise of any action, claim or lawsuit involving the
Issuing Entity (other than an action brought by the Servicer on behalf of the Titling Trust and Persons having interests in the 2015-B SUBI Certificate to collect amounts owed under a 2015-B Lease or 2015-B Vehicle); 

(b) the amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute); 

(c) the amendment of the Indenture in circumstances where the consent of the Trust Certificateholder is required and such consent has not been
granted; 
 (d) the amendment of any Basic Document other than pursuant to, and in accordance with, the amendment provision set forth in
such Basic Document; or 
 (e) the appointment of a successor Owner Trustee or successor Indenture Trustee. 

4.02 Action by Trust Certificateholders With Respect to Certain Matters. 

(a) Except as set forth in Section 4.02(b) and subject to the provisions and limitations of Section 4.04, to the
extent the Issuing Entity is deemed to be the Holder of the 2015-B SUBI Certificate pursuant to the SUBI Trust Agreement, the Issuing Entity shall take such actions as directed in writing by Trust Certificateholders holding Trust Certificates
evidencing an interest of at least 50% of the outstanding Certificate Balance. 
 (b) The Owner Trustee shall not have the power, except
upon the direction of the Trust Certificateholders, to (a) remove the Administrative Agent pursuant to Section 1.09 of the Trust Administration Agreement, (b) appoint a successor Administrative Agent pursuant to
Section 1.09 of the Trust Administration Agreement, (c) remove the Servicer pursuant to Section 8.12(c) of the 2015-B Servicing Supplement or (d) except as expressly provided in the Basic Documents, sell the 2015-B
SUBI Certificate after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized representative of 100% of the Trust Certificateholders.

 4.03 Action by Owner Trustee With Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Issuing 

  

					
		 	11	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
Entity without the unanimous prior approval of all Trust Certificateholders (including the board of managers of the Depositor (including the Independent Managers, as such term is defined in the
Depositor’s limited liability company agreement) and the delivery to the Owner Trustee of a written certification by each Trust Certificateholder that such Trust Certificateholder reasonably believes that the Issuing Entity is insolvent. 

4.04 Restrictions on Trust Certificateholders’ Power. The Trust Certificateholders shall not direct the Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuing Entity or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to the purpose of the Issuing
Entity as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 4.05
Majority Control. Except as expressly provided herein, any action that may be taken by the Trust Certificateholders under this Agreement may be taken by the Trust Certificateholders holding not less than a Majority Interest of the Trust
Certificates. Except as expressly provided herein, any written notice of the Trust Certificateholders delivered pursuant to this Agreement shall be effective if signed by Trust Certificateholders holding not less than a Majority Interest of the
Trust Certificates at the time of delivery of such notice. 
 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

5.01 Establishment of Certificate Distribution Account and Reserve Account. 

(a) The Owner Trustee, for the benefit of the Trust Certificateholders, shall establish and maintain, or cause to be established and
maintained, at the direction of the Depositor, an Eligible Account with and in the name of the Owner Trustee which shall be designated the “Certificate Distribution Account.” The Owner Trustee and the Depositor hereby authorize and
direct U.S. Bank to establish the Certificate Distribution Account for the benefit of the Owner Trustee. The Certificate Distribution Account shall be held in trust for the benefit of the Trust Certificateholders and shall bear a designation clearly
indicating that the funds deposited therein are held for the benefit of the Trust Certificateholders. 
 The Owner Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein, the Certificate Distribution Account shall be under the sole dominion and
control of the Owner Trustee for the benefit of the Trust Certificateholders. If at any time the Certificate Distribution Account ceases to be an Eligible Account or if the majority of Trust Certificateholders, in their sole discretion, notify the
Owner Trustee in writing that the Certificate Distribution Account should be moved, then the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an
Affiliate thereof) shall, within ten Business Days following notification of such occurrence (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition is satisfied), establish a new Certificate Distribution
Account as an Eligible Account at a depository institution or trust company selected by a majority of the Trust Certificateholders and shall transfer any cash or investments to such new Certificate Distribution Account. 

  

					
		 	12	 	(NALT 2015-B Amended and Restated Trust Agreement)









 (b) The Servicer, on behalf of the Issuing Entity, shall establish and maintain an Eligible
Account (initially at U.S. Bank) in the name of the Indenture Trustee until the Outstanding Amount is reduced to zero, and thereafter, in the name of the Owner Trustee, which is designated as the “Reserve Account.” The Reserve
Account shall be held for the benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. 

The Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of Notes has been
reduced to zero and thereafter under the sole dominion and control of the Issuing Entity. On the Closing Date, the Depositor will use the net proceeds of the sale of the Notes and the Trust Certificates to make a capital contribution to the Issuing
Entity, which the Issuing Entity shall use to cause the Initial Deposit Amount to be deposited into the Reserve Account. All deposits to and withdrawals from the Reserve Account shall be made only upon the terms and conditions of the Basic
Documents. 
 (c) The Issuing Entity shall take or cause to be taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments (including, without limitation, any UCC financing statements) as may be determined to be reasonably necessary by the Administrative Agent on behalf of the Issuing Entity, in order
to perfect the interests created by Section 5.01(b) and otherwise fully effectuate the purposes, terms and conditions of this Section. The Issuing Entity (or Administrative Agent on behalf of the Issuing Entity) shall: 

(i) promptly execute, deliver and file any financing statements, amendments, continuation statements, assignments, certificates
and other documents with respect to such interests and perform all such other acts as may be necessary in order to perfect or to maintain the perfection of its securities interest in the Reserve Account; and 

(ii) make the necessary filings of financing statements or amendments thereto within five days after the occurrence of any of
the following (and promptly notify the Owner Trustee of each such filing): (A) any change in the Depositor’s corporate name or any trade name, (B) any change in the location of is chief executive office or principal place of business
or (C) any merger or consolidation or other change in its identity or corporate structure. 
 5.02 Application of Issuing Entity
Funds. 
 (a) On each Payment Date, the Paying Agent (or the Owner Trustee, if there is no Paying Agent) shall distribute, to the extent
of funds available, the amount on deposit in the Certificate Distribution Account (after giving effect to all deposits to the Certificate Distribution Account on such date), (i) first, if all Classes of Notes have been paid in full, for the
payment of principal of the Trust Certificates on such Payment Date, pro rata to the Trust Certificateholders of record at the close of business on the Record Date with respect to such Payment Date until the Certificate Balance is zero and
(ii) second, any remaining amounts to the Trust Certificateholders. 

  

					
		 	13	 	(NALT 2015-B Amended and Restated Trust Agreement)









 (b) On or after the date on which the Outstanding Amount of the Notes has been reduced to zero,
pursuant to the Indenture, dominion and control over the Reserve Account shall be transferred to the Owner Trustee. On each Payment Date thereafter, all amounts distributable to the Trust Certificateholders shall be distributed by the Paying Agent
in the order and priority set forth in Section 8.04(a) of the Indenture and the Owner Trustee and the Paying Agent shall comply with Sections 8.04(d) and 8.05(a) of the Indenture. 

