# EDGAR Filing Document

**Accession Number:** 0002071585
**File Stem:** 0001193125-25-165350
**Filing Date:** 2025-7
**Character Count:** 1049908
**Document Hash:** 2b52e6be08f77375b162bb93ab51fd41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-165350.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001193125-25-165350

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NISSAN AUTO LEASING LLC II
- **CENTRAL INDEX KEY:** 0001244832
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 954885574
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282606
- **FILM NUMBER:** 251151388

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NISSAN WAY, ROOM 5-124
- **CITY:** FRANKLIN
- **STATE:** TN
- **ZIP:** 37067
- **BUSINESS PHONE:** 6157251127

**MAIL ADDRESS:**
- **STREET 1:** ONE NISSAN WAY, ROOM 5-124
- **CITY:** FRANKLIN
- **STATE:** TN
- **ZIP:** 37067
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nissan Auto Lease Trust 2025-B
- **CENTRAL INDEX KEY:** 0002071585
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282606-03
- **FILM NUMBER:** 251151389

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NISSAN WAY, ROOM 5-124
- **CITY:** FRANKLIN
- **STATE:** TN
- **ZIP:** 37067
- **BUSINESS PHONE:** 6157251127

**MAIL ADDRESS:**
- **STREET 1:** ONE NISSAN WAY, ROOM 5-124
- **CITY:** FRANKLIN
- **STATE:** TN
- **ZIP:** 37067

##### [**Table of Contents**](#toc)
**Filed Pursuant to Rule 424(b)(5) <br> Registration No. 333-282606 and 333-282606-03** 

Prospectus

![LOGO](g16262g98t56.jpg)

**$1,000,000,000** 

**Nissan Auto Lease Trust 2025-B** 

*Issuing Entity* 

*Central Index Key Number: 0002071585* 

---

| | |
|:---|:---|
| **Nissan Auto Leasing LLC II,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depositor*<br> *Central Index Key Number: 0001244832* | **Nissan Motor Acceptance Company LLC**<br> *Servicer and Sponsor* <br> *Central Index Key Number: 0001540639* |

---

**You should review carefully the factors set forth under "[Risk Factors](#tx16262_9)" beginning on page 15 of this prospectus.** 

The main sources for payments of the notes are a selected portfolio of Nissan and Infiniti lease contracts and the related Nissan and Infiniti leased vehicles, payments due on the lease contracts, proceeds from the sale of the leased vehicles, and monies on deposit in a reserve account. The securities are asset-backed securities issued by, and represent obligations of, the issuing entity only and do not represent obligations of or interests in Nissan Motor Acceptance Company LLC, Nissan Auto Leasing LLC II or any of their respective affiliates. Neither the securities nor the leases are insured or guaranteed by any governmental agency.

**ASSET-BACKED NOTES** 

The issuing entity will issue the following asset-backed notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Initial Principal Amount** | **Initial Principal Amount** | **Interest Rate** | **Final Scheduled<br>Payment Date<br>(Payment Date In)** |
|  Class A-1 notes | $| 91900000 | 4.467% | August 2026 |
|  Class A-2a notes | $| 207600000 | 4.44% | March 2028 |
|  Class A-2b notes | $| 180000000 | SOFR Rate + 0.47%<sup>(1)</sup> | March 2028 |
|  Class A-3 notes | $| 387600000 | 4.32% | November 2028 |
|  Class A-4 notes | $| 61430000 | 4.35% | July 2029 |
|  Class B notes | $| 33770000 | 4.56% | July 2029 |
|  Class C notes | $| 37700000 | 4.81% | November 2029 |
|  | **Price to Public<sup>(2)</sup>** | **Price to Public<sup>(2)</sup>** | **Underwriting<br>Discount<sup>(2)</sup>** | **Proceeds to the<br>Depositor<sup>(2)</sup>** |
|  Per Class A-1 note |  | 100.00000% | 0.120% | 99.88000% |
|  Per Class A-2a note |  | 99.99703% | 0.180% | 99.81703% |
|  Per Class A-2b note |  | 100.00000% | 0.180% | 99.82000% |
|  Per Class A-3 note |  | 99.99012% | 0.250% | 99.74012% |
|  Per Class A-4 note |  | 99.98960% | 0.320% | 99.66960% |
|  Per Class B note |  | 99.98654% | 0.350% | 99.63654% |
|  Per Class C note |  | 99.98347% | 0.400% | 99.58347% |

---

<sup>(1)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark rate plus a spread. The initial benchmark rate will be the SOFR Rate, which will be determined by the calculation agent using the method described in "*The Notes—Calculation of Floating Rate Interest*". If the sum of the SOFR Rate plus the spread is less than 0.00% for any interest period, then the interest rate for the Class A-2b notes, if any, for such interest period will be deemed to be 0.00%. See "*Risk Factors—Risks related to the issuance of a floating rate class of notes and the uncertainty of SOFR—A decrease in SOFR, including a negative benchmark rate, may reduce the rate of interest on the Class A-2b notes to 0.00%*". 

<sup>(2)</sup> Total price to the public is $999,938,373.43, total underwriting discount is $2,242,531.00 and total proceeds to the depositor are $997,695,842.43. If all of the classes of notes are not sold at the initial offering price, the underwriter may change the public offering price and the other selling terms. 

• The issuing entity will also issue certificates that represent fractional undivided beneficial ownership interests in the issuing entity, will not bear interest and are not being offered hereby.

• On the closing date, Nissan-Infiniti LT LLC will issue the 2025-B series certificate, which will be transferred to the issuing entity at the time that the issuing entity issues
the notes and certificates. The 2025-B series certificate is not being offered under this prospectus.

• The notes will accrue interest from and including the closing date.

• The principal of and interest on the notes will generally be payable on the 15th day of each month, or, if the
15th day is not a business day, the next business day, starting on the payment date in August 2025.

• Credit enhancement for the notes will consist of a reserve account, overcollateralization and, in the case of the
Class A notes and the Class B notes, the subordination of certain payments to the noteholders of less senior classes of notes, as described under "Summary—Credit and Cash Flow Enhancement" in this prospectus.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.** 

---

| | | | |
|:---|:---|:---|:---|
| **Citigroup** | **BofA Securities** | **Mizuho** | **MUFG** |
| **Solely with respect to the Class A notes:** | **Solely with respect to the Class A notes:** | **Solely with respect to the Class A notes:** | **Solely with respect to the Class A notes:** |
| **BNP PARIBAS** | **Lloyds Securities** | **US Bancorp** | **Wells Fargo Securities** |

---

The date of this prospectus is July 23, 2025

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  **[IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS](#tx16262_1)** | iii |
|  **[REPORTS TO NOTEHOLDERS](#tx16262_2)** | iv |
|  **[NOTICE TO RESIDENTS OF THE UNITED KINGDOM](#tx16262_3)** | v |
|  **[NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA](#tx16262_4)** | vi |
|  **[TRANSACTION OVERVIEW](#tx16262_5)** | vii |
|  **[FLOW OF FUNDS\*](#tx16262_6)** | viii |
|  **[SUMMARY](#tx16262_7)** | 1 |
|  **[SUMMARY OF RISK FACTORS](#tx16262_8)** | 13 |
|  **[RISK FACTORS](#tx16262_9)** | 15 |
|  **[OVERVIEW OF THE TRANSACTION](#tx16262_10)** | 34 |
|  **[THE ISSUING ENTITY](#tx16262_11)** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_12) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Capitalization and Liabilities of the Issuing Entity](#tx16262_13) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Property of the Issuing Entity](#tx16262_14) | 36 |
|  **[THE OWNER TRUSTEE AND THE INDENTURE TRUSTEE](#tx16262_15)** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Owner Trustee](#tx16262_16) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Indenture Trustee](#tx16262_17) | 38 |
|  **[THE TITLING COMPANY](#tx16262_18)** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_19) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NILT LLC](#tx16262_20) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Property of the Titling Company](#tx16262_21) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Lease Origination and the Titling of Vehicles](#tx16262_22) | 41 |
|  **[THE 2025-B SERIES](#tx16262_23)** | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_24) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Transfers of the Series Certificate](#tx16262_25) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments to the Series Certificate Sale Agreement and Series Certificate Transfer Agreement](#tx16262_26) | 43 |
|  **[THE DEPOSITOR](#tx16262_27)** | 44 |
|  **[THE SPONSOR](#tx16262_28)** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_29) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Securitization](#tx16262_30) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Lease Underwriting Procedures](#tx16262_31) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Determination of Residual Values](#tx16262_32) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Lease Return Process and Remarketing](#tx16262_33) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Leased Vehicle Maintenance](#tx16262_34) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Methods of Vehicle Disposal](#tx16262_35) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Insurance on the Leased Vehicles](#tx16262_36) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Contingent and Excess Liability Insurance](#tx16262_37) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Collection and Repossession Procedures](#tx16262_38) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Modifications of the Leases](#tx16262_39) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Credit Risk Retention](#tx16262_40) | 51 |
|  **[THE SERVICER](#tx16262_41)** | 55 |
|  **[THE ORIGINATOR](#tx16262_42)** | 56 |
|  **[THE ASSET REPRESENTATIONS REVIEWER](#tx16262_43)** | 56 |
|  **[THE LEASES](#tx16262_44)** | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_45) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tangible and Electronic Contracting](#tx16262_46) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Early Termination](#tx16262_47) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Credit Termination](#tx16262_48) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Security Deposits](#tx16262_49) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Characteristics of the Leases](#tx16262_50) | 60 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Review of Pool Assets](#tx16262_51) | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Asset Level Information](#tx16262_52) | 68.0 |
|  **[STATIC POOL INFORMATION](#tx16262_53)** | 69.0 |
|  **[MATURITY AND PREPAYMENT CONSIDERATIONS](#tx16262_54)** | 70.0 |
|  **[PREPAYMENTS, DELINQUENCIES, REPOSSESSIONS AND NET LOSSES](#tx16262_55)** | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Prepayment Information](#tx16262_56) | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Delinquency, Repossession and Credit Loss Information](#tx16262_57) | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Residual Value Loss Experience](#tx16262_58) | 76.0 |
|  **[REPURCHASES AND REPLACEMENTS](#tx16262_59)** | 77.0 |
|  **[WEIGHTED AVERAGE LIFE OF THE NOTES](#tx16262_60)** | 77.0 |
|  **[NOTE FACTORS AND TRADING INFORMATION](#tx16262_61)** | 85.0 |
|  **[USE OF PROCEEDS](#tx16262_62)** | 85.0 |
|  **[THE NOTES](#tx16262_63)** | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_64) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Book-Entry Registration](#tx16262_65) | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Definitive Notes](#tx16262_66) | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Noteholder Communication; List of Noteholders](#tx16262_67) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payments of Interest](#tx16262_68) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation of Floating Rate Interest](#tx16262_69) | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal](#tx16262_70) | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bankruptcy Provisions](#tx16262_71) | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes Owned by the Issuing Entity, the Depositor, the Servicer and their Affiliates](#tx16262_72) | 98.0 |
|  **[DESCRIPTION OF THE CERTIFICATES](#tx16262_73)** | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_74) | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal](#tx16262_75) | 98.0 |
|  **[SECURITY FOR THE NOTES AND CREDIT ENHANCEMENT](#tx16262_76)** | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx16262_77) | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Accounts](#tx16262_78) | 98.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Credit Enhancement and Overcollateralization](#tx16262_79) | 100.0 |
|  **[DISTRIBUTIONS ON THE NOTES](#tx16262_80)** | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Determination of Available Funds](#tx16262_81) | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Deposits to the Distribution Accounts; Priority of Payments](#tx16262_82) | 101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Reserve Account](#tx16262_83) | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Post-Acceleration Priority of Payments](#tx16262_84) | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payment Date Certificate](#tx16262_85) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Optional Purchase](#tx16262_86) | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Advances](#tx16262_87) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Compensation for Servicer and Trust Administrator](#tx16262_88) | 108.0 |
|  **[DESCRIPTION OF THE INDENTURE](#tx16262_89)** | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Events of Default](#tx16262_90) | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Remedies Upon an Event of Default](#tx16262_91) | 111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certain Covenants](#tx16262_92) | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Replacement of the Indenture Trustee](#tx16262_93) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Duties of Indenture Trustee](#tx16262_94) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Compensation and Indemnity](#tx16262_95) | 114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Access to Noteholder Lists](#tx16262_96) | 114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Annual Compliance Statement](#tx16262_97) | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Reports and Documents by Indenture Trustee to Noteholders](#tx16262_98) | 115.0 |

---

i

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

(continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Satisfaction and Discharge of Indenture](#tx16262_99) | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments or Supplemental Indentures](#tx16262_100) | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Requests to Repurchase and Dispute Resolution](#tx16262_101) | 117.0 |
|  **[DESCRIPTION OF THE TRUST AGREEMENT](#tx16262_102)** | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Authority and Duties of the Owner Trustee](#tx16262_103) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restrictions on Actions by the Owner Trustee](#tx16262_104) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Actions by Certificateholders and Owner Trustee with Respect to Certain Matters](#tx16262_105) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Restrictions on Certificateholders' Powers](#tx16262_106) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Resignation and Removal of the Owner Trustee](#tx16262_107) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Termination](#tx16262_108) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Liabilities and Indemnification](#tx16262_109) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments to the Trust Agreement](#tx16262_110) | 120.0 |
|  **[DESCRIPTION OF THE TITLING COMPANY AGREEMENT](#tx16262_111)** | 121.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The 2025-B Series, Other Series and the Unallocated Assets Series](#tx16262_112) | 121.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Titling Company Registrar Duties and Powers](#tx16262_113) | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Liability; Indemnity of Titling Company Registrar](#tx16262_114) | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Termination](#tx16262_115) | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Issuing Entity as Third-Party Beneficiary](#tx16262_116) | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments to the Titling Company Agreement](#tx16262_117) | 123.0 |
|  **[DESCRIPTION OF THE SERVICING AGREEMENT](#tx16262_118)** | 124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Representations and Warranties; Remedies](#tx16262_119) | 124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Asset Representations Review](#tx16262_120) | 125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Custody of Lease Documents and Certificates of Title](#tx16262_121) | 127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Collections](#tx16262_122) | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sale and Disposition of Leased Vehicles](#tx16262_123) | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Purchase of Leased Vehicles Before Their Lease Maturity Dates](#tx16262_124) | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notification of Liens and Claims](#tx16262_125) | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Advances](#tx16262_126) | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Insurance on Leased Vehicles](#tx16262_127) | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Realization Upon Liquidated Leases](#tx16262_128) | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicer Records, Determinations and Reports](#tx16262_129) | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Evidence as to Compliance](#tx16262_130) | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicing Compensation](#tx16262_131) | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicer Resignation and Termination](#tx16262_132) | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Indemnification by and Limitation of Liability of the Servicer](#tx16262_133) | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicer Defaults](#tx16262_134) | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rights Upon Servicer Default](#tx16262_135) | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Removal or Replacement of the Servicer](#tx16262_136) | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Waiver of Past Defaults](#tx16262_137) | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Termination](#tx16262_138) | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments to the Servicing Agreement](#tx16262_139) | 136.0 |
|  **[DESCRIPTION OF THE ADMINISTRATION AGREEMENT](#tx16262_140)** | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Administration Agreement](#tx16262_141) | 136.0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendments to the Administration Agreement](#tx16262_142) | 137 |
|  **[ADDITIONAL LEGAL ASPECTS OF THE TITLING COMPANY AND THE 2025-B SERIES](#tx16262_143)** | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Titling Company](#tx16262_144) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Structural Considerations](#tx16262_145) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Allocation of Titling Company Liabilities](#tx16262_146) | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The 2025-B Series](#tx16262_147) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Insolvency Related Matters](#tx16262_148) | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dodd-Frank Orderly Liquidation Framework](#tx16262_149) | 142 |
|  **[ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES](#tx16262_150)** | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Vicarious Tort Liability](#tx16262_151) | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Security Interests](#tx16262_152) | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Repossession of Leased Vehicles](#tx16262_153) | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Deficiency Judgments](#tx16262_154) | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consumer Protection Law](#tx16262_155) | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consumer Financial Protection Bureau](#tx16262_156) | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Limitations](#tx16262_157) | 150 |
|  **[MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES](#tx16262_158)** | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Treatment of Issuing Entity](#tx16262_159) | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Consequences to U.S. Holders of the Notes](#tx16262_160) | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax Consequences to Non-U.S. Holders of the Notes](#tx16262_161) | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Foreign Account Tax Compliance](#tx16262_162) | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Backup Withholding and Information Reporting](#tx16262_163) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Possible Alternative Treatments of the Notes and the Issuing Entity](#tx16262_164) | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [State and Local Tax Considerations](#tx16262_165) | 158 |
|  **[CERTAIN U.S. EMPLOYEE BENEFIT PLAN CONSIDERATIONS](#tx16262_166)** | 159 |
|  **[UNDERWRITING](#tx16262_167)** | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Offering Restrictions](#tx16262_168) | 162 |
|  **[LEGAL INVESTMENT](#tx16262_169)** | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Money Market Investment](#tx16262_170) | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Requirements for Certain European and UK Regulated Persons and Affiliates](#tx16262_171) | 163 |
|  **[LEGAL PROCEEDINGS](#tx16262_172)** | 165 |
|  **[CERTAIN RELATIONSHIPS](#tx16262_173)** | 165 |
|  **[FORWARD-LOOKING STATEMENTS](#tx16262_174)** | 166 |
|  **[LEGAL MATTERS](#tx16262_175)** | 166 |
|  **[INDEX OF TERMS](#tx16262_176)** | I-1 |
|  **[APPENDIX A - STATIC POOL INFORMATION REGARDING CERTAIN PREVIOUS SECURITIZATIONS](#tx16262_177)** | A-1 |
|  **[APPENDIX B - HISTORICAL POOL PERFORMANCE](#tx16262_178)** | B-1 |
|  **[APPENDIX C - ASSUMED CASH FLOWS](#tx16262_179)** | C-1 |

---

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##### [**Table of Contents**](#toc)
**Important Notice About Information Presented in this Prospectus** 

We have started this prospectus with two introductory sections describing the issuing entity and the notes in abbreviated form, followed by a more complete description of the terms of the notes. The introductory sections are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Summary—gives a brief introduction to the notes to be offered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Risk Factors—describes briefly some of the risks to investors of a purchase of the notes.

Cross-references are included in this prospectus that direct you to more detailed descriptions of a particular topic. You can also find references to key topics in the **Table of Contents** in this prospectus.

You can find a listing of the pages where capitalized terms used in this prospectus are defined under the caption "*Index of Terms*" beginning on page I-1 in this prospectus.

You should rely only on the information contained in or incorporated by reference into this prospectus, including any appendices hereto. We have not authorized anyone to give you different information. We make no claim with respect to the accuracy of the information in this prospectus as of any date other than the date stated on the front cover. We are not offering the notes in any jurisdiction where it is not permitted.

If you have received a copy of this prospectus in electronic format, and if the legal prospectus delivery period has not expired, you may obtain a paper copy of this prospectus from the depositor upon written request to One Nissan Way, Room 5-124, Franklin, Tennessee 37067, or from the underwriters upon request.

In this prospectus, the terms "we," "us" and "our" refer to Nissan Auto Leasing LLC II.

Whenever we use words like "intends," "anticipates" or "expects," or similar words in this prospectus, we are making a forward-looking statement, or a projection of what we think will happen in the future. Forward-looking statements are inherently subject to a variety of circumstances, many of which are beyond our control and could cause actual results to differ materially from what we anticipate. Any forward-looking statements in this prospectus speak only as of the date of this prospectus. We do not assume any responsibility to update or review any forward-looking statement contained in this prospectus to reflect any change in our expectation about the subject of that forward-looking statement or to reflect any change in events, conditions or circumstances on which we have based any forward-looking statement, except to the extent required by law.

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**Reports to Noteholders** 

After the notes are issued, unaudited monthly reports containing information concerning the issuing entity, the notes, the leases and the leased vehicles will be prepared by Nissan Motor Acceptance Company LLC ("**NMAC**"), and sent on behalf of the issuing entity to the indenture trustee, who will forward the same to Cede & Co. ("**Cede**"), as nominee of The Depository Trust Company ("**DTC**").

The indenture trustee will also make such reports available to noteholders each month via its Internet website, which is presently located at https://pivot.usbank.com. Assistance in using this Internet website may be obtained by calling the indenture trustee's customer service desk at (800) 934-6802. The indenture trustee will notify the noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible.

The reports do not constitute financial statements prepared in accordance with generally accepted accounting principles. NMAC, the depositor and the issuing entity do not intend to send any of their financial reports to the beneficial owners of the notes. The issuing entity will file with the Securities and Exchange Commission (the "**SEC**") all required annual reports on Form 10-K, distribution reports on Form 10-D, monthly asset data files on Form ABS-EE and current reports on Form 8-K. Those reports will be filed with the SEC under the name "Nissan Auto Lease Trust 2025-B" and file number 333-282606-03. The issuing entity incorporates by reference any current reports on Form 8-K filed after the date of this prospectus by or on behalf of the issuing entity before the termination of the offering of the notes. The issuing entity's annual reports on Form 10-K, distribution reports on Form 10-D, monthly asset data files on Form ABS-EE and current reports on Form 8-K, and amendments to those reports filed with, or otherwise furnished to, the SEC will not be made available on NMAC's website because those reports are made available to the public on the SEC's website referred to below.

The depositor and Nissan-Infiniti LT LLC have filed with the SEC a Registration Statement on Form SF-3 that includes this prospectus and certain amendments and exhibits under the Securities Act of 1933, as amended, relating to the offering of the notes described herein. This prospectus does not contain all of the information in the Registration Statement. As a recipient of this prospectus, you may request a copy of any document we incorporate by reference excluding any exhibit to such document (unless such exhibit is specifically incorporated by reference in that document) free of charge, by writing or calling: Nissan Motor Acceptance Company LLC, One Nissan Way, Franklin, Tennessee 37067, Attention: Treasury Department, telephone 615-725-1000. The SEC maintains a website (http://www.sec.gov) that contains reports, registration statements, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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**NOTICE TO RESIDENTS OF THE UNITED KINGDOM** 

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM ("**UK**"). FOR THESE PURPOSES, A UK RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2 OF REGULATION (EU) NO 2017/565 AS IT FORMS PART OF UK LAW; OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED, THE "**FSMA**") AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UK LAW; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE UK PROSPECTUS REGULATION (A "**UK QUALIFIED INVESTOR**"). CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED AS IT FORMS PART OF UK LAW (THE "**UK PRIIPS REGULATION**") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE UK PROSPECTUS REGULATION. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFERS OF NOTES IN THE UK WILL BE MADE ONLY TO A UK QUALIFIED INVESTOR. ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THE UK OF NOTES WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PROSPECTUS MAY ONLY DO SO TO ONE OR MORE UK QUALIFIED INVESTORS. NONE OF THE ISSUING ENTITY, THE DEPOSITOR OR ANY OF THE UNDERWRITERS HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF NOTES IN THE UK OTHER THAN TO UK QUALIFIED INVESTORS. THE EXPRESSION "**UK PROSPECTUS REGULATION**" MEANS REGULATION (EU) 2017/1129 (AS AMENDED) AS IT FORMS PART OF UK LAW.

THE NOTES MUST NOT BE OFFERED OR SOLD AND THIS PROSPECTUS AND ANY OTHER DOCUMENT IN CONNECTION WITH THE OFFERING AND ISSUANCE OF THE NOTES MUST NOT BE COMMUNICATED OR CAUSED TO BE COMMUNICATED IN THE UK EXCEPT TO PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFYING AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "**ORDER**"), OR TO PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE ORDER OR WHO OTHERWISE FALL WITHIN AN EXEMPTION SET FORTH IN SUCH ORDER SUCH THAT SECTION 21(1) OF THE FSMA DOES NOT APPLY TO THE ISSUING ENTITY OR ARE PERSONS TO WHOM THIS PROSPECTUS OR ANY OTHER SUCH DOCUMENT MAY OTHERWISE LAWFULLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "**RELEVANT PERSONS**").

NEITHER THIS PROSPECTUS NOR THE NOTES ARE OR WILL BE AVAILABLE IN THE UK TO PERSONS WHO ARE NOT RELEVANT PERSONS AND THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS IN THE UK WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES IS AVAILABLE IN THE UK ONLY TO RELEVANT PERSONS AND WILL, IN THE UK, BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UK WHO IS NOT A RELEVANT PERSON IS UNAUTHORIZED AND MAY CONTRAVENE THE FSMA.

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**NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA** 

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR THESE PURPOSES, AN EEA RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU, AS AMENDED ("**MIFID II**"); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN THE EU PROSPECTUS REGULATION (AS DEFINED BELOW) (AN "**EU QUALIFIED INVESTOR**"). CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE "**PRIIPS REGULATION**") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO EEA RETAIL INVESTORS IN THE EUROPEAN ECONOMIC AREA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY EEA RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSE OF THE EU PROSPECTUS REGULATION. THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF NOTES IN THE EUROPEAN ECONOMIC AREA WILL BE MADE ONLY TO AN EU QUALIFIED INVESTOR. ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THE EUROPEAN ECONOMIC AREA OF NOTES WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PROSPECTUS MAY ONLY DO SO TO ONE OR MORE EU QUALIFIED INVESTORS. NONE OF THE ISSUING ENTITY, THE DEPOSITOR OR ANY OF THE UNDERWRITERS HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF NOTES IN THE EUROPEAN ECONOMIC AREA TO ANY PERSON OR LEGAL ENTITY OTHER THAN AN EU QUALIFIED INVESTOR. THE EXPRESSION "**EU PROSPECTUS REGULATION**" MEANS REGULATION (EU) 2017/1129 (AS AMENDED).

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**TRANSACTION OVERVIEW**![LOGO](g16262g01r09.jpg)

<sup>(1)</sup> The certificates are not being offered hereby.

• The 2025-B series certificate represents a limited liability company
interest in the titling company, to which a pool of closed-end vehicle leases and the related Nissan and Infiniti leased vehicles has been allocated.

• The Unallocated Assets Series represents titling company assets not allocated to, or associated with, the 2025-B Series or any series interest similar to the 2025-B Series Assets.

• The issuing entity has no rights in either the Unallocated Assets Series or the assets of any other series.

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**FLOW OF FUNDS\***![LOGO](g16262g01r10.jpg)

\* This chart provides only a simplified overview of the priority of the monthly distributions. The order in which funds will flow each month as indicated above is applicable for so long as no event of default has occurred and the notes have not been accelerated. For more detailed information regarding the flow of funds, including information regarding the flow of funds upon the occurrence of an event of default and acceleration of the notes, please refer to "*Distributions on the Notes—Post-Acceleration Priority of Payments*" in this prospectus. 

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**SUMMARY** 

*This summary highlights selected information from this prospectus and may not contain all of the information that you need to consider in making your investment decision. This summary provides an overview of certain information to aid your understanding and is qualified in its entirety by the full description of this information appearing elsewhere in this prospectus. You should carefully read this prospectus in its entirety to understand all of the terms of the offering.* 

**The Parties** 

*Issuing Entity* 

Nissan Auto Lease Trust 2025-B will be the "**issuing entity**" of the notes. The issuing entity was established by a trust agreement dated as of June 2, 2025, which will be amended and restated as of the closing date.

*Depositor* 

Nissan Auto Leasing LLC II, a Delaware limited liability company, is the "**depositor**."

You may contact the depositor by mail at One Nissan Way, Room 5-124, Franklin, Tennessee 37067 or by calling (615) 725-1121.

*Sponsor* 

Nissan Motor Acceptance Company LLC, or "**NMAC**", a Delaware limited liability company, is the "**sponsor**" of the transaction described in this prospectus.

*Servicer* 

NMAC will service the titling company assets, including the 2025-B series assets allocated to and associated with the 2025-B series.

On each payment date, NMAC will be paid a fee for performing its servicing obligations in an amount equal to one-twelfth of 1.00% of the aggregate securitization value of the leases and leased vehicles allocated to, and associated with, the 2025-B series certificate at the beginning of the preceding month, or in the case of the first payment date, at the cutoff date. As additional compensation, the servicer will be entitled to retain administrative fees charged to lessees (to the extent not needed for payment of insurance premiums, taxes or similar charges for the leased vehicles) if any, and any income from investment of funds on deposit in the series collection account and the reserve account. The servicing fee will be payable from amounts collected under the leases and amounts realized from sales of the related

leased vehicles, and will be paid to the servicer prior to the payment of principal of and interest on the notes.

You should refer to "*Distributions on the Notes—Compensation for Servicer and Trust Administrator*" in this prospectus for more detailed information regarding the servicing fees to be paid to NMAC.

*Trust Administrator* 

NMAC will act as trust administrator for the issuing entity and perform the administrative obligations required to be performed by the issuing entity or the owner trustee under the indenture, the trust agreement and certain other basic documents. NMAC will be paid a fee by the servicer for performing its administrative obligations in an amount to be agreed to between the trust administrator and the servicer.

*Titling Company and Unallocated Series Assets* 

Nissan-Infiniti LT LLC, a Delaware limited liability company, is the "**titling company**", which will hold the retail closed-end motor vehicle lease contracts, including the 2025-B series assets.

NILT LLC, a Delaware limited liability company, is the sole member of the titling company and is the holder of the unallocated assets series of the titling company.

*Trustees* 

U.S. Bank Trust Company, National Association, a national banking association, will be the "**indenture trustee**."

Wilmington Trust, National Association, a national banking association, will be the "**owner trustee**."

*Asset Representations Reviewer* 

Clayton Fixed Income Services LLC, a Delaware limited liability company, will be the "**asset representations reviewer**."

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**Offered Notes** 

The issuing entity will issue and offer the following notes:

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Initial Principal<br>Amount** | **Interest Rate** | **Final Scheduled<br>Payment Date<br>(Payment Date In)** |
|  Class A-1 notes | $91900000 | 4.467% | August 2026 |
|  Class A-2a notes | 207600000 | 4.44% | March 2028 |
|  Class A-2b notes | 180000000 | SOFR Rate + 0.47%<sup>(1)</sup> | March 2028 |
|  Class A-3 notes | 387600000 | 4.32% | November 2028 |
|  Class A-4 notes | 61430000 | 4.35% | July 2029 |
|  Class B notes | 33770000 | 4.56% | July 2029 |
|  Class C notes | 37700000 | 4.81% | November 2029 |

---

<sup>(1)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark rate plus a spread. The initial benchmark rate will be the SOFR Rate, which will be determined by the calculation agent using the method described in "The Notes—Calculation of Floating Rate Interest". If the sum of the SOFR Rate plus the spread is less than 0.00% for any interest period, then the interest rate for the Class A-2b notes for such interest period will be deemed to be 0.00%. See "*Risk Factors—Risks related to the issuance of a floating rate class of notes and the uncertainty of SOFR—A decrease in SOFR, including a negative benchmark rate, may reduce the rate of interest on the Class A-2b notes to 0.00%*". 

The Class A-2a notes and the Class A-2b notes are referred to in this prospectus collectively as the "**Class A-2 notes**". The Class A-2b notes will be floating rate notes. All other classes of notes will be fixed rate notes.

We refer to the Class A-1 notes, the Class A-2 notes, the Class A-3 notes and the Class A-4 notes as the "**Class A notes**". We refer to the Class A notes, the Class B notes and the Class C notes, collectively, as the "**notes**" or the "**offered notes**".

The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.

So long as the Class A notes are outstanding, the Class A notes will be the "**controlling class**". After the Class A notes have been paid in full, the Class B notes will be the controlling class. After the Class A notes and the Class B notes have been paid in full, the Class C notes will be the controlling class. In determining whether noteholders holding the requisite outstanding amount of a class of notes or the controlling class have given any request, demand, authorization, direction, notice, consent, or other action under any basic document, notes owned by the issuing entity, the depositor, the servicer (so long as NMAC or an affiliate thereof is the servicer) or any of their respective affiliates will be disregarded and deemed not to be "outstanding", unless all such notes are owned by the issuing entity, the depositor, the servicer (so long as NMAC or an affiliate thereof is the servicer), or any of their respective affiliates.

The issuing entity expects to issue the notes on or about July 29, 2025, which we refer to as the "**closing date**".

**Certificates** 

The issuing entity will also issue certificates, which represent 100% of the undivided beneficial interest in the issuing entity. The issuing entity is not offering the certificates hereby. All of the certificates will initially be issued to the depositor but may be sold or otherwise transferred by the depositor on or after the closing date. However, the portion of certificates retained by the depositor to satisfy the credit risk retention rules will not be sold or transferred except as permitted under those rules. See "*The Sponsor—Credit Risk Retention*" in this prospectus.

The certificates will represent fractional undivided interests in the issuing entity and will not bear interest. The issuing entity will not make any distributions to the holders of the certificates on any payment date until all interest on and principal of the notes that is due and payable on that payment date has been paid in full.

**Interest and Principal on the Notes** 

*Interest Rates* 

Each class of notes will have a fixed or adjustable rate of interest (which we refer to in this prospectus as "**fixed rate notes**" or "**floating rate notes**", respectively).

The Class A-2b notes will accrue interest at a floating rate based on the benchmark rate plus a spread. The initial benchmark rate will be the SOFR Rate. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus. If the sum of the SOFR Rate plus the applicable spread set forth on the front cover of this prospectus is less than 0.00% for any interest period, then the interest rate for the Class A-2b notes for such interest period will be deemed to be 0.00%. See "*Risk Factors—Risks related to the issuance of a floating rate class of notes and the uncertainty of SOFR—A decrease in SOFR, including a negative benchmark rate, may reduce the rate of interest on the Class A-2b notes to 0.00%*" and "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.

*Interest Periods and Payments* 

The issuing entity will pay interest on the notes monthly, on the 15th day of each month (or, if that day is not a business day, on the next business day),

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which we refer to as the "**payment date**". The first payment date is the payment date in August 2025. On each payment date, payments on the notes will be made to holders of record as of the last business day preceding that payment date (except in limited circumstances where definitive notes are issued), which we refer to as the "**record date**".

• Interest on the Class A-1 notes and the Class A-2b notes will accrue from and including the prior payment date (or, with respect
to the first payment date, from and including the closing date) to but excluding the current payment date.

• Interest on the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the
Class B notes and the Class C notes will accrue from and including the 15<sup>th</sup> day of the calendar month preceding each payment date (or, with respect to the first payment date, from and
including the closing date) to but excluding the 15th day of the month in which such payment date occurs.

• Interest accrued as of any payment date but not paid on that payment date will be payable on the next payment date, together with interest on such amount at the applicable interest rate (to the extent lawful).

• The issuing entity will pay interest on the Class A-1 notes and the Class A-2b notes on the basis of the actual number of days
elapsed during the period for which interest is payable and a 360-day year. This means that the interest due on each payment date for the Class A-1 notes and Class A-2b notes will be the product of (i) the outstanding principal amount of the Class A-1 notes or Class A-2b notes, as applicable, before giving effect to any payments made on that payment date, (ii) the applicable interest rate and (iii) the actual number of days from and including the previous payment date (or, in the case of the first payment
date, from and including the closing date) to but excluding the current payment date divided by 360.

• The issuing entity will pay interest on the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes on the basis of a 360-day year consisting of twelve 30-day months. This means that the interest due on each payment date for the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will be the product of (i) the outstanding principal amount of the related class of notes before giving effect to any payments made
on that payment date,
(ii) the applicable interest rate and (iii) 30 (or, with respect to the first payment date, the number of days from and including the closing date to but excluding the 15th day of the month in which the first payment date occurs (assuming a 30 day calendar month)), divided by 360.

• Interest payments on all classes of Class A notes will have the same priority and will be paid on a pro rata basis. Interest payments on the Class B notes will be subordinated to interest payments and, in
specified circumstances, principal payments, on the Class A notes. Interest payments on the Class C notes will be subordinated to interest payments and, in specified circumstances, principal payments, on the Class A notes and the
Class B notes.

• A failure to pay the interest due on the notes of the controlling class (i.e., the senior most class of notes outstanding, with the Class A notes being the most senior and the Class C notes being the most
junior) on any payment date that continues for a period of five business days or more will result in an event of default.

**Advances** 

The servicer may, but is not required to, advance to the issuing entity (i) lease payments that are due but unpaid by the lessees and (ii) estimated proceeds from expected sales on leased vehicles for which the related leases have terminated (other than in connection with a default) during the related collection period. The servicer will not make any advance if it determines that it will not be able to recover an advance from future payments on the related lease or disposition proceeds of the related leased vehicle.

For more detailed information on advances and reimbursement of advances, you should refer to "*Description of the Servicing Agreement—Advances*" in this prospectus*.*

**Priority of Payments** 

On each payment date prior to an acceleration of the notes (or after any such acceleration has been rescinded), the servicer will allocate available funds with respect to the related collection period as described below and will instruct the indenture trustee (or, if the notes have been paid in full, the owner trustee) to make the following deposits and distributions, to the extent of available funds on deposit in the series collection account for such payment date, in the following order of priority:

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• *first*, to the servicer, for reimbursement of any outstanding advances;

• *second*, to the servicer, the servicing fees, together with any unpaid servicing fees with respect to one or more prior collection periods;

• *third*, on a pro rata basis (based on the amounts due to each class) to the noteholders of the Class A notes, interest on the notes;

• *fourth*, to the note distribution account for distribution to the noteholders, the First Allocation of Principal;

• *fifth*, to the noteholders of the Class B notes, interest on the notes;

• *sixth*, to the note distribution account for distribution to the noteholders, the Second Allocation of Principal;

• *seventh*, to the noteholders of the Class C notes, interest on the notes;

• *eighth*, to the note distribution account for distribution to the noteholders, the Regular Allocation of Principal;

• *ninth*, to the reserve account, an amount, if any, necessary to increase the balance of funds therein to the reserve account requirement;

• *tenth*, to the indenture trustee and the calculation agent, any accrued and unpaid fees, expenses and indemnity payments, as applicable, due pursuant to the indenture but only to the extent that such fees,
expenses or indemnity payments have been outstanding for at least 60 days;

• *eleventh*, to the owner trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the trust agreement but only to the extent that such fees, expenses or indemnity payments have been
outstanding for at least 60 days;

• *twelfth*, to the asset representations reviewer, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the asset representations review agreement but only to the extent that such fees,
expenses or indemnity payments have been outstanding for at least 60 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *thirteenth*, to the certificate distribution account for distribution to the certificateholders, any remaining amounts.

"**First Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the excess, if any, of (a) the note balance of the Class A notes as of such payment date (before giving effect to any principal payments made on the Class A notes on such payment date) over (b) the aggregate securitization value as of the last day of the related collection period (or, with respect to the first payment date, as of the cutoff date); *provided*, however, that the First Allocation of Principal on and after the final scheduled payment date for any class of Class A notes will not be less than the amount that is necessary to reduce the note balance of that class of Class A notes to zero.

"**Second Allocation of Principal**" means, for any payment date, an amount not less than zero equal to (1) the excess, if any, of (a) the note balance of the Class A notes and the Class B notes as of such payment date (before giving effect to any principal payments made on the Class A notes and the Class B notes on such payment date) over (b) the aggregate securitization value as of the last day of the related collection period (or, with respect to the first payment date, as of the cutoff date) *minus* (2) the First Allocation of Principal for that payment date; *provided*, however, that the Second Allocation of Principal on and after the final scheduled payment date for the Class B notes will not be less than the amount that is necessary to reduce the note balance of the Class B notes to zero (after the application of the First Allocation of Principal).

"**Regular Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the lesser of (a) the excess of (i) the sum of (A) the aggregate securitization value as of the first day of the related collection period minus the aggregate securitization value as of the last day of the related collection period (or, with respect to the first payment date, as of the cutoff date) *plus* (B) any noteholders' principal carryover shortfall for such payment date, if any, over (ii) the sum of the First Allocation of Principal and the Second Allocation of Principal for such payment date, if any, and (b)(i) the outstanding note balance of the notes (before giving effect to any principal payments made on the notes on such payment date) *minus* (ii) the sum of the First Allocation of Principal and the Second Allocation of Principal for such payment date, if any; *provided*, *that* if the sum of the amounts in the reserve account and the remaining available funds after the payments under clauses (i) through (viii) of the priority of payments under "*—Deposits to the Distribution*

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 *Accounts; Priority of Payments*" in this prospectus would be sufficient to pay in full the aggregate unpaid note balance of all of the outstanding notes and the servicer has so specified in the payment date certificate, then the Regular Allocation of Principal for such payment date will equal the note balance less the sum of the First Allocation of Principal and the Second Allocation of Principal; *provided, further*, that the Regular Allocation of Principal on and after the final scheduled payment date for the Class C notes will not be less than the amount that is necessary to reduce the note balance of the Class C notes to zero.

**Principal Payments** 

Principal of the notes will be payable on each payment date (other than after the occurrence of an event of default under the indenture and an acceleration of the notes (unless and until the acceleration has been rescinded)) in the following order of priority:

(1) *first*, to the Class A-1 noteholders, until the outstanding
principal amount of the Class A-1 notes is reduced to zero;

(2) *second*, to the Class A-2 noteholders (pro rata between the Class A-2a noteholders and the Class A-2b noteholders), until the outstanding principal amount of the Class A-2 notes is
reduced to zero;

(3) *third*, to the Class A-3 noteholders, until the outstanding
principal amount of the Class A-3 notes is reduced to zero;

(4) *fourth*, to the Class A-4 noteholders, until the outstanding
principal amount of the Class A-4 notes is reduced to zero;

(5) *fifth*, to the Class B noteholders, until the outstanding principal amount of the Class B notes
is reduced to zero; and

(6) *sixth*, to the Class C noteholders, until the outstanding principal amount of the Class C notes
is reduced to zero.

Principal payments on the notes as described above will be made from all available funds after the servicing fee has been paid, certain advances have been reimbursed and after payment of interest on the notes.

For a description of how principal will be distributed following acceleration of the notes after an event of

default, see "—*Interest and Principal Payments after an Event of Default and Acceleration of the Notes*" below.

All unpaid principal of a class of notes will be due on the final scheduled payment date for that class.

*Interest and Principal Payments after an Event of Default and Acceleration of the Notes:* 

On each payment date after the occurrence of an event of default under the indenture and an acceleration of the notes as a result of a payment default or a bankruptcy event relating to the issuing entity (unless and until the acceleration has been rescinded), available funds (after the servicing fee has been paid to the servicer and fees, expenses and indemnities have been paid to the indenture trustee, the calculation agent, the owner trustee and the asset representations reviewer) will be applied to pay interest and principal in the following order of priority:

(i) *first*, interest on the Class A-1 notes, the Class A-2a notes, the Class A-2b notes, the Class A-3 notes and the Class A-4 notes, on a pro rata basis, based on the amount of the noteholders' interest distributable amount due to such class, until the accrued interest on such classes has been paid in full;

(ii) *second*, principal of the Class A-1 notes, until the
outstanding principal amount of the Class A-1 notes has been paid in full;

(iii) *third*, principal of the Class A-2a notes, the Class A-2b notes, the Class A-3 notes and the Class A-4 notes, on a pro rata basis, based on the respective outstanding
principal amounts of those classes of notes, until the outstanding principal amounts of those classes of notes have been paid in full;

(iv) *fourth*, interest on the Class B notes, the amount of the noteholders' interest distributable
amount due to the Class B notes, until the accrued interest on the Class B notes has been paid in full;

(v) *fifth*, principal of the Class B notes, until the outstanding principal amount of the Class B
notes has been paid in full;

(vi) *sixth*, interest on the Class C notes, the amount of the noteholders' interest distributable
amount due to the Class C notes, until the accrued interest on the Class C notes has been paid in full; and

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(vii) *seventh*, principal of the Class C notes, until the outstanding principal amount of the Class C
notes has been paid in full.

On each payment date after the occurrence of an event of default under the indenture and an acceleration of the notes as a result of an event other than a payment default or a bankruptcy event relating to the issuing entity (unless and until the acceleration has been rescinded), available funds (after the servicing fee has been paid to the servicer and fees, expenses and indemnities have been paid to the indenture trustee, the calculation agent, the owner trustee and the asset representations reviewer) will be applied to pay interest and principal in the following order of priority:

(i) *first*, interest on the Class A-1 notes, the Class A-2a notes, the Class A-2b notes, the Class A-3 notes and the Class A-4 notes, on a pro rata basis, based on the amount of the noteholders' interest distributable amount due to such class, until the accrued interest on such classes has been paid in full;

(ii) *second*, interest on the Class B notes, the amount of the noteholders' interest distributable
amount due to the Class B notes, until the accrued interest on the Class B notes has been paid in full;

(iii) *third*, interest on the Class C notes, the amount of the noteholders' interest distributable
amount due to the Class C notes, until the accrued interest on the Class C notes has been paid in full;

(iv) *fourth*, principal of the notes, until the outstanding principal amount of all the notes has been paid in
full.

For more detailed information concerning payments of principal, you should refer to "*The Notes—Principal*" and "*Distributions on the Notes*" in this prospectus.

**Events of Default** 

The occurrence and continuation of any of the following events will be an "**event of default**" under the indenture:

• the issuing entity fails to pay interest on any note of the controlling class, within five business days after such interest is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• the issuing entity fails to pay the principal of any note in full on its final scheduled payment date or redemption date;

• the issuing entity materially defaults in the observance or performance of any covenant or agreement of the issuing entity (other than as set forth in the first and second bullet points above), or any representation or
warranty of the issuing entity made in the indenture or in any certificate or other writing delivered under the indenture that proves to have been inaccurate in any material respect at the time made, which default or inaccuracy materially and
adversely affects the interests of the noteholders and such default or inaccuracy will continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was inaccurate will not have been eliminated or
otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that (A) such failure is capable of remedy within 90 days or less and (B) a
majority of the aggregate outstanding principal amount of the notes, voting as a single class, consent to such longer cure period) after written notice thereof is given to the issuing entity by the indenture trustee or to the issuing entity and the
indenture trustee by the holders of notes holding not less than the majority of the aggregate outstanding principal amount of the notes, voting as a single class; or

• certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity (which, if involuntary, remains unstayed for more than 90 days).

If an event of default occurs and is continuing, the indenture trustee or holders of at least a majority of the outstanding principal amount of the notes, voting as a single class, may declare the principal of the notes and all accrued and unpaid interest thereon immediately due and payable. That declaration, under limited circumstances, may be rescinded by the holders of at least a majority of the outstanding principal amount of the notes voting as a single class. After an event of default and the acceleration of the notes (unless and until such acceleration has been rescinded), funds on deposit in the series collection account and the reserve account will be applied to pay principal of and interest on the notes in the order and amounts specified under "*Distributions on the Notes*—*Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus. In addition, after an event of default and acceleration of the notes, the indenture trustee or the noteholders may elect to

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exercise certain remedies described in "*Description of the Indenture—Remedies Upon an Event of Default*."

For more detailed information regarding the events constituting an event of default and the remedies available following such default, you should refer to "*Description of the Indenture—Events of Default*" and "*—Remedies Upon an Event of Default*" in this prospectus.

**The Series Certificate** 

Motor vehicle dealers in the NMAC network of dealers have assigned closed-end retail lease contracts and have sold the related Nissan and Infiniti leased vehicles – which may include Nissan and Infiniti automobiles, sport utility vehicles and light-duty trucks – to the titling company. The leases have been underwritten using the underwriting criteria described in this prospectus under "*The Sponsor—Lease Underwriting Procedures*."

On or before the closing date, the titling company will establish a separate series of limited liability company interest in the titling company, which is also called a "**Series Interest**" and allocate to, and associate with, such Series Interest (the "**2025-B Series**") leases and related leased vehicles owned by the titling company. Each lease and the related leased vehicle allocated to, and associated with, the 2025-B Series will be selected based on the eligibility criteria as described under "*Characteristics of the Leases—General*" in this prospectus.

The 2025-B Series will be represented by a series certificate representing an interest in the 2025-B Series (the "**2025-B series certificate**"). Upon the creation of the 2025-B Series, the titling company will issue the 2025-B series certificate to NILT LLC, as holder of the unallocated assets series. NILT LLC will then sell the 2025-B series certificate to Nissan Auto Leasing LLC II pursuant to a series certificate sale agreement. The 2025-B series certificate will be resold by Nissan Auto Leasing LLC II to the issuing entity pursuant to a series certificate transfer agreement in exchange for the notes and certificates issued by the issuing entity.

The 2025-B series certificate will evidence an indirect limited liability company interest, rather than a direct ownership interest, in the related 2025-B series assets. By holding the 2025-B series certificate, the issuing entity will receive an amount equal to all payments made on or in respect of the 2025-B series assets, except as described under "*Risk Factors—Risks related to the limited nature of the issuing entity's assets—Interests of other persons in*

 *the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes*" in this prospectus. Payments made on or in respect of all other titling company assets will not be available to make payments on the notes and the certificates. The 2025-B series certificate is not offered to you under this prospectus.

**Assets of the Issuing Entity** 

The primary assets of the issuing entity will consist of the 2025-B series certificate representing the series interest in a pool of closed-end Nissan and Infiniti leases, the related Nissan and Infiniti leased vehicles and related assets, including the right to receive all monthly payments under the leases and the amounts realized from all sales of the related leased vehicles received in each case after the close of business on June 30, 2025 (the "**cutoff date**"), together with amounts in various accounts, including a reserve account.

The leases and the related leased vehicles allocated to, and associated with, the 2025-B Series will have the following characteristics as of the close of business on the cutoff date:

• an aggregate securitization value of $1,125,500,324.86;

• an aggregate discounted base residual value of the related leased vehicles of $633,248,290.54 (approximately 56.26% of the aggregate securitization value);

• a weighted average original lease term of approximately 37 months; and

• a weighted average remaining term to scheduled maturity of approximately 29 months.

The securitization value of each lease and the related leased vehicle will be the sum of the present value, discounted at the securitization rate of 10.00%, of (i) the remaining monthly payments payable under the lease, and (ii) the base residual of the leased vehicle.

The base residual is the lowest of (a) the residual value of the related leased vehicle at the scheduled termination of the lease established by Automotive Lease Guide in May-June 2025 as a "mark-to-market" value without making a distinction between value adding options and non-value adding options, (b) the residual value of the related leased vehicle at the scheduled termination of the lease established by Automotive Lease Guide in May-June 2025 as a "mark-to-market" value giving only partial credit or

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no credit for options that add little or no value to the resale price of the vehicle, and (c) the residual value of the related leased vehicle at the scheduled termination of the lease established or assigned by NMAC at the time of origination of the lease.

As described in "*The Sponsor—Lease Underwriting Procedures*," under NMAC's origination process, credit applications are evaluated by NMAC's computer auto-decisioning system and are either automatically approved, automatically rejected or forwarded for review by an NMAC credit analyst based on NMAC's auto-decisioning system. Applications that are not either automatically approved or automatically rejected are ultimately reviewed by an NMAC credit analyst with appropriate approval authority. 26,697 leases in the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series having an aggregate securitization value of $718,883,172.61 (approximately 63.87% of the aggregate securitization value of the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date) were automatically approved by NMAC's auto-decisioning system, while 13,805 leases in the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series having an aggregate securitization value of $406,617,152.25 (approximately 36.13% of the aggregate securitization value of the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date) were evaluated and approved by an NMAC credit analyst with appropriate authority in accordance with NMAC's written underwriting guidelines. NMAC does not consider any of the leases in the pool of leases and the related leased vehicles described in this prospectus to constitute exceptions to NMAC's written underwriting guidelines.

For more information regarding the issuing entity's property, you should refer to "*The Issuing Entity—Property of the Issuing Entity*," "*The 2025-B Series*" and "*The Leases*" in this prospectus.

**Representations and Warranties** 

NMAC will make certain representations and warranties regarding the characteristics of the leases as of the cutoff date. A breach of one or more of these representations may, subject to certain conditions, result in NMAC being obligated to direct the reallocation of leases and the related leased vehicles to the Unallocated Assets Series or another series of the titling company and to make a corresponding repurchase payment to the issuing entity. See "*Description of the Servicing*

 *Agreement—Purchase of Leased Vehicles Before Their Lease Maturity Dates*." This obligation will constitute the sole remedy available to the noteholders or the issuing entity for any uncured breach of those representations and warranties, although the reallocation obligation may be enforced through dispute resolution, as described below.

If the depositor, the issuing entity, the owner trustee (acting at the direction of a certificateholder), the indenture trustee (acting at the direction of an investor) or an investor requests that NMAC reallocate any lease due to a breach of representation or warranty as described above, and the reallocation request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the requesting party within 180 days of the receipt of notice of the request by NMAC, the requesting party will have the right to refer the matter, at its discretion, to either mediation or third-party arbitration. The terms of the mediation or arbitration, as applicable, are described under "*Description of the Indenture—Requests to Repurchase and Dispute Resolution*" in this prospectus.

**Review of Asset Representations** 

If the aggregate amount of 60-day delinquent leases exceeds the threshold set forth in "*Description of the Servicing Agreement—Asset Representations Review*" in this prospectus, then, subject to the conditions specified therein, investors representing at least a majority of the voting investors, voting as a single class, may direct the asset representations reviewer to perform a review of the delinquent leases for compliance with the representations and warranties made by NMAC. See "*Description of the Servicing Agreement—Asset Representations Review*" in this prospectus.

**Credit and Cash Flow Enhancement** 

Credit enhancement provides protection for the notes against losses and delays in payment on the leases or other shortfalls of cash flow. The enhancement for the notes will be overcollateralization, the reserve account and, in the case of the Class A notes and the Class B notes, subordination of certain payments as described below. The enhancement is intended to protect you against losses and delays in payments on your notes by absorbing losses on the leases and other shortfalls in cash flows. If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later final scheduled payment date generally will bear a greater risk of loss than notes having an earlier final scheduled payment date. See also "*Security for the*

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 *Notes and Credit Enhancement—Overcollateralization*" in this prospectus.

The credit enhancement for the notes will be as follows:

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| | |
|:---|:---|
| Class A notes: | Subordination of payments on the Class B notes and the Class C notes, overcollateralization and the reserve account. |
| Class B notes: | Subordination of payments on the Class C notes, overcollateralization and the reserve account. |
| Class C notes: | Overcollateralization and the reserve account. |

---

*Subordination of Payments on the Class B Notes* 

As long as the Class A notes remain outstanding, payments of interest on any payment date on the Class B notes will be subordinated to payments of interest on the Class A notes and certain other payments on that payment date (including principal payments of the Class A notes in specified circumstances), and payments of principal of the Class B notes will be subordinated to all payments of principal of and interest on the Class A notes and certain other payments on that payment date. If the notes have been accelerated after an event of default under the indenture, the priority of these payments will change. For a description of these changes in priority, see "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" and "*—Post-Acceleration Priority of Payments*".

*Subordination of Payments on the Class C Notes* 

As long as the Class A notes and the Class B notes remain outstanding, payments of interest on any payment date on the Class C notes will be subordinated to payments of interest on the Class A notes and the Class B notes and certain other payments on that payment date (including principal payments of the Class A notes and the Class B notes in specified circumstances), and payments of principal of the Class C notes will be subordinated to all payments of principal of and interest on the Class A notes and the Class B notes and certain other payments on that payment date. If the notes have been accelerated after an event of default under the indenture, the priority of these payments will change. For a description of these changes in priority, see "*Distributions on the Notes—Deposits to the*

 *Distribution Accounts; Priority of Payments*" and "*—Post-Acceleration Priority of Payments*".

*Overcollateralization:* 

Overcollateralization is the amount by which the aggregate securitization value exceeds the aggregate outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses on the leases. The initial amount of overcollateralization will be $125,500,324.86, which is approximately 11.15% of the aggregate securitization value of the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date.

*The Reserve Account:* 

The servicer, on behalf of the issuing entity, will establish a reserve account in the name of the indenture trustee. The reserve account will be funded as follows:

• on the closing date, the depositor will cause to be deposited into the reserve account, an amount equal to at least $4,502,001.30, which, is at least 0.40% of the aggregate securitization value of the pool of leases and
the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date; and

• thereafter, on each payment date while the notes remain outstanding, the "**reserve account requirement**" will be (i) on each payment date on or prior to the payment in full of the Class A-2 notes, at least 0.65% of the aggregate securitization value of the pool of leases and the related leased vehicles as of the cutoff date and (ii) on each payment date following the payment in full
of the Class A-2 notes, at least 0.50% of the aggregate securitization value of the pool of leases and the related leased vehicles as of the cutoff date; *provided*, *however*, that on any
payment date (after taking into account all distributions from the Series Collection Account on such date) on which the note balance is zero, the "reserve account requirement" will be an amount equal to $0.

On each payment date, excess collections remaining after payment of the servicing fee, reimbursement of servicer advances and payment of principal of and interest on the notes will be deposited into the reserve account to fund and maintain the reserve account requirement.

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On each payment date, after all appropriate deposits and withdrawals are made to and from the reserve account, any amounts on deposit in the reserve account in excess of the reserve account requirement will be released to the holders of the certificates, as beneficial owners of the issuing entity.

Funds in the reserve account on each payment date will be available to cover shortfalls in payments on the notes until the amount on deposit in the reserve account is zero. The reserve account will be pledged to the indenture trustee to secure repayment of the notes. See "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus.

For more information regarding the reserve account, you should refer to "*Security for the Notes and Credit Enhancement—The Accounts—The Reserve Account*" in this prospectus.

**Optional Purchase** 

NMAC, as servicer, has the option to purchase or cause to be purchased all of the assets of the issuing entity on any payment date on which the aggregate securitization value of the leases and leased vehicles allocated to, and associated with, the 2025-B Series is less than or equal to 10% of the initial aggregate securitization value of the leases and leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date. If the servicer exercises this option, any notes that are outstanding at that time will be prepaid in whole at a redemption price equal to their unpaid principal amount plus accrued and unpaid interest.

For more information regarding the optional purchase, you should refer to "*Distributions on the Notes—Optional Purchase*" in this prospectus.

**Tax Status** 

On the closing date, Mayer Brown LLP, special federal tax counsel to the issuing entity, will deliver an opinion, subject to the assumptions and qualifications therein, to the effect that the offered notes (other than such notes, if any, beneficially owned by (i) the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes, (ii) a member of an expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4) or any successor regulation then in effect) that includes the issuing entity (or a person considered to be the same person as the issuing entity for United States federal income tax purposes), (iii) a "controlled partnership" (as defined in Treasury Regulation Section 1.385-1(c)(1) or any successor

regulation then in effect) of such expanded group or (iv) a disregarded entity owned directly or indirectly by a person described in preceding clause (ii) or (iii)) will be characterized as debt for U.S. federal income tax purposes and that the issuing entity will not be classified as an association or publicly traded partnership taxable as a corporation. At closing, the issuing entity will be disregarded as separate from the depositor for U.S. federal income tax purposes but may be treated as a partnership should the depositor transfer any of the certificates to another party (that is not treated as the same person as the depositor for U.S. federal income tax purposes) or should any of the notes be characterized by the Internal Revenue Service as equity of the issuing entity.

The depositor will agree, and the noteholders and beneficial owners will agree by accepting the notes or a beneficial interest therein, to treat the notes as debt for U.S. federal, state and local income and franchise tax purposes.

*We encourage you to consult your own tax advisor regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of the notes and the tax consequences arising under the laws of any state or other taxing jurisdiction.* 

You should refer to "*Material U.S. Federal Income Tax Consequences*" in this prospectus.

**U.S. Employee Benefit Plan Considerations** 

Subject to the considerations discussed under "*Certain U.S. Employee Benefit Plan Considerations*," the offered notes may be acquired with the assets of an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is subject to Title I of ERISA, a "plan" as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "**Code**") that is subject to Section 4975 of the Code, or any entity deemed to hold plan assets of either of the foregoing (each a "**Benefit Plan Investor**"), as well as "governmental plans" (as defined in Section 3(32) of ERISA), any other employee benefit plans or plans that are not subject to Title I of ERISA or Section 4975 of the Code and any entity deemed to hold plan assets of the foregoing (collectively, with Benefit Plan Investors, referred to as "**Plans**"). Fiduciaries of Plans are urged to carefully review the matters discussed in this prospectus and consult with their legal advisors before making a decision to invest in the offered notes. See "*Certain U.S. Employee Benefit Plan Considerations*."

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**Money Market Investment** 

The Class A-1 notes will be structured to be "eligible securities" for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940, as amended. Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. It is the responsibility solely of the money market fund and its advisor to satisfy those requirements. Money market funds contemplating a purchase of the Class A-1 notes are encouraged to consult their counsel before making a purchase.

**Certain Investment Considerations** 

The issuing entity will be structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013 implementing the statutory provision commonly known as the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

**Ratings** 

NMAC, as sponsor, expects that the notes will receive credit ratings from two nationally recognized statistical rating organizations hired by the sponsor to assign ratings on the notes (the "**hired rating agencies**"). The ratings of the notes will address the likelihood of payment of principal of, and interest on, the notes according to their terms. Although the hired rating agencies are not contractually obligated to do so, we believe that each hired rating agency rating the notes will monitor the ratings using its normal surveillance procedures. Any hired rating agency may change or withdraw an assigned rating at any time. In addition, a rating agency not hired by the sponsor to rate the transaction may provide an unsolicited rating that differs from (or is lower than) the ratings provided by the hired rating agencies. Any rating action taken by a rating agency, whether hired or otherwise, may not necessarily be taken by any other rating agency. No transaction party will be responsible for monitoring any changes to the ratings on the notes. See "*Risk Factors*—*Risks related to certain features of the notes and financial market disruptions—A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on your notes or a potential rating agency conflict of interest and regulatory scrutiny of the rating agencies could adversely affect the market value of your notes and/or limit your ability to resell your notes*" in this prospectus.

**Credit Risk Retention** 

The depositor, a wholly owned subsidiary of NMAC, will be the initial holder of the issuing entity's certificates. NMAC, as sponsor, through its ownership of the depositor, intends to retain an interest in the transaction in the form of the certificates. The certificates represent 100% of the beneficial interest in the issuing entity. For a description of the issuing entity's assets and liabilities as of the closing date, see "*The Issuing Entity—Capitalization and Liabilities of the Issuing Entity*" in this prospectus.

Pursuant to the SEC's credit risk retention rules, codified at 17 C.F.R. Part 246 ("**Regulation RR**"), NMAC, as sponsor, is required to retain an economic interest in the credit risk of the leases and leased vehicles, either directly or through a majority-owned affiliate. NMAC intends to satisfy this obligation through the retention by the depositor, its wholly-owned affiliate, of an "eligible horizontal residual interest" in an amount equal to at least 5% of the fair value, as of the closing date, of all of the notes and certificates issued by the issuing entity.

The eligible horizontal residual interest retained by the depositor will consist of the issuing entity's certificates. NMAC expects such certificates to have a fair value of approximately $182,810,880.04, which is approximately 15.46% of the fair value of all of the notes and certificates issued by the issuing entity. For a description of the valuation methodology used to calculate the fair value of the notes and certificates and of the eligible horizontal residual interest set forth in the preceding sentences, see "*The Sponsor—Credit Risk Retention*" in this prospectus.

The depositor may transfer all or a portion of the eligible horizontal residual interest to another majority-owned affiliate of NMAC on or after the closing date.

The depositor does not intend to transfer or hedge any portion of the depositor's retained economic interest that is intended to satisfy the requirements of Regulation RR except as permitted under Regulation RR.

**EU Securitization Regulation and UK Securitization Framework** 

None of NMAC, the depositor, the underwriters or any of their respective affiliates will retain or commit to retain a 5% material net economic interest with respect to the transaction described in this prospectus in accordance with the EU Securitization Regulation or the UK Securitization Framework or makes or

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intends to make any representation or agreement that it or any other party is undertaking or will undertake to take any other action or refrain from taking any action to facilitate or enable the compliance by EU Affected Investors with the EU Due Diligence Requirements or by UK Affected Investors with the UK Due Diligence Requirements, or to comply with the requirements of any other law or regulation now or hereafter in effect in the EU, any EEA member state or the UK, in relation to risk retention, due diligence and monitoring, transparency, credit granting standards or any other conditions with respect to investments in securitization transactions. The arrangements described under "*Credit Risk Retention*" in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation or the UK Securitization Framework by any person.

Failure by an EU Affected Investor to comply with the EU Due Diligence Requirements or failure by a UK Affected Investor to comply with the applicable UK Due Diligence Requirements, in each case with respect to an investment in the notes described in this prospectus, may result in the imposition of a penalty regulatory capital charge on such investment or other regulatory sanctions and/or remedial measures being taken or imposed by the relevant regulatory authority of such EU Affected Investor or UK Affected Investor, or a requirement to take corrective action.

Prospective investors are responsible for analyzing their own legal and regulatory position and should consult with their own investment and legal advisors, regarding the application of the EU Securitization Regulation, the UK Securitization Framework or other applicable regulations and the suitability of the notes for investment. The transaction described in this prospectus is structured in a way that is unlikely to allow EU Affected Investors to comply with the EU Due Diligence Requirements or UK Affected Investors to comply with the UK Due Diligence Requirements.

See "*Legal Investment—Requirements for Certain European and UK Regulated Persons and Affiliates*" in this prospectus.

**Registration under the Securities Act** 

The depositor has filed a registration statement relating to the notes with the SEC on Form SF-3. The depositor has met the requirements for registration on Form SF-3 contained in General Instruction I.A.1 to Form SF-3.

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**SUMMARY OF RISK FACTORS** 

*The notes are subject to certain risks that you should consider before making a decision to purchase any notes. This summary is included to provide an overview of the potential risks. It does not contain all of the information regarding the risks that you should consider in making your decision to purchase any notes. To understand these risks fully, you should read "Risk Factors" beginning on page 15.* 

**Risks Related to the Characteristics, Servicing and Performance of the Leases and Related Leased Vehicles Allocated to, and Associated with, the 2025-B Series**. The notes are subject to risks related to the characteristics, servicing and performance of the leases and leased vehicles, which could result in delays in payment or losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The concentration of leased vehicles to particular models could negatively affect the 2025-B Series Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of climate-change related events, including efforts to reduce or mitigate the effects of climate
change, may increase the risk of losses or reduce the return on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The residual value of leased vehicles included in the 2025-B Series
Assets may be adversely affected by discount pricing incentives, service campaigns, marketing incentive programs, recalls, used car market factors and other market factors, which may increase the risk of loss on your investment in the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may suffer a loss on your notes due to increased vehicle turn-in rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience reduced returns and delays on your notes resulting from a vehicle recall or service campaign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NMAC's discretion over the servicing of the leases and disposition of the leased vehicles may impact the
amount and timing of funds available to make payments on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit scores and historical loss experience may not accurately predict the likelihood of losses on the leases
and therefore losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent and future economic developments may adversely affect the performance of the leases and the market value
of the leased vehicles, which may result in reduced or delayed payments on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The application of the Servicemembers Civil Relief Act and similar state laws may lead to delays in payment or
losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with consumer protection laws may result in losses on your notes.

**Risks Related to the Limited Nature of the Issuing Entity's Assets**. The issuing entity has limited assets, and delays in payment or losses on your notes could arise from shortfalls or delays in amounts available to make payments on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must rely only upon the issuing entity's assets and you may experience a loss if defaults on the leases
or residual value losses exceed the available credit enhancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience a loss or a delay in receiving payments on the notes if the assets of the issuing entity are
liquidated and failure to pay principal on your notes will not constitute an event of default until the applicable final scheduled payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's
interest, which may result in delayed or reduced payments on your notes.

**Risks Related to the Servicer and Other Transaction Parties**. Adverse events affecting the servicer or other transaction parties could result in losses on your notes or reduce the market value or liquidity of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its
activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal or state financial regulatory reform or regulation could have a significant impact on the servicer, the
sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vicarious tort liability may result in losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience losses on your notes if NMAC becomes the subject of legal proceedings or if the issuing entity
or the titling company is held liable in any lawsuit by a lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses
on your notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may suffer losses on your notes if the servicer holds collections and commingles them with its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience delays or reduction in payments on your notes following a servicer default and replacement of
the servicer.

**Risks Related to the Issuance of Multiple Classes of Notes or Retention of Notes.** The issuing entity has issued multiple classes of notes and your notes may be more sensitive to losses, be affected by conflicts of interest between classes and have reduced liquidity or voting power because of retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment priorities increase risk of loss or delay in payment to certain classes of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The failure to pay interest on the subordinated classes of notes is not an event of default, and the failure to
make principal payments on any notes will generally not result in an event of default until the applicable final scheduled payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be a conflict of interest among classes of notes or among noteholders generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market value, liquidity and voting power of your notes may be adversely impacted by retention of the notes by
the depositor or its affiliates.

**Risks Related to Certain Features of the Notes and Financial Market Disruptions.** Certain features of the notes and financial market disruptions may adversely affect the return on your notes or the market value and liquidity of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on
your notes or a potential rating agency conflict of interest and regulatory scrutiny of the rating agencies could adversely affect the market value of your notes and/or limit your ability to resell your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Returns on your investments may be reduced by prepayments on the leases, events of default, optional redemption
or reallocation of the leases and the leased vehicles from the 2025-B Series Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk of a taxable deemed exchange of your notes if the basic documents are amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial market disruptions, and the absence of a secondary market for the notes may make it difficult for you
to sell your notes and/or obtain your desired price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-U.S. Holders investing in notes could be treated as engaged in a U.S.
trade or business for U.S. federal income tax purposes on account of their own activities.

**Risks Related to the Issuance of a Floating Rate Class of Notes and the Uncertainty of SOFR**. The uncertainty regarding SOFR could lead to shortfalls in payments or losses on your notes and may adversely affect the return on your notes or the market value and liquidity of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the SOFR reference rate could have an adverse effect on the floating rate notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decrease in SOFR, including a negative benchmark rate, may reduce the rate of interest on the Class A-2b notes to 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuing entity will issue floating rate notes, but the issuing entity will not enter into any interest rate
swaps and you may suffer losses on your notes if interest rates rise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The occurrence of a benchmark transition event may result in a deemed taxable exchange for noteholders for U.S.
federal income tax purposes.

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**RISK FACTORS** 

*You should consider the following risk factors in deciding whether to purchase the notes of any class.* 

**RISKS RELATED TO THE CHARACTERISTICS, SERVICING AND PERFORMANCE OF THE LEASES AND RELATED LEASED VEHICLES ALLOCATED TO, AND ASSOCIATED WITH, THE 2025-B SERIES** 

**The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets.** 

The concentration of the leases in specific geographic areas may increase the risk of loss. A deterioration in economic conditions regardless of reason, including a general curtailment of business activity, the imposition of tariffs, rising interest rates and unemployment, natural or man-made disasters, extreme weather conditions (including an increase in the frequency of extreme weather conditions as a result of climate change), civil unrest or local or regional effects of public health emergencies, in the states where lessees reside, could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases and may consequently adversely affect the delinquency, default, loss and repossession experience of the issuing entity with respect to the leases and related leased vehicles of the lessees in such states. See "*—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Recent and future economic developments may adversely affect the performance of the leases and the market value of the leased vehicles, which may result in reduced or delayed payments on your notes*."

As of the cutoff date, based on the billing addresses of the lessees on the leases in the pool of leases and related leased vehicles to be included in the 2025-B Series Assets, leases representing approximately 21.14%, 16.80%, 15.14% and 5.52% of the aggregate securitization value of the leases were located in New York, New Jersey, Florida and Pennsylvania, respectively. No other state, based on the billing addresses of the lessees, accounted for more than 5.00% of the aggregate securitization value of the leases as of the cutoff date.

NMAC provides lease financing to lessees in all 50 states and the District of Columbia. States with larger populations (including, without limitation, California, Florida, Illinois, New York and Texas) and those states where consumers tend to favor leasing rather than purchasing of vehicles, such as New York, generally make up a larger concentration of NMAC's overall lease portfolio and, therefore, constitute a larger concentration of the leases to be included in the 2025-B Series Assets. Because of the concentration of the lessees in certain states, any adverse economic conditions, natural or man-made disasters, extreme weather conditions, civil unrest or public health emergencies in these states in particular could adversely affect the delinquency, credit loss, repossession or prepayment experience of the issuing entity more than if the concentration did not exist, which may result in a greater risk of loss to you or your notes. In particular, climate change may lead to an increase in the frequency of natural disasters and extreme weather conditions, with certain states bearing a greater risk of the adverse effects of climate change, which could increase the risks of geographic concentration in the pool.

**The concentration of leased vehicles to particular models could negatively affect the 2025-B Series Assets.** 

As of the cutoff date, the Rogue, Pathfinder, Altima and QX60 models represent approximately 29.24%, 15.72%, 11.68% and 10.91%, respectively, of the aggregate securitization value of the leases and the related leased vehicles to be included in the 2025-B Series Assets. No other model accounted for more than 10.00% of the aggregate securitization value of the leases and the related leased vehicles to be included in the 2025-B Series Assets. Any adverse change in the value of a specific model type (including due to a vehicle recall) would reduce the proceeds received at disposition of a related leased vehicle. As a result, you may incur a loss on your investment in the notes.

**The impact of climate-change related events, including efforts to reduce or mitigate the effects of climate change, may increase the risk of losses or reduce the return on your notes.** 

The effects of climate change such as natural disasters or extreme weather conditions (including any increase in the frequency and range of natural disasters and extreme weather conditions as a result of climate change) in the locations where lessees work or reside could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases and may consequently adversely affect the delinquency, credit loss,

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repossession or prepayment experience of the issuing entity with respect to the leases in such states. See "—*The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets.*" Further, the pricing of used vehicles is affected by, among other factors, consumer preferences, which may be impacted by consumer perceptions of climate change and consumer efforts to mitigate or reduce climate change-related events by purchasing vehicles that are viewed as more fuel-efficient (including vehicles powered primarily or solely through electricity). An increase in the supply or a decrease in the demand for used vehicles may adversely impact the residual value of leased vehicles allocated to the 2025-B Series. See "—*The residual value of leased vehicles included in the 2025-B Series Assets may be adversely affected by discount pricing incentives, service campaigns, marketing incentive programs, recalls, used car market factors and other market factors, which may increase the risk of loss on your investment in the notes*".

Further, the implementation of new or revised laws or regulations designed to address or mitigate the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) could have a significant impact on the servicer, the sponsor, the depositor and the issuing entity (including as a result of an adverse impact generally on the auto finance and resale markets) and could adversely affect the timing and amount of payments on your notes.

Consequently, the impact of climate-change related events, including efforts to reduce or mitigate the effects of climate change, may increase the risk of losses or reduce the return on your notes.

**The residual value of leased vehicles included in the 2025-B Series Assets may be adversely affected by discount pricing incentives, service campaigns, marketing incentive programs, recalls, used car market factors and other market factors, which may increase the risk of loss on your investment in the notes.** 

Historical residual value loss experience on leased vehicles is partially attributable to new car pricing policies of all manufacturers. Discount pricing incentives or other marketing incentive programs on new cars by Nissan North America, Inc. ("**NNA**") or by its competitors that effectively reduce the prices of new vehicles may have the effect of reducing demand by consumers for used vehicles. In addition, the pricing of used vehicles is affected by supply and demand for such vehicles, which in turn is affected by consumer preferences, economic factors, fuel costs, marketing incentives, the introduction and pricing of new vehicle models, vehicle recalls or other potential defects, service campaigns and other factors, including concerns about the viability of the related vehicle manufacturer and/or an actual failure or bankruptcy of the related vehicle manufacturer. In addition, decisions by NNA with respect to new vehicle production, pricing and incentives may affect used vehicle prices, particularly those for the same or similar models. For instance, introduction of a new model with additional equipment not reflected in the manufacturer's suggested retail price or the discontinuation of an existing model may adversely impact the resale value of the existing portfolio of similar model types. The reduced demand for used vehicles resulting from discount pricing incentives, other marketing incentive programs introduced by Nissan North America, Inc. or any of its competitors or other market factors may reduce the prices consumers will be willing to pay for used vehicles, including leased vehicles included in the pool assets at the end of the related leases and thus reduce the residual value of such leased vehicles, particularly those for the same or similar models. If programs are implemented by the United States government to stimulate the sale of new vehicles, this may have the effect of further reducing the values of used vehicles, resulting in increased losses upon disposition of leased vehicles that may result in losses on your notes. Further, the insolvency of Nissan Motor Co., Ltd., a Japanese corporation ("**NML**") (or its affiliates), a ratings downgrade of NML (or its affiliates) or adverse publicity involving NML or its affiliates may negatively affect used vehicle prices for Nissan and Infiniti vehicles. Adverse changes in these factors, including general economic conditions and market interest rates, may affect both the supply and demand of both new and used vehicles and, consequently, the resale value for returned and repossessed leased vehicles. As a result of all of the foregoing, the proceeds received by the issuing entity upon disposition of leased vehicles may be reduced or delayed and may not be sufficient to pay amounts owing on the notes, and you may suffer a loss on your investment in the notes.

These and other factors that are beyond the control of the issuing entity, the depositor and the servicer, including in connection with the Business Integration, could have a negative impact on the resale value of a vehicle. If the proceeds actually realized upon the sale of the leased vehicles allocated to, and associated with, the 2025-B Series are substantially lower than the stated contract residual values originally established by NMAC, you may suffer a loss on your investment.

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**You may suffer a loss on your notes due to increased vehicle turn-in rates.** 

Losses may be greater as vehicle turn-in rates upon the expiration of leases increase because sale prices will be dependent on the market value of such vehicles in the used car market. Under each lease, the lessee or grounding dealer may elect to purchase the related vehicle at the expiration of the lease for an amount generally equal to the stated contract residual value established at the inception of the lease. Lessees and dealers who decide not to purchase their related vehicles at lease expiration will expose the issuing entity to possible losses if the sale prices of such vehicles in the used car market are less than their respective stated residual values. The level of turn-ins at termination of the leases could be affected by the convenience of the turn-in process generally, lessee views on vehicle quality, the relative attractiveness of new models available to the lessees, sales and lease incentives offered with respect to other vehicles (including those offered by NMAC), the level of the purchase option prices for the related vehicles compared to new and used vehicle prices and economic conditions generally. The early termination of leases by lessees (including due to concerns arising from a vehicle recall, regardless of whether the related leased vehicle was affected by the recall) may affect the number of turn-ins in a particular month. If losses resulting from increased turn-ins exceed the credit enhancement available for the notes, you may suffer a loss on your investment in the notes.

**You may experience reduced returns and delays on your notes resulting from a vehicle recall or service campaign.** 

From time to time an automobile manufacturer or one of its suppliers may discover a component or feature of a vehicle built or assembled by such manufacturer or containing components supplied by such supplier that might affect the safety, comfort or aesthetics of the vehicle. In such cases the manufacturer may conduct a recall or service campaign concerning such component or feature. Lessees that lease motor vehicles affected by a vehicle recall may be more likely to be delinquent in, or default on, payments on their leases. In addition, increases in the inventory of used motor vehicles subject to a recall may also depress the prices at which repossessed or off-lease vehicles may be sold or delay the timing of those sales. If the default rate on the leases increases and the price at which the related vehicles may be sold declines, you may experience losses with respect to your notes. If any of these events materially affect collections on the 2025-B Series Assets, you may experience delays in payments or principal losses on your notes including as described in "—*Federal or state financial regulatory reform or regulation could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes*".

In addition, vehicle sales may be realized earlier than expected if lessees request early terminations of leases due to concerns arising from a recall, regardless of whether such vehicle was affected by the recall. As a result, you may receive payment of principal on the notes earlier than you expected.

**NMAC's discretion over the servicing of the leases and disposition of the leased vehicles may impact the amount and timing of funds available to make payments on the notes.** 

Although NMAC is obligated to service the leases in accordance with its customary servicing practices, NMAC has discretion in servicing the leases, including the ability to grant payment extensions and to determine the timing and method of collection and liquidation procedures. NMAC, in its own discretion, may permit an extension on, or a deferral of, payments due or halt repossession activity on a case-by-case basis or more broadly in accordance with its customary servicing practices, for example, in connection with a natural disaster or public health emergency affecting a large group of lessees. See "*The Leases*—*Characteristics of the Leases—General*" and "*The Sponsor*—*Modifications of Leases*" in this prospectus. Payment deferrals, extensions or other modifications to the leases or delays in initiating repossession activity may extend the maturity of the leases, increase the weighted average life of any class of notes and reduce the yield on your notes.

In addition, supply chain issues related to the availability of new and used vehicles and the related fluctuating consumer demand for new and used vehicles may adversely impact the resale value for returned and repossessed leased vehicles. If the servicer is delayed in repossessing a vehicle, unable to sell returned or repossessed leased vehicles in a timely manner or unable to sell returned or repossessed leased vehicles for an amount greater than the stated residual value of such lease, you could experience increased losses on the related leases and your notes.

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**Credit scores and historical loss experience may not accurately predict the likelihood of losses on the leases and therefore losses on your notes.** 

A credit score purports only to be a measurement of the relative degree of risk a borrower represents to a lender, i.e., that a borrower with a higher score is statistically expected to be less likely to default in payment than a borrower with a lower score. Further, credit score models were built prior to the global outbreak of Coronavirus Disease 2019 ("**COVID-19**") as well as the current rise in inflation, and were not designed to take into account the longer term impacts of social, economic and financial disruptions caused by the COVID-19 pandemic and the recent rise in inflation. Credit scores, including the scoring data presented in this prospectus, do not account for changes in lessees' credit profiles subsequent to the date as of which such scores have been obtained. Consequently, information regarding credit scores for the lessees on the leases allocated to, and associated with, the 2025-B Series presented in "*The Leases*—*Characteristics of the Leases—General*" should not be relied upon as a basis for an expectation that a lease will be paid in accordance with its terms.

Additionally, historical loss and delinquency information set forth in this prospectus under "*Prepayments, Delinquencies, Repossessions and Net Losses*—*Delinquency, Repossession and Credit Loss Information*" and "—*Residual Value Loss Experience*" was affected by several variables, including general economic conditions and market residual values, may differ in the immediate future, and are likely to differ in the longer-term future. Consequently, the net loss experience calculated and presented in this prospectus with respect to NMAC's managed portfolio of leases may not reflect actual experience with respect to the leases allocated to, and associated with, the 2025-B Series. NMAC has experienced variability (including increases) in delinquencies and repossessions in its auto lease portfolio, which variability may continue (including as a result of the volatility in the United States economy, global financial markets, government policies and spending decisions and the business or operations of the sponsor or the servicer). Further, the prices of used vehicles, including the prices at which the servicer is able to sell repossessed vehicles are variable and declines in used vehicle prices will result in increased credit losses on defaulted leases. In addition, future delinquency rates, rates of repossession, recovery rates or loss experience of the servicer with respect to the leases may be better or worse than that set forth in the static pool information and historical delinquency and loss information contained in this prospectus. In addition, the servicer may modify its customary servicing practices from time to time and those changes could reduce collections on the leases allocated to, and associated with, the 2025-B Series.

