exv4w8



 







EXHIBIT 4.8

FORM OF AMENDED AND RESTATED TRUST AGREEMENT




 





NISSAN AUTO LEASING LLC II,

as Depositor,




and




[WILMINGTON TRUST COMPANY],

as Owner Trustee




 






AMENDED AND RESTATED

TRUST AGREEMENT




Dated as of [                ]




 






 





 









 





TABLE OF CONTENTS

(continued)




	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Interpretive Provisions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE TWO ORGANIZATION
	 	 	2	 
	 
	 	 	 	 
	Section 2.01 Name and Status
	 	 	2	 
	Section 2.02 Office
	 	 	2	 
	Section 2.03 Purposes and Powers
	 	 	2	 
	Section 2.04 Appointment of Owner Trustee
	 	 	3	 
	Section 2.05 Liability of the Trust Certificateholders
	 	 	3	 
	Section 2.06 Initial Capital Contribution of Owner Trust Estate
	 	 	3	 
	Section 2.07 Declaration of Trust
	 	 	3	 
	Section 2.08 Title to Trust Property
	 	 	4	 
	Section 2.09 Situs of Trust
	 	 	4	 
	Section 2.10 Representations and Warranties of the Depositor
	 	 	4	 
	Section 2.11 Power of Attorney
	 	 	5	 
	 
	 	 	 	 
	ARTICLE THREE TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	 	 	6	 
	 
	 	 	 	 
	Section 3.01 Initial Ownership
	 	 	6	 
	Section 3.02 The Trust Certificates
	 	 	6	 
	Section 3.03 Authentication and Delivery of Trust Certificates
	 	 	6	 
	Section 3.04 Registration of Transfer and Exchange
	 	 	7	 
	Section 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates
	 	 	10	 
	Section 3.06 Persons Deemed Trust Certificateholders
	 	 	10	 
	Section 3.07 Access to List of Trust Certificateholders’ Names and Addresses
	 	 	11	 
	Section 3.08 Maintenance of Office or Agency
	 	 	11	 
	Section 3.09 Appointment of Paying Agent
	 	 	11	 
	Section 3.10 Ownership by the Depositor of Trust Certificates
	 	 	12	 
	Section 3.11 Trust Certificates Held by Trust Depositor or Their Affiliates
	 	 	12	 
	 
	 	 	 	 
	ARTICLE FOUR ACTIONS BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS
	 	 	12	 
	 
	 	 	 	 
	Section 4.01 Prior Notice to Trust Certificateholders With Respect to Certain_ Matters
	 	 	12	 






 









 






TABLE OF CONTENTS

(continued)




	 	 	 	 	 
	 	 	Page	 
	Section 4.02 Action by Trust Certificateholders With Respect to Certain Matters
	 	 	13	 
	Section 4.03 Action by Owner Trustee With Respect to Bankruptcy
	 	 	13	 
	Section 4.04 Restrictions on Trust Certificateholders’ Power
	 	 	13	 
	Section 4.05 Majority Control
	 	 	13	 
	 
	 	 	 	 
	ARTICLE FIVE APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	14	 
	 
	 	 	 	 
	Section 5.01 Establishment of Certificate Distribution Account and Reserve Account
	 	 	14	 
	Section 5.02 Application of Trust Funds
	 	 	15	 
	Section 5.03 Method of Payment
	 	 	17	 
	Section 5.04 Accounting and Reports
	 	 	17	 
	Section 5.05 Duties of Depositor on Behalf of Trust
	 	 	18	 
	 
	 	 	 	 
	ARTICLE SIX AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	18	 
	 
	 	 	 	 
	Section 6.01 General Authority
	 	 	18	 
	Section 6.02 General Duties
	 	 	18	 
	Section 6.03 Action Upon Instruction
	 	 	19	 
	Section 6.04 No Duties Except as Specified
	 	 	20	 
	Section 6.05 No Action Unless Specifically Authorized
	 	 	20	 
	Section 6.06 Restrictions
	 	 	20	 
	 
	 	 	 	 
	ARTICLE SEVEN CONCERNING THE OWNER TRUSTEE
	 	 	21	 
	 
	 	 	 	 
	Section 7.01 Acceptance of Trusts and Duties
	 	 	21	 
	Section 7.02 Furnishing of Documents
	 	 	22	 
	Section 7.03 Representations and Warranties
	 	 	22	 
	Section 7.04 Reliance; Advice of Counsel
	 	 	23	 
	Section 7.05 Not Acting in Individual Capacity
	 	 	24	 
	Section 7.06 Owner Trustee Not Liable for Trust Certificates
	 	 	24	 
	Section 7.07 Owner Trustee May Own Trust Certificates and Notes
	 	 	24	 
	 
	 	 	 	 
	ARTICLE EIGHT COMPENSATION OF OWNER TRUSTEE
	 	 	24	 
	 
	 	 	 	 
	Section 8.01 Owner Trustee’s Compensation and Indemnification
	 	 	24	 
	 
	 	 	 	 
	ARTICLE NINE TERMINATION OF TRUST AGREEMENT
	 	 	25	 
	 
	 	 	 	 
	Section 9.01 Termination of Trust Agreement
	 	 	25	 






 









 






TABLE OF CONTENTS

(continued)




	 	 	 	 	 
	 	 	Page	 
	Section 9.02 [Reserved]
	 	 	26	 
	Section 9.03 Purchase of the 200[ ]-[ ] SUBI Certificate; Repayment of the Trust
Certificates
	 	 	26	 
	 
	 	 	 	 
	ARTICLE TEN SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	28	 
	 
	 	 	 	 
	Section 10.01 Eligibility Requirements for Owner Trustee
	 	 	28	 
	Section 10.02 Resignation or Removal of Owner Trustee
	 	 	28	 
	Section 10.03 Successor Owner Trustee
	 	 	29	 
	Section 10.04 Merger or Consolidation of Owner Trustee
	 	 	29	 
	Section 10.05 Appointment of Co-Trustee or Separate Trustee
	 	 	30	 
	 
	 	 	 	 
	ARTICLE ELEVEN TAX MATTERS
	 	 	31	 
	 
	 	 	 	 
	Section 11.01 Tax and Accounting Characterization
	 	 	31	 
	Section 11.02 Signature on Returns; Tax Matters Partner
	 	 	31	 
	Section 11.03 Tax Reporting
	 	 	31	 
	 
	 	 	 	 
	ARTICLE TWELVE MISCELLANEOUS
	 	 	31	 
	 
	 	 	 	 
	Section 12.01 Supplements and Amendments
	 	 	32	 
	Section 12.02 No Legal Title to Owner Trust Estate
	 	 	33	 
	Section 12.03 Limitations on Rights of Others
	 	 	33	 
	Section 12.04 Notices
	 	 	34	 
	Section 12.05 Severability
	 	 	34	 
	Section 12.06 Counterparts
	 	 	34	 
	Section 12.07 Successors and Assigns
	 	 	34	 
	Section 12.08 No Petition
	 	 	34	 
	Section 12.09 No Recourse
	 	 	35	 
	Section 12.10 Headings
	 	 	35	 
	Section 12.11 GOVERNING LAW
	 	 	35	 
	Section 12.12 Trust Certificates Nonassessable and Fully Paid
	 	 	35	 
	Section 12.13 Furnishing of Basic Documents
	 	 	35	 






EXHIBITS




Exhibit A – Form of Trust Certificate

Exhibit B – Form of Rule 144A Certificate

Exhibit C – Form of Form of Investment Letter




 









 





FORM OF AMENDED AND RESTATED TRUST AGREEMENT




     This Amended and Restated Trust Agreement (as amended, supplemented or otherwise modified from
time to time, this “Agreement”), dated as of [                ], is between Nissan
Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the
“Depositor”), and [Wilmington Trust Company], a Delaware banking corporation
(“Wilmington Trust”), as trustee (the “Owner Trustee”).



     WHEREAS, the parties hereto entered into a trust agreement dated as of [               
] (the “Initial Trust Agreement”) pursuant to which the Nissan Auto Lease Trust 200[
]-[ ] was created; and



     WHEREAS, the parties hereto are entering into this Agreement pursuant to which, among other
things, the Initial Trust Agreement will be amended and restated, and $[            ]
aggregate principal amount of Asset Backed Certificates and $[            ] aggregate
principal amount of [       ]% Asset Backed Class A-1 Notes, $[            ] aggregate
principal amount [       ]% Asset Backed Class A-2 Notes, $[            ] aggregate
principal amount [       ]% Asset Backed Class A-3 Notes and $[            ] aggregate
principal amount [       ]% Asset Backed Class A-4 Notes 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



     SECTION 1.01 Definitions. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Agreement of Definitions, dated as of [          
], by and among Nissan Auto Lease Trust 200[      ]-[       ], as trust (the “Trust”),
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 and Delaware trustee (in such capacity, the “Delaware
Trustee”) and [U.S. Bank National Association], a national banking association (“U.S.
Bank”), as trust agent and indenture trustee (in such capacity, the “Trust Agent” and the
“Indenture Trustee,” respectively).