On the Payment Date on which the Certificate Balance has been reduced to zero, the Owner Trustee shall release to the Trust Certificateholder,
as beneficial owner of the Issuing Entity, without recourse, representation or warranty (except as set forth in Section 7.03), all of the Issuing Entity’s right, title, and interest in, to and under the Reserve Account Property and
all other remaining assets of the Issuing Entity. 
 (c) If requested by the Trust Certificateholder, for any Payment Date, the Owner
Trustee shall send to each Trust Certificateholder a copy of the Payment Date Certificate delivered pursuant to Section 8.03 of the Indenture. 

(d) If any withholding tax is imposed on the Issuing Entity’s payment (or, if the Issuing Entity is treated as a partnership for federal
income tax purposes, allocations of income) to a Trust Certificateholder, such tax shall reduce the amount otherwise distributable to such Trust Certificateholder in accordance with this Section. The Owner Trustee is hereby authorized and directed
to retain from amounts otherwise distributable to such Trust Certificateholders, sufficient funds for the payment of any withholding tax that is legally owed by the Issuing Entity (but such authorization shall not prevent the Owner Trustee from
contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Trust Certificateholder shall be
treated as cash distributed to such Trust Certificateholders, at the time it is withheld by the Issuing Entity for remittance to the appropriate taxing authority. If the Owner Trustee determines that there is a possibility that withholding tax is
payable with respect to a distribution (such as any distribution to a “non-U.S. person” (as defined in Section 7701(a)(30) of the Code)), the Owner Trustee may in its sole discretion withhold such amounts in accordance with this
Section. If a Trust Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Trust Certificateholder in making such claim so long as such Trust Certificateholder agrees to
reimburse the Owner Trustee for any out-of-pocket expenses incurred. 
 (e) Subject to Section 6.07 of the Indenture and
8.01 hereof, as the case may be, neither the Indenture Trustee nor the Owner Trustee, as the case may be, shall in any way be held liable by reason of any insufficiency in the Reserve Account resulting from any loss on any Permitted
Investment included therein, except for losses attributable to the Indenture Trustee’s or the Owner Trustee’s, as the case may be, failure to make payments on any such Permitted Investments issued by the Indenture Trustee or the Owner
Trustee, as the case may be, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

  

					
		 	14	 	(NALT 2015-B Amended and Restated Trust Agreement)









 5.03 Method of Payment. Subject to Section 9.01(c) respecting the final
payment upon retirement of the Trust Certificates, distributions required to be made to Trust Certificateholders on any Payment Date shall be made to each Trust Certificateholder of record on the related Record Date by check mailed to such Trust
Certificateholder at the address of such holder appearing on the Certificate Register, except that a Trust Certificateholder having original denominations aggregating at least $1 million may request payment by wire transfer of funds pursuant to
written instructions delivered to the Owner Trustee at least five Business Days prior to the Record Date. Notwithstanding the foregoing, the final payment on the Trust Certificates shall be made only upon presentation and surrender of such Trust
Certificates at the office or agency specified in the notice of final payment to the Trust Certificateholders delivered pursuant to Section 9.01(c). 

5.04 Duties of Depositor on Behalf of Issuing Entity. On behalf of the Issuing Entity, the Depositor shall prepare or cause the
Servicer to prepare and, after execution by the Issuing Entity, file with the Commission and any applicable state agencies all documents required to be filed by the Issuing Entity on a periodic basis with the Commission and any applicable state
agencies (including any summaries thereof required by rules and regulations prescribed thereby), and transmit such summaries to the Noteholders, pursuant to Section 7.03 of the Indenture. 

ARTICLE SIX 
 AUTHORITY AND
DUTIES OF OWNER TRUSTEE 
 6.01 General Authority. The Owner Trustee shall administer the Issuing Entity in the interest of the Trust
Certificateholders, subject to the Lien of the Indenture Trustee, in accordance with the Basic Documents. Subject to the provisions and limitations of Sections 2.03 and 2.07, the Owner Trustee is authorized and directed to execute and
deliver on behalf of the Issuing Entity the Basic Documents to which the Issuing Entity is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Issuing Entity is to be a
party, in each case in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Agreement, and on behalf of the Issuing Entity, to direct the
Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $135,000,000, Class A-2a Notes in the aggregate principal amount of $232,000,000, Class A-2b Notes in the aggregate principal amount of
$190,000,000, Class A-3 Notes in the aggregate principal amount of $280,000,000, and Class A-4 Notes in the aggregate principal amount of $162,800,000. In addition to the foregoing, the Owner Trustee is authorized to take all actions
required of the Issuing Entity pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Issuing Entity as is permitted by the Basic Documents and that the Servicer or the
Administrative Agent recommends with respect to the Basic Documents, except to the extent this Agreement expressly requires the consent of the Trust Certificateholders for such action. 

6.02 General Duties. Subject to the provisions and limitations of Sections 2.03 and 2.07, it shall be the duty of the
Owner Trustee to discharge or cause to be discharged all of its responsibilities pursuant to the terms of the Basic Documents to which the Issuing Entity is a party and to administer the Issuing Entity in the interest of the Trust
Certificateholders, subject to 

  

					
		 	15	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
the Lien of the Indenture Trustee and in accordance with the provisions of the Basic Documents. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other Basic Documents to the extent the Administrative Agent has agreed in the Trust Administration Agreement to perform any act or to discharge any duty of the Issuing Entity or the Owner Trustee hereunder
or under any other Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrative Agent to carry out its obligations under the Trust Administration Agreement. 

6.03 Action Upon Instruction. 

(a) Subject to Article Four and in accordance with the terms of the Basic Documents, the Depositor may by written instruction direct
the Owner Trustee in the administration of the Issuing Entity subject to, and in accordance with, the terms of the Basic Documents. The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Owner Trustee that shall be specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this
Agreement. 
 (b) The Owner Trustee shall not be required to take any action hereunder or under any other Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability (unless provided adequate indemnity) on the part of the Owner Trustee, is contrary to the terms hereof or of any other
Basic Document or is otherwise contrary to law or any obligation of the Owner Trustee or the Issuing Entity. 
 (c) Whenever the Owner
Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Trust Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of Trust Certificateholders holding not
less than a Majority Interest of the Trust Certificates, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice as may be necessary under the circumstances), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other
Basic Documents as it shall deem to be in the best interests of the Trust Certificateholders, and shall have no liability to any Person for such action or inaction. 

(d) If the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any other Basic Document permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Trust Certificateholders
requesting instruction and, to the extent the Owner Trustee acts or refrains from acting in good faith in 

  

					
		 	16	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
accordance with any such instruction received from Trust Certificateholders holding not less than a Majority Interest of the Trust Certificates and in accordance with Sections 6.04 and
6.05, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other Basic Documents, as it shall
deem to be in the best interests of the Trust Certificateholders, and shall have no liability to any Person for such action or inaction. 