As a result, the net loss experience presented in this prospectus with respect to NMAC's managed portfolio of contracts may not reflect actual experience with respect to the leases allocated to, and associated with, the 2025-B Series. If the performance of the leases in the pool of leases and leased vehicles is worse than expected, the timing and amount of payments on the notes could be adversely affected.

**Recent and future economic developments may adversely affect the performance of the leases and the market value of the leased vehicles, which may result in reduced or delayed payments on your notes.** 

A deterioration in economic conditions and certain economic factors, such as reduced business activity, high unemployment, interest rates, housing prices, energy prices (including the price of gasoline), increased consumer indebtedness (including of lessees), lack of available credit, increased state, local or federal taxation, the rate of inflation and consumer perceptions of the economy, reduced government spending, the imposition of tariffs and other factors, such as terrorist events, civil unrest, labor strikes, cyber-attacks, public health emergencies, extreme weather conditions or significant changes in the political environment, political instability, armed conflicts and trade disruptions, could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases. The issuing entity's ability to make payments on the notes could be adversely affected if lessees were unable to make timely payments or if the servicer elected to, or was required to, implement forbearance programs for lessees.

The United States has in the past experienced, and may in the future experience, periods of economic contraction or volatility. The outlook for the U.S. economy remains uncertain, and there could be increases in the level of unemployment claims, economic contraction and volatility, inflation and decreases in consumer confidence and spending. Rising inflation and resulting monetary and interest rate policies may result in periods of prolonged economic contraction, causing economic conditions to worsen. Changes in international trade policy, especially related to additional or new tariffs or retaliatory tariffs, have the potential to disrupt existing supply chains, impose

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additional costs on businesses and adversely affect consumer spending. In recent years, consumer prices in the United States have experienced steep increases. The general effects of inflation on the economy of the United States may be wide-ranging. For example, if a lessee's income growth fails to keep pace with the rising costs of goods and services, then such lessee may have less funds available to make payments on its lease, resulting in an increased risk of delinquencies, defaults, repossessions and losses on automobile leases and leased vehicles. Further, changes and instability in the macroeconomic environment may also be accompanied by temporary or prolonged decreased consumer demand for motor vehicles and declining used vehicle values. Significant increases in the inventory of used vehicles during periods of economic contraction or volatility may also depress the prices at which off-lease or repossessed vehicles may be sold or delay the timing of these sales. Any of these factors could affect the performance of your notes and your ability to sell your notes in the secondary market.

In addition, higher future energy and fuel prices could reduce the amount of disposable income that consumers have available to lease vehicles as well as reduce the demand for vehicles (especially less fuel economical vehicles), thereby reducing the residual value of leased vehicles. Higher energy costs could cause business disruptions, which could cause unemployment and a further or deepening economic downturn. Decreased consumer demand could cause lessees to potentially become delinquent in making payments or default if they are unable to make payments on the leases due to increased energy or fuel bills or unemployment. The issuing entity's ability to make payments on the notes could be adversely affected if the related lessees are unable to make timely payments or if the residual values of leased vehicles decline.

See "*Prepayments, Delinquencies, Repossessions and Net Losses—Delinquency, Repossession and Credit Loss Information*" and "*Static Pool Information*" in this prospectus for delinquency and loss information regarding certain leases and leased vehicles originated and serviced by NMAC.

**The application of the Servicemembers Civil Relief Act and similar state or local laws may lead to delays in payment or losses on your notes.** 

The federal Servicemembers Civil Relief Act (the "**Relief Act**"), as amended, and similar state or local laws may provide relief to lessees who enter active military service and to lessees in reserve or national guard status who are called to active duty after the originations of their leases. On July 29, 2022, the CFPB (as defined below) and the Department of Justice sent a notification letter to auto lending and leasing companies reminding them of the protections offered to servicemembers and their dependents under the Relief Act. The Relief Act provides that under some circumstances the lessor may not terminate the lease contract for breach of the terms of the contract, including non-payment. Furthermore, under the Relief Act, a lessee may terminate a lease of a vehicle at any time after commencement of active duty if (i) the lease is executed by or on behalf of a person who subsequently enters military service under a call or order specifying a period of not less than 180 days; (ii) the lessee, while in the military, executes a lease contract for a vehicle and thereafter receives military orders for a permanent change of station outside of the continental United States or for deployment for active duty for a period of not less than 180 days; or (iii) the lessee, while in military service executes a lease upon receipt of military orders, and thereafter receives a stop movement order in response to a local, national, or global emergency, effective for an indefinite period or for a period of not less than 30 days, which prevents the lessee or the lessee's dependents, from using the vehicle for personal or business transportation. No early termination charge may be imposed on the lessee. No early termination charges may be imposed on the lessee for such termination. No information can be provided as to the number of leases that may be affected by these laws. In addition, these laws may impose limitations that would impair the ability of the servicer to repossess the vehicle for a defaulted lease during the related lessee's period of active duty and, in some cases, may require the servicer to extend the maturity of the lease contract and readjust the payment schedule for a period of time after the completion of the lessee's military service. If a lessee's obligation to make lease payments is adjusted or extended, or if the lease is terminated early and no early termination charge is imposed, the servicer will not be required to advance those amounts. Any resulting shortfalls in interest or principal will reduce the amount available for distribution on the notes and the certificates.

Because the Relief Act and similar state legislation apply to lessees who enter military service after origination, no information can be provided as to the number of leases that may be affected by the Relief Act or similar state legislation.

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For more information regarding the effect of the Relief Act and other similar legislation, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law*" in this prospectus.

**Failure to comply with consumer protection laws may result in losses on your notes.** 

Federal and state consumer protection laws, including the federal Consumer Leasing Act of 1976 and Regulation M enforced by the Bureau of Consumer Financial Protection, known as the Consumer Final Protection Bureau (the "**CFPB**"), impose requirements on retail lease contracts such as the leases allocated to, and associated with, the 2025-B Series. The failure by the titling company or a Dealer to comply with these requirements may give rise to liabilities on the part of the titling company or the issuing entity (as owner of the 2025-B series certificate). Further, many states have adopted "lemon laws" that provide vehicle users certain rights with respect to substandard vehicles. A successful claim under a lemon law could result in, among other things, the termination of the related lease and/or the requirement that a portion of payment previously paid by the lessee be refunded.

NMAC, as servicer, will represent and warrant that each lease complies with applicable law in all material respects. If that representation and warranty relating to any lease included in the 2025-B Series Assets proves incorrect, materially and adversely affects the interest of the issuing entity, and is not timely cured, NMAC, as servicer, will be required to direct the reallocation of noncompliant leases and the related leased vehicles from the 2025-B Series to the Unallocated Assets Series or another series. To the extent that NMAC fails to make such reallocation, or to the extent that a court holds the titling company or the issuing entity liable for violating consumer protection laws regardless of such a reallocation, a failure to comply with consumer protection laws could result in fines or other liability for the titling company or the issuing entity. If sufficient funds are not available to make both payments to lessees and on your notes, you may suffer a loss on your investment in the notes.

For a discussion of federal and state consumer protection laws which may affect the leases, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law*" in this prospectus.

**RISKS RELATED TO THE LIMITED NATURE OF THE ISSUING ENTITY'S ASSETS** 

**You must rely only upon the issuing entity's assets and you may experience a loss if defaults on the leases or residual value losses exceed the available credit enhancement.** 

Your notes are asset-backed securities issued by, and represent obligations of, the issuing entity only and do not represent obligations of or interest in NMAC, Nissan Auto Leasing LLC II, the titling company or any of their respective affiliates. Distributions on your notes will depend solely on the amount and timing of payments and other collections in respect of the related leases, disposition proceeds of the related leased vehicles and the credit enhancement for the notes specified in this prospectus. We cannot assure you that these amounts will be sufficient to make full and timely distributions on your notes. The notes, the leases and the residual values of the leased vehicles will not be insured or guaranteed, in whole or in part, by the United States or any governmental entity or, by any provider of credit enhancement.

The residual values for the leased vehicles to be included in the 2025-B Series Assets are future projections by NMAC and/or Automotive Lease Guide, as described under "*The Sponsor—Determination of Residual Values*" in this prospectus. There is no guarantee that the assumptions regarding future events that are used to determine residual values will prove to be correct. If the predicted residual values of the leased vehicles included in the 2025-B Series Assets are substantially higher than the sales proceeds actually realized upon the sale of the leased vehicles, you may suffer losses if the available credit enhancement is exceeded. For a discussion of factors that may contribute to residual value losses, you should refer to "*—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series Assets—The residual value of leased vehicles may be adversely affected by discount pricing incentives, service campaigns, marketing incentive programs, recalls, used car market factors and other market factors, which may increase the risk of loss on your investment in the notes*," "—*Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series Assets—You may suffer a loss on your notes due to increased vehicle turn-in rates*", "—*Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series Assets—The concentration of leased vehicles to particular models could negatively affect the 2025-B Series Assets*", "—

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 *Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series Assets—The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets*" and "*The Sponsor—Determination of Residual Values*" in this prospectus.

**You may experience a loss or a delay in receiving payments on the notes if the assets of the issuing entity are liquidated and failure to pay principal on your notes will not constitute an event of default until the applicable final scheduled payment date.** 

If an event of default were to occur and the notes were accelerated, the assets of the issuing entity might be liquidated. If a liquidation were to occur close to the date when one or more classes of notes would otherwise be paid in full, repayment of those classes might be delayed while liquidation of the assets is occurring. It is difficult to predict the length of time that would be required for liquidation of the assets of the issuing entity to be completed. In addition, the amount received from liquidation may be less than the aggregate principal amount of the outstanding notes. In that circumstance, the principal amount of some classes of notes would not be paid in full. The amount of principal required to be paid to you prior to the applicable final scheduled payment date generally will be limited to amounts available for those purposes. Therefore, the failure to pay principal of a note before its final scheduled payment date generally will not result in an event of default. Even if liquidation proceeds are sufficient to repay the notes in full, any liquidation that causes the principal of one or more classes of notes to be paid before the related final scheduled payment date would involve the prepayment risks described under "*—Risks related to certain features of the notes and financial market disruptions—Returns on your investments may be reduced by prepayments on the leases, events of default, optional redemption or reallocation of the leases and the leased vehicles from the 2025-B Series Assets*" in this prospectus.

**Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes.** 

The issuing entity will not have a direct ownership interest in the leases or a direct ownership interest or perfected security interest in the leased vehicles, which will be titled in the name of the titling company. It is therefore possible that a claim against or lien on the leased vehicles or the other assets of the titling company could limit the amounts payable in respect of the 2025-B series certificate to less than the amounts received from the lessees of the leased vehicles or received from the sale or other disposition of the leased vehicles allocated to, and associated with, the 2025-B Series.

Further, liens in favor of and/or enforceable by the Pension Benefit Guaranty Corporation could attach to the leases and leased vehicles owned by the titling company (including the leases and the leased vehicles allocated to, and associated with, the 2025-B Series) and could be used to satisfy unfunded ERISA obligations of any member of a controlled group that includes NMAC and its affiliates. Because these liens could attach directly to the leases and leased vehicles included in the 2025-B Series Assets and because the issuing entity does not have a prior perfected security interest in the 2025-B Series Assets, these liens could have priority over the interest of the issuing entity in the 2025-B Series Assets. As of the date of this prospectus, neither NMAC nor any of its affiliates had any material unfunded liabilities with respect to their respective defined benefit pension plans. However, if an ERISA liability were asserted, you may suffer a loss on your investment in the notes.

To the extent a third-party makes a claim against, or files a lien on, the assets of the titling company, including the leased vehicles included in the 2025-B Series, it may delay the disposition of those leased vehicles or reduce the amount paid to the holder of the 2025-B series certificate. If that occurs, you may experience delays in payment or losses on your investment in the notes.

The titling company will maintain "control" of the authoritative copies of the contracts in electronic form, and the authoritative copies of electronic contracts will not be segregated or marked as belonging to the issuing entity. If the titling company sells or pledges the leases or leased vehicles and delivers the original contracts for the leases or leased vehicles to another party or permits another party to obtain control of the authoritative copies of the electronic contracts in violation of its contractual obligations under the basic documents, this party could acquire an interest in the leases or leased vehicles which may have priority over the issuing entity's interests. The titling company could also lose possession or control over an electronic contract through fraud, forgery, negligence or error, or as a result

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of a computer virus or a hacker's actions or otherwise (especially in a circumstance where the contracts are held in electronic form). In the case of electronic contracts, there can be no assurances that the third-party's technology system will perform as represented to the servicer in maintaining the systems and controls required to provide assurance that the titling company maintains control over an electronic contract. In that event, there may be delays in obtaining copies of the electronic contract or confirming ownership and control of the electronic contract. Furthermore, if the titling company becomes the subject of an insolvency or receivership proceeding, competing claims to ownership or security interests in the leases and leased vehicles could arise. These claims, even if unsuccessful, could result in delays in payments on the notes. If successful, these claims could result in losses or delays in payment to you or an acceleration of the repayment of the notes.

There is a risk that the systems employed by the third-party to maintain "control" of the electronic contracts may not be sufficient as a matter of law to perfect by control the titling company's interest (and accordingly, the issuing entity) in the leases evidenced by electronic contracts. The issuing entity has made the representations described above, in part in reliance on opinions of counsel delivered to it and NMAC.

The possibility that the titling company (and accordingly, the issuing entity) may not have a perfected security interest in certain of the leases or the leased vehicles, or may have a perfected security interest that is junior to that of another party, may affect the titling company's ability on behalf of the issuing entity to repossess the underlying leased vehicles. Therefore, you may be subject to delays in payments on your notes and you may incur losses on your investment in the notes.

For more information on the effect of third-party claims or liens on payment of the notes, you should refer to "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Allocation of Titling Company Liabilities*," "—*The 2025-B Series*" and "*Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests*" in this prospectus.

**RISKS RELATED TO THE SERVICER AND OTHER TRANSACTION PARTIES** 

**Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes.** 

Adverse events with respect to NMAC, its affiliates or a third-party provider to whom NMAC outsources its activities may result in servicing disruptions or reduce the market value and/or liquidity of your notes. NMAC currently outsources some of its activities as servicer to third-party providers. In the event of a termination and replacement of NMAC as the servicer, or if any third-party provider cannot perform its activities, there may be some disruption of the collection activity with respect to delinquent leases and therefore delinquencies and credit losses could increase. Further, servicing disruptions could result from unanticipated events beyond NMAC's or a third-party provider's control, such as natural or man-made disasters, civil unrest, labor strikes, political instability, cyber-attacks, armed conflicts, public health emergencies (including global pandemics or similar outbreaks), the imposition of tariffs and trade and economic disruptions, particularly to the extent such events affected NMAC's or a third-party provider's business or operations. Further, if certain third-party providers that NMAC relies on to deliver products and services to support its business fail to fully perform their obligations in a timely manner, NMAC's ability to operate its business or perform its obligations under the basic documents could be adversely impacted and a disruption in collection activities with respect to the leases could occur. As servicer, NMAC will be required to reallocate the leases and related leased vehicles that do not comply with representations and warranties made by the servicer (for example, representations relating to the compliance of the lease contracts with applicable laws), as discussed in "*Description of the Servicing Agreement—Representations and Warranties; Remedies—General*" in this prospectus. If NMAC becomes unable to reallocate any of those leases or related leased vehicles and to make the related corresponding repurchase payment to the issuing entity, you could suffer losses on your notes.

Further, NMAC has been, or may become, subject to various legal and regulatory proceedings and governmental investigations in the ordinary course of its business. Such proceedings and investigations could result in (individually or in the aggregate) adverse consequences to the sponsor including, without limitation, adverse

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judgments, settlements, fines, penalties, injunctions, or other actions and may affect the ability of NMAC or any of its subsidiaries or affiliates to perform their respective duties under the basic documents.

NMAC relies upon its ability to sell securities in the asset-backed securities market and upon its ability to access various credit facilities to fund its operations. The global credit and financial markets have experienced, and may in the future experience, significant disruption and volatility. If NMAC's access to funding is reduced or if NMAC's costs to obtain such funding significantly increase, NMAC's business, financial condition and results of operations could be materially and adversely affected, which could adversely affect NMAC's ability to perform its obligations under the basic documents, including as servicer, and the liquidity and market value of your notes.

In addition, adverse corporate developments with respect to servicers of asset-backed securities or their affiliates have in some cases also resulted in a reduction in the market value and/or liquidity of the related asset-backed securities. NMAC is an indirect wholly-owned subsidiary of NML. Although neither NML nor NMAC is guaranteeing the obligations of the issuing entity, adverse events affecting NML or NMAC may adversely affect your investment in the notes. For example, if NML ceased to manufacture vehicles or support the sale of vehicles, if the global operations of NML and its subsidiaries becomes severely constrained, if the credit rating of NML or NMAC were downgraded or if NML faced challenges related to its ongoing strategic alliances or financial, reputational, regulatory or operational difficulties, those events may reduce the market value of Nissan or Infiniti vehicles or the market value and/or liquidity of your notes, and ultimately the amount realized on any Nissan or Infiniti leased vehicle, including the leased vehicles allocated to, and associated with, the 2025-B Series.

Additionally, the ability of the servicer, NMAC, to perform its obligations under the basic documents will depend in part on its ability to store, retrieve, process and manage substantial amounts of information. Any failure or interruption of the servicer's information systems or any third party information systems on which the servicer or its information systems rely as a result of inadequate or failed processes or systems, human errors, employee negligence or misconduct, catastrophic events, network outages, utility outages, electronic or physical infrastructure outages, external or internal security breaches, acts of vandalism, hardware or software failures, computer viruses, malware, ransomware, misplaced or lost data or other events could disrupt the servicer's normal operating procedures, could damage its reputation, could lead to significant costs to remediate and could have an adverse effect on its business, results of operations and financial condition.

From time to time, the servicer may update its servicing systems in order to improve operating efficiency, update technology and enhance customer services. The servicer anticipates that it may transition the servicing of leases and the related leased vehicles to an updated servicing platform in the future. In connection with such anticipated transition or any other future updates or transitions, the servicer may experience disruptions in servicing activities both during and following roll-out of the new servicing systems or platforms caused by, among other things, periods of system down-time and periods devoted to user training. These and other implementation-related difficulties may contribute to higher delinquencies, servicing inefficiencies, data processing issues, manual intervention to supplement or correct systems issues and the need for further updates to the servicing systems. It is not possible to predict with any degree of certainty all of the potential adverse consequences that may be experienced in connection with a failure or interruption of information systems, and any disruptions in servicing activities may have an adverse effect on your notes.

Further, the servicer has been and continues to be subject to the threat of a range of cyber-attacks, which, if successful, could give rise to the loss of significant amounts of sensitive information and the disablement of the information technology systems used to service lessees on the leases and other customers. NMAC may incur significant costs in attempting to protect against such attacks or remediate any vulnerability or resulting breach. For example, lessees may have a private right of action against the servicer if the incident results in unauthorized access or disclosure of personal information. If NMAC fails to effectively manage cyber-security risk or is required to devote significant resources towards doing so, this could materially and adversely affect its business, financial condition and results of operation, as well as its ability to service the leases and leased vehicles, resulting in an increased risk of loss on your notes. NNA learned on November 7, 2023 that it was the victim of a targeted cyberattack. Upon learning of the attack, NNA promptly notified law enforcement and began taking immediate actions to investigate and contain the threat. Following the conclusion of the investigation, NNA sent notification letters in May 2024 to affected individuals, primarily current and former employees, informing them that files containing personal data may have been compromised.

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**Federal or state financial regulatory reform or regulation could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.** 

NMAC is subject to a variety of laws and regulations regulating financial services in the jurisdictions where it operates, including supervision and licensing by numerous governmental entities. These laws and regulations can create constraints on NMAC's operations and result in costs related to compliance. Failure to comply with these laws and regulations could impair the ability of NMAC to continue operating and result in substantial civil and criminal penalties, monetary damages, attorneys' fees and costs, possible revocation of licenses, and damage to reputation, brand and valued customer relationships.

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") was enacted. The Dodd-Frank Act is extensive and significant legislation that, among other things, created a framework for the liquidation of certain bank holding companies and other nonbank financial companies and certain of their subsidiaries in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in the United States, and created the CFPB, an agency responsible for, among other things, administering and enforcing the laws and regulations for consumer financial products and services and conducting examinations of certain entities for purposes of assessing compliance with the requirements of consumer financial laws.

The Dodd-Frank Act impacts the offering, marketing and regulation of consumer financial products and services offered by financial institutions. The CFPB has supervision, examination and enforcement authority over the consumer financial products and services of certain non-depository institutions and large insured depository institutions and their respective affiliates. The CFPB also has authority over certain enumerated statutes that may apply to certain commercial financial products and services, such as the Equal Credit Opportunity Act. NMAC is subject to the supervisory, examination and enforcement authority of the CFPB. There is considerable uncertainty as to the operating status of federal agencies and the future policies that the current U.S. administration may pursue in areas impacting financial regulation and consumer protection. Federal consumer financial regulation is in a period of extended transition for a variety of reasons, including significant leadership changes at federal agencies, executive orders impacting the operations of federal agencies, reductions of personnel across federal agencies, subcontractors and vendors, and uncertainty regarding government services and payment systems. Many of the current U.S. administration's executive orders are being challenged in court, with initial requests for injunctions being granted, denied, or extended, and the ultimate resolution of the legality of the executive orders is expected to take an extended period of time. Further, in pending litigation challenges to rules, federal agencies have sought to suspend or dismiss the litigation in some cases, and in other cases have not yet taken action. The outlook is similarly uncertain as to pending enforcement cases. It is also uncertain how other federal and state regulators will respond to any changes at the CFPB, which may include increasing or decreasing enforcement activity. A shifting and uncertain regulatory environment may impact NMAC's operations and strategic planning. See "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Financial Protection Bureau*" in this prospectus*.*

In addition, the liquidation framework for the resolution of covered financial companies or the covered subsidiaries may apply to NMAC or its affiliates, the issuing entity or the depositor, and, if it were to apply, may result in a repudiation of any of the basic documents where further performance is required or an automatic stay or similar power preventing the indenture trustee or other transaction parties from exercising their rights. This repudiation power could also affect certain transfers of the leases as further described under "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Dodd-Frank Orderly Liquidation Framework—FDIC's Repudiation Power under OLA*" in this prospectus. Application of this framework could materially and adversely affect the timing and amount of payments of principal and interest on your notes. See "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Dodd-Frank Orderly Liquidation Framework*" in this prospectus.

In particular, the Federal Trade Commission ("**FTC**"), state regulators and state attorneys general have over the past several years increased their scrutiny of motor vehicle dealers and automobile finance, particularly with respect to antidiscrimination and deception concerns related to the prices of and fees charged in connection with automobile financing, including add-on products such as guaranteed asset protection insurance and service contracts. Also, on December 12, 2023, the FTC issued a final rule that would have (i) prohibited motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, (ii) required

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accurate pricing disclosures in dealers' advertising and sales discussions, (iii) required dealers to obtain consumers' express, informed consent for charges, (iv) prohibited the sale of any add-on product or service that confers no benefit to the consumer, and (v) required dealers to keep records of advertisements and customer transactions. The final rule had an effective date of July 30, 2024, but the FTC had subsequently issued an order postponing the effective date while a legal challenge against the final rule was pending. On January 27, 2025, the Fifth Circuit Court of Appeals held that the final rule was invalid on procedural grounds and vacated the final rule. At this stage, it is unknown whether the final rule will be reproposed.

The CFPB has successfully asserted the power to investigate and bring enforcement actions directly against securitization special purpose entities. On December 13, 2021, in an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by securitization trusts by holding that the trusts are "covered persons" under the Dodd-Frank Act because they engage in the servicing of loans, even if through servicers and subservicers. *CFPB v. Nat'l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.)*. On February 11, 2022, the district court granted the defendant trusts' motion to certify that order for an immediate interlocutory appeal and stayed the case pending resolution of any appeal. On April 29, 2022, the Third Circuit Court of Appeals granted the defendant trusts' petition for an interlocutory appeal. On May 17, 2023, the Third Circuit Court of Appeals heard oral arguments in connection with the appeal. On March 19, 2024, the Third Circuit Court of Appeals issued its decision on the interlocutory appeal holding that the defendant trusts are "covered persons" under the Dodd-Frank Act and subject to the CFPB's enforcement authority. On May 3, 2024, the defendant trusts filed a petition for a rehearing and rehearing *en banc* with the Third Circuit Court of Appeals. This petition was denied by the Third Circuit Court of Appeals on May 21, 2024 and the case will proceed in the U.S. District Court for the District of Delaware. On August 16, 2024, the defendant trusts filed a petition for a writ of certiorari to the U.S. Supreme Court. The U.S. Supreme Court denied the petition on December 16, 2024. On January 16, 2025, the CFPB announced a proposed settlement of the action with the defendant trusts, but it was not entered by the district court. On April 25, 2025, the CFPB agreed to voluntarily dismiss the case with prejudice and the district court dismissed the case on April 29, 2025. Despite the dismissal of the case, the CFPB and state regulators and attorneys general, who have independent authority to enforce the Dodd-Frank Act, may rely on the prior court decision as precedent in investigating and bringing enforcement actions against other trusts, including the issuing entity, in the future.

In February 2022, the CFPB also issued a compliance bulletin stating its position that automobile lease and loan holders and servicers are responsible for ensuring that their repossession-related practices, and the practices of their service providers, do not violate applicable law, and the CFPB also described its intention to hold lease and loan holders and servicers liable for unfair, deceptive, or abusive acts or practices related to the repossession of automobiles. This compliance bulletin was subsequently withdrawn by the CFPB on May 12, 2025. It is possible that the CFPB may bring enforcement actions against securitization trusts holding automobile leases, such as the issuing entity, and servicers in the future.

Further, changes to the regulatory framework in which NMAC operates, including, for example, laws or regulations enacted to regulate commercial financing services offered to small and medium size businesses, to protect the privacy of individuals (which may include those associated with commercial transactions), to address the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) or laws, regulations, executive orders or other guidance enacted in response to a public health emergency, increased inflation or a recession or period of economic contraction or volatility could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.

**Vicarious tort liability may result in losses on your notes.** 

Some states allow a party that incurs an injury involving a vehicle to sue the owner of the vehicle merely because of that ownership. As owner of the vehicles, the titling company may be subject to these lawsuits. Most, but not all, states, however, either do not permit these vicarious liability suits against leasing companies or limit the lessor's liability to the amount of liability insurance that the lessee was required to carry under applicable law but failed to maintain.

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On August 10, 2005, President George W. Bush signed into law the Safe Accountable, Flexible, and Efficient Transportation Equity Act of 2005 (the "**Transportation Act**"), Pub. L. No. 109-59. The Transportation Act provides that an owner of a motor vehicle that rents or leases the vehicle to a person will not be liable under the law of a state or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease, if (i) the owner (or an affiliate of the owner) is engaged in the trade or business of renting or leasing motor vehicles; and (ii) there is no negligence or criminal wrongdoing on the part of the owner (or an affiliate of the owner). This provision of the Transportation Act was effective upon enactment and applies to any action commenced on or after August 10, 2005. The Transportation Act is intended to preempt state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and to reduce the likelihood of vicarious liability being imposed on the titling company. State and federal courts considering whether the Transportation Act preempts state laws permitting vicarious liability have generally concluded that such laws are preempted with respect to cases commenced on or after August 10, 2005. One New York lower court, however, has reached a contrary conclusion in a 2006 case involving a leasing trust. This New York court concluded that the preemption provision in the Transportation Act was an unconstitutional exercise of congressional authority under the Commerce Clause of the United States Constitution and, therefore, did not preempt New York law regarding vicarious liability. New York's appellate court overruled the trial court and upheld the constitutionality of the preemption provision in the Transportation Act. New York's highest court, the Court of Appeals, dismissed the appeal. In a 2008 decision relating to a case in Florida, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the Transportation Act, and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. In 2010, a similar decision was issued by the U.S. Court of Appeals for the 8th Circuit. While the outcome in these cases upheld federal preemption under the Transportation Act, the outcome of any future cases remains uncertain at this time.

The servicer maintains liability insurance on behalf of the titling company, and NMAC is a named insured under the titling company's applicable insurance policies. However, this coverage is subject to deductibles and claims could be imposed against the assets of the titling company which could exceed that coverage. In the event the servicer fails to maintain this liability insurance coverage, the deductible is not satisfied or the insurance coverage protecting the titling company is insufficient to cover, or does not cover, a material claim, that claim could be satisfied out of the proceeds of the leased vehicles and leases allocated to, and associated with, the 2025-B Series for your series of notes and you could incur a loss on your investment in the notes. For a discussion of the possible liability of the titling company in connection with the use or operation of the leased vehicles, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles*—*Vicarious Tort Liability*" in this prospectus.

**You may experience losses on your notes if NMAC becomes the subject of legal proceedings or if the issuing entity or the titling company is held liable in any lawsuit by a lessee.** 

From time to time, NMAC is a party to legal proceedings, and is presently a party to, and is vigorously defending, various legal proceedings, including proceedings that are or purport to be class actions*.* Some of these actions may include claims for rescission and/or set-off, among other forms of relief. NMAC, as servicer, will make representations and warranties relating to the leases' compliance with law and the issuing entity's ability to enforce the lease contracts*.* If there is a breach of any of these representations or warranties, the issuing entity's sole remedy will be to require NMAC to direct the reallocation of the affected leases and the related leased vehicles*.* NMAC believes each such proceeding constitutes ordinary litigation incidental to the business and activities of major lending institutions, including NMAC*.* However, if NMAC failed to direct the reallocation of such affected leases and the related leased vehicles in the event of a breach of any of the representations or warranties, or if the issuing entity or titling company were held liable in any lawsuit by a lessee, you may experience delays in payments or principal losses on your notes.

In addition, while historically the arbitration provision in NMAC's form of lease generally has limited NMAC's exposure to consumer class action litigation, there can be no assurance that NMAC will be successful in enforcing the arbitration clause in the future. There may also be legislative, administrative or regulatory efforts to directly or indirectly prohibit the use of pre-dispute arbitration clauses, or NMAC may be compelled as a result of competitive pressure or reputational concerns to voluntarily eliminate pre-dispute arbitration clauses.

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**Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes.** 

Following a bankruptcy or insolvency of NMAC, the depositor, the titling company or NILT LLC, a court could conclude that the 2025-B series certificate is owned by NMAC, the depositor or NILT LLC, instead of the issuing entity. This conclusion could be either because the transfer of the 2025-B series certificate from NILT LLC to the depositor or the transfer of the 2025-B series certificate from the depositor to the issuing entity was not a true sale or because the court concluded that the depositor or the issuing entity should be consolidated with NMAC or NILT LLC for bankruptcy purposes. If this were to occur, you could experience delays in payments due to you, or you may not ultimately receive all amounts due to you as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "automatic stay", which generally prevents creditors from exercising remedies against a debtor in
bankruptcy without permission from the court and provisions of the U.S. Bankruptcy Code that permit substitution for collateral in limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax or government liens on NMAC's or the depositor's property (that arose prior to the transfer of the 2025-B series certificate to the issuing entity) having a prior claim on collections before the collections are used to make payments on the notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that neither the issuing entity nor the indenture trustee has a perfected security interest in the
leases or the leased vehicles included in the 2025-B Series Assets and may not have a perfected security interest in any cash collections of the leases and leased vehicles included in the 2025-B Series Assets held by NMAC at the time that a bankruptcy proceeding begins.

For a discussion of how a bankruptcy proceeding of the servicer, the depositor or certain related entities may affect the issuing entity and the notes, you should refer to "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Insolvency Related Matters*" in this prospectus.

**You may suffer losses on your notes if the servicer holds collections and commingles them with its own funds.** 

So long as NMAC is the servicer, if each condition to making monthly deposits described in "*Security for the Notes and Credit Enhancement—The Accounts*" is satisfied, NMAC, as the servicer, may retain all payments on the leases received from the related lessees and all proceeds relating to the leases and the leased vehicles collected during a collection period until the business day preceding the related payment date. Currently, NMAC does not satisfy these conditions. For any period of time during which NMAC does satisfy these conditions, the servicer may invest such amounts at its own risk and for its own benefit and need not segregate such amounts from its own funds. On or before the business day preceding the related payment date, the servicer must deposit into the series collection account, all payments on the leases received from the lessees and all proceeds relating to the leases and the leased vehicles collected during the related collection period. If the servicer is unable to deposit these amounts into the series collection account, you might incur a loss on your notes.

**You may experience delays or reduction in payments on your notes following a servicer default and replacement of the servicer.** 

Upon the occurrence of a servicer default, the indenture trustee may or, at the written direction of holders of notes evidencing not less than a majority of the outstanding principal amount of the notes of the controlling class, will terminate the servicer. It may be expensive to transfer servicing to a successor servicer and a successor servicer may not be able to service the leases with the same degree of skill as the servicer. In addition, during the pendency of any servicing transfer or for some time thereafter, lessees may delay making their payments or may inadvertently continue making payments to the predecessor servicer, potentially resulting in losses or delays in payments on the notes. Delays in payments on the notes and possible reductions in the amount of such payments could occur with respect to any cash collections held by the servicer at the time that the servicer becomes the subject of a bankruptcy or similar proceeding.

Because the servicing fee is structured as a percentage of the aggregate securitization value of the leases and leased vehicles, the fee the servicer receives each month will be reduced as the size of the pool of leases and leased

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vehicles decreases over time. At some point, the amount of the servicing fee payable to the servicer may be considered insufficient by a potential replacement servicer and it may be difficult to find a replacement servicer. Consequently, the time it takes to effect the transfer of servicing to a replacement servicer or the inability to locate a replacement servicer may result in the disruption of normal servicing activities, increased delinquencies and defaults on the leases and leased vehicles and delays or reductions in the payments on your notes.

**RISKS RELATED TO THE ISSUANCE OF MULTIPLE CLASSES OF NOTES OR RETENTION OF NOTES** 

**Payment priorities increase risk of loss or delay in payment to certain classes of notes.** 

Based on the priorities described under "*Distributions on the Notes*—*Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus, classes of notes that receive payments, particularly principal payments, before other classes will be repaid more rapidly than the other classes of notes. In addition, because principal of each class of notes will be paid sequentially (so long as no event of default and acceleration of the notes has occurred), classes of notes that have higher (i.e., 2 being higher than 1) sequential numerical class designations will be outstanding longer and therefore will be exposed to the risk of losses on the leases during periods after other classes of notes have received most or all amounts payable on their notes, and after which a disproportionate amount of credit enhancement may have been applied and not replenished.

Because of the priority of payment on the notes, the yields of the Class A-2 notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes. Accordingly, the Class A-2 notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes; the Class A-3 notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes and the Class A-2 notes; the Class A-4 notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes, the Class A-2 notes and the Class A-3 notes; the Class B notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes, the Class A-2 notes, the Class A-3 notes and the Class A-4 notes; and the Class C notes will be relatively more sensitive to losses on the leases and leased vehicles related to defaults on the leases or residual value losses and the timing of those losses than the Class A-1 notes, the Class A-2 notes, the Class A-3 notes, the Class A-4 notes and the Class B notes. If the actual rate and amount of losses exceed your expectations, and if amounts in the reserve account are insufficient to cover the resulting shortfalls, the yield to maturity on your notes may be lower than anticipated, and you could suffer a loss.

Classes of notes that receive payments earlier than expected are exposed to greater reinvestment risk, and classes of notes that receive principal later than expected are exposed to greater risk of loss. In either case, the yields on your notes could be materially and adversely affected.

**The failure to pay interest on the subordinated classes of notes is not an event of default, and the failure to make principal payments on any notes will generally not result in an event of default until the applicable final scheduled payment date.** 

The indenture provides that failure to pay interest when due on the outstanding subordinated class or classes of notes — for example, for so long as any of the Class A notes are outstanding, the Class B notes and the Class C notes — will not be an event of default under the indenture. Under these circumstances, the holders of the subordinated classes of notes which are not the controlling class will not have any right to declare an event of default, to cause the maturity of the notes to be accelerated or to direct or consent to any remedial action under the indenture.

The amount of principal required to be paid to noteholders prior to the applicable final scheduled payment date set forth in this prospectus generally will be limited to amounts available for that purpose. Therefore, the failure to pay principal of a note generally will not result in an event of default under the indenture until the applicable final scheduled payment date or redemption date for the related class of notes.

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**There may be a conflict of interest among classes of notes or among noteholders generally.** 

As described elsewhere in this prospectus, the holders of the most senior class of notes then outstanding will make certain decisions with regard to treatment of defaults by the servicer, acceleration of payments on the notes following an event of a default under the indenture and certain other matters, such as a sale of the collateral after an event of default under some circumstances.

Additionally, investors in one or more classes of notes, directly or through affiliates, may have business relationships with the sponsor, the depositor, the servicer or their affiliates. For example, an investor may provide services to, or obtain services from, the sponsor, the depositor, the servicer or their affiliates, and any of such parties may be a creditor of the others through a financing or other contractual relationship, which may include the sharing of material information regarding the sponsor, the depositor, the servicer or their affiliates that is not disclosed in this prospectus. Consequently, the interests of such an investor may conflict with the interests of other noteholders (for example, in connection with the determination of whether to consent to a reallocation of the leases or related leased vehicles or to terminate and replace the servicer following a servicer default).

Because the holders of more senior classes of note will have different interests than holders of more junior classes of notes when it comes to these matters, you may find that courses of action determined by other noteholders do not reflect your interests but that you are nonetheless bound by the decisions of these other noteholders.

**The market value, liquidity and voting power of your notes may be adversely impacted by retention of the notes by the depositor or its affiliates.** 

Some or all of one or more classes of notes may be retained by the depositor or conveyed to an affiliate of the depositor. Accordingly, the market for such a retained class of notes may be less liquid than would otherwise be the case. In addition, if any retained notes are subsequently sold in the secondary market, demand and market price for notes of that class already in the market could be adversely affected and the voting power of the noteholders of the outstanding notes may be diluted.

**RISKS RELATED TO CERTAIN FEATURES OF THE NOTES AND FINANCIAL MARKET DISRUPTIONS** 

**A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on your notes or a potential rating agency conflict of interest and regulatory scrutiny of the rating agencies could adversely affect the market value of your notes and/or limit your ability to resell your notes.** 

The ratings on the notes are not recommendations to purchase, hold or sell the notes and do not address market value or investor suitability. The ratings reflect each hired rating agency's assessment of the creditworthiness of the leases, the residual value of the related leased vehicles, the credit enhancement on the notes and the likelihood of repayment of the notes. There can be no assurance that the leases and/or the notes will perform as expected or that the ratings will not be reduced, withdrawn or qualified in the future as a result of a change of circumstances, deterioration in the performance of the leases, errors in analysis or otherwise. None of the depositor, the sponsor or any of their affiliates will have any obligation to replace or supplement any credit enhancement or to take any other action to maintain any ratings on the notes. If the ratings on your notes are reduced, withdrawn or qualified, it could adversely affect the market value of your notes and/or limit your ability to resell your notes.

The sponsor has hired two rating agencies and will pay them a fee to assign ratings on the notes. The sponsor has not hired any other nationally recognized statistical rating organization, or "**NRSRO**," to assign ratings on the notes and is not aware that any other NRSRO has assigned ratings on the notes. However, under SEC rules, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to each NRSRO in order to make it possible for such non-hired NRSROs to assign unsolicited ratings on the notes. An unsolicited rating could be assigned at any time, including prior to the closing date, and none of the depositor, the sponsor, the underwriters or any of their affiliates will have any obligation to inform you of any unsolicited ratings assigned after the date of this prospectus. NRSROs, including the hired rating agencies, have different methodologies, criteria, models and requirements. If any non-hired NRSRO assigns an unsolicited

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rating on the notes, there can be no assurance that such rating will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating agency could withdraw its ratings on the notes, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. Potential investors in the notes are urged to make their own evaluation of the creditworthiness of the leases and the credit enhancement on the notes, and not to rely solely on the ratings on the notes.

Further, we note that a rating agency may have a conflict of interest where, as is the case with the ratings of the notes by the hired rating agencies, the sponsor or the issuing entity of a security pays the fee charged by the hired rating agency for its rating services. The perceived conflict of interest may have an adverse effect on the market value of your notes and the ability to resell your notes.

**Returns on your investments may be reduced by prepayments on the leases, events of default, optional redemption or reallocation of the leases and the leased vehicles from the 2025-B Series Assets.** 

You may receive payment of principal of your notes earlier or later than you expected, which may adversely impact your ability to reinvest the principal paid to you at a rate of return that is equal to or greater than the rate of return on your notes. The notes are not a suitable investment for you if you require a regular or predictable schedule of payments.

The amount of principal distributed on your notes and the time when you receive those distributions depend on the rate of payments and losses relating to the leases and the leased vehicles. Prepayments, liquidations of the vehicles related to defaulted leases, reallocations from the 2025-B Series of leases and the related vehicles that do not meet the eligibility criteria or events of default that result in an acceleration of payments on the notes will shorten the life of the notes to an extent that cannot be fully predicted. Further, the leases allocated to, and associated with, the 2025-B Series may be prepaid, in full or in part, either voluntarily, including as a result of marketing programs introduced by NMAC or due to concerns arising from a vehicle recall (regardless of whether the related financed vehicle was affected by the recall), or as a result of defaults, theft of or damage to the related leased vehicles or for other reasons. Each of these payments will have the effect of accelerating the payment of principal and shortening the average lives of the notes. For these reasons, the servicer cannot predict the actual prepayment rates for the leases, and NMAC's historical prepayment and loss experience may not reflect circumstances similar to current and future general economic conditions. You will bear any reinvestment risks resulting from a faster or slower rate of payments of the leases and the leased vehicles, including the risk that available investments at that time have lower interest rates than the rates offered by your notes. For more information regarding prepayments or delinquencies, you should refer to "*Maturity and Prepayment Considerations*" and "*Prepayments, Delinquencies, Repossessions and Net Losses*" in this prospectus.

The servicer will also be permitted at its option to purchase the 2025-B series certificate from the issuing entity when the aggregate securitization value of the leases and leased vehicles included in the 2025-B Series Assets is less than or equal to 10% of the aggregate securitization value of the leases and leased vehicles included in the 2025-B Series Assets as of the cutoff date, which may require repayment of the notes prior to the expected principal payment date for one or more classes of notes. If the servicer exercises its right to purchase the 2025-B series certificate, the issuing entity will redeem the notes and, if any of your notes are then outstanding, you will receive the remaining principal amount of your notes plus any other amounts due to noteholders, such as accrued interest through the related payment date. Because your notes will no longer be outstanding, you will not receive the additional interest payments or other distributions that you would have received had the notes remained outstanding. You will bear any reinvestment risks resulting from a faster or slower rate of payments of the leases and leased vehicles included in the 2025-B Series Assets. If you bought your notes at par or at a premium, your yield to maturity will be lower than it would have been if the optional redemption had not been exercised. See "*Distributions on the Notes—Optional Purchase*" in this prospectus.

The servicer may be required to reallocate from the 2025-B Series certain leases and related leased vehicles if there is a breach of the representations and warranties relating to those leases or if the servicer extends the term of those leases beyond the latest final scheduled payment date of the notes. In connection with such reallocation, the servicer

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will be obligated to pay the issuing entity an amount equal to (i) the present value of the monthly payments remaining to be made under the affected lease, discounted at the securitization rate, (ii) the residual value of the leased vehicle and (iii) any delinquent payments not paid by the lessee. For more information regarding the servicer's obligation to reallocate leases and leased vehicles from the 2025-B Series, you should refer to "*Description of the Servicing Agreement—Sale and Disposition of Leased Vehicles*" and "—*Purchase of Leased Vehicles Before Their Lease Maturity Dates*" in this prospectus.

**There is a risk of a taxable deemed exchange of your notes if the basic documents are amended.** 

The basic documents, under certain circumstances, allow for supplemental indentures and amendments. It is possible that such supplemental indentures or amendments, if they were treated as "significant modifications," could result in a taxable deemed exchange of your notes for U.S. federal income tax purposes. This could result in gain or loss recognition for noteholders, and could potentially result in original issue discount ("**OID**") with respect to the notes following such modification.

**Financial market disruptions, and the absence of a secondary market for the notes may make it difficult for you to sell your notes and/or obtain your desired price.** 

The issuing entity will not list the notes on any securities exchange. Therefore, in order to sell your notes, you must first locate a willing purchaser. The absence of a secondary market for the notes could limit your ability to resell them. Currently, no secondary market exists for the notes, and a secondary market may not develop. The underwriters intend to make a secondary market for the notes by offering to buy the notes from investors that wish to sell. However, the underwriters are not obligated to offer to buy the notes and may stop making offers at any time. In addition, the underwriters and other broker and dealers may be unable, unwilling or restricted from making a market in, or publishing quotations on, the offered notes due to regulatory requirements or otherwise. Further, the underwriters' offered prices, if any, may not reflect prices that other potential purchasers would be willing to pay were they given the opportunity. In addition, having the notes in book-entry form may reduce their liquidity in the secondary market because certain potential investors may be unwilling to purchase securities for which they cannot obtain physical notes.

Additionally, events in the domestic and global financial markets (including inflationary pressures, uncertainty regarding trade policy and potential instability and volatility as a result of global political and economic events) could affect the performance or market value of your notes and your ability to sell your notes in the secondary market. Recent and continuing events in such markets have caused, and may continue to cause, a significant reduction in liquidity in the secondary market for asset-backed securities. In particular, asset-backed securities in the form of subordinated notes have experienced, and may in the future experience, periods of reduced liquidity, which may occur rapidly and persist for extended periods of time. Such illiquidity can have a severely adverse effect on the prices of securities that are especially sensitive to prepayment, credit or interest rate risk, such as the notes. As a result, you may not be able to sell your notes when you want to do so or you may not be able to obtain the price that you wish to receive.

Further, changes in international trade policy, especially related to additional or new tariffs, have the potential to disrupt existing supply chains, impose additional costs on businesses and adversely affect consumer spending. If the recent tariffs on automobiles and component parts imported to the United States are sustained for an extended period of time, this could have an adverse effect on the overall automotive industry with automobiles that are imported or use imported parts potentially becoming less competitive in the U.S. market. The reduced affordability or limited supply of imported automobiles or automobile parts may significantly disrupt the automobile industry. Such disruptions and additional costs could make it difficult for you to sell your notes and/or obtain your desired price.

**Non-U.S. Holders investing in notes could be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes on account of their own activities.** 

As discussed under "*Material U.S. Federal Income Tax Consequences*" in this prospectus, the U.S. federal income tax treatment of the notes to a beneficial owner that is a Non-U.S. Holder turns on a number of facts, including whether interest on the notes paid to or accrued by the Non-U.S. Holder is effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder. The determination of whether a Non-U.S.

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Holder is engaged in a trade or business within the United States with respect to its acquisition of debt is based on a highly factual analysis that takes into account all facts and circumstances relating to such Non-U.S. Holder, which are necessarily unique to that Non-U.S. Holder. No direct guidance expressly addresses which activities constitute being engaged in a trade or business within the United States or whether (or under which circumstances) the acquisition of newly issued debt, such as a note offered hereby, could give rise to a trade or business or could contribute to such a conclusion when coupled with other facts and circumstances. In addition, certain activities undertaken or performed by or for a Non-U.S. Holder through agents and other third parties could be attributed to the Non-U.S. Holder in determining whether the Non-U.S. Holder is engaged in a trade or business within the United States. Furthermore, the precise contours of the so-called "securities trading safe harbor" under Section 864(b)(2) of the Code is similarly unclear. Nothing herein provides any advice or assurance concerning the tax treatment with respect to any person in this regard or otherwise or considers in any way the facts unique to any particular person that acquires a note. Therefore, you are urged to consult your own tax advisors to determine your treatment under these rules in respect of the acquisition of a note and taking into account your own particular facts relating to such acquisition.

**RISKS RELATED TO THE ISSUANCE OF A FLOATING RATE CLASS OF NOTES AND THE UNCERTAINTY OF SOFR** 

**Changes to the SOFR reference rate could have an adverse effect on the floating rate notes.** 

The Class A-2b notes will accrue interest at a floating rate based on a benchmark rate plus a spread. The initial Benchmark Rate will be the SOFR Rate.

SOFR is published by the Federal Reserve Bank of New York, or the "**FRBNY**", and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities. The FRBNY states on its publication page for SOFR that the use of SOFR is subject to important limitations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice.

Because SOFR is published by the FRBNY based on data received from other sources and depends on interrelated economic, financial and political considerations, the issuing entity has no control over its determination, calculation or publication. The activities of the FRBNY may directly affect prevailing SOFR rates in ways the issuing entity is unable to predict. Market adoption of SOFR may not continue, and the issuing entity cannot assure that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of holders in the Class A-2b notes. Potential investors should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR. If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction of the amount of interest payable on and the trading prices of the Class A-2b notes.

As an overnight rate, SOFR may be subject to increased volatility relative to other interest rate benchmarks. Additionally, if SOFR is not published on any day, the Class A-2b notes will bear interest at a rate based on SOFR published on the first preceding day for which such rate was published. This previously published rate would be an overnight rate that would remain in effect until the next day on which SOFR is published. As such, this rate may not reflect then-current market conditions, or the rate that would apply to investments where interest is set for a longer term. For more information on how SOFR is determined, you should read "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.

Because SOFR is a relatively new market index, the Class A-2b notes may not have an established trading market when issued, and an established trading market may not develop or may not provide significant liquidity. The secondary market for, and the market value of, the Class A-2b notes will be affected by a number of factors, including the manner in which SOFR is determined, calculated and published, the development of SOFR-based market conventions, broad acceptance of SOFR in the capital markets, the anticipated and actual level and direction of interest rates, the variable rate of interest payable on the Class A-2b notes, potential volatility of SOFR, the time remaining to the maturity of Class A-2b notes, the principal amount of the Class A-2b notes and the availability of comparable instruments. Market expectations for variable rate notes (such as the spread over the Benchmark Rate), may evolve over time, and trading prices of the Class A-2b notes may be lower than those of later-issued notes with

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variable rates based on a benchmark. Similarly, if SOFR does not become widely adopted for securities like the Class A-2b notes, the trading prices of the Class A-2b notes may be lower than those of securities like the notes linked to indices that are more widely used. Investors in the Class A-2b notes may not be able to sell the Class A-2b notes at all or may not be able to sell the Class A-2b notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.

Investors who seek financing for their Class A-2b notes may have difficulty obtaining any credit or credit with interest rates benchmarked to or otherwise correlated to SOFR. Differences between any financing interest rates and the interest rate for the Class A-2b notes may result in lower leveraged yields and lower secondary market prices upon the sale of the Class A-2b notes.

The FRBNY began to publish SOFR in April 2018. Although the FRBNY has also published historical indicative SOFR going back to 2014, such prepublication historical data inherently involves assumptions, estimates and approximations. Investors should therefore not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR during the term of the Class A-2b notes. Historical interest rates are not necessarily indicative of future interest rates and actual interest rates may be lower than anticipated.

**A decrease in SOFR, including a negative benchmark rate, may reduce the rate of interest on the Class A-2b notes to 0.00%.** 

The interest rate for the Class A-2b notes initially will be based on the SOFR Rate plus a spread. Decreases in SOFR (or any alternative benchmark rate adopted by the sponsor) will decrease the interest rate and the amount of interest payable on the Class A-2b notes. If the sum of SOFR Rate (or the alternative benchmark rate adopted by the sponsor) plus the applicable spread set forth on the front cover of this prospectus is less than 0.00% for any interest period, then the interest rate for the Class A-2b notes for such interest period will be deemed to be 0.00%.

**The issuing entity will issue floating rate notes, but the issuing entity will not enter into any interest rate swaps and you may suffer losses on your notes if interest rates rise.** 

The leases and related leased vehicles to be allocated to, and associated with, the Series 2025-B will bear interest at a fixed rate, while the floating rate notes will bear interest at a floating rate, initially, based on the SOFR rate plus an applicable spread. Even though the issuing entity will issue floating rate notes, it will not enter into any interest rate swaps or interest rate caps in connection with the issuance of the notes.

If the interest rate payable on the Class A-2b notes increases due to an increase in the benchmark rate to the point where the amount of interest and principal due on the notes, together with other fees and expenses payable by the issuing entity, exceeds the amount of collections and other funds available to the issuing entity to make such payments, the issuing entity may not have sufficient funds to make payments on the notes. If the issuing entity does not have sufficient funds to make such payments, you may experience delays or reductions in the interest and principal payments on your notes.

If market interest rates rise or other conditions change materially after the issuance of the notes and certificates, you may experience delays or reductions in interest and principal payments on your notes. The issuing entity will make payments on the floating rate notes out of its generally available funds – not solely from funds that are dedicated to the floating rate notes. Therefore, an increase in interest rates would reduce the amounts available for distribution to holders of all notes, not just the holders of the floating rate notes, and a decrease in interest rates would increase the amounts available to the holders of all notes.

**The occurrence of a benchmark transition event may result in a deemed taxable exchange for noteholders for U.S. federal income tax purposes.** 

If an alternative method or index is designated in place of SOFR for the Class A-2b notes, the U.S. federal income tax consequences of such a benchmark replacement are uncertain. If such a replacement constituted a "significant modification" of the Class A-2b notes under Treasury Regulation section 1.1001-3, the replacement may result in a taxable deemed exchange of the Class A-2b notes and the realization of gain or loss, as well as other corollary tax consequences.

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**OVERVIEW OF THE TRANSACTION** 

Please refer to page vii for a diagram providing an overview of the transaction described in this prospectus. You can find a listing of the pages where the principal terms are defined under "*Index of Terms*" in this prospectus beginning on page I-1.

All of the motor vehicle dealers doing business with Nissan Motor Acceptance Company LLC ("**NMAC**" or, the "**sponsor**") have entered into agreements with NMAC or Infiniti Financial Services ("**IFS**"), which is a dba of NMAC, pursuant to which they have assigned and will assign retail closed-end motor vehicle lease contracts that have been originated by those dealers and funded by NMAC or IFS to Nissan-Infiniti LT LLC, a Delaware limited liability company (the "**titling company**"). The titling company was created as a Delaware statutory trust in July 1998 and converted to a limited liability company in April 2021. The titling company structure avoids the administrative difficulty and expense associated with retitling leased vehicles for the securitization of motor vehicle leases. The assets of the titling company that are not allocated to, or associated with, another series interest constitute the unallocated assets series (the "**Unallocated Assets Series**"). NILT LLC is the holder of the certificate representing the Unallocated Assets Series (the "**Unallocated Assets Certificate**"). See "*The Titling Company—Property of the Titling Company*" in this prospectus. On or prior to the closing date, NILT LLC will direct the titling company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a separate series of limited liability interest in the titling company (the "**2025-B Series** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocate from the Unallocated Assets Series to the 2025-B Series a
separate portfolio of leases (the "**leases** "), the related vehicles leased under the leases (the "**leased vehicles** "), the cash proceeds associated with such leases, the security deposits made by the lessees, the
certificates of title relating to the leased vehicles and the right to receive payments under any insurance policy relating to the leases, the leased vehicles or the related lessees.

The leases, leased vehicles and other assets allocated to, and associated with, the 2025-B Series are referred to collectively as the "**2025-B Series Assets**". Upon the creation of the 2025-B Series, the 2025-B Series Assets will no longer constitute assets of the titling company allocated to, and associated with, the Unallocated Assets Series, and the interest of NILT LLC in the titling company assets represented by the Unallocated Assets Series will be reduced accordingly. The 2025-B Series will represent an indirect interest, rather than a direct legal interest, in the related 2025-B Series Assets. The 2025-B Series will not represent an interest in any titling company assets other than the related 2025-B Series Assets. Payments made on or in respect of any titling company assets other than the 2025-B Series Assets will not be available to make payments on the notes or the certificates. The titling company may from time to time issue additional series of limited liability company interests in the titling company similar to the 2025-B Series (each, an "**Other Series**"). The issuing entity (and, accordingly, the securityholders) will have no interest in the Unallocated Assets Series, any Other Series or any assets of the titling company allocated to the Unallocated Assets Series or any Other Series. See "*The Titling Company*" and "*The 2025-B Series*" in this prospectus.

On the date of initial issuance of the notes and the certificates (the "**closing date**"), the titling company will issue a certificate evidencing the 2025-B Series (the "**2025-B Series Certificate**") to NILT LLC. NILT LLC will then sell, transfer and assign its limited liability company interest in the 2025-B Series represented by the 2025-B Series Certificate to Nissan Auto Leasing LLC II (the "**depositor**"). The depositor will in turn sell, transfer and assign the 2025-B Series Certificate to Nissan Auto Lease Trust 2025-B, a Delaware statutory trust (the "**issuing entity**"). The issuing entity will issue notes (the "**notes**") with an aggregate initial principal amount of $1,000,000,000 (the "**initial note balance**") and asset-backed certificates (the "**certificates**") representing the beneficial interest in the issuing entity to the depositor in consideration for the 2025-B Series Certificate and will pledge the 2025-B Series Certificate to the indenture trustee as security therefor. The holders of the notes are referred to in this prospectus as the "**noteholders**", and the holders of the certificates are referred to herein as the "**certificateholders**". The notes and the certificates are collectively referred to in this prospectus as the "**securities**," and the holders of the securities are referred to as "**securityholders**". Each note will represent an obligation of, and each certificate will represent a fractional beneficial interest in, the issuing entity. Payments in respect of the certificates will be subordinated to payments in respect of one or more classes of notes to the extent described in this prospectus.

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The notes are the only securities being offered hereby. The depositor initially will retain all of the certificates.

The sponsor expects that the notes will receive credit ratings from two nationally recognized statistical rating organizations hired by the sponsor to assign ratings on the notes (each, a "**hired rating agency**").

**THE ISSUING ENTITY** 

**General** 

Nissan Auto Lease Trust 2025-B, the issuing entity, is a Delaware statutory trust and will be governed by the amended and restated trust agreement to be dated as of the closing date (the "**Trust Agreement**"), between Nissan Auto Leasing LLC II, the depositor, and Wilmington Trust, National Association, as owner trustee (the "**owner trustee**").

The issuing entity will issue the notes pursuant to an indenture, to be dated as of the closing date (the "**Indenture**"), between the issuing entity and U.S. Bank Trust Company, National Association, as indenture trustee (the "**indenture trustee**" and, together with the owner trustee, the "**trustees**"), and will issue the certificates pursuant to the Trust Agreement.

The issuing entity will not engage in any activity other than as duly authorized in accordance with the terms of the Trust Agreement. On the closing date, the authorized purposes of the issuing entity will be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. issuing the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. acquiring the 2025-B Series certificate and the other property of the
issuing entity and proceeds therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. assigning and pledging the property of the issuing entity to the indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. making payments on the notes and the certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. entering into and performing its obligations under each Basic Document (as defined below) to which it is a
party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. subject to compliance with the Basic Documents, engaging in such other activities as may be required in
connection with conservation of the property of the issuing entity (the "**issuing entity's property**") and the making of distributions to the holders of the notes and the certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. engaging in other activities that are necessary, suitable or convenient to accomplish, or that are incidental
to or connected with, any of the foregoing activities.

The term "**Basic Documents**" refers collectively to the Indenture, together with the Titling Company Agreement, the Series Supplement, the Servicing Agreement, the Administration Agreement, the Trust Agreement, the Securities Account Control Agreement, the Series Certificate Sale Agreement, the Series Certificate Transfer Agreement, the Asset Representations Review Agreement, the Underwriting Agreement, the 2025-B Series Certificate and the securities.

The issuing entity may not engage in any additional activities other than in connection with the foregoing purposes or other than as required or authorized by the terms of the Basic Documents.

Securities owned by the issuing entity, the depositor, the servicer and their respective affiliates will be entitled to all benefits afforded to the securities except that they generally will not be deemed to be outstanding for the purpose of making requests, demands, authorizations, directions, notices, consents or other actions under the

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Basic Documents unless all other outstanding securities are owned by the issuing entity, the depositor, the servicer or their respective affiliates.

The issuing entity's principal office is in Wilmington, Delaware, in care of the owner trustee, at the address set forth below under "*The Owner Trustee and the Indenture Trustee*." The fiscal year of the issuing entity ends on March 31 of each year. The depositor, on behalf of the issuing entity, will file with the Securities and Exchange Commission (the "**SEC**") periodic reports of the issuing entity required to be filed with the SEC under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and regulations of the SEC thereunder. For more information on where you can obtain a copy of these and other reports, you should refer to "*Reports to Noteholders*" in this prospectus.

**Capitalization and Liabilities of the Issuing Entity** 

The expected capitalization and liabilities of the issuing entity as of the closing date will be as follows:

**<u>Capitalization</u>**

---

| | |
|:---|:---|
|  | **Amount** |
|  2025-B Series (Securitization Value as of the cutoff date) | $1125500324.86 |
|  Reserve Account – Initial Balance<sup>(1)</sup> | $4502001.30 |
|  Total | $1130002326.16 |

---

<sup>(1)</sup> To be an amount not less than 0.40% of the aggregate securitization value of the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date. 

**<u>Liabilities</u>**

---

| | |
|:---|:---|
|  | **Amount** |
|  Class A-1 notes | $91900000 |
|  Class A-2a notes | $207600000 |
|  Class A-2b notes | $180000000 |
|  Class A-3 notes | $387600000 |
|  Class A-4 notes | $61430000 |
|  Class B notes | $33770000 |
|  Class C notes | $37700000 |
|  Total | $1000000000 |

---

**Property of the Issuing Entity** 

On the closing date, the depositor will transfer the 2025-B Series Certificate to the issuing entity pursuant to the 2025-B Series Certificate Transfer Agreement. The issuing entity will then pledge its interest in the 2025-B Series Certificate to the indenture trustee under the Indenture. See "*The 2025-B Series—Transfers of the Series Certificate*" in this prospectus.

After giving effect to the transactions described in this prospectus, the issuing entity's property will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 2025-B Series Certificate, evidencing the entire limited liability
company series interest in the 2025-B Series Assets, including the lease payments and right to payments received thereunder from the sale or other disposition of the leased vehicles after June 30, 2025
(the "**cutoff date** "), the Series Collection Account and the rights of the issuing entity to funds on deposit from time to time in the

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Series Collection Account and investment earnings, net of losses and investment expenses, on those amounts, <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reserve Account and the rights of the issuing entity to funds on deposit from time to time in the Reserve
Account (including investment earnings, net of losses and investment expenses, on amounts on deposit therein),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Note Distribution Account, the rights of the issuing entity to funds on deposit from time to time in the Note
Distribution Account and any other account or accounts established pursuant to the Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the depositor under the Series Certificate Sale Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the issuing entity under the Series Certificate Transfer Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the issuing entity as a third-party beneficiary of the Servicing Agreement, to the extent relating
to the 2025-B Series Assets and Titling Company Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proceeds and other property from and relating to the foregoing.

The issuing entity will pledge the issuing entity's property to the indenture trustee for the benefit of the noteholders and the certificateholders, pursuant to the Indenture.

The Series Collection Account, the Note Distribution Account and the Reserve Account will initially be established with and maintained by U.S. Bank National Association as the account bank (the "**account bank**") and will be subject to a securities account control agreement, to be dated as of the closing date (the "**Securities Account Control Agreement**"), between the account bank, the issuing entity, the servicer and the indenture trustee.

Holders of the notes and certificates will be dependent on payments made on the leases and proceeds received in connection with the sale or other disposition of the related leased vehicles for payments on the notes and certificates. Although the issuing entity will hold the 2025-B Series Certificate, the issuing entity will not have a direct ownership interest in the 2025-B Series Assets or a perfected security interest in the 2025-B Series Assets. The leased vehicles included in the 2025-B Series Assets will be titled in the name of the titling company. It is therefore possible that a claim or lien in respect of the leased vehicles or the titling company could limit the amounts payable in respect of the 2025-B Series Certificate to less than the amounts received from the lessees of the leased vehicles or received from the sale or other disposition of the leased vehicles. To the extent that a claim or lien were to delay the disposition of the leased vehicles or reduce the amount paid to the holder of the 2025-B Series Certificate in respect of its interest in the 2025-B Series Assets, you could experience delays in payment or losses on your investment in the notes. See "*Risk Factors—Risks related to the servicer and other transaction parties—Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes,*" "*Risk Factors—Risks related to the limited nature of the issuing entity's assets—Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes*," "*The 2025-B Series*," "*Additional Legal Aspects of the Titling Company and the 2025-B Series—The 2025-B Series*" and "*Additional Legal Aspects of the Leases and the Leased Vehicles—Security Interests*" in this prospectus.

**THE OWNER TRUSTEE AND THE INDENTURE TRUSTEE** 

**The Owner Trustee** 

Wilmington Trust, National Association ("**WTNA**") will be the "**owner trustee**" under the Trust Agreement. WTNA is a national banking association with trust powers incorporated under the federal laws of the United States. The owner trustee's principal place of business is located at 1100 North Market Street, Wilmington, Delaware 19890. WTNA is an affiliate of Wilmington Trust Company and both WTNA and Wilmington Trust Company are subsidiaries of M&T Bank Corporation. Since 1998, Wilmington Trust Company has served as owner trustee in numerous asset-backed securities transactions involving automobile leases.

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WTNA is subject to various legal proceedings that arise from time to time in the ordinary course of business. WTNA does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as owner trustee.

WTNA has provided the above information for purposes of complying with Regulation AB. Other than the above two paragraphs, WTNA has not participated in the preparation of, and is not responsible for, any other information contained in this prospectus.

The fees and expenses and indemnity payments of the owner trustee due pursuant to the Trust Agreement will be paid by the trust administrator under the Trust Agreement. To the extent these fees and expenses and indemnity payments, as applicable, are unpaid for at least 60 days, they will be payable from the Series Collection Account solely to the extent described in "*Distributions on the Notes—Post-Acceleration Priority of Payments*" and "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus.

For a description of the roles and responsibilities of the owner trustee, see "*Description of the Trust Agreement*" in this prospectus.

**The Indenture Trustee** 

U.S. Bank Trust Company, National Association, a national banking association ("**U.S. Bank Trust Co.**"), will act as indenture trustee, calculation agent, note registrar and paying agent. U.S. Bank National Association ("**U.S. Bank N.A.**") made a strategic decision to reposition its corporate trust business by transferring substantially all of its corporate trust business to its affiliate, U.S. Bank Trust Co., a non-depository trust company (U.S. Bank N.A. and U.S. Bank Trust Co. are collectively referred to herein as "**U.S. Bank**"). Upon U.S. Bank Trust Co.'s succession to the business of U.S. Bank N.A., it became a wholly owned subsidiary of U.S. Bank N.A. The indenture trustee will maintain the accounts of the issuing entity in the name of the indenture trustee at U.S. Bank N.A.

U.S. Bancorp, with total assets exceeding $676 billion as of March 31, 2025, is the parent company of U.S. Bank N.A., the fifth largest commercial bank in the United States. As of March 31, 2025, U.S. Bancorp operated over 2,100 branch offices in 26 states. A network of specialized U.S. Bancorp offices across the nation provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses, and institutions.

U.S. Bank has one of the largest corporate trust businesses in the country with office locations in 46 domestic and 3 international cities. The indenture will be administered from U.S. Bank's corporate trust office located at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603.

U.S. Bank has provided corporate trust services since 1924. As of March 31, 2025, U.S. Bank was acting as trustee with respect to over 154,000 issuances of securities with an aggregate outstanding principal balance of over $6.3 trillion. This portfolio includes corporate and municipal bonds, mortgage-backed and asset-backed securities and collateralized debt obligations.

As of March 31, 2025, U.S. Bank (and its affiliate U.S. Bank Trust National Association) was acting as indenture trustee, registrar and paying agent on 211 issuances of automobile receivables-backed securities with an outstanding aggregate principal balance of approximately $92,623,800,000.

U.S. Bank N.A. and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage-backed securities ("**RMBS**") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank N.A. and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of

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servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank N.A. denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank N.A. cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "**DSTs**") that issued securities backed by student loans (the "**Student Loans**") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank N.A. in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned *The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al.*, C.A. No. 2018-0167-JRS (Del. Ch.) (the "**NCMSLT Action**"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank N.A. concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank N.A. has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank N.A. denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

The indenture trustee will make each monthly statement available to the Noteholders via the indenture trustee's internet website at https://pivot.usbank.com. Noteholders with questions may direct them to the indenture trustee's bondholder services group at (800) 934-6802.

At all times, the indenture trustee or its parent must have a long-term debt rating of "Baa3" or better by Moody's Investors Service, Inc. and "BBB" or better by Fitch Ratings Inc., or otherwise acceptable to each of the hired rating agencies. The indenture trustee must at all times satisfy all applicable requirements of the Trust Indenture Act of 1939 (the "**TIA**"), and in addition, have a combined capital and surplus of at least $50,000,000 (as set forth in its most recently published annual report of condition).

The indenture trustee may resign at any time by so notifying the issuing entity and the servicer at least 30 days before the effective date of such resignation, in which event the issuing entity will be obligated to appoint a successor thereto. Noteholders representing at least a majority of the outstanding principal amount of the notes may remove the indenture trustee at any time and appoint a successor indenture trustee by so notifying the indenture trustee in writing at least 30 days prior to the effective date of such removal. The issuing entity will remove the indenture trustee with 30 days prior written notice if the indenture trustee becomes insolvent or bankrupt, becomes subject to a receiver that takes charge of it or its property, ceases to be eligible to continue in that capacity under the Indenture, or otherwise becomes legally or practically incapable of fulfilling its duties under the Indenture. In those circumstances, the issuing entity will be obligated to appoint a successor thereto. Any resignation or removal of the indenture trustee and appointment of a successor trustee will not become effective until acceptance of the appointment by the successor.

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NMAC, the depositor and their respective affiliates may maintain normal commercial banking relationships with the indenture trustee and its affiliates. Further, the indenture trustee and one of the underwriters, U.S. Bancorp Investments, Inc., are affiliates.

The fees and expenses and indemnity payments of the indenture trustee and the calculation agent, as applicable, due pursuant to the Indenture will be paid by the trust administrator under the Indenture. To the extent these fees and expenses and indemnity payments, as applicable, are unpaid for at least 60 days, they will be payable from the Series Collection Account solely to the extent described in "*Distributions on the Notes—Post-Acceleration Priority of Payments*" and "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus. For a description of the roles and responsibilities of the indenture trustee, see "*Description of the Indenture*" in this prospectus.

The indenture trustee will not be obligated to monitor, supervise or enforce the performance of the depositor or NMAC under the Basic Documents, except as otherwise expressly specified in the Indenture and in the other Basic Documents.

For a description of the roles and responsibilities of the indenture trustee, see "*Description of the Indenture*" in this prospectus.

**THE TITLING COMPANY** 

**General** 

Nissan-Infiniti LT LLC, the titling company, is a Delaware limited liability company and is governed by a limited liability company agreement, dated as of April 1, 2021 (the "**Titling Company Agreement**"), between NILT LLC, as holder of the Unallocated Assets Series, NMAC, as titling company administrator (the "**titling company administrator**"), and U.S. Bank N.A., as titling company registrar (in that capacity, the "**titling company registrar**"). To provide for the servicing of the assets of the titling company, the titling company, the servicer and NILT LLC have entered into an amended and restated servicing agreement (the "**Titling Company Servicing Agreement**"), dated as of April 1, 2021. The primary business purpose of the titling company is to take assignments of, and serve as record holder of title to, leases and leased vehicles, in order to facilitate the securitization of the leases and leased vehicles in connection with the issuance of asset-backed securities.

The titling company's activities are limited to those set forth in the Titling Company Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• originating and holding title to leases, leased vehicles and other titling company assets for the benefit of the
holders of the related certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and forming new series interests in the assets of the titling company and, at the direction of NILT
LLC, issuing certificates representing such series interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• borrowing money (directly or indirectly), from NMAC, the servicer or the holder of any series to finance the
origination of leases and related leased vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into and performing its obligations under certain agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assigning or otherwise transferring title to leases, leased vehicles and titling company assets to, or at the
order or at the direction of, the related holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking any other action in connection with the qualification, licensing or authorization of the titling company
or any series to engage in activities in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in such other activities as may be necessary, convenient or advisable in connection with titling,
retitling and holding title to leased vehicles and other titling company assets, the management of the titling company assets and the making of distributions to the holders; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any activity and exercising any powers permitted to limited liability companies under the laws of the
state of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing.

For more information regarding the titling company and the servicing of the leases and leased vehicles, you should refer to "*Description of the Titling Company Agreement*" and "*Description of the Servicing Agreement*" in this prospectus.

**NILT LLC** 

NILT LLC is the sole member of the titling company under the Titling Company Agreement (in such capacity, the "**member**"). The sole member of NILT LLC is NMAC. NILT LLC was formed as a Delaware statutory trust in July 1998 and converted to a Delaware limited liability company in April 2021. NILT LLC operates for the sole purpose of acting as member of the titling company, holding the Unallocated Assets Certificate, acquiring interests in one or more series, and engaging in related transactions. So long as any financings involving interests in the titling company, including the transactions described in this prospectus, are outstanding, NMAC may not transfer its membership interest in NILT LLC. The principal office of NILT LLC is located at One Nissan Way, Franklin, Tennessee 37067, and its telephone number is (615) 725-1224.

**Property of the Titling Company** 

The assets of the titling company (the "**Titling Company Assets**") generally consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leases originated by dealers and assigned to the titling company and all monies due from the lessees thereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leased vehicles and all proceeds of those leased vehicles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the dealers' rights with respect to those leases and leased vehicles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights to proceeds from any physical damage, liability or other insurance policies, if any, covering the
leases or the related lessees or the leased vehicles, including but not limited to the Contingent and Excess Liability Insurance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proceeds of the foregoing.

From time to time after the date of this prospectus, dealers may assign additional leases to the titling company and, as described below, title the related leased vehicles in the name of the titling company.

**Lease Origination and the Titling of Vehicles** 

All leases owned by the titling company have been or will be underwritten using the underwriting criteria described under "*The Sponsor—Lease Underwriting Procedures*" in this prospectus. Under each lease, the titling company (or a predecessor in interest of the titling company) will be listed as the owner of the related leased vehicle on the related certificate of title. Except as described below, liens will not be placed on the certificates of title, nor will new certificates of title be issued, to reflect the interest of the issuing entity, as holder of the 2025-B Series Certificate, in the leased vehicles. The certificates of title to those leased vehicles registered in several states may, however, reflect a first lien held by the titling company or NMAC that will exist solely to provide for delivery of title documentation of those leased vehicles to the titling company or the servicer. In addition, a portion of the titles for the leased vehicles may reflect NILT, Inc. as a title holder. Prior to the conversion of the titling company on April 1, 2021, NILT, Inc. was a predecessor nominee title holder on behalf of the titling company. All leases originated after April 1, 2021 will be titled in the name of the titling company.

After the sale of the 2025-B Series Certificate to the issuing entity, the servicer will be obligated, subject to certain conditions, to reallocate from the 2025-B Series any leases and related leased vehicles that do not meet

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certain representations and warranties and to pay the corresponding Repurchase Payment. Those representations and warranties relate primarily to certain characteristics of the leases and related leased vehicles and do not typically relate to the creditworthiness of the related lessees or the collectability of the leases. For more information regarding the representations and warranties made by the servicer, you should refer to "*Description of the Servicing Agreement*—*Representations and Warranties; Remedies*" in this prospectus.

All leased vehicles owned by the titling company will be held for the benefit of entities that from time to time hold series interests in the titling company. Those interests will be evidenced by one or more series or the Unallocated Assets Series. Entities holding series interests in the titling company will not have a direct ownership in the related leases or a direct ownership or perfected security interest in the related leased vehicles. For further information regarding the titling of the leased vehicles and the interests of the issuing entity therein, you should refer to "*Risk Factors—Risks related to the limited nature of the issuing entity's assets—Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes*" in this prospectus.

**THE 2025-B SERIES** 

**General** 

The 2025-B Series will be issued by the titling company under a 2025-B series supplement to the Titling Company Agreement (the "**Series Supplement**") from NILT LLC to the titling company registrar and acknowledged and agreed to by the issuing entity, as holder. To provide for the servicing of the 2025-B Series Assets, the titling company, the servicer and NILT LLC will enter into a supplement to the Titling Company Servicing Agreement (the "**Servicing Supplement**" and together with the Titling Company Servicing Agreement, the "**Servicing Agreement**").

The 2025-B Series is a separate series of limited liability company interests of the titling company, and the 2025-B Series Assets include the leases and the leased vehicles owned by the titling company that are allocated to, and associated with, the 2025-B Series, proceeds of or payments on or in respect of the leases or leased vehicles received or due after the close of business on the cutoff date, and all other related assets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts in the Series Collection Account received in respect of the leases or the sale of the leased vehicles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain monies due under or payable in respect of the leases and the leased vehicles after the cutoff date,
including the right to receive payments made under insurance policies relating to the leases, the leased vehicles or the related lessees, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proceeds of the foregoing.

The 2025-B Series will not represent an interest in any titling company assets other than the 2025-B Series Assets. None of the issuing entity, the noteholders and the certificateholder, in such capacity, will have an interest in the Unallocated Assets Series, any Other Series or any assets of the titling company evidenced by the Unallocated Assets Series or any Other Series. Payments made on or in respect of titling company assets not represented by the 2025-B Series will not be available to make payments on the notes or the certificates.

On the closing date, the titling company will issue the 2025-B Series Certificate evidencing the 2025-B Series to or upon the order of NILT LLC. For more information regarding the titling company and NILT LLC, you should refer to "*The Titling Company*" in this prospectus.

**Transfers of the Series Certificate** 

Upon issuance by the titling company, the 2025-B Series Certificate will be transferred by NILT LLC to the depositor and then transferred by the depositor to the issuing entity.

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Transfer of the 2025-B Series Certificate by NILT LLC to the depositor will be made pursuant to a sale agreement, to be dated as of the closing date (the "**Series Certificate Sale Agreement**"). NILT LLC will covenant to treat the conveyance of the 2025-B Series Certificate to the depositor as a true sale, transfer and assignment for all purposes.

Immediately after the transfer of the 2025-B Series Certificate to the depositor, the depositor will sell, transfer and assign to the issuing entity, without recourse, all of its right, title and interest in and to the 2025-B Series Certificate under a transfer agreement, to be dated as of the closing date (the "**Series Certificate Transfer Agreement**"), and deliver the 2025-B Series Certificate to the issuing entity. In exchange for the 2025-B Series Certificate, the issuing entity will transfer to the depositor the notes and the certificates.

Immediately following the transfer of the 2025-B Series Certificate to the issuing entity, the issuing entity will pledge its interest in the issuing entity's property, which includes the 2025-B Series Certificate, to the indenture trustee as security for the notes.

**Amendments to the Series Certificate Sale Agreement and Series Certificate Transfer Agreement** 

The Series Certificate Sale Agreement and Series Certificate Transfer Agreement may be amended by the parties thereto without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositor delivers an officer's certificate or opinion of counsel to the indenture trustee to the effect
that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such amendment and the depositor notifies the indenture
trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

The Series Certificate Sale Agreement and Series Certificate Transfer Agreement may also be amended by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such agreements or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates. Notwithstanding the foregoing, no amendment to the Series Certificate Sale Agreement will (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 aggregate outstanding principal amount of the outstanding notes, the holders of which are required to consent to any matter without the consent of the holders of at least the majority of the aggregate outstanding principal amount of the outstanding notes which were required to consent to such matter before giving effect to such amendment.

No amendment to the Series Certificate Sale Agreement or Series Certificate Transfer Agreement will be effective which affects the rights, protections, liabilities or duties of the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The owner trustee and the indenture trustee may, but will not be obligated to, enter into any such amendment which adversely affects the owner trustee's or the indenture trustee's, as applicable, own rights, duties, liabilities or immunities under such agreement.

Notwithstanding anything under this heading or in any Basic Document to the contrary, the Series Certificate Sale Agreement may be amended by the parties thereto without the consent of any noteholder or any other person, and without satisfying any other provisions of the Series Certificate Sale Agreement related to amendments thereto or in any other Basic Document, solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the trust administrator; provided, that the issuing entity has delivered notice of such amendment to the hired agencies and the indenture trustee on or prior to the date such amendment is executed; provided, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes will not affect the indenture trustee's, the paying agent's, the calculation agent's or the owner

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trustee's rights, indemnities or obligations without the indenture trustee's, the paying agent's, the calculation agent's or the owner trustee's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to the Series Certificate Sale Agreement may be retroactive (including retroactive to the Benchmark Replacement Date) and the Series Certificate Sale Agreement may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.

"**Rating Agency Condition**" means, with respect to any event or action and each hired rating agency, either (a) written confirmation (which may be in the form of a letter, a press release or other publication or a change in such hired rating agency's published ratings criteria to this effect) by such hired rating agency that the occurrence of such event or action will not cause it to downgrade, qualify or withdraw its rating assigned to the notes or (b) that such hired rating agency will have been given notice of such event or action at least ten days prior to such event or action (or, if ten (10) days' advance notice is impracticable, as much advance notice as is practicable) and such hired rating agency will not have issued any written notice that the occurrence of such event or action will cause it to downgrade, qualify or withdraw its rating assigned to the notes. Notwithstanding the foregoing, no hired rating agency has any duty to review any notice given with respect to any event or action, and it is understood that such hired rating agency may not actually review notices received by it prior to or after the expiration of the notice period described in (b) above. Further, each hired rating agency retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the notes at any time in its sole judgment even if the Rating Agency Condition with respect to an event or action had been previously satisfied pursuant to clause (a) or clause (b) above. For the avoidance of doubt, if no notes are outstanding, the Rating Agency Condition shall be deemed to be satisfied.

**THE DEPOSITOR** 

Nissan Auto Leasing LLC II ("**NALL II**"), the depositor, is a special purpose limited liability company that was formed under the laws of Delaware on October 24, 2001. The sole member of the depositor is NMAC. NMAC may not transfer its membership interest in the depositor so long as any financings involving interests held by the depositor at any time in the titling company, including the transaction described in this prospectus are outstanding.