     SECTION 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
this Agreement include all Exhibits hereto, (iii) 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 herein, (iv) references to an Article or Section such as “Article Twelve” or “Section
12.01” shall



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)




1









 




refer to the applicable Article or Section of this Agreement, (v) the term “include” and all
variations thereof shall mean “include without limitation,” (vi) the term “or” shall include
“and/or”, and (vii) the term “proceeds” shall have the meaning ascribed to such term in the UCC.




     Any reference in this Agreement to any agreement means such agreement as it may be amended,
restated, supplemented (only to the extent such agreement as supplemented relates to the Notes), or
otherwise modified from time to time. Any reference in this Agreement to any law, statute,
regulation, rule, or other legislative action shall mean such law, statute, regulation, rule, or
other legislative action as amended, supplemented, or otherwise modified from time to time, and
shall include any rule or regulation promulgated thereunder. Any reference in this Agreement to a
Person shall include the successor or assignee of such Person.



ARTICLE TWO



ORGANIZATION



     SECTION 2.01 Name and Status. The trust created hereby shall be known as “Nissan Auto
Lease Trust 200[       ]-[      ],” in which name the Trust 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 Trust shall be a
statutory trust under the Statutory Trust Statute, and that this Agreement shall constitute the
governing instrument of that statutory trust.



     SECTION 2.02 Office. The chief executive office and principal place of business of the
Trust 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.



     SECTION 2.03 Purposes and Powers.



     (a) The purposes of the Trust are: (i) at the direction of the Trust Certificateholders, to
take assignments and conveyances of certain assets from time to time, to hold such assets in trust
and to collect and disburse the periodic income therefrom for the benefit of the Trust
Certificateholders, (ii) to engage in any of the other activities described or authorized in this
Agreement, any supplement or any amendment hereto or thereto and (iii) to engage in any and all
activities that are necessary or appropriate to accomplish the foregoing or that are incidental
thereto or connected therewith. The Trust shall not be employed for any purpose except as duly
authorized in accordance with the provisions of this Agreement.



     (b) The initial sole purpose of the Trust is to conserve the Owner Trust Estate and collect
and disburse the periodic income therefrom for the use and benefit of the Trust Certificateholders,
and in furtherance of such purpose to engage in the following ministerial activities:




          (i) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to
this Agreement;



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



2









 






          (ii) to acquire the 200[      ]-[      ] 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 Trust pursuant to, the Indenture;




          (v) to enter into and perform its obligations under the Basic Documents to which the
Trust 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.



     (c) The Trust 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.



     SECTION 2.04 Appointment of Owner Trustee. The Depositor hereby appoints the Owner
Trustee as trustee of the Trust 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.



     SECTION 2.05 Liability of the Trust Certificateholders. No Trust Certificateholder
shall have any personal liability for any liability or obligation of the Trust, solely by reason of
it being a Trust Certificateholder.



     SECTION 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 Trust 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.



     SECTION 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



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



3









 




“beneficial owners” within the meaning of the Statutory Trust Statute, subject to the Lien of
the Indenture Trustee and the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitutes a statutory trust under the Statutory
Trust Statute and that this Agreement constitutes the governing instrument of such statutory trust.
Consistent with Section 11.01, it is the intention of the parties hereto that, solely for
income and franchise tax purposes, the Trust 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 under Delaware law for the purpose and to the extent necessary to
accomplish the purpose of the Trust 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 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.




     SECTION 2.08 Title to Trust Property. Legal title to the Owner Trust Estate shall be
vested at all times in the Trust as a separate legal entity.



     SECTION 2.09 Situs of Trust. The Trust shall be located and administered in the state
of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be
located in the states of California, Delaware or New York. The Trust 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. Payments shall be received by the Trust only in the states of Delaware, California or New
York, and payments will be made by the Trust only from the states of Delaware, California or New
York. The only principal office of the Trust will be at the Corporate Trust Office.



     SECTION 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 has been duly organized and validly
existing as a limited liability company in good standing under the laws of the State of Delaware,
with the power and 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 has been duly qualified to do business as a
limited liability company in good standing, and has obtained all necessary licenses and approvals
in all jurisdictions in which the conduct of its business requires such qualifications, except when
the failure to have any such license, approval or qualification would not have a material adverse
effect on the condition, financial or otherwise, of the Depositor or would not have a material
adverse effect on the ability of the Depositor to perform its obligations under this Agreement.



     (c) Power and Authority. The Depositor has (i) the power and authority to execute and
deliver this Agreement and to carry out its terms; (ii) good title to and is the sole legal and
beneficial owner of the 200[      ]-[      ] SUBI Certificate, free and clear of Liens and claims; (iii)
full power and authority to transfer the 200[       ]-[       ] SUBI Certificate and deposit the same with
the Trust; (iv) duly authorized such transfer and deposit to the Trust by all necessary action; and
(v)


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



4









 







duly authorized the execution, delivery and performance of this Agreement by all necessary
action.



     (d) Binding Obligation. This Agreement is a legal, valid and binding obligation of the
Depositor, enforceable in accordance with its terms, except as such enforceability may be subject
to or limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other
similar laws affecting creditors’ rights generally and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or law.



     (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms of this Agreement do not conflict with or breach any of the terms
or provisions of, or constitute (with or without notice or lapse of time) a default under, the
certificate of formation or limited liability agreement of the Depositor, any material indenture,
agreement or other instrument to which the Depositor is a party or by which it shall be bound; nor
result in the creation or imposition of any material Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than the Basic Documents);
nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or State regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or its
properties, which breach, default, conflict, Lien or violation in any case would have a material
adverse effect on the ability of the Depositor to perform its obligations under this Agreement.



     (f) No Proceedings. There are no proceedings or investigations pending, or to the
Depositor’s knowledge, threatened, before any court, regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Depositor or its properties: (i)
asserting the invalidity of this Agreement or any of the other Basic Documents to which it is
party; (ii) seeking to prevent the issuance of the Notes or the Trust Certificates or the
consummation of any of the transactions contemplated by this Agreement or any of the other Basic
Documents to which it is a party; (iii) seeking any determination or ruling that would be likely
materially and adversely to affect the performance by the Depositor of its obligations under, or
the validity or enforceability of, this Agreement or any of the other Basic Documents to which it
is a party; or (iv) relating to the Depositor and that would be likely materially and adversely to
affect the federal income tax or any state income tax attributes of the Trust, the Notes or the
Trust Certificates.



     (g) Independent Manager. Notwithstanding anything to the contrary in the Depositor’s
Formation Documents, the Depositor shall ensure that at least one manager of the Depositor shall be
an Independent Manager.



     SECTION 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



5









 







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



     SECTION 3.01 Initial Ownership. Upon the formation of the Trust 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 Trust.



     SECTION 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]. 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. The Trust Certificate shall be issued in the name of the
Depositor. Upon delivery to the Depositor, the Owner Trustee and the Certificate Registrar of a
letter in the form of Exhibit C, any Trust Certificate shall be reissued in the name and in the
denomination set forth in such letter.



     (b) The Trust Certificates may be printed, lithographed, typewritten, mimeographed or
otherwise produced, and may be executed on behalf of the Trust 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 Trust, 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. 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.



     SECTION 3.03 Authentication and Delivery of Trust Certificates. Concurrently with the
transfer of the 200[ ]-[ ] SUBI Certificate to the Trust, the Owner Trustee shall cause to be
executed on behalf of the Trust to the Depositor 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 Trust. 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



6









 







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. The [Wilmington Trust Company]
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.



     SECTION 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 Company] is hereby appointed as the initial
Certificate Registrar. 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.



     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 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
marketed on or through 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.




          (ii) It either (A) is not, and will not become, a partnership, Subchapter S corporation
or grantor trust 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.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



7









 






          (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], (B) it causes its proposed transferee to provide to the Trust and the
Certificate. Registrar a letter substantially in the form of Exhibit C hereto, or such other
written statement as the Depositor shall prescribe and (C) the Depositor consents in writing
to the proposed transfer, which consent shall be granted unless the Depositor determines
that such transfer would create a risk that the Trust or the Titling Trust would be
classified for federal or any applicable state tax purposes as an association (or a publicly
traded partnership) taxable as a corporation; 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 Trust that the Trust 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.




          (v) It is not a Benefit Plan, will not acquire or hold the Trust Certificates being
transferred on behalf of or with “plan assets” of a Benefit Plan, and is not a Person acting
on behalf of such a Benefit Plan nor using the assets of such a Benefit Plan to effect such
transfer;




          (vi) It is a Person who is either (A)(1) a citizen or resident of the United States,
(2) a corporation, partnership or other entity organized in or under the laws of the United
States or any political subdivision thereof or (3) a Person not described in (A)(1) or (2)
whose ownership of the Trust Certificates is effectively connected with such Person’s
conduct of a trade or business within the United States (within the meaning of the Code) and
its ownership of any interest in a Trust Certificate will not result in any withholding
obligation with respect to any payments with respect to the Trust Certificates by any Person
(other than withholding, if any, under Section 1446 of the Code) or (B) an estate or trust
the income of which is includible in gross income for federal income tax purposes,
regardless of source or a trust if a court within the United States is able to exercise
primary supervision of the administration of the trust and one or more “U.S. persons” (as
such term is defined in the Code) have the authority to control all substantial decisions of
the Trust. It agrees that it will provide a certification of non-foreign status signed under
penalty of perjury and, alternatively, that if it is a Person described in clause (A)(3)
above, it will furnish to the Depositor and the Owner Trustee a properly executed IRS Form
W-8ECI and a new IRS Form W-8ECI upon the expiration or obsolescence of any previously
delivered form (and such other certifications, representations or Opinions of Counsel as may
be requested by the Depositor and the Owner Trustee).