(e) Notwithstanding the foregoing, the right of the Depositor or the Trust Certificateholders to take any action affecting the Owner Trust
Estate shall be subject to the rights of the Indenture Trustee under the Indenture. 
 6.04 No Duties Except as Specified. The Owner
Trustee shall not be required to perform any of the obligations of the Issuing Entity under this Agreement or the other Basic Documents that are required to be performed by (i) the Servicer under the Servicing Agreement or the 2015-B SUBI
Supplement, (ii) the Depositor under this Agreement, the Servicing Agreement, the Indenture or the SUBI Certificate Transfer Agreement, (iii) the Administrative Agent under the Trust Administration Agreement or (iv) the Indenture
Trustee under the Indenture. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby to which the Issuing Entity is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner
Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any ownership or security interest in the Owner Trust Estate or to record this Agreement or any other Basic Document. Notwithstanding
anything to the contrary herein or in any Basic Document, neither the Owner Trustee, the Indenture Trustee, the Titling Trustee nor the Trust Agent shall be required to execute, deliver or certify on behalf of the Issuing Entity or any other person
any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any Liens (other than the Lien of the Indenture) on any part of the Owner Trust Estate that result from actions by or claims against the Owner Trustee in its individual capacity that are not related to the
ownership or the administration of the Owner Trust Estate. 
 6.05 No Action Unless Specifically Authorized. The Owner Trustee shall
not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement,
(ii) the other Basic Documents to which the Issuing Entity or the Owner Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. In particular, the Owner Trustee shall
not transfer, sell, pledge, assign or convey the 2015-B SUBI Certificate, except as specifically required or permitted by the Basic Documents. 

  

					
		 	17	 	(NALT 2015-B Amended and Restated Trust Agreement)









 6.06 Restrictions. The Owner Trustee shall not take any action (i) that is contrary
to the purposes of the Issuing Entity set forth in Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would (a) affect the treatment of the Notes as debt for federal income tax purposes, (b) be deemed
to cause a taxable exchange of the Notes for federal income tax purposes or (c) cause the Issuing Entity, the Depositor or the Titling Trust or any portion thereof to be taxable as an association (or publicly traded partnership) taxable as a
corporation for federal or state income or franchise tax purposes. The Trust Certificateholders and the Depositor shall not direct the Owner Trustee to take action that would violate the provisions of this Section. Notwithstanding anything herein to
the contrary, the Depositor, the Servicer and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

6.07 Information to be Provided by the Owner Trustee. The Owner Trustee shall provide the Issuing Entity and the Servicer (each, a
“Nissan Party” and collectively the “Nissan Parties”) with (i) notification, as soon as practicable and in any event within ten Business Days, of all demands communicated to a Responsible Officer of the Owner
Trustee for the repurchase or replacement of any Receivable pursuant to Section 8.02 of the 2015-B Servicing Supplement, and (ii) promptly upon the receipt of a written request by a Nissan Party, any other information in its
possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a
“securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

ARTICLE SEVEN 
 CONCERNING
THE OWNER TRUSTEE 
 7.01 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform
its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic
Documents to which the Issuing Entity or the Owner Trustee is a party. The Owner Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own willful misconduct, bad
faith or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 made by the Owner Trustee. In particular, but not by way of limitation, and subject to the exceptions set forth in
the preceding sentence: 
 (a) the Owner Trustee shall not be liable for any error in judgment of an officer of the Owner Trustee made in
good faith, unless it is proved that such officer was negligent in ascertaining the facts; 

  

					
		 	18	 	(NALT 2015-B Amended and Restated Trust Agreement)









 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken
by it in accordance with the instructions of any Trust Certificateholder, the Depositor, the Indenture Trustee, the Administrative Agent or the Servicer; 

(c) no provision of this Agreement or any other Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes or the principal of the Trust Certificates; 

(e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the other Basic Documents, other than the execution of and the
certificate of authentication on the Trust Certificates, and the Owner Trustee shall in no event be deemed to have assumed or incurred any liability, duty or obligation to any Securityholder or any third party dealing with the Issuing Entity or the
Owner Trust Estate, other than as expressly provided for herein and in the other Basic Documents; 
 (f) the Owner Trustee shall not be
liable for the misfeasance, malfeasance or nonfeasance of the Servicer, the Administrative Agent, the Depositor or the Indenture Trustee under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to
perform the obligations of the Issuing Entity or the Depositor under this Agreement or the Basic Documents that are required to be performed by the Servicer under the Servicing Agreement or the SUBI Trust Agreement, the Administrative Agent under
the Trust Administration Agreement or the Indenture Trustee under the Indenture; 
 (g) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction
of any Trust Certificateholder unless such Trust Certificateholder have offered to the Owner Trustee security or indemnity satisfactory to it against the Expenses that may be incurred by the Owner Trustee therein or thereby; the right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its bad faith, negligence or willful misconduct in
the performance of any such act; and 
 (h) the Owner Trustee shall not be personally liable for (x) special, consequential or punitive
damages, however styled, including, without limitation, lost profits, (y) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s securities or assets or (z) any
losses due to forces beyond the reasonable control of the Owner Trustee, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services. 

  

					
		 	19	 	(NALT 2015-B Amended and Restated Trust Agreement)









 7.02 Furnishing of Documents. The Owner Trustee shall furnish to any Trust
Certificateholder promptly upon receipt of a written request therefor (at the expense of the Trust Certificateholder), duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Owner
Trustee under the Basic Documents. 
 7.03 Representations and Warranties. The Owner Trustee hereby represents and warrants to the
Depositor and the Trust Certificateholders, that: 
 (a) It is a national banking association with trust powers duly organized and validly
existing in good standing under the laws of the United States of America. It has all requisite power, right and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all action necessary to authorize the execution and delivery by it of this Agreement and each other Basic Document to which
it is a party, and this Agreement and each other Basic Document to which it is a party will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement and each other Basic Document to which it is a
party on its behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement and each other Basic Document to which it is a
party , nor the consummation by it of the transactions contemplated hereby or thereby nor compliance by it with any of the terms or provisions hereof or thereof will contravene any federal or Delaware law, governmental rule or regulation governing
the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound or result in the creation or imposition of any Lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee individually that are unrelated to this Agreement
or the other Basic Documents. 
 (d) This Agreement has been duly executed and delivered by it and constitutes the legal, valid and binding
agreement of it, enforceable against the Owner Trustee in accordance with its terms, except as enforceability may be limited by bankruptcy, liquidation, insolvency, reorganization or other similar laws affecting the enforcement of creditors’
rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(e) It is authorized to exercise trust powers in the State of Delaware as and to the extent contemplated herein or has appointed a Delaware
trustee that is so authorized and it has a principal place of business in the state of Delaware or has appointed a Delaware trustee that has such a principal place of business. 