The depositor was formed to facilitate asset-backed securities transactions and, in connection with that purpose, may acquire from, or sell to, NMAC or its dealers or affiliates, among other assets, receivables, leases, security interests in financed or leased vehicles, insurance policies, undivided interests, agreements with dealers or lessors and related proceeds. The depositor is authorized to sell and deliver certificates and notes in various classes and may also engage in any activity and exercise any powers permitted by limited liability companies under the laws of the State of Delaware that are related or incidental to the accomplishment of its purposes, including forming issuing entities and entering into transaction documents related to or in connection with the issuance of securities.

Since its formation in October 2001, NALL II has been the depositor in each of NMAC's lease securitization transactions, and has not participated in or been a party to any other financing transactions. For more information regarding NMAC's lease securitization program, you should refer to "*The Sponsor—Securitization*" in this prospectus.

On the closing date, NILT LLC will convey the 2025-B Series Certificate to the depositor, and the depositor will immediately convey the 2025-B Series Certificate to the issuing entity in exchange for the notes and certificates. The depositor will then sell the notes to the underwriters pursuant to an underwriting agreement. For more information regarding the transfers of the 2025-B Series Certificate on the closing date and the sale of the notes to the underwriters, you should refer, respectively, to "*The 2025-B Series—Transfers of the Series Certificate*" in this prospectus.

Upon the issuance of the certificates by the issuing entity, the depositor initially will retain all of the certificates. As the holder of the certificates, the depositor will have various rights and obligations under the Trust Agreement, including (i) the ability to direct the owner trustee to remove the servicer upon the occurrence and continuance of a servicer default relating to, and subsequent to the payment in full of, the notes and (ii) appointment of a successor trustee upon resignation and removal of the trustee of the issuing entity. Notwithstanding the foregoing, the rights of the depositor, as holder of the certificates, to take any action affecting the issuing entity's property will be subject to the rights of the indenture trustee under the Indenture. For more information regarding

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the rights and obligations of the depositor upon the initial issuance of the notes, you should refer to "*Description of the Trust Agreement*" in this prospectus.

The principal office of the depositor is located at One Nissan Way, Franklin, Tennessee 37067, and its telephone number is (615) 725-1127.

**THE SPONSOR** 

**General** 

NMAC was incorporated in the state of California in November 1981 and began operations in February 1982. NMAC was converted from a California corporation to a Delaware limited liability company on April 1, 2021. NMAC is a wholly owned subsidiary of Nissan North America, Inc. ("**NNA**"), the primary distributor of Nissan and Infiniti vehicles in the United States and the District of Columbia. NNA is a direct wholly owned subsidiary of NML, which is a worldwide manufacturer and distributor of motor vehicles and industrial equipment.

NMAC provides indirect retail automobile and light-duty truck sale and lease financing by purchasing retail installment contracts and leases from Dealers in all 50 states of the United States and the District of Columbia. NMAC also provides direct wholesale financing to many of those Dealers by financing inventories and other Dealer activities such as business acquisitions, facilities refurbishment, real estate purchases and working capital requirements. Until April 1, 2019, NMAC also provided indirect retail automobile and light-duty truck sale and lease financing by purchasing retail installment contracts and leases from Dealers in Puerto Rico.

The principal executive office of NMAC is located at One Nissan Way, Franklin, Tennessee 37067. NMAC also has a centralized operations center in Irving, Texas that performs underwriting, servicing and collection activities. Certain back office operations with respect to NMAC, including finance, accounting, legal and human resources, have been reorganized as functional departments under NNA. NMAC's primary telephone number is (214) 596-4000.

NMAC is an indirect wholly-owned subsidiary of NML. Although NML is not guaranteeing the issuing entity's obligations under the notes, NML's financial condition may affect NMAC's ability to service the leases and leased vehicles. See "*Risk Factors—Risks related to the servicer and other transaction parties—Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

**Securitization** 

*General* 

Since 2000, one of the primary funding sources for NMAC has been financing wholesale loans, retail installment sales contracts and retail leases through term asset-backed securitization transactions. Generally, these are consumer assets purchased by NMAC or the titling company from Nissan and Infiniti dealers or are commercial loans made by NMAC to dealers. NMAC generally holds, or ages these assets for an interim period in various special purpose financing entities prior to further transferring them in connection with a term asset-backed securitization transaction. During this interim period, NMAC's financing needs with respect to such assets are met, in part, through the use of asset-backed commercial paper funded warehouse facilities. These warehouse facilities are provided by a number of financial institutions and provide liquidity to fund NMAC's acquisition of assets.

A significant portion of NMAC's financial assets are sold in term asset-backed securitization transactions. These assets support payments on the asset-backed securities and are not available to NMAC's creditors generally. NMAC expects that asset-backed securitization debt offerings will continue to be a material funding source for NMAC. No public securitizations sponsored by NMAC have defaulted or experienced an early amortization triggering event.

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*Lease Securitization* 

NMAC's auto lease asset-backed securitization program was first established and utilized for the Nissan Auto Lease Trust 2000-A transaction. Prior to 2000, NMAC had acquired the leases and titled the related leased vehicles in its own name. In connection with the establishment of the lease asset-backed securitization program, NMAC formed Nissan-Infiniti LT as a Delaware statutory trust, which began titling leased vehicles into it in November 1998. In April 2021, Nissan-Infiniti LT was converted to a Delaware limited liability company and renamed "Nissan-Infiniti LT LLC". The titling company structure allows NMAC to avoid the administrative difficulty and expense associated with retitling leased vehicles for the securitization of motor vehicle leases.

NMAC is the initial servicer for all of the wholesale loans, retail installment sales contracts and retail leases that it finances. Although NMAC may be replaced or removed as servicer upon the occurrence of certain events, including the occurrence of a servicer default (as defined under the applicable financing documents), NMAC generally expects to service the wholesale loans, retail installment sales contracts and retail leases financed in an asset-backed securitization transaction for the life of that transaction. The servicer may not resign from its obligations and duties under the Servicing Agreement unless it determines that its duties thereunder are no longer permissible by reason of a change in applicable legal requirements and that the continuance of those duties would cause the servicer to be in violation of those legal requirements in a manner that would have a material adverse effect on the servicer or its financial condition. For more information regarding the circumstances under which NMAC may be replaced or removed or may resign as servicer of the leases and the leased vehicles, you should refer to "*Description of the Servicing Agreement*" in this prospectus. If the servicing of any leases and the related leased vehicles were to be transferred from NMAC to another servicer, there may be an increase in overall delinquencies and defaults due to misapplied or lost payments, data input errors or system incompatibilities. Although NMAC expects that any increase in any such delinquencies would be temporary, there can be no assurance as to the duration or severity of any disruption in servicing the leases and the leased vehicles as a result of any servicing transfer. See "*Risk Factors—Risks related to the servicer and other transaction parties—Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

For more information regarding NMAC's experience with respect to its entire portfolio of new and used Nissan motor vehicle leases, including leases owned by NMAC or the titling company and leases that have been sold but are still being serviced by NMAC, you should refer to "*Prepayments*, *Delinquencies*, *Repossessions and Net Losses*" in this prospectus.

**Lease Underwriting Procedures** 

Lease applications are subject to NMAC's credit policies and procedures. Contracts that are purchased must comply with NMAC's underwriting standards and other requirements, as described below, under existing agreements between NMAC and the dealers. NMAC's underwriting standards emphasize the prospective lessee's ability to pay, as well as the asset value of the motor vehicle to be financed. NMAC's underwriting, servicing and collection activities are conducted principally at a centralized processing center in Irving, Texas.

NMAC's credit decision is influenced by, among other things, the applicant's credit score as obtained by NMAC from one or more of the three national credit bureaus Equifax, Experian and TransUnion. In addition, NMAC requires that lease applications received from the Dealers be signed by the applicant and include the applicant's name, address, social security number, residential status, source and amount of monthly income and amount of monthly rent or mortgage payment, if applicable, in the application. NMAC uses the lessee's monthly self-reported gross income, including any income reported by a co-lessee, on the application at origination, for purposes of calculating the lessee's payment-to-income ratio. A lease application may be reviewed by the credit officers within NMAC's consumer credit department. Depending on their level and experience, credit officers may have the authority to approve or deny certain types of lease applications.

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Upon receipt, lease applications are first processed through NMAC's computer auto-decisioning system. The auto-decisioning system considers an applicant's FICO<sup>®</sup><sup>\*</sup> score, as well as related metrics of the lease (such as the minimum number of positive credit items or maximum level of derogatory credit items on an applicant's credit history) when selecting applications to approve, reject or forward for review by an NMAC credit analyst. An application may be forwarded for review by an NMAC credit analyst because, for example, one or more credit-related criteria are not within certain guidance levels that are needed for auto-approval (even if the applicant's criteria are generally within NMAC's underwriting guidelines). After receiving the application for review, the NMAC credit analyst will evaluate the application in accordance with NMAC's written underwriting guidelines and then either approve the application, reject the application or forward the application for review by an NMAC credit analyst with higher approval authority, depending on the circumstances and the authority level and experience of the credit analyst. Because any applications approved by a credit analyst (including credit analysts with the highest approval authority) must still be within NMAC's underwriting guidelines, NMAC does not consider any such approved applications to be exceptions to its underwriting criteria.

NMAC makes its final credit decision based upon its assessment of the degree of credit risk with respect to each lease applicant. NMAC also uses a repeat customer algorithm to grant pre-approvals to existing lease customers. NMAC utilizes risk models developed by FICO<sup>®</sup>. These FICO<sup>®</sup> scores allow dealers to evaluate customers' credit quality during the hours that NMAC is not open for business.

**Determination of Residual Values** 

The value of the 2025-B Series Certificate, which collateralizes the notes, is based on the Aggregate Securitization Value of the leases and the related leased vehicles allocated thereto and associated therewith. The ALG Residual and the MRM Residual are residual value calculations produced by ALG, an independent publisher of residual value percentages recognized throughout the automotive finance industry for projecting vehicle market values at lease termination. The MRM Residual is the expected residual value of the related leased vehicle at the scheduled termination of the lease established by ALG in May-June 2025 as a "mark-to-market" value (assuming that the vehicle is in "average" condition rather than "clean" condition) based on the "Maximum Residualized MSRP," which consists of the Manufacturers Suggested Retail Price ("**MSRP**") of the typically equipped vehicle and value adding options, giving only partial credit or no credit for those options that ALG understands add little or no value to the resale price of the vehicle. This has the effect of placing a cap on the total capitalized cost of a vehicle for purposes of calculating the residual value of such vehicle. The ALG Residual is the expected residual value of the related leased vehicle at the scheduled termination of the lease established by ALG in May-June 2025 as a "mark-to-market" value (assuming that the vehicle is in "average" condition rather than "clean" condition) based on the total MSRP of the base vehicle and all NMAC authorized options, without making a distinction between value adding options and non-value adding options.

The following discussion relates to NMAC's contract residuals, which will affect the return rates of vehicles to NMAC. Each lease sets forth a contract residual, which is the residual value of the leased vehicle at the scheduled termination of the lease established or assigned by NMAC at the time of origination of the lease (the "**Contract Residual**"). In establishing the Contract Residual of leased vehicles, NMAC uses third-party estimates including estimates provided by (i) prior to January 2022, ALG, KBB and J.D. Power as well as actual auction trends and (ii) since January 2022, ALG and KBB as well as actual auction trends. The "**Initial Base Residual**" is the expected market value of the related leased vehicle at the time of scheduled termination of the lease and is determined at the time of origination of the lease. The difference between the Contract Residual specified in a lease and the Initial Base Residual represents marketing incentives offered to customers. NMAC has reserved funds for the difference between the Contract Residual and the Initial Base Residual, discounted by an expected return rate.

The estimated future value of a leased vehicle is a major component of the leasing business. Specifically, any excess of the Contract Residual of a vehicle over its then actual market value represents a residual loss at lease termination. NMAC believes that this difference between the Contract Residual and the actual value at maturity may affect consumer behavior concerning purchasing or returning a vehicle to the lessor at lease termination. Furthermore, NMAC believes that return rates may decline as the difference between the Contract Residual and actual value declines. As it specifically pertains to this transaction, the residual loss at lease termination in respect

<sup>\*</sup> FICO<sup>®</sup><sup></sup>is a federally registered trademark of Fair Isaac Corporation.

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of a leased vehicle will be determined by the excess, if any, of the Base Residual of the leased vehicle, which is the lowest of the related Contract Residual, the ALG Residual and the MRM Residual of such vehicle, over its then actual market value (based on the price at which the vehicle is sold at lease termination). For more information on how the residual values of the leased vehicles are determined you should refer to "*The Leases—Characteristics of the Leases—Calculation of the Securitization Value*" in this prospectus.

**Lease Return Process and Remarketing** 

NMAC handles all remarketing of leased vehicles, including customer service, collections, accounting, end of term process and titling. NMAC's Lease Customer Network Department ("**LCN**") coordinates with NNA a direct mail campaign commencing approximately 180 days prior to maturity to lessees of Nissan and Infiniti-brand vehicles providing information about their lease-end responsibilities and options, including vehicle inspection, the end of lease process, turn-in requirements and options to purchase. LCN may place calls as early as 60 days prior to maturity to determine the lessee's intent to purchase or return the related leased vehicles and to assist the lessee regarding the end of lease process.

**Leased Vehicle Maintenance** 

Each form of lease used for titling company leases provides that the lessee is responsible for all maintenance, repair, service and operating expenses of the leased vehicle. In addition, the lessee is responsible for all excessive damage to the leased vehicle and for its loss, seizure or theft. At the scheduled maturity date of a lease, if the lessee does not purchase the leased vehicle, the lease requires the lessee to pay the lessor any applicable charges for excess mileage or excess wear and tear ("**Excess Mileage and Excess Wear and Tear Charges**"). The Excess Mileage and Excess Wear and Tear Charges are assessed to compensate the lessor for certain deteriorations in the condition of the leased vehicle during the term of the lease. If the lessee fails to pay the Excess Mileage and Excess Wear and Tear Charges despite collection efforts, the amount owed will be charged-off. In certain situations, NMAC, on behalf of the titling company, permits a lessee to purchase an additional mileage allotment under a lease during the term of such lease and thereby avoid excess mileage charges up to the amount of such allotment at lease maturity.

**Methods of Vehicle Disposal** 

NMAC's Remarketing Department ("**NMAC Remarketing**") handles all motor vehicle sales for the titling company including sales resulting from repossessions and end of term leases. Along with the LCN call center, the department is managed at a centralized location in Irving, Texas, and is supported with an administrative staff stationed at NMAC-AGS in Aguascalientes, Mexico and field remarketing managers assigned to respective auction sites.

Each lease provides that upon maturity, the lessee has the option to purchase the related motor vehicle for an amount equal to the Contract Residual, plus any remaining contractual obligations or customer liabilities (the "**gross payoff**") provided in the gross payoff quote. If the lessee does not exercise this option, the related "grounding" dealer has the option to purchase the vehicle. NMAC utilizes the Remarketing Portfolio Manager ("**RPM**") system, an electronic grounding, recovery and sales tool, to obtain the related vehicle federal odometer statement and electronic customer signature for all returned off-lease vehicles. The RPM system is also utilized by the grounding dealer to process the purchase by the grounding dealer or the lessee, as the case may be, of the related motor vehicle. Select off-lease vehicles may be offered exclusively to Nissan and Infiniti retailers in an "upstream sales channel" prior to being offered in "upstream sales channels" open to non-branded licensed dealers. All returned vehicles that have not been purchased by the lessee, grounding dealer or the "upstream sales channels" are then shipped to auction by NMAC Remarketing. Once at auction, off-lease vehicles are simultaneously offered to licensed dealers via the auction lanes and internet sales via Simulcast. NMAC and NNA inventory is managed through corporate closed and/or open auction sales. NMAC uses a system of auto auctions throughout the United States and views speed and efficiency of operations balanced with maximizing recovery values as the most critical aspects of managing off-lease vehicle inventory. Credit repossessions are handled in accordance with various state requirements.

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Prior to a lessee returning their vehicle to the grounding dealer, each lessee is offered a complimentary pre-termination field-based inspection. If the lessee takes advantage of the pre-termination inspection, the lessee will be given the opportunity to make repairs to damages prior to the vehicle's return. If the lessee opts to not have an inspection prior to returning their lease, a third-party inspection will be performed at the grounding dealer's location after the vehicle has been returned. The inspection will be used for end of lease damage liability, when applicable. The inspection may also be used by NMAC Remarketing to identify the vehicle's condition and assign an auction floor price for upstream sales. In addition, the inspection report can be used by the purchasing dealer to view the vehicle's condition, including damage details and photos. Vehicles not purchased at time of return will receive an auction-based inspection to ensure that the mileage and damage disclosures are current and accurate at the time of auction sale, which will generate a condition report. Condition reports are electronically transmitted to the remarketing department's system. NMAC Remarketing utilizes a proprietary internal pricing model to assign a target auction floor price to vehicles. Field representatives are charged with maximizing the recovery values of the off-lease vehicles as depreciating assets by managing the frequency of auction sales and determining which vehicles to sell or not sell on a given day. Vehicles that are not sold are offered again on the next available auction date or electronically via Manheim's OVE system.

Off-lease vehicles are sold in the following ways: (a) to the lease customer at net payoff; (b) to the grounding dealer at either gross payoff or market price; (c) to eligible dealers at market prices; (d) to licensed dealers on the Manheim OVE; (e) "corporate closed auction," open only to dealers; (f) "open auction," open to any licensed dealer in the United States; and (g) "simulcast everywhere," open to licensed dealers.

NMAC has regular sales at major auction locations throughout the United States. NMAC's highest off-lease return volume has historically been in the northeast region. From time to time, vehicles may be marshaled and transported into other markets based on demand and inventory levels. NMAC utilizes an auction transportation optimization model that is supplemented by strategic decisions to make transfer decisions that will optimize financial recoveries.

**Insurance on the Leased Vehicles** 

NMAC's form of lease used by the titling company requires that lessees maintain motor vehicle liability and motor vehicle physical damage insurance on the leased vehicle. The amount of insurance required by the lease contracts is at least equal to the amount required by applicable state law, subject to customary deductibles. The insurance policy must name the titling company as an additional insured and loss payee. The motor vehicle physical damage coverage must provide comprehensive and collision coverage for the actual cash value of the vehicle, with maximum deductibles of $1,000 for each such coverage. Since lessees may choose their own insurers to provide the required coverage, the specific terms and conditions of policies vary. NMAC requires lessees to provide evidence that the specified insurance coverage and additional insured loss payee provisions are in effect at the inception of the lease.

NMAC does not require lessees to carry credit disability, credit life, credit health or other similar insurance coverage, which provides for payments to be made on the leases on behalf of lessees in the event of disability or death. To the extent that the lessee obtains any of these insurance coverages, payments received by NMAC with respect to such coverage will be applied by NMAC, if permitted by applicable law, to payments on the related lease.

**Contingent and Excess Liability Insurance** 

In addition to the physical damage and liability insurance coverage required to be obtained and maintained by the lessees pursuant to the leases, and as additional protection if a lessee fails to maintain the required insurance, NMAC maintains contingent liability or similar types of insurance through a combination of insurance and/or self-insurance mechanisms for the benefit of, among others, NMAC, the titling company, NILT LLC, the depositor and the issuing entity, against third-party claims that may be raised against the titling company or NILT LLC, with respect to any leased vehicle owned by the titling company (the "**Contingent and Excess Liability Insurance**"). The Contingent and Excess Liability Insurance provides a minimum primary coverage of $1 million combined single limit coverage per occurrence and a minimum excess coverage of $15 million combined single limit each occurrence, without limit on the number of occurrences in any policy period. Claims in excess of such coverage could be imposed against the assets of the titling company including those assets allocated to, and associated with,

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the 2025-B Series. In that event, you could incur a loss on your investment in the notes. See "*Additional Legal Aspects of the Titling Company and the 2025-B Series—The 2025-B Series*" in this prospectus for a discussion of related risks.

With respect to damage to the leased vehicles, each lessee is required by the related lease to maintain comprehensive and collision insurance. As more fully described under "*Description of the Servicing Agreement—Insurance on Leased Vehicles*" in this prospectus, the servicer will generally not be required to monitor a lessee's continued compliance with insurance requirements. If the foregoing insurance coverage is exhausted or unavailable for any reason and no third-party reimbursement for any damage is available, you could incur a loss on your investment in the notes.

The Servicing Agreement provides that for so long as any of the notes are outstanding, NMAC may not terminate or cause the termination of any Contingent and Excess Liability Insurance policy unless (i) a replacement insurance policy is obtained that provides coverage against third-party claims that may be raised against the titling company, NILT LLC on behalf of the titling company or the issuing entity in an amount at least equal to $1 million combined single limit per occurrence and excess coverage of at least $15 million combined single limit each occurrence, without limit on the number of occurrences in any policy period (which insurance policy may be a blanket insurance policy covering the servicer and one or more of its affiliates), and (ii) each hired rating agency receives prior written notice from the servicer of such termination and any replacement insurance. These obligations of NMAC will survive any termination of NMAC as servicer under the Servicing Agreement, until such time as claims can no longer be brought that would be covered by such insurance policies, whether as a result of the expiration of any applicable statute of limitations period or otherwise. Notwithstanding the foregoing, the servicer will only be required to maintain the Contingent and Excess Liability Insurance policy that is required to be maintained by the servicer in the most recent Public ABS Transaction (as defined below); provided, that if no such Contingent and Excess Liability Insurance policy is required to be maintained in the most recent Public ABS Transaction, then no such Contingent and Excess Liability Insurance policy will be required under the related Servicing Agreement. "**Public ABS Transaction**" means any publicly registered issuance of securities backed by (i) a certificate representing the beneficial interest or limited liability company series interest in a pool of vehicle leases originated in the United States for a lessee with a United States address and the related leased vehicles or (ii) motor vehicle retail installment contracts originated in the United States and, for both clauses (i) and (ii), for which the depositor, or any United States Affiliate thereof, acts as a depositor.

**Collection and Repossession Procedures** 

There are several methods for lessees to make monthly lease payments. Generally, monthly payments are received at a lockbox, from phone pay using electronic payment service (Paymentus), Money Gram International, or web pay (NMAC's Customer Self Service Portal), received through NMAC's automated clearinghouse system or physically received through a deposit drop box. Lease payments are due on the 1st through the 28th day of each calendar month. Generally, all payments received by NMAC which can be identified will be deposited into the related collection account within two Business Days after identification, unless the Monthly Remittance Conditions has been met, which would then permit deposits on a monthly basis. See "*Description of the Servicing Agreement—Collections*" in this prospectus.

NMAC considers a lease to be delinquent when 5% or more of the payment amount is past due. If a lease is delinquent, NMAC will charge a late fee where permissible and not exceeding statutory limits for each month that the lease is delinquent. NMAC utilizes behavioral based campaigns in its collection activities. The behavioral based campaigns are composed of two areas in addressing delinquent lessees. The first assesses the risk of the delinquent lessee through a behavioral scoring algorithm. The algorithm prioritizes the lessee from high to low risk and calling campaigns are structured to target high-risk lessees. Secondly, based on the score, management determines the best strategy for collection activity. Assessing the score allows the managers to focus resources on higher risk lessees. Lower risk lessees may receive no delinquency or collection communication from NMAC unless the delinquency becomes more severe. If the delinquent lease cannot be brought current or completely collected within 60 to 90 days, NMAC generally attempts to repossess the related leased vehicle. NMAC holds repossessed vehicles in inventory to comply with any applicable legal requirements for reinstatement and then sells or otherwise disposes of the vehicles. Any deficiencies remaining after repossession and sale of the vehicle or after the full charge-off of the lease are pursued by or on behalf of NMAC to the extent practicable and legally permitted.

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See "*Additional Legal Aspects of the Leases and Leased Vehicles—Deficiency Judgments*" in this prospectus. NMAC attempts to contact lessees and establish and monitor repayment schedules until the deficiencies are either paid in full or become impractical to pursue.

**Modifications of the Leases** 

On occasion, NMAC may extend the term of a lease if the lessee requests such extension and is not in default on any of its obligations under the lease and if the lessee agrees to continue to make monthly payments. Lessees at the end of a lease who intend to lease or purchase another Nissan or an Infiniti automobile but cannot do so at lease maturity for reasons such as awaiting delivery of a new vehicle, preference for the next model year or other timing circumstances, may qualify for a lease term extension. Lessees who wish to extend their lease term beyond the original scheduled end of the lease term (the "**Lease Maturity Date**") by six months or less may do so by entering into a verbal lease extension agreement with NMAC. Lessees who wish to extend their lease term beyond the Lease Maturity Date by more than six months must sign and return a written lease extension agreement.

In the future NMAC may adopt incentive programs that encourage lease term extensions in circumstances other than in connection with the lease or purchase of another Nissan or Infiniti automobile. The servicer will be obligated to reallocate from the 2025-B Series the leased vehicles relating to any leases for which the servicer grants a lease term extension that extends the lease term beyond the Final Scheduled Payment Date of the latest maturing class of notes (other than any lease term extension in accordance with the servicer's customary servicing procedures that is made after a default, breach, delinquency or event permitting acceleration under the terms of any lease will have occurred or, in the judgment of the servicer, is imminent) (each, a "**Term Extension**"). In connection with such reallocation, the servicer will be required to pay the issuing entity an amount equal to (x) the sum of the present value, discounted at the Securitization Rate, of (i) the monthly payments remaining to be made under the affected lease, and (ii) the base residual of the leased vehicles, which will be calculated as described under "*The Leases—Characteristics of the Leases—Calculation of Securitization Value*", and (y) any delinquent monthly payments not paid by the lessee (collectively, the "**Repurchase Payments**") on or before the last day of the second Collection Period following the Collection Period in which such extension was granted.

Occasionally NMAC allows a change to the lessees on the lease by adding a new lessee who may assume the lease with the original lessee still obligated. In rare instances in the case of a vehicle that suffers a casualty or other loss, NMAC may permit a substitution of the original leased vehicle with a vehicle of similar value.

NMAC, as servicer, may also permit a lessee under a pull-forward program to terminate a lease prior to its maturity in order to allow such lessee, among other things, (i) to enter into a new lease contract for a new Nissan or Infiniti vehicle or (ii) to purchase a new Nissan or Infiniti vehicle, provided that the lessee is not in default on any of its obligations under the related lease and the financing of the related vehicle is provided by NMAC (each, a "**Pull-Forward**"). In the case of such early termination, all Pull-Forward Payments (defined below) due and payable by the lessee under the lease will be paid and deposited in the Series Collection Account within the time period required for the servicer to deposit collections into the Series Collection Account; provided that if the servicer waives the Pull-Forward Payment (or any portion thereof) payable by the lessee during any Collection Period, the servicer will be required to deposit the waived amount of the Pull-Forward Payment into the Series Collection Account by the next deposit date related to such Collection Period. The lessee may still be responsible for Excess Mileage, pro-rated monthly, and Excess Wear and Tear Charges for the period for which the lease was in effect and any taxes related to the termination of the lease. "**Pull-Forward Payment**" means, with respect to any lease subject to a Pull-Forward, the monthly payments not yet due with respect to that lease.

Term Extensions, Pull-Forwards or other modifications to the leases made in accordance with the servicer's customary servicing procedures may extend or shorten the maturity of the related leases and increase or decrease the weighted average life of the notes. As a result, the weighted average life and yield on your notes may be adversely affected by Term Extensions, Pull-Forwards or other modifications to the leases.

**Credit Risk Retention** 

The depositor, a wholly owned subsidiary of NMAC, will be the initial holder of the issuing entity's certificates. NMAC, through its ownership of the depositor, intends to retain an interest in the transaction in the

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form of the certificates. The certificates represent 100% of the beneficial interest in the issuing entity. For a description of the issuing entity's assets and liabilities as of the closing date see "*The Issuing Entity—Capitalization and Liabilities of the Issuing Entity*" in this prospectus.

Pursuant to Regulation RR, NMAC, as sponsor, is required to retain an economic interest in the credit risk of the leases and leased vehicles, either directly or through a majority-owned affiliate. NMAC intends to satisfy this obligation through the retention by the depositor, its wholly-owned affiliate, of an "eligible horizontal residual interest" in an amount equal to at least 5%, as of the closing date, of the fair value of all of the notes and certificates issued by the issuing entity.

The eligible horizontal residual interest retained by the depositor will consist of the issuing entity's certificates. Based on the assumptions provided below, NMAC expects the certificates to have a fair value of approximately $182,810,880.04, which is approximately 15.46% of the fair value of all of the notes and certificates issued by the issuing entity.

NMAC determined the fair value of the notes and the issuing entity's certificates in accordance with the fair value assessment described in the FASB Accounting Standards Codification 820, *Fair Value Measurements and Disclosures* ("**ASC 820**"), under generally accepted accounting principles. Under ASC 820, fair value of the notes and the certificates generally would be the price that would be received by the seller in a sale of the notes and certificates, respectively, in an orderly transaction between unaffiliated market participants. Under ASC 820, buyers and sellers are both assumed to be knowledgeable and possess a reasonable understanding of the asset using all available information. Additionally, both the buyer and the seller are assumed to be able and willing to transact without an external force specifically compelling them to do so. For example, forced sales, forced liquidations and distress sales are not considered to be "orderly transactions."

ASC 820 establishes a fair value hierarchy with the following three levels, where Level 1 is the highest priority because it is the most objective and Level 3 is the lowest priority because it is the most subjective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Level</u> <u>1</u>: fair value is calculated using observable inputs that reflect quoted prices
for identical assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Level</u> <u>2</u>: fair value is calculated using inputs other than quoted prices included in
Level 1 that are observable for the asset or liability either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Level</u> <u>3</u>: fair value is calculated using unobservable inputs, such as the sponsor's
data.

NMAC believes that the fair value of the notes should be categorized within Level 2 of the fair value hierarchy assessment, reflecting the use of inputs derived from prices for similar instruments. NMAC believes that the issuing entity's certificates should be categorized within Level 3 of the fair value hierarchy assessment, reflecting the use of data not observable in the market and reflecting NMAC's judgment regarding the assumptions market participants would use in pricing the certificates in a hypothetical sale.

The fair value of each class of notes is assumed to be approximately equal to the initial principal amount set forth for such class on the front cover of this prospectus, or par and interest will accrue on the notes based on the following per annum interest rates:

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| | |
|:---|:---|
| **Class** | **Interest Rate** |
|  Class A-1 notes | 4.467% |
|  Class A-2a notes | 4.44% |
|  Class A-2b notes | SOFR Rate + 0.47% |
|  Class A-3 notes | 4.32% |
|  Class A-4 notes | 4.35% |
|  Class B notes | 4.56% |
|  Class C notes | 4.81% |

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To calculate the fair value of the issuing entity's certificates, NMAC used a discounted cash flow method, which is calculated using the forecasted cash flows payable to the certificateholder and discounts the value of those cash flows to a present value using a rate intended to reflect a hypothetical market yield. NMAC used an internal model to project future payments on the leases to be transferred under the 2025-B Series Certificate to the issuing entity, the values of the related leased vehicles to be allocated to, and associated with, the 2025-B Series Certificate transferred to the issuing entity, the interest and principal payments on each class of notes, the servicing fee, and deposits necessary to fund the reserve account to an amount equal to the reserve account requirement. The forecasted cash flow model assumes that the trust administrator or sponsor, as applicable (and not the issuing entity) will pay the indenture trustee, calculation agent, owner trustee and asset representations reviewer fees and expenses. The resulting net cash flows to the certificateholder are discounted to their present value using an expected market yield which takes into account the first loss exposure of the certificate cash flows, the credit risk of the motor vehicle leases and the residual value of the related leased vehicles at the time of lease termination.

In connection with the discounted cash flow calculation described above and after considering NMAC's actual historical performance of its previous securitized portfolios of motor vehicle leases and leased vehicles (see "*Static Pool Information*" below), the composition of the pool of leases and leased vehicles allocated to, and associated with, the 2025-B Series Assets, trends in used vehicle values and general macroeconomic conditions, NMAC made the assumptions described under "*Weighted Average Life of the Notes*" in this prospectus (other than (3), (5) and (12) thereunder) and the below additional assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the leases and leased vehicles included in the 2025-B Series Assets had
an Aggregate Securitization Value of $1,125,500,324.86 as of the cutoff date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-1 notes and the Class A-2b notes will be paid interest at the applicable "Interest Rate" described above on the basis of the actual number of days in an interest period and a 360-day year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will be paid interest at the applicable "Interest Rate"
described above on the basis of a 360-day year consisting of twelve 30-day months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest payments on the Class A-2b notes are determined based
on the 30-Day Average SOFR Rate published by the FRBNY as of July 23, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excess collections remaining after payment of principal of and interest on the notes and other expenses of the
issuing entity are allocated to the reserve account until (i) on each payment date on or prior to the payment in full of the Class A-2 notes, the reserve account balance is equal to 0.65% of the
Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date and (ii) on each payment date following the payment in full of the Class A-2 notes, the
reserve account balance is equal to 0.50% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the leases prepay at an ABS rate using a 75% prepayment assumption, as described in "*Weighted Average Life of the Notes* ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all leased vehicles are returned and are assumed to be sold for an amount equal to the Base Residual (which is
the lowest of (a) the residual value of the related leased vehicle at the scheduled termination of the lease established by Automotive Lease Guide in May-June 2025 as a "mark-to-market" value without making a distinction between value adding options and non-value adding options, (b) the residual value of the related
leased vehicle at the scheduled termination of the lease established by Automotive Lease Guide in May-June 2025 as a "mark-to-market" value giving only partial credit or no credit for options that add little or no value to the resale price of the vehicle, and (c) the
residual value of the related leased vehicle at the scheduled termination of the lease established or assigned by NMAC at the time of origination of the lease), resulting in no residual gains or losses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cumulative net losses (which include residual losses) on the leases and leased vehicles from the cutoff date
through maturity, as a percentage of the Aggregate Securitization Value, equal approximately 0.8% as a percentage of the Aggregate Securitization Value as of the cutoff date, with a loss timing curve that assumes that 40.0% of the losses occur from
the fourth Collection Period to the twelfth Collection Period after the cutoff date, 40.0% of the losses occur in the second year after the cutoff date and 20.0% of the losses occur in the third year after the cutoff date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recovery rate assumes a 50% recovery of Securitization Value of defaulted leases as of the date of charge-off, with a three-month lag between default and recovery on defaulted leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projected cash flows to the certificateholder are discounted at 12%.

NMAC developed the discount rate, cumulative net losses on the leases and leased vehicles and loss timing curve based on the following additional factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Discount rate—* estimated to reflect the credit exposure to the residual cash flows, and derived taking
into account the following qualitative factors: (i) although there is not an actively traded market in asset-backed certificates, any available recent pricing of asset-backed certificates in similar securitization transactions, (ii) the
performance of prior securitized pools under the Nissan Auto Lease Trust platform and (iii) structural features of the transaction that may impact the stability of certificate cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cumulative net losses; loss timing curve—* the cumulative net loss assumption and the shape of the loss
timing curve reflect a determination by NMAC and the depositor based on, among other items, the composition of the pool, experience with similar leases underwritten by NMAC, experience with residual values on off-lease vehicles, and the expected cumulative net loss rates as determined by the hired rating agencies; default and recovery rate estimates are included in the cumulative net loss assumption.

Based upon the foregoing inputs and assumptions, the fair value of the issuing entity's certificates is expected to be approximately $182,810,880.04, which is approximately 15.46% of the aggregate fair value of the notes and the certificates on the closing date. NMAC believes that the inputs and assumptions that could have a material impact on the fair value calculation, or that would be material to an evaluation of NMAC's fair value calculation, are described above. A differing opinion regarding the appropriate inputs and assumptions could materially change the determination of the fair value of the certificates. Further, the actual characteristics of the leases and leased vehicles to be allocated to, and associated with, the 2025-B Series Certificate transferred to the issuing entity on the closing date differ from the assumptions described above (for example, the use of hypothetical pools rather than the individual characteristics of each lease) and the actual performance of the leases is likely to differ from the assumed performance (such as the actual timing and amount of prepayment on the leases). Consequently, the present value of the projected cash flows on the certificates is expected to vary somewhat from the discounted actual cash flows on the certificates, and you should not assume that the fair value of the issuing entity's certificates will be equal to or greater than the present value of the actual cash flows on the certificates.

NMAC will recalculate the fair value of the notes and the issuing entity's certificates following the closing date to reflect the issuance of the notes and any material changes in the methodology or inputs and assumptions described above. The fair value of the certificates, as a percentage of the sum of the fair value of the notes and the certificates and as a dollar amount, in each case, as of the closing date, will be included in the first Form 10-D filed by the depositor after the closing date, together with a description of any material changes in the method or inputs and assumptions used to calculate the fair value of the notes and the issuing entity's certificates.

As described under "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" and "*Distributions on the Notes—Post-Acceleration Priority of Payments*" below, payments to holders of the issuing entity's certificates on any payment date are subordinated to all payments of principal and interest on the notes by, and other expenses of, the issuing entity. In accordance with the requirements for an "eligible horizontal residual interest" under Regulation RR, on any payment date on which the issuing entity has insufficient funds to make all of the distributions described under "*Distributions on the Notes—Deposits to the Distribution Accounts;*

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 *Priority of Payments*," any resulting shortfall will, through operation of the priority of payments, reduce amounts payable to the holders of the certificates prior to any reduction in the amounts payable for interest on, or principal of, any class of notes. The calculation of principal and interest payable on the notes and the priority of those payments are described in this prospectus under "*The Notes—Payments of Interest*" and "*—Principal*" and "*Distributions on the Notes*," respectively. The events of default and remedies available therefor are described in "*Description of the Indenture—Events of Default*" and "*—Remedies Upon an Event of Default*."

The depositor does not intend to transfer or hedge the portion of the retained economic interest that is intended to satisfy the requirements of Regulation RR except as permitted under Regulation RR. The depositor may transfer all or a portion of the eligible horizontal residual interest to another majority-owned affiliate of NMAC on or after the closing date.

**THE SERVICER** 

NMAC will be the servicer. NMAC has been servicing motor vehicle leases for over two decades. NMAC offers indirect automotive consumer loan and lease financing and direct dealer financing through (and to) Dealers in the United States. As used herein, "**Dealer**" means Nissan- and Infiniti-branded dealers and, in limited circumstances, other dealers not affiliated with Nissan- or Infiniti-branded dealers that operate dealerships franchised by other manufacturers. NMAC is the initial servicer for all of the contracts that it finances and for the leases that the titling company originates. For a description of the servicing procedures NMAC will utilize in servicing the leases, see "*Description of the Servicing Agreement*" in this prospectus. Although NMAC may be replaced or removed as servicer upon the occurrence of certain events, including the occurrence of a servicer default (as defined under the applicable Basic Documents), NMAC generally expects to service the contracts financed in an asset-backed securitization transaction for the life of that transaction. The servicer may not resign from its obligations and duties with respect to the leases under the Servicing Agreement unless it determines that the duties thereunder are no longer permissible under applicable law. For more information regarding the circumstances under which NMAC may be replaced or removed or may resign as servicer of the leases, you should refer to "*Description of the Servicing Agreement—Servicer Resignation and Termination*" in this prospectus.

Generally, NMAC is the servicer for all of the retail installment sales contracts, wholesale loans and retail leases that are sold through NMAC's Asset-Backed Securitization Program. As the servicer, NMAC generally handles all collections, administers defaults and delinquencies and otherwise services all such retail installment contracts, floorplan loans and operating leases. Generally, NMAC will service the assets in NMAC's Asset-Backed Securitization program in accordance with customary and usual servicing procedures and guidelines it uses with respect to comparable assets that it services for itself or others.

NMAC began operations in February 1982 and shortly thereafter started servicing auto retail installment contracts and operating leases. In 1995, the operations of IFS were assumed by NMAC. NMAC subsequently expanded its servicing portfolio to include floorplan loans to dealers.

For more information regarding the circumstances under which NMAC may be replaced or removed as servicer of the leases and the related leased vehicles, you should refer to "*Description of the Servicing Agreement*" in this prospectus. If the servicing of any leases and the related leased vehicles were to be transferred from NMAC to another servicer, there may be an increase in overall delinquencies and defaults due to misapplied or lost payments, data input errors or system incompatibilities. Although NMAC expects that any increase in any such delinquencies to be temporary, there can be no assurance as to the duration or severity of any disruption in servicing the leases and the related leased vehicles as a result of any servicing transfer. See "*Risk Factors—Risks related to the servicer and other transaction parties—Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

In the normal course of its servicing business, NMAC outsources certain of its administrative functions to unaffiliated third-party service providers. Additionally, NMAC arranges for certain administrative functions to be performed under the supervision of NMAC by personnel of NR Finance Mexico S.A. de C.V. ("**NRFM**"), a subsidiary of NML and an affiliate of NMAC, and NR Finance Services S.A. de C.V., an affiliate of both NMAC and NRFM. In the case of third parties providing those administrative functions, such third parties do not have

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discretion relating to activities that NMAC believes would materially affect the amounts realized or collected with respect to the leases or the related leased vehicles or the timing of receipt of such amounts. Moreover, NMAC retains ultimate responsibility for those administrative functions under the Servicing Agreement and should any of those service providers not be able to provide those functions, NMAC believes those service providers or the functions performed by them could easily be replaced. Therefore, failure by the service providers to provide the administrative functions is not expected to result in any material disruption in NMAC's ability to perform its servicing functions under the Servicing Agreement. See "*Risk Factors—Risks related to the servicer and other transaction parties—Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

**THE ORIGINATOR** 

NMAC, as servicer for the tilting company, has facilitated the origination by the titling company of the leases included in the transaction described in this prospectus. NMAC offers indirect automotive consumer loan and lease financing and direct dealer financing through (and to) Dealers.

The following chart provides, respectively, market penetration information regarding Nissan and Infiniti motor vehicles leased in the United States and NMAC's total revenues from leasing for the fiscal years ended March 31, 2021, 2022, 2023, 2024 and 2025.

**Overview of NMAC Lease Financing Operations** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Number of leased vehicle contracts purchased by NMAC | 171228 | 171228 | 135487 | 175092 | 207277 |
|  Leasing Revenues<sup>(1)</sup> | $2659 | $2570 | $2776 | $3730 | $4400 |

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<sup>(1)</sup> Dollars in millions.

For further description of NMAC's lease financing business, you should refer to "*The Issuing Entity—Property of the Issuing Entity*" and "*The Sponsor*—*Lease Underwriting Procedures*" in this prospectus.

**THE ASSET REPRESENTATIONS REVIEWER** 

Clayton Fixed Income Services LLC, a Delaware limited liability company ("**Clayton**"), has been appointed as asset representations reviewer (the "**asset representations reviewer**") pursuant to an agreement (the "**Asset Representations Review Agreement**") among the issuing entity, the sponsor, the servicer and the asset representations reviewer. Clayton has been engaged as the asset representations reviewer on more than 750 auto and equipment loan, lease and dealer floorplan and credit card securitization transactions since 2015.

Clayton is a wholly-owned subsidiary of Covius Services, LLC. Clayton and its affiliates have provided independent due diligence loan review and servicer oversight services since 1989. Clayton and its affiliates are leading providers of targeted due diligence reviews of securitized assets and policies and procedures of originators and Clayton and its affiliates have performed over 17 million loan reviews and provided ongoing oversight on over $2 trillion of securitization transactions on behalf of investors, sponsors, issuers and originators, including government sponsored enterprises and other governmental agencies. These services have been performed primarily on residential mortgage loan and residential mortgage-backed security transactions, although Clayton and its affiliates have also performed these services for transactions involving auto loans, equipment leases, credit cards, commercial mortgage loans, student loans, timeshare loans and boat and recreational vehicle loans.

The asset representations reviewer is not affiliated with the sponsor, the servicer, the indenture trustee, the calculation agent, the owner trustee or any of their affiliates, nor has the asset representations reviewer been hired by the sponsor or an underwriter to perform pre-closing due diligence work on the leases and leased vehicles. The asset representations reviewer may not resign unless (a) the asset representations reviewer is merged into or becomes an affiliate of the sponsor, the servicer, the indenture trustee, the calculation agent, the owner trustee or any person

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hired by the sponsor or any underwriter to perform pre-closing due diligence work on the leases and leased vehicles, (b) the asset representations reviewer no longer meets the eligibility requirements of the Asset Representations Review Agreement or (c) upon a determination that the performance of its duties under the Asset Representations Review Agreement is no longer permissible under applicable law. Upon the occurrence of one of the foregoing events, the asset representations reviewer will promptly resign and the sponsor will appoint a successor asset representations reviewer. Further, the indenture trustee, at the direction of noteholders evidencing a majority of the voting interests of the notes, will terminate the rights and obligations of the asset representations reviewer upon the occurrence of one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset representations reviewer becomes affiliated with (i) the sponsor, the depositor, the servicer, the
indenture trustee, the calculation agent, the owner trustee or any of their affiliates or (ii) a person that was engaged by the sponsor or any underwriter to perform any due diligence on the leases or the related leased vehicles prior to the
closing date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the asset representations reviewer breaches any of its representations, warranties, covenants or obligations in
the Asset Representations Review Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an insolvency event with respect to the asset representations reviewer occurs.

Upon a termination of the asset representations reviewer, the sponsor will appoint a successor asset representations reviewer. The asset representations reviewer will pay the reasonable expenses associated with the resignation or removal of the asset representations reviewer and the appointment of a successor asset representations reviewer. Any resignation or removal of the asset representations reviewer, or appointment of a successor asset representations reviewer, will be reported in the Form 10-D related to the Collection Period in which such resignation, removal or appointment took place.

The asset representations reviewer will be responsible for reviewing the Subject Leases (as defined under "*Description of the Servicing Agreement—Asset Representations Review—Delinquency Trigger*") for compliance with the Eligibility Representations made by the servicer on the leases if the conditions described below under "*Description of the Servicing Agreement*—*Asset Representations Review*" are satisfied. Under the Asset Representations Review Agreement, the asset representations reviewer will be entitled to be paid the fees and expenses set forth under "*Distributions on the Notes—Fees and Expenses*" in this prospectus. The asset representations reviewer is required to perform only those duties specifically required of it under the Asset Representations Review Agreement, as described under "*Description of the Servicing Agreement*—*Asset Representations Review*" below. The asset representations reviewer is not liable for any action taken, or not taken, in good faith under the Asset Representations Review Agreement, or for errors in judgment. However, the asset representations reviewer will be liable for its willful misfeasance, bad faith, breach of agreement or negligence in performing its obligations. The sponsor will indemnify the asset representations reviewer against any and all loss, liability or expense (including reasonable attorneys' fees) incurred by it in connection with the administration of the Asset Representations Review Agreement and the performance of its duties thereunder, other than any such loss, liability or expense incurred by the asset representations reviewer through the asset representations reviewer's own bad faith, willful misfeasance or negligence in performing its obligations under the Asset Representations Review Agreement or breach of the Asset Representations Review Agreement. The fees and expenses and indemnity payments of the asset representations reviewer due pursuant to the Asset Representations Review Agreement will be paid by the sponsor under the Asset Representations Review Agreement. To the extent these fees and expenses and indemnity payments, as applicable, are unpaid for at least 60 days, they will be payable out of Available Funds as described in "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" and "*Distributions on the Notes—Post-Acceleration Priority of Payments*" in this prospectus.

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**THE LEASES** 

**General** 

The leases included in the 2025-B Series Assets will consist of motor vehicle retail closed-end leases for new Nissan and Infiniti motor vehicles. Each lease was originated by a dealer in the ordinary course of such dealer's business and assigned to the titling company in accordance with the underwriting procedures described under "*The Sponsor—Lease Underwriting Procedures*" in this prospectus. NMAC will represent and warrant, among other things, that no adverse selection procedures were employed in selecting the leases or the leased vehicles for allocation to the 2025-B Series; however, it is nonetheless possible that the delinquencies or losses on the leases could exceed those on other leases included in NMAC's portfolio of new Nissan and Infiniti motor vehicle leases, which includes leases owned by NMAC or the titling company and leases that have been sold but are still being serviced by NMAC.

Each lease is a closed-end lease. Over the term of the lease (the "**Lease Term**"), the lessee is required to make level monthly payments intended to cover the cost of financing the related leased vehicle, scheduled depreciation of the leased vehicle and certain sales, use or lease taxes. From each payment billed with respect to a leased vehicle, the amounts that represent the financing cost and depreciation of the leased vehicle (including any capitalized amounts, such as insurance and warranty premiums) (the "**Monthly Payment**") will be available to the issuing entity to make payments in respect of the notes and the certificates.

A lease may terminate (a) on the Lease Maturity Date or (b) prior to the related Lease Maturity Date (an "**Early Lease Termination**"). An Early Lease Termination may occur if (i) the related lessee defaults under the lease (a "**Credit Termination**"), (ii) a lessee who is not in default elects to terminate the lease prior to the Lease Maturity Date (a "**Lessee Initiated Early Termination**") or (iii) the related leased vehicle has been lost, stolen or damaged beyond economic repair (a "**Casualty Termination**"). In connection with certain types of Early Lease Terminations, the lessee will be required to pay early termination charges and fees described under "*The Leases—Early Termination*" in this prospectus.

**Tangible and Electronic Contracting** 

Following the dealer and the customer signing of a tangible contract, the dealer sends the documentation constituting the tangible record related to the applicable lease to an imaging center, where a third-party contractor images the documentation and transmits the image directly to the servicer's computer systems for review by the originator, and funding will occur if the documentation meets compliance and policy requirements. The imaged contract documents are available for use by personnel in the ordinary course of servicing the applicable lease. Following the imaging, the original contract is shipped to a third-party document retention center that has various locations within the continental United States, which use sophisticated vaulting and security conditions and techniques including advanced fire suppression technology. The servicer may request retrieval of the original contract from the document retention center in the event of the need for re-imaging or for various servicing, re-assignment or enforcement purposes.

Approximately 98.98% of the leases to be included in the 2025-B Series Assets (by Aggregate Securitization Value as of the cutoff date) were originated as electronic contracts. NMAC, on behalf of the titling company, has contracted with a third-party to facilitate the process of creating and storing those electronic contracts. The third-party's technology system permits transmission, storage, access and administration of electronic contracts and is comprised of proprietary and third-party software, hardware, network communications equipment, lines and services, computer servers, data centers, support and maintenance services, security devices and other related technology materials that enable electronic contracting in the automobile retail industry. The third-party's system allows for the transmission, storage, access and administration of electronic contracts. Through use of the third-party's system, a dealer originates electronic retail closed-end motor vehicle lease contracts and then transfers these electronic contracts to the titling company.

The third-party system uses a combination of technological and administrative features that are designed to: (i) designate a single copy of the record or records comprising an electronic contract as being the single "authoritative copy" of the lease; (ii) manage access to and the expression of the authoritative copy; (iii) identify the

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titling company as the owner of record of the authoritative copy; and (iv) provide a means for transferring record ownership of, and the exclusive right of access to, the authoritative copy from the current owner of record to a successor owner of record.

**Early Termination** 

In most instances, a lease will allow a Lessee Initiated Early Termination prior to the Lease Maturity Date provided that the lessee is not in default of its obligations under the lease. A lessee wishing to terminate a lease will be required to pay, unless required otherwise by state or federal law, the required Disposition Amount (under some lease contracts), plus an "**Early Termination Charge**" equal to the lesser of (a) the present value (discounted at the implicit rate of such lease) of all remaining Monthly Payments and (b) the excess, if any, of the adjusted lease balance over the related leased vehicle's fair market wholesale value in accordance with accepted practices in the automobile industry (or by written agreement between NMAC, on behalf of the titling company, and the lessee). A lessee may dispute the valuation of a vehicle, in which case the lessee may submit a third-party professional appraisal. The "**Disposition Amount**" is determined by adding (a) any due but unpaid payments and other charges under the lease, (b) any amounts assessed by the servicer in Excess Mileage and Excess Wear and Tear Charges for the period for which the lease was in effect, pro-rated monthly, (c) any taxes related to the termination of the lease and (d) a disposition fee.

**Credit Termination** 

Each lease also allows a Credit Termination upon a lessee default. Defaults under a lease include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the failure by a lessee to make a payment when due,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the failure of the lessee to provide truthful information on the credit application,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the failure of the lessee to timely or properly perform any obligation under the lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the bankruptcy or other insolvency of the lessee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. any other act by the lessee constituting a default under applicable law.

If the lessor terminates a lease early due to a Credit Termination, the lessee will owe an amount determined by adding the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Disposition Amount (including payments accrued under the lease through the date of termination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Early Termination Charge described above, except that the option to pay only the un-accrued remaining monthly payments is not available and the vehicle valuation is determined by auction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. collection, repossession, transportation, storage and Disposition Expenses, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. reasonable attorneys' fees and court costs, to the extent permitted by law.

"**Disposition Expenses**" will mean with respect to a leased vehicle that is sold at auction or otherwise disposed of by the servicer, all expenses and other amounts reasonably incurred by the servicer in connection with such sale or disposition, including, without limitation, sales commissions, and expenses incurred in connection with making claims under any Contingent and Excess Liability Insurance or other applicable insurance policies. Disposition Expenses will be reimbursable to the servicer as a deduction from Net Auction Proceeds and from amounts on deposit in the Series Collection Account.

A lease may also terminate prior to its Lease Maturity Date upon a Casualty Termination if the related leased vehicle has been lost, stolen or damaged beyond economic repair. If the leased vehicle is stolen (and not

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##### [**Table of Contents**](#toc)
recovered) or destroyed, and, so long as the lessee has complied with the lessee's insurance obligations under the lease and is not otherwise in default of its obligations under the lease, the lessee's insurance covers the casualty, the servicer will accept the amount of the applicable deductible paid by the lessee and the actual cash value paid by the lessee's insurance company ("**Insurance Proceeds**") in full satisfaction of the lessee's obligations under the lease. If the Insurance Proceeds exceed the amount of the lessee's obligations under the lease, it is NMAC's policy to not refund the excess to the lessee (subject to certain exceptions granted on a case-by-case basis), unless otherwise required by applicable law, and will be available to the issuing entity to make payments in respect of the notes. Conversely, if the Insurance Proceeds are less than the amount of the lessee's obligations under the lease, the shortfall will reduce the amount available to the issuing entity for distribution to the noteholders. If the lessee owes any past due payments or other amounts under the lease, the servicer may use the related Security Deposit (defined below) to offset such amounts. Any Insurance Expenses incurred by the servicer will be reimbursable to the servicer as a deduction from Net Insurance Proceeds.

**Security Deposits** 

The titling company's rights related to the leases allocated to a series will include all rights under those leases to the refundable security deposit paid by the lessees at the time the leases are originated (the "**Security Deposit**"). The Security Deposit is available as security for nonpayment of lease payments and excess wear and tear charges. As part of its general servicing obligations, the servicer will retain possession of each Security Deposit remitted by the lessees and will apply the proceeds of these Security Deposits in accordance with the terms of the leases, its customary and usual servicing procedures and applicable law. The servicer will not be required to segregate Security Deposits from its own funds (except as may be required under state law). Any income earned from any investment on the Security Deposits by the servicer will be for the account of the servicer as additional servicing compensation (except for income earned on Security Deposits paid in connection with leases originated in any state, which requires that such income, if any, must be reserved for the lessee who initially paid the related Security Deposit).

**Characteristics of the Leases** 

The securitized portfolio information presented in this prospectus is based on a pool of leases and leased vehicles, which will be allocated to, and associated with, the 2025-B Series Assets on the closing date, and is calculated based on the Securitization Value (as defined below) of the leases and the related leased vehicles in such pool. The leases and related leased vehicles to be included in the 2025-B Series Assets will have an Aggregate Securitization Value of $1,125,500,324.86 as of the cutoff date. For more information regarding how the Securitization Value for each lease is calculated, you should refer to "*—Calculation of the Securitization Value*" below.

*General* 

The leases were selected from a pool of eligible leases that all met several criteria. The criteria for the leases include, among others, that, as of the cutoff date, each lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relates to a Nissan or an Infiniti automobile, light duty truck or sport utility vehicle, of a model year of 2022
or later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a U.S. dollar-denominated obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had a remaining term to maturity, as of the cutoff date, of not less than 14 months and not greater than 45
months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had an original term of not less than 24 months and not greater than 48 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• together with the related leased vehicle, has a Securitization Value, as of the cutoff date, of no greater than
$121,027.26;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was originated in the United States on or after August 23, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not more than 29 days past due as of the cutoff date.

*Pool Underwriting* 

As described in "*The Sponsor—Lease Underwriting Procedures*" in this prospectus, under NMAC's origination process, credit applications are evaluated by NMAC's computer auto-decisioning system and are either automatically approved, automatically rejected or forwarded for review by an NMAC credit analyst based on NMAC's auto-decisioning system. Applications that are not either automatically approved or automatically rejected are ultimately reviewed by an NMAC credit analyst with appropriate approval authority.

26,697 leases in the pool of leases and the related leased vehicles to be included in the 2025-B Series Assets, having an Aggregate Securitization Value of $718,883,172.61, (approximately 63.87% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles to be included in the 2025-B Series Assets as of the cutoff date) were automatically approved by NMAC's auto-decisioning system, while 13,805 leases in the pool of leases and the related leased vehicles to be included in the 2025-B Series Assets having an Aggregate Securitization Value of $406,617,152.25 (approximately 36.13% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles to be included in the 2025-B Series Assets as of the cutoff date) were evaluated and approved by an NMAC credit analyst with appropriate authority in accordance with NMAC's written underwriting guidelines.

As described in this prospectus, NMAC does not consider any of the leases in the pool of leases and the related leased vehicles described in this prospectus to constitute exceptions to NMAC's written underwriting guidelines.

*Credit Scores* 

As of the cutoff date, the weighted average FICO**<sup>®</sup>** score of the lessees is 771.

NMAC, like most of the auto finance industry, utilizes a generic score developed by Fair Isaac Corporation. This FICO**<sup>®</sup>** score is sold through the three major credit reporting agencies, each using a different trade name for the product. NMAC purchases the automobile specific version of FICO**<sup>®</sup>**. This score is one of several factors used by NMAC in its application processing system to assess the credit risk associated with each applicant. See "*The Sponsor—Lease Underwriting Procedures*" in this prospectus. FICO**<sup>®</sup>** scores are based solely on independent third-party information from the credit reporting agency. The accuracy of independent third-party information provided to the credit reporting agency cannot be verified. FICO**<sup>®</sup>** scores should not necessarily be relied upon as a meaningful predictor of the performance of the leases. See "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Credit scores and historical loss experience may not accurately predict the likelihood of losses on the leases and therefore losses on your notes*" in this prospectus. The table below illustrates the distribution of the leases in the pool described in this prospectus as of the cutoff date by FICO**<sup>®</sup>** score.

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##### [**Table of Contents**](#toc)
The distribution of leases and leased vehicles to be included in the 2025-B Series Assets as of the cutoff date by FICO**<sup>®</sup>** score was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FICO<sup>®</sup> Score Range** | **Number<br>of<br>Leases** | **Percentage<br>of Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  600 or less | 28 | 0.07% | $796001.00 | 0.07% |
|  601 to 650 | 2504 | 6.18 | 71103086.37 | 6.32 |
|  651 to 700 | 5461 | 13.48 | 155331696.32 | 13.80 |
|  701 to 750 | 7059 | 17.43 | 204294922.28 | 18.15 |
|  751 to 800 | 9029 | 22.29 | 245584765.41 | 21.82 |
|  801 to 850 | 9505 | 23.47 | 259757949.06 | 23.08 |
|  851 to 900 | 6916 | 17.08 | 188631904.42 | 16.76 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

The distribution of leases and leased vehicles in the pool to be included in the 2025-B Series Assets in the aggregate possess the following characteristics as of the cutoff date:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value<sup>(1)</sup> | $27788.76 | $12415.92 | $121027.26 |
|  Base Residual | $19935.65 | $10972.00 | $66434.00 |
|  Seasoning (Months)<sup>(2)(3)</sup> | 8 | 3 | 34 |
|  Remaining Term (Months)<sup>(2)</sup> | 29 | 14 | 45 |
|  Original Term (Months)<sup>(2)</sup> | 37 | 24 | 48 |
|  Discounted Base Residual as a % of Securitization Value<sup>(1)</sup> | 56.26% |  |  |
|  Base Residual as a % of MSRP | 49.53% |  |  |
|  Percentage of Securitization Value Financed through Nissan or Infiniti dealers<sup>(1)</sup> |  | Nissan | 80.31% |
|  |  | Infiniti | 19.69% |

---

<sup>(1)</sup> Based on a Securitization Rate of 10.00%. 

<sup>(2)</sup> Weighted average by Securitization Value as of the cutoff date.

<sup>(3)</sup> Seasoning is the number of months elapsed since origination of a lease.

For more information regarding the methodology used to determine the Base Residual, you should refer to "*—Calculation of the Securitization Value*" below.

The leases and leased vehicles to be included in the 2025-B Series Assets will be on file with the trustee and will identify for each lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identification number of the lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identification number of the related leased vehicle,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related Lease Maturity Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Securitization Value of the lease and the related leased vehicle on NMAC's books as of the related
cutoff date.

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##### [**Table of Contents**](#toc)
In the Servicing Agreement, NMAC will make representations and warranties with respect to each lease as described under "*Description of the Servicing Agreement—Representations and Warranties; Remedies*" in this prospectus.

*Calculation of the Securitization Value* 

Under the Servicing Agreement, the servicer will calculate a "**Securitization Value**" for each lease included in the 2025-B Series Assets equal to the following:

---

| | |
|:---|:---|
| **Calculation Date** | **Securitization Value Formula** |
| as of any date other than its Lease Maturity Date: | the present value, calculated using the Securitization Rate, of the sum of (a) the aggregate Monthly Payments remaining on the lease, and (b) the Base Residual of the related leased vehicle and |
| as of its Lease Maturity Date: | the Base Residual of the related leased vehicle. |

---

The present value calculations will be made using a discount rate of 10.00% (the "**Securitization Rate**"). The Securitization Rate was selected by the depositor with input from the underwriters and is determined based on our prevailing interest rates at the time of the transaction. The Securitization Rate takes into consideration, among other items, losses and other payments contemplated by the transaction.

The "**Aggregate Securitization Value**" will be, as of any date of determination, the aggregate Securitization Value of all leased vehicles (other than defaulted leases) calculated as of the close of business on such day.

A "**defaulted lease**" means any lease that (a) by its terms, is delinquent 120 days or more or (b) by its terms is delinquent less than 120 days and the servicer has (i) determined, in accordance with the credit and collection policy, that eventual payment in full is unlikely or (ii) repossessed the related leased vehicle (including, but not limited to, as a result of the lessee's failure to maintain insurance coverage required by the lease, the failure of the lessee to timely or properly perform any obligation under the lease, or any other act by the lessee constituting a default under applicable law).

The "**Base Residual**" means the lowest of (i) the ALG Residual ("**ALG Residual**") established in May-June 2025 as a "mark-to-market" value, (ii) the Maximum Residualized MSRP ALG Residual ("**MRM Residual**") established in May-June 2025 as a "mark-to-market" value and (iii) the "**Contract Residual**" The ALG Residual and the MRM Residual are residual value estimates established by a third-party source, Automotive Lease Guide ("**ALG**"), an independent publisher of residual value percentages recognized throughout the automotive finance industry for projecting vehicle market values at lease termination. For more information on how residual values of the leased vehicles are determined, you should refer to "*The Sponsor—Determination of Residual Values*" in this prospectus.

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##### [**Table of Contents**](#toc)
*Distribution of the Leased Vehicles by Model* 

As of the cutoff date the distribution of the leased vehicles in the pool to be included in the 2025-B Series Assets by Nissan and Infiniti model was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Model** | **Number<br>of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Rogue | 14414 | 35.59% | $329085956.47 | 29.24% |
|  Pathfinder | 5352 | 13.21 | 176885294.32 | 15.72 |
|  Altima | 5836 | 14.41 | 131475826.33 | 11.68 |
|  QX60 | 2939 | 7.26 | 122818465.66 | 10.91 |
|  QX80 | 1258 | 3.11 | 87787932.03 | 7.80 |
|  Sentra | 4162 | 10.28 | 82533443.94 | 7.33 |
|  Kicks | 2939 | 7.26 | 69393798.67 | 6.17 |
|  Murano | 1958 | 4.83 | 64994663.82 | 5.77 |
|  Frontier | 1038 | 2.56 | 33905446.84 | 3.01 |
|  Armada | 266 | 0.66 | 15114949.42 | 1.34 |
|  Q50 | 325 | 0.80 | 10927937.87 | 0.97 |
|  Titan | 14 | 0.03 | 545719.30 | 0.05 |
|  Q60 | 1 | 0.00<sup>(3)</sup> | 30890.19 | 0.00<sup>(3)</sup> |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

<sup>(3)</sup> Less than 0.005% but greater than 0.000%. 

*Distribution of the Leased Vehicles by Vehicle Type* 

As of the cutoff date the distribution of the leased vehicles in the pool to be included in the 2025-B Series Assets by Nissan and Infiniti vehicle type was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number<br>of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Crossover | 27602 | 68.15% | $763178178.94 | 67.81% |
|  Car | 10324 | 25.49 | 224968098.33 | 19.99 |
|  SUV | 1524 | 3.76 | 102902881.45 | 9.14 |
|  Truck | 1052 | 2.60 | 34451166.14 | 3.06 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

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##### [**Table of Contents**](#toc)
*Distribution of the Leases by Original Lease Term (Months)* 

As of the cutoff date the distribution of the leases in the pool to be included in the 2025-B Series Assets by original lease term was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Original Lease Term (Months)** | **Number**<br>**of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  24 to 36 | 29887 | 73.79% | $805744444.35 | 71.59% |
|  37 to 42 | 10348 | 25.55 | 305078826.21 | 27.11 |
|  43 to 48 | 267 | 0.66 | 14677054.30 | 1.30 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

*Distribution of the Leases by Remaining Lease Term (Months)* 

As of the cutoff date the distribution of the leases in the pool to be included in the 2025-B Series Assets by remaining lease term was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Remaining Lease Term (Months)** | **Number<br>of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  13 to 18 | 4379 | 10.81% | $91198487.93 | 8.10% |
|  19 to 24 | 7387 | 18.24 | 174269860.92 | 15.48 |
|  25 to 30 | 13082 | 32.30 | 358083781.12 | 31.82 |
|  31 to 36 | 15446 | 38.14 | 487937744.98 | 43.35 |
|  37 to 42 | 86 | 0.21 | 5273835.69 | 0.47 |
|  43 to 48 | 122 | 0.30 | 8736614.22 | 0.78 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

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##### [**Table of Contents**](#toc)
*Distribution of the Leases by Quarter of Maturity Date* 

As of the cutoff date the distribution of the leases in the pool to be included in the 2025-B Series Assets by quarter of maturity was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of <br>Maturity Date** | **Number of<br>Leases** | **Percentage<br>of Total<br>Number of<br>Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Aggregate Base<br>Residual<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Base<br>Residual<sup>(1)</sup>** |
|  Third Quarter 2026 | 713 | 1.76% | $14488485.10 | 1.29% | $11981149.70 | 1.48% |
|  Fourth Quarter 2026 | 2880 | 7.11 | 59772223.04 | 5.31 | 47964459.40 | 5.94 |
|  First Quarter 2027 | 3590 | 8.86 | 79053939.85 | 7.02 | 61572537.45 | 7.63 |
|  Second Quarter 2027 | 2787 | 6.88 | 68150017.86 | 6.06 | 52271868.35 | 6.47 |
|  Third Quarter 2027 | 6335 | 15.64 | 157293423.89 | 13.98 | 115601998.55 | 14.32 |
|  Fourth Quarter 2027 | 4144 | 10.23 | 119295885.08 | 10.60 | 85429002.30 | 10.58 |
|  First Quarter 2028 | 8038 | 19.85 | 253871090.65 | 22.56 | 180602375.35 | 22.37 |
|  Second Quarter 2028 | 8818 | 21.77 | 271097472.86 | 24.09 | 186905859.45 | 23.15 |
|  Third Quarter 2028 | 3012 | 7.44 | 89962876.34 | 7.99 | 59205819.45 | 7.33 |
|  Fourth Quarter 2028 | 42 | 0.10 | 2486947.44 | 0.22 | 1161477.95 | 0.14 |
|  First Quarter 2029 | 119 | 0.29 | 8220441.04 | 0.73 | 3922738.70 | 0.49 |
|  Second Quarter 2029 | 24 | 0.06 | 1807521.71 | 0.16 | 814338.05 | 0.10 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** | $**807433624.70** | **100.00%** |

---

<sup>(1)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(2)</sup> Based on a Securitization Rate of 10.00%. 

*Distribution of the Leases by Geographic Location* 

As of the cutoff date the geographic distribution of the leases in the pool to be included in the 2025-B Series Assets by geographic location was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Location<sup>(1)</sup>** | **Number<br>of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(2)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(2)(3)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(2)(3)</sup>** |
|  New York | 8276 | 20.43% | $237934322.73 | 21.14% |
|  New Jersey | 7201 | 17.78 | 189081758.78 | 16.80 |
|  Florida | 6383 | 15.76 | 170377109.46 | 15.14 |
|  Pennsylvania | 2403 | 5.93 | 62177256.72 | 5.52 |
|  California | 1923 | 4.75 | 54983838.19 | 4.89 |
|  Ohio | 1943 | 4.80 | 51794375.96 | 4.60 |
|  Texas | 1278 | 3.16 | 50090594.77 | 4.45 |
|  Massachusetts | 1450 | 3.58 | 37860166.86 | 3.36 |
|  Connecticut | 1300 | 3.21 | 33660974.93 | 2.99 |
|  Illinois | 936 | 2.31 | 26678953.48 | 2.37 |
|  Michigan | 661 | 1.63 | 17929824.26 | 1.59 |
|  Minnesota | 521 | 1.29 | 14077573.31 | 1.25 |
|  Wisconsin | 515 | 1.27 | 13612331.27 | 1.21 |
|  North Carolina | 359 | 0.89 | 10600209.25 | 0.94 |
|  Indiana | 374 | 0.92 | 10292006.41 | 0.91 |
|  New Hampshire | 374 | 0.92 | 9860228.53 | 0.88 |
|  Nebraska | 354 | 0.87 | 9139996.16 | 0.81 |
|  Georgia | 264 | 0.65 | 8972807.82 | 0.80 |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Location<sup>(1)</sup>** | **Number<br>of Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(2)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(2)(3)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(2)(3)</sup>** |
|  Missouri | 262 | 0.65 | 7770487.89 | 0.69 |
|  Arizona | 242 | 0.60 | 7348902.52 | 0.65 |
|  Virginia | 216 | 0.53 | 6795917.97 | 0.60 |
|  Colorado | 210 | 0.52 | 6705533.17 | 0.60 |
|  Maine | 255 | 0.63 | 6473370.16 | 0.58 |
|  South Carolina | 210 | 0.52 | 6424227.63 | 0.57 |
|  Tennessee | 207 | 0.51 | 6347267.82 | 0.56 |
|  Maryland | 184 | 0.45 | 6162532.73 | 0.55 |
|  Rhode Island | 233 | 0.58 | 5891791.62 | 0.52 |
|  Iowa | 209 | 0.52 | 5883297.92 | 0.52 |
|  Kentucky | 199 | 0.49 | 5781733.81 | 0.51 |
|  Nevada | 167 | 0.41 | 4761978.71 | 0.42 |
|  Washington | 159 | 0.39 | 4583200.36 | 0.41 |
|  Alabama | 102 | 0.25 | 3548930.49 | 0.32 |
|  Vermont | 133 | 0.33 | 3237477.62 | 0.29 |
|  North Dakota | 120 | 0.30 | 3225296.86 | 0.29 |
|  Delaware | 114 | 0.28 | 3007249.43 | 0.27 |
|  West Virginia | 109 | 0.27 | 2909172.45 | 0.26 |
|  Louisiana | 79 | 0.20 | 2730799.65 | 0.24 |
|  Utah | 87 | 0.21 | 2640249.57 | 0.23 |
|  Hawaii | 95 | 0.23 | 2528449.71 | 0.22 |
|  Kansas | 68 | 0.17 | 1976013.34 | 0.18 |
|  South Dakota | 59 | 0.15 | 1714587.69 | 0.15 |
|  Oregon | 61 | 0.15 | 1612595.62 | 0.14 |
|  Oklahoma | 39 | 0.10 | 1301388.31 | 0.12 |
|  Idaho | 45 | 0.11 | 1250970.09 | 0.11 |
|  Mississippi | 39 | 0.10 | 1120491.27 | 0.10 |
|  Montana | 24 | 0.06 | 750525.78 | 0.07 |
|  New Mexico | 21 | 0.05 | 613909.05 | 0.05 |
|  Arkansas | 11 | 0.03 | 476646.46 | 0.04 |
|  District of Columbia | 16 | 0.04 | 460404.27 | 0.04 |
|  Wyoming | 9 | 0.02 | 269318.99 | 0.02 |
|  Alaska | 3 | 0.01 | 71277.01 | 0.01 |
|  **Total** | **40502** | **100.00%** | $**1125500324.86** | **100.00%** |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to the total or to 100.00%, respectively, due to rounding. 

<sup>(3)</sup> Based on a Securitization Rate of 10.00%. 

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##### [**Table of Contents**](#toc)
**Review of Pool Assets** 

In connection with the offering of the notes, the depositor has performed a review of the leases in the pool of leases and the related leased vehicles described in this prospectus and the disclosure regarding those leases required to be included in this prospectus by Item 1111 of Regulation AB (such disclosure, the "**Rule 193 Information**"). This review was designed and effected to provide the depositor with reasonable assurance that the Rule 193 Information is accurate in all material respects.

As part of the review, NMAC identified the Rule 193 Information to be covered and identified the review procedures for each portion of the Rule 193 Information. Descriptions consisting of factual information were reviewed and approved by NMAC's senior management to ensure the accuracy of such descriptions. NMAC, assisted by external counsel, also reviewed the Rule 193 Information consisting of descriptions of portions of the Basic Documents and compared that Rule 193 Information to the related Basic Documents to ensure the descriptions were accurate. Members of NMAC's capital markets group also consulted with internal regulatory personnel and counsel, as well as external counsel, with respect to the description of the legal and regulatory provisions that may materially and adversely affect the performance of the leases or payments on the notes.

In addition, NMAC also performed a review of the leases in the pool of leases and the related leased vehicles described in this prospectus to confirm that those leases satisfied the criteria set forth under "*Description of the Servicing Agreement—Representations and Warranties; Remedies*" in this prospectus. The first aspect of that review tested the accuracy of the individual leases data contained in NMAC's data tape. The data tape is an electronic record maintained by NMAC, which includes certain attributes of the leases. NMAC ensured that a random sample of 125 lease files, 123 of which relate to the leases in the pool of leases described in this prospectus, were selected to confirm certain data points such as money factor, FICO<sup>®</sup> score, remaining term to maturity and contract residual value conformed to the applicable information on the data tape. Of the approximately 2,583 aggregate data points checked with respect to the 123 lease files that relate to the leases in the pool described in this prospectus, no discrepancies were found. The depositor believes these discrepancies are immaterial differences between the lease file and the data tape and do not indicate any systematic errors that could result in the Rule 193 Information not being accurate in all material respects. A second aspect of that review consisted of a comparison of the statistical information contained under "*The Leases*" to data in, or derived from, the data tape. Statistical information relating to the leases in the pool described in this prospectus was recalculated using the applicable information on the data tape. In addition to this review, NMAC performs periodic internal control reviews and internal audits of various processes, including its origination and reporting system processes.

Portions of the review of legal matters and the review of statistical information were performed with the assistance of third parties engaged by the depositor. The depositor determined the nature, extent and timing of the review and the sufficiency of the assistance provided by the third parties for purposes of its review. The depositor had ultimate authority and control over, and assumes all responsibility for, the review and the findings and conclusions of the review. The depositor attributes all findings and conclusions of the review to itself.

After undertaking the review described above, the depositor has found and concluded that it has reasonable assurance that the Rule 193 Information in this prospectus is accurate in all material respects.

**Asset Level Information** 

The issuing entity has provided asset-level information regarding the leases and leased vehicles that will be included in the 2025-B Series Assets on the closing date (the "**asset-level data**") as an exhibit to a Form ABS-EE that was filed by the issuing entity by the date of the filing of this prospectus, which is hereby incorporated by reference. The asset-level data comprises each of the data points required with respect to automobile leases identified on Schedule AL to Regulation AB and generally includes, with respect to each lease and leased vehicle, the related asset number, the reporting period covered, general information about the lease and leased vehicle that will be included in the 2025-B Series Assets, information about the related lessee, information about activity on the lease and information about modifications of the lease since it was originated. In addition, the issuing entity will provide updated asset-level data with respect to the leases and leased vehicles each month as an exhibit to the monthly distribution reports filed with the SEC on Form 10-D.

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##### [**Table of Contents**](#toc)
**STATIC POOL INFORMATION** 

"*Static Pool Information Regarding Certain Previous Securitizations*" in Appendix A to this prospectus sets forth in graphic format static pool information regarding delinquencies, cumulative losses and prepayments for NMAC's securitized portfolios of leases, and also sets forth in tabular format, as of the relevant cutoff date, certain characteristics of these leases for the past five years. The underlying historical data used in preparing the graphs are set forth under "*Historical Pool Performance*" in Appendix B to this prospectus.

Appendix A also includes summary information for each of the securitized pools, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• original number of leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• original aggregate securitization value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• base residual value at origination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securitization rate at origination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weighted average original payments to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weighted average remaining payments to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weighted average FICO<sup>®</sup> score; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution of leases by vehicle type, geography and quarter of maturity date.

The foregoing characteristics for the pool of leases and the related leased vehicles, which will be allocated to, and associated with, the 2025-B Series will not be identical to the characteristics of any prior securitized portfolios of leases, and the characteristics of each prior securitized portfolio of leases vary from securitization to securitization. NMAC's practice is to select a securitized portfolio of leases from substantially all available eligible assets in its portfolio using selection procedures that were not known or intended by NMAC to be adverse to the applicable issuing entity. However, the composition of the assets in NMAC's portfolio designated for the "NALT" securitization transactions has changed over time. This is because NMAC's portfolio of leases, from which the securitized pools are selected, changes over time. Despite these differences as identified in the summary information for the prior securitized pools of leases, the prior securitized pools of leases are generally comparable to the leases in this securitization transaction, because NMAC's general underwriting guidelines and servicing policies have been generally consistent over time.

The pool of leases and the related leased vehicles to be allocated to and associated with the 2025-B Series on the closing date is expected to have slightly higher FICO<sup>®</sup> scores compared to the prior securitization transactions of portfolios of leases set forth on Appendix A and similar original terms to maturity and remaining terms to maturity compared to the prior securitization transactions of portfolios of leases set forth on Appendix A.

However, notwithstanding any general similarities in the characteristics of the prior securitized pools of leases set forth in "*Appendix A*—*Static Pool Information Regarding Certain Previous Securitizations*" in this prospectus and the pool of leases and the related leased vehicles, which will be allocated to, and associated with, the 2025-B Series, changes in economic, social and geographic conditions and other factors beyond NMAC's control may have a greater impact on the performance of the pool of leases and related leased vehicles than any similarities or differences in these characteristics. For example, patterns of loss, prepayment and delinquency for automobile leases and leased vehicles, including those in the pool of leases and related leased vehicles, which will be allocated to, and associated with, the 2025-B Series, may differ significantly during periods of economic disruption or downturn than in other times.

As a result of each of the foregoing, the performance of the prior securitization transactions of portfolios of leases sponsored by NMAC may not correspond to or be an accurate predictor of the performance of this

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##### [**Table of Contents**](#toc)
securitization transaction. To further understand how differing pool characteristics and changing conditions could impact performance, see "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Credit scores and historical loss experience may not accurately predict the likelihood of losses on the leases and therefore losses on your notes*", and "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets*".

**MATURITY AND PREPAYMENT CONSIDERATIONS** 

Information regarding maturity and prepayment considerations with respect to the notes is set forth under "*Weighted Average Life of the Notes*" and "*Risk Factors—Risks related to certain features of the notes and financial market disruptions—Returns on your investments may be reduced by prepayments on the leases, events of default, optional redemption or reallocation of the leases and the leased vehicles from the 2025-B Series Assets*" in this prospectus. No principal payments will be made on the Class A-2 notes until the Class A-1 notes have been paid in full. No principal payments will be made on the Class A-3 notes until the Class A-1 notes and the Class A-2 notes have been paid in full. No principal payments will be made on the Class A-4 notes until the Class A-1 notes, the Class A-2 notes and the Class A-3 notes have been paid in full. No principal payments will be made on the Class B notes until the Class A notes have been paid in full. No principal payments will be made on the Class C notes until the Class A notes and the Class B notes have been paid in full. However, upon an Event of Default under the Indenture and the acceleration of the notes following an Event of Default, principal payments will be made as follows: first, to the Class A-1 notes until the Class A-1 notes have been paid in full, and then to the Class A-2 notes, the Class A-3 notes and the Class A-4 notes, on a pro rata basis, based on the respective outstanding principal amounts of those classes of notes, until the outstanding principal amounts of those classes of notes have been paid in full, then to the Class B notes, until the Class B notes have been paid in full and then to the Class C notes, until the Class C notes have been paid in full. See "*The Notes—Principal*" in this prospectus.

Because the rate of payment of principal of each class of notes depends primarily on the rate of payment (including prepayments) on the leases and the leased vehicles, final payment of any class of notes could occur later or significantly earlier than their respective Final Scheduled Payment Dates set forth in "*The Notes—Principal*" in this prospectus. Noteholders will bear the risk of being able to reinvest principal payments on the notes at yields at least equal to the yield on their respective notes if final payment on such notes occurs significantly earlier than such notes' respective Final Scheduled Payment Dates. No prediction can be made as to the rate of prepayments on the leases in either stable or changing interest rate environments. For a more detailed discussion of the prepayment risks, see "*Risk Factors—Risks related to certain features of the notes and financial market disruptions—Returns on your investments may be reduced by prepayments on the leases, events of default, optional redemption or reallocation of the leases and the leased vehicles from the 2025-B Series Assets*" in this prospectus.