          (vii) It understands that any purported transfer of any Trust Certificate (or any
interest therein) in contravention of any of the restrictions and conditions in this Section
shall be void, and the purported transferee in such transfer shall not be recognized by the
Trust or any other Person as a Trust Certificateholder for any purpose.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



8









 





     (c) By acceptance of any Trust Certificate, the related Trust Certificateholder specifically
agrees with and represents to the Depositor, the Trust 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 because the transfer satisfies one of the
following:




          (i) Such transfer is in compliance with Rule 144A, to a transferee who the depositor
reasonably believes is a Qualified Institutional Buyer that is purchasing for its own
account or for the account of a Qualified Institutional Buyer and to whom notice is given
that such transfer is being made in reliance upon Rule 144A and (A) the depositor thereof
executes and delivers to the Depositor and the Certificate Registrar, a Rule 144A
certificate substantially in the form attached as Exhibit B and (B) the transferee executes
and delivers to the Depositor and the Certificate Registrar an investment letter
substantially in the form attached as Exhibit C.




          (ii) After the appropriate holding period, such transfer is pursuant to an exemption
from registration under the Securities Act provided by Rule 144 under the Securities Act and
the transferee, if requested by the Depositor or the Certificate Registrar, delivers an
Opinion of Counsel in form and substance satisfactory to the Depositor.



     (d) The Depositor shall make the Rule 144A Information available to the prospective depositor
and transferee of a Trust Certificate. The Rule 144A Information shall include any or all of the
following items requested by the prospective transferee:




          (i) the Prospectus, as amended or supplemented to the date of such transfer;




          (ii) each Payment Date Certificate delivered to Trust Certificateholders on each
Payment Date preceding such request; and




          (iii) such other information as is reasonably available to the Depositor in order to
comply with requests for information pursuant to Rule 144A.



     None of the Depositor, the Certificate Registrar or the Owner Trustee is under an obligation
to register any Trust Certificate under the Securities Act or any state securities laws.



     (e) 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, provided that the requirements of Section 8-401 (a) of the
UCC are met, 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.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



9









 





     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-8BEN or W-9 or such other form as may be reasonably required 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.



     (f) The provisions of this Section generally are intended, among other things, to prevent the
Trust from being characterized as a “publicly traded partnership,, within the 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.



     SECTION 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 Trust 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 Trust, as if originally issued, whether or not the lost, stolen or
destroyed Trust Certificate shall be found at any time.



     SECTION 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



10









 







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.



     SECTION 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 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.



     SECTION 3.08 Maintenance of Office or Agency. The Owner Trustee shall maintain in The
Borough of Manhattan, The City of New York, 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 Trust is a party may be served. The Owner Trustee initially designates
[Wilmington Trust Company], c/o Computershare Trust Company of New York, Wall Street Plaza, 88 Pine
Street, 19th Floor, New York, New York, 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.



     SECTION 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



11









 







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.



     SECTION 3.10 Ownership by the Depositor of Trust Certificates. The Depositor shall
receive on the Closing Date in accordance with Section 3.02 and shall thereafter retain
beneficial and record ownership of Trust Certificates representing 100% of the Certificate Balance.
Notwithstanding any other provision of this Agreement to the contrary, any attempted transfer of
any Trust Certificate that would reduce such interest of the Depositor below 100% of the
Certificate Balance shall be void. The Owner Trustee shall cause one Trust Certificate issued to
the Depositor (representing 100% of the Certificate Balance) to bear a legend stating “THIS
CERTIFICATE IS NON-TRANSFERABLE.” Notwithstanding the foregoing, upon a dissolution or termination
of the Depositor, the Trust Certificates held by it shall be distributed to NMAC without regard to
the provisions of Section 3.02 or this Section 3.10.



     SECTION 3.11 Trust Certificates Held by Trust Depositor or Their Affiliates. Unless
otherwise specified in this Agreement or other Basic Documents, any Trust Certificates owned by the
Trust, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) or any of
their respective Affiliates shall be entitled to the benefits under this Agreement equally and
proportionately to the benefits afforded other owners of the Trust Certificates, except that such
Trust Certificates shall be deemed not to be outstanding for the purpose of determining whether the
requisite percentage of Securityholders have given any request, demand, authorization, direction,
notice, consent or other action under the Basic Documents (other than the commencement by the Trust
of a voluntary proceeding in bankruptcy), unless all Securities are owned by the Trust, the
Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) or any of their
respective Affiliates.



ARTICLE FOUR



ACTIONS BY OWNER TRUSTEE OR TRUST CERTIFICATEHOLDERS



     SECTION 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 the Owner Trustee has notified
the Trust Certificateholders and the Rating Agencies in writing of the proposed action at least
[30] days before the taking of such action and Trust Certificateholders representing at least [25]%
of the Certificate Balance have not notified the Owner Trustee in writing prior to the
[30th] day after such notice is given that such Trust Certificateholders have withheld
consent or provided alternative direction:


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



12









 





     (a) the initiation of any claim or lawsuit by the Trust and the compromise of any action,
claim or lawsuit brought by or against the Trust (other than an action brought by the Servicer on
behalf of the Titling Trust and Persons having interests in the 200[      ]-[      ] SUBI Certificate to
collect amounts owed under a 200[      ]-[      ] Lease or 200[      ]-[       ] Vehicle);



     (b) the election by the Trust to file an 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 any Noteholder is
required;



     (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 a successor Owner Trustee or successor Indenture Trustee.



     SECTION 4.02 Action by Trust Certificateholders With Respect to Certain Matters.
Subject to the provisions and limitations of Section 4.04, to the extent the Owner Trustee
or the Trust is deemed to be the Holder of the 200[      ]-[      ] SUBI Certificate pursuant to the SUBI
Trust Agreement, the Owner Trustee or Trust, as the case may be, shall take such actions as
directed in writing by Trust Certificateholders holding Trust Certificates evidencing an interest
of at least 66 [2/3]% of the Certificate Balance; provided, however, that so long
as the Lien of the Indenture is outstanding, such direction shall be subject to the consent of the
Indenture Trustee. The Owner Trustee may not, except upon the occurrence of a Servicer Default
subsequent to the payment in full of the Notes and in accordance with the written directions of
Trust Certificateholders holding 100% of the Certificate Balance, remove the Servicer, with respect
to the 200[       ]-[       ] SUBI Assets or appoint a successor Servicer with respect thereto.



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



     SECTION 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 Trust or the Owner Trustee under
this Agreement or any of the other Basic Documents or would be contrary to the purpose of the Trust
as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given.



     SECTION 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



13









 







to this Agreement shall be effective if signed by Trust Certificateholders holding not less
than a Majority Interest of the Certificates at the time of delivery of such notice.



ARTICLE FIVE



APPLICATION OF TRUST FUNDS; CERTAIN DUTIES



     SECTION 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 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, 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 each Rating Agency may consent), establish a new Certificate Distribution Account as an
Eligible Account and shall transfer any cash or investments to such new Certificate Distribution
Account.



     (b) The Servicer, on behalf of the Trust, 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 has been reduced to zero, and thereafter under the sole dominion and
control of the Owner Trustee. 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 Trust, which the
Trust 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 Trust 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, the Control Agreement or any UCC financing statements) as may be
determined to be reasonably necessary by the Administrative Agent on behalf of the Trust, in


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



14









 







order to perfect the interests created by Section 5.01 (b) and otherwise fully
effectuate the purposes, terms and conditions of this Section. The Trust (or Administrative Agent
on behalf of the Trust) 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 Trust and
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.



     SECTION 5.02 Application of Trust Funds.



     (a) Until the Outstanding Amount of the Trust Certificates has been reduced to zero, on each
Payment Date, the Paying Agent (or the Owner Trustee, if there is no Paying Agent) shall pay, to
the extent of funds available, the amount required to be deposited by the Titling Trustee and by
the Indenture Trustee into the Certificate Distribution Account pursuant to Section 8.04 of
the Indenture, after the payment in full of the Notes, 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. On any Payment Date on which the
amount on deposit in the Reserve Account, after giving effect to all withdrawals therefrom and
deposits thereto in respect of that Payment Date, exceeds the Reserve Account Requirement, any such
excess shall be released to the Depositor.



     (b) On or after the date on which the Outstanding Amount of the Notes has been reduced to
zero, pursuant to the Indenture and the Control Agreement, 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 Owner Trustee in the
order and priority set forth in Section 8.04(a) of the Indenture and the Owner Trustee
shall comply with Sections 8.04(c) 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 Depositor, without recourse, representation or warranty (except as set
forth in Section 7.03), all of the Trust’s right, title, and interest in, to and under the
Reserve Account Property. In addition, on or following the Payment Date on which the Certificate
Balance has been reduced to zero, the Depositor may direct the Owner Trustee in writing to
distribute to it, and upon receipt of such direction the Owner Trustee shall distribute to the
Depositor, the remaining assets of the Trust.