7.04 Reliance; Advice of Counsel. 

(a) The Owner Trustee may rely upon, shall be protected in relying upon and shall incur no liability to anyone in acting or refraining from
acting upon, any signature, instrument, 

  

					
		 	20	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a board resolution or documents of any other governing body of any corporate party as conclusive evidence that such board resolution or other document has been duly adopted by such body and
that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president, any
vice president, the treasurer, any assistant treasurer or any other authorized officers of the relevant party as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of
its duties and obligations under this Agreement and the other Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled Persons to be
selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and
not, to the actual knowledge of the Owner Trustee, contrary to this Agreement or any other Basic Document. 
 7.05 Not Acting in
Individual Capacity. Except as provided in this Article, in accepting the trusts hereby created, Wilmington Trust acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

7.06 Owner Trustee Not Liable for Trust Certificates. The recitals contained herein and in the Trust Certificates (other than the
signature of the Owner Trustee and the certificate of authentication on the Trust Certificates and its representations and warranties in Section 7.03) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, any other Basic Document or the Trust Certificates (other than the signature of the Owner Trustee and the
certificate of authentication on the Trust Certificates) or the Notes or any offering document relating to either of them. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity or
enforceability of any Basic Document to which the Owner Trustee is to be a party (except for enforceability against the Owner Trustee), or the perfection and priority of any security interest created by or under any Basic Document, or the
maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Trust Certificateholders under this Agreement or the Noteholders under
the Indenture, the validity of the transfer of the 2015-B SUBI Certificate, or for the compliance by the Depositor, the Administrative Agent or the Servicer with any warranty or representation made under any Basic Document or for the accuracy of any
such warranty or representation or for any action of the Administrative Agent, the Servicer or the Indenture Trustee taken in the name of the Owner Trustee; provided, however, that the foregoing shall not relieve the Owner Trustee of
its obligation to perform its duties under this Agreement. 
 7.07 Owner Trustee May Own Trust Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Servicer, the Administrative Agent, the Indenture Trustee and their respective Affiliates, in banking
transactions with the same rights as it would have if it were not the Owner Trustee. 

  

					
		 	21	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ARTICLE EIGHT 

COMPENSATION OF OWNER TRUSTEE 

8.01 Owner Trustee’s Compensation and Indemnification. 

(a) The Owner Trustee, the Certificate Registrar and any Paying Agent shall receive as compensation from Administrative Agent (without
duplication) for its services hereunder such fees as have been separately agreed upon before the date hereof between the Administrative Agent and the Owner Trustee, the Certificate Registrar or the Paying Agent. The Administrative Agent shall
indemnify the Owner Trustee, the Certificate Registrar and any Paying Agent and their respective successors, assigns, agents, servants, officers and employees (collectively, the “Indemnified Parties”) from and against, any Expenses
that may at any time be imposed on, incurred by or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate
or the action or inaction of the Owner Trustee hereunder, except that the Administrative Agent shall not be liable for or required to indemnify any Indemnified Party from and against Expenses arising or resulting from any income or similar taxes on
any fees payable to any Indemnified Party, for any willful misconduct, bad faith or negligence on the part any Indemnified Party, or with respect to the Owner Trustee only, in the case of the inaccuracy of any representation or warranty of the Owner
Trustee made in Section 7.03. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee, the Certificate Registrar or any Paying Agent or the termination of this Agreement. In any event
of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Indemnified Party’s choice of legal counsel shall be subject to the approval of the Administrative Agent, which approval shall not be
unreasonably withheld. Any amounts due and owing to the Indemnified Parties pursuant to this Section 8.01 shall constitute an obligation of the Trust and a claim upon the Owner Trust Estate only to the extent such amounts are payable
pursuant to the Basic Documents. The Administrative Agent will not be entitled to make any claim upon the Owner Trust Estate for the reimbursement of any payments made by the Administrative Agent pursuant to this Section 8.01(a). To the
extent not paid by the Administrative Agent and outstanding for at least 60 days, such fees and indemnities shall be paid pursuant to Sections 8.04(a) or 8.04(b) of the Indenture, provided, that prior to such payment pursuant to
the Indenture, the Owner Trustee, the Certificate Registrar or the Paying Agent, as applicable, shall notify the Administrative Agent in writing that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities
are paid pursuant to Sections 8.04(a) or 8.04(b) of the Indenture, the Administrative Agent shall reimburse the Issuing Entity in full for such payments. 

(b) Notwithstanding the foregoing, the Owner Trustee shall not be liable for (i) any error of judgment made by an officer of the Owner
Trustee made in good faith, unless it is proved that such officer was negligent in ascertaining the facts, (ii) any action taken or omitted to be taken in accordance with the instructions of any Trust Certificateholder, the Indenture Trustee,
the Depositor, the Administrative Agent or the Servicer, (iii) the interest on or principal of the Securities or (iv) the default or misconduct of the Administrative Agent, the Servicer, the Depositor or the Indenture Trustee. 

  

					
		 	22	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ARTICLE NINE 

TERMINATION OF TRUST AGREEMENT 

9.01 Termination of Trust Agreement. 

(a) This Agreement (other than Article Eight) shall terminate and the Issuing Entity shall dissolve and be wound up in accordance with
Section 3808 of the Statutory Trust Statute, upon the earlier of (i) the final distribution by the Owner Trustee or the Paying Agent of all funds or other property or proceeds of the Owner Trust Estate in accordance with the terms of the
Indenture and this Agreement and (ii) the election by the Servicer to purchase the 2015-B SUBI Certificate pursuant to Section 9.03 and the payment or distribution to all securityholders of all amounts required to be paid to them
under the Indenture and this Agreement. The Administrative Agent shall notify the Owner Trustee upon the occurrence of either of the events described in clauses (i) or (ii) above. The bankruptcy, liquidation, dissolution, or
termination, death or incapacity of any Trust Certificateholder shall not (x) operate to terminate this Agreement or the Issuing Entity, (y) entitle such Trust Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuing Entity or Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Except as provided in Section 9.01(a), neither the Depositor nor any other Trust Certificateholder shall be entitled to revoke
or terminate the Issuing Entity. 
 (c) Notice of any termination of this Agreement pursuant to Section 9.01(a), specifying the
Payment Date upon which the Trust Certificateholders shall surrender their Trust Certificates to the Paying Agent for final payment and cancellation, shall, if any Trust Certificates are then held by anyone other than the Depositor or its
Affiliates, be given by the Owner Trustee by letter to Trust Certificateholders mailed within five Business Days of receipt of notice of such termination from the Administrative Agent, stating (i) the Payment Date upon or with respect to which
final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Trust Certificateholders. Upon presentation and surrender of the Trust Certificates (or, in the case of any Trust Certificates held by
Depositor or its Affiliates, presentation of proof of cancellation of such Trust Certificates), the Paying Agent shall cause to be distributed to Trust Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02. 

  

					
		 	23	 	(NALT 2015-B Amended and Restated Trust Agreement)









 (d) If one or more of the Trust Certificateholders shall not surrender their Trust Certificates
for cancellation within six months after the date specified in the above-mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Trust Certificateholders to surrender their Trust Certificates for cancellation
and receive the final distribution with respect thereto. If within one year after the second notice, all of the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the remaining Trust Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.
Any funds remaining in the Issuing Entity after exhaustion of such remedies shall be distributed by the Owner Trustee to the Administrative Agent. 

(e) Upon the winding up of the Issuing Entity and its termination, the Owner Trustee shall cause the Certificate of Trust to be cancelled by
filing a certificate of cancellation with the Secretary of State in accordance with Section 3810 of the Statutory Trust Statute. 

9.02 [Reserved]. 