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##### [**Table of Contents**](#toc)
**PREPAYMENTS, DELINQUENCIES, REPOSSESSIONS AND NET LOSSES** 

**Prepayment Information** 

Prepayment information relating to NMAC's securitized portfolios of leases for the past five years is set forth under "*Static Pool Information Regarding Certain Previous Securitizations—Prepayment Information*" in Appendix A to this prospectus.

**Delinquency, Repossession and Credit Loss Information** 

Set forth below is information concerning NMAC's experience in the United States with respect to its entire portfolio of new Nissan and Infiniti motor vehicle leases, which includes leases owned by NMAC or the titling company and leases, if any, that have been sold but are still being serviced by NMAC. The dollar amounts of the leases outstanding is NMAC's book value. NMAC believes credit losses are an expected cost in the business of extending credit. NMAC's strategy is to minimize credit losses while providing financing support for the sale of the motor vehicles.

NMAC establishes an allowance for expected credit losses and deducts amounts reflecting losses against such allowance. For credit loss terminations, NMAC charges the account balance related to a lease against the allowance for credit losses upon the related vehicle's sale date. For losses related to uncollected end of term charges such as Excess Mileage and Excess Wear and Tear Charges on early, full and over termination leases, NMAC charges the account balance to the related allowance 120 days after the initial customer billing statement is due. NMAC credits any recoveries from charge-offs related to a lease to the allowance. For more information regarding the Excess Mileage and Excess Wear and Tear Charges and other charges that may be payable by the related lessee upon termination of the lease, you should refer to "*The Sponsor—Leased Vehicle Maintenance*" and "*The Leases—Early Termination*" in this prospectus.

Gains or losses associated with the sale of off-lease inventory are recorded and charged to the corresponding allowance on the vehicle sale date.

Delinquency, repossession and loss experience may be influenced by a variety of economic, social and geographic conditions and other factors beyond NMAC's control that may change over time, including periods of economic downturn and increased delinquencies and losses with respect to automobile leases. There is no assurance that NMAC's delinquency, repossession and loss experience with respect to its leases and the related leased vehicles in the future, or the experience of the issuing entity with respect to the leases and the leased vehicles, will be similar to that set forth below. See "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Credit scores and historical loss experience may not accurately predict the likelihood of losses on the leases and therefore losses on your notes*," "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—The geographic concentration of the leases, economic factors and lease performance could negatively affect the 2025-B Series Assets*" and *"Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Recent and future economic developments may adversely affect the performance of the leases and the market value of the leased vehicles, which may result in reduced or delayed payments on your notes*".

We have not provided similar delinquency, repossession and loss data on the leases in the pool described in this prospectus, because none of the leases in the pool described in this prospectus, as of the cutoff date, was more than 29 days delinquent in payments. See "*The Leases—Characteristics of the Leases—General*" in this prospectus.

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##### [**Table of Contents**](#toc)
**Nissan Lease Delinquency Experience<sup>(1)(2)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $8989087 | $9120523 | $9281206 | $9943737 | $11294911 |
|  Ending Number of Lease Contracts Outstanding | 302802 | 317409 | 367493 | 434027 | 519849 |
|  Percentage of Delinquent Lease Contracts<sup>(4)</sup>  |  |  |  |  |  |
|  31-60 Days | 0.85% | 1.11% | 0.53% | 0.46% | 0.44% |
|  61-90 Days | 0.18% | 0.24% | 0.11% | 0.11% | 0.10% |
|  91 Days or more | 0.08% | 0.15% | 0.05% | 0.04% | 0.04% |
|  **Total** | **1.11%** | **1.50%** | **0.68%** | **0.60%** | **0.58%** |

---

<sup>(1)</sup> Includes leases, if any, for Nissan motor vehicles that NMAC has sold to third parties but continues to service.

<sup>(2)</sup> Percentages may not add to total due to rounding. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> A lease is considered delinquent if 5% or more of the scheduled monthly payment is past due. 

**Infiniti Lease Delinquency Experience<sup>(1)(2)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $2609001 | $2505406 | $2392545 | $3589960 | $5191973 |
|  Ending Number of Lease Contracts Outstanding | 57550 | 60356 | 67550 | 107469 | 154440 |
|  Percentage of Delinquent Lease Contracts<sup>(4)</sup>  |  |  |  |  |  |
|  31-60 Days | 0.92% | 1.37% | 0.70% | 0.62% | 0.47% |
|  61-90 Days | 0.23% | 0.33% | 0.17% | 0.15% | 0.13% |
|  91 Days or more | 0.10% | 0.19% | 0.07% | 0.06% | 0.05% |
|  **Total** | **1.26%** | **1.89%** | **0.94%** | **0.82%** | **0.65%** |

---

<sup>(1)</sup> Includes leases, if any, for Infiniti motor vehicles that NMAC has sold to third parties but continues to service.

<sup>(2)</sup> Percentages may not add to total due to rounding. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> A lease is considered delinquent if 5% or more of the scheduled monthly payment is past due. 

**NMAC Total Lease Delinquency Experience<sup>(1)(2)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $11598088 | $11625929 | $11673751 | $13533697 | $16486884 |
|  Ending Number of Lease Contracts Outstanding | 360352 | 377765 | 435043 | 541496 | 674289 |
|  Percentage of Delinquent Lease Contracts<sup>(4)</sup>  |  |  |  |  |  |
|  31-60 Days | 0.86% | 1.15% | 0.56% | 0.49% | 0.44% |
|  61-90 Days | 0.19% | 0.25% | 0.12% | 0.11% | 0.11% |
|  91 Days or more | 0.08% | 0.15% | 0.05% | 0.04% | 0.04% |
|  **Total** | **1.14%** | **1.56%** | **0.72%** | **0.65%** | **0.59%** |

---

<sup>(1)</sup> Includes leases, if any, for Nissan and Infiniti motor vehicles that NMAC has sold to third parties but continues to service.

<sup>(2)</sup> Percentages may not add to total due to rounding. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> A lease is considered delinquent if 5% or more of the scheduled monthly payment is past due. 

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##### [**Table of Contents**](#toc)
**Nissan Lease Repossession and Credit Loss Experience<sup>(1)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Ending Number of Lease Contracts Outstanding | 302802 | 317409 | 367493 | 434027 | 519849 |
|  Average Number of Lease Contracts Outstanding<sup>(2)</sup> | 301952 | 345970 | 384450 | 478674 | 554076 |
|  Repossessions: |  |  |  |  |  |
|  Number of Repossessions | 3669 | 2264 | 1753 | 2494 | 5237 |
|  Number of Repossessions as a Percentage of Ending Number of Lease Contracts Outstanding | 1.21% | 0.71% | 0.48% | 0.57% | 1.01% |
|  Number of Repossessions as a Percentage of Average Number of Lease Contracts Outstanding | 1.22% | 0.65% | 0.46% | 0.52% | 0.95% |
|  Losses: |  |  |  |  |  |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $8989087 | $9120523 | $9281206 | $9943737 | $11294911 |
|  Average Dollar Amount of Net Lease Contracts Outstanding<sup>(2)(3)</sup> | $8915924 | $9363103 | $9155879 | $10700489 | $11855777 |
|  Gross Repossession Losses<sup>(4)</sup> | $52274 | $8874 | $(37850) | $(16325) | $86423 |
|  Repossession Recoveries<sup>(4)</sup> | $20829 | $15502 | $19991 | $32595 | $29196 |
|  Net Repossession Losses | $31445 | $(6628) | $(57841) | $(48920) | $57227 |
|  Average Net Repossession Loss per Liquidated Contract<sup>(5)</sup> | $8570 | $(2928) | $(32995) | $(19615) | $10927 |
|  Net Repossession Losses as a Percentage of Average Net Lease Contracts Outstanding | 0.35% | -0.07% | -0.63% | -0.46% | 0.48% |

---

<sup>(1)</sup> Numbers may not add to total due to rounding. 

<sup>(2)</sup> Average amounts calculated based on month-end data for the periods indicated. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> Includes involuntary and voluntary repossessions, bankruptcy repossessions and charge-offs.

<sup>(5)</sup> Dollars not in thousands.

**Infiniti Lease Repossession and Credit Loss Experience<sup>(1)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Ending Number of Lease Contracts Outstanding | 60356 | 60356 | 67550 | 107469 | 154440 |
|  Average Number of Lease Contracts Outstanding<sup>(2)</sup> | 57920 | 63604 | 83017 | 131136 | 172786 |
|  Repossessions: |  |  |  |  |  |
|  Number of Repossessions | 823 | 579 | 647 | 800 | 1658 |
|  Number of Repossessions as a Percentage of Ending Number of Lease Contracts Outstanding | 1.36% | 0.96% | 0.96% | 0.74% | 1.07% |
|  Number of Repossessions as a Percentage of Average Number of Lease Contracts Outstanding | 1.42% | 0.91% | 0.78% | 0.61% | 0.96% |
|  Losses: |  |  |  |  |  |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $2609001 | $2505406 | $2392545 | $3589960 | $5191973 |
|  Average Dollar Amount of Net Lease Contracts Outstanding<sup>(2)(3)</sup> | $2548752 | $2464892 | $2811568 | $4379408 | $5846905 |
|  Gross Repossession Losses<sup>(4)</sup> | $15298 | $2597 | $(10007) | $(5983) | $40019 |
|  Repossession Recoveries<sup>(4)</sup> | $6096 | $4537 | $5285 | $11946 | $13519 |
|  Net Repossession Losses | $9203 | $(1940) | $(15292) | $(17929) | $26500 |
|  Average Net Repossession Loss per Liquidated Contract<sup>(5)</sup> | $11182 | $(3350) | $(23635) | $(22411) | $15983 |
|  Net Repossession Losses as a Percentage of Average Net Lease Contracts Outstanding | 0.36% | -0.08% | -0.54% | -0.41% | 0.45% |

---

<sup>(1)</sup> Numbers may not add to total due to rounding. 

<sup>(2)</sup> Average amounts calculated based on month-end data for the periods indicated. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> Includes involuntary and voluntary repossessions, bankruptcy repossessions and charge-offs.

<sup>(5)</sup> Dollars not in thousands.

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##### [**Table of Contents**](#toc)
**NMAC Total Lease Repossession and Credit Loss Experience<sup>(1)</sup>** 

**(dollars in thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Ending Number of Lease Contracts Outstanding | 363158 | 377765 | 435043 | 541496 | 674289 |
|  Average Number of Lease Contracts Outstanding<sup>(2)</sup> | 359872 | 409574 | 467467 | 609810 | 726862 |
|  Repossessions: |  |  |  |  |  |
|  Number of Repossessions | 4492 | 2843 | 2400 | 3294 | 6895 |
|  Number of Repossessions as a Percentage of Ending Number of Lease Contracts Outstanding | 1.24% | 0.75% | 0.55% | 0.61% | 1.02% |
|  Number of Repossessions as a Percentage of Average Number of Lease Contracts Outstanding | 1.25% | 0.69% | 0.51% | 0.54% | 0.95% |
|  Losses: |  |  |  |  |  |
|  Dollar Amount of Net Lease Contracts Outstanding<sup>(3)</sup> | $11598088 | $11625929 | $11673751 | $13533697 | $16486884 |
|  Average Dollar Amount of Net Lease Contracts Outstanding<sup>(2)(3)</sup> | $11464676 | $11827996 | $11967447 | $15079896 | $17702682 |
|  Gross Repossession Losses<sup>(4)</sup> | $67572 | $11471 | $(47857) | $(22308) | $126442 |
|  Repossession Recoveries<sup>(4)</sup> | $26925 | $20039 | $25276 | $44540 | $42715 |
|  Net Repossession Losses | $40647 | $(8568) | $(73133) | $(66849) | $83727 |
|  Average Net Repossession Loss per Liquidated Contract<sup>(5)</sup> | $9049 | $(3014) | $(30472) | $(20294) | $12143 |
|  Net Repossession Losses as a Percentage of Average Net Lease Contracts Outstanding | 0.35% | -0.07% | -0.61% | -0.44% | 0.47% |

---

<sup>(1)</sup> Numbers may not add to total due to rounding. 

<sup>(2)</sup> Average amounts calculated based on month-end data for the periods indicated. 

<sup>(3)</sup> Dollar amounts based on net book value of vehicles. 

<sup>(4)</sup> Includes involuntary and voluntary repossessions, bankruptcy repossessions and charge-offs.

<sup>(5)</sup> Dollars not in thousands.

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##### [**Table of Contents**](#toc)
**Residual Value Loss Experience** 

Set forth below is information concerning residual value loss experience and return rates for Nissan and Infiniti motor vehicles at termination. The residual value loss rates are indicated as the difference between the Initial Base Residual and the actual amounts received for the off-lease vehicles (customer purchases and auction proceeds). In general, Contract Residuals reflect Initial Base Residuals plus a small number of percentage points. See "*The Sponsor*—*Determination of Residual Values*" in this prospectus.

**Nissan Residual Value Loss Experience<sup>(1)(2)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Total Number of Vehicles Scheduled to Terminate<sup>(1)</sup> | 190030 | 192358 | 188423 | 216040 | 244177 |
|  Total Initial ALG Residual on Vehicles Scheduled to Terminate<sup>(3)</sup> | $4000915570 | $3249018470 | $2746002046 | $2966168021 | $3267976892 |
|  Number of Vehicles Returned to NMAC<sup>(4)</sup> | 86807 | 29239 | 4151 | 28538 | 149847 |
|  Vehicles Returned to NMAC Ratio | 45.68% | 15.20% | 2.20% | 13.21% | 61.37% |
|  Number of Vehicles going to Full Termination<sup>(5)</sup> | 74616 | 27046 | 2811 | 13255 | 118174 |
|  Full Termination Ratio(6) | 39.27% | 14.06% | 1.49% | 6.14% | 48.40% |
|  Total Gain/(Loss) on Vehicles Returned to NMAC<sup>(4)(7)</sup> | $(166416917) | $(51178851) | $17035464 | $101341086 | $269385181 |
|  Average Gain/(Loss) on Vehicles Returned to NMAC<sup>(7)</sup> | $(1917) | $(1750) | $4104 | $3551 | $1798 |
|  Total Initial ALG Residual on Vehicles Returned to NMAC<sup>(3)</sup> | $2326370612 | $748635330 | $66795963 | $401239241 | $2037857058 |
|  Total Gain/(Loss) on Vehicles Returned to NMAC as a Percentage of Initial ALG Residuals of Returned Vehicles Sold by NMAC | (7.15)% | (6.84)% | 25.50% | 25.26% | 13.22% |
|  Total Gain/(Loss) on Vehicles Returned to NMAC as a Percentage of Initial ALG Residuals of Vehicles Scheduled to Terminate | (4.16)% | (1.58)% | 0.62% | 3.42% | 8.24% |
|  Average Contract Residual Percentage of Adjusted MSRP | 79.87% | 74.72% | 54.97% | 53.28% | 53.24% |
|  Average Initial ALG Residual Percentage of Adjusted MSRP | 69.57% | 69.18% | 48.10% | 46.50% | 45.49% |
|  Percentage Difference | 10.30% | 5.54% | 6.87% | 6.78% | 7.75% |

---

<sup>(1)</sup> Includes leases, if any, for Nissan motor vehicles which NMAC has sold to third parties but continues to service. These leases are grouped by scheduled Lease Maturity Date. Excludes leases that have been terminated pursuant to a lessee default (including, but not limited to, as a result of the lessee's failure to maintain insurance coverage required by the lease, the failure of the lessee to timely or properly perform any obligation under the lease, or any other act by the lessee constituting a default under applicable law). 

<sup>(2)</sup> Numbers may not add to total due to rounding. 

<sup>(3)</sup> ALG Residual for Standard Mileage Leases (15,000 miles/year) (not adjusted Maximum Residualized MSRP).

<sup>(4)</sup> Excludes repossessions, vehicles in inventory and NMAC Residual Percentages of less than 10% and greater than 95%. MSRP adjusted for dealer add-ins in accordance with NMAC policy. Includes lessee initiated early terminations. 

<sup>(5)</sup> Includes all vehicles terminating at scheduled maturity, terminating past scheduled maturity and terminating within 90 days prior to scheduled maturity.

<sup>(6)</sup> The ratio of the vehicles that went to full termination during the stated period over the vehicles scheduled to terminate.

<sup>(7)</sup> Gain/(Loss) net of the difference between the Contract Residual and the ALG Residual.

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##### [**Table of Contents**](#toc)
**Infiniti Residual Value Loss Experience<sup>(1)(2)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** | **At or For the Twelve Months Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Total Number of Vehicles Scheduled to Terminate<sup>(1)</sup> | 29350 | 34673 | 58656 | 67800 | 74284 |
|  Total Initial ALG Residual on Vehicles Scheduled to Terminate<sup>(3)</sup> | $700620631 | $676742824 | $1272407457 | $1512338641 | $1606194061 |
|  Number of Vehicles Returned to NMAC<sup>(4)</sup> | 10595 | 5570 | 6826 | 13673 | 53756 |
|  Vehicles Returned to NMAC Ratio | 36.10% | 16.06% | 11.64% | 20.17% | 72.37% |
|  Number of Vehicles going to Full Termination<sup>(5)</sup> | 8806 | 4855 | 5918 | 8601 | 42815 |
|  Full Termination Ratio(6) | 30.00% | 14.00% | 10.09% | 12.69% | 57.64% |
|  Total Gain/(Loss) on Vehicles Returned to NMAC<sup>(4)(7)</sup> | $26092492 | $36188964 | $42645726 | $87314972 | $84155476 |
|  Average Gain/(Loss) on Vehicles Returned to NMAC<sup>(7)</sup> | $2463 | $6497 | $6248 | $6386 | $1566 |
|  Total Initial ALG Residual on Vehicles Returned to NMAC<sup>(3)</sup> | $292429766 | $114458175 | $154986957 | $302584803 | $1190812411 |
|  Total Gain/(Loss) on Vehicles Returned to NMAC as a Percentage of Initial ALG Residuals of Returned Vehicles Sold by NMAC | 8.92% | 31.62% | 27.52% | 28.86% | 7.07% |
|  Total Gain/(Loss) on Vehicles Returned to NMAC as a Percentage of Initial ALG Residuals of Vehicles Scheduled to Terminate | 3.72% | 5.35% | 3.35% | 5.77% | 5.24% |
|  Average Contract Residual Percentage of Adjusted MSRP | 59.20% | 50.94% | 53.68% | 53.89% | 53.70% |
|  Average Initial ALG Residual Percentage of Adjusted MSRP | 49.25% | 39.42% | 42.73% | 44.85% | 45.76% |
|  Percentage Difference | 9.95% | 11.52% | 10.96% | 9.03% | 7.93% |

---

<sup>(1)</sup> Includes leases, if any, for Infiniti motor vehicles which NMAC has sold to third parties but continues to service. These leases are grouped by scheduled Lease Maturity Date. Excludes leases that have been terminated pursuant to a lessee default (including, but not limited to, as a result of the lessee's failure to maintain insurance coverage required by the lease, the failure of the lessee to timely or properly perform any obligation under the lease, or any other act by the lessee constituting a default under applicable law). 

<sup>(2)</sup> Numbers may not add to total due to rounding. 

<sup>(3)</sup> Excludes vehicles for which no ALG Residual is available due to the absence of an equivalent vehicle or contract term on the ALG tables.

<sup>(4)</sup> Excludes repossessions, vehicles in inventory and NMAC Residual Percentages of less than 10% and greater than 95%. MSRP adjusted for dealer add-ins in accordance with IFS policy. Includes lessee initiated early terminations. 

<sup>(5)</sup> Includes all vehicles terminating at scheduled maturity, terminating past scheduled maturity and terminating within 90 days prior to scheduled maturity.

<sup>(6)</sup> The ratio of the vehicles that went to full termination during the stated period over the vehicles scheduled to terminate.

<sup>(7)</sup> Gain/(Loss) net of the difference between the Contract Residual and the ALG Residual.

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##### [**Table of Contents**](#toc)
**REPURCHASES AND REPLACEMENTS** 

In the three-year period ending June 30, 2025, no assets securitized by NMAC were the subject of a demand to repurchase or replace for breach of the representations and warranties. NMAC, as securitizer, discloses in a report on Form ABS-15G all fulfilled and unfulfilled repurchase requests for securitized leases and leased vehicles that were the subject of a demand to repurchase. Please refer to the Form ABS-15G filed by NMAC on February 6, 2025 for additional information. The CIK number of NMAC is 0001540639.

**WEIGHTED AVERAGE LIFE OF THE NOTES** 

The following information is provided solely to illustrate the effect of prepayments of the leases and the related leased vehicles on the unpaid principal amounts of the notes and the weighted average life of the notes under the assumptions stated below, and is not a prediction of the prepayment rates that might actually be experienced with respect to the leases. It is expected that at the time the redemption option becomes available to the servicer, only the certificates will be outstanding.

Prepayments on motor vehicle leases may be measured by a prepayment standard or model. The prepayment model used in this prospectus is expressed in terms of percentages of "**ABS**," which means a prepayment model that assumes a constant percentage of the original number of leases in a pool prepay each month. The base prepayment assumption (the "**100% Prepayment Assumption**" or "**Prepayment Assumption**") assumes that the original principal balance of the leases will prepay as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In month one, prepayments will occur at 0.31% ABS and increase by 0.04% ABS each month until reaching 1.47% ABS in month 30 of the life of the lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In month 31, prepayments increase to 1.80% ABS and remain at that level until month 36 of the life of the lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In month 37, prepayments decrease to 1.45% ABS and remain at that level until the original outstanding principal balance of the contract has been paid in full.

Neither any ABS rate nor the 100% Prepayment Assumption purports to be a historical description of the prepayment experience or a prediction of the anticipated rate of prepayment of the leases. We cannot assure you that the leases will prepay at the levels of the Prepayment Assumption or at any other rate.

The tables below were prepared on the basis of certain assumptions, including that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. as of the cutoff date, eight months have elapsed since the inception of the leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all Monthly Payments are timely received and no lease is ever delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. all Monthly Payments are made according to the schedule set forth in Appendix C to this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. no Repurchase Payment is made in respect of any lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. there are no losses in respect of the leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. payments on the notes and the certificates are made on the 15th day of each month, whether or not the day is a
Business Day, commencing on August 15, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the servicing fee rate is 1.00% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. all prepayments on the leases are prepayments in full (and the residual values of the related leased vehicles
are paid in full);

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the Reserve Account is initially funded with an amount equal to $4,502,001.30, and excess collections remaining
after payment of principal of and interest on the notes and other expenses of the issuing entity are allocated to the reserve account until (i) on each payment date on or prior to the payment in full of the Class A-2 notes, the reserve account balance is equal to 0.65% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date and (ii) on each
payment date following the payment in full of the Class A-2 notes, the reserve account balance is equal to 0.50% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles
as of the cutoff date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the Aggregate Securitization Value as of the cutoff date is $1,125,500,324.86, based on a Securitization Rate
of 10.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. the original principal amounts of each class of notes are equal to the original principal amounts set forth on
the front cover of this prospectus, except that the original principal amount of the Class A-2a notes is assumed to be $96,900,000 and the original principal amount of the Class A-2b notes is assumed to be $290,700,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. interest accrues on the Class A-1 notes at 4.781% per annum, Class A-2a notes at 4.64% per annum, Class A-2b notes at 5.07563% per annum, Class A-3 notes at 4.59% per annum, Class A-4 notes at 4.68% per annum, Class B notes at 4.92% per annum and Class C notes at 5.17% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. the closing date is assumed to be July 29, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. no Benchmark Transition Event is assumed to occur; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. the servicer does not exercise its option to purchase or cause to be purchased all of the assets of the issuing
entity on any payment date on which the Aggregate Securitization Value of the leases and leased vehicles allocated to, and associated with, the 2025-B Series is less than or equal to 10% of the initial
Aggregate Securitization Value of the leases and leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date.

No representation is made as to what the actual levels of losses and delinquencies on the leases will be. Because payments on the leases and the leased vehicles will differ from those used in preparing the following tables, distributions of principal of the notes may be made earlier or later than as set forth in the tables. Investors are urged to make their investment decisions on a basis that includes their determination as to anticipated prepayment rates under a variety of the assumptions discussed herein.

The following tables set forth the percentages of the unpaid principal amount of each class of the notes that would be outstanding after each of the dates shown, based on a rate equal to 25%, 50%, 75%, 100% and 125% of the Prepayment Assumption. As used in the table, "**25% Prepayment Assumption**" assumes that a lease will prepay at 25% of the Prepayment Assumption, "**50% Prepayment Assumption**" assumes that a lease will prepay at 50% of the Prepayment Assumption and so forth.

The following tables have been prepared based on the assumptions in this prospectus (including the assumptions regarding the characteristics and performance of the leases, which will differ from the actual characteristics and performance of the leases) and should be read in conjunction with those assumptions.

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##### [**Table of Contents**](#toc)
**Percentage of Class A-1 Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 86.94% | 84.95% | 82.92% | 80.82% | 78.68% |
|  September 15, 2025 | 73.70% | 69.63% | 65.46% | 61.17% | 56.75% |
|  October 15, 2025 | 60.28% | 54.04% | 47.63% | 41.03% | 34.24% |
|  November 15, 2025 | 46.69% | 38.19% | 29.44% | 20.43% | 11.15% |
|  December 15, 2025 | 32.92% | 22.08% | 10.90% | 0.00% | 0.00% |
|  January 15, 2026 | 18.99% | 5.72% | 0.00% | 0.00% | 0.00% |
|  February 15, 2026 | 4.88% | 0.00% | 0.00% | 0.00% | 0.00% |
|  March 15, 2026 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 0.31 | 0.27 | 0.24 | 0.21 | 0.20 |

---

<sup>(1)</sup> The weighted average life of the Class A-1 notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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##### [**Table of Contents**](#toc)
**Percentage of Class A-2 Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2025 | 100.00% | 100.00% | 100.00% | 99.85% | 97.03% |
|  January 15, 2026 | 100.00% | 100.00% | 98.11% | 94.75% | 91.28% |
|  February 15, 2026 | 100.00% | 97.42% | 93.55% | 89.54% | 85.40% |
|  March 15, 2026 | 97.78% | 93.42% | 88.91% | 84.23% | 79.38% |
|  April 15, 2026 | 94.36% | 89.37% | 84.19% | 78.82% | 73.23% |
|  May 15, 2026 | 90.90% | 85.26% | 79.40% | 73.30% | 66.95% |
|  June 15, 2026 | 87.40% | 81.10% | 74.54% | 67.69% | 60.53% |
|  July 15, 2026 | 83.87% | 76.89% | 69.60% | 61.97% | 53.97% |
|  August 15, 2026 | 80.31% | 72.63% | 64.59% | 56.16% | 47.29% |
|  September 15, 2026 | 76.71% | 68.32% | 59.51% | 50.24% | 40.46% |
|  October 15, 2026 | 70.16% | 61.16% | 51.68% | 41.67% | 31.06% |
|  November 15, 2026 | 64.54% | 54.89% | 44.70% | 33.90% | 22.40% |
|  December 15, 2026 | 57.65% | 47.42% | 36.57% | 25.03% | 12.68% |
|  January 15, 2027 | 47.85% | 37.18% | 25.84% | 13.73% | 0.69% |
|  February 15, 2027 | 41.20% | 29.97% | 17.99% | 5.13% | 0.00% |
|  March 15, 2027 | 34.38% | 22.62% | 10.02% | 0.00% | 0.00% |
|  April 15, 2027 | 22.93% | 10.95% | 0.00% | 0.00% | 0.00% |
|  May 15, 2027 | 16.67% | 4.18% | 0.00% | 0.00% | 0.00% |
|  June 15, 2027 | 10.46% | 0.00% | 0.00% | 0.00% | 0.00% |
|  July 15, 2027 | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
|  August 15, 2027 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 1.44 | 1.32 | 1.21 | 1.11 | 1.01 |

---

<sup>(1)</sup> The weighted average life of the Class A-2 notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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##### [**Table of Contents**](#toc)
**Percentage of Class A-3 Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 91.21% |
|  March 15, 2027 | 100.00% | 100.00% | 100.00% | 96.42% | 81.60% |
|  April 15, 2027 | 100.00% | 100.00% | 98.06% | 84.07% | 68.69% |
|  May 15, 2027 | 100.00% | 100.00% | 90.68% | 75.94% | 59.59% |
|  June 15, 2027 | 100.00% | 97.22% | 82.69% | 66.41% | 47.46% |
|  July 15, 2027 | 100.00% | 87.09% | 71.93% | 54.62% | 33.70% |
|  August 15, 2027 | 89.96% | 76.12% | 60.60% | 42.57% | 20.15% |
|  September 15, 2027 | 77.42% | 63.70% | 48.16% | 29.88% | 6.61% |
|  October 15, 2027 | 65.05% | 51.59% | 36.24% | 17.94% | 0.00% |
|  November 15, 2027 | 61.72% | 47.70% | 31.59% | 12.21% | 0.00% |
|  December 15, 2027 | 58.01% | 43.77% | 27.44% | 7.92% | 0.00% |
|  January 15, 2028 | 38.33% | 25.80% | 11.47% | 0.00% | 0.00% |
|  February 15, 2028 | 16.27% | 5.94% | 0.00% | 0.00% | 0.00% |
|  March 15, 2028 | 3.75% | 0.00% | 0.00% | 0.00% | 0.00% |
|  April 15, 2028 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 2.39 | 2.29 | 2.18 | 2.03 | 1.89 |

---

<sup>(1)</sup> The weighted average life of the Class A-3 notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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##### [**Table of Contents**](#toc)
**Percentage of Class A-4 Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 63.57% |
|  November 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 16.00% |
|  December 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% |
|  January 15, 2028 | 100.00% | 100.00% | 100.00% | 64.93% | 0.00% |
|  February 15, 2028 | 100.00% | 100.00% | 63.17% | 0.00% | 0.00% |
|  March 15, 2028 | 100.00% | 66.07% | 0.46% | 0.00% | 0.00% |
|  April 15, 2028 | 53.32% | 2.88% | 0.00% | 0.00% | 0.00% |
|  May 15, 2028 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 2.76 | 2.69 | 2.60 | 2.52 | 2.28 |

---

<sup>(1)</sup> The weighted average life of the Class A-4 notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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**Percentage of Class B Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 82.77% |
|  January 15, 2028 | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% |
|  February 15, 2028 | 100.00% | 100.00% | 100.00% | 55.09% | 0.00% |
|  March 15, 2028 | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% |
|  April 15, 2028 | 100.00% | 100.00% | 0.93% | 0.00% | 0.00% |
|  May 15, 2028 | 13.03% | 0.00% | 0.00% | 0.00% | 0.00% |
|  June 15, 2028 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 2.81 | 2.79 | 2.71 | 2.59 | 2.45 |

---

<sup>(1)</sup> The weighted average life of the Class B notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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**Percentage of Class C Note Balance Outstanding to Maturity** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** | **Prepayment Assumption** |
| **Payment Date** | **25%** | **50%** | **75%** | **100%** | **125%** |
|  Closing Date | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2025 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2026 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  February 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  March 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  April 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  May 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  June 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  July 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  August 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  September 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  October 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  November 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  December 15, 2027 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
|  January 15, 2028 | 100.00% | 100.00% | 100.00% | 100.00% | 72.31% |
|  February 15, 2028 | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% |
|  March 15, 2028 | 100.00% | 100.00% | 100.00% | 64.59% | 0.00% |
|  April 15, 2028 | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% |
|  May 15, 2028 | 100.00% | 49.36% | 0.00% | 0.00% | 0.00% |
|  June 15, 2028 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Weighted Average Life to Maturity (years)<sup>(1)</sup> | 2.88 | 2.84 | 2.79 | 2.68 | 2.52 |

---

<sup>(1)</sup> The weighted average life of the Class C notes is determined by (a) multiplying the amount of each distribution in reduction of principal amount by the number of years from the closing date to the date indicated, (b) adding the results and (c) dividing the sum by the aggregate distributions in reduction of principal amount referred to in clause (a). 

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**NOTE FACTORS AND TRADING INFORMATION** 

The "**Note Factor**" for a class of notes will be a seven-digit decimal that the servicer will compute for each payment date, which will represent the remaining outstanding principal amount of each class of notes, as of such payment date (after giving effect to payments made on such payment date), expressed as a fraction of the initial outstanding principal amount of such class of notes. Each Note Factor will initially be 1.0000000 and will thereafter decline to reflect reductions in the principal amount of the related class of notes. A noteholder's portion of the principal amount of the notes will be the product of (i) the original denomination of the note and (ii) the applicable Note Factor, as the case may be.

Pursuant to the Indenture, the registered holders of the notes (other than any retained notes, which may be issued as definitive notes) will be Cede & Co. ("**Cede**") as the nominee of The Depository Trust Company ("**DTC**"), unless definitive notes are issued under the limited circumstances described under "*The Notes—Definitive Notes*" in this prospectus. Registered holders of the notes will receive monthly reports via the indenture trustee's website concerning payments received on or in respect of the leases and the leased vehicles, the Note Factor for each class of notes and various other items of information. Note owners may obtain copies of such reports upon a request in writing to the indenture trustee at its corporate trust office. In addition, note owners will be furnished information for tax reporting purposes during each calendar year, not later than the latest date permitted by law. For further details concerning information furnished to noteholders and note owners and the certificateholder, the servicer's compliance statement, the servicer's assessment of compliance with servicing criteria and the annual attestation report prepared by the independent registered public accounts as to the servicer's assessment of compliance with servicing criteria, you should refer to "*The Notes—Noteholder Communication; List of Noteholders*" and *"Distributions on the Notes—Payment Date Certificate*," "*The Notes—Book-Entry Registration*," "*—Definitive Notes,*" "*Description of the Servicing Agreement—Evidence as to Compliance*" and "*Description of the Indenture—Reports and Documents by Indenture Trustee to Noteholders*" in this prospectus.

**USE OF PROCEEDS** 

The depositor will use the net proceeds from the sale of the notes — proceeds from the sale of the notes minus the underwriting discount payable to the underwriters — to acquire the 2025-B Series Certificate from NILT LLC. NILT LLC may contribute all or any portion of the net proceeds of the sale of the 2025-B Series Certificate to the titling company so that the titling company may acquire additional leases, leased vehicles and other assets associated with such leases and leased vehicles and NILT LLC or its affiliates may apply all or any portion of the net proceeds of the sale of the 2025-B Series Certificate to the depositor to the repayment of indebtedness, including "warehouse" indebtedness secured by leases and/or to reallocate leases sold into a loan agreement facility. One or more of the underwriters (or (a) their respective affiliates or (b) entities for which their respective affiliates act as trust administrator and/or provide liquidity lines) may have acted as a "warehouse" lender or purchaser to NMAC or its affiliates, and may receive a portion of such proceeds as repayment of such "warehouse" indebtedness or as reallocation proceeds. No expenses incurred in connection with the selection and acquisition of the pool assets will be payable from the proceeds from the sale of the notes.

**THE NOTES** 

**General** 

The notes will be issued pursuant to the terms of the Indenture, a form of which has been filed as an exhibit to the registration statement. A copy of the finalized Indenture, together with the other Basic Documents, will be filed with the SEC on Form 8-K on or prior to the date the final prospectus is required to be filed.

The notes will be issued as registered notes in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof in book-entry form, provided that, any retained notes will be issued as definitive notes. The notes issued in book-entry form initially will be registered in the name of Cede, the nominee of DTC. No investor acquiring an interest in the notes issued in book-entry form, as reflected on the books of the clearing agency, or a person maintaining an account with such clearing agency (a "**note owner**") will be entitled to receive a certificate representing that owner's note, except as set forth below. Unless and until definitive notes are issued under the

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limited circumstances described in "*The Notes—Definitive Notes*" in this prospectus, all references herein to distributions, notices, reports and statements to noteholders will refer to the same actions made with respect to DTC or Cede, as the case may be, for the benefit of note owners in accordance with DTC procedures. See "*The Notes—Book-Entry Registration*" and "*—Definitive Notes*" below.

So long as the Class A notes are outstanding, the Class A notes will be the "**controlling class**". After the Class A notes have been paid in full, the Class B notes will be the controlling class. After the Class A notes and the Class B notes have been paid in full, the Class C notes will be the controlling class.

In determining whether noteholders holding the requisite outstanding amount of a class of notes or the controlling class have given any request, demand, authorization, direction, notice, consent, or other action under any basic document, notes owned by the issuing entity, the depositor, the servicer (so long as NMAC or an affiliate thereof is the servicer) or any of their respective affiliates will be disregarded and deemed not to be "outstanding", unless all such notes are owned by the issuing entity, the depositor, the servicer (so long as NMAC or an affiliate thereof is the servicer), or any of their respective affiliates.

**Book-Entry Registration** 

The information in this section concerning DTC and DTC's book-entry system has been provided by DTC. Neither NMAC nor NALL II has independently verified the accuracy of this information.

Each class of notes offered by this prospectus (other than certain retained notes, if any) will be represented by one or more certificates registered in the name of Cede, as nominee of DTC. Noteholders may hold beneficial interests in the notes through the DTC (in the United States) or Clearstream Banking Luxembourg, société anonyme ("**Clearstream Banking Luxembourg**") directly if they are participants of those systems, or indirectly through organizations which are participants of those systems.

No noteholder will be entitled to receive a certificate representing that person's interest in the notes, except as set forth below. Unless and until notes are issued in fully registered certificated form under the limited circumstances described below, all references in this prospectus to actions by noteholders will refer to actions taken by DTC upon instructions from direct participants, and all references in this prospectus to distributions, notices, reports and statements to noteholders will refer to distributions, notices, reports and statements to Cede, as the registered holder of the notes, for distribution to noteholders in accordance with DTC procedures. Therefore, it is anticipated that the only noteholder will be Cede, the nominee of DTC. Noteholders will not be recognized by the indenture trustee as noteholders and will only be able to exercise their collective rights as holders of notes of the related class indirectly through DTC, the direct participants and the indirect participants, as further described below. In connection with such indirect exercise of rights through the DTC system, noteholders may experience some delays in their receipt of payments, since distributions on book-entry securities first will be forwarded to Cede. Notwithstanding the foregoing, noteholders are entitled to all remedies available at law or in equity with respect to any delay in receiving distributions on the securities, including but not limited to remedies set forth in the relevant agreements against parties thereto, whether or not such delay is attributable to the use of DTC's book-entry system.

Under a book-entry format, because DTC can only act on behalf of direct participants that in turn can only act on behalf of indirect participants, the ability of a noteholder to pledge book-entry securities to persons or entities that do not participate in the DTC system, or otherwise take actions in respect of such book-entry securities, may be limited due to the lack of physical certificates or notes for such book-entry securities. In addition, issuance of the notes in book-entry form may reduce the liquidity of such securities in the secondary market since certain potential investors may be unwilling to purchase securities for which they cannot obtain physical notes. See "*Risk Factors—Risks related to certain features of the notes and financial market disruptions—Financial market disruptions and the absence of a secondary market for the notes may make it difficult for you to sell your notes and/or obtain your desired price*" in this prospectus.

Interest and principal on the notes will be paid by the issuing entity to DTC as the record holder of those notes while they are held in book-entry form. DTC will credit payments received from the issuing entity to the accounts of its participants which, in turn, will credit those amounts to noteholders either directly or indirectly

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through indirect participants. This process could delay receipt of payments from the issuing entity with respect to an investor's beneficial interest in notes in the event of misapplication of payments by DTC participants or indirect participants or bankruptcy or insolvency of those entities and an investor's recourse will be limited to its remedies against those entities.

DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York UCC, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds and provides asset servicing for issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from many countries that DTC's participants ("**direct participants**") deposit with DTC. DTC also facilitates the post-trade settlement among direct participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between direct participants' accounts. This eliminates the need for physical movement of securities certificates. Direct participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("**DTCC**"). DTCC, in turn, is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly ("**indirect participants**" and, together with the direct participants, "**participants**"). The rules applicable to DTC and its participants are on file with the SEC. More information about DTC can be found at www.dtcc.com.

Purchases of notes under the DTC system must be made by or through direct participants, which will receive a credit for those notes on DTC's records. The ownership interest of each actual purchaser of each note ("**Beneficial Owner**") is in turn to be recorded on the direct and indirect participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmation from DTC providing details of the transaction, as well as periodic statements of their holdings, from the direct or indirect participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the notes are to be accomplished by entries made on the books of direct and indirect participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interest in the notes, except in the event that use of the book-entry system for the notes is discontinued.

To facilitate subsequent transfers, all notes deposited by direct participants with DTC will be registered in the name of DTC's partnership nominee, Cede or such other name as may be requested by an authorized representative of DTC. The deposit of notes with DTC and their registration in the name of Cede will effect no change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the notes; DTC's records reflect only the identity of the direct participants to whose accounts such notes are credited, which may or may not be the Beneficial Owners. The direct and indirect participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to direct participants, by direct participants to indirect participants, and by direct participants and indirect participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Neither DTC nor Cede (nor such other DTC nominee) will consent or vote with respect to the notes unless authorized by a direct participant in accordance with DTC's procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the indenture trustee as soon as possible after the record date. The Omnibus Proxy assigns Cede's consenting or voting rights to those direct participants to whose accounts the notes are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and dividend payments on the notes will be made to Cede, or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit direct participants' accounts upon DTC's receipt of funds and corresponding detail information from the indenture trustee on payable date in accordance with their respective holdings shown on DTC's records. Payments by participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities

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held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such participant and not of DTC or the indenture trustee, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the indenture trustee, disbursement of such payments to direct participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of direct and indirect participants.

DTC may discontinue providing its services as securities depository with respect to the notes at any time by giving reasonable notice to the indenture trustee. Under such circumstances, in the event that a successor securities depository is not obtained, definitive, certificated notes are required to be printed and delivered.

The depositor, the owner trustee, the indenture trustee or the trust administrator may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, definitive, certificated notes will be printed and delivered to DTC. See "—*Definitive Notes*" below.

None of the servicer, the depositor, the trust administrator, the indenture trustee or the owner trustee will have any liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of the notes held by Cede, DTC or Clearstream Banking Luxembourg, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

**Definitive Notes** 

The notes (other than retained notes, if any) will be issued in fully registered, certificated form ("**definitive notes**") to noteholders or their respective nominees, rather than to DTC or its nominee, only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DTC is no longer willing or able to discharge properly its responsibilities as depository with respect to the notes and none of the depositor, the owner trustee or the trust administrator is able to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the depositor, the indenture trustee or the trust administrator at its option, to the extent permitted by applicable law, elects to terminate the book-entry system through DTC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. after the occurrence of an Event of Default, holders representing at least a majority of the aggregate outstanding principal amount of the notes, voting as a single class, advise the indenture trustee through DTC and its direct participants in writing that the continuation of a book-entry system through DTC (or a successor thereto) with respect to the notes is no longer in the best interests of the noteholders.

Upon the occurrence of any event described in the immediately preceding paragraph, the indenture trustee will be required to notify all noteholders through DTC's direct participants of the availability of definitive notes. Upon surrender by DTC of the definitive certificates representing the corresponding notes and receipt of instructions for re-registration, the indenture trustee will reissue those notes as definitive notes to the noteholders.

Payments on the definitive notes will be made by the indenture trustee directly to the holders of the definitive notes in accordance with the procedures set forth in this prospectus and in the Indenture. Interest and principal payments on the notes on each payment date will be made to the holders in whose names the definitive notes or certificates were registered at the close of business on the related record date. Payments will be made by check mailed to the addresses of such holders as they appear on the note register except that a noteholder with notes having original denominations aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the indenture trustee at least five Business Days prior to the record date. The final payment on any definitive notes will be made only upon presentation and surrender of the definitive notes at the office or agency specified in the notice of final payment to noteholders. The issuing entity or the trust administrator will provide such notice to the indenture trustee not more than 30 days nor less than 10 days prior to the date on which the final payment is expected to occur and, within two Business Days following receipt of such notice, the indenture trustee, in the name and on behalf of the issuing entity, will notify each registered noteholder.

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Definitive notes will be transferable and exchangeable at the offices of the indenture trustee or of a registrar named in a notice delivered to holders of definitive notes. No service charge will be imposed for any registration of transfer or exchange, but the indenture trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

**Noteholder Communication; List of Noteholders** 

A note owner or, to the extent definitive notes have been issued, a noteholder (collectively, "**investors**") may send a request to the depositor at any time notifying the depositor that the investor would like to communicate with other investors with respect to an exercise of their rights under the terms of the Basic Documents. If the requesting investor is not a noteholder as reflected on the note register, the depositor may require that the requesting investor provide a certification to the effect that the investor is, in fact, a beneficial owner of notes, as well as additional documentation reasonably satisfactory to the depositor, such as trade confirmation, account statement, letter from a broker or dealer or another similar document (collectively, the "**verification documents**"). In each monthly distribution report on Form 10-D under the Exchange Act with respect to the issuing entity, the depositor will include disclosure regarding any request received during the related Collection Period from an investor to communicate with other investors related to the investors exercising their rights under the terms of the Basic Documents. The disclosure in the Form 10-D regarding the request to communicate will include the name of the investor making the request, the date the request was received, a statement to the effect that the issuing entity has received a request from the investor, stating that the investor is interested in communicating with other investors with regard to the possible exercise of rights under the Basic Documents and a description of the method other investors may use to contact the requesting investor. The sponsor and the depositor will be responsible for any expenses incurred in connection with the filing of such disclosure and the reimbursement of any costs incurred by the indenture trustee in connection with the preparation thereof.

Three or more holders of the notes of any class or one or more holders of notes of that class evidencing not less than 25% of the aggregate outstanding principal amount of notes may, by written request to the indenture trustee, obtain access to the list of all noteholders maintained by the indenture trustee for the purpose of communicating with other noteholders with respect to their rights under the Indenture or under those notes. The indenture trustee may elect not to afford the requesting noteholders access to the list of noteholders if it agrees to mail the desired communication or proxy, on behalf of and at the expense of the requesting noteholders, to all noteholders.

The note registrar will furnish or cause to be furnished to the indenture trustee, the owner trustee, the servicer or the trust administrator, within 15 days after receipt by the note registrar of a written request therefrom, a list of the names of all noteholders of record as of the most recent applicable record date.

**Payments of Interest** 

The Class A-1 notes, the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will constitute the fixed rate notes (the "**fixed rate notes**") and will bear interest at a fixed rate per annum. The Class A-2b notes will constitute the floating rate notes (the "**floating rate notes**") and will bear interest at a variable rate per annum based on the Benchmark Rate, which will initially be the SOFR Rate, plus the applicable spread set forth on the front cover of this prospectus.

Interest on the principal amounts of all classes of the notes will accrue at the respective per annum interest rates set forth on the cover of this prospectus (each, an "**interest rate**"). To the extent of funds available, the issuing entity will pay interest and principal on the notes monthly on the 15<sup>th</sup> day of each month (or, if that date is not a Business Day, on the next Business Day), which we refer to as the "**payment date**". The first payment date will be the payment date in August 2025. A "**Business Day**" is any day except a Saturday, Sunday or a day on which banking institutions in New York, New York, Wilmington, Delaware, Irving, Texas, Franklin, Tennessee, or in the city and state where the corporate trust office of the indenture trustee is located, are authorized or obligated by law, regulation, executive order or governmental decree to be closed; provided that, when used in the context of a payment date, "Business Day" means any day other than (i) a Saturday or Sunday or (ii) a day on which FRBNY is closed.

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Interest will accrue and will be calculated on the various classes of notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Periods*: Interest will accrue at the related interest rate for the outstanding principal amount
of each class of notes (a) with respect to the Class A-1 notes and each class of the floating rate notes from and including the most recent payment date on which interest has been paid (or from and
including the closing date with respect to the first payment date) to but excluding the current payment date and (b) with respect to the fixed rate notes (other than the Class A-1 notes) from and
including the 15th day of the preceding calendar month (or from and including the closing date with respect to the first payment date) to but excluding the 15th day of the current calendar month (each, an "**interest period**" with
respect to each class of notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Actual/360*: Interest on the Class A-1 notes and each class of
the floating rate notes will be calculated on the basis of the actual number of days elapsed during the related interest period and a 360-day year. This means that the interest due on each payment date for the Class A-1 notes and each class of the floating rate notes will be the product of (i) the note balance of the related class of notes, (ii) the related interest rate and (iii) the actual
number of days from and including the previous payment date (or, in the case of the first payment date, from and including the closing date) to but excluding the current payment date, divided by 360.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *30/360*: Interest on the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. This means that the interest due on each payment date for the Class A-2a notes, the Class A-3 notes, the Class A-4 notes, the Class B notes and the Class C notes will be the product of (i) the note balance of the
related class of notes, (ii) the related interest rate and (iii) 30 (or, in the case of the first payment date, the number of days from and including the closing date to but excluding the 15th day of the month in which the first payment date
occurs (assuming a 30-day calendar month)), divided by 360.

Interest accrued but not paid on any payment date will be due on the next payment date, together with interest on that amount at the applicable interest rate (to the extent lawful). Interest payments on the notes will generally be made after the Servicing Fee has been paid, certain Advances and expenses have been reimbursed to the servicer. See "*Security for the Notes and Credit Enhancement—The Accounts—The Reserve Account*" and "*Distributions on the Notes*" in this prospectus. A failure to pay the interest due on the notes of the controlling class on any payment date that continues unremedied for a period of five (5) Business Days or more, will result in an event of default. See "*Description of the Indenture—Events of Default*."

Interest payments to the Class A notes will have the same priority and will be paid on a pro rata basis. Under some circumstances, the amount available for interest payments could be less than the amount of interest payable on the notes on any payment date, in which case the holders of the Class A notes will receive their ratable share (based upon the aggregate amount of interest due to that class of Class A notes) of the aggregate amount available to be distributed in respect of interest on the notes. Interest payments on the Class B notes will be subordinated to interest payments and, in specified circumstances, principal payments, on the Class A notes. Interest payments on the Class C notes will be subordinated to interest payments and, in specified circumstances, principal payments, on the Class A notes and the Class B notes.

The certificates will be subordinated to the notes so that, if other sources available to make payments of principal and interest on the notes are insufficient, amounts that otherwise would be distributed to the certificateholder generally will be available for that purpose, as more fully described under "*The Notes—Principal*" and "*Distributions on the Notes*" in this prospectus.

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**Calculation of Floating Rate Interest** 

The floating rate notes will initially bear interest during each applicable interest period at the Benchmark Rate plus the applicable spread set forth on the front cover of this prospectus. The initial Benchmark Rate will be the SOFR Rate. If the sum of the SOFR Rate and the applicable spread set forth on the front cover of this prospectus is less than 0.00% for any interest period, then the interest rate for the floating rate notes for such interest period will be deemed to be 0.00%.

The "**calculation agent**" will be U.S. Bank Trust Company, National Association; *provided*, *however*, if U.S. Bank Trust Company, National Association, is unable or unwilling to act as the calculation agent, then the calculation agent will be the person (which may, for the avoidance of doubt, include the trust administrator) designated by the trust administrator to assume the duties of the calculation agent.

The "**SOFR Rate**" will be obtained by the calculation agent for each interest period on the second U.S. Government Securities Business Day before the first day of such interest period (the "**SOFR Adjustment Date**") as of 3:00 p.m. (New York time) on such U.S. Government Securities Business Day, at which time Compounded SOFR is published on the FRBNY's Website (the "**SOFR Determination Time**") and means, with respect to the Class A-2b notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; *provided*, that, the trust administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes. For the purposes of computing interest on the Class A-2b notes prior to the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the following terms will have the following respective meanings:

"**Compounded SOFR**" with respect to any U.S. Government Securities Business Day, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for a tenor of 30 days as published on such U.S. Government Securities Business Day at the SOFR Determination Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for a tenor of 30 days as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.

The specific Compounded SOFR rate is referred to by its tenor. For example, "30-day Average SOFR" refers to the compounded average SOFR over a rolling 30-calendar day period as published on the FRBNY's Website.

"**FRBNY**" means the Federal Reserve Bank of New York.

"**FRBNY's Website**" means the website of the FRBNY, currently at https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index or at such other page as may replace such page on the FRBNY's website.

"**SOFR Adjustment Conforming Changes**" means, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the interest period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the trust administrator decides, from time to time, may be appropriate to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the trust administrator decides that adoption of any portion of such market practice is not administratively feasible or if the trust administrator determines that no market practice exists, in such other manner as the trust administrator determines is reasonably necessary).

"**U.S. Government Securities Business Day**" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

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None of the owner trustee, the indenture trustee or the calculation agent will be liable for any inability, failure or delay on its part to perform any of its duties set forth in any of the Basic Documents as a result of the unavailability of SOFR Rate and absence of a designated replacement Benchmark Rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the trust administrator, in providing any direction, instruction, notice or information required or contemplated by the terms of the Basic Documents and reasonably required for the performance of such duties.

All percentages resulting from any calculation on the Class A-2b notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-millionths of a percentage point rounded upwards (e.g., 9.8765445% (or 0.098765445) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Class A-2b notes will be rounded to the nearest cent (with one-half cent being rounded upwards).

*Effect of Benchmark Transition Event* 

Notwithstanding the foregoing, if the trust administrator determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the determination of the then-current Benchmark Rate, the Benchmark Replacement determined by the trust administrator will replace the then-current Benchmark Rate for all purposes relating to the Class A-2b notes in respect of such determination on such date and all such determinations on all subsequent dates.

The trust administrator will deliver written notice to each hired agency, the relevant trustees, the paying agent and the calculation agent on any SOFR Adjustment Date if, as of the applicable Reference Time, the trust administrator has determined with respect to the related interest period that there will be a change in the SOFR Rate or the terms related thereto since the immediately preceding SOFR Adjustment Date due to a determination by the trust administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred.

The trust administrator will have the right to make SOFR Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time.

Any determination, decision or election that may be made by the trust administrator or any other person in connection with a Benchmark Transition Event, a Benchmark Replacement Conforming Change or a Benchmark Replacement as described above, including any determination with respect to administrative feasibility (whether due to technical, administrative or operational issues), a tenor, rate, an adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the trust administrator's sole discretion, and, notwithstanding anything to the contrary in the Basic Documents, will become effective without the consent of any other person (including any noteholder). The holders of the Class A-2b notes will not have any right to approve or disapprove of these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations. Notwithstanding anything to the contrary in the Basic Documents, none of the issuing entity, the owner trustee, the indenture trustee, the trust administrator, the calculation agent, the sponsor, the depositor or the servicer will have any liability for any action or inaction taken or refrained from being taken by it with respect to any Benchmark Rate, Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other matters related to or arising in connection with the foregoing. Each noteholder and note owner, by its acceptance of a note or a beneficial interest in a note, will be deemed to waive and release any and all claims against the issuing entity, the owner trustee, the indenture trustee, the calculation agent, the trust administrator, the sponsor, the depositor and the servicer relating to any such determinations.

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With respect to a Benchmark Transition Event, the following terms will have the following respective meanings:

"**Benchmark Rate**" means, initially, the SOFR Rate; *provided* that, if the trust administrator determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or the then-current Benchmark Rate, then "Benchmark Rate" means the applicable Benchmark Replacement.

"**Benchmark Administrator**" means, the administrator of the Benchmark Rate.

"**Benchmark Replacement**" means the first alternative set forth in the order below that can be determined by the trust administrator as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark Rate and (b) the Benchmark Replacement Adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sum of (a) the alternate rate of interest that has been selected by the trust administrator as the replacement for the then-current Benchmark Rate giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark Rate for U.S. dollar-denominated floating rate securities at such time and (b) the Benchmark Replacement Adjustment.

"**Benchmark Replacement Adjustment**" means the first alternative set forth in the order below that can be determined by the trust administrator as of the Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the trust administrator giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time.

"**Benchmark Replacement Conforming Changes**" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the interest period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the trust administrator decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the trust administrator decides that adoption of any portion of such market practice is not administratively feasible or if the trust administrator determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the trust administrator determines is reasonably necessary).

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"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark Rate (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the Benchmark Administrator permanently or indefinitely ceases to provide the Benchmark Rate (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark Rate (including the daily published component used in the calculation thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the Benchmark Administrator (or such component) announcing that such Benchmark Administrator has ceased or will cease to provide the Benchmark Rate (or such component), permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor Benchmark Administrator that will continue to provide the Benchmark Rate (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the Benchmark Administrator (or such component), the central bank for the currency of the Benchmark Rate (or such component), an insolvency official with jurisdiction over the Benchmark Administrator (or such component), a resolution authority with jurisdiction over the Benchmark Administrator (or such component) or a court or an entity with similar insolvency or resolution authority over the Benchmark Administrator, which states that the Benchmark Administrator (or such component) has ceased or will cease to provide the Benchmark Rate (or such component) permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor Benchmark Administrator that will continue to provide the Benchmark Rate (or such component); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the Benchmark Administrator announcing that the Benchmark Rate is no longer representative.

"**ISDA Definitions**" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

"**ISDA Fallback Adjustment**" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark Rate.

"**ISDA Fallback Rate**" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark Rate for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"**Reference Time**" means, with respect to any setting of the then-current Benchmark Rate, the time determined by the trust administrator.

"**Relevant Governmental Body**" means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

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"**Unadjusted Benchmark Replacement**" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

For the avoidance of doubt: (a) in no event will (i) the calculation agent be responsible for determining the SOFR Rate or any substitute for SOFR if such rate does not appear on the FRBNY's Website or on a comparable system as is customarily used to quote SOFR or such substitute for SOFR, (ii) the indenture trustee, the paying agent and the owner trustee be responsible for determining the SOFR Rate or any substitute for SOFR or (iii) the indenture trustee, the calculation agent, the paying agent and the owner trustee be responsible for making any decision or election in connection with a Benchmark Transition Event or a Benchmark Replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event and (b) in connection with any of the matters referenced in clause (a) of this sentence, the indenture trustee, the calculation agent, the paying agent and the owner trustee will be entitled to conclusively rely on any determinations made by the trust administrator (on behalf of the issuing entity), as applicable, in regards to such matters and will have no liability for such actions taken at the direction of the trust administrator (on behalf of the issuing entity).

The indenture trustee, the paying agent, the calculation agent, and the owner trustee will be under no obligation (i) to monitor, determine or verify the availability, unavailability or cessation of SOFR (or other applicable Benchmark Rate), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment or Unadjusted Benchmark Replacement, or other modifier to any replacement or successor index, or (iv) to determine whether or what SOFR Adjustment Conforming Changes or Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing.

The indenture trustee, the paying agent, the calculation agent and the owner trustee will not be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Indenture and the other Basic Documents as a result of the unavailability of SOFR (or other applicable Benchmark Rate) and the absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation, the servicer or the trust administrator (on behalf of the issuing entity), in providing any direction, instruction, notice or information required or contemplated by the terms of the Indenture and the other Basic Documents and reasonably required for the performance of such duties.

For notes in book-entry form, interest on each note will be paid to noteholders of record of the notes as of the Business Day immediately preceding the payment date. For notes in definitive form, interest on each note will be paid to noteholders of record of the notes as of the close of business on the last Business Day of the calendar month preceding the related payment date. The final interest payment on each class of notes is due on the earlier of (a) the payment date (including any redemption date) on which the outstanding principal amount of that class of notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that class of notes.

**Principal** 

With respect to the allocation of principal to the notes as outlined in this prospectus, the following terms will have the following respective meanings:

"**First Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the excess, if any, of (a) the note balance of the Class A notes as of such payment date (before giving effect to any principal payments made on the Class A notes on such payment date) over (b) the Aggregate Securitization Value as of the last day of the related Collection Period (or, with respect to the first payment date, as of the cutoff date); *provided*, *however*, that the First Allocation of Principal on and after the Final Scheduled Payment Date for any class of Class A notes will not be less than the amount that is necessary to reduce the note balance of that class of Class A notes to zero.

"**Second Allocation of Principal**" means, for any payment date, an amount not less than zero equal to (1) the excess, if any, of (a) the note balance of the Class A notes and the Class B notes as of such payment date

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(before giving effect to any principal payments made on the Class A notes and the Class B notes on such payment date) over (b) the Aggregate Securitization Value as of the last day of the related Collection Period (or, with respect to the first payment date, as of the cutoff date) *minus* (2) the First Allocation of Principal for that payment date; *provided*, *however*, that the Second Allocation of Principal on and after the Final Scheduled Payment Date for the Class B notes will not be less than the amount that is necessary to reduce the note balance of the Class B notes to zero (after the application of the First Allocation of Principal).

"**Regular Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the lesser of (a) the excess of (i) the sum of (A) the Aggregate Securitization Value as of the first day of the related Collection Period minus the Aggregate Securitization Value as of the last day of the related Collection Period (or, with respect to the first payment date, as of the cutoff date) *plus* (B) any Noteholders' Principal Carryover Shortfall for such payment date, if any, over (ii) the sum of the First Allocation of Principal and the Second Allocation of Principal for such payment date, if any, and (b)(i) the outstanding note balance of the notes (before giving effect to any principal payments made on the notes on such payment date) *minus* (ii) the sum of the First Allocation of Principal and the Second Allocation of Principal for such payment date, if any; *provided*, *that* if the sum of the amounts in the reserve account and the remaining Available Funds after the payments under clauses (i) through (viii) of the priority of payments under "*—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus would be sufficient to pay in full the aggregate unpaid note balance of all of the outstanding notes and the servicer has so specified in the Payment Date Certificate, then the Regular Allocation of Principal for such payment date will equal the note balance less the sum of the First Allocation of Principal and the Second Allocation of Principal; *provided, further*, that the Regular Allocation of Principal on and after the Final Scheduled Payment Date for the Class C notes will not be less than the amount that is necessary to reduce the note balance of the Class C notes to zero.

"**Noteholders' Principal Carryover Shortfall**" means, for any payment date, the excess, if any, of the Regular Allocation of Principal for the preceding payment date over the amount in respect of principal that is actually paid as principal on the notes on such payment date.

"**Collection Period**" means, with respect to any payment date, the calendar month immediately preceding the month in which such payment date occurs.

On each payment date, unless the maturity of the notes has been accelerated following an Event of Default, principal payments will be made sequentially so that no principal will be paid on any class of notes until each class of notes with a lower numerical designation has been paid in full. Thus, no principal will be paid on the Class A-2 notes (pro rata among the Class A-2a notes and the Class A-2b notes) until the principal of the Class A-1 notes has been paid in full, no principal will be paid on the Class A-3 notes until the principal of the Class A-1 notes and the Class A-2 notes has been paid in full, no principal will be paid on the Class A-4 notes until the principal of the Class A-1 notes, the Class A-2 notes and the Class A-3 notes has been paid in full, no principal will be paid on the Class B notes until the principal of the Class A-1 notes, the Class A-2 notes, the Class A-3 notes and the Class A-4 notes has been paid in full and no principal will be paid on the Class C notes until the principal of the Class A-1 notes, the Class A-2 notes, the Class A-3 notes, the Class A-4 notes and the Class B notes has been paid in full.

The "**Class A-1 note balance**" will equal the initial Class A-1 note balance reduced by all payments of principal made on or prior to such payment date on the Class A-1 notes.

The "**Class A-2a note balance**" will equal the initial Class A-2a note balance reduced by all payments of principal made on or prior to such payment date on the Class A-2a notes.

The "**Class A-2b note balance**" will equal the initial Class A-2b note balance reduced by all payments of principal made on or prior to such payment date on the Class A-2b notes.

The "**Class A-3 note balance**" will equal the initial Class A-3 note balance reduced by all payments of principal made on or prior to such payment date on the Class A-3 notes.

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The "**Class A-4 note balance**" will equal the initial Class A-4 note balance reduced by all payments of principal made on or prior to such payment date on the Class A-4 notes.

The "**Class B note balance**" will equal the initial Class B note balance reduced by all payments of principal made on or prior to such payment date on the Class B notes.

The "**Class C note balance**" will equal the initial Class C note balance reduced by all payments of principal made on or prior to such payment date on the Class C notes.

On any payment date, the "**note balance**" will equal the sum of the Class A-1 note balance, the Class A-2a note balance, the Class A-2b note balance, the Class A-3 note balance, the Class A-4 note balance, the Class B note balance and the Class C note balance.

On each payment date after the maturity of the notes has been accelerated following an Event of Default, principal will be allocated as described under "*Description of the Indenture—Events of Default*" in this prospectus.

To the extent not previously paid prior to such dates, the outstanding principal amount of each class of notes will be payable in full on the payment date in the months specified below (each, a "**Final Scheduled Payment Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-1 notes, August 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-2a notes and the Class A-2b notes, March 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-3 notes, November 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-4 notes, July 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class B notes, July 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class C notes, November 2029.

The actual date on which the outstanding principal amount of any class of notes is paid may be later or significantly earlier than its Final Scheduled Payment Date based on a variety of factors, including the factors described under "*Weighted Average Life of the Notes*" and "*Maturity and Prepayment Considerations*" in this prospectus.

**Bankruptcy Provisions** 

Each of the parties to the Basic Documents, and each noteholder, by accepting the note or beneficial interests in the notes, will covenant and agree that prior to the date that is one year and one day after the date upon which all obligations under the related Securitized Financing (as defined below) have been paid in full, it will not institute against, or join any other person instituting against the depositor, the titling company, NILT LLC, the issuing entity and any other special purpose entity that is an affiliate of the depositor, NILT LLC or any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law. A "**Securitized Financing**" is (i) any financing transaction undertaken by the depositor or the titling company, or any of their affiliates, that is secured directly or indirectly, by any assets of the titling company or the Unallocated Assets Series, an Other Series or any interest therein and any financing undertaken in connection with the issuance, pledge or assignment of the Unallocated Assets Series or an Other Series, (ii) any sale, lease or other transfer by the depositor, or the titling company, or any of their affiliates, of an interest in the Unallocated Assets Series or an Other Series, or (iii) any other asset securitization, secured loan or similar transaction including assets of the titling company or any interest in such assets or the titling company.

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**Notes Owned by the Issuing Entity, the Depositor, the Servicer and their Affiliates** 

In general, except as otherwise described in this prospectus and the Basic Documents, any notes owned by the issuing entity, the depositor, the servicer or any of their respective affiliates will be entitled to benefits under the Basic Documents equally and proportionately to the benefits afforded other owners of the notes. However, such notes will not be considered outstanding for voting purposes unless the issuing entity, the depositor, the servicer or any of their respective affiliates, either individually or collectively constitute all the owners of all the notes outstanding. See "*The Issuing Entity*," "*Description of the Trust Agreement—Restrictions on Actions by Owner Trustee*," "—*Resignation and Removal of the Owner Trustee*," and "*Description of the Servicing Agreement—Removal or Replacement of the Servicer*" in this prospectus.

**DESCRIPTION OF THE CERTIFICATES** 

**General** 

On the closing date, the certificates will be issued under the Trust Agreement to the depositor in definitive form; however, the certificates may be transferred by the depositor on or after the closing date. However, the portion of the certificates being retained by the depositor to satisfy the credit risk retention rules will not be sold or transferred except as permitted by those rules. Payments on the certificates will be subordinated to payments on the notes. The certificates will not bear interest.

**Principal** 

Payments will be made to the certificateholders on each payment date in the priority and in the amount set forth under "*Distributions on the Notes*" in this prospectus. No payment will be made to the certificateholders, as beneficial owners of the issuing entity, on any payment date until all principal of and interest on the notes that is due and payable on that payment date has been paid in full. See "*The Notes—Principal*" in this prospectus.

**SECURITY FOR THE NOTES AND CREDIT ENHANCEMENT** 

**General** 

On the closing date, the issuing entity will pledge the 2025-B Series certificate, the Reserve Account and the other property of the issuing entity to the indenture trustee for the benefit of the noteholders to secure the issuing entity's obligations under the notes. See "*The Issuing Entity—Property of the Issuing Entity*" in this prospectus.

**The Accounts** 

*The Series Collection Account* 

On or prior to the closing date, the servicer will establish a trust account in the name of the indenture trustee until the outstanding principal amount of the notes has been reduced to zero, and thereafter, in the name of the issuing entity, for the benefit of the holders of interests in the 2025-B Series, into which Collections on or in respect of the leases and the leased vehicles, and other payments received will generally be deposited (the "**Series Collection Account**") within two Business Days after identification unless the Monthly Remittance Condition is met. As of the closing date, the Monthly Remittance Condition will not be met. In addition, the servicer may, pursuant to the Servicing Supplement, elect to deduct Reimbursable Expenses prior to depositing amounts distributable to the issuing entity into the Series Collection Account.

"**Reimbursable Expenses**" means, with respect to each lease or leased vehicle allocated to, and associated with, the 2025-B Series, the costs or expenses incurred by the servicer (including a legal proceeding to repossess the leased vehicle) to protect or otherwise enforce the interests of the titling company or the holder of the 2025-B Series Certificate in that lease or leased vehicle. See "*Description of the Servicing Agreement—Servicing Compensation*" in this prospectus.

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On each Deposit Date, the Advances made by the servicer, if any, in respect of the related Collection Period and payment date and, in the case of an Optional Purchase, the Optional Purchase Price will be deposited into the Series Collection Account. See "*Description of the Servicing Agreement—Collections*" in this prospectus.

On each payment date, pursuant to instructions from the servicer, the indenture trustee will transmit or will cause to be transmitted the sum of all Available Funds from the Series Collection Account for the related Collection Period in the amounts and in the priority, and to such accounts as set forth under "*Distributions on the Notes*" in this prospectus.

Unless the servicer elects to deduct Reimbursable Expenses as described above in "—*The Series Collection Account*", if, on any date, the servicer supplies the titling company and the indenture trustee with an officer's certificate setting forth the calculations for Reimbursable Expenses, the titling company will remit to the servicer, without interest and before any other distribution from the Series Collection Account on that date, monies from the Series Collection Account representing such Reimbursable Expenses.

*The Reserve Account* 

On or before the closing date the servicer, on behalf of the issuing entity will establish a trust account in the name of the indenture trustee (the "**Reserve Account**"). The Reserve Account will be established to provide additional security for payments on the notes. On each payment date, amounts on deposit in the Reserve Account, together with Available Funds, will be available to make certain distributions, as described under "*Distributions on the Notes*" in this prospectus.

The Reserve Account initially will be funded by a deposit therein of an amount equal to at least $4,502,001.30, which represents at least 0.40% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date, and the amounts on deposit in the Reserve Account will be pledged to the indenture trustee for the benefit of the noteholders and the certificateholders. The Reserve Account will thereafter be funded by the deposit therein of the amount remaining in the Series Collection Account after the payments in clauses (a) through (d) under "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" have been made on such payment date (the "**Excess Amounts**"), if any, to the extent necessary to cause the amount on deposit in the Reserve Account to equal the Reserve Account Requirement.

The "**Reserve Account Requirement**" will be (i) on each payment date on or prior to the payment in full of the Class A-2 notes, at least 0.65% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date and (ii) on each payment date following the payment in full of the Class A-2 notes, at least 0.50% of the Aggregate Securitization Value of the pool of leases and the related leased vehicles as of the cutoff date; provided, however, that on any payment date (after taking into account all distributions from the Series Collection Account on such date) on which the note balance is zero, the Reserve Account Requirement will be an amount equal to $0.

*The Distribution Accounts* 

On or before the closing date, (a) the depositor, on behalf of the issuing entity, will establish a trust account in the name of the indenture trustee for the benefit of the noteholders, into which amounts released from the Series Collection Account and, when necessary, from the Reserve Account, for distribution to the noteholders will be deposited and from which all distributions to the noteholders will be made (the "**Note Distribution Account**" and together with the Series Collection Account and the Reserve Account, collectively, the "**Accounts**"), and (b) the owner trustee, at the direction of the depositor, will establish a trust account in the name of the owner trustee on behalf of the certificateholder, into which amounts released from the Series Collection Account and, when necessary, from the Reserve Account, for distribution to the certificateholder will be deposited and from which all distributions to the certificateholder will be made (the "**Certificate Distribution Account**" and, together with the Note Distribution Account, the "**Distribution Accounts**"). For further information regarding these deposits and payments, you should refer to "*—The Series Collection Account*" and "*—The Reserve Account*" in this prospectus.

On or before each payment date, (a) the indenture trustee will deposit or cause to be deposited from the Series Collection Account and (b) the indenture trustee will deposit or cause to be deposited from the Reserve Account, if necessary, the amounts allocable to the noteholders and the certificateholder, as set forth in

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"*Distributions on the Notes*" in this prospectus for the related payment date in the Note Distribution Account and the Certificate Distribution Account, respectively. On each payment date, the trustees will distribute the allocated amounts for the related Collection Period to the securityholders.

*Maintenance of the Accounts* 

The Accounts and the Certificate Distribution Account generally will be maintained with the account bank, the indenture trustee or the owner trustee, as the case may be, so long as the account bank, the indenture trustee or the owner trustee, as the case may be, is a depository institution or trust company acceptable to each hired rating agency and with corporate trust powers and the related Account or Certificate Distribution Account, as the case may be, is maintained as a segregated trust account by the account bank, indenture trustee or the owner trustee, as the case may be. Each of the Accounts and the Certificate Distribution Account will be segregated trust accounts. If the account bank at any time does not meet the requirements of each hired rating agency, or if the servicer notifies the account bank and the indenture trustee that an Account should be moved, the servicer will, with the assistance of the account bank and the indenture trustee, as necessary, cause the related Account to be moved to a depository institution or trust company organized under the laws of the United States or any constituent state of the United States that meets the requirements of each hired rating agency. If the owner trustee, or such other party holding the Certificate Distribution Account does not meet the requirements of each hired rating agency, or if a majority of certificateholders notify the owner trustee that the Certificate Distribution Account should be moved, 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, will establish a new account at a depository institution or trust company that meets the requirements of each hired rating agency and move any funds.

On the payment date on which all of the notes have been paid in full and following payment of any remaining obligations of the issuing entity under the Basic Documents, any amounts remaining on deposit in the Accounts—after giving effect to all withdrawals therefrom and deposits thereto in respect of that payment date—will be paid to the holder of the certificates.

*Permitted Investments* 

When funds are deposited in (a) the Series Collection Account and (b) the Reserve Account, they will be invested at the direction of the servicer in one or more Permitted Investments. "**Permitted Investments**" will be limited to highly rated obligations or obligations backed by the full faith and credit of the U.S. government, certificates of deposit fully insured by the Federal Deposit Insurance Corporation, and instruments or securities that meet the criteria of each hired rating agency from time to time as being consistent with its then-current ratings of the notes which mature no later than the Business Day prior to the date on which such funds are required to be available for application pursuant to the Basic Documents. On each payment date, all net income or other gain from the investment of funds on deposit in the Reserve Account and the Series Collection Account in respect of the related Collection Period will be deposited into the Reserve Account or the Series Collection Account, as applicable, and thereafter paid to the servicer on any Business Day on or after which such amount is deposited in such account.

**Credit Enhancement and Overcollateralization** 

Credit enhancement provides protection for the notes against losses and delays in payment on the leases or other shortfalls of cash flow. The enhancement for the notes will be overcollateralization, the reserve account and, in the case of the Class A notes and the Class B notes, subordination of certain payments as described below. The enhancement is intended to protect you against losses and delays in payments on your notes by absorbing losses on the leases and other shortfalls in cash flows. If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later Final Scheduled Payment Date generally will bear a greater risk of loss than notes having an earlier Final Scheduled Payment Date.

Overcollateralization is the amount by which the aggregate securitization value exceeds the aggregate outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses on the leases. The initial amount of overcollateralization will be $125,500,324.86, which is approximately 11.15% of the aggregate securitization value of the pool of leases and the related leased vehicles allocated to, and associated with, the 2025-B Series as of the cutoff date.

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**DISTRIBUTIONS ON THE NOTES** 

As more fully described under "*The 2025-B Series*" in this prospectus, the 2025-B Series Certificate will evidence an interest in the 2025-B Series Assets. Leases and related leased vehicles having an Aggregate Securitization Value as of the cutoff date of $1,125,500,324.86 (based on a Securitization Rate of 10.00%), will be included in the 2025-B Series Assets allocated to, and associated with, the 2025-B Series. On or prior to the tenth calendar day of each month or, if such day is not a Business Day, the immediately succeeding Business Day (each, a "**determination date**"), the servicer will inform the trustees and each paying agent of, among other things, the amount of (a) Collections received for such Collection Period, (b) Advances made by the servicer, (c) the Servicing Fee payable to the servicer, in each case with respect to the related Collection Period and (d) based on Available Funds and other amounts available for distribution on the related payment date as described below, the amount to be distributed to the securityholders.

The trustees will make distributions to the securityholders out of amounts on deposit in the related Distribution Accounts. The amount to be distributed to the servicer, the securityholders will be determined in the manner described below.

**Determination of Available Funds** 

The amount of funds available for distribution on a payment date will generally equal the sum of Available Funds and amounts on deposit in the Reserve Account.

"**Available Funds**" for a payment date and the related Collection Period will equal the sum of: (a) Collections, (b) Advances made by the servicer, (c) the Reserve Account Draw Amount, if any, and (d) in the case of an Optional Purchase, the Optional Purchase Price.

The "**Available Funds Shortfall Amount**" for a payment date and the related Collection Period will equal the amount by which Available Funds are less than the amount necessary to make all of the distributions in clauses *first* through *eighth* of the first paragraph under "*—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus.

**Deposits to the Distribution Accounts; Priority of Payments** 

On each payment date (so long as the maturity of the notes has not been accelerated following an Event of Default, or, if the maturity of the notes has been accelerated, such acceleration has been rescinded), the servicer will allocate amounts on deposit in the Series Collection Account with respect to the related Collection Period as described below and will instruct the indenture trustee to cause the following deposits and distributions to be made in the following amounts, to the extent of Available Funds on deposit in the Series Collection Account for such payment date, and order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, **  to the servicer, the Payment Date Advance Reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, **  to the servicer, the Servicing Fees, together with any unpaid Servicing Fees in respect
of one or more prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, **  on a pro rata basis, based on the amount distributable to each class of Class A
notes, to the related Class A noteholders, an amount equal to (x) the interest accrued at the applicable interest rate for such class of Class A note during the related interest period on the applicable outstanding amount of the
Class A notes (plus any accrued and unpaid interest with respect to any prior interest period) and (y) to the extent permitted under applicable law, interest on any overdue interest thereon at the applicable interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, **  to the Note Distribution Account, the First Allocation of Principal, if any, which will
be allocated to pay principal *first*, to the Class A-1 notes, until they have been paid in full, *second*, to the Class A-2 notes (pro rata among
the Class A-2a notes and the Class A-2b notes), until they have been paid in full, *third*, to the Class A-3 notes, until they have been paid in full and *fourth*, to

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the Class A-4 notes, until they have been paid in full, unless the maturity of the notes has been accelerated following an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, to the Class B noteholders, an amount equal to (x) the interest accrued at the
Class B interest rate for the Class B notes during the related interest period on the applicable outstanding amount of the Class B notes (plus any accrued and unpaid interest with respect to any prior interest period) and (y) to
the extent permitted under applicable law, interest on any overdue interest thereon at the applicable interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, **  to the Note Distribution Account, the Second Allocation of Principal, if any, which will
be allocated to pay principal to the Class B notes, until they have been paid in full, unless the maturity of the notes has been accelerated following an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh*, to the Class C noteholders, an amount equal to (x) the interest accrued at the
Class C interest rate for the Class C notes during the related interest period on the applicable outstanding amount of the Class C notes (plus any accrued and unpaid interest with respect to any prior interest period) and (y) to
the extent permitted under applicable law, interest on any overdue interest thereon at the applicable interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *eighth*, **  to the Note Distribution Account, the Regular Allocation of Principal, which will be
allocated to pay principal to the notes, until they have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, **  while any of the notes remain outstanding and unless the maturity of the notes has been
accelerated following an Event of Default, to the Reserve Account, the Excess Amounts, until the Reserve Account Requirement has been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, **  to the indenture trustee and the calculation agent, as applicable, any accrued and unpaid
fees, expenses and indemnity payments, as applicable, due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments, as applicable, have been outstanding for at least 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *eleventh*, **  to the owner trustee, any accrued and unpaid fees, expenses and indemnity payments due
pursuant to the Trust Agreement but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *twelfth*, **  to the asset representations reviewer, any accrued and unpaid fees, expenses and
indemnity payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have not been paid by the sponsor and have been outstanding for at least 60 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *thirteenth*, **  any remaining funds to the Certificate Distribution Account for distribution to the
certificateholders, as beneficial owners of the issuing entity.

The "**Payment Date Advance Reimbursement**" for a payment date generally will equal the sum of all (a) outstanding Sales Proceeds Advances that have been outstanding as of the end of that Collection Period for at least 90 days and (b) Monthly Payment Advances as to which the related lessee has made all or a portion of the advanced Monthly Payment or that have been outstanding as of the end of the Collection Period for at least 90 days.

On each payment date, the indenture trustee will, in accordance with the related Payment Date Certificate and pursuant to the instructions of the servicer, transfer from the Note Distribution Account all funds deposited thereto on such date in accordance with the following priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the maturity of the notes has not been accelerated (or, if the maturity of the notes has been accelerated
and such acceleration has been rescinded), on such payment date, then (A) first, to the Class A-1 noteholders in respect of principal thereof until the Class A-1 notes have been paid in full; (B) second, to the Class A-2 notes (pro rata to the Class A-2a notes
and Class A-2b notes) in respect of principal thereof until the Class A-2 notes have been paid in full; (C) third, to the Class

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A-3 noteholders in respect of principal thereof until the Class A-3 notes have been paid in full; (D) fourth, to the Class A-4 noteholders in respect of principal thereof until the Class A-4 notes have been paid in full; (E) fifth, to the Class B noteholders in respect of principal thereof until the Class B notes have been paid in full; and (F) sixth, to the Class C noteholders in respect of principal thereof until the Class C notes have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the maturity of the notes has been accelerated (and such acceleration has not been rescinded), then
(A) first, to the Class A-1 noteholders in respect of principal thereof until the Class A-1 Noteholders have been paid in full; (B) second, pro rata
to the Class A-2a noteholders, the Class A-2b noteholders, the Class A-3 noteholders and the Class A-4 noteholders, in respect of principal thereon, pro rata based on the note balance of each such class, until each such class of Class A notes has been paid in full; (C) third, to the
Class B noteholders in respect of principal thereof until the Class B notes have been paid in full; and (D) fourth, to the Class C noteholders in respect of principal thereof until the Class C notes have been paid in full.