     (c) On each Payment Date, the Owner Trustee shall send to each Trust Certificateholder a
report (the “Distribution Statement”) provided by the Servicer, based on


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



15









 







information in the Payment Date Certificate delivered pursuant to Section 8.03 of the
Indenture, that shall include the following information:




          (i) the amount of SUBI Collections for the related Collection Period and the amounts
allocable to the 200[ ]-[ ] SUBI Certificate;




          (ii) the Certificate Balance on the immediately preceding Payment Date, or if the
current Payment Date is the first Payment Date, on the Closing Date;




          (iii) the aggregate amount of interest accrued and paid on each Class of Notes during
the related Accrual Period;




          (iv) the aggregate amount of principal paid with respect to each Class of Notes and the
Trust Certificates on such Payment Date and the Principal Carryover Shortfall, if any;




          (v) the Outstanding Amount of the Notes and the Certificate Balance on the day
immediately preceding such Payment Date;




          (vi) the Note Factor for each Class of Notes and the Certificate Factor (after giving
effect to payments made on such Payment Date);




          (vii) the Available Funds deposited into the SUBI Collection Account, including amounts
with respect to each of items (i) through (v) of the definition thereof;




          (viii) (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if
any, (C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve
Account on such Payment Date after giving effect to withdrawals therefrom and deposits
thereto in respect of such Payment Date and (E) the change in such balance from the
immediately preceding Payment Date;




          (ix) the Servicing Fee and the Payment Date Advance Reimbursement for the related
Collection Period; and




          (x) the amount of Residual Value Losses for the related Collection Period.



     The information required to be delivered by such Distribution Statement may be included with
such other information or reports furnished by the Servicer to the Owner Trustee in connection with
the making of payments pursuant to the other Basic Documents.



     (d) If any withholding tax is imposed on the Trust’s payment (or, if the Trust 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 Trust (but such authorization shall not prevent
the Owner Trustee from contesting any such tax in


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



16









 







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 Trust 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.



     SECTION 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. The Owner Trustee
or a Paying Agent shall, upon receipt of at least [10] days’ notice from the Trust or the
Administrative Agent as set forth in the Indenture, provide such notice to the Trust
Certificateholders of record not more than [30] days and not less than [10] days prior to the date
on which such final payment is expected to occur.



     SECTION 5.04 Accounting and Reports.



     (a) The Owner Trustee shall, based on information provided by the Depositor, (i) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of
accounting (except as required by Article Eleven), (ii) deliver to each Trust Certificateholder not
later than the latest date permitted by law (A) a statement of the amounts provided for in
Section 8.04 of the Indenture and (B) such information as may be required by the Code and
applicable Treasury Regulations with respect to instruments such as the Trust Certificates and
(iii) in addition to the Owner Trustee’s rights under Section 5.02, take such action as
instructed by the Depositor to collect or cause to be collected and paid over to applicable
authorities any withholding tax as described in and in accordance with Section 5.02


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



17









 




and Article Eleven with respect to income or distributions to Trust Certificateholders. The
Owner Trustee shall make all elections pursuant to Article Eleven as directed by the Depositor.




     (b) The Depositor shall maintain such books and records, and shall prepare and file such
reports and returns, as are required pursuant to this Section and Section 5.02.



     SECTION 5.05 Duties of Depositor on Behalf of Trust. On behalf of the Trust, the
Depositor shall prepare and, after execution by the Trust and the Indenture Trustee, file with the
Securities and Exchange Commission and any applicable state agencies all documents required to be
filed on a periodic basis with the Securities and Exchange 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



     SECTION 6.01 General Authority. The Owner Trustee shall administer the Trust 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 Trust the Basic Documents to which the Trust 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 Trust
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 Trust, to direct the Indenture Trustee to authenticate and deliver
Class A-1 Notes in the aggregate principal amount of $[            ], Class A-2
Notes in the aggregate principal amount of $[            ], Class A-3 Notes in the
aggregate principal amount of $[            ], and Class A-4 Notes in the aggregate
principal amount of $[            ]. In addition to the foregoing, the Owner Trustee is
authorized to take all actions required of the Trust pursuant to the Basic Documents. The Owner
Trustee is further authorized from time to time to take such action on behalf of the Trust 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.



     SECTION 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 Trust is a party and to administer the Trust in the interest of the Trust
Certificateholders, subject to 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 Trust or the Owner Trustee hereunder or under any other Basic


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



18









 







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.



     SECTION 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 Trust
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 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 Trust.



     (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 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



19









 







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.



     SECTION 6.04 No Duties Except as Specified. The Owner Trustee shall not be required to
perform any of the obligations of the Trust under this Agreement or the other Basic Documents that
are required to be performed by (i) the Servicer under the Servicing Agreement or the 200[ ]-[ ]
SUBI Supplement, (ii) the Depositor under this Agreement, the Servicing Agreement, the Indenture,
the SUBI Certificate Transfer Agreement, or the Back-Up Security 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 Trust 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 Indenture Trustee, the Titling Trustee nor the Trust
Agent shall be required to execute, deliver or certify on behalf of the Issuer 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.



     SECTION 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 Trust 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 200[       ]-[       ] SUBI Certificate, except as specifically required or permitted by the Basic
Documents.



     SECTION 6.06 Restrictions. The Owner Trustee shall not take any action (i) that is
contrary to the purposes of the Trust 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



20









 







purposes or (c) cause the Trust, 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. The
Owner Trustee may not (i) initiate or settle any claim or lawsuit involving the Trust (unless
brought by the Servicer to collect amounts owed under a 200[       ]-[       ] Lease), (ii) amend the
Certificate of Trust (unless such amendment is required to be filed under applicable law), (iii)
amend this Agreement where Trust Certificateholder consent is required, (iv) amend this Agreement
where Trust Certificateholder consent is not required if such amendment materially adversely
affects the Trust Certificateholders, (v) amend any Basic Document other than this Agreement if
such amendment materially adversely affects the Trust Certificateholders, or (vi) appoint a
successor Owner Trustee or successor Indenture Trustee, unless (a) the Owner Trustee provides [30]
days’ written notice thereof to the Trust Certificateholders and each Rating Agency and (b) Trust
Certificateholders holding at least [25]% of the Certificate Balance (which for this purpose shall
include Trust Certificates held by the Trust, the Depositor, the Servicer and their respective
Affiliates) do not object in writing to any such proposed amendment within [30] days of such
notice. 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.



ARTICLE SEVEN



CONCERNING THE OWNER TRUSTEE



     SECTION 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 Trust 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;



     (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;


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



21









 





     (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 Trust 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, the Indenture Trustee or the Cap Provider
under any of the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust 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 or the Cap Provider under the Interest Rate Cap Agreement;
and



     (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.



     SECTION 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.



     SECTION 7.03 Representations and Warranties. The Owner Trustee hereby represents and
warrants to the Depositor and the Trust Certificateholders, that:



     (a) It is a banking corporation duly organized and validly existing in good standing under the
laws of the State of Delaware. 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



22









 







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, nor the consummation by it
of the transactions contemplated hereby or thereby nor compliance by it with any of the terms or
provisions hereof 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.



     SECTION 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, 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



23









 







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.



     SECTION 7.05 Not Acting in Individual Capacity. Except as provided in this Article, in
accepting the trusts hereby created, [Wilmington Trust Company] 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.



     SECTION 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 200[ ]-[ ] 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.



     SECTION 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.



ARTICLE EIGHT



COMPENSATION OF OWNER TRUSTEE



     SECTION 8.01 Owner Trustee’s Compensation and Indemnification.



     (a) The Owner Trustee, the Certificate Registrar and any Paying Agent shall receive as
compensation from the Administrative Agent for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor or the Administrative Agent and
the Owner Trustee, the Certificate Registrar or the Paying Agent. The Depositor shall be


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



24









 







liable as primary obligor for, and 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 Depositor shall not be liable for or required to indemnify any
Indemnified Party from and against Expenses arising or resulting from any income taxes on any fees
payable to any Indemnified Party as described in Section 7.01 for any willful misconduct,
bad faith or negligence on the part of the Owner Trustee or 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 Depositor,
which approval shall not be unreasonably withheld. Neither the Depositor nor the Administrative
Agent shall make any claim upon the Owner Trust Estate for the payment of such Expenses.



     (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, (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.



ARTICLE NINE



TERMINATION OF TRUST AGREEMENT



     SECTION 9.01 Termination of Trust Agreement.



     (a) This Agreement (other than Article Eight) shall terminate and the Trust shall dissolve and
be wound up in accordance with Section 3808 of the Statutory Trust Statute, upon the earliest of
(i) the final distribution by the Owner Trustee of all funds or other property or proceeds of the
Owner Trust Estate in accordance with the terms of the Indenture and this Agreement or (ii) at the
times provided in Section 9.03. The bankruptcy, liquidation, dissolution, or termination,
death or incapacity of any Trust Certificateholder, other than the Depositor, as described in
Section 9.03, shall not (i) operate to terminate this Agreement or the Trust, (ii) 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 Trust or
Owner Trust Estate nor (iii) 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 Trust.