9.03 Purchase of the 2015-B SUBI Certificate; Repayment of the Trust Certificates. The Servicer shall be permitted at its option to
purchase, or cause to be purchased, the 2015-B SUBI Certificate from the Issuing Entity on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, (a) the Securities
Balance is less than or equal to 10% of the Initial Securities Balance or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent thereto (the exercise of such option is
referred to as an “Optional Purchase”). The purchase price (the “Optional Purchase Price”) shall be equal to the greater of (i) the fair market value of the 2015-B SUBI Assets (which, with the consent of the
Servicer and 100% of the Trust Certificateholders, may be deemed to be the aggregate Securitization Value of the 2015-B SUBI Assets) and (ii) the sum of (A) the Redemption Price, (B) unpaid portions of any outstanding Sales Proceeds
Advances and Monthly Payment Advances, and (C) the Servicing Fee in respect of the related Collection Period, together with any unpaid Servicing Fees in respect of one or more prior Collection Periods, in each case, after giving effect to any
distributions of Available Funds required to be made on such Payment Date pursuant to Section 8.04 of the Indenture. If the Servicer exercises the Optional Purchase, the Servicer will deposit, subject to Section 8.04 of the
Servicing Agreement, the Optional Purchase Price into the 2015-B SUBI Collection Account on the Deposit Date relating to the related Payment Date. The Servicer shall be a third party beneficiary of this Section 9.03. 

ARTICLE TEN 
 SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 10.01 Eligibility Requirements for Owner Trustee. The Owner Trustee shall (i) at
all times be an entity having a combined capital and surplus of at least $50,000,000, (ii) be subject 

  

					
		 	24	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
to supervision or examination by federal or state authorities, and (iii) be an entity authorized to exercise trust powers in the State of Delaware. If such entity shall publish reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such entity shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the
manner and with the effect specified in Section 10.02. 
 10.02 Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement), the Servicer, the Depositor, the Indenture Trustee and the Trust Certificateholders. If, for any reason, Wilmington Trust or any of its Affiliates should assume the duties of the
Indenture Trustee, then from that time forward Wilmington Trust, in its capacity as Owner Trustee, shall resign as Owner Trustee hereunder if any Event of Default under the Indenture occurs and is necessary to eliminate any conflict of interest
under the TIA with the Indenture Trustee or any other trustee under the Indenture. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 or if the
Depositor, by unilateral act, decides to remove the Owner Trustee, and the Owner Trustee shall fail to resign after receipt of notice thereof from the Depositor or if the Owner Trustee shall fail to resign after written request therefor by the
Administrative Agent, the Depositor or Trust Certificateholders holding not less than a Majority Interest of the Trust Certificates, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor or such Trust Certificateholders may remove the Owner Trustee. If the Owner Trustee shall be removed pursuant to the preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee. 
 Any
resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to
Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. 

  

					
		 	25	 	(NALT 2015-B Amended and Restated Trust Agreement)









 10.03 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to
Section 10.02 shall execute, acknowledge and deliver to the Administrative Agent and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the
predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement,
with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and
the Depositor, the Administrative Agent and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee
all such rights, powers, duties and obligations. The successor Owner Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Owner Trustee’s duties and obligations to the successor Owner
Trustee. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 10.01. 
 Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section, the Depositor shall mail notice of the successor of such Owner Trustee to all Trust Certificateholders, the Indenture Trustee and each Rating Agency. If the Depositor shall fail to mail such notice within ten days
after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. 

10.04 Merger or Consolidation of Owner Trustee. Any Person (i) into which the Owner Trustee may be merged or converted or with
which it may be consolidated, (ii) resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party or (iii) succeeding to all or substantially all of the corporate trust business of the Owner Trustee,
shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, provided, that such Person shall be eligible pursuant to Section 10.01
anything herein to the contrary notwithstanding. The Owner Trustee shall mail notice of such merger, conversion, or consolidation to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant
to Section 1.02(k) of the Trust Administration Agreement), the Indenture Trustee and the Trust Certificateholders. 
 10.05
Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate may at the
time be located, the Depositor and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons to act as co-trustee, jointly with the Owner Trustee, or separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Issuing Entity, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts 

  

					
		 	26	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request to do
so, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01 and no notice of
the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 
 Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (a) all
rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (b) no trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
 (c) the Depositor
and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice,
request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording
protection to the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrative Agent, the Servicer and the Depositor. 

Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  

					
		 	27	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ARTICLE ELEVEN 

TAX MATTERS 
 11.01 Tax and
Accounting Characterization. 
 (a) It is the intent of the parties hereto that, for purposes of federal income tax, state and local
income tax, any state single business tax and any other income taxes, the Issuing Entity will be treated as a division or branch of the Person holding the beneficial ownership interests in the Issuing Entity for any period during which the
beneficial ownership interests in the Issuing Entity are held by one person for federal income tax purposes, and will be treated as a partnership, and the Trust Certificateholders will be treated as partners in that partnership, for any period
during which the beneficial ownership interests in the Issuing Entity are held by more than one person for federal income tax purposes. For any such period during which the beneficial ownership interests in the Issuing Entity are held by more than
one person for federal income tax purposes, each Trust Certificateholder, by acceptance of a Trust Certificate or any beneficial interest on a Trust Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Trust
Certificates as partnership interests in the Issuing Entity for such tax purposes. 
 The Depositor and each Trust Certificateholder, by
acceptance of a Trust Certificate, agree to take no action inconsistent with the foregoing intention, except as may otherwise be required by applicable law. 

(b) It is the intent of each Trust Certificateholder to treat the Trust Certificates as equity interests in the Issuing Entity for financial
accounting purposes. 
 11.02 Signature on Returns; Tax Matters Partner. 

(a) If the Issuing Entity shall be required to file federal or other income tax returns as a partnership, such returns shall be signed by an
authorized signatory for the Depositor or such other Person as shall be required by law to sign such returns of the Issuing Entity. 
 (b)
By acceptance of its beneficial interest in a Trust Certificate, each Trust Certificateholder agrees that in the event that the Issuing Entity is classified as a partnership for federal income tax purposes, the Depositor shall be the “tax
matters partner” of the Issuing Entity pursuant to the Code. The Depositor hereby agrees not to make any tax election or otherwise take any actions in its capacity as tax matters partner that would cause the Issuing Entity to be treated as a
corporation or an association taxable as a corporation for tax purposes. 
 (c) In the event that the Issuing Entity is classified as a
partnership for federal income tax purposes, as of taxable year beginning after December 31, 2017, or if later, the date that Sections 6221 through 6241 of the Code apply to the Issuing Entity, the Depositor (or a U.S. Affiliate of the
Depositor if the Depositor is ineligible) is hereby designated as the partnership representative under Section 6223(a) of the Code to the extent allowed under the law. The Issuing Entity shall or the Depositor or the Administrative Agent shall cause
the Issuing Entity to, to the extent eligible, make the election under Section 6221(b) of the Code with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to
effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the Issuing Entity shall or the Depositor or the Administrative Agent shall cause the Issuing Entity to make the election under
Section 6226(a) of the Code with respect to the alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding the
foregoing, the Issuing Entity, Depositor and Administrative Agent are each authorized, in its sole discretion, to make any available election related to Sections 6221 through 6241 of the Code and take any action it deems necessary or appropriate to
comply with the requirements of the Code and conduct the Issuing Entity’s affairs under Sections 6221 through 6241 of the Code. 

11.03 Tax Reporting. Unless otherwise required by appropriate tax authorities, the Issuing Entity shall not file or cause to be filed
annual or other income or franchise tax returns and shall not be required to obtain any taxpayer identification number. 