**Reserve Account** 

On each payment date, the indenture trustee will transfer the Reserve Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related Collection Period to the Series Collection Account.

The "**Reserve Account Draw Amount**" for any payment date is an amount equal to (i) prior to the occurrence of an Event of Default that results in the acceleration of any notes that has not been rescinded, the lesser of (a) the Available Funds Shortfall Amount, if any, and (b) the amount on deposit in the reserve account or (ii) after the occurrence of an Event of Default that results in the acceleration of any notes, unless and until the date on which such acceleration has been rescinded, the entire amount on deposit in the reserve account; *provided, however*, that if the sum of the amounts in the reserve account and the remaining Available Funds after the payments in clauses *first* through *eighth* of the first paragraph under "*—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus would be sufficient to pay in full the aggregate unpaid note balance of all of the outstanding notes, then the Reserve Account Draw Amount will, if so specified by the servicer in the Payment Date Certificate, include such additional amounts as may be necessary to pay all outstanding notes in full.

On each payment date, if, after giving effect to the distributions set forth above, the amount on deposit in the Reserve Account exceeds the Reserve Account Requirement, any such excess will be released to the Certificate Distribution Account for distribution to the certificateholders, as beneficial owners of the issuing entity. In addition, if 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, is greater than or equal to the balance of the notes then outstanding, such amount will be used to retire the then outstanding notes. Upon any such distributions, the securityholders will have no further rights in, or claims to such amounts.

Amounts distributed to the depositor and to any holder of the certificates will not be available in later periods to fund charge offs or the Reserve Account. See "*Risk Factors—Risks related to the issuance of multiple classes of notes or retention of notes—Payment priorities increase risk of loss or delay in payment to certain classes of notes*" in this prospectus. Amounts distributed to the depositor may be distributed to NMAC, the sole member of the depositor, for general corporate purposes.

The final distribution to any noteholder will be made only upon surrender and cancellation of the certificate representing its notes at an office or agency of the issuing entity specified in the notice of termination.

None of the securityholders, the indenture trustee, the owner trustee, the depositor, the servicer will be required to refund any amounts properly distributed or paid to them, whether or not there are sufficient funds on any subsequent payment date to make full distributions to the securityholders.

**Post-Acceleration Priority of Payments** 

Following the occurrence of an Event of Default that results in the acceleration of the notes as described under "*Description of the Indenture—Events of Default*" and "*—Remedies Upon an Event of Default*" in this

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prospectus, and unless and until such acceleration has been rescinded, on each payment date, the indenture trustee will make the following payments and distributions from the Series Collection Account on such payment date, to the extent of Available Funds on deposit in the Series Collection Account on such payment date, in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, **  to the servicer, the Payment Date Advance Reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, **  to the servicer, the Servicing Fees, together with any unpaid Servicing Fees in respect
of one or more prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, *pro rata*, to the indenture trustee, the calculation agent and the owner trustee, for
amounts due as compensation or indemnity payments, as applicable, pursuant to the terms of the Indenture and the Trust Agreement, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, to the asset representations reviewer, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have not been paid by the sponsor and have been outstanding for at least 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, on a pro rata basis based on the amount distributable to each class of Class A notes, to the
related Class A noteholders an amount equal to (x) the interest accrued at the applicable interest rate for such class of Class A notes during the related interest period on the applicable outstanding note balance of the Class A
notes (plus any accrued and unpaid interest with respect to any prior interest period), and (y) to the extent permitted under applicable law, interest on any overdue interest thereon at the applicable interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, (a), if the acceleration of the notes results from an event of default that arises from
(x) a default in the payment of any interest on any note of the controlling class when the same becomes due and payable, (y) a default in the payment of the principal of any note on the related Final Scheduled Payment Date or the
redemption date or (z) the occurrence of certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to the Class A note balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to (x) the interest accrued at the applicable interest
rate for the Class B notes during the related interest period on the applicable note balance of the Class B notes (plus any accrued and unpaid interest with respect to any prior interest period), and (y) to the extent permitted under
applicable law, interest on any overdue interest thereon at the interest rate for the Class B notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to the Class B note balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to (x) the interest accrued at the applicable interest
rate for the Class C notes during the related interest period on the applicable note balance of the Class C notes (plus any accrued and unpaid interest with respect to any prior interest period), and (y) to the extent permitted under
applicable law, interest on any overdue interest thereon at the interest rate for the Class C notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to the Class C note balance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, (b), if the acceleration of the notes results from an event of default that arises from any event
other than those events described above in clause *sixth (a)*, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to (x) the interest accrued at the applicable interest
rate for the Class B notes during the related interest period on the applicable note balance of the Class B notes (plus any accrued and unpaid interest with

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respect to any prior interest period) and (y) to the extent permitted under applicable law, interest on any overdue interest thereon at the interest rate for the Class B notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to (x) the interest accrued at the applicable interest
rate for the Class C notes during the related interest period on the applicable note balance of the Class C notes (plus any accrued and unpaid interest with respect to any prior interest period) and (y) to the extent permitted under
applicable law, interest on any overdue interest thereon at the interest rate for the Class C notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Note Distribution Account, an amount equal to the note balance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh*, any remaining funds to the Certificate Distribution Account for distribution to the
certificateholders, as beneficial owners of the issuing entity.

Upon the sale of the issuing entity's property under the circumstances described in this prospectus under "*Description of the Indenture—Remedies Upon an Event of Default*" following an Event of Default, the proceeds of such sale, together with available monies on deposit in the Reserve Account, will be paid in the priority of payments and distributions described above in this section.

If an Event of Default occurs, the indenture trustee or the holders of at least a majority of the aggregate principal amount of the controlling class of notes and all accrued and unpaid interest thereon, voting as a single class, may declare the principal of the notes to be immediately due and payable. If the notes are accelerated, you may receive principal before the Final Scheduled Payment Date for your notes.

**Payment Date Certificate** 

The issuing entity will cause the servicer to agree to deliver to the indenture trustee, the owner trustee and each paying agent, if any, on each determination date, a certificate (the "**Payment Date Certificate**") including, among other things, the following information (or such other substantially similar information so long as such information satisfies the requirements of Item 1121 of Regulation AB) with respect to the related payment date and the related Collection Period and interest period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Collections allocable to the 2025-B Series Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of Available Funds, including amounts with respect to each of items (a) through (c) of the
definition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of interest accrued during such interest period on each class of notes and, for any classes of
floating rate notes, the applicable interest rate for the related interest period for such payment date for such classes of floating rate notes, respectively, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the note balance for each class of notes and the certificate balance, in each case on the day immediately
preceding such payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) the Reserve Account Requirement, (B) the Reserve Account Draw Amount, if any, (C) the balance on
deposit in the Reserve Account after giving effect to withdrawals therefrom and deposits thereto in respect of such payment date and (D) the change in such balance from the immediately preceding payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the First Allocation of Principal, the Second Allocation of Principal and the Regular Allocation of Principal
for such payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the amount being distributed to each class of the noteholders (the "**note distribution amount** ")
and to the certificateholder (the "**certificate distribution amount** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of the note distribution amount allocable to interest on and principal for each class of the notes
and any Noteholders' Principal Carryover Shortfall for each class of the notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the amount of any principal paid on the certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Note Factor for each class of the notes after giving effect to the distribution of the note distribution
amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Aggregate Securitization Value of 60-Day Delinquent Leases and
related leased vehicles as of that payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Delinquency Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Delinquency Trigger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the aggregate amount of Residual Value Losses and Residual Value Surplus for such Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the amount of Sales Proceeds Advances and Monthly Payment Advances included in Available Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the amount of any Payment Date Advance Reimbursement for such Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the Servicing Fee for such Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) delinquency and loss information for the Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any material changes in practices with respect to charge-offs, collection and management of delinquent leases,
and the effect of any grace period, re-aging, re-structure, partial payments or other practices on delinquency and loss experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) any material modifications, extensions or waivers to lease terms, fees, penalties or payments during the
Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any material breaches of representations, warranties or covenants contained in the leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any new issuance of notes or other securities backed by the 2025-B Series Assets (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any material additions, removals or substitutions of 2025-B Series
Assets, reallocations of 2025-B Series Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) the number of leases that are 31-60, 61-90, 91-120 and more than 120 days delinquent as of the end of the related Collection Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) the Aggregate Securitization Value of leases that are 31-60, 61-90, 91-120 and more than 120 days delinquent as of the end of the related Collection Period.

On any payment date, the note balance will equal the initial note balance reduced by all payments of principal made on or prior to such payment date on the notes.

"**Insurance Expenses**" means, with respect to any leased vehicle, lease or lessee, the amount thereof (a) applied to the repair of the related leased vehicle, (b) released to the lessee in accordance with applicable law or the customary servicing procedures of the servicer or (c) representing other related expenses incurred by the servicer not otherwise included in liquidation expenses or disposition expenses that are recoverable by the servicer under the Servicing Agreement. Insurance Expenses will be reimbursable to the servicer as a deduction from Net Insurance Proceeds.

"**Matured Vehicle**" means, as of any date, any Leased Vehicle, the related Lease of which has reached its maturity date or has been terminated in connection with a Lessee Initiated Early Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty Termination, which leased vehicle has been returned to the servicer on behalf of the titling company, if applicable.

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"**Net Auction Proceeds**" means, with respect to a Collection Period, all amounts received by the servicer in connection with the sale or disposition of any leased vehicle that is sold at auction or otherwise disposed of by the servicer during such Collection Period, other than insurance proceeds, reduced by the related disposition expenses and, in the case of a Matured Vehicle, any outstanding Sales Proceeds Advance.

"**Net Insurance Proceeds**" means, with respect to any leased vehicle, lease or lessee, all related insurance proceeds, net of the amount thereof (a) applied to the repair of the related leased vehicle, (b) released to the lessee in accordance with applicable law or the customary servicing procedures of the servicer or (c) representing other related expenses incurred by the servicer not otherwise included in liquidation expenses or disposition expenses that are recoverable by the servicer under the Servicing Agreement.

"**Net Liquidation Proceeds**" means Liquidation Proceeds reduced by the related expenses.

"**Liquidation Proceeds**" means the gross amount received by the servicer in connection with the attempted realization of the full amounts due or to become due under any lease and of the Base Residual of the leased vehicle, whether from the sale or other disposition of the related leased vehicle (irrespective of whether or not such proceeds exceed the related Base Residual), the proceeds of any repossession, recovery or collection effort, the proceeds of recourse or similar payments payable under the related dealer agreement, receipt of insurance proceeds and application of the related security deposit and the proceeds of any disposition fees or other related proceeds.

"**Residual Value Loss**" for each leased vehicle that is returned to the servicer following the termination of the related lease at its Lease Maturity Date or an Early Lease Termination, will mean the excess, if any, of (a) the Base Residual of such leased vehicle, over (b) the sum of (without duplication) the related Net Auction Proceeds or Net Liquidation Proceeds, as the case may be, and all Net Insurance Proceeds.

"**Residual Value Surplus**" for each leased vehicle that is returned to the servicer following the termination of the related lease at its Lease Maturity Date or an Early Lease Termination, will mean the excess, if any, of (a) the sum of (without duplication) the Net Auction Proceeds from the sale of the leased vehicle and all Net Insurance Proceeds over (b) the Securitization Value of such leased vehicle at the related date of termination.

Each amount set forth pursuant to clauses (iii), (iv), (vii), (viii) and (ix) above will be expressed in the aggregate and as a dollar amount per $1,000 of the original principal amount of a note or certificate.

The indenture trustee has no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Payment Date Certificate delivered to the indenture trustee, and the indenture trustee will be fully protected in relying upon the Payment Date Certificate.

Copies of the Payment Date Certificates may be obtained by the note owners by a request in writing addressed to the indenture trustee. In addition, within the prescribed period of time for tax reporting purposes after the end of each calendar year, the indenture trustee (during the term of the Indenture) will mail to each person who at any time during such calendar year was a noteholder a statement containing information for the purposes of that noteholder's preparation of U.S. federal and state income tax returns. See "*Material U.S. Federal Income Tax Consequences*" in this prospectus.

**Optional Purchase** 

If, as of the last day of any Collection Period, the Aggregate Securitization Value of the 2025-B Series Assets is less than or equal to 10% of the initial Aggregate Securitization Value of the 2025-B Series Assets as of the cutoff date, the servicer will have the option to purchase (and/or designate one or more other parties to purchase) the 2025-B Series Certificate from the issuing entity on the related payment date (the "**Optional Purchase**"). The purchase price with respect to such Optional Purchase will be an amount equal to the greater of (i) the fair market value of the 2025-B Series Assets (which, with the consent of the servicer and 100% of the certificateholders, may be deemed to be the Aggregate Securitization Value of the 2025-B Series Assets on such payment date), and (ii) the sum of (A) the Redemption Price for the notes, (B) unpaid portions of any outstanding Sales Proceeds Advances and Monthly Payment Advances and (C) the Servicing Fee for the related Collection Period, together with any unpaid Servicing Fees for prior Collection Periods, in each case, after giving effect to any payments made on such payment date in accordance with the priority of payments set forth under "*Distributions on the Notes—Deposits to the*

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 *Distribution Accounts; Priority of Payments*" and "*—Post-Acceleration Priority of Payments*," as applicable (such amount, the "**Optional Purchase Price**"). If the servicer exercises the Optional Purchase, the servicer (and/or its designee) will deposit the Optional Purchase Price into the Series Collection Account on the Deposit Date relating to the date of such redemption. If the servicer (and/or its designee) exercises the Optional Redemption, the notes will be redeemed, in whole but not in part, on such redemption date. The "**Redemption Price**" for the notes will equal the aggregate outstanding note balance on the redemption date, plus accrued and unpaid interest thereon at the related interest rates (including, to the extent allowed by law, interest on overdue interest, if applicable), to but not including the payment date fixed for redemption. On the payment date fixed for redemption, the notes will be due and payable at the Redemption Price, and no interest will accrue on the notes after such payment date. It is expected that at such time as the Optional Purchase becomes available to the servicer, only the certificates will be outstanding.

Additionally, each of the notes is subject to redemption in whole, but not in part, on any payment date on which the sum of the amount of cash or other immediately available funds on deposit in the reserve account and the remaining Available Funds after the payments under clauses (i) through (viii) under "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" would be sufficient to pay in full the aggregate outstanding note balance as determined by the servicer. On such payment date, (i) the indenture trustee, upon written direction from the servicer will transfer all amounts on deposit in the Reserve Account to the Series Collection Account and (ii) the outstanding notes will be redeemed in whole, but not in part.

**Advances** 

On each Deposit Date, the servicer may, but will not be obligated to, deposit into the Series Collection Account, a Monthly Payment Advance in respect of the unpaid Monthly Payment of certain leased vehicles, and a Sales Proceeds Advance in respect of the Securitization Value of leases relating to certain Matured Vehicles.

The servicer will be entitled to reimbursement of Monthly Payment Advances and Sales Proceeds Advances to the extent described in "*Description of the Servicing Agreement—Advances*" in this prospectus. For more information regarding the servicer's obligation to deposit Advances into the Series Collection Account and right to be reimbursed for Advances, you should refer to "*Description of the Servicing Agreement—Advances*" in this prospectus.

**Compensation for Servicer and Trust Administrator** 

As servicer, NMAC will be entitled to compensation for the performance of its servicing obligations with respect to the 2025-B Series Assets under the Servicing Agreement. The servicer will be entitled to receive a fee in respect of the 2025-B Series Assets equal to, for each Collection Period, one-twelfth of the product of (a) 1.00% and (b) the Aggregate Securitization Value of all leases as of the first day of that Collection Period (the "**Servicing Fee**"). The servicer will also be entitled to receive any interest and other investment earnings (net of losses and expenses) earned during the Collection Period from the investment of monies on deposit in the Series Collection Account and the Reserve Account. See "*Description of the Servicing Agreement—Servicing Compensation*" in this prospectus. The Servicing Fee will be payable on each payment date and will be calculated and paid based upon a 360-day year consisting of twelve 30-day months.

As servicer, NMAC will also be entitled to additional compensation as described under "*Description of the Servicing Agreement—Servicing Compensation*" in this prospectus.

Pursuant to the Administration Agreement, NMAC, as trust administrator (the "**trust administrator**") will perform the administrative obligations required to be performed by the issuing entity or the owner trustee under the Indenture and the Trust Agreement. For performance of its obligations under the Administration Agreement and as reimbursement for its expenses related thereto, the trust administrator will be entitled to a monthly payment of compensation in an amount to be agreed to between the trust administrator and the servicer, which will be solely an obligation of the servicer.

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**Fees and Expenses** 

Set forth below is a list of all fees and expenses payable on each payment date out of Available Funds and amounts on deposit in the Reserve Account for the related Collection Period.

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| | | | |
|:---|:---|:---|:---|
| **Type of Fee** | **Amount of Fee** | **Party Receiving Fee** | **Priority in Distribution** |
| Servicing Fee | One-twelfth of the product of (a) 1.00% and (b) the Aggregate Securitization Value of all leases as of the first day of the Collection Period or, in the case of the first payment date, as of the cutoff date | servicer | Payable prior to payment of interest on and principal of the notes |
| Reimbursable Expenses<sup>(1)</sup> | Costs and expenses incurred by the servicer in a legal proceeding to protect or otherwise enforce the rights of the titling company in a lease or leased vehicle | servicer | Payable prior to payment of interest on and principal of the notes |
| Unpaid indenture trustee and owner trustee expenses<sup>(2)</sup> | So long as no Event of Default has occurred and is continuing, to the extent unpaid by the trust administrator for at least 60 days (as required by the Indenture and Trust Agreement, as applicable), any amounts due to the indenture trustee and the owner trustee for accrued and unpaid fees, expenses and indemnity payments<sup>(3)</sup> | indenture trustee and owner trustee | Payable after payments of interest on and principal of the notes and after any required deposits in the Reserve Account<sup>(4)</sup> |
| Unpaid calculation agent fees<sup>(2)</sup> | So long as no Event of Default has occurred and is continuing, to the extent unpaid by the trust administrator for at least 60 days (as required by the Indenture and Trust Agreement, as applicable), any amounts due to the calculation agent for accrued and unpaid fees, expenses and indemnity payments<sup>(3)</sup> | calculation agent | Payable after payments of interest on and principal of the notes and after any required deposits in the Reserve Account<sup>(4)</sup> |
| Unpaid asset representations reviewer fees<sup>(2)</sup> | $5,000 as compensation for its services on a per annum basis, plus reasonable expenses and any indemnification payments due to the extent not paid under the Basic Documents. | asset representations reviewer | Payable after payments of interest on and principal of the notes and after any required deposits in the Reserve Account<sup>(4)</sup> |
| Asset Review expenses<sup>(2)</sup> | $200 for each lease reviewed in connection with an Asset Review plus reasonable expenses incurred in connection with an Asset Review, in each case, to the extent not paid under the Basic Documents. | asset representations reviewer | Payable after payments of interest on and principal of the notes and after any required deposits in the Reserve Account<sup>(4)</sup> |

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<sup>(1)</sup> Reimbursable Expenses will be paid to the servicer on any day after the servicer supplies the titling company with an officer's certificate setting forth the calculations for such Reimbursable Expenses. See "*Security for the Notes and Credit Enhancement—The Accounts—The Series Collection Account*" in this prospectus. 

<sup>(2)</sup> NMAC, as servicer, is required to pay the fees, expenses and indemnity payments, as applicable, of the indenture trustee, the calculation agent and the owner trustee and NMAC, as sponsor, is required to pay the fees, expenses and indemnity payments of the asset representations reviewer. However, to the extent NMAC fails to make these payments for a period of 60 days, these amounts will be paid out of Collections in accordance with the priority of payments set forth under "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" and "*—Post-Acceleration Priority of Payments*," as applicable. 

<sup>(3)</sup> The fees and expenses described above do not change upon an Event of Default, although actual expenses incurred may be higher after an Event of Default.

<sup>(4)</sup> Following an Event of Default and acceleration of the notes (which has not been rescinded), these amounts will be paid prior to payments of interest on and principal of the notes as described in "*Distributions on the Notes—Post-Acceleration Priority of Payments*." 

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**DESCRIPTION OF THE INDENTURE** 

The following summary describes material terms of the Indenture and does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the Indenture.

**Events of Default** 

The occurrence and continuation of any of the following events will be an "**Event of Default**" under the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a default for five Business Days or more in the payment of interest on any note of the controlling class, when
the same becomes due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a default in the payment of principal of any of the notes on the Final Scheduled Payment Date or redemption
date of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a material default in the observance or performance of any covenant or agreement of the issuing entity (other
than as set forth in (1) or (2) above), or any representation or warranty of the issuing entity made in the Indenture or in any certificate or other writing delivered under the Indenture that proves to have been inaccurate in any material
respect at the time made, which default or inaccuracy materially and adversely affects the interests of the noteholders and such default or inaccuracy will continue or not be cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was inaccurate will not have been eliminated or otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that
(A) such failure is capable of remedy within 90 days or less and (B) a majority of the aggregate outstanding principal amount of the controlling class, voting as a single class, consent to such longer cure period) after written notice
thereof is given to the issuing entity by the indenture trustee or to the issuing entity and the indenture trustee by the holders of notes holding not less than the majority of the aggregate outstanding principal amount of the controlling class,
voting as a single class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity (which, if
involuntary, remains unstayed for more than 90 days).

Noteholders holding at least a majority of the aggregate outstanding principal amount of the controlling class of notes, voting together as a single class, may waive any past default or Event of Default prior to the declaration of the acceleration of the maturity of the notes, except a default in the payment of principal of or interest on the notes, or in respect of any covenant or provision in the Indenture that cannot be modified or amended without unanimous consent of the noteholders.

However, the amount of principal required to be paid to noteholders under the Indenture will generally be limited to amounts available to be deposited in the Series Collection Account. Therefore, the failure to pay any principal on any class of notes generally will not result in the occurrence of an Event of Default until the Final Scheduled Payment Date for that class of notes or the payment date fixed for redemption of the notes. See "*Risk Factors—Risks related to the issuance of multiple classes of notes or retention of notes—Payment priorities increase risk of loss or delay in payment to certain classes of notes*" in this prospectus. In addition, as described below, following the occurrence of an Event of Default (other than the events described in (1) and (2) above) and acceleration of the maturity of the notes, the indenture trustee is not required to sell the assets of the issuing entity, and may sell those assets only after meeting requirements specified in the Indenture. In that case, even if the maturity of the notes has been accelerated, there may not be any funds to pay principal of the notes.

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**Remedies Upon an Event of Default** 

If an Event of Default occurs and is continuing, the indenture trustee or the holders of at least a majority of the aggregate outstanding principal amount of the controlling class of notes, voting as a single class, may declare the principal of the notes and all accrued and unpaid interest thereon to be immediately due and payable. This declaration may be rescinded by the holders of at least a majority of the then outstanding aggregate outstanding principal amount of the controlling class of notes, voting together as a single class, before a judgment or decree for payment of the amount due has been obtained by the indenture trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuing entity has deposited with the indenture trustee an amount sufficient to pay (1) all interest on
and principal of the notes as if the Event of Default giving rise to that declaration had not occurred, and (2) all amounts paid or advanced by the indenture trustee and the reasonable compensation, expenses and advances of the indenture
trustee and its agents and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all Events of Default—other than the nonpayment of principal of the notes that has become due solely due to
that acceleration—have been cured or waived.

If the notes have been declared due and payable following an Event of Default, the indenture trustee may institute proceedings to collect amounts due, exercise remedies as a secured party, including foreclosure or sale of the issuing entity's property, or elect to maintain the issuing entity's property and continue to apply proceeds from the issuing entity's property as if there had been no declaration of acceleration. The indenture trustee may not, however, unless it is required to sell or otherwise liquidate the issuing entity's property under the Trust Agreement as a result of the bankruptcy or insolvency of the issuing entity, sell or otherwise liquidate the issuing entity's property following an Event of Default (other than the events described in (1) and (2) under "—*Events of Default*" above) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of all outstanding notes consent to the sale or liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of that sale or liquidation are sufficient to pay in full the principal of and the accrued and
unpaid interest on all outstanding notes at the date of the sale or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indenture trustee determines that proceeds of the issuing entity's property would not be sufficient on
an ongoing basis to make all payments on the outstanding notes as those payments would have become due if the notes had not been declared due and payable, and the indenture trustee obtains the consent of holders of at least 66 2/3% of the aggregate
outstanding principal amount of all notes outstanding, voting together as a single class.

In determining sufficiency or insufficiency with respect to the second and third bullet points above, the indenture trustee may but need not obtain (at the expense of the issuing entity) and rely upon an opinion of an independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and the sufficiency of the issuing entity's property for such purpose. Any sale of the issuing entity's property, other than a sale resulting from the bankruptcy, insolvency or termination of the issuing entity, is subject to the requirement that an opinion of counsel be delivered to the effect that such sale will not cause the titling company or an interest therein or portion thereof to be classified as an association, or a publicly traded partnership, taxable as a corporation for U.S. federal income tax purposes.

In the event of a sale of the issuing entity's property, either as a result of the bankruptcy or insolvency of the issuing entity or following the occurrence of an Event of Default under the circumstances described above, at the direction of the indenture trustee or the noteholders, the proceeds of such sale, together with available monies on deposit in the related reserve account, will be distributed in the amount and order of priority specified in "*Distributions on the Notes—Post-Acceleration Priority of Payments*" in this prospectus.

Subject to the provisions of the Indenture relating to the duties of the indenture trustee, if an Event of Default occurs and is continuing, the indenture trustee will be under no obligation to exercise any of the rights or powers under the Indenture (other than in connection with an asset representations review) at the request or direction

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of any of the holders of the notes if the indenture trustee reasonably believes it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with that request. Subject to such provisions for indemnification and certain limitations contained in the Indenture, the holders of at least a majority of the aggregate principal amount of the controlling class of notes, voting together as a single class, will have the right to direct the time, method and place of conducting any proceeding or any remedy available to the indenture trustee or exercising any trust power conferred on the indenture trustee.

No holder of the notes will have the right to institute any proceeding with respect to the Indenture unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of the notes previously have given the indenture trustee written notice of a continuing Event of Default,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of the notes holding not less than 25% of the aggregate principal amount of the notes then outstanding
have made written request of the indenture trustee to institute that proceeding in its own name as indenture trustee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders of the notes have offered the indenture trustee reasonable indemnity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indenture trustee has for 60 days failed to institute that proceeding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no direction inconsistent with that written request has been given to the indenture trustee during that 60-day period by noteholders holding at least a majority of the aggregate principal amount of the notes, voting as a single class.

With respect to the issuing entity, neither the indenture trustee nor the related owner trustee in their respective individual capacities, nor any holder of a certificate, nor any of their respective owners, beneficiaries, agents, officers, directors, employees, successors or assigns will, in the absence of an express agreement to the contrary, be personally liable for the payment of interest on or principal of the notes of or for the obligations of the issuing entity or the indenture trustee, in its capacity as indenture trustee, contained in the Indenture.

**Certain Covenants** 

Under the Indenture, the issuing entity will covenant that it will not,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any activities other than financing, acquiring, owning, pledging and managing the 2025-B Series Certificate as contemplated by the Indenture and the other Basic Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, transfer, exchange or otherwise dispose of any of its assets, including those assets included in the
issuing entity's property, except as expressly permitted by the Indenture and the other Basic Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claim any credit on or make any deduction from the principal of and interest payable on the notes—other than
amounts withheld under the Code or applicable state law—or assert any claim against any present or former holder of those notes because of the payment of taxes levied or assessed upon any part of the issuing entity's property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit (1) the validity or effectiveness of the Indenture to be impaired, (2) the lien of that
Indenture to be amended, hypothecated, subordinated, terminated or discharged, (3) any person to be released from any covenants or obligations with respect to those notes under that Indenture except as may be expressly permitted by that
Indenture, (4) any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of that Indenture) to be created on or extend to or otherwise arise upon or burden the assets of the issuing entity or any
part thereof, or any interest therein or the proceeds therefrom (other than tax liens, mechanics' liens and other liens arising by operation of law in any of the related 2025-B Series Assets and solely as
a result of an action or omission of the related lessee) or (5) except as provided in the Basic Documents, the lien of the Indenture to not constitute a

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first priority (other than with respect to any such tax, mechanics' or other lien) security interest in the estate of the issuing entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Basic
Documents, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as otherwise permitted in the Basic Documents, dissolve or liquidate in whole or in part.

**Replacement of the Indenture Trustee** 

The holders of at least a majority of the aggregate principal amount of the controlling class of notes, voting together as a single class, may remove the indenture trustee without cause by so notifying in writing the indenture trustee and the issuing entity at least 30 days prior to the effective date of such removal, and following such removal may appoint a successor indenture trustee, provided, that the issuing entity will give prompt written notice to each hired rating agency of such removal. Any successor indenture trustee must at all times satisfy all applicable requirements of the Trust Indenture Act of 1939 (the "**TIA**"), and in addition, have a combined capital and surplus of at least $50,000,000 (as set forth in its most recently published annual report of condition) and a long-term debt rating of at least "Baa3" or its equivalent by each hired rating agency or otherwise satisfy the Rating Agency Condition.

The indenture trustee may resign at any time by so notifying in writing the issuing entity and the servicer at least 30 days prior to the effective date of such resignation. The servicer will thereafter deliver a copy of such notice to the hired rating agencies. The issuing entity will remove the indenture trustee if the indenture trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ceases to be eligible to continue as the indenture trustee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is adjudged to be bankrupt or insolvent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commences a bankruptcy proceeding, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise becomes incapable of acting.

Upon the resignation or removal of the indenture trustee, or the failure of the noteholders to appoint a successor indenture trustee following the removal without cause of the indenture trustee, the issuing entity will be required promptly to appoint a successor indenture trustee. All reasonable costs and expenses incurred in connection with transferring the predecessor indenture trustee's duties and obligations to the successor indenture trustee will be paid by the successor indenture trustee.

**Duties of Indenture Trustee** 

Except during the continuance of an Event of Default, the indenture trustee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform such duties, and only such duties, as are specifically set forth in the Indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rely, as to the truth of the statements and the correctness of the opinions expressed therein, on certificates or
opinions furnished to the indenture trustee that conform to the requirements of the Indenture, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• examine any such certificates, statements, opinions or other instruments that are specifically required to be
furnished to the indenture trustee by the Indenture to determine whether or not they conform on their face to the requirements of the Indenture and the other Basic Documents.

Upon the continuance of an Event of Default, the indenture trustee will be required to exercise the rights and powers vested in it by the Indenture and use the same degree of care and skill in the exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of that person's own affairs.

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**Compensation and Indemnity** 

The trust administrator or, to the extent described in "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" and "*Distributions on the Notes—Post-Acceleration Priority of Payments*" in this prospectus, the issuing entity will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay the indenture trustee from time to time reasonable compensation for its services, which compensation will not
be limited by any law on compensation of a trustee of an express trust, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as otherwise provided in the Indenture, indemnify each of the indenture trustee and the calculation agent
for, and hold it harmless against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses, and disbursements (including reasonable legal fees and expenses and the costs of
enforcing an indemnifying party's obligations) of any kind and nature whatsoever, incurred by the indenture trustee or the calculation agent, as applicable, in connection with the performance of its duties (including the costs of defending any
claim or bringing any claim to enforce the indemnification obligations of the trust administrator under the Indenture).

Neither the indenture trustee nor the calculation agent will be indemnified by the issuing entity or the trust administrator against any loss, liability or expense incurred by it (i) relating to any income or similar taxes on any fees payable to the indenture trustee or the calculation agent pursuant to the Indenture; (ii) arising from the breach by the indenture trustee or the calculation agent of any of its representations or warranties set forth in the Basic Documents; (iii) arising in connection with the performance by the indenture trustee of the duties of a successor servicer under the Servicing Agreement; or (iv) through its own willful misconduct, negligence or bad faith, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neither the indenture trustee nor the calculation agent will be liable for any error of judgment made by it in
good faith, unless it is proved that the indenture trustee or the calculation agent, as applicable, was negligent in ascertaining the pertinent facts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indenture trustee will not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it from the noteholders in accordance with the terms of the Indenture, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the indenture trustee will not be liable for interest on any money received by it except as the indenture trustee
and the issuing entity may agree in writing.

The indenture trustee will not be deemed to have knowledge of any event unless a responsible officer of the indenture trustee has actual knowledge of the event or has received written notice of the event in accordance with the provisions of the Indenture.

**Access to Noteholder Lists** 

If definitive notes are issued in the limited circumstances set forth in "*The Notes—Definitive Notes*" in this prospectus, and the indenture trustee is not the note registrar, the issuing entity will furnish or cause to be furnished to the indenture trustee a list of the names and addresses of the noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of each record date, within five days after the applicable record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• within 30 days after receipt by the issuing entity of a written request for that list, as of not more than ten
days before that list is furnished.

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**Annual Compliance Statement** 

The issuing entity will be required (i) to cause the servicer to deliver an annual written statement to the indenture trustee certifying the fulfillment of its obligations under the Servicing Agreement, and (ii) to deliver to the indenture trustee an officer's certificate certifying the fulfillment of its obligations under the Indenture in all material respects.

**Reports and Documents by Indenture Trustee to Noteholders** 

The indenture trustee will deliver, at the expense of the issuing entity, to each noteholder such information as may be reasonably requested (and reasonably available to the indenture trustee) to enable such holder to prepare its U.S. federal and state income tax returns.

The indenture trustee will be required to furnish to any noteholder promptly upon receipt of a written request by such noteholder (at the expense of the requesting noteholder) duplicates or copies of all reports, notices, requests, demands, certificates and any other documents furnished to the indenture trustee under the Basic Documents. Except with respect to any noteholders lists or publicly available documents, the indenture trustee may require such noteholder to deliver to the indenture trustee a nondisclosure agreement in a form satisfactory to the indenture trustee with respect to the information contained in any such requested document.

If required by TIA Section 313(a), within 60 days after each March 31, beginning with the fiscal year ending March 31, 2026, the indenture trustee will mail to each noteholder as required by TIA Section 313(c) a brief report dated as of such date that sets forth the information required by TIA Section 313(a), including any change to its eligibility and qualification to continue as indenture trustee under the Indenture, any amounts advanced by it under the Indenture, the outstanding principal amount, the interest rate for the notes and the Final Scheduled Payment Date in respect of each class of notes, the indebtedness owing by the issuing entity to the indenture trustee in its individual capacity, the property and funds physically held by the indenture trustee and any action taken by the indenture trustee that materially affects the notes and that has not been previously reported.

**Satisfaction and Discharge of Indenture** 

The Indenture will be discharged with respect to the collateral upon the delivery to the indenture trustee for cancellation of all of the notes or, subject to certain exceptions, upon deposit with the indenture trustee of funds sufficient for the payment in full of the notes and satisfaction of certain other conditions set forth in the Indenture.

**Amendments or Supplemental Indentures** 

Except as provided below, the Indenture may be supplemented or amended by the indenture trustee and the issuing entity, without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuing entity (or the trust administrator on its behalf) delivers an officer's certificate or opinion
of counsel to the indenture trustee to the effect that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such supplemental indenture and the issuing entity (or
the trust administrator on its behalf) notifies the indenture trustee in writing that the Rating Agency Condition is satisfied with respect to such supplemental indenture.

The Indenture may also be supplemented by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates.

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No supplement to the Indenture will be effective if it affects the rights, protections or duties of the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The owner trustee and the indenture trustee may, but will not be obligated to, enter into any such amendment which adversely affects the owner trustee's or the indenture trustee's, as applicable, own rights, duties or immunities under the Indenture.

The Indenture may also be amended with the consent of noteholders holding at least a majority of the aggregate outstanding principal amount of the controlling class of notes voting together as a single class; provided that, without the consent of each noteholder affected thereby, no amendment or supplemental indenture may, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the Final Scheduled Payment Date of or the date of payment of any installment of principal of or interest
on any note, or reduce the principal amount thereof, the interest rate thereon or the redemption price with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate outstanding principal amount of the notes, the consent of the noteholders
of which is required for any such amendment or supplemental indenture or the consent of the noteholders of which is required for any waiver of compliance with provisions of the Indenture or Events of Default thereunder and their consequences
provided for in the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify or alter the provisions of the proviso of the term "Outstanding";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate outstanding principal amount of the notes required to direct the indenture
trustee to direct the issuing entity to sell the issuing entity's property pursuant to the Indenture after an Event of Default, if the proceeds of such sale would be insufficient to pay the aggregate outstanding principal amount of the notes
plus accrued but unpaid interest on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify any provision of the section in the Indenture permitting amendments with noteholder consent, except to
increase any percentage specified therein or to provide that certain additional provisions of the Indenture or the other Basic Documents cannot be modified or waived without the consent of the noteholder of each outstanding note affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify any of the provisions of the Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any note on any payment date (including the calculation of any of the individual components of such calculation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit the creation of any lien ranking prior to or on a parity with the lien of the Indenture with respect to
any part of the issuing entity's property or, except as otherwise permitted or contemplated therein, terminate the lien of the Indenture on any property at any time subject thereto or deprive any noteholder of the security provided by the lien
of the Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair the right to institute suit for the enforcement of payment as provided in the Indenture.

Prior to the execution of any amendment or supplemental Indenture, the indenture trustee will receive an opinion of counsel to the effect that such action shall not (a) affect the treatment of the notes as debt for U.S. federal income tax purposes, (b) be deemed to cause a taxable exchange of the notes for U.S. federal income tax purposes or (c) cause the issuing entity or the titling company to be taxable as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

Notwithstanding anything under this heading or in any other Basic Document to the contrary, to the extent permitted by the TIA, the Indenture may be supplemented by the issuing entity without the consent of the indenture trustee, the calculation agent, the paying agent, the owner trustee, any noteholder or any other person, and without satisfying any other provisions of the Indenture related to supplements thereto or in any other Basic Document, solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the trust administrator;

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 *provided*, that the issuing entity has delivered notice of such supplement to the hiring agency and the indenture trustee on or prior to the date such supplement is executed; *provided*, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes will not affect the indenture trustee's, the paying agent's, the calculation agent's or the owner trustee's rights, indemnities or obligations without the indenture trustee's, the paying agent's, the calculation agent's or the owner trustee's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any supplement to the indenture may be retroactive (including retroactive to the Benchmark Replacement Date) and the Indenture may be supplemented more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.

**Requests to Repurchase and Dispute Resolution** 

If the depositor, the issuing entity, an investor, the owner trustee (acting at the direction of a certificateholder) or the indenture trustee (acting at the direction of an investor) (each, a "**requesting party**") requests that the servicer purchase or reallocate to the Unallocated Assets Series or an Other Series any lease and leased vehicle due to a breach of an Eligibility Representation as described under "*Description of the Servicing Agreement—Representations and Warranties; Remedies*" in this prospectus and such request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the requesting party within 180 days of the receipt of notice of the request by the servicer, the requesting party may refer the matter, at its discretion, to either mediation or arbitration. If the requesting party is the indenture trustee or the owner trustee, the indenture trustee or the owner trustee, as applicable, will follow the direction of the related investor or of the certificateholder, as applicable, during the mediation or arbitration. If both the owner trustee (on behalf of one or more certificateholders) and the indenture trustee (on behalf of one or more investors) are requesting parties, then the indenture trustee as requesting party (at the direction of the investor that directed the indenture trustee to make the request) will have the right to make the selection of mediation or arbitration. The requesting party will provide notice of its intention to refer the matter to mediation or arbitration, as applicable, to the servicer, with a copy to the issuing entity, the owner trustee and the indenture trustee. In no event will the indenture trustee be liable for any costs, expenses and/or liabilities that could be allocated to a requesting party.

If the requesting party selects mediation, the mediation will be administered by a nationally recognized arbitration and mediation association selected by the requesting party and conducted pursuant to such association's mediation procedures in effect at such time. The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the "**AAA**").

If the requesting party selects arbitration, the arbitration will be administered by a nationally recognized arbitration and mediation association jointly selected by the parties (or, if the parties are unable to agree on an association, by the AAA), and conducted pursuant to such association's arbitration procedures in effect at such time. The arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the dispute and will be appointed from a list of neutrals maintained by the AAA. In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys' fees to the parties as determined by the arbitrator in its reasonable discretion.

Any mediation and arbitration described above will be held in New York, New York (or, such other location as the parties mutually agree upon) and will be subject to certain confidentiality restrictions (which will not limit disclosures required by applicable law) and additional terms set forth in the Indenture. A requesting party may not initiate a mediation or arbitration as described above with respect to a lease that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that requesting party or another requesting party) but will have the right to join an existing mediation or arbitration with respect to that lease if the mediation or arbitration has not yet concluded, subject to a determination by the parties to the existing mediation or arbitration that such a joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding.

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**DESCRIPTION OF THE TRUST AGREEMENT** 

The following summary describes material terms of the Trust Agreement pursuant to which the issuing entity will be governed and certificates will be issued. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the Trust Agreement.

**Authority and Duties of the Owner Trustee** 

If the issuing entity has issued certificates pursuant to a Trust Agreement, the related owner trustee will administer the issuing entity in the interest of the certificateholders, subject to the lien of the Indenture, in accordance with the Trust Agreement and the other Basic Documents.

The owner trustee will not be required to perform any of the obligations of the issuing entity under the Trust Agreement or the other Basic Documents that are required to be performed by (i) the servicer under the Servicing Agreement or the Servicing Supplement, (ii) the depositor under the Trust Agreement, the Indenture, the Servicing Agreement or the Series Certificate Sale Agreement, (iii) the trust administrator under the Administration Agreement, (iv) the asset representations reviewer under the Asset Representations Review Agreement, or (v) the indenture trustee under the Indenture.

The owner trustee will not manage, control, use, sell, dispose of or otherwise deal with any part of the issuing entity's property except in accordance with (i) the powers granted to and the authority conferred upon the owner trustee pursuant to the Trust Agreement, (ii) the other Basic Documents to which the issuing entity or the owner trustee is a party, and (iii) any document or instruction delivered to that owner trustee pursuant to the Trust Agreement. In particular, the owner trustee will not transfer, sell, pledge, assign or convey the 2025-B Series Certificate except as specifically required or permitted by the Basic Documents.

**Restrictions on Actions by the Owner Trustee** 

The owner trustee may not (i) initiate, settle or compromise any action, claim or lawsuit involving the issuing entity, unless brought by the servicer to collect amounts owed under a lease, (ii) amend the certificate of trust for the issuing entity (unless such amendment is required to be filed under applicable law), (iii) amend the Indenture in circumstances where the consent of any certificateholder is required and such consent has not been granted, (iv) amend any Basic Document other than pursuant to, and in accordance with, the amendment provision set forth in such Basic Document, or (v) appoint a successor owner trustee or indenture trustee; unless (1) the owner trustee provides 30 days' written notice thereof to the certificateholders, and (2) the owner trustee has not received notice from at least 25% of the certificateholders (including any certificateholders that are the depositor, the servicer or their affiliates) that they object in writing to any such proposed amendment within 30 days of that notice.

**Actions by Certificateholders and Owner Trustee with Respect to Certain Matters** 

The owner trustee may not, except upon the direction of all of the certificateholders, (a) remove the trust administrator, (b) appoint a successor trust administrator, (c) remove the servicer with respect to the 2025-B Series Assets or (d) sell the 2025-B Series Certificate after the termination of the Indenture.

The right of the depositor or the certificateholders to take any action affecting the issuing entity's property will be subject to, as applicable, the rights of the indenture trustee under the Indenture.

**Restrictions on Certificateholders' Powers** 

The certificateholders will not direct the owner trustee, and the owner trustee is not obligated to follow any direction from the certificateholders, to take or refrain from taking any action if such action or inaction (i) would be contrary to any obligations of the issuing entity or the owner trustee under the Trust Agreement or any of the other Basic Documents or (ii) would be contrary to the purpose of the issuing entity.

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**Resignation and Removal of the Owner Trustee** 

The owner trustee may resign at any time upon written notice to the trust administrator, the servicer, the depositor, the indenture trustee and the certificateholders. Upon the resignation or removal of the owner trustee, the depositor will be obligated to appoint a successor owner trustee. All reasonable costs and expenses incurred in connection with transferring the predecessor owner trustee's duties and obligations to the successor owner trustee will be paid by the successor owner trustee.

The owner trustee and any successor thereto must at all times (i) have a combined capital and surplus of at least $50 million, (ii) be subject to supervision or examination by federal or state authorities, and (iii) be an entity authorized to exercise trust powers in the State of Delaware.

If at any time the owner trustee ceases to be eligible in accordance with the Trust Agreement, or if the depositor, by unilateral act, decides to remove the owner trustee and provides the owner trustee with notice thereof, or if the owner trustee fails to resign after written request therefor by the trust administrator, the depositor or each person whose name the asset-backed certificate issued pursuant to the Trust Agreement is registered (the "**certificateholders**") holding not less than a majority interest of such trust certificates, or if at any time the owner trustee is legally unable to act, or is adjudged bankrupt or insolvent, or a receiver of the owner trustee or of its property is appointed, or any public officer takes charge or control of the owner trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the depositor may, but will not be required to, remove the owner trustee.

Any co-trustee or separate trustee appointed for the purpose of meeting applicable state requirements will not be required to meet the eligibility requirements listed above.

**Termination** 

The Trust Agreement will terminate upon the earlier to occur of (a) the final distribution of all funds or other property or proceeds of the issuing entity's property in accordance with the terms of the Indenture and the Trust Agreement, and (b) upon an Optional Purchase and final distribution to the securityholders of all amounts required to be paid to them under the Indenture and the Trust Agreement. See "*Distributions on the Notes—Optional Purchase*" in this prospectus.

**Liabilities and Indemnification** 

The trust administrator will indemnify the owner trustee, the certificate registrar and any paying agent and their respective successors, assigns, agents, officers and employees (the "**Indemnified Parties**") for any losses, liabilities or expenses 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 (including the costs of defending any claim or bringing any claim to enforce the indemnification obligations of the trust administrator under the Trust Agreement), the property of the issuing entity, the administration of the property of the issuing entity or the action or inaction of the owner trustee under the Trust Agreement. Any amounts due and owing to the Indemnified Parties under the Trust Agreement will constitute an obligation of the issuing entity and a claim upon the property of the issuing entity only to the extent such amounts are payable pursuant to the Basic Documents. The trust administrator will not be entitled to make any claim upon the issuing entity's property for the payment of any such liabilities or indemnified expenses. The trust administrator will not be liable for or required to indemnify the Indemnified Party for expenses arising from any income taxes or fees payable to that owner trustee; resulting from the willful misconduct, bad faith or negligence of the Indemnified Party; or for the inaccuracy of any representation or warranty of such owner trustee in the Trust Agreement. The owner trustee will not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any error in judgment of an officer of that owner trustee made in good faith, unless it is proved that such
officer was negligent in ascertaining the facts,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action taken or omitted to be taken in accordance with the instructions of any certificateholder, the
indenture trustee, the depositor, the trust administrator, the asset representations reviewer or the servicer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments of securities in accordance with their terms,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the default or misconduct of the trust administrator, the servicer, the asset representations reviewer, the
depositor or the indenture trustee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special, indirect, consequential or punitive damages, including without limitation, lost profits.

No provision in the Trust Agreement or any other Basic Document will 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 under the Trust Agreement or under any other Basic Document if the owner trustee has reasonable grounds for believing that reimbursement of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. In addition, the owner trustee will not be responsible for or in respect of the validity or sufficiency of the Trust Agreement or for the due execution thereof by the depositor or for the form, character, genuineness, sufficiency, value or validity of any of the issuing entity's property 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 of the certificates, and the owner trustee will in no event be deemed to have assumed or incurred any liability, duty or obligation to any securityholder or any third-party dealing with the issuing entity or the issuing entity's property, other than as expressly provided for in the Trust Agreement and the other Basic Documents. The owner trustee will not be obligated to monitor, supervise or enforce the performance of the depositor or NMAC under the Basic Documents, except as otherwise expressly specified in the Trust Agreement and in the other Basic Documents.

**Amendments to the Trust Agreement** 

The Trust Agreement may be amended by the parties thereto without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositor delivers an officer's certificate or opinion of counsel to the indenture trustee to the effect
that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such amendment and the depositor notifies the owner
trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

The Trust Agreement may also be amended by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such agreement or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates.

No amendment to the Trust Agreement will be effective which affects the rights, protections, liabilities or duties of the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The owner trustee and the indenture trustee may, but will not be obligated to, enter into any such amendment which adversely affects the owner trustee's or the indenture trustee's, as applicable, own rights, duties, liabilities or immunities under the Trust Agreement.

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Prior to the execution of any amendment to the Trust Agreement, the depositor will provide an opinion of counsel to the indenture trustee and the owner trustee to the effect that such amendment will not affect the treatment of any outstanding notes as debt for U.S. federal income tax purposes, or cause the issuing entity or the titling company to be classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

Prior to the execution of any amendment to the Trust Agreement, the owner trustee will 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.

**DESCRIPTION OF THE TITLING COMPANY AGREEMENT** 

The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the Titling Company Agreement.

**The 2025-B Series, Other Series and the Unallocated Assets Series** 

NILT LLC holds the Unallocated Assets Certificate, which represents an interest in all Titling Company Assets other than Titling Company Assets allocated to, and associated with, the 2025-B Series or an Other Series. NILT LLC may in the future establish or form one or more series of the titling company and may sell or pledge such series in connection with financings similar to the transaction described in this prospectus or other transactions. Each holder or pledgee of the Unallocated Assets Certificate or any series certificate (including the 2025-B Series Certificate) will be required to expressly waive any claim to all Titling Company Assets other than the assets related to such series and to fully subordinate any such claims to those other series if the waiver is not given full effect. Each holder or pledgee of the 2025-B Series will be required to expressly waive any claim to all Titling Company Assets, except for the 2025-B Series Assets, and to fully subordinate those claims to the Titling Company Assets if the waiver is not given effect. Except under the limited circumstances described under "*Additional Legal Aspects of the Titling Company and the 2025-B Series—The 2025-B Series*" in this prospectus, the 2025-B Series Assets will not be available to make payments in respect of, or pay expenses relating to, the Unallocated Assets Series or any Other Series. Assets of Other Series (the "**Other Series Assets**") will not be available to make payments in respect of, or pay expenses relating to, the Titling Company Assets or the 2025-B Series.

All Titling Company Assets, including assets allocated to and associated with the 2025-B Series, will be owned by the titling company. The 2025-B Series Assets will be segregated from the rest of the Titling Company Assets on the books and records of the titling company, and the servicer and the holders of other series interests in the titling company — including the Unallocated Assets Series and any Other Series — will have no rights in or to those 2025-B Series Assets. Liabilities of the titling company will be respectively allocated to the 2025-B Series Assets, the Other Series and the Unallocated Assets Series if incurred in each case with respect thereto, or will be allocated pro rata among all Titling Company Assets if incurred with respect to the Titling Company Assets generally.

The Titling Company Agreement provides that the titling company will be operated in such a manner as NMAC, as titling company administrator of the titling company, and the officers of the titling company deem reasonable and necessary or appropriate to preserve (a) the limited liability of the holders of the series certificates and NILT LLC and their respective affiliates, (b) the separateness of the titling company from the respective businesses of the holders of the series certificates and NILT LLC and their respective affiliates and (c) until the expiration of the period of one year and one day after the payment in full of all securities or loans the payments of which are derived in any material part from or collateralized by titling company assets, the bankruptcy-remote status of the titling company.

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**Titling Company Registrar Duties and Powers** 

Under the titling company's limited liability company agreement, the titling company registrar will act as registrar for the issuance and transfer of certificates, including the 2025-B Series Certificate. The titling company registrar will make no representations as to the validity or sufficiency of the 2025-B Series or the 2025-B Series Certificate — other than the issuance of 2025-B Series Certificate — or of any lease, leased vehicle or related document, will not be responsible for performing any of the duties of NILT LLC, the titling company administrator or the servicer and will not be accountable for the use or application by any owners of series interests in the Titling Company Assets of any funds paid in respect of the Titling Company Assets or the investment of any of such monies before such monies are deposited into the Accounts relating to the 2025-B Series and the Unallocated Assets Series. The titling company registrar will not independently verify facts concerning any leases or leased vehicles. NMAC, as titling company administrator of the tiling company, will carry out certain duties of the titling company, such as continuing its legal existence, preparing and filing tax returns, submitting securities documentation and qualifying the titling company to engage in its specified purposes.

Except as otherwise expressly provided by the Delaware LLC Act or in the Titling Company Agreement, the titling company registrar will not be liable for the debts, obligations or liabilities of the titling company or any Series (whether arising in contract, tort or otherwise), including, under a judgment, decree or order of a court, solely by reason of being the titling company registrar or an officer or affiliate of any such person.

**Liability; Indemnity of Titling Company Registrar** 

To the fullest extent permitted by law, neither NMAC, as titling company administrator of the titling company, nor the titling company registrar will be liable or accountable under the Titling Company Agreement under any circumstances, except that neither NMAC, as titling company administrator of the titling company, nor the titling company registrar will be relieved from liability (i) for its intentional misconduct, gross negligence or knowing violation of law, (ii) in the case of NMAC, for a default in the performance of its duties under the Titling Company Agreement or (iii) to the extent that the loss or damage giving rise to such liability results from the failure of certain representations or warranties of NMAC or the titling company registrar, as applicable, to be true and correct in all material respects as of the date as of which such representation or warranty was made. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence), to the fullest extent permitted by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the titling company administrator nor the titling company registrar will be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of any holder of a series certificate delivered pursuant to the Titling Company Agreement with respect to such holder's Series Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the titling company administrator nor the titling company registrar will be liable for any error of judgment made in good faith by an authorized officer of such person unless it is proved that the titling company administrator or the Titling Company Registrar, as the case may be, was grossly negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the titling company administrator nor the titling company registrar will be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the holders of the series certificates pursuant to the Titling Company Agreement.

NMAC, as titling company administrator of the titling company, will indemnify and hold harmless the titling company registrar against any and all loss, liability or expense (including attorneys' fees and expenses and the costs and expenses of enforcing the indemnity obligations of NMAC) incurred by it in connection with the administration of the Titling Company Agreement and the performance of its duties thereunder. Neither NMAC, NILT LLC or any other person is required to reimburse any expense or indemnify against any loss, liability or expense incurred by the titling company registrar through the titling company registrars' own willful misconduct, gross negligence or bad faith.

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**Termination** 

If all of the 2025-B Series Assets allocated to, or associated with, the 2025-B Series have been liquidated into cash and distributed, then, at the direction of the holder of the 2025-B Series Certificate, the 2025-B Series Interest will be terminated and the 2025-B Series Certificate will be returned to the titling company registrar and cancelled. The termination and winding up of a series of the titling company will not, in itself, cause a dissolution of the titling company or the termination of any other series.

**Issuing Entity as Third-Party Beneficiary** 

As the holder of the 2025-B Series Certificate, the issuing entity will be a third-party beneficiary of the Titling Company Agreement. Therefore, the issuing entity may, and, upon the direction of holders of the notes and, if any, certificates holding at least a majority of the aggregate unpaid principal amount of such notes, unless a higher percentage is required by the Titling Company Agreement or the Indenture, voting together as a single class, will exercise any right conferred by the Titling Company Agreement upon a holder of any interest in the 2025-B Series. However, during the term of the Indenture, the issuing entity will pledge the 2025-B Series Certificate to the indenture trustee and any action with respect to the 2025-B Series must be approved by the noteholders in such percentage as is required by the Indenture.

**Amendments to the Titling Company Agreement** 

The Titling Company Agreement may be amended by the parties thereto, with the consent of each holder materially and adversely affected thereby; *provided*, *however*, that the consent of the holder is not required if (i)(A) the purpose of such amendment or supplement is to cure any ambiguity, to correct or supplement any provision of the Titling Company Agreement that may be inconsistent with any other provision of such agreement, to add any provision that provides additional rights to holders or to ensure that none of the titling company or any series or one or more beneficiaries or holders is classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes and (B) such amendment or supplement will not, in the good faith judgment of NILT LLC and NMAC, as titling company administrator, materially and adversely affect the interest of any holder, (ii) an opinion of counsel or an officer's certificate is delivered to the titling company registrar to the effect that such amendment or supplement will not materially and adversely affect the interest of any holder which has not consented to such amendment or (iii) if the Rating Agency Condition is satisfied with respect to such amendment or supplement.

The 2025-B Series Supplement to the Titling Company Agreement may be amended by the parties thereto without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the member delivers an officer's certificate or opinion of counsel to the indenture trustee to the effect
that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such amendment and the member notifies the indenture
trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

The 2025-B Series Supplement to the Titling Company Agreement may also be amended by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such agreement or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates.

No amendment to the 2025-B Series Supplement to the Titling Company Agreement will be effective which affects the rights, protections, liabilities or duties of the titling company registrar, the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The titling company registrar, the indenture trustee and the owner trustee may, but will not be obligated to, enter into any such amendment which adversely affects the titling company registrar's, the indenture trustee's or the owner trustee's, as applicable, own rights, duties, liabilities or immunities under the 2025-B Series Supplement to the Titling Company Agreement.

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Prior to the execution of any amendment to the 2025-B Series Supplement to the Titling Company Agreement, the servicer will provide an opinion of counsel to the titling company registrar to the effect that after such amendment, for U.S. federal income tax purposes, the titling company will not be treated as an association (or a publicly traded partnership) taxable as a corporation and notes (other than any retained notes) will properly be characterized as indebtedness that is secured by the assets of the issuing entity.

**DESCRIPTION OF THE SERVICING AGREEMENT** 

Under the Servicing Agreement, the servicer will perform on behalf of the titling company all of the obligations of the lessor under the leases, including, but not limited to, collecting and processing payments, responding to inquiries of lessees, investigating delinquencies, sending payment statements, paying costs of the sale or other disposition of Matured Vehicles or leased vehicles returned to, or repossessed by, the servicer in connection with a Credit Termination ("**Defaulted Vehicles**") and servicing the leases, including accounting for collections, furnishing periodic statements to the titling company with respect to distributions and generating U.S. federal and state income tax information. In this regard, the servicer will make commercially reasonable efforts to collect all amounts due on or in respect of the leases and, in a manner consistent with the Servicing Agreement, will be obligated to service the leases with the same degree of care and diligence as (i) NMAC employs in servicing leases and leased vehicles serviced by NMAC in its own account regardless of whether such leases and leased vehicles are assigned to the titling company, or (ii) if NMAC is no longer the servicer, is customarily exercised by prudent servicers employed to service retail leases of automobiles, sport utility vehicles or light-duty trucks, as applicable, for themselves or others. Each series will be a third-party beneficiary of the related Servicing Agreement. Consistent with the foregoing, the servicer may in its discretion waive any Administrative Charges, in whole or in part, in connection with any delinquent payments due on a lease. Administrative Charges are additional compensation payable to the servicer. See "—*Servicing Compensation*" below. Accordingly, the amount of Administrative Charges actually waived by the servicer during any Collection Period will not be included in the Collections received by the servicer for the notes. See "—*Collections*" below.

The Servicing Agreement will require the servicer to obtain all licenses and make all filings required to be held or filed by the titling company in connection with the ownership of leases and leased vehicles and take all necessary steps to maintain evidence of the titling company's ownership on the certificates of title to the leased vehicles.

The servicer will be responsible for filing all periodic sales and use tax or property, real or personal, tax reports, periodic renewals of licenses and permits, periodic renewals of qualifications to act as a statutory trust and other periodic regulatory filings, registrations or approvals arising with respect to or required of the titling company.

**Representations and Warranties; Remedies** 

*General* 

NMAC, pursuant to the Servicing Agreement, will make certain representations and warranties with respect to each lease as of the cutoff date (the "**Eligibility Representations**"). The Eligibility Representations include, among other representations, representations regarding the economic terms of each lease, the enforceability of the lease against the related lessee, the characterization of the lease under the UCC, the characteristics of the leased vehicle to which such lease relates, the titling company's ownership of the lease and the compliance of the origination of that lease with applicable law. The Eligibility Representations relate primarily to the origination of the leases and do not typically relate to the creditworthiness of the related lessees or the collectability of the leases. The issuing entity's rights under the Servicing Agreement, including the Eligibility Representations, will be pledged to the indenture trustee for the benefit of the noteholders. The Servicing Agreement will also provide that if the titling company, the servicer, the trustee of the issuing entity or the depositor discovers, or upon actual knowledge by a responsible officer of the indenture trustee of, a breach of any Eligibility Representation which materially and adversely affects the related securityholders' interest in the lease or leased vehicle, and which breach is not cured in all material respects prior to the end of the Collection Period that includes the 60th day (or, if the servicer elects, the end of the first Collection Period following discovery) after the date that the servicer discovers such breach (whether pursuant to notice or otherwise), the noncompliant lease and related leased vehicle (and any other related 2025-B Series Assets) will be reallocated to the Unallocated Assets Series or an Other Series on the Business Day

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immediately preceding the payment date (each a "**Deposit Date**") related to such Collection Period. In connection with this reallocation, the servicer will be required to deposit (or cause to be deposited) into the Series Collection Account the Repurchase Payment on the Deposit Date following the end of the Collection Period. Any such breach will be deemed not to materially and adversely affect the securityholders' interest in that lease and the leased vehicles if it does not affect the ability of the issuing entity to receive and retain timely payments in full on such lease and receive and retain the proceeds of such leased vehicle.

An investor wishing to direct the indenture trustee to request a reallocation and payment of the Repurchase Payment as described above may contact the indenture trustee in writing with the details of the claimed breach of an Eligibility Representation and the related lease and leased vehicle. If the requesting investor is not a noteholder as reflected on the note register, the indenture trustee may require that the requesting investor provide verification documents to confirm that the requesting investor that it is, in fact, a beneficial owner of notes. NMAC and the depositor will be responsible for reimbursing the indenture trustee for any expenses incurred in connection with such disclosure. Repurchase requests that are not resolved to the reasonable satisfaction of the requesting party may, subject to certain conditions, be resolved via dispute resolution proceedings as described in "*Description of the Indenture—Requests to Repurchase and Dispute Resolution*".

**Asset Representations Review** 

As discussed above under "*—Representations and Warranties; Remedies*," the servicer will make the Eligibility Representations regarding the leases. The asset representations reviewer will be responsible for performing a review of the Subject Leases (as defined below) for compliance with the Eligibility Representations when the asset review conditions have been satisfied. In order for the asset review conditions to be satisfied, the following two events must have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Delinquency Percentage for any determination date exceeds the Delinquency Trigger, as described below under
"— *Delinquency Trigger* "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investors have voted to direct a review of the applicable Subject Leases pursuant to the process described
below under "— *Asset Review Voting*."

If the review conditions are satisfied (the first date on which the review conditions are satisfied is referred to as the "**Review Satisfaction Date**"), then the asset representations reviewer will perform an Asset Review as described under "—*Asset Review*" below.

*Delinquency Trigger* 

On or prior to each determination date, the servicer will calculate the Delinquency Percentage for the related Collection Period. The "**Delinquency Percentage**" for each payment date and the related Collection Period is an amount equal to the ratio (expressed as a percentage) of (i) the Aggregate Securitization Value of all 60-Day Delinquent Leases as of the last day of that Collection Period to (ii) the Aggregate Securitization Value of all leases as of the last day of that Collection Period. "**60-Day Delinquent Leases**" means, as of any determination date, all leases (other than any Liquidated Leases, leases that have been reallocated to the Unallocated Assets Series or an Other Series or purchased as of the last day of a Collection Period by the servicer pursuant to the Servicing Agreement and leases related to Defaulted Vehicles) that are 60 or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the servicer's customary servicing practices. The "**Delinquency Trigger**" for any determination date and the related Collection Period is 4.40%.

NMAC believes that the Delinquency Trigger is appropriate based on an analysis of the historical rate of leases 60 days or more delinquent over the life of NMAC's securitized portfolios of leases and leased vehicles from 2006 through 2024 (the "**Reference Portfolios**"). The Delinquency Trigger was calculated as a multiple of 3 times the previous historical peak 60-Day Delinquent Leases ratio of the Reference Portfolios. The previous historical peak of the delinquency ratio was utilized to account for typical seasonal increases in delinquencies. Because the Reference Portfolio experience that was analyzed covered a range of general economic conditions (including several

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periods of economic recession), NMAC believes that the Reference Portfolios provide an appropriate reference point for the potential delinquency performance of the leases in a variety of general economic scenarios. By applying a multiple to the historical peak, NMAC intends to distinguish the level of delinquencies in the pool that may result from a recession or similar general economic occurrence from the level of delinquencies that might signal one or more Eligibility Representations have been breached with respect to a material portion of the pool.

"**Subject Leases**" means, for any Asset Review, all 60-Day Delinquent Leases as of the end of the Collection Period immediately preceding the related Review Satisfaction Date.

*Asset Review Voting* 

The Payment Date Certificate delivered by the servicer on each determination date, which will be filed by the depositor as an exhibit to the Form 10-D with respect to the related Collection Period, will disclose whether the Delinquency Percentage on any payment date exceeds the Delinquency Trigger. If the Delinquency Percentage on any payment date exceeds the applicable Delinquency Trigger, then investors holding at least 5% of the aggregate outstanding principal amount of the notes (as of the filing of the Form 10-D that disclosed the Delinquency Percentage) (the "**Instituting Noteholders**") may elect to initiate a vote to determine whether the asset representations reviewer should conduct the review described under "*—Asset Review*" below by giving written notice to the indenture trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any of the Instituting Noteholders is not a noteholder as reflected on the note register, the indenture trustee may require that investor to provide verification documents to confirm that the investor that it is, in fact, a beneficial owner of notes. NMAC and the depositor will be responsible for any expenses incurred in connection with such disclosure and reimbursing any expenses incurred by the indenture trustee in connection therewith. In determining whether investors holding 5% of the aggregate outstanding principal amount of the notes have elected to initiate a vote, any notes owned by the issuing entity, the depositor, the servicer or any of their respective affiliates (including NMAC, as sponsor) will not be considered outstanding. See "*The Notes—Notes Owned by the Issuing Entity, the Depositor, the Servicer and their Affiliates.*"

If the Instituting Noteholders initiate a vote as described in the preceding paragraph, the indenture trustee will submit the matter to a vote of all noteholders and the depositor will disclose on Form 10-D that a vote has been called. The vote will remain open until the 120th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. The "**Noteholder Direction**" will be deemed to have occurred if investors representing at least a majority of the voting investors vote in favor of directing a review by the asset representations reviewer. Following the completion of the voting process, the next Form 10-D filed by the depositor will disclose whether or not a Noteholder Direction has occurred. The sponsor, the depositor and the issuing entity are required under the Basic Documents to reasonably cooperate with the indenture trustee to facilitate the voting process. The indenture trustee may set a record date for purposes of determining the identity of investors entitled to vote in accordance with TIA Section 316(c).

Within five Business Days of the Review Satisfaction Date, the indenture trustee will send a notice (the "**Review Notice**") to the sponsor, the depositor, the servicer and the asset representations reviewer specifying that the asset review conditions have been satisfied and providing the applicable Review Satisfaction Date. Within ten days of receipt of such notice, the servicer will provide the asset representations reviewer, with a copy to the indenture trustee, a list of the Subject Leases.

*Fees and Expenses for Asset Review* 

As described under "*Distributions on the Notes—Fees and Expenses*," the asset representations reviewer will be paid an annual fee of $5,000 from the sponsor in accordance with the Asset Representations Review Agreement. However, that annual fee does not include the fees and expenses of the asset representations reviewer in connection with an asset review of the Subject Leases. Under the Asset Representations Review Agreement, the asset representations reviewer will be entitled to receive a fee of $200 for each Subject Lease for which the Asset Review was started. The asset representations reviewer will also be reimbursed for all reasonable out-of-pocket expenses incurred or made by it. All fees payable to, and expenses incurred by, the asset representations reviewer in connection with the Asset Review (the "**Review Expenses**") will be payable by NMAC and, to the extent the

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Review Expenses remain unpaid after 60 days, they will be payable out of amounts on deposit in the Series Collection Account as described under "*Distributions on the Notes—Deposits to the Distribution Accounts; Priority of Payments*" in this prospectus.

*Asset Review* 

The asset representations reviewer will perform a review of the Subject Leases for compliance with the Eligibility Representations (an "**Asset Review**") in accordance with the procedures set forth in the Asset Representations Review Agreement. These procedures will generally involve comparing the Eligibility Representations to a variety of sources, including the data points contained in the data tape that relate to the Eligibility Representations, the original lease contract and other documents in the lease file, and other records of the servicer with respect to the Subject Leases. If the servicer notifies the asset representations reviewer that a Subject Lease was prepaid in full by the lessee or was subject to a Pull-Forward, or reallocated away from the 2025-B Series before the review report is delivered, the asset representations reviewer will terminate the tests of that lease and the Asset Review of that lease will be considered complete. If a Subject Lease was included in a prior Asset Review, the asset representations reviewer will only conduct additional tests on any such duplicate Subject Lease if the asset representations reviewer has reason to believe that the prior Asset Review with respect to such Subject Lease was conducted in a manner that would not have ascertained compliance with one or more Eligibility Representations. Otherwise, the asset representations reviewer will not conduct additional tests on such duplicate Subject Lease, and will include the result of the previous tests in the review report. The servicer will render reasonable assistance, including granting access to copies of any underlying documents, to the asset representations reviewer to facilitate the Asset Review, and will provide the asset representations reviewer with access to the lease files and all other relevant documents related to each Subject Lease and leased vehicle. The servicer will provide access to these materials within ten days after receipt of the Review Notice. However, the servicer may redact these materials to remove any personally identifiable customer information. The Asset Review will not determine whether noncompliance with the Eligibility Representations should result in a repurchase of the related Subject Lease and leased vehicle under the Basic Documents and the asset representations reviewer will not determine the reason for the delinquency of any lease and leased vehicle, the creditworthiness of any lessee, the overall quality of any leases or the compliance by the servicer with its covenants with respect to the servicing of the leases and leased vehicles.

Under the Asset Representations Review Agreement, the asset representations reviewer is required to complete its review of the Subject Leases by the 60th day after receiving access to the review materials from the servicer. However, if additional review materials are provided to the asset representations reviewer in accordance with the Asset Representations Review Agreement, the review period will be extended for an additional 30 days. Upon completion of its review, the asset representations reviewer will provide a report to the indenture trustee, the sponsor and the depositor of the findings and conclusions of the review of the Subject Leases, and the Form 10-D filed by the depositor with respect to the Collection Period in which the asset representations reviewer's report is provided will include a summary of those findings and conclusions.

The asset representations reviewer will only be responsible for determining whether there was a noncompliance with any Eligibility Representation with respect to any Subject Leases. If the asset representations reviewer determines that there was such noncompliance, the sponsor and the depositor will investigate whether the noncompliance resulted in a breach that materially and adversely affects the interests of the noteholders or certificateholders in the Subject Leases such that the servicer would be required to reallocate the lease and the related leased vehicle. In conducting this investigation, the sponsor and the depositor, as applicable, will refer to the information available to it, including the asset representations reviewer's report.

**Custody of Lease Documents and Certificates of Title** 

To reduce administrative costs and ensure uniform quality in the servicing of the leases and NMAC's own portfolio of leases, the titling company will appoint the servicer as its agent, bailee and custodian of the leases, the certificates of title relating to the leased vehicles, the insurance policies and insurance records and other documents related to the leases and the related lessees and leased vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the servicer, including leases and vehicles that are part of the Unallocated

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Assets Series or Other Series Assets. The accounting records and computer systems of NMAC will reflect the inclusion of the leases and leased vehicles in the 2025-B Series Assets and the interest of the holders of the 2025-B Series Certificate therein.

**Collections** 

Collections with respect to any Collection Period will include all net collections collected or received in respect of the 2025-B Series Assets during such Collection Period, including (in each case to the extent not duplicative) the following amounts (the "**Collections**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Monthly Payments (including payments ahead and Pull-Forward Payments, when received), amounts paid to the
servicer to purchase a leased vehicle and any other payments under the leases (other than Administrative Charges),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Repurchase Payments made by the servicer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Monthly Scheduled Termination Sale Proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Monthly Early Termination Sale Proceeds (which includes Early Termination Charges),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Net Liquidation Proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Net Insurance Proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Remaining Net Auction Proceeds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Remaining Payoffs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Excess Mileage and Excess Wear and Tear Charges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Recoveries, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Residual Value Surplus.

"**Early Termination Purchase Option Price**" will mean, with respect to any lease that is terminated prior to its Lease Maturity Date, the amount paid by the related lessee or a dealer to purchase the related leased vehicle.

"**Monthly Early Termination Sale Proceeds**" will mean, with respect to a Collection Period, all (i) amounts paid by lessees or dealers with respect to Early Termination Purchase Option Price payments during such Collection Period and (ii) Net Auction Proceeds received by the servicer in such Collection Period for leased vehicles with respect to which the related leases were terminated and that were sold in such Collection Period on or after the termination of the related leases prior to their respective Lease Maturity Dates, reduced by amounts required to be remitted to the related lessees under applicable law.

"**Monthly Scheduled Termination Sale Proceeds**" will mean, with respect to a Collection Period, all (i) amounts paid by lessees or dealers if either the lessee or a dealer elects to purchase a leased vehicle for its contract residual following a termination of the related lease at its Lease Maturity Date and (ii) Net Auction Proceeds received by the servicer during such Collection Period for leased vehicles that matured and were sold in such Collection Period on or after the termination of the related leases at their respective Lease Maturity Dates plus all Net Insurance Proceeds, reduced by amounts required to be remitted to the related lessees under applicable law.

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"**Recoveries**" will mean, with respect to a Collection Period, the sum of all amounts received (net of taxes) with respect to leases that (a) became Liquidated Leases before such Collection Period and (b) have reached their respective Lease Maturity Dates or were terminated as a result of Early Lease Terminations before such Collection Period and with respect to which the proceeds from the sale of the related leased vehicles were received before such Collection Period, minus any amounts remitted to the related lessees as required by law.

"**Remaining Net Auction Proceeds**" will mean Net Auction Proceeds less amounts included in Monthly Scheduled Termination Sale Proceeds, Monthly Early Termination Sale Proceeds and Liquidation Proceeds.

"**Remaining Payoffs**" will mean amounts paid to the servicer to purchase leased vehicles, less amounts included in Monthly Scheduled Termination Sale Proceeds and Monthly Early Termination Sale Proceeds.

*Monthly Remittance Condition*. The servicer will deposit all payments (including any Repurchase Payments made by the servicer) on the related leases and leased vehicles collected during the Collection Period into the Series Collection Account within two Business Days of identification thereof. However, so long as NMAC is the servicer, if the Monthly Remittance Condition is satisfied, the servicer may retain such amounts received during a Collection Period until the Business Day preceding the payment date such amounts are required to be disbursed. If NMAC is the servicer and no servicer default has occurred and is continuing, the "**Monthly Remittance Condition**" will be satisfied if (a) NMAC's short-term unsecured debt obligations are rated at least "P-1" by Moody's Investors Service, Inc. and "F-1" by Fitch Ratings Inc.; (b) NMAC obtains a letter of credit or certain other arrangements are made and the Rating Agency Condition is satisfied; (c) NMAC otherwise satisfies each hired rating agency's requirements; or (d) if the aggregate principal amount of the applicable notes outstanding on the closing date reduced by all payments of principal made in respect thereof on or prior to such date (the "**Outstanding Amount**") is reduced to zero and 100% of the outstanding certificates are owned by the issuing entity, the depositor, the servicer (so long as NMAC or an affiliate is the servicer) and their respective affiliates. Notwithstanding the foregoing, if a subsequent Public ABS Transaction sets forth alternative conditions for making monthly deposits to the Series Collection Account, then, if the Rating Agency Condition is satisfied, the servicer will no longer be bound by the conditions to making monthly deposits as required by the Servicing Agreement, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. The servicer will be entitled to withhold, or to be reimbursed from amounts otherwise payable into or on deposit in the Series Collection Account, certain Advances previously paid to the issuing entity. Except in certain circumstances described in the related Servicing Agreement, pending deposit into the Series Collection Account, Collections may be used by the servicer at its own risk and for its own benefit and will not be segregated from its own funds. See "*Risk Factors—Risks related to the servicer and other transaction parties—You may suffer losses on your notes if the servicer holds collections and commingles them with its own funds*" in this prospectus.

*Net Deposits*. NMAC (as servicer or in any other capacity) will be permitted to deposit into the Series Collection Account only the net amount distributable to the issuing entity on the related Deposit Date. The servicer will, however, account to the issuing entity, the related titling company, the trust agent, the owner trustee, the indenture trustee and the noteholders and the certificateholder as if all of the deposits and distributions described herein were made individually. This provision has been established for the administrative convenience of the parties involved and will not affect amounts required to be deposited into the Accounts. If the servicer were unable to remit the funds with respect to the notes as described above, the noteholders might incur a loss. See "*Risk Factors—Risks related to the servicer and other transaction parties—You may suffer losses on your notes if the servicer holds collections and commingles them with its own funds*" in this prospectus.

**Sale and Disposition of Leased Vehicles** 

Under the Servicing Agreement, the servicer, on behalf of the issuing entity, will sell or otherwise dispose of Defaulted Vehicles and Matured Vehicles. In connection with such sale or other disposition, within two Business Days of receipt (unless the Monthly Remittance Condition is met), the servicer will deposit into the Series Collection Account all Net Auction Proceeds received during the related Collection Period. However, so long as the servicer is making Sales Proceeds Advances, the servicer generally may retain all Net Auction Proceeds (other than Residual Value Surplus, if any).

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**Purchase of Leased Vehicles Before Their Lease Maturity Dates** 

In addition to reallocations of leases and related leased vehicles under the circumstances described under "*Description of the Servicing Agreement—Representations and Warranties; Remedies*" in this prospectus, if the servicer grants a Term Extension with respect to a lease, the servicer will, on or before the last day of the second Collection Period following the Collection Period in which such extension was granted, (i) deposit or cause to be deposited into the Series Collection Account an amount equal to the Repurchase Payment and (ii) direct the titling company to either reallocate such lease and the related leased vehicle from the 2025-B Series to the Unallocated Assets Series or an Other Series.

**Notification of Liens and Claims** 

The servicer will be required to notify as soon as practicable the depositor (if NMAC is not acting as the servicer), the indenture trustee and the titling company of all liens or claims of any kind of a third-party that would materially and adversely affect the interests of, among others, the depositor, the issuing entity or the titling company in any lease or leased vehicle. When the servicer becomes aware of any such lien or claim with respect to any lease or leased vehicle, it will take whatever action it deems reasonably necessary to cause that lien or claim to be removed.

**Advances** 

If payment on a lease is not received in full by the end of the month in which it is due, the servicer, subject to limitations set forth below, may, but is not obligated to, make a Monthly Payment Advance in respect of the unpaid Monthly Payment. Additionally, the servicer may, but is not obligated to, make a Sales Proceeds Advance in respect of the Securitization Value of leases relating to certain Matured Vehicles. As used in this prospectus, the term "**Advance**" refers to either a Monthly Payment Advance or a Sales Proceeds Advance. In making Advances, the servicer will assist in maintaining a regular flow of scheduled payments on the leases and, accordingly, in respect of the notes, rather than guarantee or insure against losses. Accordingly, all Advances will be reimbursable to the servicer, without interest.

*Monthly Payment Advances*. If a lessee makes a Monthly Payment that is less than the total Monthly Payment billed with respect to the lessee's vehicle for the related Collection Period, the servicer may, but is not required to, make an advance in an amount equal to the difference between (a) the amount of the Monthly Payment due and (b) the actual lessee payment paid by the lessee toward such Monthly Payment (each, a "**Monthly Payment Advance**").

The servicer will be entitled to reimbursement of all Monthly Payment Advances from (a) subsequent payments made by the related lessee in respect of the Monthly Payment due or (b) if the Monthly Payment Advance has been outstanding for at least 90 days after the end of the Collection Period in respect of which such Monthly Payment Advance was made, from Available Funds.

*Sales Proceeds Advances*. If the servicer does not sell or otherwise dispose of a leased vehicle that became a Matured Vehicle by the end of the related Collection Period, the servicer may, but is not required to, make an advance to the issuing entity in an amount equal to the Securitization Value of such Matured Vehicle (each, a "**Sales Proceeds Advance**"). With respect to both Monthly Payment Advances and Sales Proceeds Advances, the servicer will not make an advance if it determines that such Advance would not be recoverable from future payments or collections on the related lease or leased vehicle.

If the servicer sells a Matured Vehicle after making a Sales Proceeds Advance, the Net Auction Proceeds may be retained by the servicer up to the amount of the Securitization Value of the related lease, and the Residual Value Surplus will be deposited into the Series Collection Account. If the Net Auction Proceeds are insufficient to reimburse the servicer for the entire Sales Proceeds Advance, the servicer will be entitled to reimbursement of the difference.

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**Insurance on Leased Vehicles** 

Each lease will require the related lessee to maintain in full force and effect during the related Lease Term a comprehensive collision and physical damage insurance policy covering the actual cash value of the related leased vehicle and naming the titling company as loss payee. Additionally, the lease requires that the lessee maintain vehicle liability insurance in amounts equal to the greater of the amount prescribed by applicable state law, or industry standards, as set forth in the related lease (to the extent permitted by applicable law), naming the titling company as an additional insured.

Because lessees may choose their own insurers to provide the required coverage, the actual terms and conditions of their policies may vary. If a lessee fails to obtain or maintain the required insurance, the related lessee will be deemed in default under the lease.

NMAC does not require lessees to carry credit disability, credit life or credit health insurance or other similar insurance coverage that provides for payments to be made on the leases on behalf of such lessees in the event of disability or death. To the extent that such insurance coverage is obtained on behalf of a lessee, payments received in respect of such coverage may be applied to payments on the related lease.