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



25









 





     (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 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 and the Depositor. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to Trust Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02. The Owner Trustee shall promptly notify each Rating Agency upon the final
payment of the Trust Certificates.



     (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 Trust after exhaustion of such remedies shall be distributed by the Owner
Trustee to the Administrative Agent.



     (e) Upon the winding up of the Trust 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.



     SECTION 9.02 [Reserved].



     SECTION 9.03 Purchase of the 200[       ]-[       ] SUBI Certificate; Repayment of the Trust
Certificates.



     (a) The Servicer shall be permitted at its option to purchase, or cause to be purchased, the
200[       ]-[       ] SUBI Certificate from the Trust on any Payment Date if, either before or after giving
effect to any payment of principal required to be made on such Payment Date, (i) the Securities
Balance is less than or equal to [5]% of the Securitization Value or (ii) the Outstanding Amount of
the Notes is reduced to zero and 100% of the outstanding Trust Certificates are owned by the Trust,
the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and/or their
respective Affiliates (the exercise of such option is referred to as an “Optional
Purchase”). The purchase price (the “Optional Purchase Price”) shall equal the
aggregate Securitization Value of the 200[       ]-[       ] SUBI Assets plus the appraised value of any


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



26









 







other property (other than cash, in which case such value shall be the amount of such funds
held in cash) held as part of the Trust (less Liquidation Expenses) and shall be deposited by the
Servicer into the SUBI Collection Account on the Deposit Date related to such Payment Date. The
Servicer shall not exercise the Optional Purchase if the Optional Purchase Price does not exceed
the sum of (i) the Redemption Price, (ii) unpaid portions of any outstanding Sales Proceeds
Advances and Monthly Payment Advances, (iii) 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,
and (iv) the Certificate Balance. If the Servicer exercises the Optional Purchase, the Notes shall
be redeemed and the Trust Certificates shall be repaid, in each case in whole but not in part on
the related Payment Date. The Servicer, at its option, may pay all or a portion of the Optional
Purchase Price by issuing a demand note in favor of the Trust, the terms of which, on the whole,
shall be commercially reasonable and substantially similar to terms that would prevail in an
arms-length negotiation between unaffiliated parties; provided, however, that (x)
the Servicer shall pay in cash the portion of the Optional Purchase Price that is equal to or
greater than the sum of the amounts specified in clauses (i) through (iii) of the second preceding
sentence and (y) the Servicer may issue a demand note to a Trust Certificateholder pursuant to this
Section 9.03 only if such Certificateholder consents to the receipt of such demand note.



     (b) In connection with an Optional Purchase, the Trust Certificates shall be due and payable
on the related Payment Date, upon furnishing of a notice complying with Section 9.03(c) to
each Trust Certificateholder. The Administrative Agent or the Owner Trustee shall furnish each
Rating Agency notice of such repayment or redemption.



     (c) Notice of repayment or redemption under Section 9.03(b) shall be given (i) by the
Administrative Agent to the Owner Trustee by facsimile or by first-class mail, postage prepaid,
transmitted or mailed at least [10] days prior to the related Payment Date and (ii) by the Owner
Trustee to each Trust Certificateholder by facsimile or by first-class mail, postage prepaid,
transmitted or mailed at least [10] days (but no more than [30] days) prior to the related Payment
Date, at such Trust Certificateholder’s or the Depositor’s address appearing in the Certificate
Register.



     All notices of repayment shall state:




          (i) the related Payment Date for the repayment;




          (ii) [reserved];




          (iii) the place where the Trust Certificates to be repaid are to be surrendered for
payment of the Repayment Price (which shall be the office or agency of the Owner Trustee to
be maintained as provided in Section 3.08); and




          (iv) that on the related Payment Date, the Repayment Price will become due and payable
upon each such Trust Certificate.



     Notice of repayment of the Trust Certificates shall be given by the Owner Trustee in the name
and at the expense of the Trust. Failure to give notice of repayment or any defect therein, to any
Trust Certificateholder shall not impair or affect the validity of the repayment of any Trust
Certificate.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



27









 





     (d) The Trust Certificates to be repaid shall, following notice of repayment as required by
Section 9.03(c) on the related Payment Date, become due and payable at the Repayment Price.



ARTICLE TEN



SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES



     SECTION 10.01 Eligibility Requirements for Owner Trustee. The Owner Trustee shall (i)
be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii)
at all times be able and authorized to exercise corporate trust powers; (iii) have a long-term debt
rating of “[A]” or higher by Moody’s and Standard and Poor’s, or be otherwise acceptable to each
Rating Agency; (iv) have combined capital and surplus of at least $[50,000,000]; and (v) be subject
to supervision or examination by federal or state authorities. If the Owner Trustee 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 the Owner Trustee 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.



     SECTION 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, the Servicer, each Rating Agency, the Depositor, the Indenture Trustee
and the Trust Certificateholders. If, for any reason, [Wilmington Trust Company] or any of its
Affiliates should assume the duties of the Indenture Trustee, then from that time forward
[Wilmington Trust Company], 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 and 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 (which, for this purpose, includes Trust Certificates owned by
the Trust, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) or any of
their respective Affiliates), 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



28









 







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. The Depositor shall provide (or shall cause
to be provided) notice of such resignation or removal of the Owner Trustee and the appointment of a
successor Owner Trustee to each of the Rating Agencies.



     SECTION 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.



     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.



     SECTION 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 each Rating Agency,
the Indenture Trustee and the Trust Certificateholders.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



29









 





     SECTION 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 Trust, or any part thereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and trusts 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.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



30









 





     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.



ARTICLE ELEVEN



TAX MATTERS



     SECTION 11.01 Tax and Accounting Characterization.



     (a) It is the intent of the parties hereto that the Trust not constitute a separate entity for
federal income tax and state income and franchise tax purposes. It is the intent of the Depositor
and the Trust Certificateholders that the Notes be treated as indebtedness secured by the 200[ ]-[
] Vehicles and the payments on the 200[       ]-[       ] Leases for federal income tax and state income and
franchise tax purposes. If, however, the Trust is re-characterized as a separate entity for federal
income tax purposes, it is the intention of the parties that it qualify as a partnership, with the
assets of the partnership being the Owner Trust Estate. The parties agree that, unless otherwise
required by appropriate tax authorities, the Trust shall not file or cause to be filed annual
returns, reports or other forms and will treat the Trust in a manner consistent with the
characterization that the Trust is not a separate entity for tax purposes.



     The Depositor and the Trust Certificateholder, by acceptance of a Trust Certificate, agree to
take no action inconsistent with the foregoing intention.



     (b) It is the intent of the Depositor to treat the Trust Certificates as equity interests in
the Trust for financial accounting purposes.



     SECTION 11.02 Signature on Returns; Tax Matters Partner.



     (a) If the Trust 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 Trust.



     (b) By acceptance of its beneficial interest in a Trust Certificate, each Trust
Certificateholder agrees that in the event that the Trust is classified as a partnership for
federal income tax purposes, the Depositor shall be the “tax matters partner” of the Trust pursuant
to the Code.



     SECTION 11.03 Tax Reporting. Unless otherwise required by appropriate tax authorities,
the Trust 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.



ARTICLE TWELVE



MISCELLANEOUS


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



31









 








     SECTION 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 interests of the Noteholders or the Certificateholders shall require the
consent, respectively, of Noteholders evidencing not less than a Majority Interest of the Notes
voting together as a single class, or of Trust Certificateholders evidencing not less than a
Majority Interest of the Trust Certificates (provided that if the Depositor and its Affiliates do
not hold all of the Trust Certificates, then the Trust Certificates held by the Depositor and its
Affiliates shall not be deemed Outstanding for purposes of this provision) or (B) such amendment
shall not, as evidenced by an Officer’s Certificate of the Depositor delivered to the Indenture
Trustee (with respect to the Noteholders) or the Trust Certificateholders, as applicable, adversely
affect the interests of the Noteholders or the Certificateholders, as the case may be and (ii) any
amendment that adversely affects the interests of 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 for federal income tax purposes, or cause the Trust
or the 200[ ]-[ ] 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 interests of the Noteholders if the Rating Agency
Condition is satisfied with respect to such amendment and the Officer’s Certificate described in
the preceding sentence is provided to the Indenture Trustee. The consent of the Servicer 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) 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.



     (c) Notwithstanding anything herein to the contrary, any term or provision of this Agreement
may be amended by the parties hereto without the consent of any of the Noteholders or any other
Person to add, modify or eliminate any provisions as may be necessary or advisable in order to
comply with or obtain more favorable treatment under or with respect to any law or regulation or
any accounting rule or principle (whether now or in the future in effect); it being a condition to
any such amendment that the Rating Agency Condition shall have been satisfied and the Officer’s
Certificate described in Section 12.01(b)(i)(B) is delivered to the Indenture Trustee.