  

					
		 	28	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ARTICLE TWELVE 

MISCELLANEOUS 
 12.01
Supplements and Amendments. 
 (a) Any term or provision of this Agreement may be amended by the parties hereto, without the consent
of any other Person; provided that (i) either (A) any amendment that materially and adversely affects the Noteholders shall require the consent of Noteholders evidencing not less than a Majority Interest of the Notes voting together
as a single class, or (B) such amendment shall not materially and adversely affect the Noteholders and (ii) any amendment that materially and adversely affects the interests of the Trust Certificateholders, the Servicer or the Indenture
Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected, provided, further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment or supplement shall not affect the treatment of any outstanding Notes as debt for federal income tax purposes, or cause the Issuing Entity or the 2015-B SUBI Certificate to be classified as an association (or a publicly
traded partnership) taxable as a corporation for federal income tax purposes. An amendment shall be deemed not to materially and adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such amendment, or
(ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such amendment will not materially and adversely affect the Noteholders. The consent of the Servicer and each Trust Certificateholder shall be
deemed to have been given if the Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. The Indenture Trustee may, but shall not be obligated to, enter
into or consent to any such amendment that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Agreement or otherwise. 

(b) [Reserved]. 
 (c)
Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or principal amount of any Note, or change the due date of any installment of principal of or interest in any Note, or the Redemption Price with respect thereto,
without the consent of the Holder of such Note, or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to any matter without the consent of the Holders of at least a Majority Interest of the Notes which were
required to consent to such mater before giving effect to such amendment. 
 (d) Prior to the execution of any amendment to this Agreement,
the Depositor shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any
amendment to this Agreement, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Trust Certificateholders, the Indenture Trustee and the Owner Trustee. 

(e) This Agreement may also be amended or supplemented from time to time, at the request of the holders of no less than 66 2⁄3% of all Outstanding Trust Certificates, to approve any trust purpose with respect to the Issuing Entity in addition to the purpose authorized pursuant to


  

					
		 	29	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
Section 2.03(a), upon not less than 90 days notice from the Depositor to each Rating Agency and each Noteholder and subject to each of (1) the prior written notice to each Rating
Agency of such action, and (2) the consent of the holders of at least 66 2⁄3% of all outstanding Notes (including such Notes, if any, owned by the Issuing
Entity, the Depositor, the Servicer (as long as NMAC or an Affiliate is the Servicer) and their respective Affiliates), and provided, further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee
to the effect that such amendment or supplement shall not affect the treatment of any outstanding Notes as debt for federal income tax purposes, or cause the Issuing Entity or the 2015-B SUBI Certificate to be classified as an association (or a
publicly traded partnership) taxable as a corporation for federal income tax purposes. 
 (f) Prior to the execution of any amendment to
this Agreement, the Owner Trustee shall be entitled to receive and rely upon an opinion of counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and
delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

(g) The Owner Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been satisfied with respect to any
amendment. When the Rating Agency Condition is satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of the Owner Trustee an Officer’s Certificate to that effect, and the Owner Trustee may conclusively
rely upon the Officer’ Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment. 

12.02 No Legal Title to Owner Trust Estate. The Trust Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Trust Certificateholders shall be entitled to receive distributions with respect to their Trust Certificates only in accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title or interest
of the Trust Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Owner Trust Estate. 
 12.03 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit
of the Owner Trustee, the Depositor, the Trust Certificateholders, the Administrative Agent, the Servicer, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

12.04 Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered, sent electronically by
email (if an email address is provided) or telecopier or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, and addressed in each case as follows: (i) if to the Owner
Trustee, at Wilmington Trust, National Association, Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, (telecopier no. (302) 636-4140), Attention: Corporate Trust Administration, (ii) if to the Depositor, at One Nissan
Way, Franklin, Tennessee 37067 

  

					
		 	30	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
(telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer, (iii) if to Moody’s, at Moody’s Investors Service, Inc., 7 World Trade Center, 250
Greenwich Street, New York, New York 10007, Attention: ABS Monitoring Group (telecopier no. (212) 553-7820), (iv) if to Fitch, to Fitch Ratings, Inc., One State Street Plaza, New York, New York 10004 (email:
abs.surveillance@fitchratings.com.), Attention: ABS Surveillance; or (v) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only when delivered by hand or,
in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder;
provided, however, any demand, notice or communication to be delivered pursuant to this Agreement to any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site
maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 
 Any
notice required or permitted to be given to a Trust Certificateholder shall be given by first-class mail, confirmed, facsimile or overnight courier, postage prepaid, at the address of such Trust Certificateholder as shown in the Certificate
Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such Trust Certificateholder receives such notice. 

12.05 Severability. Any provision of this Agreement 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. 
 12.06 Counterparts. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

12.07 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee, and each Trust Certificateholder and their respective successors and permitted assigns, all to the extent as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Trust
Certificateholder shall bind the successors and assigns of the Depositor or such Trust Certificateholder. 
 12.08 No Petition. The
Owner Trustee, any Paying Agent, the Depositor and each Trust Certificateholder by accepting a Trust Certificate, covenant and agree that prior to the date that is one year and one day after the date upon which all obligations under each Securitized
Financing have been paid in full, they will not institute against, or join any other Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust, the Issuing Entity, any other Special Purpose Affiliate or any
Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

  

					
		 	31	 	(NALT 2015-B Amended and Restated Trust Agreement)









 12.09 No Recourse. Each Trust Certificate entitles the holder thereof to the respective
rights and benefits set forth in this Agreement and in the Trust Certificates. The Trust Certificates do not represent interests in or obligations of the Servicer, the Depositor, the Owner Trustee, any Paying Agent, the Indenture Trustee or any
Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the other Basic Documents. 

12.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
 12.11 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

12.12 Trust Certificates Nonassessable and Fully Paid. Trust Certificateholders shall not be personally liable for obligations of the
Issuing Entity. The interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Issuing Entity or for any reason whatsoever, and, upon authentication thereof pursuant to Section 3.03,
3.04 and 3.05, the Trust Certificates shall be deemed fully paid. 
 12.13 Furnishing of Basic Documents. The Depositor
shall furnish to any Trust Certificateholder promptly upon receipt of a written request by such Trust Certificateholder (at the expense of the requesting Trust Certificateholder) therefor, duplicates or copies of all Basic Documents. 

[Signature Page to Follow] 

  

					
		 	32	 	(NALT 2015-B Amended and Restated Trust Agreement)









 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Trust Agreement to
be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	NISSAN AUTO LEASING LLC II,
	as Depositor
		
	By:	 	 /s/ Mark Kaczynski

	Name:	 	 Mark Kaczynski

	Title:	 	President



  

					
		 	S-1	 	(NALT 2015-B Amended and Restated Trust Agreement)









 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Owner Trustee
		
	By:	 	 /s/ Dorri Costello

	Name:	 	Dorri Costello
	Title:	 	Vice President



  

					
		 	S-2	 	(NALT 2015-B Amended and Restated Trust Agreement)









 Acknowledged with respect to Sections 3.09 and 5.01(a): 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Patricia M. Trlak

	Name:	 	Patricia M. Trlak
	Title:	 	Vice President


  

					
		 	S-3	 	(NALT 2015-B Amended and Restated Trust Agreement)









 Each of the Servicer and the Administrative Agent agrees to undertake to perform each of its
duties as Servicer and Administrative Agent, as applicable, including obligations under Section 8.01, as are specifically set forth in this Agreement. 