**Realization Upon Liquidated Leases** 

The servicer will use commercially reasonable efforts to repossess and liquidate Defaulted Vehicles. Such liquidation may be effected through repossession of Defaulted Vehicles and their disposition, or the servicer may take any other action permitted by applicable law. The servicer may enforce all rights of the lessor under the related Liquidated Lease, sell the related Defaulted Vehicle in accordance with such Liquidated Lease and commence and pursue any proceedings in connection with such Defaulted Vehicle. In connection with any such repossession, the servicer will follow such practices and procedures as it deems necessary or advisable and as are normal and usual in the industry, and in each case in compliance with applicable law, and to the extent more exacting, the practices and procedure used by the servicer in respect of leases serviced by it for its own account. The servicer will be responsible for all costs and expenses incurred in connection with the sale or other disposition of Defaulted Vehicles, but will be entitled to reimbursement to the extent such costs constitute Disposition Expenses or reasonable out-of-pocket expenses incurred by the servicer in connection with the attempted realization of the full amounts due or to become due under any Liquidated Lease ("**Liquidation Expenses**"). Proceeds from the sale or other disposition of repossessed leased vehicles will constitute Liquidation Proceeds and will be deposited into the Series Collection Account net of any reimbursable Disposition Expenses and Liquidation Expenses.

A "**Liquidated Lease**" will mean a lease that is terminated and charged off by the servicer prior to its maturity date following a default thereunder. Collections in respect of a Collection Period will include all Net Auction Proceeds and Net Liquidation Proceeds collected during that Collection Period.

**Servicer Records, Determinations and Reports** 

The servicer will retain or cause to be retained all data—including computerized records, operating software and related documentation—relating directly to or maintained in connection with the servicing of the leases. Upon the occurrence and continuance of a servicer default and termination of the servicer's obligations under the Servicing Agreement, the servicer will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the leases to a successor servicer.

The servicer will perform certain monitoring and reporting functions on behalf of the depositor, the issuing entity, the trustees and the securityholders, including the preparation and delivery to the indenture trustee, the related owner trustee and each related paying agent, on or before the tenth calendar day of each month or if the tenth day is not a Business Day, the next succeeding Business Day, of a certificate setting forth all information necessary to make all distributions required in respect of the related Collection Period as described under "*Distributions on the Notes—Payment Date Certificate*" in this prospectus, and the preparation and delivery of statements setting forth the information described under "*Description of the Servicing Agreement*—*Evidence as to Compliance*" in this prospectus, and an annual officer's certificate specifying the occurrence and status of any servicer default.

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**Evidence as to Compliance** 

Under the Servicing Agreement, on or before the last day of the third month after the end of each fiscal year of the servicer (commencing on the first year after the issuance of the notes), the servicer will be required to deliver to the owner trustee, the indenture trustee and each hired rating agency a report, which will be deemed to be delivered upon filing such report with the SEC, assessing the servicer's compliance with the servicing criteria set forth in the relevant SEC regulations for asset-backed securities transactions, including Item 1122 of Regulation AB, as of and for the period ending the end of each fiscal year of the issuing entity and such servicer's assessment report will identify any material instance of noncompliance, so long as the depositor is filing the servicer's assessment report with respect to the issuing entity under the Exchange Act. Under the Servicing Agreement, so long as the depositor is filing the attestation report with respect to the issuing entity under the Exchange Act, on or before the last day of the third month after the end of each fiscal year of the servicer (commencing on the first year after the issuance of the notes), the servicer will cause a firm of independent certified public accountants to furnish an attestation report to the issuing entity, the indenture trustee and each hired rating agency as to the servicer's assessment report of its compliance with the applicable servicing criteria set forth under Item 1122 of Regulation AB during the servicer's preceding fiscal year (or since the date of the issuance of the notes in the case of the first such statement), which will be deemed furnished upon filing such report with the SEC. The form of assessment report and attestation report required under the Servicing Agreement may be deleted or replaced by any similar form using any standards that are now or in the future in use by servicers of comparable assets or which otherwise comply with any note, regulation, "no action" letter or similar guidelines promulgated by the SEC. The Servicing Agreement will also require that the servicer deliver to the owner trustee, the indenture trustee and each hired rating agency, on or before the last day of the third month after the end of each fiscal year of the servicer (commencing on the first year after the issuance of the notes), an officer's certificate with respect to the prior fiscal year of the servicer (or with respect to the initial officer's certificate, the period from the date of the initial issuance of the notes to the end of the fiscal year of the servicer), stating that a review of the activities of the servicer during the preceding twelve-month (or shorter) period and of its performance under the Servicing Agreement has been made under such officer's supervision and to the best of such officer's knowledge, based on such review, the servicer has fulfilled all its obligations under the Servicing Agreement throughout such twelve-month (or shorter) period in all material respects, or, if there has been a failure to fulfill any such obligation, specifying each such failure known to such officer and the nature and status thereof.

Copies of such statements, certificates and reports may be obtained by noteholders or the certificateholders by a request in writing addressed to the indenture trustee or the owner trustee, as the case may be, at the related corporate trust office. The annual servicer report, the annual attestation report, the annual servicer's statement of compliance and any areas of material non-compliance identified in such reports will be included in the issuing entity's annual report on Form 10-K.

**Servicing Compensation** 

The servicer will be entitled to compensation for the performance of its servicing and administrative obligations with respect to the 2025-B Series Assets under the Servicing Agreement. The servicer will be entitled to receive a fee in respect of the related 2025-B Series Assets described in "*Additional Information Regarding the Securities—Compensation for Servicer and Trust Administrator*" in this prospectus. The servicer will also be entitled to additional compensation in the form of (i) interest and other investment earnings (net of losses and expenses) on investment of funds in the Reserve Account and the Series Collection Account, and (ii) expense reimbursement, administrative fees or similar charges paid with respect to the leases, including disposition fees and any late payment fees and extension fees now or later in effect (collectively, the "**Administrative Charges**"). The servicer will pay all expenses incurred by it in connection with its servicing and administration activities under the related Servicing Agreement and will not be entitled to reimbursement of such expenses except for unpaid Disposition Expenses, Insurance Expenses, Liquidation Expenses and Reimbursable Expenses. The servicer will be entitled to be reimbursed for Disposition Expenses, Insurance Expenses and Liquidation Expenses by depositing only Net Insurance Proceeds, Net Auction Proceeds and Net Liquidation Proceeds into the Series Collection Account. For more information regarding the reimbursement of Disposition Expenses and Insurance Expenses, you should refer, respectively, to "*The Leases—Early Termination*," "*Description of the Servicing Agreement—Advances*" and "—*Realization Upon Liquidated Leases*" in this prospectus. The servicer will have no responsibility, however, to pay any losses with respect to any Titling Company Assets.

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The servicing fee described in "*Distributions on the Notes—Compensation for Servicer and Trust Administrator*" in this prospectus will compensate the servicer for performing the functions of a third-party servicer of the leases as an agent for the titling company under the Servicing Agreement, including collecting and processing payments, responding to inquiries of lessees, investigating delinquencies, sending payment statements, paying costs of the sale or other disposition of the Matured Vehicles and Defaulted Vehicles, overseeing the 2025-B Series Assets and servicing the leases, including making Advances, accounting for collections, furnishing monthly and annual statements to the titling company with respect to distributions and generating U.S. federal income tax information.

**Servicer Resignation and Termination** 

The servicer may not resign from its obligations and duties under the related Servicing Agreement unless it determines that its duties thereunder are no longer permissible by reason of a change in applicable law. No such resignation will become effective until the date upon which the servicer becomes unable to act as servicer, as specified in its resignation notice, unless a successor servicer has already assumed the servicer's obligations under the Servicing Agreement. The servicer may not assign a Servicing Agreement or any of its rights, powers, duties or obligations thereunder except as otherwise provided therein, or except in connection with a consolidation, merger, conveyance, transfer or assignment made in compliance with the Servicing Agreement.

The rights and obligations of the servicer under the Servicing Agreement may be terminated following the occurrence and continuance of a servicer default, as described under "—*Servicer Defaults*" below.

**Indemnification by and Limitation of Liability of the Servicer** 

The servicer will indemnify the titling company, the titling company registrar and the related securityholders for any loss, liability, claim, damage or reasonable expense that may be incurred by them as a result of any act or omission by the servicer in connection with the performance of its duties under the Servicing Agreement, but only to the extent such liability arose out of the servicer's disregard of its obligations and duties under the Servicing Agreement.

The Servicing Agreement will further provide that neither the servicer nor any of its directors, officers, employees or agents will be under any liability to the titling company, the titling company registrar or the securityholders for taking any action or for refraining from taking any action pursuant to the Servicing Agreement or for errors in judgment; *provided*, *however*, that neither the servicer nor any other person described above will be protected against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under the Servicing Agreement or the Titling Company Agreement. In addition, the Servicing Agreement will provide that the servicer is under no obligation to appear in, prosecute or defend any legal action that is not incidental to the servicer's servicing responsibilities under the Servicing Agreement and that, in its opinion, may cause it to incur any expense or liability. The servicer may, however, undertake any reasonable action that it may deem necessary or desirable in respect of the Servicing Agreement and the rights and duties of the parties thereto and the interests of the securityholders thereunder. Any indemnification or reimbursement of the servicer could reduce the amount otherwise available for distribution to securityholders.

**Servicer Defaults** 

The occurrence and continuation of any of the following will be a "**servicer default**" under the Servicing Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the servicer to deliver or cause to be delivered any required payment to (i) the indenture
trustee for distribution to the noteholders, (ii) if applicable, the owner trustee of the issuing entity for distribution to the certificateholders, which failure continues unremedied for five Business Days after discovery thereof by an officer
of the servicer or receipt by the servicer of written notice thereof from the indenture trustee, the certificateholder or noteholders, evidencing at least a majority interest of the aggregate outstanding principal amount of the applicable
outstanding securities (which for this

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purpose includes certificates held by the issuing entity, the depositor, the servicer and their respective affiliates), voting together as a single class; provided, however, that a failure under this clause (a) that continues unremedied for a period of ten Business Days or less will not constitute a servicer default if such failure was caused by a force majeure or other similar occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the servicer to duly observe or perform in any material respect any of its other covenants or
agreements in the Servicing Agreement, which failure materially and adversely affects the rights of any holder of the 2025-B Series Certificate, the noteholders or the certificateholders, as applicable, and
which continues unremedied for 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that (1) such failure is capable of remedy within 90 days or less and (2) a majority
of the applicable outstanding securities, voting as a single class, consents to such longer cure period) after receipt by the servicer of written notice thereof from the indenture trustee or the related holders evidencing at least a majority of the
applicable outstanding securities, voting as a single class, or such default becomes known to the servicer; provided, however, that a failure under this clause (b) that continues unremedied for a period of 150 days or less will not constitute a
servicer default if such failure was caused by a force majeure or other similar occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation, warranty or statement of the servicer made in the Servicing Agreement, any other Basic
Document to which the servicer is a party or by which it is bound or any certificate, report or other writing delivered pursuant to the Servicing Agreement that proves to be incorrect in any material respect when made, which failure materially and
adversely affects the rights of any holder of the 2025-B Series Certificate, the noteholders or the certificateholders, and continues unremedied for 60 days (or for such longer period not in excess of 90 days
as may be reasonably necessary to remedy such failure; provided that (1) such failure is capable of remedy within 90 days or less and (2) a majority of the applicable outstanding securities, voting as a single class, consents to such
longer cure period) after receipt by the servicer of written notice thereof from the titling company or the related holders evidencing at least a majority of the applicable outstanding securities, voting as a single class, or such default becomes
known to the servicer; provided, however, that a failure under this clause (c) that continues unremedied for a period of 150 days or less will not constitute a servicer default if such failure was caused by a force majeure or other similar
occurrence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of certain events of bankruptcy, insolvency, receivership or liquidation in respect of the
servicer (in each case, remains unstayed and effect for a period of 90 consecutive days).

**Rights Upon Servicer Default** 

Upon the occurrence of any servicer default, the sole remedy available to issuing entity as the holder of the 2025-B Series Certificate will be to direct the titling company registrar to remove the servicer and appoint a successor servicer. However, if the commencement of a bankruptcy or similar case or proceeding were the only default, the servicer or its trustee-in-bankruptcy might have the power to prevent that removal. See "—*Removal or Replacement of the Servicer*" below.

**Removal or Replacement of the Servicer** 

Upon the occurrence of a servicer default, the titling company registrar may, to the extent such servicer default relates (a) to all Titling Company Assets, upon the direction of the holders (excluding NILT LLC) of all series certificates terminate all of the rights and obligations of the servicer under the Servicing Agreement with respect to all Titling Company Assets or (b) only to assets of a particular series, upon the direction of the holder and pledgee of the 2025-B Series Certificate, terminate all of the rights and obligations of the servicer under the Servicing Agreement with respect to the 2025-B Series Assets. For purposes of the immediately preceding sentence, the holder and pledgee of the 2025-B Series Certificate will be the indenture trustee acting at the direction of noteholders holding not less than 66 2/3% of the aggregate principal amount of the controlling class of notes, voting together as a single class. After the lien of the Indenture has been released, the owner trustee, acting at the direction of the certificateholder, may remove the servicer upon a servicer default. In each case, the titling company registrar will effect that termination by delivering notice thereof to the servicer, the trust administrator, the depositor,

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the certificateholders and, if applicable, any other holders of rated securities related to any Other Series affected by that servicer default. The trust administrator will thereafter deliver a copy of such notice to each hired rating agency.

Upon the termination of the servicer as a result of a servicer default, the servicer, subject to that termination, will continue to perform its functions as servicer until the earlier of the date specified in the termination notice or, if no such date is specified therein, the date of the servicer's receipt of such notice.

In the event of a termination of the servicer as a result of a servicer default with respect only to the assets of one series, noteholders holding not less than 66 2/3% of the aggregate principal amount of the controlling class of notes, voting together as a single class, so long as the notes are outstanding and thereafter the owner trustee of the issuing entity acting at the direction of the certificateholder — will appoint a successor servicer. The titling company registrar will have the right to approve that successor servicer, and that approval may not be unreasonably withheld. If a successor servicer is not appointed by the effective date of the predecessor servicer's resignation or termination, then the titling company registrar will act as successor servicer until a successor servicer accepts an appointment. All reasonable costs and expenses incurred in connection with transferring the servicing of the related leases and the leased vehicles to the successor services will be paid by the predecessor servicer (or, if the predecessor servicer is the trust agent, by NMAC).

Upon the appointment of a successor servicer, the successor servicer will assume all of the rights and obligations of the servicer under the Servicing Agreement; provided, however, that no successor servicer will have any responsibilities with respect to the purchase of additional leases or vehicles by the titling company or with respect to making Advances. Any compensation payable to a successor servicer may not be in excess of that permitted the predecessor servicer unless the holders of the Unallocated Assets Series and the Other Series, as the case may be, bear such excess costs exclusively. If a bankruptcy trustee or similar official has been appointed for the servicer, that trustee or official may have the power to prevent an indenture trustee, the trustee of the issuing entity, the noteholders or (if applicable) the related certificateholder from effecting that transfer of servicing. The predecessor servicer will have the right to be reimbursed for any outstanding Advances made with respect to the 2025-B Series Assets.

**Waiver of Past Defaults** 

With respect to any servicer default, the titling company registrar, acting on the direction of, so long as the lien of the Indenture is in place, the indenture trustee, acting at the direction of the holders of notes evidencing 66 2/3% of the aggregate outstanding principal amount of the then outstanding controlling class of notes and thereafter, the owner trustee, acting at the direction of the holders of 66 2/3% of the certificates, may waive any default of the servicer in the performance of its obligations under the Servicing Agreement and, upon any such waiver, such default will cease to exist and any servicer default arising therefrom will be deemed to have been remedied for all purposes under the related Servicing Agreement. No such waiver will extend to any subsequent or other default.

**Termination** 

The Servicing Agreement will terminate upon the earlier to occur of (a) the dissolution of the titling company or (b) with respect to the servicer, but not as to the applicable successor servicer, the resignation or removal of the servicer with respect to the 2025-B Series in accordance with the terms of the Servicing Agreement, which will effect a termination only with respect to the 2025-B Series Assets and not with respect to any other Titling Company Assets.

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**Amendments to the Servicing Agreement** 

The Servicing Agreement may be amended by the parties thereto without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the servicer delivers an officer's certificate or opinion of counsel to the indenture trustee to the effect
that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such amendment and the servicer notifies the indenture
trustee and the titling company registrar in writing that the Rating Agency Condition is satisfied with respect to such amendment.

The Servicing Agreement may also be amended by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such agreement or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates.

No amendment to the Servicing Agreement will be effective which affects the rights, protections, liabilities or duties of the titling company registrar, the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The titling company registrar, the indenture trustee and the owner trustee may, but will not be obligated to, enter into any such amendment which adversely affects the titling company registrar's, the indenture trustee's or the owner trustee's, as applicable, own rights, duties, liabilities or immunities under the Servicing Agreement.

Prior to the execution of any amendment to the Servicing Agreement, the servicer will provide an opinion of counsel to the titling company registrar to the effect that after such amendment, for U.S. federal income tax purposes, the titling company will not be treated as an association (or a publicly traded partnership) taxable as a corporation and notes (other than any retained notes) will properly be characterized as indebtedness that is secured by the assets of the issuing entity.

**DESCRIPTION OF THE ADMINISTRATION AGREEMENT** 

The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the Administration Agreement.

**The Administration Agreement** 

NMAC, in its capacity as trust administrator for the notes, will enter into an agreement (as amended and supplemented from time to time, a "**Administration Agreement**") with the issuing entity and the indenture trustee pursuant to which the trust administrator will agree, to the extent provided in that Administration Agreement, to perform the administrative obligations required to be performed by the issuing entity or the owner trustee under the Indenture, the Trust Agreement, and certain other Basic Documents. As compensation for the performance of the trust administrator's obligations under the Administration Agreement and as reimbursement for its expenses related thereto, the trust administrator will be entitled to a monthly payment of compensation in an amount that will be set forth in this prospectus, which fee will be paid by the servicer and not from the proceeds of the leases, leased vehicles or other Titling Company Assets and which will be solely an obligation of the servicer. The trust administrator will pay the fees and expenses of the trustees of the issuing entity and each paying agent, if any, pursuant to the Trust Agreement and the Indenture. The Administration Agreement will be governed by the laws of the State of New York.

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**Amendments to the Administration Agreement** 

The Administration Agreement may be amended by the parties thereto without the consent of any other person, subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trust administrator delivers an officer's certificate or opinion of counsel to the indenture trustee to
the effect that such amendment will not materially and adversely affect the interests of the noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Rating Agency Condition is satisfied with respect to such amendment and the trust administrator notifies the
indenture trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

The Administration Agreement may also be amended by the parties thereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of such agreement or of modifying in any manner the rights of the noteholders or the certificateholders with the consent of (i) the holders of notes evidencing at least a majority interest of the controlling class of the notes, and (ii) certificateholders evidencing at least a majority of the beneficial interest in the certificates.

No amendment to the Administration Agreement will be effective which affects the rights, protections, liabilities or duties of the indenture trustee or the owner trustee without the prior written consent of such person (which consent will not be unreasonably withheld or delayed). The owner trustee and the indenture trustee may, but will not be obligated to, enter into any such amendment which adversely affects the owner trustee's or the indenture trustee's, as applicable, own rights, duties, liabilities or immunities under the Administration Agreement.

**ADDITIONAL LEGAL ASPECTS OF THE TITLING COMPANY AND THE 2025-B SERIES** 

**The Titling Company** 

The titling company was formed as a Delaware statutory trust in 1998 and converted to a Delaware limited liability company in April 2021. The titling company has made filings or obtained certificates of authority to transact business in states where, in the servicer's judgment, such action may be required. Because the titling company has been registered as a limited liability company for Delaware and other state law purposes, in similar form as a corporation, it may be eligible to be a debtor in its own right under the United States Bankruptcy Code. See "*Risk Factors—Risks related to the servicer and other transaction parties—Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" in this prospectus. As such, the titling company may be subject to insolvency laws under the United States Bankruptcy Code or similar state laws ("**insolvency laws**"), and claims against the Titling Company Assets could have priority over the issuing entity's interest in the 2025-B Series Assets represented by the 2025-B Series Certificate. In addition, claims of a third-party against the Titling Company Assets, including the 2025-B Series Assets, to the extent such claims are not covered by insurance, would take priority over the holders of series interests in the titling company, such as the indenture trustee, as more fully described under "*The Sponsor—Contingent and Excess Liability Insurance*" in this prospectus.

**Structural Considerations** 

Unlike many structured financings in which the holders of the notes have a direct ownership interest or a perfected security interest in the underlying assets being securitized, the issuing entity will not directly own the 2025-B Series Assets. Instead, the titling company will own the Titling Company Assets, including all leases and the related leased vehicles included in the 2025-B Series Assets. The primary asset of the issuing entity will be the 2025-B Series Certificate evidencing the 2025-B Series Interest. The indenture trustee will take action with respect to the 2025-B Series Certificate in the name of the issuing entity and on behalf of the noteholders. Transferring the 2025-B Series Certificate (rather than the leases and leased vehicles included in the 2025-B Series Assets) avoids the administrative difficulty and expense of retitling the leased vehicles in the name of the transferee. The servicer and/or the titling company registrar will segregate the 2025-B Series Assets from the other Titling Company Assets

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on the books and records each maintains for these assets. Neither the servicer nor any holders of other series interests in the titling company will have rights in the 2025-B Series Assets, and payments made on any Titling Company Assets other than those 2025-B Series Assets generally will not be available to make payments on the notes or to cover expenses of the titling company allocable to the 2025-B Series Assets.

**Allocation of Titling Company Liabilities** 

The Titling Company Assets do and may in the future comprise several portfolios of assets of one or more series in addition to the Unallocated Assets Series. NILT LLC (on behalf of the titling company) may in the future create and sell or pledge Other Series in connection with other financings. The Titling Company Agreement will permit the titling company, in the course of its activities, to incur certain liabilities relating to its assets other than the assets of a series, or relating to the assets of that series generally. Pursuant to the Titling Company Agreement, as among the holders of the series certificates, a titling company liability relating to a particular portfolio of Titling Company Assets will be allocated to and charged against the series to which the applicable Titling Company Assets have been allocated. Titling company liabilities incurred with respect to the Titling Company Assets generally will be borne pro rata among all portfolios of Titling Company Assets. The titling company and the holders of the Titling Company Assets, including the issuing entity, will be bound by that allocation. In particular, the Titling Company Agreement will require the holders from time to time of the Unallocated Assets Certificate and any other series certificates to waive any claim they might otherwise have with respect to any unrelated series assets and to fully subordinate any claims to those series assets in the event that such waiver is not given effect. Similarly, the holder of the 2025-B Series Certificate and the related Series Interest will be deemed to have waived any claim it might otherwise have with respect to the Unallocated Assets Series or any Other Series Assets. See "*Description of the Titling Company Agreement—The 2025-B Series*, *Other Series and the Unallocated Assets Series*" in this prospectus.

The issuing entity and the indenture trustee will not have a direct ownership interest in the 2025-B Series Assets or a perfected security interest in those 2025-B Series Assets. As a result, claims of third-party creditors of the titling company will generally take priority over the interests of the trustees in such 2025-B Series Assets. Potentially material examples of such claims could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) tax liens arising against the depositor, NMAC, the titling company, NILT LLC or the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) liens arising under various federal and state criminal statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) certain liens in favor of the Pension Benefit Guaranty Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) judgment liens arising from successful claims against the titling company arising from the operation of the
leased vehicles constituting Titling Company Assets.

See "*Risk Factors—Risks related to the limited nature of the issuing entity's assets—Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes*," "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" and "*Additional Legal Aspects of the Leases and the Leased Vehicles—Consumer Protection Law*" in this prospectus for a further discussion of these risks.

The assets of the titling company are located in several states, the tax laws of which vary. The Titling Company Agreement provides that NMAC, as titling company administrator, will prepare or cause to be prepared and filed any federal, state or local tax returns required to be filed by the titling company or any series. Additionally, NMAC, as titling company administrator, will cause the titling company or series to pay any taxes payable. However, it is possible that noteholders could incur a loss on their investment if the titling company did not have sufficient assets available to satisfy such state or local tax liabilities.

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The Titling Company Agreement sets out the intent by NILT LLC and each holder of a series to treat any interest in the titling company either as a direct ownership interest in the related series assets or treat any applicable series as a separate entity (that is also separate from any other series). Additionally, the Titling Company Agreement provides that no holder of a series interest will direct NMAC, as titling company administrator or the titling company registrar to take any action that would result in the titling company's or any series' becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the titling company or series and the Titling Company Assets.

**The 2025-B Series** 

The 2025-B Series will be issued pursuant to the Titling Company Agreement and will constitute a limited liability company series interest. The 2025-B Series Assets will be allocated to, and associated with, the 2025-B Series. The 2025-B Series will not constitute a direct legal interest in the 2025-B Series Assets, nor will it constitute an interest in any Titling Company Assets other than such 2025-B Series Assets. As described under "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Allocation of Titling Company Liabilities*" in this prospectus, payments made on or in respect of Titling Company Assets other than the 2025-B Series Assets will not be available to make payments on the notes or to cover expenses of the titling company allocable to the 2025-B Series Assets. The issuing entity, as holder of the 2025-B Series Certificate, will bear any liability to third parties arising from a lease or the related leased vehicle allocated to, and associated with, the 2025-B Series. If any such liability arises from a lease or leased vehicle that is an asset of an Other Series or the Unallocated Assets Series, the Titling Company Assets (including the 2025-B Series Assets) will not be subject to this liability unless the assets of the Other Series or the Unallocated Assets Series are insufficient to pay the liability. In such event, because there will be no other assets from which to satisfy this liability, to the extent that it is owed to entities other than the titling company and the holders of interests of the titling company, the other Titling Company Assets, including the assets of the 2025-B Series, may be available to satisfy such liabilities. Under these circumstances, investors in the notes could incur a loss on their investment.

Similarly, to the extent that a third-party claim that otherwise would be allocable to an Other Series or the Unallocated Assets Series is satisfied out of the assets of the 2025-B Series rather than the Other Series Assets or Unallocated Assets Series, and the claim exceeds the value of the Other Series Assets and the Unallocated Assets Series, the titling company will be unable to reallocate the remaining Titling Company Assets so that each portfolio of 2025-B Series Assets and the Unallocated Assets Series will bear the expense of the claim as nearly as possible if the claim has been properly allocated. In such circumstances, investors in the notes could incur a loss on their investment.

The Titling Company Agreement provides that, to the extent that such a third-party claim is satisfied out of assets of the 2025-B Series rather than Other Series Assets or Unallocated Assets Series to which the related leases or leased vehicles are included, as the case may be, the titling company will reallocate the remaining Titling Company Assets (*i*.*e*., the Other Series Assets and the Unallocated Assets Series) so that each portfolio will bear the expense of the claim as nearly as possible as if the claim had been allocated as provided in the Titling Company Agreement as set forth under "*Description of the Titling Company Agreement—The 2025-B Series*, *the Other Series and the Unallocated Assets Series*" in this prospectus.

NILT LLC has pledged the Unallocated Assets Certificate as security in connection with the financing of the acquisition of the Unallocated Assets Series and may create and sell or pledge Other Series in connection with other financings. Each holder or pledgee of the Unallocated Assets Series or any Other Series will be required to expressly disclaim any interest in the assets already allocated to an existing series, and to fully subordinate any claims to the related 2025-B Series Assets in the event that this disclaimer is not given effect.

The issuing entity will own the 2025-B Series Certificate and, through such ownership, will have an indirect interest in the leases and the related leased vehicles included in the 2025-B Series Assets. However, if a court of competent jurisdiction were to recharacterize the sale to the issuing entity of the 2025-B Series Certificate as a financing, the issuing entity (or, during the term of the Indenture, the indenture trustee) could instead be deemed to have a perfected security interest in the 2025-B Series Certificate, but in no event would the issuing entity or the indenture trustee be deemed to have a perfected security interest in the leases and leased vehicles included in the

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2025-B Series Assets. See "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" in this prospectus.

**Insolvency Related Matters** 

As described under "*Description of the Titling Company Agreement—The 2025-B Series, Other Series and the Unallocated Assets Series*" and "*The 2025-B Series*" in this prospectus, each holder or pledgee of the Unallocated Assets Certificate and any other series certificate will be required to expressly disclaim any interest in the 2025-B Series Assets and to fully subordinate any claims to such 2025-B Series Assets in the event that disclaimer is not given effect. Although no assurances can be given, the depositor believes that in the event of a bankruptcy of NMAC or NILT LLC, the 2025-B Series Assets would not be treated as part of NMAC's or NILT LLC's bankruptcy estate and that, even if they were so treated, the subordination by holders and pledgees of the Unallocated Assets Series, Unallocated Assets Certificate, Other Series and other series certificates should be enforceable. In addition, steps have been taken to structure the transactions contemplated hereby that are intended to make it unlikely that the voluntary or involuntary application for relief by NMAC or NILT LLC under any insolvency laws will result in consolidation of the assets and liabilities of the titling company, the depositor or the issuing entity with those of NMAC or NILT LLC. With respect to the titling company, these steps include its intended status as a separate, special purpose Delaware limited liability company subject to a limited liability company agreement containing certain limitations (including restrictions on the nature of its business and on its ability to commence a voluntary case or proceeding under any insolvency law). With respect to the depositor, these steps include its creation as a separate, special purpose limited liability company of which NMAC is the sole equity member, pursuant to a limited liability agreement containing certain limitations, including the requirement that the depositor must have at all times at least two independent directors, and restrictions on the nature of its businesses and operations and on its ability to commence a voluntary case or proceeding under any insolvency law without the unanimous affirmative vote of the member and all directors, including each independent director.

However, delays in payments on the notes and possible reductions in the amount of such payments could occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a court were to conclude that the assets and liabilities of the titling company, the depositor or the issuing
entity should be consolidated with those of NMAC or NILT LLC in the event of the application of applicable insolvency laws to NMAC or NILT LLC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a filing were to be made under any insolvency law by or against the titling company, the depositor or the issuing
entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person were to litigate any of the foregoing issues.

If a court were to conclude that the transfer of the 2025-B Series Certificate from NILT LLC to the depositor, or the transfer of that 2025-B Series Certificate from the depositor to the issuing entity, was not a true sale, or that the depositor and the issuing entity should be treated as the same entity as NMAC or NILT LLC for bankruptcy purposes, any of the following could delay or prevent payments on the notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the automatic stay, which prevents secured creditors from exercising remedies against a debtor in bankruptcy
without permission from the court and provisions of the United States Bankruptcy Code that permit substitution of collateral in certain circumstances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain tax or government liens on NMAC's or NILT LLC's property (that arose prior to the transfer of a
lease to the issuing entity) having a prior claim on collections before the collections are used to make payments on the notes or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuing entity not having a perfected security interest in the leased vehicles or any cash collections held
by NMAC at the time that NMAC becomes the subject of a bankruptcy proceeding.

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In an insolvency proceeding of NMAC, (1) Repurchase Payments made by NMAC, as servicer, in respect of certain leases, (2) payments made by NMAC on certain insurance policies required to be obtained and maintained by lessees pursuant to the leases, (3) unreimbursed Advances made by NMAC, as servicer, pursuant to the Servicing Agreement, and (4) payments made by NMAC to the depositor may be recoverable by NMAC as debtor-in-possession or by a creditor or a trustee in bankruptcy of NMAC as a preferential transfer from NMAC if those payments were made within ninety days prior to the filing of a bankruptcy case in respect of NMAC or one year with respect to transfers to affiliates. In addition, the insolvency of NMAC could result in the replacement of NMAC as servicer, which could in turn result in a temporary interruption of payments on the notes. See "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" and "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Adverse events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

On the closing date, special insolvency counsel to the depositor will deliver an opinion based on a reasoned analysis of analogous case law (although there is no precedent based on directly similar facts) to the effect that, subject to certain facts, assumptions and qualifications specified therein, under present reported decisional authority and statutes applicable to federal bankruptcy cases, if NMAC or NILT LLC were to become a debtor in a case under the Bankruptcy Code, if properly litigated, a bankruptcy court properly applying current law after analyzing the facts would not disregard the limited liability company form of NMAC or NILT LLC or the separateness of NMAC or NILT LLC, from the titling company or the issuing entity so as to substantively consolidate the assets and liabilities of the depositor, the titling company, or the issuing entity with the assets and liabilities of NMAC or NILT LLC. Among other things, such opinion will assume that each of the titling company, NILT LLC and the depositor will follow certain procedures in the conduct of its affairs, including maintaining separate records and books of account from those of NMAC or NILT LLC, not commingling its respective assets with those of NMAC or NILT LLC, doing business in a separate office from NMAC or NILT LLC and not holding itself out as having agreed to pay, or being liable for, the debts of NMAC or NILT LLC. In addition, such opinion will assume that except as expressly provided by the Titling Company Agreement and the Servicing Agreement (each of which contains terms and conditions consistent with those that would be arrived at on an arm's length basis between unaffiliated entities in the belief of the parties thereto), NMAC and NILT LLC generally will not guarantee the obligations of the titling company, the depositor or the issuing entity to third parties, and will not conduct the day-to-day business or activities of any thereof, other than in NMAC's capacity as servicer acting under and in accordance with the Servicing Agreement or in NMAC's capacity as trust administrator under the Administration Agreement. Each of NMAC, the titling company, NILT LLC and the depositor intends to follow and has represented that it will follow these and other procedures related to maintaining the separate identities and legal existences of each of NMAC, the titling company, NILT LLC and the depositor. Such a legal opinion, however, will not be binding on any court.

If a case or proceeding under any insolvency law were to be commenced by or against NMAC or NILT LLC, and a court were to order the substantive consolidation of the assets and liabilities of any of such entities with those of the titling company, the depositor or the issuing entity or if an attempt were made to litigate any of the foregoing issues, delays in distributions on the 2025-B Series Certificate (and possible reductions in the amount of such distributions) to the issuing entity, and therefore to the noteholders and the certificateholder, could occur. In addition, the Series Supplement provides that following the occurrence of an Event of Default resulting in acceleration of the notes, the 2025-B Series may be terminated by the titling company. In each case, the titling company will be required to distribute the 2025-B Series Assets to the holder of the 2025-B Series Certificate. Because the issuing entity has pledged its rights in and to the 2025-B Series Certificate to the indenture trustee, such distribution would be made to the indenture trustee, who would be responsible for retitling the leased vehicles. The cost of such retitling would reduce amounts payable from the 2025-B Series Assets that are available for payments of interest on and principal of the notes and the certificates, and in such event, investors in the notes could suffer a loss on their investment.

NILT LLC will treat its conveyance of the 2025-B Series Certificate to the depositor as an absolute sale, transfer and assignment of all of its interest therein for all purposes. However, if a case or proceeding under any insolvency law were commenced by or against NILT LLC, and NILT LLC as debtor-in-possession or a creditor, receiver or bankruptcy trustee of NILT LLC were to take the position that the sale, transfer and assignment of the 2025-B Series Certificate by NILT LLC to the depositor should instead be treated as a pledge of that 2025-B Series

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Certificate to secure a borrowing by NILT LLC, delays in payments of proceeds of that 2025-B Series Certificate to the issuing entity, and therefore to the noteholders, could occur or (should the court rule in favor of such position) reductions in the amount of such payments could result. On the closing date, special insolvency counsel to the depositor will deliver an opinion to the effect that, subject to certain facts, assumptions and qualifications specified therein, if NILT LLC were to become a debtor in a case under the Bankruptcy Code subsequent to the sale, transfer and assignment of the 2025-B Series Certificate to the depositor, the sale, transfer and assignment of that 2025-B Series Certificate from NILT LLC to the depositor would be characterized as a true sale, transfer and assignment, and that 2025-B Series Certificate and the proceeds thereof would not be property of NILT LLC's bankruptcy estate. As indicated above, however, such a legal opinion is not binding on any court.

As a precautionary measure, the depositor will take the actions requisite to obtaining a security interest in the 2025-B Series Certificate as against NILT LLC, which the depositor will assign to the issuing entity and the issuing entity will assign to the indenture trustee. The indenture trustee will perfect its security interest in that 2025-B Series Certificate under the UCC by possession and/or by filing. Accordingly, if the conveyance of that 2025-B Series Certificate by NILT LLC to the depositor were not respected as an absolute sale, transfer and assignment, the depositor (and ultimately the issuing entity and the indenture trustee as successors in interest) should be treated as a secured creditor of NILT LLC, although a case or proceeding under any insolvency law with respect to NILT LLC could result in delays or reductions in distributions on that 2025-B Series Certificate as indicated above, notwithstanding such perfected security interest.

If the servicer were to become subject to a case under the Bankruptcy Code, certain payments made within one year of the commencement of such case (including Advances and Repurchase Payments) may be recoverable by the servicer as debtor-in-possession or by a creditor or a trustee-in-bankruptcy as a preferential transfer from the servicer. See "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" in this prospectus.

**Dodd-Frank Orderly Liquidation Framework** 

*General*. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") was enacted. The Dodd-Frank Act, among other things, gives the Federal Deposit Insurance Corporation ("**FDIC**") authority to act as receiver of bank holding companies, financial companies and their respective subsidiaries in specific situations under the Orderly Liquidation Authority ("**OLA**") as described in more detail below. The proceedings, standards, powers of the receiver and many other substantive provisions of OLA differ from those of the United States Bankruptcy Code in several respects. In addition, because the legislation remains subject to clarification through further FDIC regulations and has yet to be applied by the FDIC in any receivership, it is unclear exactly what impact these provisions will have on any particular company, including NMAC, NILT LLC, the depositor, or the issuing entity, or its creditors.

*Potential Applicability to NMAC, NILT LLC, the Depositor and Issuing Entities.* There is uncertainty about which companies will be subject to OLA rather than the United States Bankruptcy Code. For a company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine, among other things, that the company is in default or in danger of default, the failure of such company and its resolution under the United States Bankruptcy Code would have serious adverse effects on financial stability in the United States, no viable private sector alternative is available to prevent the default of the company and an OLA proceeding would mitigate these adverse effects.

NILT LLC, the issuing entity or the depositor could also potentially be subject to the provisions of OLA as a "covered subsidiary" of NMAC. For NILT LLC, the issuing entity or the depositor to be subject to receivership under OLA as a covered subsidiary of NMAC (1) the FDIC would have to be appointed as receiver for NMAC under OLA as described above, and (2) the FDIC and the Secretary of the Treasury would have to jointly determine that (a) NILT LLC, the issuing entity or the depositor is in default or in danger of default, (b) the liquidation of that covered subsidiary would avoid or mitigate serious adverse effects on the financial stability or economic conditions of the United States and (c) such appointment would facilitate the orderly liquidation of NMAC.

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There can be no assurance that the Secretary of the Treasury would not determine that the failure of NMAC would have serious adverse effects on financial stability in the United States. In addition, no assurance can be given that OLA would not apply to NMAC, NILT LLC, the depositor or the issuing entity or, if it were to apply, that the timing and amounts of payments to the noteholders would not be less favorable than under the United States Bankruptcy Code.

*FDIC's Repudiation Power Under OLA.* If the FDIC were appointed receiver of NMAC or of a covered subsidiary under OLA, the FDIC would have various powers under OLA, including the power to repudiate any contract to which NMAC or a covered subsidiary was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of NMAC's affairs. In January 2011, the then acting General Counsel of the FDIC (the "**FDIC Counsel**") issued an advisory opinion respecting, among other things, its intended application of the FDIC's repudiation power under OLA. In that advisory opinion, the FDIC Counsel stated that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law. As a result, the FDIC Counsel was of the opinion that the FDIC as receiver for a covered financial company, which could include NMAC or its subsidiaries (including the depositor, or the issuing entity), cannot repudiate a contract or lease unless it has been appointed as receiver for that entity or the separate existence of that entity may be disregarded under other applicable law. In addition, the FDIC Counsel was of the opinion that until such time as the FDIC Board of Directors adopts a regulation further addressing the application of Section 210(c) of the Dodd-Frank Act, if the FDIC were to become receiver for a covered financial company, which could include NMAC or its subsidiaries (including NILT LLC, the depositor, or the issuing entity), the FDIC will not, in the exercise of its authority under Section 210(c) of the Dodd-Frank Act, reclaim, recover, or recharacterize as property of that covered financial company or the receivership assets transferred by that covered financial company prior to the end of the applicable transition period of a regulation provided that such transfer satisfies the conditions for the exclusion of such assets from the property of the estate of that covered financial company under the United States Bankruptcy Code. The advisory opinion also states that the FDIC Counsel will recommend that the FDIC Board of Directors incorporates a transition period of 90 days for any provisions in any further regulations affecting the statutory power to disaffirm or repudiate contracts. Although this advisory opinion does not bind the FDIC or its Board of Directors, and could be modified or withdrawn in the future, it remains in effect as of the date of this prospectus. To the extent any future regulations or subsequent FDIC actions in an OLA proceeding involving NMAC or its subsidiaries (including NILT LLC, the depositor or the issuing entity), are contrary to this advisory opinion, payment or distributions of principal and interest on the securities issued by the issuing entity could be delayed or reduced.

Among the contracts that might be repudiated by the FDIC in an OLA governed proceeding are the Series Certificate Sale Agreement, Series Certificate Transfer Agreement, the Servicing Agreement and the Administration Agreement. Under OLA, none of the parties to those contracts could exercise any right or power to terminate, accelerate, or declare a default under those contracts, or otherwise affect NMAC's or a covered subsidiary's rights under those contracts without the FDIC's consent for 90 days after the receiver is appointed. During the same period, the FDIC's consent would also be needed for any attempt to obtain possession of or exercise control over any property of NMAC or of a covered subsidiary. The requirement to obtain the FDIC's consent before taking these actions relating to a covered company's contracts or property is comparable to the requirement to request bankruptcy court relief from the "automatic stay" in bankruptcy.

We will structure the transfers of the 2025-B Series Certificate from NILT LLC to the depositor, or the transfer of that 2025-B Series Certificate from the depositor to the issuing entity contemplated hereby with the intent that they would be treated as legal true sales under applicable state law. If the transfers are so treated, based on the FDIC Counsel's advisory opinion rendered in January 2011 and other applicable law, NMAC believes that the FDIC would not be able to recover the 2025-B Series Assets using its repudiation power because they would not be treated as part of NMAC's or NILT LLC's estate for bankruptcy purposes. However, if those transfers were not respected as legal true sales, then the transfers of the 2025-B Series Certificate would be treated as secured loans. The FDIC, as receiver, generally has the power to repudiate secured loans and then recover the collateral after paying damages to the lenders. If the issuing entity were placed in receivership under OLA, this repudiation power would extend to the notes issued by the issuing entity. The amount of damages that the FDIC would be required to pay would be limited to "actual direct compensatory damages" determined as of the date of the FDIC's appointment as receiver. There is no general statutory definition of "actual direct compensatory damages" in this context, but the term does not include damages for lost profits or opportunity. However, under OLA, in the case of any debt for borrowed

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money, actual direct compensatory damages are no less than the amount lent plus accrued interest plus any accreted OID as of the date the FDIC was appointed receiver and, to the extent that an allowed secured claim is secured by property the value of which is greater than the amount of such claim and any accrued interest through the date of repudiation or disaffirmance, such accrued interest.

Regardless of whether the transfers under the Series Certificate Sale Agreement or the Series Certificate Transfer Agreement are respected as legal true sales, as receiver for NMAC or a covered subsidiary the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the issuing entity, as assignee under the Series Certificate Transfer Agreement, to go through an
administrative claims procedure to establish its rights to payments collected on the 2025-B Series Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the issuing entity were a covered subsidiary, require the indenture trustee or the holders of the notes to go
through an administrative claims procedure to establish its rights to payments on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against
NMAC or a covered subsidiary (including NILT LLC, the depositor or the issuing entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repudiate NMAC's ongoing servicing obligations under the Servicing Agreement, such as its duty to collect
and remit payments or otherwise service the leases and leased vehicles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to any such repudiation of a servicing agreement, prevent any of the indenture trustee or the holders of
the notes from appointing a successor servicer.

There are also statutory prohibitions on (1) any attachment or execution being issued by any court upon assets in the possession of the FDIC, as receiver, (2) any property in the possession of the FDIC, as receiver, being subject to levy, attachment, garnishment, foreclosure or sale without the consent of the FDIC, and (3) any person exercising any right or power to terminate, accelerate or declare a default under any contract to which NMAC or a covered subsidiary (including NILT LLC, the depositor or the issuing entity) that is subject to OLA is a party, or to obtain possession of or exercise control over any property of NMAC or any covered subsidiary or affect any contractual rights of NMAC or a covered subsidiary (including NILT LLC, the depositor or the issuing entity) that is subject to OLA, without the consent of the FDIC for 90 days after appointment of FDIC as receiver.

If the issuing entity were itself to become subject to OLA as a covered subsidiary, the FDIC may repudiate the debt of the issuing entity. In such an event, the noteholders would have a secured claim in the receivership of the issuing entity or "actual direct compensatory damages" as described above but delays in payments on the notes would occur and possible reductions in the amount of those payments could occur.

If the FDIC, as receiver for NMAC, NILT LLC, the depositor or the issuing entity, were to take any of the actions described above, payments or distributions of principal and interest on the securities issued by the issuing entity would be delayed and may be reduced.

*FDIC's Avoidance Power Under OLA*. The proceedings, standards and many substantive provisions of OLA relating to preferential transfers differ from those of the United States Bankruptcy Code. If NMAC or its affiliates were to become subject to OLA, there is an interpretation under OLA that previous transfers by NMAC perfected for purposes of state law and the United States Bankruptcy Code could nevertheless be avoided as preferential transfers.

In December 2010, the FDIC Counsel issued an advisory opinion providing an interpretation of OLA which concludes that the treatment of preferential transfers under OLA was intended to be consistent with, and should be interpreted in a manner consistent with, the related provisions under the United States Bankruptcy Code. In addition, on July 6, 2011, the FDIC issued a final rule that, among other things, codified the FDIC Counsel's interpretation. This final rule was effective August 15, 2011. Based on the FDIC Counsel's interpretation of the preference provisions of OLA and the final rule, the transfer by NMAC would not be avoidable by the FDIC as a preference under OLA. To the extent subsequent FDIC actions in an OLA proceeding are contrary to the final rule, payment or distributions of principal and interest on the securities issued by the issuing entity could be delayed or reduced.

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**ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES** 

**Vicarious Tort Liability** 

Although the titling company will own the leased vehicles allocated to, and associated with, the 2025-B Series and the issuing entity will hold the 2025-B Series Certificate, the related lessees and their respective invitees will operate the leased vehicles. State laws differ as to whether anyone suffering injury to person or property involving a leased vehicle may bring an action against the owner of the vehicle merely by virtue of that ownership. To the extent that applicable state law permits such an action and is not preempted by the Transportation Act (as discussed below), the titling company and the titling company assets may be subject to liability to that injured party. However, the laws of many states either (i) do not permit these types of suits, or (ii) provide that the lessor's liability is capped at the amount of any liability insurance that the lessee was required to, but failed to, maintain (except for some states, such as New York, where liability is joint and several).

For example, under the California Vehicle Code, the owner of a motor vehicle subject to a lease is responsible for injuries to persons or property resulting from the negligent or wrongful operation of the leased vehicle by any person using the vehicle with the owner's permission. However, the owner's liability for personal injuries is limited to $15,000 per person and $30,000 in total per accident, and the owner's liability for property damage is limited to $5,000 per accident. In addition, recourse for any judgment arising out of the operation of the leased vehicle must first be had against the operator's property if the operator is within the jurisdiction of the court.

In contrast to California and many other states, in New York, where a large number of leases were originated, the holder of title of a motor vehicle, including the titling company as lessor, may be considered an "**owner**" and thus may be held jointly and severally liable with the lessee for the negligent use or operation of that motor vehicle. It is not clear whether there is a limit on an owner's liability. In the context of the denial of a motion brought by a defendant to dismiss a claim based on the negligent use or operation of a motor vehicle, the Court of Appeals of New York ruled in 1998 that a finance company acting as an agent for a titling company may be considered an "owner" of a motor vehicle and thus subject to joint and several liability with the lessee for the negligent use or operation of the leased motor vehicle for the duration of a lease. As a result of the ruling in New York, losses could arise if lawsuits are brought against either the titling company or NMAC, as agent of the titling company, in connection with the negligent use or operation of any leased vehicles owned by the titling company, including the leased vehicles allocated to, and associated with, the 2025-B Series. This case was decided prior to the enactment of the Transportation Act.

The Transportation Act enacted by the U.S. Congress and signed into law on August 10, 2005 provides that an owner of a motor vehicle that rents or leases the vehicle to a person will not be liable under the law of a state or political subdivision by reason of being the owner of the vehicle, for harm to persons or property that results or arises out of the use, operation, or possession of the vehicle during the period of the rental or lease, if (i) the owner (or an affiliate of the owner) is engaged in the trade or business of renting or leasing motor vehicles; and (ii) there is no negligence or criminal wrongdoing on the part of the owner (or an affiliate of the owner). This provision of the Transportation Act was effective upon enactment and applies to any action commenced on or after August 10, 2005. The Transportation Act was intended to preempt state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and to reduce the likelihood of vicarious liability being imposed on a titling company. State and federal courts considering whether the Transportation Act preempts state laws permitting vicarious liability have generally concluded that these laws are preempted with respect to cases commenced on or after August 10, 2005. One New York lower court, however, has reached a contrary conclusion in a 2006 case involving a leasing trust. This New York court concluded that the preemption provision in the Transportation Act was an unconstitutional exercise of congressional authority under the Commerce Clause of the United States Constitution and, therefore, did not preempt New York law regarding vicarious liability. New York's appellate court overruled the trial court and upheld the constitutionality of the preemption provision in the Transportation Act. New York's highest court, the Court of Appeals, dismissed the appeal. In a 2008 decision relating to a case in Florida, the U.S. Court of Appeals for the 11th Circuit upheld the constitutionality of the Transportation Act, and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. In 2010, a similar decision was issued by the U.S. Court of Appeals for the 8th Circuit. While the outcome in these cases upheld federal preemption under the Transportation Act, the outcome of any future cases remains uncertain at this time.

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The servicer maintains liability insurance on behalf of the titling company, and NMAC is a named insured under the titling company's applicable insurance policies. However, in the event that all applicable insurance coverage were to be exhausted (including the coverage provided by the contingent and excess liability insurance policies) and damages in respect of vicarious liability were to be assessed against the titling company, claims could be imposed against the titling company assets, including any leased vehicles allocated to a series, and in certain circumstances, with respect to a leased vehicle that is an Other Series Asset or an asset allocated to the Unallocated Assets Series. If any of these claims were imposed against the titling company assets, investors in the notes could incur a loss on their investment.

**Security Interests** 

Various liens such as those discussed under "*Additional Legal Aspects of the Titling Company and the 2025-B Series—Allocation of Titling Company Liabilities*" in this prospectus could be imposed upon all or part of the 2025-B Series Assets (including the related leased vehicles) that, by operation of law, would take priority over the indenture trustee's interest therein. For a discussion of the risks associated with third-party liens on leases and leased vehicles, see "*Risk Factors*—*Risks related to the limited nature of the issuing entity's assets*—*Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payments on your notes*" in this prospectus. Additionally, any perfected security interest of the indenture trustee in all or part of the property of the issuing entity could also be subordinate to claims of any trustee in bankruptcy or debtor-in-possession in the event of a bankruptcy of the depositor prior to any perfection of the transfer of the assets transferred by the depositor to the issuing entity, pursuant to the Series Certificate Transfer Agreement. See "*Risk Factors*—*Risks related to the servicer and other transaction parties*—*Bankruptcy of NMAC, the depositor, the titling company or NILT LLC could result in delays in payments or losses on your notes*" in this prospectus.

**Repossession of Leased Vehicles** 

If a lessee defaults on its lease, the servicer will have all the remedies of a lessor under the UCC, except where specifically limited by other state laws. These remedies include the right to perform self-help repossession unless it would constitute a breach of the peace or unless otherwise prohibited by state law. Self-help repossession is the method used by NMAC in most cases and usually is accomplished by using an independent contractor to take possession of the leased vehicle. In cases where the lessee objects or raises a defense to repossession, or if otherwise required by state law, NMAC may have to obtain a court order before repossessing the vehicle.

If a lessee is in default on its lease, some states require that the lessor notify the lessee of the default and give the lessee a time period to cure the default prior to repossession. In NMAC's experience, this right to cure is exercised by only a limited number of lessees.

Upon repossession of a vehicle, the UCC and other state laws may require the lessor to provide the lessee with reasonable notice of the date, time, and place of any public sale and/or the date after which any private sale of the leased vehicle may be held. The lessee may have the right, in some states, to cure the default under the lease prior to sale by paying the lessor the past due amounts owed under the lease plus reasonable expenses for repossessing, holding, and preparing the vehicle for disposition and arranging for the sale, including attorneys' fees when allowed by law.

**Deficiency Judgments** 

The servicer will generally apply the proceeds of sale of a leased vehicle first to the expenses of resale and repossession and then to the satisfaction of the amounts due under the related lease. While some states impose prohibitions or limitations on deficiency judgments if the net proceeds from resale of a leased vehicle do not cover the full amounts due under the related lease, a deficiency judgment can be sought in those states that do not directly prohibit or limit such judgments. However, in some states, a lessee may be allowed an offsetting recovery for any amount not recovered at resale because the terms of the resale were not commercially reasonable. In any event, a deficiency judgment would be a personal judgment against the lessee for the shortfall, and a defaulting lessee would in many cases be expected to have little capital or sources of income available following repossession. Therefore, in

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such cases, it may not be useful or cost effective to seek a deficiency judgment. Even if a deficiency judgment is obtained, it may be settled at a significant discount or it may prove impossible to collect all or any portion of such judgment.

Courts have applied general equitable principles in litigation relating to repossession and deficiency balances. These equitable principles may have the effect of relieving a lessee from some or all of the legal consequences of a default.

In several cases, consumers have asserted that the self-help remedies of lessors violate the due process protection provided under the Fourteenth Amendment to the Constitution of the United States. Courts have generally found that repossession and resale by a lessor do not involve sufficient state action to afford constitutional protection to consumers.

**Consumer Protection Law** 

Numerous federal and state consumer protection laws impose requirements upon lessors and servicers involved in consumer leasing. The federal Consumer Leasing Act of 1976 and Regulation M, enforced by the Consumer Financial Protection Bureau ("**CFPB**"), for example, require that a number of disclosures be made at the time a vehicle is leased, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the amount and type of all payments due at the time of origination of the lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a description of the lessee's liability at the end of the Lease Term,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the amount of any periodic payments and manner of their calculation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the circumstances under which the lessee may terminate the lease prior to the end of the Lease Term,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the capitalized cost of the vehicle, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a warning regarding possible charges for early termination.

All states, except for the State of Louisiana, have adopted Article 2A of the UCC which provides protection to lessees through specified implied warranties and the right to cancel a lease relating to defective goods. Additionally, certain states such as California have enacted comprehensive vehicle leasing statutes that, among other things, regulate the disclosures to be made at the time a vehicle is leased. The various federal and state consumer protection laws would apply to the titling company as owner or lessor of the leases and may also apply to the issuing entity as holder of the 2025-B Series Certificate. The failure to comply with these consumer protection laws may give rise to liabilities on the part of the servicer and the titling company, including liabilities for statutory damages and attorneys' fees. In addition, claims by the servicer, the titling company and the titling company may be subject to set-off as a result of any noncompliance.

Many states have adopted laws (each, a "**Lemon Law**") providing redress to consumers who purchase or lease a vehicle that remains out of conformance with its manufacturer's warranty after a specified number of attempts to correct a problem or after a specific time period. Should any leased vehicle become subject to a Lemon Law, a lessee could compel the titling company to terminate the related lease and refund all or a portion of payments that previously have been paid with respect to that lease. Although the titling company may be able to assert a claim against the manufacturer of any such defective leased vehicle, there can be no assurance any such claim would be successful. To the extent a lessee is able to compel the titling company to terminate the related lease, the lease will be deemed to be a Liquidated Lease and amounts received thereafter on or in respect of such lease will constitute Liquidation Proceeds. As described under "*The Leases—General*" in this prospectus, NMAC will represent and warrant that as of the cutoff date, the related leases and leased vehicles comply with all applicable laws, including Lemon Laws, in all material respects. Nevertheless, there can be no assurance that one or more leased vehicles will not become subject to return (and the related lease terminated) in the future under a Lemon Law.

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The federal Servicemembers Civil Relief Act (the "**Relief Act**") and similar laws of many states may provide relief to members of the armed services, including members of the Army, Navy, Air Force, Space Force, Marines, National Guard, Reservists, Coast Guard and officers of the National Oceanic and Atmospheric Administration and officers of the U.S. Public Health Service assigned to duty with the military, on active duty, who have entered into an obligation, such as a lease contract for a lease of a vehicle, before entering into military service and provide that under some circumstances the lessor may not terminate the lease contract for breach of the terms of the contract, including nonpayment. Furthermore, under the Relief Act, a lessee may terminate a lease of a vehicle at any time after commencement of active duty if (i) the lease is executed by or on behalf of a person who subsequently enters military service under a call or order specifying a period of not less than 180 days; (ii) the lessee, while in the military, executes a lease of a vehicle and thereafter receives military orders for a permanent change of station outside of the continental United States or for deployment for active duty for a period of not less than 180 days; or (iii) the lessee, while in military service executes a lease upon receipt of military orders, and thereafter receives a stop movement order in response to a local, national, or global emergency, effective for an indefinite period or for a period of not less than 30 days, which prevents the lessee or the lessee's dependents, from using the vehicle for personal or business transportation. No early termination charge may be imposed on the lessee. No early termination charge may be imposed on the lessee for such termination. No information can be provided as to the number of leases that may be affected by these laws. In addition, current military operations of the United States, including military operations overseas have increased the number of persons in reserve status who have been called or will be called to active duty. In addition, these laws may impose limitations that would impair the ability of the servicer to repossess a defaulted vehicle during the lessee's period of active duty status. Thus, if a lease goes into default, there may be delays and losses occasioned by the inability to exercise the rights of the titling company with respect to the lease and the related leased vehicle in a timely fashion. If a lessee's obligations to make payments is adjusted or extended, the servicer will not be required to advance such amounts. Any resulting shortfalls in interest or principal will reduce the amount available for distribution on the notes and the certificates.

On December 20, 2019, the Fiscal Year (FY) 2020 National Defense Authorization Act ("**2020 NDAA**") was enacted. Section 545 of the 2020 NDAA expands financial protections for military families by allowing the spouse of a servicemember who died while in military service to terminate a vehicle lease one year from the date of the servicemember's death, as long as that servicemember died while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. In addition, the 2020 NDAA also allows the spouse of a servicemember who sustains a catastrophic injury or illness to terminate a car lease one year from the date of the catastrophic injury or illness, as long as that servicemember sustained the catastrophic injury or illness while in military service or while performing full-time national guard duty, active guard and reserve duty, or inactive-duty training. No early termination charges (as defined in the Relief Act) may be imposed for such termination.

Further, on January 1, 2021, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "**2021 NDAA**") was signed into law. The 2021 NDAA further amended the Servicemember Civil Relief Act to give dependents and not just spouses of servicemembers who incur a catastrophic injury or illness or die while in military service the right to terminate leases of motor vehicles in the one year time frame described above. However, the 2021 NDAA also clarified that a spouse's or dependent's right to terminate, in cases of catastrophic illness or injury, is only to the extent the servicemember lacks the mental capacity to manage his or her own affairs as a result of such catastrophic illness or injury, otherwise only the servicemember may terminate the lease. No early termination charges (as defined in the Servicemember Civil Relief Act) may be imposed for such termination.

On December 27, 2021, President Biden signed the National Defense Authorization Act for Fiscal Year 2022 (the "**2022 NDAA**") into law. Title LXII of the 2022 NDAA otherwise referred to as the Foreign Service Families Act of 2021 amends the Foreign Service Act of 1980 and in part applies the terms governing termination of automobile leases in the Relief Act provided to servicemembers in the same manner and to the same extent to members of the Foreign Service posted abroad.

The servicer will make representations and warranties in the Servicing Agreement that, as to each lease and the related leased vehicle as of the relevant vehicle representation date, the servicer has satisfied, or has directed the related dealer to satisfy, the provisions of Servicing Agreement with respect to such lease and the application for the related certificate of title. If any such representation and warranty proves to be incorrect with respect to any lease,

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has certain material adverse effects and is not timely cured, the servicer will be required under the Servicing Agreement to deposit an amount equal to the Repurchase Payment in respect of the lease and the related leased vehicle into the applicable Series Collection Account unless the breach is cured in all material respects. See "*Description of the Servicing Agreement—Representations and Warranties; Remedies*" in this prospectus for further information regarding the foregoing representations and warranties and the servicer's obligations with respect thereto.

**Consumer Financial Protection Bureau** 

The CFPB is responsible for implementing and enforcing various federal consumer protection laws and supervising certain depository institutions and non-depository institutions offering financial products and services to consumers, including indirect automobile retail and lease financing.

The CFPB has supervisory, examination and enforcement authority over certain non-depository institutions, including those entities that are larger participants of a market for consumer financial products or services, as defined by rule. NMAC is subject to the supervisory, examination and enforcement authority of the CFPB.

The CFPB and the United States Department of Justice have in recent years conducted fair lending investigations of several indirect automobile lenders, including NMAC, to determine whether their dealer markup and compensation policies resulted in any discriminatory practices, and several of those automobile lenders have entered into settlements with these U.S. government agencies with respect to such policies. While it discussed such matters with the agencies, NMAC did not ultimately enter into a settlement with respect to its policies. In late 2016 the investigation was closed.

The CFPB and nine states began a supervisory examination of NMAC in 2016. In March 2017, NMAC received the multi-state examination results. NMAC responded to the various state findings and perceived infractions alleged by the regulators. While some states requested NMAC to provide refunds for several perceived infractions, there were no fines or sanctions levied or any other disciplinary actions taken by any of the states.

On August 24, 2017, NMAC received the CFPB's Final Examination Report (the "**Report**"). The Report identified certain matters requiring attention ("**MRAs**"), most concerning the CFPB's general finding that NMAC's compliance policies and procedures were materially undeveloped. NMAC responded to all MRAs and made all adjustments requested in the Report. In the aftermath of the 2016 examination, the enforcement division of the CFPB served NMAC with two Civil Investigative Demands (the "**CIDs**") in September 2017 and February 2019. They required NMAC to produce specified documents, data and materials concerning the five most material findings from the examination. NMAC responded to these CIDs. On August 19, 2019, the CFPB enforcement division informed NMAC that it intended to recommend to its leadership that the agency commence an enforcement action against NMAC.

In October 2020, NMAC agreed to a settlement with the CFPB, agreeing to pay a penalty of $4.0 million to the CFPB and to provide cash and credit redress to customers determined to have been the subject of wrongful repossessions in amounts of up to $750,000 and approximately $14,500, respectively. NMAC is subject to the terms of such settlement for five years and the CFPB is monitoring NMAC's compliance with the terms thereof. In addition to the above, from time to time, NMAC is a party to legal proceedings, and are presently a party to, and are vigorously defending, various legal proceedings, including proceedings that are or purport to be class actions. Plaintiffs in class action proceedings may seek to recover amounts which are large and may be indeterminable for some period of time. Some of the legal proceedings to which NMAC is a party may include claims for rescission and/or set-off, among other forms of relief. Costs to defend legal proceedings and the cost of actual settlements, judgments or resolutions of these legal proceedings may negatively affect NMAC's business and financial performance.

For additional discussion of how a failure to comply with consumer protection laws may impact the issuing entity, the leases or your investment in the securities, see "*Risk Factors—Risks related to the characteristics, servicing and performance of the leases and related leased vehicles allocated to, and associated with, the 2025-B Series—Failure to comply with consumer protection laws may result in losses on your notes*" in this prospectus.

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**Other Limitations** 

In addition to laws limiting or prohibiting deficiency judgments, numerous other statutory provisions, including applicable insolvency laws, may interfere with or affect the ability of the servicer to enforce the rights of the titling company under the leases. For example, if a lessee commences bankruptcy proceedings, the receipt of that lessee's payments due under the related lease is likely to be delayed. In addition, a lessee who commences bankruptcy proceedings might be able to assign the lease to another party even though that lease prohibits assignment.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES** 

Set forth below is a discussion of the material U.S. federal income tax consequences relevant to the purchase, ownership and disposition of the offered notes. References to "notes" in this discussion refer to any offered notes other than any notes retained by the depositor or an affiliate thereof. This information is directed to prospective purchasers that are unrelated to the issuing entity who purchase notes at their issue price in the initial distribution thereof and who hold the notes as "capital assets" within the meaning of Section 1221 of the Code. This discussion is based upon current provisions of the Code, existing and proposed Treasury Regulations thereunder, current administrative rulings, judicial decisions and other applicable authorities. To the extent that the following summary relates to matters of law or legal conclusions with respect thereto, such summary represents the opinion of Mayer Brown LLP, special federal tax counsel to the issuing entity, subject to the qualifications set forth in this discussion. There are no cases or Internal Revenue Service (the "**IRS**") rulings on similar transactions involving both debt and equity interests issued by an issuing entity with terms similar to those of the notes. As a result, there can be no assurance that the IRS will not challenge the conclusions reached in this prospectus, and no ruling from the IRS has been or will be sought on any of the issues discussed below. Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions set forth in this prospectus as well as the tax consequences to noteholders.

This discussion is not a complete analysis of all potential U.S. federal income tax consequences and does not address any tax consequences arising under any state, local or non-U.S. tax laws, any income tax treaties, or any other U.S. federal tax laws, including U.S. federal estate and gift tax laws. The following discussion also does not purport to deal with all aspects of U.S. federal income taxation that may be relevant to noteholders in light of their personal investment circumstances nor, except for limited discussions of particular topics, to holders subject to special treatment under the U.S. federal income tax laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• S-corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trusts and estates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities that have elected the mark-to-market method of accounting for their securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to any alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "passive foreign investment companies";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold the notes as a position in a "straddle" or as part of a synthetic security or
"hedge," "conversion transaction" or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that have a "functional currency" other than the U.S. dollar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pass-through entities and persons who are investors in such pass-through entities.

Prospective investors should consult their own tax advisors in determining the federal, state, local, foreign and any other tax consequences to them of the purchase, ownership and disposition of the notes.

For purposes of the following discussion, the term "**U.S. Holder**" means a beneficial owner of a note that is, for U.S. federal income tax purposes, (i) an individual citizen or resident of the United States, (ii) a corporation (or other entity subject to U.S. federal income taxation as a corporation) created or organized in or under the laws of the United States, any state thereof or the District of Columbia, or (iii) an estate or trust treated as a United States person under Section 7701(a)(30) of the Code. The term "**Non-U.S. Holder**" means a beneficial owner of a note other than a U.S. Holder or an entity treated as a partnership for U.S. federal income tax purposes. For the purposes of this discussion, U.S. Holders and Non-U.S. Holders are referred to collectively as "**Holders**".

Furthermore, the discussion below does not address the indirect effects on the holders of equity interests in any entity (e.g., a partnership) that is a beneficial owner of notes. Such holders, including partners in a partnership that beneficially own notes, should consult their tax advisors with regard to the application of the United States federal income tax laws to their particular situations as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

On the closing date, Mayer Brown LLP, special federal tax counsel to the issuing entity, will deliver an opinion, subject to the assumptions and qualifications therein, to the effect that for U.S. federal income tax purposes, the notes (other than notes, if any, beneficially owned by (i) the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes, (ii) a member of an expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4) or any successor regulation then in effect) that includes the issuing entity (or a person considered to be the same person as the issuing entity for United States federal income tax purposes), (iii) a "controlled partnership" (as defined in Treasury Regulation Section 1.385-1(c)(1) or any successor regulation then in effect) of such expanded group or (iv) a disregarded entity owned directly or indirectly by a person described in preceding clause (ii) or (iii)) will be characterized as debt and the issuing entity will not be classified as an association (or a publicly traded partnership) taxable as a corporation. Holders should be aware that, as of the closing date, no transaction closely comparable to that contemplated herein has been the subject of any judicial decision, Treasury Regulation or IRS revenue ruling. Although special federal tax counsel to the issuing entity will issue tax opinions to the effect described above, the IRS may successfully take a contrary position and the tax opinions are not binding on the IRS or on any court. Holders will be deemed to agree, by their purchase of the notes, to treat the notes (other than notes beneficially owned by the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes) as debt for U.S. federal income tax purposes. The discussion below assumes this characterization of the notes is correct.

The United States Department of the Treasury and the IRS have issued Treasury Regulations under Section 385 of the Code that address the debt or equity treatment of instruments held by certain parties related to the issuing entity. In particular, in certain circumstances, a note that otherwise would be treated as debt is treated as stock for U.S. federal income tax purposes during periods in which the note is held by an applicable related party (meaning a member of an "expanded group" that includes the issuing entity (or its owner(s)), generally based on a group of corporations or controlled partnerships connected through 80% direct or indirect ownership links). Under these Treasury Regulations, any notes treated as stock under these rules could result in adverse tax consequences to such related party noteholder, including that U.S. federal withholding taxes could apply to distributions on the notes. If the issuing entity were to become liable for any such withholding or failure to so withhold, the resulting impositions could reduce the cash flow that would otherwise be available to make payments on all notes. In addition, when a

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recharacterized note is acquired by a beneficial owner that is not an applicable related party, that note is generally treated as reissued for U.S. federal income tax purposes and thus may have tax characteristics differing from notes of the same class that were not previously held by a related party. As a result of considerations arising from these rules, the Trust Agreement will provide restrictions on certain potential holders of certificates if they are related to a noteholder. The issuing entity does not expect that these Treasury Regulations will apply to any of the notes. However, the Treasury Regulations are complex and have not yet been applied by the IRS or any court. In addition, the IRS has reserved certain portions of the Treasury Regulations pending its further consideration. Prospective investors should note that the Treasury Regulations are complex, and are urged to consult their tax advisors regarding the possible effects of these rules.

**Tax Treatment of Issuing Entity** 

At closing the issuing entity will be disregarded as separate from the depositor for U.S. federal income tax purposes but may be treated as a partnership should the depositor transfer any of the certificates to another party (that is not treated as the same person as the depositor for U.S. federal income tax purposes) or should any of the notes be characterized by the IRS as equity of the issuing entity. If the issuing entity is treated as a partnership for U.S. federal income tax purposes, partnership audit rules would generally apply to the issuing entity. Under the partnership audit rules, unless an entity elects otherwise, taxes arising from audit adjustments are required to be paid by the entity rather than by its partners or members. The parties responsible for the tax administration of the issuing entity described herein will have the authority to utilize, and intend to utilize, any exceptions available under these provisions (including any changes) and IRS regulations so that the issuing entity's members, to the fullest extent possible, rather than the issuing entity itself, will be liable for any taxes arising from audit adjustments to the issuing entity's taxable income if the issuing entity is treated as a partnership. It is unclear to what extent these elections will be available to the issuing entity and how any such elections may affect the procedural rules available to challenge any audit adjustment that would otherwise be available in the absence of any such elections. Prospective investors are urged to consult with their tax advisors regarding the possible effect of these rules.

**Tax Consequences to U.S. Holders of the Notes** 

*Stated Interest and OID*: Stated interest on the notes will be taxable as ordinary income for U.S. federal income tax purposes when received or accrued in accordance with a Holder's method of tax accounting. It is possible that one or more classes of notes offered hereunder will be issued with more than a *de minimis* amount (i.e., less than 1/4% of the principal amount of a class of notes multiplied by its weighted average life to maturity) of OID. If a class of notes offered hereunder is in fact issued at a greater than *de minimis* discount or is treated as having been issued with OID under the Treasury Regulations, the following general rules will apply.

The excess of the "stated redemption price at maturity" of a class of notes offered hereunder (generally equal to its principal amount as of the date of original issuance plus all interest other than "qualified stated interest payments" payable prior to or at maturity) over its original issue price (in this case, the initial offering price at which a substantial amount of the class of notes are sold to the public) will constitute OID. Qualified stated interest payments are interest payments on the notes that are unconditionally payable at least annually at a single fixed rate applied to the outstanding principal amount of the obligations. A U.S. Holder must include OID in income over the term of the notes under a constant yield method. In general, OID must be included in income in advance of the receipt of the cash representing that income.

In the case of a debt instrument (such as a note) as to which the repayment of principal may be accelerated as a result of the prepayment of other obligations securing the debt instrument, under Section 1272(a)(6) of the Code, the periodic accrual of OID is determined by taking into account (i) a reasonable prepayment assumption in accruing OID (generally, the assumption used to price the debt offering), and (ii) adjustments in the accrual of OID when prepayments do not conform to the prepayment assumption, and regulations could be adopted applying those provisions to the notes. It is unclear whether those provisions would be applicable to the notes in the absence of such regulations or whether use of a reasonable prepayment assumption may be required or permitted without reliance on these rules. If this provision applies to the notes, the amount of OID that will accrue in any given "interest period" may either increase or decrease depending upon the actual prepayment rate. In the absence of such regulations (or statutory or other administrative clarification), any information reports or returns to the IRS and the Holders regarding OID, if any, will be based on the

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assumption that the leases will prepay at a rate based on the assumption used in pricing the notes offered hereunder. However, no representation will be made regarding the prepayment rate of the leases. See "*Maturity and Prepayment Considerations*" and "*Weighted Average Life of the Notes*" in this prospectus. Accordingly, U.S. Holders are advised to consult their own tax advisors regarding the impact of any prepayments of the leases (and the OID rules) if the notes offered hereunder are issued with OID.

In the case of a note purchased with *de minimis* OID, generally, a portion of such OID is taken into income upon each principal payment on the note. Such portion equals the *de minimis* OID times a fraction whose numerator is the amount of principal payment made and whose denominator is the stated principal amount of the note. Such income generally is capital gain.

*Short Term Debt*. A U.S. Holder of a note, which has a fixed maturity date not more than one year from the issue date, will generally not be required to include OID income on the note as it accrues. However, the foregoing rule may not apply if such owner holds the instrument as part of a hedging transaction, or as a stripped bond or stripped coupon or if the holder is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. an accrual method taxpayer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a broker or dealer that holds the note as inventory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a regulated investment company or common trust fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the beneficial owner of certain pass-through entities specified in the Code.

A U.S. Holder of a note who is not required to include OID income on the note as it accrues will instead include the OID accrued on the note in gross income as principal is paid thereon, at maturity and upon a sale or exchange of the note. Such Holder would be required to defer deductions for any interest expense on an obligation incurred to purchase or carry the note except to the extent it exceeds the sum of any interest income and OID accrued on such note. However, such Holder may elect to include OID in income as it accrues on all obligations having a maturity of one year or less held by such owner in that taxable year or thereafter, in which case the deferral rule of the preceding sentence will not apply. For purposes of this paragraph, OID accrues on a note on a straight-line basis, unless the owner irrevocably elects, under Treasury Regulations, to apply a constant interest method, using the Holder's yield to maturity and daily compounding.

*Market Discount*. The notes, whether or not issued with OID, will be subject to the "market discount rules" of Section 1276 of the Code. In general, these rules provide that if a U.S. Holder purchases a note at a market discount (that is, a discount from its stated redemption price at maturity (which is generally the stated principal amount) or if the related notes were issued with OID, its original issue price (as adjusted for accrued OID, that exceeds a *de minimis* amount specified in the Code)) and thereafter (a) recognizes gain upon a disposition, or (b) receives payments of principal, the lesser of (i) such gain or principal payment or (ii) the accrued market discount, will be taxed as ordinary interest income. Generally, the accrued market discount will be the total market discount on the related note multiplied by a fraction, the numerator of which is the number of days the U.S. Holder held such note and the denominator of which is the number of days from the date the U.S. Holder acquired such note until its maturity date. The U.S. Holder may elect, however, to determine accrued market discount under the constant-yield method.

Limitations imposed by the Code which are intended to match deductions with the taxation of income may defer deductions for interest on indebtedness incurred or continued, or short-sale expenses incurred, to purchase or carry a note with accrued market discount. A U.S. Holder may elect to include market discount in gross income as it accrues and, if such U.S. Holder makes such an election, it is exempt from this rule. Any such election will apply to all debt instruments acquired by the taxpayer on or after the first day of the first taxable year to which such election applies. The adjusted basis of a note subject to such election will be increased to reflect market discount included in gross income, thereby reducing any gain or increasing any loss on a sale or taxable disposition.

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*Amortizable Bond Premium*. In general, if a U.S. Holder purchases a note at a premium (that is, an amount in excess of the amount payable upon the maturity thereof), such U.S. Holder will be considered to have purchased such note with "**amortizable bond premium**" equal to the amount of such excess. Such U.S. Holder may elect to amortize such bond premium as an offset to interest income and not as a separate deduction item as it accrues under a constant-yield method over the remaining term of the note. Such U.S. Holder's tax basis in the note will be reduced by the amount of the amortized bond premium. Any such election will apply to all debt instruments (other than instruments the interest on which is excludible from gross income) held by the U.S. Holder at the beginning of the first taxable year for which the election applies or thereafter acquired and is irrevocable without the consent of the IRS. Bond premium on a note held by a U.S. Holder who does not elect to amortize the premium will decrease the gain or increase the loss otherwise recognized on the disposition of the note.

*Acquisition Premium*. A U.S. Holder that purchases in a secondary market a note that was originally issued with OID for an amount less than or equal to the sum of all amounts payable on the note after the purchase date other than payments of qualified stated interest but in excess of its adjusted issue price (any such excess being "**acquisition premium**") and that does not make the election described below under "*—Total Accrual Election*" is permitted to reduce the daily portions of OID, if any, by a fraction, the numerator of which is the excess of the U.S. Holder's adjusted basis in the note immediately after its purchase over the adjusted issue price of the note, and the denominator of which is the excess of the sum of all amounts payable on the note after the purchase date, other than payments of qualified stated interest, over the note's adjusted issue price.

*Total Accrual Election*. A U.S. Holder may elect to include in gross income all interest that accrues on a note using the constant-yield method described above under the heading "*—Stated Interest and OID*," with modifications described below. For purposes of this election, interest includes stated interest, acquisition discount, OID, *de minimis* OID, market discount, *de minimis* market discount and unstated interest, as adjusted by any amortizable bond premium (described above under "*—Amortizable Bond Premium*") or acquisition premium.

In applying the constant-yield method to a note with respect to which this election has been made, the issue price of the note will equal the electing U.S. Holder's adjusted basis in the note immediately after its acquisition, the issue date of the note will be the date of its acquisition by the electing U.S. Holder, and no payments on the note will be treated as payments of qualified stated interest. This election will generally apply only to the note with respect to which it is made and may not be revoked without the consent of the IRS. U.S. Holders should consult with their own advisers as to the effect in their circumstances of making this election.

*Sale or Other Disposition*. If a U.S. Holder sells a note, the U.S. Holder will recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the U.S. Holder's adjusted tax basis in the note. The adjusted tax basis of a note to a particular U.S. Holder will equal the U.S. Holder's cost for the note, increased by any market discount, acquisition discount, OID and gain previously included in income by that U.S. Holder with respect to the note and decreased by the amount of bond premium, if any, previously amortized and by the amount of payments of principal and OID previously received by that U.S. Holder with respect to the note. Any gain or loss, and any gain or loss recognized on a prepayment of the notes, will be capital gain or loss if the note was held as a capital asset (except for gain representing accrued interest and income), and will be long-term or short-term depending on whether the note has been owned for the long-term capital gain holding period (currently, more than one year). For non-corporate U.S. Holders, capital gain recognized on the sale or other disposition of a note held for more than one year will be taxed at a maximum rate of 20%. Capital gain for a note held for one year or less is taxed at the rates applicable to ordinary income. U.S. Holders must aggregate capital gains and losses for each taxable year. In the event a U.S. Holder realizes a net capital loss for any year there are limitations on the amount of these capital losses which can be deducted. Capital losses generally may be used only to offset capital gains.

*Potential Acceleration of Income*. An accrual method taxpayer that prepares an "applicable financial statement" (as defined in Section 451 of the Code, which includes any GAAP financial statement, Form 10-K annual statement, audited financial statement or a financial statement filed with any federal agency for non-tax purposes) generally would be required to include certain items of income in gross income no later than the time such amounts are reflected on such a financial statement. This could result in an acceleration of income recognition for income items differing from the above description. The United States Department of the Treasury released Treasury Regulations that exclude from this rule any item of gross income for which a taxpayer uses a special method of accounting required by certain sections of the Code, including income subject to the timing rules for OID and *de minimis* OID, income under the contingent payment debt instrument rules, income under the variable rate debt

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instrument rules, and market discount (including *de minimis* market discount). Noteholders should consult their tax advisors with regard to these rules.

*Net Investment Income*. A tax of 3.8% is imposed on the "net investment income" of certain individuals, trusts and estates. Among other items, net investment income generally includes gross income from interest and net gain attributable to the disposition of certain property, less certain deductions. U.S. Holders should consult their own tax advisors regarding the possible implications of this tax in their particular circumstances.

**Tax Consequences to Non-U.S. Holders of the Notes** 

Interest (including OID) paid (or accrued) to a Non-U.S. Holder generally will be considered "**portfolio interest**", and, except as described below with respect to FATCA and backup withholding, generally will not be subject to U.S. federal income tax and withholding tax if the interest is not effectively connected with the conduct of a U.S. trade or business by the Non-U.S. Holder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. Holder), and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Non-U.S. Holder is not actually or constructively a
" **10 percent shareholder**" of the issuing entity or the depositor (including a holder of 10% of the outstanding certificates of the issuing entity) or a "controlled foreign corporation" with respect to
which the issuing entity or the depositor is a "related person" within the meaning of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Non-U.S. Holder is not a bank receiving interest described in
Section 881(c)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the interest is not contingent interest described in Section 871(h)(4) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Non-U.S. Holder does not bear specified relationships to any
certificateholder or the issuing entity.

To qualify for the exemption from taxation, the Non-U.S. Holder must provide the indenture trustee or other person who is otherwise required to withhold U.S. tax with respect to the notes with an appropriate statement (on Form W-8BEN or Form W-8BEN-E or other applicable form or successor form), signed under penalties of perjury, certifying that the owner of the note is a Non-U.S. Holder and providing the Non-U.S. Holder's name and address. If a note is held through a securities clearing organization or other financial institution, the organization or institution may provide the relevant signed statement to the withholding agent; in that case, however, the signed statement must be accompanied by a Form W-8BEN or Form W-8BEN-E (or other applicable form or successor form) provided by the Non-U.S. Holder and the Non-U.S. Holder must notify the financial institution acting on its behalf of any changes to the information on the Form W-8BEN or Form W-8BEN-E (or other applicable form or successor form) within 30 days of that change. If interest paid to a Non-U.S. Holder is not considered portfolio interest, then it will be subject to U.S. federal income and withholding tax at a rate of 30 percent, unless reduced or eliminated pursuant to an applicable tax treaty. In order to claim the benefit of any applicable tax treaty, the Non-U.S. Holder must provide the indenture trustee or other person who is required to withhold U.S. tax with respect to the notes with an appropriate statement (on Form W-8BEN or Form W-8BEN-E or other applicable form or successor form), signed under penalties of perjury, certifying that the Non-U.S. Holder is entitled to benefits under the treaty.