     (d) Not less than [15] days 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



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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 (provided that if the
Depositor and its Affiliates do not hold all of the Trust Certificates, then the Trust Certificates
held by the Depositor and its Affiliates shall not be deemed Outstanding for purposes of this
provision) to approve any trust purpose with respect to the Trust in addition to the purpose
authorized pursuant to Section 2.03(b), upon not less that 90 days notice 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 Trust, 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 for federal income tax purposes, or cause the Trust or the 200[ ]-[ ] 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 Indenture 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 Indenture Trustee an Officer’s Certificate to that effect, and
the Indenture Trustee may conclusively rely upon the Officer’ Certificate from the Servicer
that a Rating Agency Condition has been satisfied with respect to such amendment.



     SECTION 12.02 No Legal Title to Owner Trust Estate. The Trust Certificateholders shall
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.



     SECTION 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 and 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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



33









 







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.



     SECTION 12.04 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each
case as follows: (i) if to the Owner Trustee, at [Wilmington Trust Company], Rodney Square North,
1100 N. Market Street, Wilmington, Delaware 19890, (telecopier no. (302) 651-8882), Attention:
Corporate Trust Administration; (ii) if to the Depositor, at 990 West 190th Street, M-9-A,
Torrance, California 90502 (telecopier no. (310) 719-8509), Attention: Secretary; (iii) if to
Moody’s, at Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
ABS Monitoring Group (telecopier no. (212) 553-7820); (iv) if to Standard & Poor’s, to Standard &
Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., 55 Water Street, New York,
New York 10041 (telecopier no. (212) 208-0030), Attention: Asset Backed Monitoring Group; 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 upon 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.



     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.



     SECTION 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.



     SECTION 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.



     SECTION 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.



     SECTION 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 NMAC, the Grantor, the Depositor, the Trustee, the Titling Trust,


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



34









 







the Issuer, 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.



     SECTION 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.



     SECTION 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.



     SECTION 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.



     SECTION 12.12 Trust Certificates Nonassessable and Fully Paid. Trust
Certificateholders shall not be personally liable for obligations of the Trust. The interests
represented by the Trust Certificates shall be nonassessable for any losses or expenses of the
Trust 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.



     SECTION 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]



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



35









 





     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:  	 	 
	 	 	Name:  	Kazuhiko Kazama 	 
	 	 	Title:  	Treasurer 	 
	 



	 	 	 	 	 
	 	[WILMINGTON TRUST COMPANY], as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	                                                                                                     	 
	 	 	Title:  	                                                                                                     	 
	 



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



 S-1



 









 








EXHIBIT A




EXHIBIT A




FORM OF TRUST CERTIFICATE




TRUST CERTIFICATE




SEE REVERSE FOR CERTAIN DEFINITIONS





     THIS CERTIFICATE IS NON-TRANSFERABLE.



     THIS TRUST CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE HOLDER
HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR
THE ACCOUNT OF A QIB, IN EACH CASE WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A SUBJECT TO THE RECEIPT BY THE OWNER TRUSTEE
AND THE DEPOSITOR OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE TRUST AGREEMENT AND THE
RECEIPT BY THE OWNER TRUSTEE AND THE DEPOSITOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE OWNER
TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY
OTHER APPLICABLE JURISDICTION. THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD WITH PLAN ASSETS
OF ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, ANY “PLAN”
AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING (EACH A “BENEFIT PLAN”). BY
ACCEPTANCE OF THIS TRUST CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF SHALL BE DEEMED TO
REPRESENT AND WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH THE FOREGOING
RESTRICTION ON BENEFIT PLAN ASSETS.



     THE PRINCIPAL OF THIS TRUST CERTIFICATE IS DISTRIBUTABLE AS SET FORTH IN THE TRUST AGREEMENT.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS TRUST CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-1









 





EXHIBIT A




     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.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-2









 





EXHIBIT A




NISSAN AUTO LEASE TRUST 200[      ]-[       ]



ASSET BACKED CERTIFICATE




evidencing a beneficial interest in the Trust, as defined below, the property of which
includes, among other things, the 200[      ]-[      ] SUBI Certificate, evidencing a 100%
beneficial interest in the 200[       ]-[       ] SUBI. The property of the Trust 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 200[      ]-[      
] (the “Trust”) formed by Nissan Auto Leasing LLC II, a Delaware limited liability company
(the “Depositor”).



     The Trust was created pursuant to a trust agreement, as amended and restated as of [      
] (the “Trust Agreement”), between the Depositor and [Wilmington Trust
Company], 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 [            ] (the “Indenture”), between the Trust and [U.S. Bank National
Association], as trustee (the “Indenture Trustee”), are the [            ]% Asset Backed Notes,
Class A-1, the [            ]% Asset Backed Notes, Class A-2, the [           ]% Asset Backed Notes, Class A-3
and the [            ]% 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 Trust primarily includes, among other things,
(i) the 200[       ]-[       ] SUBI Certificate, evidencing a 100% beneficial interest in the 200[       ]-[       ]
SUBI, and (ii) all proceeds of the foregoing. The rights of the Trust in the foregoing property
have been pledged by the Trust to the Indenture Trustee to secure the payment of the Notes.



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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-3









 





EXHIBIT A




     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 [           
] (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 Certificateholder that the Trust not
constitute a separate entity for federal income and state income and franchise tax purposes, and
that the Notes be treated as indebtedness for such purposes. If, however, the Trust is
re-characterized as a separate entity for federal income tax purposes, it is the intention of the
parties to the Trust Agreement that it qualify as a partnership for such purposes. The
Depositor and the other Trust Certificateholders, by acceptance of a Trust Certificate,
agree to take no action inconsistent with the foregoing intention.



     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 NMAC, the Grantor, the Depositor, the Trustee, the Titling
Trust, the Issuer, 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. 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
maintained for the purpose by the Owner Trustee in The Borough of Manhattan in the City of New
York.



     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.



     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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-4









 





EXHIBIT A



REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-5









 




EXHIBIT A




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



	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Dated:                                         , 200[      ]	 	 	 	NISSAN AUTO LEASE TRUST 200[      ]-[      ]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	[WILMINGTON TRUST COMPANY], 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 COMPANY],	 	or	 	[WILMINGTON TRUST COMPANY],	 	 
	as Owner Trustee	 	 	 	as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authenticating Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 




(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-6









 






EXHIBIT A




[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 Trust,
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 Trust.



     The Trust Agreement may be amended by the parties thereto, without the consent of any other
Person; provided that (i) either (A) any amendment that materially and adversely affects the
interests of the Noteholders or the Certificateholders shall require the consent, respectively, of
Noteholders evidencing not less than a Majority Interest of the Notes voting together as a single
class, or of Trust Certificateholders evidencing not less than a Majority Interest of the Trust
Certificates (provided that if the Depositor and its Affiliates do not hold all of the Trust
Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall not be
deemed Outstanding for purposes of this provision) or (B) such amendment shall not, as evidenced by
an Officer’s Certificate of the Depositor delivered to the Indenture Trustee (with respect to the
Noteholders) or the Trust Certificateholders, as applicable, materially and adversely affect the
interests of the Noteholders or the Certificateholders, as the case may be and (ii) any amendment
that adversely affects the interests of the Servicer or the Indenture Trustee shall require the
prior written consent of the Persons whose interests are 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 for federal income tax purposes, or cause the Trust or the 200[ ]-[ ] 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 interests of the Noteholders if the Rating Agency Condition is satisfied with
respect to such amendment and the Officer’s Certificate described in the preceding sentence is
provided to the Indenture Trustee. The consent of the Servicer 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 the Trust Agreement.



     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.



     Notwithstanding anything herein to the contrary, any term or provision of the Trust Agreement
may be amended by the Depositor without the consent of any of the Noteholders or


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-7









 





EXHIBIT A



any other Person to add, modify or eliminate any provisions as may be necessary or advisable
in order to comply with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in effect); it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied and the
Officer’s Certificate described in Section 12.01(b)(i)(B) is delivered to the Indenture Trustee.




     Not less than [15] days prior to the execution of any amendment to the Trust 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.



     The Trust 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 (provided that if the
Depositor and its Affiliates do not hold all of the Trust Certificates, then the Trust Certificates
held by the Depositor and its Affiliates shall not be deemed Outstanding for purposes of this
provision), to approve any trust purpose with respect to the Trust in addition to the purpose
authorized pursuant to the Trust Agreement, upon not less that 90 days notice 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 Trust, 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 for
federal income tax purposes, or cause the Trust or the 200[ ]-[ ] SUBI Certificate to be
classified as an association (or a publicly traded partnership) taxable as a corporation for
federal income tax purposes.



     Prior to the execution of any amendment to the Trust 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 the Trust 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 the Trust Agreement or otherwise.



     The Indenture 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 Indenture Trustee an Officer’s Certificate to that effect, and the Indenture Trustee may
conclusively rely upon the Officer’ Certificate from the Servicer that a Rating Agency Condition
has been satisfied with respect to such amendment.



     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


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-8









 





EXHIBIT A



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 in the Borough of Manhattan, The City of New
York, 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 Trust will be issued to the designated transferee. The initial Certificate
Registrar appointed under the Trust Agreement is [Wilmington Trust Company].




     The Trust Certificates are issuable only as registered Trust Certificates without coupons in
minimum denominations of $[250,000]. 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.