Accepted and Agreed: 
  

			
	NISSAN MOTOR ACCEPTANCE CORPORATION,
	as Servicer
		
	By:	 	 /s/ Benjamin N. Miller

	Name:	 	Benjamin N. Miller
	Title:	 	Treasurer
	
	 NISSAN MOTOR ACCEPTANCE CORPORATION,

as Administrative Agent

		
	By:	 	 /s/ Benjamin N. Miller

	Name:	 	Benjamin N. Miller
	Title:	 	Treasurer


  

					
		 	S-4	 	(NALT 2015-B Amended and Restated Trust Agreement)









 EXHIBIT A 

FORM OF TRUST CERTIFICATE 
 TRUST
CERTIFICATE 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE IS NON-TRANSFERABLE OTHER THAN AS SET FORTH HEREIN AND IN THE TRUST AGREEMENT (AS DEFINED BELOW). 

THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATIVE
AGENT, NMAC, NALL II, NISSAN NORTH AMERICA, INC. OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY. 

EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING OR HOLDING THE
CERTIFICATE FOR, ON BEHALF OF OR WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE TITLE I OF ERISA, A
“PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN THE MEANING OF 29
C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY OF THE FOREGOING AND, IF THE PURCHASER OR TRANSFEREE IS A “GOVERNMENTAL PLAN” (AS DEFINED IN SECTION 3(32) OF ERISA) OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS
SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE (OR INTEREST THEREIN) WILL NOT RESULT IN A VIOLATION
OF SIMILAR LAW AND WILL NOT RESULT IN THE ASSETS OF THE ISSUING ENTITY BEING CONSIDERED PLAN ASSETS OF SUCH PLAN UNDER SIMILAR LAW. 

  

					
		 	A-1	 	(NALT 2015-B Amended and Restated Trust Agreement)









 NISSAN AUTO LEASE TRUST 2015-B 

ASSET BACKED CERTIFICATE 

evidencing a [beneficial interest] in the Issuing Entity, as defined below, the property of which includes, among other things, the 2015-B SUBI
Certificate, evidencing a 100% beneficial interest in the 2015-B SUBI. The property of the Issuing Entity has been pledged to the Indenture Trustee pursuant to the Indenture to secure the payment of the Notes issued thereunder. 

This Trust Certificate does not represent an interest in or obligation of the Depositor, Nissan Motor Acceptance Corporation, the Owner
Trustee or any of their respective Affiliates, except to the extent described below. 
  

			
	NUMBER	  	$        
	R-            	  	

 This certifies that
                                         is the
registered owner of a          dollars nonassessable, fully-paid, beneficial ownership interest in the Nissan Auto Lease Trust 2015-B (the “Issuing Entity”) formed by Nissan Auto Leasing LLC
II, a Delaware limited liability company (the “Depositor”). 
 The Issuing Entity was created pursuant to a trust
agreement, as amended and restated as of November 12, 2015 (the “Trust Agreement”), between the Depositor and Wilmington Trust, National Association, as trustee (the “Owner Trustee”), a summary of certain of
the pertinent provisions of which is set forth below. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement of Definitions. 

This Trust Certificate is one of the duly authorized Trust Certificates designated as “Asset Backed Certificates” (the
“Trust Certificates”). Also issued under an indenture, dated as of November 12, 2015 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association as trustee (the “Indenture
Trustee”), are the 0.42000% Asset Backed Notes, Class A-1, the 1.18% Asset Backed Notes, Class A-2a, the LIBOR + 0.53% Asset Backed Notes, Class A-2b, the 1.54% Asset Backed Notes, Class A-3 and the 1.70% Asset Backed
Notes, Class A-4. This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of the acceptance hereof assents and
by which such Trust Certificateholder is bound. The property of the Issuing Entity primarily includes, among other things, (i) the 2015-B SUBI Certificate, evidencing a 100% beneficial interest in the 2015-B SUBI, and (ii) all proceeds of
the foregoing. The rights of the Issuing Entity in the foregoing property have been pledged by the Issuing Entity to the Indenture Trustee to secure the payment of the Notes. 

The Trust Certificates represent obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the
Depositor, the UTI Beneficiary or any of their respective Affiliates. 

  

					
		 	A-2	 	(NALT 2015-B Amended and Restated Trust Agreement)









 Under the Trust Agreement, there will be distributed on the 15th day of each month (or, if such
day is not a Business Day, the next Business Day), commencing December 15, 2015 (each, a “Payment Date”), to the Person in whose name this Trust Certificate is registered at the close of business on the day preceding each
Payment Date (each, a “Record Date”) such Trust Certificateholder’s percentage interest in the amount to be distributed with respect to the Trust Certificates on such Payment Date. 

The holder of this Trust Certificate acknowledges and agrees that its rights to receive payments in respect of this Trust Certificate are
subordinated to the rights of the Noteholders as described in the Indenture. 
 It is the intent of the Depositor and Trust
Certificateholders that for purposes of federal income tax, state and local income tax, any state single business tax and any other income taxes, the Issuing Entity will be treated as a division or branch of the Person holding the beneficial
ownership interests in the Issuing Entity for any period during which the beneficial ownership interests in the Issuing Entity are held by one person, and will be treated as a partnership, and the Trust Certificateholders will be treated as partners
in that partnership, for any period during which the beneficial ownership interests in the Issuing Entity are held by more than one person. Each Trust Certificateholder, by acceptance of a Trust Certificate or any beneficial interest on a Trust
Certificate, agrees to treat, and to take no action inconsistent with the foregoing intention, except as may otherwise be required by applicable law. 

Each Trust Certificateholder by accepting a Trust Certificate, covenants and agrees that prior to the date that is one year and one day after
the date upon which all obligations under each Securitized Financing have been paid in full, it will not institute against, or join any other Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust, the
Issuing Entity , any Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

Distributions on this Trust Certificate will be made as provided in the Trust Agreement by check mailed to the Trust Certificateholder of
record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. A Trust Certificateholder having original denominations aggregating at least $1 million may request payment by
wire transfer of funds pursuant to written instructions delivered to the Owner Trustee at least five (5) Business Days prior to the Record Date. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final
payment on this Trust Certificate will be made after due notice by the Owner Trustee of the pendency of such payment and only upon presentation and surrender of this Trust Certificate at the office or agency specified in the notice of final payment
to the Trust Certificateholders. 
 Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  

					
		 	A-3	 	(NALT 2015-B Amended and Restated Trust Agreement)









 Unless the certificate of authentication hereon shall have been executed by an authorized officer
of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or be valid for any purpose. 

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-4	 	(NALT 2015-B Amended and Restated Trust Agreement)









 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuing Entity and not in its individual
capacity, has caused this Trust Certificate to be duly executed. 
  

							
	Dated:             , 2015	 		 	NISSAN AUTO LEASE TRUST 2015-B
				
		 		 	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement. 