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of a note by a Non-U.S. Holder will be exempt from U.S. federal income and withholding tax, provided that (1) that gain is not effectively connected with the conduct of a U.S. trade or business by the Non-U.S. Holder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. Holder) and (2) in the case of an individual Non-U.S. Holder, the Non-U.S. Holder is not present in the United States for 183 days or more during the taxable year of disposition or certain other conditions are not met.

**Foreign Account Tax Compliance** 

Under Sections 1471 through 1474 of the Code ("**FATCA**"), withholding may be required on certain payments to holders of notes (including intermediaries) who do not provide certain information to the issuing entity or other applicable withholding agent, which may include the name, address, taxpayer identification number and

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certain other information with respect to direct and certain indirect U.S. Holders. If an amount in respect of U.S. withholding tax were to be deducted or withheld from interest payments on any notes as a result of a Holder's failure to comply with these rules or as a result of the presence in the payment chain of an intermediary that does not comply with these rules, neither the issuing entity nor any paying agent nor any other person would, pursuant to the terms of the notes, be required to pay additional amounts as a result of the deduction or withholding of such tax. As a result, Holders may receive less interest than expected. Certain countries have entered into, and other countries are expected to enter into, agreements with the United States to facilitate the type of information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that notes will be subject to the withholding described above, these agreements are expected to reduce the risk of the withholding for investors in (or indirectly holding notes through financial institutions in) those countries. If applicable, FATCA withholding applies to payments of U.S. source dividends, interest, and other fixed payments, and, under rules previously scheduled to take effect beginning January 1, 2019, to payments from the disposition of property producing such payments (e.g. notes). Treasury Regulations have been published in proposed form that eliminate withholding payments from such dispositions of such property. Pursuant to these proposed Treasury Regulations, the issuing entity and any withholding agent may rely on this change to FATCA withholding until the final Treasury Regulations are issued. Holders should consult their own tax advisers on how these rules may apply to payments they receive under the notes.

**Backup Withholding and Information Reporting** 

***U.S. Holders.*** Under current U.S. federal income tax law, backup withholding at specified rates and information reporting requirements may apply to payments of principal and interest (including OID) made to, and to the proceeds of sale before maturity by, certain noncorporate U.S. Holders of notes. Backup withholding will apply to a U.S. Holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. Holder fails to furnish its Taxpayer Identification Number ()"**TIN**") to the payor
in the manner required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. Holder furnishes an incorrect TIN and the payor is so notified by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payor is notified by the IRS that such U.S. Holder has failed to properly report payments of interest or
dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under certain circumstances, such U.S. Holder fails to certify, under penalties of perjury, that it has
furnished a correct TIN and has not been notified by the IRS that it is subject to backup withholding for failure to report interest or dividend payments.

Backup withholding does not apply with respect to payments made to certain exempt recipients, including corporations (within the meaning of Section 7701(a) of the Code), tax-exempt organizations or qualified pension and profit-sharing trusts.

Backup withholding is not an additional tax. Any amounts withheld from a payment under the backup withholding rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such U.S. Holder to a refund, provided that certain required information is furnished to the IRS.

U.S. Holders should consult their tax advisors regarding their qualification and eligibility for exemption from backup withholding, and the application of information reporting requirements, in their particular situations.

***Non-U.S. Holders.*** Backup withholding will not apply to payments of principal or interest (including OID) made by the issuing entity or its paying agent on a note if a Non-U.S. Holder has provided the required certification under penalties of perjury that it is not a U.S. Holder or has otherwise established an exemption (absent the issuing entity's actual knowledge or reason to know that the Non-U.S. Holder is actually a U.S. Holder). Backup withholding is not an additional tax. Any amounts withheld from a payment under the backup withholding rules will be allowed as a credit against a Non-U.S. Holder's U.S. federal income tax liability and may entitle such Non-U.S. Holder to a refund, provided that certain required information is furnished to the IRS.

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The issuing entity must report annually to the IRS on IRS Form 1042-S the amount of interest (including OID) paid on the notes and the amount of tax withheld with respect to those payments. Copies of the information returns reporting those interest payments and withholding may also be made available to the tax authorities in the country in which a Non-U.S. Holder resides under the provisions of an applicable income tax treaty. Information reporting may also apply to payments made outside the United States, and payments on the sale, exchange, retirement or other disposition of a note effected outside the United States, if payment is made by a payor that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a United States person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a controlled foreign corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. branch of a foreign bank or foreign insurance company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign partnership controlled by United States persons or engaged in a U.S. trade or business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign person, 50% or more of whose gross income is effectively connected with the conduct of a
U.S. trade or business for a specified three-year period,

but the payment will not be subject to backup withholding unless the payor has actual knowledge that the payee is a U.S. Holder and no exception to backup withholding is otherwise established.

Non-U.S. Holders should consult their tax advisors regarding their qualification and eligibility for exemption from backup withholding, and the application of information reporting requirements, including as impacted by FATCA, in their particular situations.

**Possible Alternative Treatments of the Notes and the Issuing Entity** 

Although, as discussed above, special federal tax counsel will issue an opinion as of the closing date to the issuing entity that, subject to the assumptions and qualifications therein, the notes (other than notes beneficially owned by the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes) will be characterized as debt for U.S. federal income tax purposes, and the issuing entity will not be characterized as an association (or a publicly traded partnership) taxable as a corporation, the IRS may take a contrary position. If the IRS were to contend successfully that any class of notes were not debt for U.S. federal income tax purposes, such notes might be treated as equity interests in the issuing entity. As a result, even if the depositor or other single person was the sole certificateholder of the issuing entity, the issuing entity would be considered to have multiple equity owners and might be classified for U.S. federal income tax purposes as an association taxable as a corporation or as a partnership. Additionally, even if all the notes are treated as debt for U.S. federal income tax purposes, but there is more than one person (and all such persons are not treated as the same person for U.S. federal income tax purposes) holding a certificate (or interest therein), the issuing entity may be considered to have multiple equity owners and might be classified for U.S. federal income tax purposes as an association taxable as a corporation or as a partnership.

A partnership is generally not subject to an entity level tax for U.S. federal income tax purposes, while an association or corporation is subject to an entity level tax. If the issuing entity were treated as a partnership (other than as a publicly traded partnership taxable as a corporation) and one or more classes of notes were treated as equity interests in that partnership, each item of income, gain, loss, deduction, and credit generated through the ownership of the 2025-B Series Certificate by the partnership would be passed through to the partners, including the affected Holders, according to their respective interests therein. Under current law, the income reportable by Holders as partners in such a partnership could differ from the income reportable by the Holders as holders of debt. Generally, such differences are not expected to be material; however, certain Holders may have adverse tax consequences. For example, cash basis Holders might be required to report income when it accrues to the partnership rather than when it is received by the Holders. Payments on the recharacterized notes would likely be treated as "guaranteed payments," in which case the amount and timing of income to a U.S. Holder would generally not be expected to materially differ from that which would be the case were the notes not recharacterized. On the other hand, if payments are not treated as "guaranteed payments," note that U.S. Holders would be taxed on the partnership income regardless of when distributions are made to them. Individual U.S. Holders are not entitled to

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deduct miscellaneous itemized deductions (which may include their share of partnership expenses). In addition, to the extent partnership expenses are treated as allocable to a trade or business, the amount or value of interest expense deductions available to the holders of equity interests in the issuing entity with respect to the issuing entity's interest expense may be limited under the rules of Section 163(j) of the Code. Any income allocated to a Holder that is a tax-exempt entity may constitute unrelated business taxable income because all or a portion of the issuing entity's taxable income may be considered debt-financed. The receipt of unrelated business taxable income by a tax-exempt holder could give rise to additional tax liability to such tax-exempt holder. Depending on the circumstances, a Non-U.S. Holder might be required to file a United States individual or corporate income tax return, as the case may be, and it is possible that (i) gross income allocated to such person may be subject to 30% withholding tax (i.e., unreduced by any interest deductions or other expenses) unless reduced or eliminated pursuant to an applicable tax treaty or (ii) such person may be subject to (x) tax (and withholding) on its allocable interest at regular U.S. rates and, in the case of a corporation, a 30% branch profits tax rate (unless reduced or eliminated pursuant to an applicable tax treaty) and (y) a withholding of tax on purchase price paid to it in the event of a disposition of the note (treated as a partnership interest).

In addition, as described above, the partnership audit rules apply to the audit of partnerships and entities treated as partnerships. As described above, the parties responsible for the tax administration of the issuing entity will have the authority to utilize, and intend to utilize, any exceptions available so that the issuing entity's equity holders, to the fullest extent possible, rather than the issuing entity itself, will be liable for any taxes arising from audit adjustments to the issuing entity's taxable income if the issuing entity is treated as a partnership. As such, holders of equity (including holders of notes recharacterized as equity) could be obligated to pay any such taxes and other costs, and may have to take the adjustment into account for the taxable year in which the adjustment is made rather than for the audited taxable year. Prospective investors are urged to consult with their tax advisors regarding the possible effect of these rules on them.

If, alternatively, the issuing entity were treated as either an association taxable as a corporation or a publicly traded partnership taxable as a corporation, the issuing entity would be subject to U.S. federal income taxes at corporate tax rates on its taxable income generated by ownership of the 2025-B Series Certificate. Moreover, distributions by the issuing entity to all or some of the Holders would probably not be deductible in computing the issuing entity's taxable income and all or part of the distributions to Holders would probably be treated as dividends. Such an entity-level tax could result in reduced distributions to Holders and adversely affect the issuing entity's ability to make payments of principal and interest with respect to the notes. To the extent distributions on such notes were treated as dividends, a Non-U.S. Holder would generally be subject to tax (and withholding) on the gross amount of such dividends at a rate of 30% unless reduced or eliminated pursuant to an applicable income tax treaty.

**State and Local Tax Considerations** 

The above discussion does not address the tax treatment of the issuing entity, notes, or Holders under any state or local tax laws. The activities to be undertaken by the servicer in servicing and collecting on the leases will take place throughout the United States and, therefore, many different state and local tax regimes potentially apply to different portions of these transactions. It is possible a state or local jurisdiction may assert its right to impose tax on the issuing entity with respect to its income related to receivables collected from customers located in such jurisdiction. It is also possible that a state may require that a certificateholder or a noteholder treated as an equity-owner (including non-resident certificateholders and noteholders) file state income tax returns with the state pertaining to receivables collected from customers located in such state (and may require withholding by the issuing entity on related income). Certain states have also recently enacted partnership audit rules that mirror or connect with the audit rules that now apply to partnerships for U.S. federal income tax purposes, and similar considerations apply to those state partnership audit rules as apply to the current federal partnership audit rules. Prospective investors are urged to consult with their tax advisors regarding the state and local tax treatment of the issuing entity as well as any state and local tax consequences for them of purchasing, holding and disposing of notes.

*The federal and state tax discussions set forth above are included for general information only and may not be applicable depending upon your particular tax situation. It is suggested that prospective investors consult their own tax advisors with respect to the tax consequences to them of the purchase, ownership and disposition of notes, including the tax consequences under state, local, foreign and other tax laws and the possible effects of changes in federal or other tax laws.* 

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**CERTAIN U.S. EMPLOYEE BENEFIT PLAN CONSIDERATIONS** 

Subject to the following discussion, the offered notes may be acquired with the assets of an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is subject to Title I of ERISA, a "plan" as defined in and subject to Section 4975 of the Code or an entity deemed to hold plan assets of the foregoing (each, a "**Benefit Plan Investor**"), as well as by governmental plans (as defined in Section 3(32) of ERISA) or other employee benefit plans or plans that are not subject to Title I of ERISA or Section 4975 of the Code and any entity deemed to hold plan assets of the foregoing (collectively, with Benefit Plan Investors, referred to as "**Plans**").

Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in certain transactions with persons that are "parties in interest" under ERISA or "disqualified persons" under the Code with respect to such Benefit Plan Investor. A violation of these "prohibited transaction" rules may result in an excise tax or other penalties and liabilities under ERISA and the Code for such persons or the fiduciaries of such Benefit Plan Investor. In addition, Title I of ERISA requires fiduciaries of a Benefit Plan Investor subject to ERISA to make investments that are prudent, diversified and in accordance with the governing plan documents. Certain Plans, such as governmental plans (as defined in Section 3(32) of ERISA), are not subject to the fiduciary and prohibited transaction provisions of ERISA or Section 4975 of the Code. However, such Plans may be subject to similar restrictions under applicable federal, state, local or other law ("**Similar Law**").

Certain transactions involving the issuing entity might be deemed to constitute prohibited transactions under ERISA and the Code with respect to a Benefit Plan Investor that acquired offered notes if assets of the issuing entity were deemed to be assets of the Benefit Plan Investor. Under a regulation issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA (the "**Plan Assets Regulation**"), the assets of the issuing entity would be treated as plan assets of a Benefit Plan Investor for the purposes of ERISA and the Code only if the Benefit Plan Investor acquired an "equity interest" in the issuing entity and none of the exceptions to plan assets contained in the Plan Assets Regulation was applicable. An equity interest is defined under the Plan Assets Regulation as an interest other than an instrument which is treated as indebtedness under applicable local law and which has no substantial equity features. Although there is little guidance on the subject, it is anticipated that, as of the closing date, the offered notes should be treated as indebtedness of the issuing entity without substantial equity features for purposes of the Plan Assets Regulation. This determination is based upon the traditional debt features of the offered notes, including the reasonable expectation of purchasers of offered notes that the offered notes will be repaid when due, traditional default remedies, as well as on the absence of conversion rights, warrants and other typical equity features. The debt treatment of the offered notes for ERISA purposes could change subsequent to their issuance if the issuing entity incurs losses. This risk of recharacterization is enhanced for offered notes which are subordinated to other classes of securities. In the event of a withdrawal or downgrade to below investment grade of the rating of the offered notes or a characterization of the offered notes as other than indebtedness under applicable local law, the subsequent acquisition of the offered notes or interest therein by a Benefit Plan Investor or Plan that is subject to Similar Law is prohibited.

However, without regard to whether the offered notes are treated as an equity interest in the issuing entity for purposes of the Plan Assets Regulation, the acquisition or holding of offered notes by or on behalf of a Benefit Plan Investor could be considered to give rise to a prohibited transaction if the issuing entity, the servicer, the sponsor, the trust administrator, the owner trustee, the depositor, the indenture trustee or any of their respective affiliates is or becomes a party in interest or a disqualified person with respect to such Benefit Plan Investor. Certain exemptions from the prohibited transaction rules could be applicable to the acquisition and holding of offered notes by a Benefit Plan Investor depending on the type and circumstances of the plan fiduciary making the decision to acquire such offered notes and the relationship of the party in interest or disqualified person to the Benefit Plan Investor. Included among these exemptions are: Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code for certain transactions between a Benefit Plan Investor and persons who are parties in interest or disqualified persons solely by reason of providing services to the Benefit Plan Investor or being affiliated with such service providers; Prohibited Transaction Class Exemption ("**PTCE**") 96-23, regarding transactions effected by "in-house asset managers;" PTCE 95-60, regarding investments by insurance company general accounts; PTCE 91-38, regarding investments by bank collective investment funds; PTCE 90-1, regarding investments by insurance company pooled separate accounts; and PTCE 84-14, regarding transactions effected by "qualified professional asset managers." Even if the conditions specified in one or more of these exemptions are met, the scope of the relief

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provided by these exemptions might or might not cover all acts which might be construed as prohibited transactions. There can be no assurance that any of these, or any other exemption, will be available with respect to any particular transaction involving the offered notes, and prospective purchasers that are Benefit Plan Investors should consult with their legal advisors regarding the applicability of any such exemption.

By acquiring an offered note (or interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) is deemed to represent and warrant that either (i) it is not acquiring the offered note (or interest therein) with the assets of a Benefit Plan Investor or Plan subject to Similar Law or (ii) the acquisition and holding of the offered note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law. Benefit Plan Investors and Plans that are subject to Similar Law may not acquire offered notes at any time that such offered notes do not have an investment grade rating from at least one NRSRO or if such offered notes have been characterized as other than indebtedness for applicable local law purposes.

A Plan fiduciary considering the acquisition of offered notes should consult its legal and financial advisors regarding the matters discussed above and other applicable legal requirements. Moreover, each fiduciary of a Benefit Plan Investor subject to Title I of ERISA should determine whether, under the general fiduciary standards of ERISA, an investment in the offered notes or an interest therein is appropriate for the Benefit Plan Investor, taking into account the overall investment policy of the Benefit Plan Investor and the composition of the Benefit Plan Investor's investment portfolio.

**UNDERWRITING** 

Subject to the terms and conditions set forth in the Underwriting Agreement (the "**Underwriting Agreement**"), the depositor has agreed to sell to each of the underwriters named below (collectively, the "**underwriters**"), and each of the underwriters has severally agreed to purchase, the principal amount of the notes, if and when issued, set forth opposite its name below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underwriter** | **Principal<br>Amount of<br>Class A-1<br>notes** | **Principal<br>Amount of<br>Class A-2a<br>notes** | **Principal<br>Amount of<br>Class A-2b<br>notes** | **Principal<br>Amount of<br>Class A-3 notes** | **Principal<br>Amount of<br>Class A-4<br>notes** |
|  Citigroup Global Markets Inc. | $33086000 | $74736000 | $64800000 | $139536000 | $22116000 |
|  BofA Securities, Inc. | $16542000 | $37368000 | $32400000 | $69768000 | $11058000 |
|  Mizuho Securities USA LLC | $16542000 | $37368000 | $32400000 | $69768000 | $11058000 |
|  MUFG Securities Americas Inc. | $16542000 | $37368000 | $32400000 | $69768000 | $11058000 |
|  BNP Paribas Securities Corp. | $2297000 | $5190000 | $4500000 | $9690000 | $1535000 |
|  Lloyds Securities Inc. | $2297000 | $5190000 | $4500000 | $9690000 | $1535000 |
|  U.S. Bancorp Investments, Inc. | $2297000 | $5190000 | $4500000 | $9690000 | $1535000 |
|  Wells Fargo Securities, LLC | $2297000 | $5190000 | $4500000 | $9690000 | $1535000 |
|  **Total** | $**91900000** | $**207600000** | $**180000000** | $**387600000** | $**61430000** |

---

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| | | |
|:---|:---|:---|
| **Underwriter** | **Principal Amount<br>of Class B notes** | **Principal Amount<br>of Class C notes** |
|  Citigroup Global Markets Inc. | $8444000 | $9425000 |
|  BofA Securities, Inc. | $8442000 | $9425000 |
|  Mizuho Securities USA LLC | $8442000 | $9425000 |
|  MUFG Securities Americas Inc. | $8442000 | $9425000 |
|  **Total** | $**33770000** | $**37700000** |

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In the Underwriting Agreement, the underwriters have severally and not jointly agreed, subject to the terms and conditions set forth in the Underwriting Agreement, to purchase all of the notes listed in the table above if any of the notes are purchased. This obligation of the underwriters is subject to specified conditions precedent set forth in the Underwriting Agreement. The depositor has been advised by the underwriters that they propose to initially offer the offered notes to the public at the offering prices set forth on the front cover of this prospectus and to certain dealers at these prices less the concessions and reallowance discounts set forth below:

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| | | |
|:---|:---|:---|
| **Class** | **Selling Concession<br>Not to Exceed** | **Reallowance Discount<br>Not to Exceed** |
|  Class A-1 Notes | 0.072% | 0.058% |
|  Class A-2a Notes | 0.108% | 0.086% |
|  Class A-2b Notes | 0.108% | 0.086% |
|  Class A-3 Notes | 0.150% | 0.120% |
|  Class A-4 Notes | 0.192% | 0.154% |
|  Class B Notes | 0.210% | 0.168% |
|  Class C Notes | 0.240% | 0.192% |

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After the initial public offering of the notes, the public offering price and those concessions may be changed. In the event of possible sales to affiliates, one or more of the underwriters may be required to forego a de minimis portion of the selling concession they would otherwise be entitled to receive.

Any retained notes will not be sold to the underwriters under the Underwriting Agreement. Subject to certain conditions, retained notes may be subsequently sold from time to time to purchasers directly by the depositor or through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from the depositor or the purchasers of the retained notes. If the retained notes are sold through underwriters or broker-dealers, the depositor will be responsible for underwriting discounts or commissions or agent's commissions. The retained notes may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale, varying prices determined at the time of sale or negotiated prices.

The depositor and NMAC have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments which the underwriters may be required to make in respect thereof. However, in the opinion of the SEC, certain indemnification provisions for liability arising under the federal securities laws are contrary to public policy and therefore unenforceable. In the ordinary course of their respective businesses, the underwriters and their respective affiliates have engaged and may engage in investment banking and/or commercial banking transactions with NMAC and its affiliates.

The notes are new issues of securities with no established trading markets. The depositor has been advised by certain underwriters that they intend to make a market in the notes of each class, in each case as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the notes of any class, and that market-making may be discontinued at any time without notice at the sole discretion of the underwriters. Accordingly, no assurance can be given as to the liquidity of, or trading markets for, the notes of any class.

The issuing entity may, from time to time, invest funds in the Accounts in Permitted Investments acquired from the underwriters.

NILT LLC may contribute all or any portion of the net proceeds of the sale of the 2025-B Series Certificate to the titling company so that the titling company may acquire additional leases, leased vehicles and other assets associated with such leases and leased vehicles and NILT LLC or its affiliates may apply all or any portion of the net proceeds of the sale of the 2025-B Series Certificate to the depositor to the repayment of indebtedness, including "warehouse" indebtedness secured by leases and/or to reallocate leases sold into a loan agreement facility. One or more of the underwriters (or (a) their respective affiliates or (b) entities for which their respective affiliates act as trust administrator and/or provide liquidity lines) may have acted as a "warehouse" lender or purchaser to NMAC or its affiliates, and may receive a portion of such proceeds as repayment of such "warehouse" indebtedness or as reallocation proceeds.

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Additionally, certain of the underwriters and their affiliates engage in transactions with and perform services for NMAC and its affiliates in the ordinary course of business and have engaged, and may in the future engage, in commercial banking and investment banking transactions with NMAC and its affiliates.

The underwriters have advised the depositor that in connection with the offering to the public of the notes purchased by the underwriters, the underwriters may engage in overallotment transactions, stabilizing transactions or syndicate covering transactions in accordance with Regulation M under the Exchange Act. Overallotment involves sales in excess of the offering size, which creates a short position for the underwriters. Stabilizing transactions involve bids to purchase the notes in the open market for the purpose of pegging, fixing or maintaining the price of the notes. Syndicate covering transactions involve purchases of the notes in the open market after the distribution has been completed in order to cover short positions. Overallotment, stabilizing transactions and syndicate covering transactions may cause the price of the notes to be higher than it would otherwise be in the absence of those transactions. Neither the depositor nor the underwriters makes any representation or prediction as to the direction or magnitude of any of that effect on the prices for the notes. Neither the depositor nor the underwriters represent that the underwriters will engage in any such transactions. If the underwriters engage in such transactions, they may discontinue them at any time. Rule 15c6-1 under the Exchange Act generally requires trades in the secondary market to settle in one Business Day, unless the parties to such trade expressly agree otherwise. Because delivery of notes to purchasers hereunder will settle more than one Business Day after the date hereof, purchasers hereunder who wish to trade notes in the secondary market on the date hereof will be required to specify an alternative settlement cycle with their secondary purchasers to prevent a failed settlement of the secondary purchase. Purchasers hereunder who wish to make such secondary trades on the date hereof are encouraged to consult their own advisors.

In connection with any sale of notes outside of the United States, the underwriters may act through one or more of their affiliates.

**Offering Restrictions** 

*United Kingdom* 

Each underwriter will represent and agree that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the United Kingdom. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "retail investor" means a person who is one (or more) of the following: (i) a
retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK law; or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to
implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK law; or (iii) not a qualified
investor as defined in the UK Prospectus Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

In addition, each underwriter will represent and agree that: (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to the issuing entity or the depositor; and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any notes in, from or otherwise involving the United Kingdom.

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*European Economic Area* 

Each underwriter will represent and agree that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the European Economic Area. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "retail investor" means a person who is one (or more) of the following: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II, (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II or (iii) not a qualified investor as defined in the EU Prospectus Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

**LEGAL INVESTMENT** 

**Money Market Investment** 

The Class A-1 notes will be structured to be "eligible securities" for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940, as amended. Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. It is the responsibility solely of the money market fund and its advisor to satisfy those requirements. Money market funds contemplating a purchase of the Class A-1 notes are encouraged to consult their counsel before making a purchase.

**Requirements for Certain European and UK Regulated Persons and Affiliates** 

Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitization and amending certain other EU directives and regulations, as amended (the "**EU Securitization Regulation**") is directly applicable in member states of the European Union ("**EU**") and will be applicable in any non-EU states of the European Economic Area ("**EEA**") in which it has been implemented.

The EU Securitization Regulation places certain due diligence conditions on investments in a "securitisation" (as defined in the EU Securitization Regulation) (the "**EU Due Diligence Requirements**") by an "institutional investor," defined to include (a) a credit institution or an investment firm as defined in and for purposes of Regulation (EU) No 575/2013, as amended, known as the Capital Requirements Regulation (the "**EU CRR**"), (b) an insurance undertaking or a reinsurance undertaking each as defined in Directive 2009/138/EC, as amended, known as Solvency II, (c) an alternative investment fund manager as defined in Directive 2011/61/EU that manages and/or markets alternative investment funds in the EU, (d) an undertaking for collective investment in transferable securities ("**UCITS**") management company, as defined in Directive 2009/65/EC, as amended, known as the UCITS Directive, or an internally managed UCITS, which is an investment company that is authorized in accordance with that Directive and has not designated such a management company for its management, and (e) with certain exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341, or an investment manager or an authorized entity appointed by such an institution for occupational retirement provision as provided in that Directive Pursuant to Article 14 of the EU CRR, the EU Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of institutions regulated under the EU CRR (such affiliates, together with all "institutional investors," the "**EU Affected Investors**").

EU Affected Investors should note that a legislative procedure is underway in the EU that is expected to result in the adoption of legislation which, if implemented in the terms currently proposed, would (amongst other things) amend certain aspects of the EU Investor Requirements. It is not currently known whether, when, or in what

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terms such proposed legislation will be implemented. Prospective investor in the notes that are EU Affected Investors should make its own assessment as to the implications (if any) of such proposed legislation.

None of NMAC, the depositor, the underwriters or any of their affiliates will retain or commit to retain a 5% material net economic interest with respect to the transaction described in this prospectus in accordance with the EU Securitization Regulation or makes or intends to make any representation or agreement that it or any other party is undertaking or will undertake to take or refrain from taking any action to facilitate or enable the compliance by EU Affected Investors with the EU Due Diligence Requirements, or to comply with the requirements of any other law or regulation now or hereafter in effect in the EU or any EEA member state, in relation to risk retention, due diligence and monitoring, credit granting standards or any other conditions with respect to investments in securitization transactions by EU Affected Investors. The arrangements as described in "*Credit Risk Retention*" in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation by any person.

Failure by an EU Affected Investor to comply with the EU Due Diligence Requirements with respect to an investment in the notes described in, and offered by, this prospectus may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being taken or imposed by the competent authority of such EU Affected Investor. The EU Due Diligence Requirements and any other changes to the regulation or regulatory treatment of the notes for some or all investors may negatively impact the regulatory position of an EU Affected Investor and have an adverse impact on the value and liquidity of the notes offered by this prospectus. Prospective investors should analyze their own legal and regulatory position, and are encouraged to consult with their own investment and legal advisors, regarding application of the EU Securitization Regulation, the EU Due Diligence Requirements and compliance with any other applicable regulations and the suitability of the offered notes for investment. The transaction described in this prospectus is structured in a way that is unlikely to allow EU Affected Investors to comply with the EU Due Diligence Requirements.

The framework for the regulation of securitization in the UK comprises (a) the Securitisation Regulations 2024, (b) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority, (c) the securitisation part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England and (d) relevant provisions of the FSMA (each as further amended, supplemented or replaced and, collectively, the "**UK Securitization Framework**").

The UK Securitization Framework places certain conditions (the "**UK Due Diligence Requirements**") on investments in a "securitisation" (as defined in the UK Securitization Framework) by an "institutional investor", defined in the UK Securitization Framework to include: (a) an insurance undertaking as defined in section 417(1) of the FSMA; (b) a reinsurance undertaking as defined in section 417(1) of the FSMA; (c) the trustees or managers of an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main administration in the UK, or a fund manager of such a scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized for the purposes of section 31 of the FSMA; (d) an AIFM as defined in regulation 4(1) of the Alternative Investment Fund Managers Regulations 2013 (as amended, the "**AIFM Regulations**") that has permission under the FSMA for managing an AIF (as defined in regulation 3 of the AIFM Regulations) and which markets or manages AIFs or a small registered UK AIFM, as defined in the AIFM Regulations; (e) a management company as defined in section 237(2) of the FSMA; (f) a UCITS as defined by section 236A of the FSMA, which is an authorized open ended investment company as defined in section 237(3) of the FSMA; (g) a CRR firm as defined by Article 4(1)(2A) of Regulation (EU) No 575/2013, as it forms part of UK law (as amended, the "**UK CRR**"); and (h) an FCA investment firm as defined by Article 4(1)(2AB) of the UK CRR. In addition, the UK CRR makes provision as to the application of the UK Due Diligence Requirements to investments by certain consolidated affiliates, wherever established or located, of entities that are subject to the UK CRR (such affiliates, together with all such institutional investors, "**UK Affected Investors**").

None of NMAC, the depositor, the underwriters or any of their affiliates will retain or commit to retain a 5% material net economic interest with respect to the transaction described in this prospectus in accordance with the UK Securitization Framework or makes or intends to make any representation or agreement that it or any other party is undertaking or will undertake to take or refrain from taking any action to facilitate or enable the compliance by

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UK Affected Investors with the UK Due Diligence Requirements, or to comply with the requirements of any other law or regulation now or hereafter in effect in the UK, in relation to risk retention, due diligence and monitoring, credit granting standards or any other conditions with respect to investments in securitization transactions by UK Affected Investors. The arrangements as described in "*Credit Risk Retention*" in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the UK Securitization Framework by any person.

Failure by a UK Affected Investor to comply with the UK Due Diligence Requirements with respect to an investment in the notes described in, and offered by, this prospectus may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being taken or imposed by the relevant regulatory authority of such UK Affected Investor. The UK Due Diligence Requirements and any other changes to the regulation or regulatory treatment of the notes for some or all investors may negatively impact the regulatory position of a UK Affected Investor and have an adverse impact on the value and liquidity of the notes offered by this prospectus. Prospective investors should analyze their own legal and regulatory position, and are encouraged to consult with their own investment and legal advisors, regarding application of the UK Securitization Framework, the UK Due Diligence Requirements and compliance with any other applicable regulations and the suitability of the offered notes for investment. The transaction described in this prospectus is structured in a way that is unlikely to allow UK Affected Investors to comply with the UK Due Diligence Requirements.

**LEGAL PROCEEDINGS** 

Other than as disclosed in this prospectus, no litigation or governmental proceeding is pending, or has been threatened, against NILT LLC, the depositor, the issuing entity, the indenture trustee, the owner trustee or the asset representations reviewer that is material to the noteholders.

NMAC and the titling company are parties to, and are vigorously defending, numerous legal proceedings, all of which NMAC and the titling company, as applicable, believe constitute ordinary routine litigation, incidental to the business and activities conducted by NMAC and the titling company. Some of the actions naming NMAC and/or the titling company are or purport to be class action suits. In the opinion of management of NMAC, the amount of ultimate liability on pending claims and actions as of the date of this prospectus should not have a material adverse effect on its condition, financial or otherwise, or on the titling company, the Titling Company Assets or the 2025-B Series. However, there can be no assurance in this regard or that future litigation will not adversely affect NMAC or the titling company. See "*Risk Factors—Risks related to the servicer and other transaction parties*—*You may experience losses on your notes if NMAC becomes the subject of legal proceedings or if the issuing entity or the titling company is held liable in any lawsuit by a lessee*" and "*Risk Factors—Risks related to the servicer and other transaction parties—Adverse Events with respect to NMAC, its affiliates or third-party service providers to whom NMAC outsources its activities may adversely affect the timing or amount of payments on your notes or may reduce the market value and/or liquidity of your notes*" in this prospectus.

**CERTAIN RELATIONSHIPS** 

The depositor is a wholly-owned subsidiary of NMAC. NILT LLC is the sole member of the titling company and the holder of the Unallocated Assets Series. The sole beneficiary of NILT LLC is NMAC. In addition to the agreements described in this prospectus and this prospectus, NMAC may from time to time enter into agreements in the ordinary course of business or that are on arms' length terms with NNA. The owner trustee and the indenture trustee are entities that NMAC or its affiliates may have other banking relationships with directly or with their affiliates in the ordinary course of their businesses. In some instances the owner trustee and the indenture trustee may be acting in similar capacities for asset-backed transactions of NMAC for similar or other asset types. Further, the indenture trustee and one of the underwriters, U.S. Bancorp Investments, Inc., are affiliates.

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**FORWARD-LOOKING STATEMENTS** 

This prospectus (including any related free writing prospectus prepared by us or on our behalf, if any) and the documents incorporated by reference herein contain forward-looking statements. In addition, certain statements made in future SEC filings by the sponsor, the issuing entity or the depositor, in press releases and in oral and written statements made by or with the sponsor's, the issuing entity's or the depositor's approval may constitute forward-looking statements. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements include those that discuss, among other things, outlook or other non-historical matters; projections, expenses, future cash flows; our expectations and intentions; and the assumptions that underlie these matters. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook," or other words of similar meaning. The sponsor, the issuing entity and the depositor have based these forward-looking statements on their current plans, estimates and projections, and you should not unduly rely on them.

Numerous factors could cause the return on your investment in the notes to differ materially from your expectations based on such forward-looking statements, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the characteristics, servicing and performance of the leases and related leased vehicles, which could result in
delays in payment or losses on your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the limited nature of the issuing entity's assets, which could result in delays in payment or losses on your
notes arising from shortfalls or delays in amounts available to make payments on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse events affecting the servicer or other transaction parties, which could result in losses on your notes or
reduce the market value or liquidity of your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of multiple classes of notes by the issuing entity or retention of notes by the depositor or its
affiliates, which may result in your notes being more sensitive to losses, being affected by conflicts of interest between classes and having reduced liquidity or voting power because of such retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain features of the notes and financial market disruptions, which may adversely affect the return on your
notes or the market value and liquidity of your notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors identified from time to time in our public disclosures, including in the reports that we file
with the SEC.

You should carefully consider the factors referred to above in evaluating these forward-looking statements.

When considering these forward-looking statements, you should keep in mind these risks, uncertainties and other cautionary statements made in this prospectus and in the documents incorporated by reference. See the factors set forth under the "*Risk Factors*" in this prospectus.

Future performance and actual results may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results and values are beyond the ability of the sponsor, the issuing entity or the depositor to control or predict. The forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and the sponsor, the issuing entity and the depositor do not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise.

**LEGAL MATTERS** 

Certain legal matters relating to the notes and U.S. federal income tax and other matters will be passed upon for the issuing entity, the depositor and the servicer by the general counsel of the servicer, Mayer Brown LLP and Richards, Layton & Finger, P.A. In addition, certain matters relating to the issuance of the notes will be passed upon for the underwriters by Orrick, Herrington & Sutcliffe LLP.

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**INDEX OF TERMS** 

Set forth below is a list of certain of the defined terms used in this prospectus and the pages on which the definitions may be found.

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| | |
|:---|:---|
|  10 percent shareholder | 155 |
|  100% Prepayment Assumption | 77 |
|  2020 NDAA | 148 |
|  2021 NDAA | 148 |
|  2022 NDAA | 148 |
|  2025-B Series | 7, 34 |
|  2025-B Series Assets | 34 |
|  2025-B series certificate | 7 |
|  2025-B Series Certificate | 34 |
|  25% Prepayment Assumption | 78 |
|  50% Prepayment Assumption | 78 |
|  60-Day Delinquent Leases | 125 |
|  AAA | 117 |
|  ABS | 77 |
|  account bank | 37 |
|  Accounts | 99 |
|  acquisition premium | 154 |
|  Administration Agreement | 136 |
|  Administrative Charges | 132 |
|  Aggregate Securitization Value | 63 |
|  ALG | 63 |
|  ALG Residual | 63 |
|  amortizable bond premium | 154 |
|  ASC 820 | 52 |
|  Asset Representations Review Agreement | 56 |
|  asset representations reviewer | 56 |
|  Asset Review | 127 |
|  asset-level data | 68 |
|  Available Funds | 101 |
|  Available Funds Shortfall Amount | 101 |
|  Base Residual | 63 |
|  Basic Documents | 35 |
|  Benchmark Administrator | 93 |
|  Benchmark Rate | 93 |
|  Benchmark Replacement | 93 |
|  Benchmark Replacement Adjustment | 93 |
|  Benchmark Replacement Conforming Changes | 93 |
|  Benchmark Replacement Date | 94 |
|  Benchmark Transition Event | 94 |
|  Beneficial Owner | 87 |
|  Benefit Plan Investor | 10, 159 |
|  Business Day | 89 |
|  calculation agent | 91 |
|  Casualty Termination | 58 |
|  Cede | iv, 85 |
|  Certificate Distribution Account | 99 |
|  certificate distribution amount | 105 |
|  certificateholders | 119 |
|  certificateholders | 34 |
|  certificates | 34 |
|  CFPB | 20, 147 |
|  CIDs | 149 |

---

---

| | |
|:---|:---|
|  Class A notes | 2 |
|  Class A-1 note balance | 96 |
|  Class A-2 notes | 2 |
|  Class A-2a note balance | 96 |
|  Class A-2b note balance | 96 |
|  Class A-3 note balance | 96 |
|  Class A-4 note balance | 97 |
|  Class B note balance | 97 |
|  Class C note balance | 97 |
|  Clayton | 56 |
|  Clearstream Banking Luxembourg | 86 |
|  closing date | 2, 34 |
|  Code | 10 |
|  Collection Period | 96 |
|  Collections | 128 |
|  Compounded SOFR | 91 |
|  Contingent and Excess Liability Insurance | 49 |
|  Contract Residual | 47, 63 |
|  controlling class | 2, 86 |
|  COVID-19 | 18 |
|  Credit Termination | 58 |
|  CRR | 163 |
|  cutoff date | 7, 36 |
|  Dealer | 55 |
|  defaulted lease | 63 |
|  Defaulted Vehicles | 124 |
|  definitive notes | 88 |
|  Delinquency Percentage | 125 |
|  Delinquency Trigger | 125 |
|  Deposit Date | 125 |
|  depositor | 1, 34 |
|  determination date | 101 |
|  direct participants | 87 |
|  Disposition Amount | 59 |
|  Disposition Expenses | 59 |
|  Distribution Accounts | 99 |
|  Dodd-Frank Act | 24, 142 |
|  DSTs | 39 |
|  DTC | iv, 85 |
|  DTCC | 87 |
|  Early Lease Termination | 58 |
|  Early Termination Charge | 59 |
|  Early Termination Purchase Option Price | 128 |
|  EEA | 163 |
|  Eligibility Representations | 124 |
|  ERISA | 10, 159 |
|  EU | 163 |
|  EU Affected Investors | 163 |
|  EU Due Diligence Requirements | 163 |
|  EU Prospectus Regulation | vi |
|  EU Qualified Investor | vi |
|  EU Securitization Regulation | 163 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  event of default | 6 |
|  Event of Default | 110 |
|  Excess Amounts | 99 |
|  Excess Mileage and Excess Wear and Tear Charges | 48 |
|  Exchange Act | 36 |
|  FATCA | 155 |
|  FDIC | 142 |
|  FDIC Counsel | 143 |
|  Final Scheduled Payment Date | 97 |
|  First Allocation of Principal | 4, 95 |
|  fixed rate notes | 2, 89 |
|  floating rate notes | 2, 89 |
|  FRBNY | 32, 91 |
|  FRBNY's Website | 91 |
|  FSMA | v |
|  FTC | 24 |
|  gross payoff | 48 |
|  hired rating agencies | 11 |
|  hired rating agency | 35 |
|  Holders | 151 |
|  IFS | 34 |
|  Indemnified Parties | 119 |
|  Indenture | 35 |
|  indenture trustee | 1, 35 |
|  indirect participants | 87 |
|  Initial Base Residual | 47 |
|  initial note balance | 34 |
|  insolvency laws | 137 |
|  Instituting Noteholders | 126 |
|  Insurance Expenses | 106 |
|  Insurance Proceeds | 60 |
|  interest period | 90 |
|  interest rate | 89 |
|  investors | 89 |
|  IRS | 150 |
|  ISDA Definitions | 94 |
|  ISDA Fallback Adjustment | 94 |
|  ISDA Fallback Rate | 94 |
|  issuing entity | 1, 34 |
|  issuing entity's property | 35 |
|  LCN | 48 |
|  Lease Maturity Date | 51 |
|  Lease Term | 58 |
|  leased vehicles | 34 |
|  leases | 34 |
|  Lemon Law | 147 |
|  Lessee Initiated Early Termination | 58 |
|  Liquidated Lease | 131 |
|  Liquidation Expenses | 131 |
|  Liquidation Proceeds | 107 |
|  Matured Vehicle | 106 |
|  member | 41 |
|  MIFID II | vi |
|  Monthly Early Termination Sale Proceeds | 128 |
|  Monthly Payment | 58 |

---

---

| | |
|:---|:---|
|  Monthly Payment Advance | 130 |
|  Monthly Remittance Condition | 129 |
|  Monthly Scheduled Termination Sale Proceeds | 128 |
|  MRAs | 149 |
|  MRM Residual | 63 |
|  MSRP | 47 |
|  NCMSLT Action | 39 |
|  Net Auction Proceeds | 107 |
|  Net Insurance Proceeds | 107 |
|  Net Liquidation Proceeds | 107 |
|  NMAC | iv, 34 |
|  NMAC Remarketing | 48 |
|  NML | 16 |
|  NNA | 16, 45 |
|  Non-U.S. Holder | 151 |
|  Non-U.S. Holders | 156 |
|  note balance | 97 |
|  Note Distribution Account | 99 |
|  note distribution amount | 105 |
|  Note Factor | 85 |
|  note owner | 85 |
|  Noteholder Direction | 126 |
|  noteholders | 34 |
|  Noteholders' Principal Carryover Shortfall | 96 |
|  notes | 2, 34 |
|  NRFM | 55 |
|  NRSRO | 29 |
|  offered notes | 2 |
|  OID | 31 |
|  OLA | 142 |
|  Optional Purchase | 107 |
|  Optional Purchase Price | 108 |
|  Order | v |
|  Other Series | 34 |
|  Other Series Assets | 121 |
|  Outstanding Amount | 129 |
|  owner | 145 |
|  owner trustee | 1, 35, 37 |
|  participants | 87 |
|  payment date | 3, 89 |
|  Payment Date Advance Reimbursement | 102 |
|  Payment Date Certificate | 105 |
|  Permitted Investments | 100 |
|  Plan Assets Regulation | 159 |
|  Plans | 10, 159 |
|  portfolio interest | 155 |
|  Prepayment Assumption | 77 |
|  PRIIPs Regulation | vi |
|  PTCE | 159 |
|  Public ABS Transaction | 50 |
|  Pull-Forward | 51 |
|  Pull-Forward Payment | 51 |
|  Rating Agency Condition | 44 |
|  record date | 3 |
|  Recoveries | 129 |
|  Redemption Price | 108 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  Reference Portfolios | 125 |
|  Reference Time | 94 |
|  Regular Allocation of Principal | 4, 96 |
|  Regulation RR | 11 |
|  Reimbursable Expenses | 98 |
|  Relevant Governmental Body | 94 |
|  Relevant Persons | v |
|  Relief Act | 19, 148 |
|  Remaining Net Auction Proceeds | 129 |
|  Remaining Payoffs | 129 |
|  Report | 149 |
|  Repurchase Payments | 51 |
|  requesting party | 117 |
|  Reserve Account | 99 |
|  Reserve Account Draw Amount | 103 |
|  reserve Account requirement | 9 |
|  Reserve Account Requirement | 99 |
|  Residual Value Loss | 107 |
|  Residual Value Surplus | 107 |
|  Review Expenses | 126 |
|  Review Notice | 126 |
|  Review Satisfaction Date | 125 |
|  RMBS | 38 |
|  RPM | 48 |
|  Rule 193 Information | 68 |
|  Sales Proceeds Advance | 130 |
|  SEC | iv, 36 |
|  Second Allocation of Principal | 4, 95 |
|  securities | 34 |
|  Securities Account Control Agreement | 37 |
|  Securitization Rate | 63 |
|  Securitization Value | 63 |
|  Securitized Financing | 97 |
|  Security Deposit | 60 |
|  securityholders | 34 |
|  Series Certificate Sale Agreement | 43 |
|  Series Certificate Transfer Agreement | 43 |
|  Series Collection Account | 98 |
|  Series Interest | 7 |
|  Series Supplement | 42 |
|  servicer default | 133 |
|  Servicing Agreement | 42 |
|  Servicing Fee | 108 |
|  Servicing Supplement | 42 |

---

---

| | |
|:---|:---|
|  Similar Law | 159 |
|  SOFR Adjustment Conforming Changes | 91 |
|  SOFR Adjustment Date | 91 |
|  SOFR Determination Time | 91 |
|  SOFR Rate | 91 |
|  sponsor | 1, 34 |
|  Student Loans | 39 |
|  Subject Leases | 126 |
|  Term Extension | 51 |
|  TIA | 39, 113 |
|  TIN | 156 |
|  titling company | 1, 34 |
|  titling company administrator | 40 |
|  Titling Company Agreement | 40 |
|  Titling Company Assets | 41 |
|  titling company registrar | 40 |
|  Titling Company Servicing Agreement | 40 |
|  Transportation Act | 26 |
|  trust administrator | 108 |
|  Trust Agreement | 35 |
|  trustees | 35 |
|  U.S. Bank | 38 |
|  U.S. Bank N.A. | 38 |
|  U.S. Bank Trust Co. | 38 |
|  U.S. Government Securities Business Day | 91 |
|  U.S. Holder | 151 |
|  U.S. Holders | 156 |
|  UCITS | 163 |
|  UK | v |
|  UK Affected Investors | 164 |
|  UK CRR | 164 |
|  UK Due Diligence Requirements | 164 |
|  UK PRIIPS Regulation | v |
|  UK Prospectus Regulation | v |
|  UK Qualified Investor | v |
|  UK Securitization Framework | 164 |
|  Unadjusted Benchmark Replacement | 95 |
|  Unallocated Assets Certificate | 34 |
|  Unallocated Assets Series | 34 |
|  underwriters | 160 |
|  Underwriting Agreement | 160 |
|  verification documents | 89 |
|  WTNA | 37 |

---

------

##### [**Table of Contents**](#toc)
**APPENDIX A** 

**STATIC POOL INFORMATION REGARDING CERTAIN PREVIOUS SECURITIZATIONS** 

**Characteristics of the Leases** 

The leases allocated to a series in each of NMAC's securitized portfolios consisted of leases originated by a dealer in such dealer's ordinary course of business and assigned to the titling company on or prior to the applicable Cutoff Date, in accordance with the underwriting procedures described under "*The Sponsor — Lease Underwriting Procedures*" in this prospectus. As of the relevant Cutoff Date, the leases in the securitized portfolios consisted of the following characteristics:

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2020-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 71794 |
|  Aggregate Securitization Value | $1506039779.14 |
|  Base Residual | $1033306050.45 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 36<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 25<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 11<sup>(2)</sup> |
|  Reserve Account Required Balance | $3765099.45 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 759 |
|  Cutoff Date | December 31, 2019 |
|  Discounted Base Residual as a % of Securitization Value | 59.13% |
|  Base Residual as a % of MSRP | 43.19% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 83.84% |
|  Infiniti | 16.16% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $20977.24 | $6408.31 | $79093.59 |
|  Base Residual | $14392.65 | $4442.10 | $64077.00 |
|  Seasoning (Months)<sup>(1)</sup> | 11<sup>(2)</sup> | 2 | 44 |
|  Remaining Term (Months) | 25<sup>(2)</sup> | 12 | 56 |
|  Original Term (Months) | 36<sup>(2)</sup> | 24 | 60 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** |
|  Rogue | 14737 | 20.53% | $269173655.30 | 17.87% |
|  Altima | 13501 | 18.81% | $255869846.08 | 16.99% |
|  Murano | 8711 | 12.13% | $230169212.10 | 15.28% |
|  Sentra | 13055 | 18.18% | $171868888.70 | 11.41% |
|  Pathfinder | 4747 | 6.61% | $113092515.89 | 7.51% |
|  QX60 | 3067 | 4.27% | $96740091.00 | 6.42% |
|  Q50 | 3591 | 5.00% | $93983339.95 | 6.24% |
|  Maxima | 3554 | 4.95% | $82958898.20 | 5.51% |
|  Titan | 1405 | 1.96% | $47233057.25 | 3.14% |
|  Armada | 1123 | 1.56% | $43166141.99 | 2.87% |
|  Frontier | 1123 | 1.56% | $26312311.42 | 1.75% |
|  Kicks | 1246 | 1.74% | $20801829.01 | 1.38% |
|  Q60 | 605 | 0.84% | $19006149.69 | 1.26% |
|  QX50 | 679 | 0.95% | $13519567.87 | 0.90% |
|  QX80 | 293 | 0.41% | $12276921.87 | 0.82% |
|  Q70 | 164 | 0.23% | $5110401.12 | 0.34% |
|  QX70 | 97 | 0.14% | $2664368.31 | 0.18% |
|  370Z | 24 | 0.03% | $712765.76 | 0.05% |
|  NV 200 | 32 | 0.04% | $644821.80 | 0.04% |
|  Versa | 34 | 0.05% | $480612.54 | 0.03% |
|  GT-R | 3 | 0.00%<sup>(2)</sup> | $217873.72 | 0.01% |
|  Juke | 3 | 0.00%<sup>(2)</sup> | $36509.57 | 0.00%<sup>(2)</sup> |
|  Total | 71794 | 100.00% | $1506039779.14 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 12789 | 17.81% | $252157075.45 | 16.74% |
|  New Jersey | 11691 | 16.28% | $233333706.48 | 15.49% |
|  Florida | 7914 | 11.02% | $168805529.82 | 11.21% |
|  California | 5226 | 7.28% | $110422181.26 | 7.33% |
|  Pennsylvania | 4461 | 6.21% | $91257036.71 | 6.06% |
|  Ohio | 3615 | 5.04% | $76850552.90 | 5.10% |
|  Texas | 3183 | 4.43% | $75354686.41 | 5.00% |
|  Massachusetts | 3002 | 4.18% | $61060667.28 | 4.05% |
|  Connecticut | 2571 | 3.58% | $52174339.06 | 3.46% |
|  Illinois | 1907 | 2.66% | $42794374.75 | 2.84% |
|  Minnesota | 1334 | 1.86% | $30524815.82 | 2.03% |
|  Michigan | 1361 | 1.90% | $28242176.14 | 1.88% |
|  Wisconsin | 940 | 1.31% | $20167072.05 | 1.34% |
|  New Hampshire | 912 | 1.27% | $18770252.16 | 1.25% |
|  Virginia | 743 | 1.03% | $16787432.43 | 1.11% |
|  Indiana | 754 | 1.05% | $16540988.20 | 1.10% |
|  North Carolina | 688 | 0.96% | $14910142.93 | 0.99% |
|  Colorado | 603 | 0.84% | $14376466.97 | 0.95% |
|  Georgia | 570 | 0.79% | $13151466.53 | 0.87% |
|  Maryland | 460 | 0.64% | $11337887.14 | 0.75% |
|  Arizona | 505 | 0.70% | $11262553.62 | 0.75% |
|  Nebraska | 506 | 0.70% | $11110228.44 | 0.74% |
|  Iowa | 465 | 0.65% | $11056506.06 | 0.73% |
|  Missouri | 475 | 0.66% | $10974208.11 | 0.73% |
|  Maine | 517 | 0.72% | $10202942.85 | 0.68% |
|  South Carolina | 451 | 0.63% | $10076285.54 | 0.67% |
|  Rhode Island | 440 | 0.61% | $8601999.28 | 0.57% |
|  Tennessee | 358 | 0.50% | $8312738.38 | 0.55% |
|  Kentucky | 374 | 0.52% | $8170184.71 | 0.54% |
|  Washington | 345 | 0.48% | $7665827.03 | 0.51% |
|  Utah | 283 | 0.39% | $6695474.47 | 0.44% |
|  Delaware | 226 | 0.31% | $4925870.02 | 0.33% |
|  Vermont | 250 | 0.35% | $4909949.72 | 0.33% |
|  Hawaii | 249 | 0.35% | $4856354.86 | 0.32% |
|  Louisiana | 208 | 0.29% | $4786023.81 | 0.32% |
|  Nevada | 212 | 0.30% | $4769754.84 | 0.32% |
|  Alabama | 177 | 0.25% | $4128290.71 | 0.27% |
|  North Dakota | 149 | 0.21% | $3840208.81 | 0.25% |
|  Oregon | 174 | 0.24% | $3551029.54 | 0.24% |
|  South Dakota | 116 | 0.16% | $3013507.00 | 0.20% |
|  Kansas | 119 | 0.17% | $2678580.71 | 0.18% |
|  West Virginia | 113 | 0.16% | $2542744.38 | 0.17% |
|  Oklahoma | 63 | 0.09% | $1689354.28 | 0.11% |
|  Mississippi | 68 | 0.09% | $1659169.95 | 0.11% |
|  Idaho | 61 | 0.08% | $1363760.87 | 0.09% |
|  Montana | 43 | 0.06% | $1135212.10 | 0.08% |
|  District of Columbia | 45 | 0.06% | $1082788.55 | 0.07% |
|  New Mexico | 30 | 0.04% | $754006.12 | 0.05% |
|  Arkansas | 23 | 0.03% | $571558.11 | 0.04% |
|  Wyoming | 21 | 0.03% | $543592.22 | 0.04% |
|  Alaska | 4 | 0.01% | $90223.56 | 0.01% |
|  Total | 71794 | 100.00% | $1506039779.14 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base<br>Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  1st quarter 2021 | 7469 | 10.40% | $135738257.42 | 9.01% | $109517069.95 | 10.60% |
|  2nd quarter 2021 | 9034 | 12.58% | $179119492.32 | 11.89% | $141491072.85 | 13.69% |
|  3rd quarter 2021 | 6063 | 8.44% | $120079427.56 | 7.97% | $92338821.05 | 8.94% |
|  4th quarter 2021 | 6159 | 8.58% | $122461434.99 | 8.13% | $87355559.95 | 8.45% |
|  1st quarter 2022 | 9277 | 12.92% | $180635477.91 | 11.99% | $121194559.90 | 11.73% |
|  2nd quarter 2022 | 10785 | 15.02% | $224609564.27 | 14.91% | $146465013.70 | 14.17% |
|  3rd quarter 2022 | 10196 | 14.20% | $227406662.23 | 15.10% | $142942450.05 | 13.83% |
|  4th quarter 2022 | 10020 | 13.96% | $226523940.22 | 15.04% | $138283227.15 | 13.38% |
|  1st quarter 2023 | 2406 | 3.35% | $79651246.18 | 5.29% | $49213248.55 | 4.76% |
|  2nd quarter 2023 | 10 | 0.01% | $347938.99 | 0.02% | $176127.05 | 0.02% |
|  3rd quarter 2023 | 11 | 0.02% | $247477.05 | 0.02% | $103913.50 | 0.01% |
|  4th quarter 2023 | 362 | 0.50% | $9108814.75 | 0.60% | $4190882.75 | 0.41% |
|  1st quarter 2024 | 0 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
|  2nd quarter 2024 | 0 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
|  3rd quarter 2024 | 2 | 0.00%<sup>(2)</sup> | $110045.25 | 0.01% | $34104.00 | 0.00%<sup>(2)</sup> |
|  Total | 71794 | 100.00% | $1506039779.14 | 100.00% | $1033306050.45 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2020-B** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 74289 |
|  Aggregate Securitization Value | $1526947713.40 |
|  Base Residual | $1061437542.77 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 37<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 25<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 11<sup>(2)(3)</sup> |
|  Reserve Account Required Balance | $7634738.57 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 760 |
|  Cutoff Date | August 31, 2020 |
|  Discounted Base Residual as a % of Securitization Value | 59.92% |
|  Base Residual as a % of MSRP | 43.82% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 85.55% |
|  Infiniti | 14.45% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $20554.16 | $7175.90 | $83772.90 |
|  Base Residual | $14287.95 | $3344.25 | $66553.20 |
|  Seasoning (Months)<sup>(1)</sup> | 11<sup>(2)(3)</sup> | 2 | 27 |
|  Remaining Term (Months) | 25<sup>(2)</sup> | 12 | 55 |
|  Original Term (Months) | 37<sup>(2)</sup> | 24 | 60 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