     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 C to the Trust
Agreement, which letter includes a representation that such prospective transferee is not a
“Benefit Plan Investor” (as defined in Department of Labor Regulation 2510.3-101(f)(2)). 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. 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 and is not acquiring this Trust Certificate or an interest therein for the
account of a Benefit Plan.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-9









 





EXHIBIT A




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.





(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



A-10









 








EXHIBIT B




FORM OF RULE 144A CERTIFICATE




                                        ,                     




Nissan Auto Leasing LLC II

990 West 190th Street

Torrance, California 90502




[Wilmington Trust Company],

as Owner Trustee

Rodney Square North

1100 N. Market Street



Wilmington, Delaware 19890



[Wilmington Trust Company],

as Certificate Registrar

520 Madison Avenue

33rd Floor

New York, New York 10019




Ladies and Gentlemen:




     This is to notify you as to the transfer of $ initial principal balance of Asset Backed
Certificates (the “Trust Certificates”) of Nissan Auto Lease Trust 200[       ]-[       ] (the
“Trust”).



     The undersigned is the holder of the Trust Certificates and with this notice hereby deposits
with [Wilmington Trust Company] (the “Owner Trustee”) $ initial principal balance of Trust
Certificates and requests that Trust Certificates in the same initial principal balance be issued,
executed and authenticated and registered to the purchaser on , 200_, as specified in the trust
agreement dated [            ], as amended and restated by the Amended and
Restated Trust Agreement dated [            ] among [Wilmington Trust Company] and
Nissan Auto Leasing LLC II, as follows:



	 	 	 	 	 
	 

	 	Name:
	 	Denominations:
	 
	 

	 	Address:	 	 
	 
	 

	 	Taxpayer I.D. No:	 	 






     The undersigned represents and warrants that the undersigned (a) reasonably believes the
purchaser is a “qualified institutional buyer,” as defined in Rule 144A under the Securities Act of
1933, as amended (the “Act”), (b) such purchaser has acquired the Trust Certificates in a
transaction effected in accordance with the exemption from the registration requirements of the Act
provided by Rule 144A and (c) if the purchaser has purchased the Trust Certificates for one or more
accounts for which it is acting as fiduciary or agent, (i) each such account is a qualified


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



B-1









 





EXHIBIT B



institutional buyer and (ii) the purchaser is acquiring Trust Certificates for its own account
or for one or more institutional accounts for which it is acting as fiduciary or agent in a minimum
amount equivalent to not less than $[250,000] for each such account.




	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 






(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



B-2









 








EXHIBIT C




FORM OF INVESTMENT LETTER



QUALIFIED INSTITUTIONAL BUYER



[U.S. Bank National Association],

as Indenture Trustee

209 South LaSalle Street, Suite 300

Chicago, Illinois 60611




[Wilmington Trust Company],

as Owner Trustee

Rodney Square North

1100 N. Market Street

Wilmington, Delaware 19890




Nissan Auto Leasing LLC II

990 West 190th Street

Torrance, California 90502




Ladies and Gentlemen:




     In connection with our proposed purchase of $                                         aggregate principal amount of
Certificates (the “Certificates”) representing an undivided interest in the Nissan Auto
Lease Trust 200[      ]-[      ] (the “Trust”), the investor on whose behalf the undersigned is
executing this letter (the “Purchaser”) confirms that:



     1. Reference is made to the Prospectus Supplement, dated [                 ]
(the “Prospectus”), relating to the Certificates. Capitalized terms used herein that are
not otherwise defined shall have the meanings ascribed thereto in the Prospectus. The Purchaser has
received a copy of the Prospectus and such other information as the Purchaser deems necessary in
order to make its investment decision and the Purchaser has been provided the opportunity to ask
questions of, and receive answers from, the Servicer and Nissan Auto Leasing LLC II, as the
Depositor, concerning the Servicer, the UTI Beneficiary and the Depositor and the terms and
conditions of the offering described in the Prospectus. The Purchaser has received and understands
the above, and understands that substantial risks are involved in an investment in the
Certificates. The Purchaser represents that in making its investment decision to acquire the
Certificates, the Purchaser has not relied on representations, warranties, opinions, projections,
financial or other information or analysis, if any, supplied to it by any person, including you,
the Servicer, the Depositor or the Owner Trustee or any of your or their affiliates, except as
expressly contained in the Prospectus and in the other written information, if any, discussed
above. The Purchaser has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Certificates, and the Purchaser
is able to bear the substantial economic risks of such an investment. The Purchaser has relied upon
its own tax, legal and financial advisors in connection with its decision to purchase the
Certificates.



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)




C-1









 








EXHIBIT C




     2. The Purchaser is (A) a “Qualified Institutional Buyer” (as defined in Rule 144A under the
Securities Act of 1933, as amended (the “1933 Act”)) and has delivered to you a certificate
substantially in the form attached hereto as Annex 1 or Annex 2, as applicable and (B) acquiring
the Certificates for its own account or for the account of an investor of the type described in
clause (A) above as to each of which the Purchaser exercises sole investment discretion. The
Purchaser is purchasing the Certificates for investment purposes and not with a view to, or for,
the offer or sale in connection with, a public distribution or in any other manner that would
violate the 1933 Act or the securities or “Blue Sky” laws of any state.



     3. The Purchaser understands that the Certificates have not been and will not be registered
under the 1933 Act or under the securities or blue sky laws of any state, and that (i) if it
decides to resell, pledge or otherwise transfer any Certificate, such Certificate may be resold,
pledged or transferred without registration only to an entity that has delivered to the Depositor
and the Owner Trustee a certification that it is a Qualified Institutional Buyer that purchases (1)
for its own account or (2) for the account of such a Qualified Institutional Buyer, that is, in
either case, aware that the resale, pledge or transfer is being made in reliance on said Rule 144A
and (ii) it will, and each subsequent holder will be required to, notify any purchaser of any
Certificate from it of the resale restrictions referred to in clause (i) above.



     4. The Purchaser understands that each of Certificate will bear a legend to the following
effect, unless otherwise agreed by the Depositor and the Owner Trustee:




“THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE HOLDER HEREOF, BY
PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND
ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES
IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
(A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR
THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A SUBJECT TO THE RECEIPT BY THE DEPOSITOR
AND THE OWNER TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE TRUST AGREEMENT AND THE RECEIPT BY THE OWNER
TRUSTEE AND THE DEPOSITOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE,


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-2









 





EXHIBIT C





PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD
WITH PLAN ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), WHETHER OR NOT SUBJECT TO TITLE I OF
ERISA, ANY “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING (EACH A
“BENEFIT PLAN”). BY ACCEPTANCE OF THIS TRUST CERTIFICATE OR AN
INTEREST THEREIN, THE HOLDER HEREOF SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH
THE FOREGOING RESTRICTION ON BENEFIT PLAN ASSETS.”



     5. If the Purchaser is acquiring any Certificate as a fiduciary or agent for one or more
investor accounts, it has sole investment discretion with respect to each such account and that it
has full power to make the acknowledgements, representations and agreements contained herein on
behalf of such account.



     6. The Purchaser is not (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA),
whether or not subject to the provisions of Title I of ERISA, (b) a “plan” (as defined in Section
4975(e)(1) of the Code) that is subject to Section 4975 of the Code or (c) any entity whose
underlying assets include plan assets of any of the foregoing (each, a “Benefit Plan”).



     7. The Purchaser has neither acquired nor will it transfer any Certificate it purchases (or
any interest therein) or cause any such Certificates (or any interest therein) to be marketed on or
through 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.



     8. The Purchaser either (A) is not, and will not become, a partnership, Subchapter S
corporation or grantor trust 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 Certificates.


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-3









 





EXHIBIT C




     9. The Purchaser understands that no subsequent transfer of the Certificates is permitted
unless (A) such transfer is of a Certificate with a denomination of at least $[250,000], (B) it
causes its proposed transferee to provide to the Depositor and the Certificate Registrar a letter
substantially in the form of Exhibit C to the Trust Agreement, as applicable, or such other written
statement as the Depositor shall prescribe and (C) the Depositor consents in writing to the
proposed transfer, which consent shall be granted unless the Depositor determines that such
transfer would create a risk that the Trust or the Titling Trust would be classified for federal or
any applicable state tax purposes as an association (or a publicly traded partnership) taxable, as
a corporation; provided, however, that any attempted transfer that would either
cause (1) the number of registered holders of 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.



     10. The Purchaser understands that the opinion of counsel to the Trust that the Trust is not a
publicly traded partnership taxable as a corporation is dependent in part on the accuracy of the
representations in paragraphs 7, 8 and 9 above.



     11. The Purchaser is a Person who is either (A)(1) a citizen or resident of the United States,
(2) a corporation, partnership or other entity organized in or under the laws of the United States
or any political subdivision thereof or (3) a Person not described in (A)(1) or (2) whose ownership
of the Certificates is effectively connected with such Person’s conduct of a trade or business
within the United States (within the meaning of the Code) and its ownership of any interest in a
Certificate will not result in any withholding obligation with respect to any payments with respect
to the Certificates by any Person (other than withholding, if any, under Section 1446 of the Code)
or (B) an estate the income of which is includible in gross income for federal income tax purposes
regardless of source or a trust if the court within the United States is able to exercise primary
supervision of the administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the Trust. It agrees that it will provide a
certification of non-foreign status signed under penalty of perjury and, alternatively, that if it
is a Person described in clause (A)(3) above, it will furnish to the Depositor and the Owner
Trustee a properly executed IRS Form W-8ECI and a new W-8ECI upon the expiration or obsolescence of
any previously delivered form (and such other certifications, representations or Opinions of
Counsel as may be requested by the Depositor and the Owner Trustee).