 

									
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee
	 	Or	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

					
	By:	 	  
	 		 	By:	 	  

		 		 		 		 	Authenticating Agent
					
		 		 		 	By:	 	  



  

					
		 	A-5	 	(NALT 2015-B Amended and Restated Trust Agreement)









 [Reverse of Trust Certificate] 

The Trust Certificates do not represent an obligation of or an interest in the Depositor, the Servicer, the Owner Trustee or any of their
respective Affiliates, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries and certain other amounts respecting the assets of the Issuing Entity, all as more specifically set forth in the
Indenture. The Depositor will furnish, upon the request of any holder of a Trust Certificate, such information as is specified in paragraph (d)(4) of Rule 144A of the Securities Act of 1933, as amended, with respect to the Issuing Entity. 

The Trust Agreement may be amended by the parties thereto, without the consent of any other Person in the manner set forth in
Section 12.01 of the Trust Agreement. 
 As provided in the Trust Agreement, if and to the extent transfers are permitted and if
the Depositor delivers an Opinion of Counsel that the Trust Certificates are transferable in accordance with the terms set forth therein, which opinion the Depositor has not determined can be given under the Internal Revenue Code and existing and
proposed regulations thereunder, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Trust Certificateholder hereof or such Trust Certificateholder’s
attorney duly authorized in writing, and thereupon one or more new Trust Certificates of the same class and in authorized denominations evidencing the same aggregate interest in the Issuing Entity will be issued to the designated transferee. The
initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890. 

The Trust Certificates are issuable only as registered Trust Certificates without coupons in minimum denominations of $250,000 and in integral
multiples of $1,000 in excess thereof. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith. 
 The Owner Trustee, the Certificate Registrar, any Paying Agent and any of
their respective agents may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents shall
be affected by any notice to the contrary. 
 The obligations and responsibilities created by the Trust Agreement and the trust created
thereby shall terminate upon the payment to Trust Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all property held as part of the Owner Trust Estate. 

  

					
		 	A-6	 	(NALT 2015-B Amended and Restated Trust Agreement)









 Any prospective transferee of a Trust Certificate will be required to deliver a letter to the
Depositor and the Certificate Registrar substantially in the form of Exhibit B to the Trust Agreement, which letter includes a representation that such prospective transferee is not a Benefit Plan Investor. The Trust Certificates may not be
transferred, sold, pledged or otherwise disposed to or for the account of a Benefit Plan Investor. 
 The Trust Certificates may not be
acquired by a Benefit Plan Investor. By accepting and holding this Trust Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan Investor and is not acquiring this Trust Certificate or an
interest therein for the account of a Benefit Plan Investor. If the holder hereof is a governmental plan, foreign plan or any other plan that is subject to Similar Law, it shall be deemed to have represented and warranted that its acquisition,
holding and disposition of this Trust Certificate or an interest therein will not result in a non-exempt prohibited transaction under, or a violation of, Similar Law and will not result in the assets of the Issuing Entity being considered plan
assets of such plan under Similar Law. 

  

					
		 	A-7	 	(NALT 2015-B Amended and Restated Trust Agreement)









 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 
  
  

 
  

 
 (Please print or type name and
address, including postal zip code, of assignee) 
 the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
attorney to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  

			
	Dated:	 	  

	
	 *

	
	Signature Guaranteed:
	
	 *


  

	*	NOTICE: The signatures(s) on this Assignment must correspond with the name(s) as written on the face of the within Trust Certificate in every particular without alteration, enlargement or any change whatsoever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 


  

					
		 	A-8	 	(NALT 2015-B Amended and Restated Trust Agreement)









 EXHIBIT B 

FORM OF TRANSFEREE REPRESENTATION LETTER 

            ,          

Nissan Auto Leasing LLC II 
 One Nissan Way 

Franklin, Tennessee 37067 
 Wilmington Trust, National
Association, 
 as Owner Trustee and Certificate Registrar 

Rodney Square North 
 1100 N. Market Street 

Wilmington, Delaware 19890 
 Ladies and Gentlemen: 

 

					
	Attention:	 	Corporate Trust Services — Nissan Auto Lease Trust 2015-B
			
		 	Re:	  	 Transfer of Nissan Auto Lease Trust 2015-B Certificates,

(the “Certificates”)


 Ladies and Gentlemen: 
 This
letter is delivered pursuant to Section 3.04 of the Trust Agreement, dated as of November 12, 2015 (the “Trust Agreement”), between Nissan Auto Leasing LLC II, as Depositor, and Wilmington Trust, National Association, as
Owner Trustee (the “Owner Trustee”), in connection with the transfer by                      (the “Seller”) to the undersigned
(the “Purchaser”) of $         balance of the Certificates. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement. 

In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows: 

 

	 	 ̈	I am not a Non-U.S. Person as defined in the Trust Agreement; 

  

	 	 ̈	I am not the Depositor and I received beneficial and record ownership of Certificates representing less than 100% of the Certificate Balance, and the transfer restrictions set forth in Section 3.10 of the
Trust Agreement do not apply to this transfer of Certificates; and 

  

	 	 ̈	I am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA,
(ii) a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code, or (iii) an entity deemed to hold the “plan
assets” (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) of any of the foregoing. 


  

					
		 	B-1	 	(NALT 2015-B Amended and Restated Trust Agreement)










	 	 ̈	If I am a “governmental plan” (as defined in Section 3(32) of ERISA) or any other plan that is subject to any state, local or other law that is similar to Section 406 of ERISA or Section 4975 of
the Code (“Similar Law”), my acquisition, holding and disposition of this Certificate (or interest therein) will not result in a non-exempt prohibited transaction under, or a violation of, Similar Law and will not result in the assets of
the Issuing Entity being considered plan assets of such plan under Similar Law. 

  

	 	 ̈	The Purchaser has neither acquired nor will it transfer any Trust Certificate it purchases (or any interest therein) or cause any such Trust Certificates (or any interest therein) to be traded or readily available on or
through (A) an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates firm
buy or sell quotations, or (B) a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704(b)(2) of the Code. 


 

	 	 ̈	The Purchaser either (A) is not, and will not become, a partnership, Subchapter S corporation, grantor trust or an entity disregarded as a separate entity from any such entity for U.S. federal income tax purposes
or (B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the Depositor may establish prior
to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Trust Certificates. 

  

	 	 ̈	The Purchaser understands that no subsequent transfer of the Trust Certificates is permitted unless (A) such transfer is of a Trust Certificate with a denomination of at least $250,000 and (B) it causes its
proposed transferee to provide to the Issuing Entity and the Certificate Registrar a letter substantially in the form of Exhibit B to the Trust Agreement, as applicable; provided, however, that any attempted transfer that would either
cause (1) the number of registered holders of Trust Certificates to exceed 95 or (2) the number of holders of direct or indirect interests in the Titling Trust to exceed 50, shall be a void transfer. 


 

	 	 ̈	The Purchaser understands that the Opinion of Counsel to the Issuing Entity that the Issuing Entity is not a publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the
representations in the three preceding paragraphs. 

 Signature appears on next page 

  

					
		 	B-2	 	(NALT 2015-B Amended and Restated Trust Agreement)









 IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the
     day of             . 
  

			
	Very truly yours,
		
	  
	 	,


 
			
	The Purchaser
		
	By:	 	  

	Name:	 	



  

					
		 	B-3	 	(NALT 2015-B Amended and Restated Trust Agreement)