     12. The Purchaser agrees that if at some time in the future it wishes to transfer or exchange
any of the Certificates, it will not transfer or exchange any of the Certificates unless such
transfer or exchange is in accordance with Section 3.04 of the Trust Agreement. The Purchaser
understands that any purported transfer of the Certificates (or any interest therein) in
contravention of any of the restrictions and conditions in the Trust Agreement, as applicable,
shall be a void, and the purported transferee in such transfer shall not be recognized by the Trust
or any other Person as a Certificateholder, as the case may, be for any purpose.



     13. The Purchaser hereby irrevocably requests you to arrange for definitive Certificates
representing the Certificates purchased by the Purchaser to be registered and delivered promptly
after the Closing Date as follows:


(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-4









 





	 	 	 	 	 
	Principal Amount of	 	 	 	 
	Definitive	 	 	 	Deliver Definitive
	Certificate:	 	Registered in Name of	 	Certificate to:
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 





     You and the Owner Trustee are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby.



	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 





(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-5









 





EXHIBIT C




ANNEX 1 TO EXHIBIT C




QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A



[For Transferees Other Than Registered Investment Companies]



     The undersigned (the “Purchaser”) hereby certifies as follows to the addressees of the
Rule 144A Representation Letter to which this certification is attached with respect to the
Certificate described therein:




	 	(i)	 	As indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Purchaser.
	 
	 	(ii)	 	In connection with purchases by the Purchaser, the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) under
the Securities Act of 1933, as amended, because (i) the Purchaser owned and/or invested
on a discretionary basis $                    1 in securities (except for the excluded
securities referred to below) as of the end of the Purchaser’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A) and (ii) the Purchaser
satisfies the criteria in the category marked below.






	 	—	 	Corporation, etc. The Purchaser is a corporation (other than a
bank, savings and loan association or similar institution), Massachusetts or
similar business trust, partnership, or charitable organization described in
Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.
	 
	 	—	 	Bank. The Purchaser (a) is a national bank or banking
institution organized under the laws of any state, territory or the District of
Columbia, the business of which is substantially confined to banking and is
supervised by the state or territorial banking commission or similar official
or is a foreign bank or equivalent institution, and (b) has an audited net
worth of at least $[25,000,000] as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.
	 
	 	—	 	Savings and Loan. The Purchaser (a) is a savings and loan
association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a state
or federal authority having supervision over any such institutions or is a
foreign savings and loan association or equivalent institution and (b) has an
audited net worth of at least $[25,000,000] as demonstrated in its
latest annual financial statements, a copy of which is attached hereto.







 




			
	1	 	Purchaser must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Purchaser is a
dealer, and, in that case, Purchaser must own and/or invest on a discretionary
basis at least $10,000,000 in securities.



(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-6









 











	 	—	 	Broker-dealer. The Purchaser is a dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).
	 
	 	—	 	Insurance Company. The Purchaser is an insurance company whose
primary and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is subject to
supervision by the insurance commissioner or a similar official or agency of a
state, territory or the District of Columbia.
	 
	 	—	 	State or Local Plan. The Purchaser is a plan established and
maintained by a state, its political subdivisions, or any agency or
instrumentality of the state or its political subdivisions, for the benefit of
its employees (a “Plan”).
	 
	 	—	 	Investment Advisor. The Purchaser is an investment advisor
registered under the Investment Advisors Act of 1940.
	 
	 	—	 	Small Business Investment Company. The Purchaser is a small
business investment company licensed by the U.S. Small Business Administration
under Section 301(c) or (d) of the Small Business Investment Act of 1958.
	 
	 	—	 	Business Development Company. The Purchaser is a business
development company as defined in Section 202(a)(22) of the Investment Advisors
Act of 1940.






	 	(iii)	 	The term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Purchaser, (ii) securities that are part of an
unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v)
repurchase agreements, (vi) securities owned but subject to a repurchase agreement and
(vii) currency, interest rate and commodity swaps.
	 
	 	(iv)	 	For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Purchaser, the Purchaser used the cost of such
securities to the Purchaser and did not include any of the securities referred to in
the preceding paragraph, except (i) where the Purchaser reports its securities holdings
in its financial statements on the basis of their market value, and (ii) no current
information with respect to the cost of those securities has been published. If clause
(ii) in the preceding sentence applies, the securities may be valued at their market
value. Further, in determining such aggregate amount, the Purchaser may have included
securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are
consolidated with the Purchaser in its financial statements prepared in accordance with
generally accepted accounting principles and if the investments of such subsidiaries
are managed under the Purchaser’s direction. However, such securities were not included
if the Purchaser is a majority-owned,










(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-7









 











EXHIBIT C





	 	 	 	consolidated subsidiary of another enterprise and the Purchaser is not itself a
reporting company under the Exchange Act.
	 
	 	(v)	 	The Purchaser acknowledges that it is familiar with Rule 144A and understands
that the seller to it and other parties related to the Certificates are relying and
will continue to rely on the statements made herein because one or more sales to the
Purchaser may be in reliance on Rule 144A.
	 
	 	(vi)	 	Until the date of purchase of the Certificates, the Purchaser will notify each
of the parties to which this certification is made of any changes in the information
and conclusions herein. Until such notice is given, the Purchaser’s purchase of the
Certificates will constitute a reaffirmation of this certification as of the date of
such purchase. In addition, if the Purchaser is a bank or savings and loan is provided
above, the Purchaser agrees that it will furnish to such parties updated annual
financial statements promptly after they become available.





                                                            

Name of Purchaser




	 	 	 	 	 
	 

	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 





(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)




C-8









 






EXHIBIT C




ANNEX 2 TO EXHIBIT C




QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A



[For Transferees That are Registered Investment Companies]



     The undersigned (the “Purchaser”) hereby certifies as follows to the addressees of the
Rule 144A Representation Letter to which this certification is attached with respect to the
Certificate described therein:




	 	(i)	 	As indicated below, the undersigned is the President, Chief Financial Officer
or Senior Vice President of the Purchaser or, if the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A (“Rule 144A”) under
the Securities Act of 1933, as amended, because the Purchaser is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
	 
	 	(ii)	 	In connection with purchases by the Purchaser, the Purchaser is a “qualified
institutional buyer” as defined in Rule 144A because (i) the Purchaser is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as
marked below, the Purchaser alone, or the Purchaser’s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities referred
to below) as of the end of the Purchaser’s most recent fiscal year. For purposes of
determining the amount of securities owned by the Purchaser or the Purchaser’s Family
of Investment Companies, the cost of such securities was used, except (i) where the
Purchaser or the Purchaser’s Family of Investment Companies reports its securities
holdings in its financial statements on the basis of their market value, and (ii) no
current information with respect to the cost of those securities has been published. If
clause (ii) in the preceding sentence applies, the securities may be valued at market.






	 	—	 	The Purchaser owned $ in securities (other than the excluded
securities referred to below) as of the end of the Purchaser’s most recent
fiscal year (such amount being calculated in accordance with Rule 144A).
	 
	 	—	 	The Purchaser is part of a Family of Investment Companies which
owned in the aggregate $ in securities (other than the excluded securities
referred to below) as of the end of the Purchaser’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A).






	 	(iii)	 	The term “Family of Investment Companies” as used herein means two or more
registered investment companies (or series thereof) that have the same investment
adviser or investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority owned
subsidiary of the other).




(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)



C-9









 











EXHIBIT C





	 	(iv)	 	The term “securities” as used herein does not include (i) securities of issuers
that are affiliated with the Purchaser or are part of the Purchaser’s Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan
participations, (iv) repurchase agreements, (v) securities owned but subject to a
repurchase agreement and (vi) currency, interest rate and commodity swaps.
	 
	 	(v)	 	The Purchaser is familiar with Rule 144A and understands that the parties
listed in the Rule 144A Representation Letter to which this certification relates are
relying and will continue to rely on the statements made herein because one or more
sales to the Purchaser will be in reliance on Rule 144A. In addition, the Purchaser
will only purchase for the Purchaser’s own account.
	 
	 	(vi)	 	Until the date of purchase of the Depositor Certificate, the undersigned will
notify the parties listed in the Rule 144A Transferee Certificate to which this
certification relates of any changes in the information and conclusions herein. Until
such notice is given, the Purchaser’s purchase of the Certificates will constitute a
reaffirmation of this certification by the undersigned as of the date of such purchase.





                                                            





Name of Purchaser or Advisor




	 	 	 	 	 
	 

	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	IF AN ADVISOR:	 	 






	 	 	 	 	 
	 

	 	 	 	 
	 	 	 
	Name of Purchaser	 	 
	 
	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 




(NALT 200[ ]-[ ] Amended and Restated Trust Agreement)




C-10