<sup>(3)</sup> The seasoning and weighted average remaining term may not add to the weighted average original term due to rounding.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** |
|  Rogue | 17586 | 23.67% | $319957827.70 | 20.95% |
|  Sentra | 19115 | 25.73% | $274450953.49 | 17.97% |
|  Murano | 6692 | 9.01% | $184082950.30 | 12.06% |
|  Altima | 8911 | 12.00% | $176091822.17 | 11.53% |
|  Pathfinder | 6482 | 8.73% | $157892085.17 | 10.34% |
|  Q50 | 4022 | 5.41% | $98558697.70 | 6.45% |
|  QX60 | 3338 | 4.49% | $94910128.25 | 6.22% |
|  Titan | 1502 | 2.02% | $49180214.05 | 3.22% |
|  Frontier | 2060 | 2.77% | $45450573.49 | 2.98% |
|  Maxima | 1713 | 2.31% | $44717419.48 | 2.93% |
|  Armada | 945 | 1.27% | $36490533.37 | 2.39% |
|  Kicks | 962 | 1.29% | $15603830.52 | 1.02% |
|  Q60 | 523 | 0.70% | $15324401.02 | 1.00% |
|  QX80 | 214 | 0.29% | $8485069.85 | 0.56% |
|  Q70 | 97 | 0.13% | $2815884.36 | 0.18% |
|  Other | 127 | 0.17% | $2935322.48 | 0.19% |
|  Total | 74289 | 100.00% | $1526947713.40 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 12251 | 16.49% | $225299007.64 | 14.75% |
|  New Jersey | 10760 | 14.48% | $219487023.03 | 14.37% |
|  Florida | 7841 | 10.55% | $166307224.19 | 10.89% |
|  California | 5822 | 7.84% | $119304458.61 | 7.81% |
|  Pennsylvania | 5364 | 7.22% | $107143066.93 | 7.02% |
|  Ohio | 4202 | 5.66% | $88538352.05 | 5.80% |
|  Texas | 3213 | 4.33% | $74956896.07 | 4.91% |
|  Massachusetts | 3505 | 4.72% | $69075372.13 | 4.52% |
|  Connecticut | 2926 | 3.94% | $57615726.41 | 3.77% |
|  Illinois | 2007 | 2.70% | $43820226.54 | 2.87% |
|  Michigan | 1377 | 1.85% | $28278928.97 | 1.85% |
|  Minnesota | 1243 | 1.67% | $27167021.82 | 1.78% |
|  New Hampshire | 1037 | 1.40% | $20981654.38 | 1.37% |
|  Wisconsin | 967 | 1.30% | $20361092.74 | 1.33% |
|  Indiana | 867 | 1.17% | $18893537.19 | 1.24% |
|  North Carolina | 761 | 1.02% | $16463491.06 | 1.08% |
|  Virginia | 702 | 0.94% | $15227629.73 | 1.00% |
|  Colorado | 555 | 0.75% | $13170780.60 | 0.86% |
|  Nebraska | 587 | 0.79% | $12837349.54 | 0.84% |
|  Missouri | 581 | 0.78% | $12816102.87 | 0.84% |
|  Maryland | 530 | 0.71% | $12739262.74 | 0.83% |
|  Arizona | 554 | 0.75% | $12383999.32 | 0.81% |
|  Georgia | 505 | 0.68% | $11457041.15 | 0.75% |
|  Iowa | 457 | 0.62% | $10803053.18 | 0.71% |
|  Tennessee | 488 | 0.66% | $10625940.13 | 0.70% |
|  Rhode Island | 529 | 0.71% | $10449832.61 | 0.68% |
|  Maine | 533 | 0.72% | $10424832.18 | 0.68% |
|  South Carolina | 446 | 0.60% | $9575813.64 | 0.63% |
|  Kentucky | 390 | 0.52% | $8261840.89 | 0.54% |
|  Washington | 377 | 0.51% | $8109902.33 | 0.53% |
|  Hawaii | 353 | 0.48% | $6742191.59 | 0.44% |
|  Utah | 260 | 0.35% | $5946711.71 | 0.39% |
|  Nevada | 246 | 0.33% | $5447555.93 | 0.36% |
|  Delaware | 257 | 0.35% | $5425275.11 | 0.36% |
|  Louisiana | 226 | 0.30% | $5028824.89 | 0.33% |
|  Vermont | 256 | 0.34% | $5008708.28 | 0.33% |
|  North Dakota | 178 | 0.24% | $4606074.73 | 0.30% |
|  Alabama | 165 | 0.22% | $3891598.43 | 0.25% |
|  West Virginia | 172 | 0.23% | $3877601.52 | 0.25% |
|  Oregon | 147 | 0.20% | $3063187.15 | 0.20% |
|  Kansas | 123 | 0.17% | $2598262.61 | 0.17% |
|  South Dakota | 94 | 0.13% | $2558706.45 | 0.17% |
|  Oklahoma | 78 | 0.10% | $1881516.31 | 0.12% |
|  Mississippi | 80 | 0.11% | $1858082.55 | 0.12% |
|  Idaho | 82 | 0.11% | $1757240.34 | 0.12% |
|  Montana | 53 | 0.07% | $1213830.59 | 0.08% |
|  District of Columbia | 42 | 0.06% | $1066164.28 | 0.07% |
|  New Mexico | 41 | 0.06% | $964360.36 | 0.06% |
|  Arkansas | 31 | 0.04% | $789090.74 | 0.05% |
|  Wyoming | 20 | 0.03% | $495615.62 | 0.03% |
|  Alaska | 8 | 0.01% | $150653.54 | 0.01% |
|  Total | 74289 | 100.00% | $1526947713.40 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of<br>Leases** | **Percentage of**<br>**Total<br>Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base<br>Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  3rd quarter 2021 | 800 | 1.08% | $13883415.07 | 0.91% | $11647900.85 | 1.10% |
|  4th quarter 2021 | 9881 | 13.30% | $181614294.34 | 11.89% | $144554074.20 | 13.62% |
|  1st quarter 2022 | 6026 | 8.11% | $114902923.56 | 7.53% | $90338738.98 | 8.51% |
|  2nd quarter 2022 | 9333 | 12.56% | $179489439.79 | 11.75% | $136519583.30 | 12.86% |
|  3rd quarter 2022 | 10338 | 13.92% | $210797703.12 | 13.81% | $148707150.50 | 14.01% |
|  4th quarter 2022 | 7640 | 10.28% | $158718665.96 | 10.39% | $107162618.94 | 10.10% |
|  1st quarter 2023 | 11468 | 15.44% | $238003885.26 | 15.59% | $156821070.00 | 14.77% |
|  2nd quarter 2023 | 10933 | 14.72% | $249741056.20 | 16.36% | $163314810.00 | 15.39% |
|  3rd quarter 2023 | 4478 | 6.03% | $102653018.97 | 6.72% | $65363376.85 | 6.16% |
|  4th quarter 2023 | 511 | 0.69% | $10749918.83 | 0.70% | $5126687.30 | 0.48% |
|  1st quarter 2024 | 2022 | 2.72% | $44863379.46 | 2.94% | $21848393.25 | 2.06% |
|  2nd quarter 2024 | 665 | 0.90% | $16382075.23 | 1.07% | $7745362.75 | 0.73% |
|  3rd quarter 2024 | 193 | 0.26% | $5106306.86 | 0.33% | $2270858.25 | 0.21% |
|  4th quarter 2024 | 0 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
|  1st quarter 2025 | 0 | 0.00% | $0.00 | 0.00% | $0.00 | 0.00% |
|  2nd quarter 2025 | 1 | 0.00%<sup>(2)</sup> | $41630.75 | 0.00%<sup>(2)</sup> | $16917.60 | 0.00%<sup>(2)</sup> |
|  Total | 74289 | 100.00% | $1526947713.40 | 100.00% | $1061437542.77 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2021-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 53900 |
|  Aggregate Securitization Value | $1197605445.04 |
|  Base Residual | $858511053.01 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 37<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 24<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 13<sup>(2)</sup> |
|  Reserve Account Required Balance | $2994013.61 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 759 |
|  Cutoff Date | September 30, 2021 |
|  Discounted Base Residual as a % of Securitization Value | 62.29% |
|  Base Residual as a % of MSRP | 46.93% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 83.45% |
|  Infiniti | 16.55% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $22219.02 | $8182.48 | $85076.03 |
|  Base Residual | $15927.85 | $4393.00 | $63024.00 |
|  Seasoning (Months)<sup>(1)</sup> | 13<sup>(2)</sup> | 3 | 48 |
|  Remaining Term (Months) | 24<sup>(2)</sup> | 12 | 47 |
|  Original Term (Months) | 37<sup>(2)</sup> | 24 | 60 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date<br>Securitization**<br>**Value<sup>(1)</sup>** |
|  Sentra | 13865 | 25.72% | $227368160.89 | 18.99% |
|  Rogue | 10377 | 19.25% | $205248837.53 | 17.14% |
|  Altima | 6991 | 12.97% | $135125104.99 | 11.28% |
|  Murano | 4384 | 8.13% | $117162560.94 | 9.78% |
|  Pathfinder | 4455 | 8.27% | $108425424.84 | 9.05% |
|  QX60 | 3572 | 6.63% | $99783478.27 | 8.33% |
|  Q50 | 2645 | 4.91% | $75067819.07 | 6.27% |
|  Frontier | 2244 | 4.16% | $56891217.48 | 4.75% |
|  Maxima | 1940 | 3.60% | $53723004.03 | 4.49% |
|  Titan | 1191 | 2.21% | $45628748.28 | 3.81% |
|  Armada | 839 | 1.56% | $35494360.63 | 2.96% |
|  Kicks | 769 | 1.43% | $13881833.71 | 1.16% |
|  Q60 | 374 | 0.69% | $12704913.15 | 1.06% |
|  QX80 | 227 | 0.42% | $10259154.03 | 0.86% |
|  Q70 | 14 | 0.03% | $403232.45 | 0.03% |
|  Other | 13 | 0.02% | $437594.75 | 0.04% |
|  Total | 53900 | 100.00% | $1197605445.04 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total<br>Number of<br>Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 8869 | 16.45% | $185139191.38 | 15.46% |
|  New Jersey | 8106 | 15.04% | $180849955.55 | 15.10% |
|  Florida | 6334 | 11.75% | $139035926.50 | 11.61% |
|  California | 3970 | 7.37% | $89096696.68 | 7.44% |
|  Pennsylvania | 3998 | 7.42% | $83737841.12 | 6.99% |
|  Ohio | 3070 | 5.70% | $68274901.12 | 5.70% |
|  Texas | 2251 | 4.18% | $58950360.97 | 4.92% |
|  Massachusetts | 2314 | 4.29% | $49375666.81 | 4.12% |
|  Connecticut | 2154 | 4.00% | $45838611.77 | 3.83% |
|  Illinois | 1443 | 2.68% | $32855342.79 | 2.74% |
|  Michigan | 991 | 1.84% | $21870862.68 | 1.83% |
|  Minnesota | 782 | 1.45% | $17764026.34 | 1.48% |
|  Wisconsin | 687 | 1.27% | $15289388.67 | 1.28% |
|  New Hampshire | 692 | 1.28% | $15038211.97 | 1.26% |
|  Indiana | 649 | 1.20% | $14622640.90 | 1.22% |
|  North Carolina | 574 | 1.06% | $13004651.08 | 1.09% |
|  Colorado | 462 | 0.86% | $12252454.44 | 1.02% |
|  Virginia | 461 | 0.86% | $10867921.50 | 0.91% |
|  Georgia | 392 | 0.73% | $9546781.04 | 0.80% |
|  Nebraska | 413 | 0.77% | $9375615.88 | 0.78% |
|  Missouri | 405 | 0.75% | $9337120.67 | 0.78% |
|  Maryland | 367 | 0.68% | $9110741.71 | 0.76% |
|  Arizona | 374 | 0.69% | $9018460.42 | 0.75% |
|  Rhode Island | 409 | 0.76% | $8757818.99 | 0.73% |
|  Maine | 364 | 0.68% | $7864508.95 | 0.66% |
|  South Carolina | 318 | 0.59% | $7555434.04 | 0.63% |
|  Iowa | 301 | 0.56% | $7260506.79 | 0.61% |
|  Tennessee | 287 | 0.53% | $7155848.61 | 0.60% |
|  Washington | 268 | 0.50% | $6598268.87 | 0.55% |
|  Kentucky | 227 | 0.42% | $5428925.35 | 0.45% |
|  Nevada | 192 | 0.36% | $4412916.65 | 0.37% |
|  Utah | 164 | 0.30% | $4177344.94 | 0.35% |
|  Hawaii | 188 | 0.35% | $4053778.29 | 0.34% |
|  Delaware | 183 | 0.34% | $3958106.56 | 0.33% |
|  Louisiana | 163 | 0.30% | $3890454.99 | 0.32% |
|  Vermont | 157 | 0.29% | $3332534.63 | 0.28% |
|  West Virginia | 123 | 0.23% | $2941818.75 | 0.25% |
|  Alabama | 115 | 0.21% | $2841768.47 | 0.24% |
|  North Dakota | 105 | 0.19% | $2722480.17 | 0.23% |
|  Oregon | 97 | 0.18% | $2249927.06 | 0.19% |
|  Kansas | 92 | 0.17% | $2225803.91 | 0.19% |
|  South Dakota | 68 | 0.13% | $1901102.34 | 0.16% |
|  Idaho | 71 | 0.13% | $1715785.50 | 0.14% |
|  Oklahoma | 53 | 0.10% | $1290535.45 | 0.11% |
|  Mississippi | 50 | 0.09% | $1284623.39 | 0.11% |
|  Montana | 44 | 0.08% | $1031768.14 | 0.09% |
|  New Mexico | 30 | 0.06% | $759935.32 | 0.06% |
|  District of Columbia | 28 | 0.05% | $677028.74 | 0.06% |
|  Arkansas | 25 | 0.05% | $668021.65 | 0.06% |
|  Wyoming | 19 | 0.04% | $563355.64 | 0.05% |
|  Alaska | 1 | 0.00%<sup>(3)</sup> | $31670.86 | 0.00%<sup>(3)</sup> |
|  Total | 53900 | 100.00% | $1197605445.04 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(3)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of<br>Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base**<br>**Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  4th quarter 2022 | 5175 | 9.60% | $112355595.08 | 9.38% | $94275979.12 | 10.98% |
|  1st quarter 2023 | 5549 | 10.29% | $118962896.64 | 9.93% | $96929979.65 | 11.29% |
|  2nd quarter 2023 | 6306 | 11.70% | $144352364.71 | 12.05% | $114238781.94 | 13.31% |
|  3rd quarter 2023 | 8536 | 15.84% | $183455232.21 | 15.32% | $135651292.49 | 15.80% |
|  4th quarter 2023 | 10474 | 19.43% | $216280836.13 | 18.06% | $151232601.30 | 17.62% |
|  1st quarter 2024 | 9472 | 17.57% | $201642030.97 | 16.84% | $132932096.61 | 15.48% |
|  2nd quarter 2024 | 4822 | 8.95% | $121605514.61 | 10.15% | $79116375.50 | 9.22% |
|  3rd quarter 2024 | 1707 | 3.17% | $46159300.68 | 3.85% | $27261071.10 | 3.18% |
|  4th quarter 2024 | 691 | 1.28% | $17376471.00 | 1.45% | $8896010.10 | 1.04% |
|  1st quarter 2025 | 381 | 0.71% | $10550463.74 | 0.88% | $5239564.75 | 0.61% |
|  2nd quarter 2025 | 549 | 1.02% | $17118424.01 | 1.43% | $8859910.20 | 1.03% |
|  3rd quarter 2025 | 238 | 0.44% | $7746315.26 | 0.65% | $3877390.25 | 0.45% |
|  Total | 53900 | 100.00% | $1197605445.04 | 100.00% | $858511053.01 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2022-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 48416 |
|  Aggregate Securitization Value | $1212135507.43 |
|  Base Residual | $877460886.06 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 37<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 25<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 12<sup>(2)</sup> |
|  Reserve Account Required Balance | $4848542.03 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 762 |
|  Cutoff Date | May 31, 2022 |
|  Discounted Base Residual as a % of Securitization Value | 62.71% |
|  Base Residual as a % of MSRP | 51.37% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 83.17% |
|  Infiniti | 16.83% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $25035.85 | $8850.89 | $83181.57 |
|  Base Residual | $18123.37 | $6112.00 | $53709.60 |
|  Seasoning (Months)<sup>(1)</sup> | 12<sup>(2)</sup> | 3 | 48 |
|  Remaining Term (Months) | 25<sup>(2)</sup> | 12 | 54 |
|  Original Term (Months) | 37<sup>(2)</sup> | 24 | 60 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** |
|  Rogue | 10568 | 21.83% | $232118649.81 | 19.15% |
|  Sentra | 9684 | 20.00% | $169256422.35 | 13.96% |
|  Altima | 7282 | 15.04% | $154945037.42 | 12.78% |
|  Pathfinder | 4076 | 8.42% | $124129335.46 | 10.24% |
|  Q50 | 3897 | 8.05% | $121164373.12 | 10.00% |
|  Frontier | 3310 | 6.84% | $103656679.16 | 8.55% |
|  Murano | 3387 | 7.00% | $99101205.62 | 8.18% |
|  QX60 | 1734 | 3.58% | $52259741.44 | 4.31% |
|  Titan | 1044 | 2.16% | $41069508.14 | 3.39% |
|  Maxima | 1429 | 2.95% | $39002378.51 | 3.22% |
|  Armada | 808 | 1.67% | $36354871.57 | 3.00% |
|  Q60 | 417 | 0.86% | $15769694.00 | 1.30% |
|  QX80 | 297 | 0.61% | $14769939.80 | 1.22% |
|  Kicks | 477 | 0.99% | $8279233.88 | 0.68% |
|  GT-R | 2 | 0.00%<sup>(2)</sup> | $145292.45 | 0.01% |
|  370Z | 4 | 0.01% | $113144.70 | 0.01% |
|  Total | 48416 | 100.00% | $1212135507.43 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 7385 | 15.25% | $181240514.34 | 14.95% |
|  New Jersey | 6160 | 12.72% | $148602575.89 | 12.26% |
|  Florida | 5887 | 12.16% | $144727243.25 | 11.94% |
|  California | 3948 | 8.15% | $100875692.88 | 8.32% |
|  Pennsylvania | 3523 | 7.28% | $83621111.10 | 6.90% |
|  Texas | 2346 | 4.85% | $67639646.17 | 5.58% |
|  Ohio | 2702 | 5.58% | $66148894.78 | 5.46% |
|  Massachusetts | 2294 | 4.74% | $54266642.98 | 4.48% |
|  Connecticut | 2099 | 4.34% | $49947279.23 | 4.12% |
|  Illinois | 1361 | 2.81% | $34513980.24 | 2.85% |
|  Michigan | 813 | 1.68% | $20318582.67 | 1.68% |
|  Minnesota | 699 | 1.44% | $17588543.63 | 1.45% |
|  Wisconsin | 677 | 1.40% | $16624938.91 | 1.37% |
|  New Hampshire | 653 | 1.35% | $15813021.84 | 1.30% |
|  Indiana | 579 | 1.20% | $14519484.20 | 1.20% |
|  North Carolina | 475 | 0.98% | $12677071.22 | 1.05% |
|  Missouri | 441 | 0.91% | $11965040.87 | 0.99% |
|  Colorado | 418 | 0.86% | $11934961.54 | 0.98% |
|  Virginia | 418 | 0.86% | $10931192.17 | 0.90% |
|  Arizona | 395 | 0.82% | $10373387.01 | 0.86% |
|  Georgia | 357 | 0.74% | $10023798.28 | 0.83% |
|  Rhode Island | 417 | 0.86% | $9835656.75 | 0.81% |
|  Maryland | 326 | 0.67% | $9164621.18 | 0.76% |
|  Nebraska | 355 | 0.73% | $8969211.65 | 0.74% |
|  Maine | 346 | 0.71% | $8754062.17 | 0.72% |
|  South Carolina | 325 | 0.67% | $8559475.03 | 0.71% |
|  Washington | 260 | 0.54% | $7519446.10 | 0.62% |
|  Kentucky | 261 | 0.54% | $7167687.85 | 0.59% |
|  Tennessee | 255 | 0.53% | $7160880.78 | 0.59% |
|  Iowa | 265 | 0.55% | $7136387.57 | 0.59% |
|  Hawaii | 184 | 0.38% | $4613296.57 | 0.38% |
|  Utah | 161 | 0.33% | $4581967.20 | 0.38% |
|  Nevada | 165 | 0.34% | $4348057.37 | 0.36% |
|  Vermont | 169 | 0.35% | $4261866.60 | 0.35% |
|  West Virginia | 153 | 0.32% | $4145722.05 | 0.34% |
|  Delaware | 170 | 0.35% | $4106828.87 | 0.34% |
|  Louisiana | 139 | 0.29% | $3983449.50 | 0.33% |
|  Kansas | 124 | 0.26% | $3500059.59 | 0.29% |
|  Alabama | 123 | 0.25% | $3465450.73 | 0.29% |
|  Oregon | 104 | 0.21% | $2656845.09 | 0.22% |
|  North Dakota | 89 | 0.18% | $2498209.96 | 0.21% |
|  South Dakota | 76 | 0.16% | $2230394.00 | 0.18% |
|  Idaho | 77 | 0.16% | $2208254.82 | 0.18% |
|  Oklahoma | 54 | 0.11% | $1590927.18 | 0.13% |
|  Mississippi | 47 | 0.10% | $1353619.36 | 0.11% |
|  Montana | 37 | 0.08% | $1102651.26 | 0.09% |
|  New Mexico | 35 | 0.07% | $1074023.18 | 0.09% |
|  District of Columbia | 34 | 0.07% | $808302.18 | 0.07% |
|  Arkansas | 24 | 0.05% | $659889.58 | 0.05% |
|  Wyoming | 9 | 0.02% | $260771.92 | 0.02% |
|  Alaska | 2 | 0.00%<sup>(3)</sup> | $63888.14 | 0.01% |
|  Total | 48416 | 100.00% | $1212135507.43 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(3)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base**<br>**Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  2nd quarter 2023 | 449 | 0.93% | $8991994.80 | 0.74% | $7856562.45 | 0.90% |
|  3rd quarter 2023 | 7306 | 15.09% | $150534280.85 | 12.42% | $126330077.62 | 14.40% |
|  4th quarter 2023 | 5685 | 11.74% | $129496630.74 | 10.68% | $105972000.70 | 12.08% |
|  1st quarter 2024 | 5905 | 12.20% | $140940339.95 | 11.63% | $110412582.19 | 12.58% |
|  2nd quarter 2024 | 5250 | 10.84% | $136312033.69 | 11.25% | $101468987.95 | 11.56% |
|  3rd quarter 2024 | 6946 | 14.35% | $189239387.66 | 15.61% | $134056301.45 | 15.28% |
|  4th quarter 2024 | 7202 | 14.88% | $188291086.06 | 15.53% | $126245227.35 | 14.39% |
|  1st quarter 2025 | 7182 | 14.83% | $193693123.21 | 15.98% | $124737374.55 | 14.22% |
|  2nd quarter 2025 | 791 | 1.63% | $24895871.67 | 2.05% | $15198724.30 | 1.73% |
|  3rd quarter 2025 | 849 | 1.75% | $25619098.55 | 2.11% | $13709445.60 | 1.56% |
|  4th quarter 2025 | 638 | 1.32% | $18277748.41 | 1.51% | $8929539.25 | 1.02% |
|  1st quarter 2026 | 212 | 0.44% | $5792001.01 | 0.48% | $2525608.10 | 0.29% |
|  2nd quarter 2026 | 1 | 0.00%<sup>(2)</sup> | $51910.83 | 0.00%<sup>(2)</sup> | $18454.55 | 0.00%<sup>(2)</sup> |
|  Total | 48416 | 100.00% | $1212135507.43 | 100.00% | $877460886.06 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2023-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 52483 |
|  Aggregate Securitization Value | $1383647800.02 |
|  Base Residual | $981707421.72 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 37<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 25<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 12<sup>(2)</sup> |
|  Reserve Account Required Balance | $5534591.20 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 763 |
|  Cutoff Date | December 31, 2022 |
|  Discounted Base Residual as a % of Securitization Value | 61.39% |
|  Base Residual as a % of MSRP | 53.00% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 82.48% |
|  Infiniti | 17.52% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $26363.73 | $8621.21 | $73597.48 |
|  Base Residual | $18705.25 | $6810.20 | $52309.00 |
|  Seasoning (Months)<sup>(1)</sup> | 12<sup>(2)</sup> | 4 | 34 |
|  Remaining Term (Months) | 25<sup>(2)</sup> | 14 | 44 |
|  Original Term (Months) | 37<sup>(2)</sup> | 18 | 48 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** |
|  Rogue | 13098 | 24.96% | $331854077.57 | 23.98% |
|  Altima | 10938 | 20.84% | $234025001.02 | 16.91% |
|  Sentra | 9728 | 18.54% | $167922432.01 | 12.14% |
|  Pathfinder | 4214 | 8.03% | $151151001.07 | 10.92% |
|  Q50 | 3517 | 6.70% | $112700105.85 | 8.15% |
|  Frontier | 3260 | 6.21% | $109316093.75 | 7.90% |
|  Murano | 3192 | 6.08% | $95182432.09 | 6.88% |
|  QX60 | 2124 | 4.05% | $91479907.90 | 6.61% |
|  Q60 | 656 | 1.25% | $25571623.61 | 1.85% |
|  Titan | 437 | 0.83% | $17130387.10 | 1.24% |
|  Armada | 360 | 0.69% | $16643837.77 | 1.20% |
|  Maxima | 581 | 1.11% | $16012277.82 | 1.16% |
|  QX80 | 256 | 0.49% | $12619502.71 | 0.91% |
|  Kicks | 122 | 0.23% | $2039119.75 | 0.15% |
|  Total | 52483 | 100.00% | $1383647800.02 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 8654 | 16.49% | $222112808.31 | 16.05% |
|  New Jersey | 8047 | 15.33% | $206486090.99 | 14.92% |
|  Florida | 4702 | 8.96% | $121460332.10 | 8.78% |
|  California | 4402 | 8.39% | $119031215.70 | 8.60% |
|  Pennsylvania | 3547 | 6.76% | $89162358.38 | 6.44% |
|  Texas | 2830 | 5.39% | $85537201.77 | 6.18% |
|  Ohio | 2540 | 4.84% | $64453374.30 | 4.66% |
|  Massachusetts | 2464 | 4.69% | $62367468.22 | 4.51% |
|  Connecticut | 2404 | 4.58% | $60427024.99 | 4.37% |
|  Illinois | 1417 | 2.70% | $38009418.72 | 2.75% |
|  Michigan | 820 | 1.56% | $22401962.17 | 1.62% |
|  Minnesota | 817 | 1.56% | $21903516.80 | 1.58% |
|  Wisconsin | 763 | 1.45% | $19791469.90 | 1.43% |
|  New Hampshire | 693 | 1.32% | $17651416.94 | 1.28% |
|  North Carolina | 590 | 1.12% | $15690845.17 | 1.13% |
|  Colorado | 486 | 0.93% | $14493853.12 | 1.05% |
|  Indiana | 536 | 1.02% | $14271421.58 | 1.03% |
|  Missouri | 466 | 0.89% | $13232253.74 | 0.96% |
|  Georgia | 431 | 0.82% | $12607651.51 | 0.91% |
|  Maryland | 407 | 0.78% | $12225345.46 | 0.88% |
|  Virginia | 414 | 0.79% | $11864315.43 | 0.86% |
|  Arizona | 422 | 0.80% | $11825173.00 | 0.85% |
|  Rhode Island | 464 | 0.88% | $11155443.19 | 0.81% |
|  Nebraska | 413 | 0.79% | $10909831.23 | 0.79% |
|  Maine | 387 | 0.74% | $10017415.93 | 0.72% |
|  South Carolina | 370 | 0.70% | $10007259.12 | 0.72% |
|  Iowa | 269 | 0.51% | $7631553.26 | 0.55% |
|  Tennessee | 271 | 0.52% | $7612036.19 | 0.55% |
|  Kentucky | 262 | 0.50% | $7043819.57 | 0.51% |
|  Washington | 208 | 0.40% | $6053868.94 | 0.44% |
|  Hawaii | 189 | 0.36% | $5045900.17 | 0.36% |
|  Alabama | 156 | 0.30% | $4758581.62 | 0.34% |
|  Louisiana | 152 | 0.29% | $4553759.98 | 0.33% |
|  Nevada | 166 | 0.32% | $4491800.21 | 0.32% |
|  Delaware | 163 | 0.31% | $4249789.57 | 0.31% |
|  Vermont | 162 | 0.31% | $4088307.78 | 0.30% |
|  Kansas | 140 | 0.27% | $3912606.89 | 0.28% |
|  West Virginia | 127 | 0.24% | $3390164.92 | 0.25% |
|  Utah | 109 | 0.21% | $3206016.80 | 0.23% |
|  North Dakota | 107 | 0.20% | $3071897.18 | 0.22% |
|  Oregon | 101 | 0.19% | $2797917.68 | 0.20% |
|  Idaho | 70 | 0.13% | $2109553.85 | 0.15% |
|  South Dakota | 64 | 0.12% | $1852281.48 | 0.13% |
|  Mississippi | 61 | 0.12% | $1821732.68 | 0.13% |
|  Oklahoma | 52 | 0.10% | $1616776.42 | 0.12% |
|  District of Columbia | 49 | 0.09% | $1509737.39 | 0.11% |
|  Montana | 42 | 0.08% | $1300618.80 | 0.09% |
|  New Mexico | 36 | 0.07% | $1111049.91 | 0.08% |
|  Arkansas | 22 | 0.04% | $709565.72 | 0.05% |
|  Wyoming | 14 | 0.03% | $452083.09 | 0.03% |
|  Alaska | 5 | 0.01% | $159912.15 | 0.01% |
|  Total | 52483 | 100.00% | $1383647800.02 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base**<br>**Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  1st quarter 2024 | 3057 | 5.82% | $61766318.78 | 4.46% | $52256197.30 | 5.32% |
|  2nd quarter 2024 | 8845 | 16.85% | $204264474.34 | 14.76% | $170265289.82 | 17.34% |
|  3rd quarter 2024 | 7093 | 13.51% | $177377567.27 | 12.82% | $142595990.55 | 14.53% |
|  4th quarter 2024 | 6240 | 11.89% | $151022566.74 | 10.91% | $108662246.17 | 11.07% |
|  1st quarter 2025 | 4961 | 9.45% | $131537050.42 | 9.51% | $90852340.50 | 9.25% |
|  2nd quarter 2025 | 8837 | 16.84% | $255758656.85 | 18.48% | $173362140.18 | 17.66% |
|  3rd quarter 2025 | 10090 | 19.23% | $291909387.86 | 21.10% | $185321894.45 | 18.88% |
|  4th quarter 2025 | 2169 | 4.13% | $64290455.86 | 4.65% | $35840376.10 | 3.65% |
|  1st quarter 2026 | 222 | 0.42% | $7282194.07 | 0.53% | $3789595.30 | 0.39% |
|  2nd quarter 2026 | 400 | 0.76% | $14592387.86 | 1.05% | $7332405.85 | 0.75% |
|  3rd quarter 2026 | 569 | 1.08% | $23846739.97 | 1.72% | $11428945.50 | 1.16% |
|  Total | 52483 | 100.00% | $1383647800.02 | 100.00% | $981707421.72 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2023-B** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 40232 |
|  Aggregate Securitization Value | $1220313316.15 |
|  Base Residual | $852574963.18 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 35<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 26<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 9<sup>(2)</sup> |
|  Reserve Account Required Balance | $4881253.26 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 767 |
|  Cutoff Date | June 30, 2023 |
|  Discounted Base Residual as a % of Securitization Value | 60.12% |
|  Base Residual as a % of MSRP | 52.83% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 71.28% |
|  Infiniti | 28.72% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $30331.91 | $10887.20 | $76586.55 |
|  Base Residual | $21191.46 | $6902.00 | $54498.00 |
|  Seasoning (Months)<sup>(1)</sup> | 9<sup>(2)</sup> | 2 | 34 |
|  Remaining Term (Months) | 26<sup>(2)</sup> | 14 | 46 |
|  Original Term (Months) | 35<sup>(2)</sup> | 18 | 48 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** |
|  Rogue | 13288 | 33.03% | $323253021.13 | 26.49% |
|  QX60 | 4681 | 11.64% | $220226018.93 | 18.05% |
|  Pathfinder | 4996 | 12.42% | $187937120.01 | 15.40% |
|  Altima | 5516 | 13.71% | $128849801.88 | 10.56% |
|  Frontier | 2323 | 5.77% | $81134436.36 | 6.65% |
|  Q50 | 2448 | 6.08% | $79752262.00 | 6.54% |
|  Sentra | 3751 | 9.32% | $72545745.12 | 5.94% |
|  Murano | 1406 | 3.49% | $45069870.89 | 3.69% |
|  QX80 | 654 | 1.63% | $34846869.98 | 2.86% |
|  Q60 | 402 | 1.00% | $15647112.73 | 1.28% |
|  Armada | 268 | 0.67% | $13974547.21 | 1.15% |
|  Maxima | 351 | 0.87% | $10928075.92 | 0.90% |
|  Titan | 144 | 0.36% | $6088046.55 | 0.50% |
|  Kicks | 4 | 0.01% | $60387.44 | 0.00%<sup>(2)</sup> |
|  Total | 40232 | 100.00% | $1220313316.15 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(2)</sup> Less than 0.005% but greater than 0.000%. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(2)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(2)</sup>** |
|  New York | 7709 | 19.16% | $223542608.81 | 18.32% |
|  Florida | 5084 | 12.64% | $157856366.94 | 12.94% |
|  New Jersey | 4519 | 11.23% | $135231282.92 | 11.08% |
|  California | 3120 | 7.76% | $99145591.44 | 8.12% |
|  Texas | 2631 | 6.54% | $95082756.12 | 7.79% |
|  Pennsylvania | 2332 | 5.80% | $65758189.05 | 5.39% |
|  Massachusetts | 1730 | 4.30% | $48263805.98 | 3.96% |
|  Ohio | 1651 | 4.10% | $45942280.71 | 3.76% |
|  Connecticut | 1532 | 3.81% | $42536700.04 | 3.49% |
|  Illinois | 1068 | 2.65% | $33516043.65 | 2.75% |
|  Michigan | 645 | 1.60% | $19268819.92 | 1.58% |
|  Minnesota | 561 | 1.39% | $16290926.79 | 1.33% |
|  North Carolina | 482 | 1.20% | $14914223.09 | 1.22% |
|  Wisconsin | 486 | 1.21% | $14058893.78 | 1.15% |
|  Georgia | 397 | 0.99% | $13866209.09 | 1.14% |
|  New Hampshire | 468 | 1.16% | $13360371.09 | 1.09% |
|  Maryland | 355 | 0.88% | $12953318.45 | 1.06% |
|  Missouri | 389 | 0.97% | $12328833.80 | 1.01% |
|  Indiana | 408 | 1.01% | $11852881.74 | 0.97% |
|  Colorado | 342 | 0.85% | $11247398.87 | 0.92% |
|  Virginia | 349 | 0.87% | $11206215.09 | 0.92% |
|  Arizona | 331 | 0.82% | $10308022.11 | 0.84% |
|  Nebraska | 325 | 0.81% | $9405591.33 | 0.77% |
|  South Carolina | 286 | 0.71% | $8979178.44 | 0.74% |
|  Tennessee | 268 | 0.67% | $8745599.94 | 0.72% |
|  Maine | 295 | 0.73% | $8366850.41 | 0.69% |
|  Washington | 234 | 0.58% | $7538055.67 | 0.62% |
|  Kentucky | 222 | 0.55% | $6871848.37 | 0.56% |
|  Rhode Island | 249 | 0.62% | $6834873.94 | 0.56% |
|  Iowa | 202 | 0.50% | $6175528.94 | 0.51% |
|  Louisiana | 130 | 0.32% | $4419997.86 | 0.36% |
|  Nevada | 137 | 0.34% | $4281451.79 | 0.35% |
|  Hawaii | 149 | 0.37% | $4216596.38 | 0.35% |
|  Alabama | 113 | 0.28% | $3977834.55 | 0.33% |
|  Delaware | 116 | 0.29% | $3398150.10 | 0.28% |
|  Vermont | 120 | 0.30% | $3290186.70 | 0.27% |
|  Kansas | 110 | 0.27% | $3159136.73 | 0.26% |
|  Utah | 97 | 0.24% | $3146086.80 | 0.26% |
|  West Virginia | 103 | 0.26% | $3136952.47 | 0.26% |
|  North Dakota | 80 | 0.20% | $2396335.88 | 0.20% |
|  Mississippi | 64 | 0.16% | $2249257.96 | 0.18% |
|  South Dakota | 59 | 0.15% | $1897421.23 | 0.16% |
|  Oklahoma | 50 | 0.12% | $1723849.38 | 0.14% |
|  Oregon | 58 | 0.14% | $1552207.37 | 0.13% |
|  Idaho | 49 | 0.12% | $1498614.37 | 0.12% |
|  District of Columbia | 34 | 0.08% | $1233969.94 | 0.10% |
|  Arkansas | 27 | 0.07% | $1031608.24 | 0.08% |
|  Montana | 31 | 0.08% | $997983.51 | 0.08% |
|  New Mexico | 21 | 0.05% | $763138.50 | 0.06% |
|  Wyoming | 10 | 0.02% | $372340.33 | 0.03% |
|  Alaska | 4 | 0.01% | $120929.54 | 0.01% |
|  Total | 40232 | 100.00% | $1220313316.15 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of**<br>**Total**<br>**Number of**<br>**Leases<sup>(1)</sup>** | **Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Percentage of**<br>**Aggregate**<br>**Cutoff Date**<br>**Securitization**<br>**Value<sup>(1)</sup>** | **Base**<br>**Residual<sup>(1)</sup>** | **Percentage of**<br>**Aggregate Base**<br>**Residual<sup>(1)</sup>** |
|  3rd quarter 2024 | 6398 | 15.90% | $159119795.93 | 13.04% | $132911288.40 | 15.59% |
|  4th quarter 2024 | 5615 | 13.96% | $150259938.74 | 12.31% | $122310154.20 | 14.35% |
|  1st quarter 2025 | 3233 | 8.04% | $93067638.55 | 7.63% | $72243026.38 | 8.47% |
|  2nd quarter 2025 | 3489 | 8.67% | $98765950.11 | 8.09% | $71548786.45 | 8.39% |
|  3rd quarter 2025 | 2443 | 6.07% | $68597841.99 | 5.62% | $44690540.00 | 5.24% |
|  4th quarter 2025 | 6733 | 16.74% | $208525328.06 | 17.09% | $135659068.00 | 15.91% |
|  1st quarter 2026 | 7936 | 19.73% | $275630629.64 | 22.59% | $176718027.70 | 20.73% |
|  2nd quarter 2026 | 3119 | 7.75% | $111428546.92 | 9.13% | $70197442.70 | 8.23% |
|  3rd quarter 2026 | 230 | 0.57% | $10006702.16 | 0.82% | $5135801.65 | 0.60% |
|  4th quarter 2026 | 620 | 1.54% | $25630740.45 | 2.10% | $12357815.25 | 1.45% |
|  1st quarter 2027 | 315 | 0.78% | $14731022.36 | 1.21% | $6749875.65 | 0.79% |
|  2nd quarter 2027 | 101 | 0.25% | $4549181.24 | 0.37% | $2053136.80 | 0.24% |
|  Total | 40232 | 100.00% | $1220313316.15 | 100.00% | $852574963.18 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2024-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 49776 |
|  Aggregate Securitization Value | $1560158172.56 |
|  Base Residual | $1056007904.87 |
|  Securitization Rate | 7.00% |
|  Weighted Average Original Term (Months) | 36<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 29<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1</sup><sup>)</sup> | 7<sup>(2)</sup> |
|  Reserve Account Required Balance | $6240632.69 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 767 |
|  Cutoff Date | December 31, 2023 |
|  Discounted Base Residual as a % of Securitization Value | 57.05% |
|  Base Residual as a % of MSRP | 52.90% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 74.97% |
|  Infiniti | 25.03% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $31343.58 | $14311.10 | $94482.33 |
|  Base Residual | $21215.20 | $9761.20 | $56303.00 |
|  Seasoning (Months)<sup>(1)</sup> | 7<sup>(2)</sup> | 2 | 34 |
|  Remaining Term (Months) | 29<sup>(2)</sup> | 14 | 46 |
|  Original Term (Months) | 36<sup>(2)</sup> | 18 | 48 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** |
|  Rogue | 17631 | 35.42% | $468699541.21 | 30.04% |
|  QX60 | 5654 | 11.36% | $262835904.26 | 16.85% |
|  Altima | 8487 | 17.05% | $211072988.31 | 13.53% |
|  Pathfinder | 5316 | 10.68% | $202818280.05 | 13.00% |
|  Sentra | 4830 | 9.70% | $103679788.75 | 6.65% |
|  Frontier | 2617 | 5.26% | $96994016.52 | 6.22% |
|  Q50 | 1966 | 3.95% | $71038720.22 | 4.55% |
|  Murano | 1737 | 3.49% | $58340843.76 | 3.74% |
|  QX80 | 775 | 1.56% | $51271532.52 | 3.29% |
|  Armada | 308 | 0.62% | $16121354.60 | 1.03% |
|  Maxima | 265 | 0.53% | $8729113.72 | 0.56% |
|  Q60 | 122 | 0.25% | $5317368.00 | 0.34% |
|  Titan | 68 | 0.14% | $3238720.64 | 0.21% |
|  Total | 49776 | 100.00% | $1560158172.56 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(2)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** |
|  New York | 11133 | 22.37% | $335480045.62 | 21.50% |
|  New Jersey | 6202 | 12.46% | $191385716.02 | 12.27% |
|  Florida | 5495 | 11.04% | $176327420.72 | 11.30% |
|  California | 3653 | 7.34% | $115540240.41 | 7.41% |
|  Texas | 2747 | 5.52% | $106173061.85 | 6.81% |
|  Pennsylvania | 2963 | 5.95% | $86057068.90 | 5.52% |
|  Ohio | 2221 | 4.46% | $66920969.09 | 4.29% |
|  Massachusetts | 2061 | 4.14% | $60727893.33 | 3.89% |
|  Connecticut | 1951 | 3.92% | $56389388.52 | 3.61% |
|  Illinois | 1258 | 2.53% | $39599537.92 | 2.54% |
|  Michigan | 746 | 1.50% | $23092987.63 | 1.48% |
|  Minnesota | 738 | 1.48% | $22499510.40 | 1.44% |
|  Wisconsin | 598 | 1.20% | $17963922.99 | 1.15% |
|  Georgia | 471 | 0.95% | $17403311.21 | 1.12% |
|  Indiana | 527 | 1.06% | $16344357.63 | 1.05% |
|  North Carolina | 486 | 0.98% | $15954014.42 | 1.02% |
|  New Hampshire | 510 | 1.02% | $15395312.70 | 0.99% |
|  Maryland | 386 | 0.78% | $14995456.89 | 0.96% |
|  Missouri | 424 | 0.85% | $13668157.75 | 0.88% |
|  Colorado | 402 | 0.81% | $13630069.38 | 0.87% |
|  Virginia | 380 | 0.76% | $12322013.81 | 0.79% |
|  Arizona | 378 | 0.76% | $12218255.28 | 0.78% |
|  Nebraska | 356 | 0.72% | $10579413.34 | 0.68% |
|  Tennessee | 296 | 0.59% | $10046445.95 | 0.64% |
|  Maine | 332 | 0.67% | $9953122.35 | 0.64% |
|  South Carolina | 294 | 0.59% | $9880910.99 | 0.63% |
|  Kentucky | 266 | 0.53% | $8541231.22 | 0.55% |
|  Rhode Island | 283 | 0.57% | $8413121.97 | 0.54% |
|  Iowa | 234 | 0.47% | $7505646.18 | 0.48% |
|  Washington | 209 | 0.42% | $7091799.92 | 0.45% |
|  Vermont | 169 | 0.34% | $5189332.18 | 0.33% |
|  Louisiana | 136 | 0.27% | $5055828.32 | 0.32% |
|  Nevada | 153 | 0.31% | $4815556.84 | 0.31% |
|  Delaware | 155 | 0.31% | $4630747.35 | 0.30% |
|  West Virginia | 145 | 0.29% | $4544420.98 | 0.29% |
|  North Dakota | 131 | 0.26% | $4036249.68 | 0.26% |
|  Alabama | 103 | 0.21% | $3938124.76 | 0.25% |
|  Utah | 118 | 0.24% | $3921915.49 | 0.25% |
|  Hawaii | 117 | 0.24% | $3490584.74 | 0.22% |
|  Kansas | 102 | 0.20% | $3074125.87 | 0.20% |
|  Mississippi | 73 | 0.15% | $2674621.95 | 0.17% |
|  South Dakota | 72 | 0.14% | $2304044.47 | 0.15% |
|  Oregon | 72 | 0.14% | $2248823.17 | 0.14% |
|  Idaho | 64 | 0.13% | $2014570.22 | 0.13% |
|  Oklahoma | 46 | 0.09% | $1745891.38 | 0.11% |
|  District of Columbia | 41 | 0.08% | $1602340.62 | 0.10% |
|  Montana | 28 | 0.06% | $885420.58 | 0.06% |
|  New Mexico | 22 | 0.04% | $851774.30 | 0.05% |
|  Arkansas | 17 | 0.03% | $638192.60 | 0.04% |
|  Wyoming | 9 | 0.02% | $299500.86 | 0.02% |
|  Alaska | 3 | 0.01% | $95701.81 | 0.01% |
|  Total | 49776 | 100.00% | $1560158172.56 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Base<br>Residual<sup>(1)</sup>** | **Percentage of<br>Aggregate Base<br>Residual<sup>(1)</sup>** |
|  1st quarter 2025 | 337 | 0.68% | $8732829.94 | 0.56% | $6993456.90 | 0.66% |
|  2nd quarter 2025 | 1610 | 3.23% | $50823701.21 | 3.26% | $43291132.20 | 4.10% |
|  3rd quarter 2025 | 512 | 1.03% | $15619101.74 | 1.00% | $11945938.35 | 1.13% |
|  4th quarter 2025 | 5227 | 10.50% | $137928476.59 | 8.84% | $101221781.85 | 9.59% |
|  1st quarter 2026 | 5461 | 10.97% | $149324613.53 | 9.57% | $104857719.40 | 9.93% |
|  2nd quarter 2026 | 15236 | 30.61% | $468021021.08 | 30.00% | $321906741.85 | 30.48% |
|  3rd quarter 2026 | 10937 | 21.97% | $356501222.39 | 22.85% | $232784541.37 | 22.04% |
|  4th quarter 2026 | 9648 | 19.38% | $333235777.13 | 21.36% | $214155139.55 | 20.28% |
|  1st quarter 2027 | 83 | 0.17% | $4766589.95 | 0.31% | $2388890.20 | 0.23% |
|  2nd quarter 2027 | 321 | 0.64% | $15185436.92 | 0.97% | $7374296.30 | 0.70% |
|  3rd quarter 2027 | 248 | 0.50% | $11959980.56 | 0.77% | $5479780.15 | 0.52% |
|  4th quarter 2027 | 156 | 0.31% | $8059421.52 | 0.52% | $3608486.75 | 0.34% |
|  Total | 49776 | 100.00% | $1560158172.56 | 100.00% | $1056007904.87 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2024-B** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 46722 |
|  Aggregate Securitization Value | $1383314271.99 |
|  Base Residual | $978929027.00 |
|  Securitization Rate | 10.00% |
|  Weighted Average Original Term (Months) | 36<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 30<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 6<sup>(2)</sup> |
|  Reserve Account Required Balance | $5533257.09 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 761 |
|  Cutoff Date | June 30, 2024 |
|  Discounted Base Residual as a % of Securitization Value | 54.70% |
|  Base Residual as a % of MSRP | 52.51% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 79.7% |
|  Infiniti | 20.3% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $29607.34 | $13337.30 | $89368.14 |
|  Base Residual | $20952.21 | $9724.00 | $54634.00 |
|  Seasoning (Months)<sup>(1)</sup> | 6<sup>(2)</sup> | 2 | 32 |
|  Remaining Term (Months) | 30<sup>(2)</sup> | 14 | 46 |
|  Original Term (Months) | 36<sup>(2)</sup> | 24 | 48 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** |
|  Rogue | 16209 | 34.69% | $432264606.31 | 31.25% |
|  QX60 | 4828 | 10.33% | $207474926.00 | 15.00% |
|  Altima | 7433 | 15.91% | $179046259.39 | 12.94% |
|  Pathfinder | 6166 | 13.20% | $216389598.26 | 15.64% |
|  Sentra | 5810 | 12.44% | $118690401.79 | 8.58% |
|  Frontier | 3014 | 6.45% | $100064015.27 | 7.23% |
|  Q50 | 1231 | 2.63% | $43709979.34 | 3.16% |
|  Murano | 1139 | 2.44% | $37652101.53 | 2.72% |
|  QX80 | 476 | 1.02% | $29584949.30 | 2.14% |
|  Armada | 285 | 0.61% | $13619582.64 | 0.98% |
|  Maxima | 74 | 0.16% | $2284429.11 | 0.17% |
|  Titan | 57 | 0.12% | $2533423.05 | 0.18% |
|  Total | 46722 | 100.00% | $1383314271.99 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(2)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** |
|  New York | 10161 | 21.75% | $295240672.94 | 21.34% |
|  New Jersey | 5885 | 12.60% | $173143648.60 | 12.52% |
|  Florida | 5593 | 11.97% | $165837279.56 | 11.99% |
|  California | 3575 | 7.65% | $104887528.36 | 7.58% |
|  Texas | 2429 | 5.20% | $85903431.14 | 6.21% |
|  Pennsylvania | 2732 | 5.85% | $76968657.66 | 5.56% |
|  Ohio | 2237 | 4.79% | $63605412.57 | 4.60% |
|  Massachusetts | 1699 | 3.64% | $48110997.79 | 3.48% |
|  Connecticut | 1708 | 3.66% | $47579092.44 | 3.44% |
|  Illinois | 1230 | 2.63% | $36347759.67 | 2.63% |
|  Michigan | 750 | 1.61% | $21468296.99 | 1.55% |
|  Minnesota | 654 | 1.40% | $19127966.88 | 1.38% |
|  Wisconsin | 645 | 1.38% | $18130307.58 | 1.31% |
|  North Carolina | 503 | 1.08% | $15567905.53 | 1.13% |
|  Georgia | 452 | 0.97% | $14763954.24 | 1.07% |
|  New Hampshire | 493 | 1.06% | $14316460.57 | 1.03% |
|  Indiana | 472 | 1.01% | $13714702.59 | 0.99% |
|  Missouri | 389 | 0.83% | $11740689.70 | 0.85% |
|  Colorado | 364 | 0.78% | $11812310.53 | 0.85% |
|  Virginia | 326 | 0.70% | $10170994.62 | 0.74% |
|  Nebraska | 346 | 0.74% | $9934840.71 | 0.72% |
|  Maine | 324 | 0.69% | $9477846.93 | 0.69% |
|  Maryland | 267 | 0.57% | $9050192.28 | 0.65% |
|  Arizona | 291 | 0.62% | $9027329.17 | 0.65% |
|  South Carolina | 296 | 0.63% | $8918879.48 | 0.64% |
|  Rhode Island | 307 | 0.66% | $8324579.84 | 0.60% |
|  Tennessee | 250 | 0.54% | $8042979.25 | 0.58% |
|  Kentucky | 263 | 0.56% | $8024203.17 | 0.58% |
|  Iowa | 201 | 0.43% | $6122864.55 | 0.44% |
|  Vermont | 179 | 0.38% | $5261360.60 | 0.38% |
|  Washington | 161 | 0.34% | $5049522.95 | 0.37% |
|  Louisiana | 148 | 0.32% | $5069902.54 | 0.37% |
|  Nevada | 167 | 0.36% | $4842734.99 | 0.35% |
|  Utah | 133 | 0.28% | $4231769.61 | 0.31% |
|  Delaware | 135 | 0.29% | $3927633.61 | 0.28% |
|  North Dakota | 128 | 0.27% | $3863672.42 | 0.28% |
|  Hawaii | 132 | 0.28% | $3836771.91 | 0.28% |
|  Alabama | 102 | 0.22% | $3554586.83 | 0.26% |
|  West Virginia | 116 | 0.25% | $3437470.02 | 0.25% |
|  Kansas | 83 | 0.18% | $2475977.26 | 0.18% |
|  Mississippi | 66 | 0.14% | $1969844.17 | 0.14% |
|  Idaho | 64 | 0.14% | $1953802.48 | 0.14% |
|  Oregon | 60 | 0.13% | $1781405.78 | 0.13% |
|  South Dakota | 57 | 0.12% | $1719868.20 | 0.12% |
|  Oklahoma | 40 | 0.09% | $1495118.92 | 0.11% |
|  District of Columbia | 27 | 0.06% | $828586.28 | 0.06% |
|  Montana | 22 | 0.05% | $681574.48 | 0.05% |
|  New Mexico | 23 | 0.05% | $755941.47 | 0.05% |
|  Arkansas | 17 | 0.04% | $597753.09 | 0.04% |
|  Wyoming | 18 | 0.04% | $557768.30 | 0.04% |
|  Alaska | 2 | 0.00%<sup>(3)</sup> | $59420.74 | 0.00%<sup>(3)</sup> |
|  Total | 46722 | 100.00% | $1383314271.99 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding. 

<sup>(3)</sup> Less than 0.005%, greater than 0.000% 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Base<br>Residual<sup>(1)</sup>** | **Percentage of<br>Aggregate Base<br>Residual<sup>(1)</sup>** |
|  3rd quarter 2025 | 3 | 0.01% | $76478.41 | 0.01% | $64828.00 | 0.01% |
|  4th quarter 2025 | 376 | 0.80% | $10055069.81 | 0.73% | $8235590.45 | 0.84% |
|  1st quarter 2026 | 372 | 0.80% | $10016470.47 | 0.72% | $7863129.30 | 0.80% |
|  2nd quarter 2026 | 3924 | 8.40% | $101879481.03 | 7.36% | $77382484.85 | 7.90% |
|  3rd quarter 2026 | 4372 | 9.36% | $116524397.36 | 8.42% | $85212596.95 | 8.70% |
|  4th quarter 2026 | 7889 | 16.88% | $232678647.73 | 16.82% | $165314616.65 | 16.89% |
|  1st quarter 2027 | 14644 | 31.34% | $458797719.61 | 33.17% | $322159033.10 | 32.91% |
|  2nd quarter 2027 | 14629 | 31.31% | $432744017.87 | 31.28% | $302223233.45 | 30.87% |
|  3rd quarter 2027 | 128 | 0.27% | $3114634.06 | 0.23% | $1939245.65 | 0.20% |
|  4th quarter 2027 | 123 | 0.26% | $5278822.78 | 0.38% | $2695748.75 | 0.28% |
|  1st quarter 2028 | 176 | 0.38% | $7980253.25 | 0.58% | $3897508.15 | 0.40% |
|  2nd quarter 2028 | 86 | 0.18% | $4168279.61 | 0.30% | $1941011.70 | 0.20% |
|  Total | 46722 | 100.00% | $1383314271.99 | 100.00% | $978929027.00 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Lease Static Pool Statistics - 2025-A** 

---

| | |
|:---|:---|
|  Original Pool Characteristics as of the Cutoff Date |  |
|  Number of Leases | 60727 |
|  Aggregate Securitization Value | $1685521038.56 |
|  Base Residual | $1208651148.03 |
|  Securitization Rate | 10.00% |
|  Weighted Average Original Term (Months) | 36<sup>(2)</sup> |
|  Weighted Average Remaining Term (Months) | 29<sup>(2)</sup> |
|  Seasoning (Months)<sup>(1)</sup> | 7<sup>(2)</sup> |
|  Reserve Account Required Balance | $6742084.15 |
|  Range of FICO Scores | 600 to 900 |
|  Weighted Average FICO Score<sup>(2)</sup> | 766 |
|  Cutoff Date | December 31, 2024 |
|  Discounted Base Residual as a % of Securitization Value | 55.99% |
|  Base Residual as a % of MSRP | 50.13% |

---

**Percentage of Securitization Value Financed through Nissan or Infiniti Dealers** 

---

| | |
|:---|:---|
|  Nissan | 79.55% |
|  Infiniti | 20.45% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Average** | **Minimum** | **Maximum** |
|  Securitization Value | $27755.71 | $13119.62 | $127633.38 |
|  Base Residual | $19903.03 | $9827.40 | $68686.00 |
|  Seasoning (Months)<sup>(1)</sup> | 7<sup>(2)</sup> | 2 | 34 |
|  Remaining Term (Months) | 29<sup>(2)</sup> | 14 | 46 |
|  Original Term (Months) | 36<sup>(2)</sup> | 24 | 48 |

---

<sup>(1)</sup> Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

<sup>(2)</sup> Weighted average by Securitization Value as of the Cutoff Date.

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Vehicle Type** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Type** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** |
|  Rogue | 19772 | 32.56% | $468730291.49 | 27.81% |
|  QX60 | 6124 | 10.08% | $253504185.69 | 15.04% |
|  Pathfinder | 6811 | 11.22% | $226371598.69 | 13.43% |
|  Altima | 8705 | 14.33% | $198490546.95 | 11.78% |
|  Sentra | 8110 | 13.35% | $160195042.28 | 9.50% |
|  Frontier | 4797 | 7.90% | $155540027.61 | 9.23% |
|  Murano | 3015 | 4.96% | $88738768.55 | 5.26% |
|  Q50 | 1488 | 2.45% | $51268799.12 | 3.04% |
|  QX80 | 550 | 0.91% | $39832864.07 | 2.36% |
|  Kicks | 901 | 1.48% | $22283961.05 | 1.32% |
|  Armada | 374 | 0.62% | $17260980.32 | 1.02% |
|  Titan | 65 | 0.11% | $2871866.17 | 0.17% |
|  Maxima | 15 | 0.02% | $432106.57 | 0.03% |
|  Total | 60727 | 100.00% | $1685521038.56 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Geographic Distribution** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Distribution by Origination<sup>(1)</sup>** | **Number of<br>Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(2)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(2)</sup>** |
|  New York | 9076 | 14.95% | $254123395.68 | 15.08% |
|  New Jersey | 6138 | 10.11% | $177956533.35 | 10.56% |
|  Florida | 5358 | 8.82% | $159249377.30 | 9.45% |
|  Pennsylvania | 5230 | 8.61% | $133901992.14 | 7.94% |
|  Ohio | 4126 | 6.79% | $109541087.92 | 6.50% |
|  California | 3794 | 6.25% | $105712568.00 | 6.27% |
|  Massachusetts | 3478 | 5.73% | $88551168.31 | 5.25% |
|  Texas | 2134 | 3.51% | $75720924.34 | 4.49% |
|  Connecticut | 2849 | 4.69% | $71644711.16 | 4.25% |
|  Illinois | 1980 | 3.26% | $55579346.82 | 3.30% |
|  Michigan | 1364 | 2.25% | $36482283.67 | 2.16% |
|  Minnesota | 1133 | 1.87% | $30592217.89 | 1.82% |
|  Wisconsin | 1127 | 1.86% | $30304924.36 | 1.80% |
|  New Hampshire | 916 | 1.51% | $23893118.22 | 1.42% |
|  North Carolina | 826 | 1.36% | $23373368.51 | 1.39% |
|  Indiana | 767 | 1.26% | $20669426.86 | 1.23% |
|  Georgia | 685 | 1.13% | $19914713.40 | 1.18% |
|  Nebraska | 738 | 1.22% | $18738009.72 | 1.11% |
|  Missouri | 639 | 1.05% | $17777695.29 | 1.05% |
|  Maine | 618 | 1.02% | $16153963.49 | 0.96% |
|  Colorado | 520 | 0.86% | $14861256.71 | 0.88% |
|  Arizona | 528 | 0.87% | $14240196.86 | 0.84% |
|  Virginia | 496 | 0.82% | $13915398.80 | 0.83% |
|  Rhode Island | 529 | 0.87% | $13754664.80 | 0.82% |
|  South Carolina | 501 | 0.83% | $13615217.71 | 0.81% |
|  Tennessee | 466 | 0.77% | $12873197.44 | 0.76% |
|  Maryland | 393 | 0.65% | $12094967.12 | 0.72% |
|  Iowa | 401 | 0.66% | $11307629.32 | 0.67% |
|  Kentucky | 408 | 0.67% | $10952063.86 | 0.65% |
|  Washington | 355 | 0.58% | $10360939.67 | 0.61% |
|  Vermont | 362 | 0.60% | $9756993.13 | 0.58% |
|  Nevada | 340 | 0.56% | $9485441.83 | 0.56% |
|  West Virginia | 241 | 0.40% | $6662507.16 | 0.40% |
|  North Dakota | 229 | 0.38% | $6363824.97 | 0.38% |
|  Utah | 222 | 0.37% | $6341838.54 | 0.38% |
|  Louisiana | 211 | 0.35% | $6022986.55 | 0.36% |
|  Hawaii | 229 | 0.38% | $5989874.23 | 0.36% |
|  Alabama | 188 | 0.31% | $5524589.06 | 0.33% |
|  Delaware | 191 | 0.31% | $5206383.79 | 0.31% |
|  Kansas | 154 | 0.25% | $4088274.49 | 0.24% |
|  Idaho | 134 | 0.22% | $3907717.73 | 0.23% |
|  South Dakota | 139 | 0.23% | $3899193.76 | 0.23% |
|  Oregon | 141 | 0.23% | $3670401.71 | 0.22% |
|  Mississippi | 121 | 0.20% | $3342221.89 | 0.20% |
|  Montana | 67 | 0.11% | $1930723.78 | 0.11% |
|  Oklahoma | 44 | 0.07% | $1385547.40 | 0.08% |
|  District of Columbia | 47 | 0.08% | $1313089.22 | 0.08% |
|  Wyoming | 30 | 0.05% | $888081.65 | 0.05% |
|  New Mexico | 28 | 0.05% | $839098.28 | 0.05% |
|  Arkansas | 23 | 0.04% | $701669.14 | 0.04% |
|  Alaska | 13 | 0.02% | $344221.53 | 0.02% |
|  Total | 60727 | 100.00% | $1685521038.56 | 100.00% |

---

<sup>(1)</sup> Based on the billing addresses of lessees.

<sup>(2)</sup> Balances and percentages may not add to total due to rounding 

------

##### [**Table of Contents**](#toc)
**Distribution of the Leases by Quarter of Maturity Date** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter of Maturity Date** | **Number of**<br>**Leases** | **Percentage of<br>Total<br>Number of<br>Leases<sup>(1)</sup>** | **Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Percentage of<br>Aggregate<br>Cutoff Date<br>Securitization<br>Value<sup>(1)</sup>** | **Base<br>Residual<sup>(1)</sup>** | **Percentage of<br>Aggregate Base<br>Residual<sup>(1)</sup>** |
|  1st quarter 2026 | 131 | 0.22% | $2713883.25 | 0.16% | $2262879.25 | 0.19% |
|  2nd quarter 2026 | 2671 | 4.40% | $58191329.99 | 3.45% | $48161957.80 | 3.98% |
|  3rd quarter 2026 | 1563 | 2.57% | $35257939.33 | 2.09% | $28448027.25 | 2.35% |
|  4th quarter 2026 | 3664 | 6.03% | $86386408.04 | 5.13% | $65600105.45 | 5.43% |
|  1st quarter 2027 | 6562 | 10.81% | $166384885.25 | 9.87% | $123260421.35 | 10.20% |
|  2nd quarter 2027 | 12842 | 21.15% | $354496386.31 | 21.03% | $257947449.73 | 21.34% |
|  3rd quarter 2027 | 22532 | 37.10% | $647632240.02 | 38.42% | $456440544.65 | 37.76% |
|  4th quarter 2027 | 10488 | 17.27% | $318330896.12 | 18.89% | $218839341.05 | 18.11% |
|  1st quarter 2028 | 65 | 0.11% | $4305542.68 | 0.26% | $2258956.55 | 0.19% |
|  2nd quarter 2028 | 55 | 0.09% | $2772405.78 | 0.16% | $1316886.40 | 0.11% |
|  3rd quarter 2028 | 101 | 0.17% | $5872739.25 | 0.35% | $2695175.10 | 0.22% |
|  4th quarter 2028 | 53 | 0.09% | $3176382.54 | 0.19% | $1419403.45 | 0.12% |
|  Total | 60727 | 100.00% | $1685521038.56 | 100.00% | $1208651148.03 | 100.00% |

---

<sup>(1)</sup> Balances and percentages may not add to total due to rounding. 

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Offering Type Transaction** | **Public**<br>**2025-A** | **Public<br>2024-B** | **Public<br>2024-A** | **Public<br>2023-B** | **Public<br>2023-A** | **Public<br>2022-A** | **Public<br>2021-A** | **Public<br>2020-B** | **Public**<br>**2020-A** |
|  Aggregate Securitization Value | $1685521039 | $1383314272 | $1560158173 | $1220313316 | $1383647800 | $1212135507 | $1197605445 | $1526947713 | $1506039779 |
|  Aggregate Base Residual | $1208651148 | $978929027 | $1056007905 | $852574963 | $981707422 | $877460886 | $858511053 | $1061437543 | $1033306050 |
|  Weighted Average<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining Term (months) | 29 | 30 | 29 | 26 | 25 | 25 | 24 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original Term (months) | 36 | 36 | 36 | 35 | 37 | 37 | 37 | 37 | 36 |
|  Seasoning (months)<sup>(2)(5)</sup> | 7 | 6 | 7 | 9 | 12 | 12 | 13 | 11 | 11 |
|  Base Residual as a % of Initial Securitization Value | 71.71% | 70.77% | 67.69% | 69.87% | 70.95% | 72.39% | 71.69% | 69.51% | 68.61% |
|  Original Lease Term<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
|  1-23 months | N/A | N/A | 1.01% | 4.14% | 0.04% | N/A | N/A | N/A | N/A |
|  24-36 months | 98.58% | 96.81% | 95.19% | 79.21% | 73.64% | 76.41% | 74.41% | 80.78% | 83.43% |
|  37-42 months | 0.60% | 1.90% | 1.02% | 7.21% | 13.07% | 14.22% | 15.42% | 14.16% | 15.90% |
|  43-48 months | 0.82% | 1.29% | 2.78% | 9.44% | 13.26% | 9.35% | 10.15% | 5.06% | 0.66% |
|  49-60 months | N/A | N/A | N/A | N/A | N/A | 0.02% | 0.01% | 0.01% | 0.02% |
|  Top 5 Models<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
|  Altima | 11.78% | 12.94% | 13.53% | 10.56% | 16.91% | 12.78% | 11.28% | 11.53% | 16.99% |
|  Pathfinder | 13.43% | 15.64% | 13.00% | 15.40% | 10.92% | 10.24% | 9.05% | 10.34% | 7.51% |
|  Murano | N/A | N/A | N/A | N/A | N/A | N/A | 9.78% | 12.06% | 15.28% |
|  Sentra | 9.50% | 8.58% | 6.65% | N/A | 12.14% | 13.96% | 18.99% | 17.97% | 11.41% |
|  Frontier | N/A | N/A | N/A | 6.65% | N/A | N/A | N/A | N/A | N/A |
|  Rogue | 27.81% | 31.25% | 30.04% | 26.49% | 23.98% | 19.15% | 17.14% | 20.95% | 17.87% |
|  Q50 | N/A | N/A | N/A | N/A | 8.15% | 10.00% | N/A | N/A | N/A |
|  QX60 | 15.04% | 15.00% | 16.85% | 18.05% | N/A | N/A | N/A | N/A | N/A |
|  Top 3 States<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |
|  New York | 15.08% | 21.34% | 21.50% | 18.32% | 16.05% | 14.95% | 15.46% | 14.75% | 16.74% |
|  New Jersey | 10.56% | 12.52% | 12.27% | 11.08% | 14.92% | 12.26% | 15.10% | 14.37% | 15.49% |
|  Florida | 9.45% | 11.99% | 11.30% | 12.94% | 8.78% | 11.94% | 11.61% | 10.89% | 11.21% |
|  California | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Texas | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Weighted Average Credit Score<sup>(1)(4)</sup> | 766 | 761 | 767 | 767 | 763 | 762 | 759 | 760 | 759 |
|  Range of Credit Scores<sup>(4)</sup> | 900-600 | 900-600 | 900-600 | 900-600 | 900-600 | 900-600 | 900-600 | 900-600 | 900-600 |

---

(1) Weighted average by Securitization Value as of the Cutoff Date.

(2) Seasoning refers to the number of months elapsed from origination of the leases to the Cutoff Date.

(3) Percentage by Securitization Value as of the Cutoff Date.

(4) From September 1996 through October 2001, NMAC utilized its own statistically derived empirical credit scoring
process. In October of 2001, NMAC switched to FICO Scores.

(5) For 2020-B, the seasoning and weighted average remaining term may not
add up to the weighted average original term due to rounding.

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2020-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g21g21.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2020-B** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g23g23.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2021-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g00a48.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2022-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g01k25.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2023-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g29g29.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2023-B** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g30g30.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2024-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g01k32.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2024-B** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g01k33.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**LEASE SECURITIZATION 2025-A** 

**Pool Factor Based on Prepayment Assumptions versus Actual Pool Factor<sup>(1)(2)</sup>**![LOGO](g16262g01y01.jpg)

<sup>1)</sup> Prepayment assumption based on 75% prepayment speed. For more information regarding the prepayment assumption model, you should refer to "Weighted Average Life of the Notes" in this prospectus. 

<sup>2)</sup> The "Pool Factor" is a percentage for each month indicating the aggregate Securitization Value of the leases and leased vehicles at the end of each month as a fraction of the initial aggregate Securitization Value of the leases and leased vehicles as of the Cutoff Date. 

------

##### [**Table of Contents**](#toc)
**Servicer Advances** 

The chart below shows the amounts advanced by NMAC relative to the total amount of collections received by NMAC on its prior lease securitized portfolios.

**Advances as a Percentage of Total Collections**![LOGO](g16262g53a53.jpg)

------

##### [**Table of Contents**](#toc)
**Delinquency Experience** 

Set forth below is delinquency information relating to NMAC's securitized portfolios of leases for prior transactions presented on a monthly basis.

**60+ Days Delinquency as a Percentage of Outstanding Aggregate Securitization Value<sup>(1)(2)</sup>**![LOGO](g16262g54a54.jpg)

<sup>1)</sup> Percentage based on outstanding securitization value of the delinquent leases, divided by outstanding aggregate securitization value of all leases. 

<sup>2)</sup> Investors are encouraged to carefully review the information set forth under "Historical Pool Performance" beginning on page B-1 of this prospectus which contains the underlying historical data used in preparing the above graph. Pool characteristics will vary from series to series and investors are encouraged to carefully review the characteristics of the leases for each of the series represented in the above graph beginning on page A-1 of this prospectus under "— Characteristics of the Leases." Performance may also vary from series to series, and there can be no assurance that the performance of the prior series will correspond to or be an accurate predictor of the performance of the leases. 

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##### [**Table of Contents**](#toc)
**Credit Loss Experience** 

Set forth below is credit loss information relating to NMAC's securitized portfolios of leases for prior transactions presented on a monthly basis.

**Cumulative Net Credit Losses as a Percentage of Original Aggregate Securitization Value<sup>(1)</sup>**![LOGO](g16262g55a55.jpg)

<sup>(1)</sup> Net losses are calculated based on gross losses, less the amount of recoveries received for each repossessed or charged-off vehicle. 

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##### [**Table of Contents**](#toc)
**Residual Value Loss Experience** 

Set forth below is residual value loss information relating to NMAC's securitized portfolios of leases for prior transactions presented on a monthly basis.

**Cumulative Residual Value Losses as a Percentage of Original Aggregate Securitization Value<sup>(1)</sup>**![LOGO](g16262g56a56.jpg)

<sup>(1)</sup> Residual value losses exclude repossessions, vehicles in inventory and NMAC Residual Percentage of less. 

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##### [**Table of Contents**](#toc)
**APPENDIX B—HISTORICAL POOL PERFORMANCE** 

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##### [**Table of Contents**](#toc)
**2020-A Static Pool Data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-20** | **Feb-20** | **Mar-20** | **Apr-20** | **May-20** | **Jun-20** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 164000000.00 | 137186000.00 | 109978400.00 | 82393600.00 | 54431600.00 | 26125200.00 |
|  Class A-2a | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 |
|  Class A-2b | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1506039779.14 | 1479225779.14 | 1452018179.14 | 1424433379.14 | 1396471379.14 | 1368164979.14 |
|  2020-A Prepayment Assumption | 1.000000 | 0.982196 | 0.964130 | 0.945814 | 0.927247 | 0.908452 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 164000000.00 | 140873889.43 | 117371647.60 | 93815389.63 | 71504171.38 | 49424855.80 |
|  Class A-2a | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 | 500000000.00 |
|  Class A-2b | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 | 50000000.00 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1506039779.14 | 1482913668.57 | 1459411426.74 | 1435855168.77 | 1413543950.52 | 1391464634.94 |
|  2020-A Pool Factor | 1.000000 | 0.984644 | 0.969039 | 0.953398 | 0.938583 | 0.923923 |
|  Monthly Residual Losses | (85307.05) | (160621.16) | (79357.07) | (48597.30) | (71770.98) | (79924.95) |
|  2020-A Cumulative Residual Losses | (85307.05) | (245928.21) | (325285.28) | (373882.58) | (445653.56) | (525578.51) |
|  2020-A Residual Losses<br>(as a % of Original Pool Balance) | 0.006% | 0.016% | 0.022% | 0.025% | 0.030% | 0.035% |
|  Monthly Net Credit Losses | (40424.21) | (120346.22) | (233747.09) | (404059.06) | (485820.09) | (46509.88) |
|  2020-A Cumulative Net Credit Losses | (40424.21) | (160770.43) | (394517.52) | (798576.58) | (1284396.67) | (1330906.55) |
|  2020-A Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0027% | 0.0107% | 0.0262% | 0.0530% | 0.0853% | 0.0884% |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3801419.27 | 5006960.49 | 6367555.89 | 6037092.04 | 10669029.28 | 7236637.75 |
| 61-90 | 69354.53 | 1030788.79 | 1144553.57 | 1578632.47 | 1199275.01 | 1742968.24 |
|  91-120+ | 0.00 | 48155.49 | 479637.05 | 610690.68 | 791180.36 | 479855.03 |
|  Total | 3870773.80 | 6085904.77 | 7991746.51 | 8226415.19 | 12659484.65 | 9459461.02 |

---

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-20** |  | **Feb-20** |  | **Mar-20** | **Apr-20** | **May-20** | **Jun-20** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |
| 31-60 | 0.25 | % | 0.34 | % | 0.44% | 0.42% | 0.75% | 0.52% |
| 61-90 | 0.00 | %\*\* | 0.07 | % | 0.08% | 0.11% | 0.08% | 0.13% |
|  91-120+ | 0.00 | % | 0.00 | %\*\* | 0.03% | 0.04% | 0.06% | 0.03% |
|  Total | 0.26 | % | 0.41 | % | 0.55% | 0.57% | 0.90% | 0.68% |
|  2020-A 60+ | 0.00 | %\*\* | 0.07 | % | 0.11% | 0.15% | 0.14% | 0.16% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |
| 31-60 | 181 |  | 232 |  | 311 | 295 | 508 | 365 |
| 61-90 | 3 |  | 48 |  | 54 | 76 | 61 | 89 |
|  91-120+ | 0 |  | 2 |  | 22 | 29 | 39 | 23 |
|  Total | 184 |  | 282 |  | 387 | 400 | 608 | 477 |
|  Residual Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 575232.03 |  | 660999.30 | 1039106.04 | 1799470.22 | 2189601.44 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 343402.06 |  | 446670.89 | 137184.61 | 500162.07 | 1172260.69 |
|  Additional Advance for Current Period | 575232.03 |  | 429169.33 |  | 824777.63 | 897548.79 | 890293.29 | 1290219.80 |
|  Ending Residual Advances | 575232.03 |  | 660999.30 |  | 1039106.04 | 1799470.22 | 2189601.44 | 2307560.55 |
|  Payment Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 2000356.94 |  | 2598003.89 | 2426872.38 | 2331280.55 | 2868465.65 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 563930.23 |  | 1064175.60 | 983733.83 | 794118.43 | 1214708.00 |
|  Additional Payment Advance for Current Period | 2000356.94 |  | 1161577.18 |  | 893044.09 | 888142.00 | 1331303.53 | 704973.14 |
|  Ending Balance of Payment Advance | 2000356.94 |  | 2598003.89 |  | 2426872.38 | 2331280.55 | 2868465.65 | 2358730.79 |
|  Total Collections | 34832899.22 |  | 33390605.81 |  | 33901312.30 | 30293633.55 | 30576273.59 | 35763282.52 |
|  2020-A |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 7.394 | % | 4.764 | % | 5.067% | 5.895% | 7.266% | 5.579% |

---

\*\* Less than 0.005%, greater than 0.000% 

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-20** | **Aug-20** | **Sep-20** | **Oct-20** | **Nov-20** | **Dec-20** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 497700000.00 | 471350000.00 | 444700000.00 | 417750000.00 | 390550000.00 | 363100000.00 |
|  Class A-2b | 49770000.00 | 47135000.00 | 44470000.00 | 41775000.00 | 39055000.00 | 36310000.00 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1339509779.14 | 1310524779.14 | 1281209779.14 | 1251564779.14 | 1221644779.14 | 1191449779.14 |
|  2020-A Prepayment Assumption | 0.889425 | 0.870179 | 0.850714 | 0.831030 | 0.811164 | 0.791114 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 24639240.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 500000000.00 | 498623943.67 | 473518214.64 | 444196787.59 | 411676050.78 | 378700977.18 |
|  Class A-2b | 50000000.00 | 49862394.37 | 47351821.47 | 44419678.76 | 41167605.08 | 37870097.72 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1366679019.68 | 1340526117.18 | 1312909815.25 | 1280656245.49 | 1244883435.00 | 1208610854.04 |
|  2020-A Pool Factor | 0.907465 | 0.890100 | 0.871763 | 0.850347 | 0.826594 | 0.802509 |
|  Monthly Residual Losses | 70124.17 | 229377.35 | 309523.17 | 387332.67 | 564665.82 | 631802.00 |
|  2020-A Cumulative Residual Losses | (455454.34) | (226076.99) | 83446.18 | 470778.85 | 1035444.67 | 1667246.67 |
|  2020-A Residual Losses<br>(as a % of Original Pool Balance) | 0.030% | 0.015% | (0.006%) | (0.031%) | (0.069%) | (0.111%) |
|  Monthly Net Credit Losses | (13722.70) | (76973.74) | 34201.85 | 229116.10 | (324701.99) | 213830.96 |
|  2020-A Cumulative Net Credit Losses | (1344629.25) | (1421602.99) | (1387401.14) | (1158285.04) | (1482987.03) | (1269156.07) |
|  2020-A Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0893% | 0.0944% | 0.0921% | 0.0769% | 0.0985% | 0.0843% |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 5706487.54 | 5410894.67 | 5900988.04 | 5487222.30 | 5966941.20 | 6613278.19 |
| 61-90 | 1269941.92 | 1448611.87 | 1443425.25 | 1502074.50 | 1574092.80 | 1216552.86 |
|  91-120+ | 696175.86 | 699584.99 | 646314.10 | 735536.49 | 605747.57 | 735104.82 |
|  Total | 7672605.32 | 7559091.53 | 7990727.39 | 7724833.29 | 8146781.57 | 8564935.87 |

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-20** | **Aug-20** | **Sep-20** | **Oct-20** | **Nov-20** | **Dec-20** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.42% | 0.40% | 0.45% | 0.43% | 0.48% | 0.55% |
| 61-90 | 0.09% | 0.11% | 0.11% | 0.12% | 0.13% | 0.10% |
|  91-120+ | 0.05% | 0.05% | 0.05% | 0.06% | 0.05% | 0.06% |
|  Total | 0.56% | 0.56% | 0.61% | 0.60% | 0.65% | 0.71% |
|  2020-A 60+ | 0.14% | 0.16% | 0.16% | 0.17% | 0.18% | 0.16% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 297 | 287 | 310 | 290 | 315 | 370 |
| 61-90 | 69 | 75 | 80 | 83 | 86 | 64 |
|  91-120+ | 35 | 40 | 35 | 40 | 34 | 42 |
|  Total | 401 | 402 | 425 | 413 | 435 | 476 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 2307560.55 | 1703444.67 | 1703115.25 | 2963153.68 | 4067707.17 | 7590856.20 |
|  Reimbursement of Outstanding Advance | 1773712.68 | 1218939.74 | 1108898.83 | 2398001.90 | 3349602.62 | 5387402.38 |
|  Additional Advance for Current Period | 1169596.80 | 1218610.32 | 2368937.26 | 3502555.39 | 6872751.65 | 12570971.82 |
|  Ending Residual Advances | 1703444.67 | 1703115.25 | 2963153.68 | 4067707.17 | 7590856.20 | 14774425.64 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 2358730.79 | 2000108.51 | 2121997.32 | 2282659.95 | 2235208.47 | 2388046.36 |
|  Reimbursement of Outstanding Payment Advance | 1017826.03 | 684417.68 | 690992.51 | 818809.33 | 726952.52 | 940148.00 |
|  Additional Payment Advance for Current Period | 659203.75 | 806306.49 | 851655.14 | 771357.85 | 879790.41 | 814001.02 |
|  Ending Balance of Payment Advance | 2000108.51 | 2121997.32 | 2282659.95 | 2235208.47 | 2388046.36 | 2261899.38 |
|  Total Collections | 38028866.65 | 38259284.94 | 43619298.07 | 49626863.07 | 49646323.10 | 63317253.13 |
|  2020-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 4.809% | 5.293% | 7.383% | 8.612% | 15.616% | 21.140% |

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-21** | **Feb-21** | **Mar-21** | **Apr-21** | **May-21** | **Jun-21** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 335400000.00 | 284500000.00 | 246250000.00 | 167650000.00 | 92350000.00 | 17650000.00 |
|  Class A-2b | 33540000.00 | 28450000.00 | 24625000.00 | 16765000.00 | 9235000.00 | 1765000.00 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1160979779.14 | 1104989779.14 | 1062914779.14 | 976454779.14 | 893624779.14 | 811454779.14 |
|  2020-A Prepayment Assumption | 0.770883 | 0.733706 | 0.705768 | 0.648359 | 0.593361 | 0.538800 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 337275424.32 | 289663696.33 | 242828738.68 | 172140460.91 | 105743528.47 | 47466256.11 |
|  Class A-2b | 33727542.43 | 28966369.63 | 24282873.86 | 17214046.08 | 10574352.84 | 4746625.61 |
|  Class A-3 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 | 436000000.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 1163042745.89 | 1110669845.10 | 1059151391.68 | 981394286.13 | 908357660.45 | 844252660.86 |
|  2020-A Pool Factor | 0.772252 | 0.737477 | 0.703269 | 0.651639 | 0.603143 | 0.560578 |
|  Monthly Residual Losses | 1577398.52 | 2561831.17 | 8408057.71 | 8506792.01 | 4711870.02 | 2684279.86 |
|  2020-A Cumulative Residual Losses | 3244645.19 | 5806476.36 | 14214534.07 | 22721326.08 | 27433196.10 | 30117475.96 |
|  2020-A Residual Losses<br>(as a % of Original Pool Balance) | (0.215%) | (0.386%) | (0.944%) | (1.509%) | (1.822%) | (2.000%) |
|  Monthly Net Credit Losses | 326553.80 | (122824.10) | 264560.49 | 521605.50 | 381009.54 | 381105.93 |
|  2020-A Cumulative Net Credit Losses | (942602.27) | (1065426.37) | (800865.88) | (279260.38) | 101749.16 | 482855.09 |
|  2020-A Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0626% | 0.0707% | 0.0532% | 0.0185% | (0.0068%) | (0.0321%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 4495069.46 | 6773806.99 | 4421737.49 | 4319331.46 | 4633220.18 | 4804108.04 |
| 61-90 | 1679623.06 | 1225937.02 | 955423.92 | 866815.40 | 829944.08 | 814858.54 |
|  91-120+ | 710300.16 | 635314.01 | 470372.97 | 315226.32 | 330842.52 | 254341.18 |
|  Total | 6884992.68 | 8635058.02 | 5847534.38 | 5501373.18 | 5794006.78 | 5873307.76 |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.39% | 0.61% | 0.42% | 0.44% | 0.51% | 0.57% |
| 61-90 | 0.14% | 0.11% | 0.09% | 0.09% | 0.09% | 0.10% |
|  91-120+ | 0.06% | 0.06% | 0.04% | 0.03% | 0.04% | 0.03% |
|  Total | 0.59% | 0.78% | 0.55% | 0.56% | 0.64% | 0.70% |
|  2020-A 60+ | 0.21% | 0.17% | 0.13% | 0.12% | 0.13% | 0.13% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-21** | **Feb-21** | **Mar-21** | **Apr-21** | **May-21** | **Jun-21** |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 257 | 388 | 243 | 247 | 257 | 275 |
| 61-90 | 92 | 72 | 59 | 49 | 51 | 45 |
|  91-120+ | 39 | 35 | 27 | 18 | 18 | 15 |
|  Total | 388 | 495 | 329 | 314 | 326 | 335 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 14774425.64 | 20763216.71 | 23865055.22 | 18923762.04 | 10347258.52 | 5162778.20 |
|  Reimbursement of Outstanding Advance | 8752494.69 | 13287053.01 | 20005161.96 | 15805564.42 | 8576323.08 | 4838091.94 |
|  Additional Advance for Current Period | 14741285.76 | 16388891.52 | 15063868.78 | 7229060.90 | 3391842.76 | 1738336.11 |
|  Ending Residual Advances | 20763216.71 | 23865055.22 | 18923762.04 | 10347258.52 | 5162778.20 | 2063022.37 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 2261899.38 | 2225448.42 | 3418374.65 | 1666779.29 | 1655537.79 | 1714362.35 |
|  Reimbursement of Outstanding Payment Advance | 895268.32 | 643818.41 | 2201706.33 | 709483.29 | 668951.32 | 728727.98 |
|  Additional Payment Advance for Current Period | 858817.36 | 1836744.64 | 450110.97 | 698241.79 | 727775.88 | 587756.71 |
|  Ending Balance of Payment Advance | 2225448.42 | 3418374.65 | 1666779.29 | 1655537.79 | 1714362.35 | 1573391.08 |
|  Total Collections | 74239544.14 | 77596090.45 | 122812723.94 | 113022112.35 | 92576701.56 | 78144761.43 |
|  2020-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 21.013% | 23.488% | 12.632% | 7.014% | 4.450% | 2.977% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-21** | **Aug-21** | **Sep-21** | **Oct-21** | **Nov-21** | **Dec-21** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 422702000.00 | 362098000.00 | 324820000.00 | 270494400.00 | 212375600.00 | 175315600.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 778741779.14 | 718137779.14 | 680859779.14 | 626534179.14 | 568415379.14 | 531355379.14 |
|  2020-A Prepayment Assumption | 0.517079 | 0.476839 | 0.452086 | 0.416014 | 0.377424 | 0.352816 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 431763506.15 | 380612315.85 | 335847730.09 | 288500637.68 | 244168722.08 | 205608628.90 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 787803285.29 | 736652094.99 | 691887509.23 | 644540416.82 | 600208501.22 | 561648408.04 |
|  2020-A Pool Factor | 0.523096 | 0.489132 | 0.459409 | 0.427970 | 0.398534 | 0.372931 |
|  Monthly Residual Losses | 1302500.18 | 1040595.26 | 834123.09 | 521228.33 | 280374.34 | 383092.91 |
|  2020-A Cumulative Residual Losses | 31419976.14 | 32460571.40 | 33294694.49 | 33815922.82 | 34096297.16 | 34479390.07 |
|  2020-A Residual Losses<br>(as a % of Original Pool Balance) | (2.086%) | (2.155%) | (2.211%) | (2.245%) | (2.264%) | (2.289%) |
|  Monthly Net Credit Losses | 650345.37 | 350660.37 | 843555.75 | 829019.64 | 464121.64 | 416822.26 |
|  2020-A Cumulative Net Credit Losses | 1133200.46 | 1483860.83 | 2327416.58 | 3156436.22 | 3620557.86 | 4037380.12 |
|  2020-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0752%) | (0.0985%) | (0.1545%) | (0.2096%) | (0.2404%) | (0.2681%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 4470296.87 | 3937753.41 | 4520020.32 | 4048735.08 | 4155827.05 | 3975344.98 |
| 61-90 | 937459.63 | 997744.36 | 665108.01 | 1084304.50 | 875745.60 | 841472.60 |
|  91-120+ | 357072.20 | 422388.28 | 419950.10 | 247574.84 | 312784.26 | 369950.31 |
|  Total | 5764828.70 | 5357886.05 | 5605078.43 | 5380614.42 | 5344356.91 | 5186767.89 |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-21** | **Aug-21** | **Sep-21** | **Oct-21** | **Nov-21** | **Dec-21** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.57% | 0.53% | 0.65% | 0.63% | 0.69% | 0.71% |
| 61-90 | 0.12% | 0.14% | 0.10% | 0.17% | 0.15% | 0.15% |
|  91-120+ | 0.05% | 0.06% | 0.06% | 0.04% | 0.05% | 0.07% |
|  Total | 0.73% | 0.73% | 0.81% | 0.83% | 0.89% | 0.92% |
|  2020-A 60+ | 0.16% | 0.19% | 0.16% | 0.21% | 0.20% | 0.22% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 259 | 226 | 257 | 240 | 252 | 246 |
| 61-90 | 53 | 60 | 37 | 62 | 54 | 53 |
|  91-120+ | 21 | 25 | 25 | 17 | 19 | 23 |
|  Total | 333 | 311 | 319 | 319 | 325 | 322 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 2063022.37 | 1678153.71 | 1522030.77 | 808535.14 | 468807.30 | 645430.83 |
|  Reimbursement of Outstanding Advance | 1864544.64 | 1472964.59 | 1386545.18 | 681117.12 | 297149.89 | 526809.51 |
|  Additional Advance for Current Period | 1479675.98 | 1316841.65 | 673049.55 | 341389.28 | 473773.42 | 375151.31 |
|  Ending Residual Advances | 1678153.71 | 1522030.77 | 808535.14 | 468807.30 | 645430.83 | 493772.63 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1573391.08 | 1520948.60 | 1365072.90 | 1432927.24 | 1501791.33 | 1380185.85 |
|  Reimbursement of Outstanding Payment Advance | 615600.93 | 634522.42 | 508753.27 | 533017.35 | 609860.92 | 610794.46 |
|  Additional Payment Advance for Current Period | 563158.45 | 478646.72 | 576607.61 | 601881.44 | 488255.44 | 468526.33 |
|  Ending Balance of Payment Advance | 1520948.60 | 1365072.90 | 1432927.24 | 1501791.33 | 1380185.85 | 1237917.72 |
|  Total Collections | 67511828.43 | 58720367.28 | 62007688.01 | 57282169.12 | 49953901.82 | 59822498.39 |
|  2020-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 3.026% | 3.058% | 2.015% | 1.647% | 1.926% | 1.410% |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-22** | **Feb-22** | **Mar-22** | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 135378000.00 | 97140800.00 | 60168000.00 | 1177200.00 | 0.00 | 0.00 | 0.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 64564500.00 | 22360000.00 | 0.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 |
|  | 491417779.14 | 453180579.14 | 416207779.14 | 357216979.14 | 313104279.14 | 270899779.14 | 248539779.14 |
|  2020-A Prepayment Assumption | 0.326298 | 0.300909 | 0.276359 | 0.237190 | 0.207899 | 0.179876 | 0.165029 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 159526830.56 | 112991023.31 | 64841954.00 | 3024363.64 | 0.00 | 0.00 | 0.00 |
|  Class A-4 | 107500000.00 | 107500000.00 | 107500000.00 | 107500000.00 | 62944403.31 | 18990636.20 | 0.00 |
|  Overcollateralization | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 248539779.14 | 223549982.68 |
|  | 515566609.70 | 469030802.45 | 420881733.14 | 359064142.78 | 311484182.45 | 267530415.34 | 223549982.68 |
|  2020-A Pool Factor | 0.342333 | 0.311433 | 0.279463 | 0.238416 | 0.206823 | 0.177638 | 0.148436 |
|  Monthly Residual Losses | 351586.21 | 348588.82 | 499316.31 | 260585.38 | 300007.36 | 297947.15 | 340300.06 |
|  2020-A Cumulative Residual Losses | 34830976.28 | 35179565.10 | 35678881.41 | 35939466.79 | 36239474.15 | 36537421.30 | 36877721.36 |
|  2020-A Residual Losses<br>(as a % of Original Pool Balance) | (2.313%) | (2.336%) | (2.369%) | (2.386%) | (2.406%) | (2.426%) | (2.449%) |
|  Monthly Net Credit Losses | 391013.56 | 615034.95 | 555972.63 | 387734.27 | 354028.32 | 226149.34 | 313386.27 |
|  2020-A Cumulative Net Credit Losses | 4428393.68 | 5043428.63 | 5599401.26 | 5987135.53 | 6341163.85 | 6567313.19 | 6880699.46 |
|  2020-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.2940%) | (0.3349%) | (0.3718%) | (0.3975%) | (0.4210%) | (0.4361%) | (0.4569%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 3094956.84 | 3246377.41 | 2342100.06 | 2245865.73 | 2119959.05 | 2118266.51 | 2005041.68 |
| 61-90 | 1132433.08 | 713554.48 | 534607.37 | 475822.18 | 499410.28 | 592229.51 | 640241.51 |
|  91-120+ | 355882.49 | 470904.82 | 130986.93 | 214968.13 | 327636.99 | 178989.58 | 308915.45 |
|  Total | 4583272.41 | 4430836.71 | 3007694.36 | 2936656.04 | 2947006.32 | 2889485.60 | 2954198.64 |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-22** | **Feb-22** | **Mar-22** | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.60% | 0.69% | 0.56% | 0.63% | 0.68% | 0.79% | 0.90% |
| 61-90 | 0.22% | 0.15% | 0.13% | 0.13% | 0.16% | 0.22% | 0.29% |
|  91-120+ | 0.07% | 0.10% | 0.03% | 0.06% | 0.11% | 0.07% | 0.14% |
|  Total | 0.89% | 0.94% | 0.71% | 0.82% | 0.95% | 1.08% | 1.32% |
|  2020-A 60+ | 0.29% | 0.25% | 0.16% | 0.19% | 0.27% | 0.29% | 0.42% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 193 | 215 | 157 | 152 | 138 | 150 | 142 |
| 61-90 | 73 | 48 | 37 | 32 | 32 | 41 | 44 |
|  91-120+ | 23 | 33 | 12 | 15 | 22 | 11 | 22 |
|  Total | 289 | 296 | 206 | 199 | 192 | 202 | 208 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 493772.63 | 595150.65 | 429748.17 | 474066.04 | 513582.57 | 385722.51 | 509525.71 |
|  Reimbursement of Outstanding Advance | 372897.23 | 515611.37 | 412257.27 | 405545.79 | 430060.28 | 359834.51 | 878323.39 |
|  Additional Advance for Current Period | 474275.25 | 350208.89 | 456575.14 | 445062.32 | 302200.22 | 483637.71 | 368797.68 |
|  Ending Residual Advances | 595150.65 | 429748.17 | 474066.04 | 513582.57 | 385722.51 | 509525.71 | 0.00 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1237917.72 | 1138376.56 | 1426646.10 | 864277.79 | 875352.19 | 777535.65 | 710994.09 |
|  Reimbursement of Outstanding Payment Advance | 528330.67 | 418834.87 | 858361.88 | 379617.68 | 430696.00 | 387223.13 | 990902.95 |
|  Additional Payment Advance for Current Period | 428789.51 | 707104.41 | 295993.57 | 390692.08 | 332879.46 | 320681.57 | 279908.86 |
|  Ending Balance of Payment Advance | 1138376.56 | 1426646.10 | 864277.79 | 875352.19 | 777535.65 | 710994.09 | 0.00 |
|  Total Collections | 59220397.74 | 61568340.64 | 78508538.33 | 60018281.11 | 55698151.06 | 55685304.14 | 54131698.83 |
|  2020-A |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 1.525% | 1.717% | 0.959% | 1.392% | 1.140% | 1.444% | 1.198% |

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##### [**Table of Contents**](#toc)
**2020-B Static Pool Data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep-20** | **Oct-20** | **Nov-20** | **Dec-20** | **Jan-21** | **Feb-21** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 162400000.00 | 135701440.00 | 108596880.00 | 81086320.00 | 53218480.00 | 24960880.00 |
|  Class A-2a | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1526947713.40 | 1500249153.40 | 1473144593.40 | 1445634033.40 | 1417766193.40 | 1389508593.40 |
|  2020-B Prepayment Assumption | 1.000000 | 0.982515 | 0.964764 | 0.946748 | 0.928497 | 0.909991 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 162400000.00 | 139311364.04 | 114501216.85 | 90885477.63 | 66250678.74 | 41427844.35 |
|  Class A-2a | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 | 537600000.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1526947713.40 | 1503859077.44 | 1479048930.25 | 1455433191.03 | 1430798392.14 | 1405975557.75 |
|  2020-B Pool Factor | 1.000000 | 0.984879 | 0.968631 | 0.953165 | 0.937032 | 0.920775 |
|  Monthly Residual Losses | 36471.10 | (60724.17) | (41135.40) | (247.30) | (23506.87) | 41884.58 |
|  2020-B Cumulative Residual Losses | 36471.10 | (24253.07) | (65388.47) | (65635.77) | (89142.64) | (47258.06) |
|  2020-B Residual Losses<br>(as a % of Original Pool Balance) | (0.002%) | 0.002% | 0.004% | 0.004% | 0.006% | 0.003% |
|  Monthly Net Credit Losses | 138672.79 | 255296.64 | (245127.07) | 190783.41 | (72394.39) | (185302.54) |
|  2020-B Cumulative Net Credit Losses | 138672.79 | 393969.43 | 148842.36 | 339625.77 | 267231.38 | 81928.84 |
|  2020-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0091%) | (0.0258%) | (0.0097%) | (0.0222%) | (0.0175%) | (0.0054%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3069428.16 | 3055143.48 | 3314298.43 | 4022194.13 | 3844453.81 | 4155684.09 |
| 61-90 | 15895.47 | 496901.21 | 552764.40 | 747903.53 | 704501.88 | 967667.69 |
|  91-120+ | 0.00 | 0.00 | 141494.72 | 322880.86 | 478369.74 | 272086.79 |
|  Total | 3085323.63 | 3552044.69 | 4008557.55 | 5092978.52 | 5027325.43 | 5395438.57 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep-20** |  | **Oct-20** | **Nov-20** | **Dec-20** | **Jan-21** | **Feb-21** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.20 | % | 0.20% | 0.22% | 0.28% | 0.27% | 0.30% |
| 61-90 | 0.00 | %\*\* | 0.03% | 0.04% | 0.05% | 0.05% | 0.07% |
|  91-120+ | 0.00 | % | 0.00% | 0.01% | 0.02% | 0.03% | 0.02% |
|  Total | 0.20 | % | 0.24% | 0.27% | 0.35% | 0.35% | 0.38% |
|  2020-B 60+ | 0.00 | %\*\* | 0.03% | 0.05% | 0.07% | 0.08% | 0.09% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 152 |  | 151 | 169 | 207 | 192 | 203 |
| 61-90 | 1 |  | 25 | 28 | 40 | 40 | 53 |
|  91-120+ | 0 |  | 0 | 8 | 16 | 23 | 15 |
|  Total | 153 |  | 176 | 205 | 263 | 255 | 271 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 416859.35 | 494089.96 | 833699.22 | 1155267.74 | 1891888.38 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 301341.31 | 333223.74 | 537418.37 | 663196.81 | 1154355.82 |
|  Additional Advance for Current Period | 416859.35 |  | 378571.92 | 672833.00 | 858986.89 | 1399817.45 | 1083782.58 |
|  Ending Residual Advances | 416859.35 |  | 494089.96 | 833699.22 | 1155267.74 | 1891888.38 | 1821315.14 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 1680847.73 | 1690882.88 | 1890091.75 | 1851195.48 | 1901945.58 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 630162.97 | 564278.74 | 770017.60 | 744828.75 | 529100.48 |
|  Additional Payment Advance for Current Period | 1680847.73 |  | 640198.12 | 763487.61 | 731121.33 | 795578.85 | 1935869.00 |
|  Ending Balance of Payment Advance | 1680847.73 |  | 1690882.88 | 1890091.75 | 1851195.48 | 1901945.58 | 3308714.10 |
|  Total Collections | 34393780.14 |  | 36225004.92 | 33566676.33 | 36059542.90 | 35331715.15 | 35661572.57 |
|  2020-B |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 6.099 | % | 2.812% | 4.279% | 4.410% | 6.214% | 8.468% |

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\*\* Less than 0.005%, greater than 0.000% 

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mar-21** | **Apr-21** | **May-21** | **Jun-21** | **Jul-21** | **Aug-21** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 533944320.00 | 505021440.00 | 475776000.00 | 446154240.00 | 416263680.00 | 386050560.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1360892033.40 | 1331969153.40 | 1302723713.40 | 1273101953.40 | 1243211393.40 | 1212998273.40 |
|  2020-B Prepayment Assumption | 0.891250 | 0.872308 | 0.853155 | 0.833756 | 0.814181 | 0.794394 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 16107492.57 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 537600000.00 | 524569240.62 | 491764191.15 | 452419028.01 | 409110421.20 | 367511788.46 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1380655205.97 | 1351516954.02 | 1318711904.55 | 1279366741.41 | 1236058134.60 | 1194459501.86 |
|  2020-B Pool Factor | 0.904193 | 0.885110 | 0.863626 | 0.837859 | 0.809496 | 0.782253 |
|  Monthly Residual Losses | 285219.44 | 583443.94 | 624084.89 | 578044.99 | 545326.29 | 575051.87 |
|  2020-B Cumulative Residual Losses | 237961.38 | 821405.32 | 1445490.21 | 2023535.20 | 2568861.49 | 3143913.36 |
|  2020-B Residual Losses<br>(as a % of Original Pool Balance) | (0.016%) | (0.054%) | (0.095%) | (0.133%) | (0.168%) | (0.206%) |
|  Monthly Net Credit Losses | 231068.92 | 477078.41 | 401033.23 | 387587.18 | 662513.16 | 528288.42 |
|  2020-B Cumulative Net Credit Losses | 312997.76 | 790076.17 | 1191109.40 | 1578696.58 | 2241209.74 | 2769498.16 |
|  2020-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0205%) | (0.0517%) | (0.0780%) | (0.1034%) | (0.1468%) | (0.1814%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 2851088.35 | 2664674.38 | 3762550.82 | 4045580.24 | 4081871.05 | 3537839.66 |
| 61-90 | 528488.22 | 547657.13 | 655464.90 | 581689.61 | 732805.49 | 695160.11 |
|  91-120+ | 257712.61 | 105899.51 | 179679.20 | 286549.17 | 189378.25 | 386642.71 |
|  Total | 3637289.18 | 3318231.02 | 4597694.92 | 4913819.02 | 5004054.79 | 4619642.48 |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mar-21** | **Apr-21** | **May-21** | **Jun-21** | **Jul-21** | **Aug-21** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.21% | 0.20% | 0.29% | 0.32% | 0.33% | 0.30% |
| 61-90 | 0.04% | 0.04% | 0.05% | 0.05% | 0.06% | 0.06% |
|  91-120+ | 0.02% | 0.01% | 0.01% | 0.02% | 0.02% | 0.03% |
|  Total | 0.26% | 0.25% | 0.35% | 0.38% | 0.40% | 0.39% |
|  2020-B 60+ | 0.06% | 0.05% | 0.06% | 0.07% | 0.07% | 0.09% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 151 | 134 | 195 | 220 | 227 | 203 |
| 61-90 | 29 | 31 | 35 | 33 | 41 | 42 |
|  91-120+ | 16 | 6 | 11 | 15 | 12 | 23 |
|  Total | 196 | 171 | 241 | 268 | 280 | 268 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 1821315.14 | 2308274.55 | 1630793.99 | 1353411.45 | 1039370.43 | 944969.99 |
|  Reimbursement of Outstanding Advance | 1403932.68 | 1750831.76 | 1393281.32 | 1217740.86 | 909598.66 | 920202.70 |
|  Additional Advance for Current Period | 1890892.09 | 1073351.20 | 1115898.78 | 903699.84 | 815198.22 | 901761.03 |
|  Ending Residual Advances | 2308274.55 | 1630793.99 | 1353411.45 | 1039370.43 | 944969.99 | 926528.32 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 3308714.10 | 1441173.14 | 1504689.31 | 1649015.63 | 1643625.20 | 1636536.09 |
|  Reimbursement of Outstanding Payment Advance | 2213091.13 | 560396.23 | 540411.04 | 637072.86 | 612992.86 | 669178.86 |
|  Additional Payment Advance for Current Period | 345550.17 | 623912.40 | 684737.36 | 631682.43 | 605903.75 | 559119.19 |
|  Ending Balance of Payment Advance | 1441173.14 | 1504689.31 | 1649015.63 | 1643625.20 | 1636536.09 | 1526476.42 |
|  Total Collections | 44177068.76 | 46953561.70 | 53996999.91 | 59110329.60 | 56480779.56 | 57498507.09 |
|  2020-B |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 5.062% | 3.615% | 3.335% | 2.597% | 2.516% | 2.541% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep-21** | **Oct-21** | **Nov-21** | **Dec-21** | **Jan-22** | **Feb-22** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 355568640.00 | 314657280.00 | 240360960.00 | 179128320.00 | 103111680.00 | 47523840.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1182516353.40 | 1141604993.40 | 1067308673.40 | 1006076033.40 | 930059393.40 | 874471553.40 |
|  2020-B Prepayment Assumption | 0.774431 | 0.747639 | 0.698982 | 0.658880 | 0.609097 | 0.572693 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 325043839.61 | 276599696.19 | 220211517.02 | 166436154.48 | 103059406.55 | 45434799.87 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 | 479400000.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 1151991553.01 | 1103547409.59 | 1047159230.42 | 993383867.88 | 930007119.95 | 872382513.27 |
|  2020-B Pool Factor | 0.754441 | 0.722715 | 0.685786 | 0.650568 | 0.609063 | 0.571324 |
|  Monthly Residual Losses | 611494.77 | 587540.09 | 526943.23 | 518811.94 | 331970.09 | 274505.89 |
|  2020-B Cumulative Residual Losses | 3755408.13 | 4342948.22 | 4869891.45 | 5388703.39 | 5720673.48 | 5995179.37 |
|  2020-B Residual Losses<br>(as a % of Original Pool Balance) | (0.246%) | (0.284%) | (0.319%) | (0.353%) | (0.375%) | (0.393%) |
|  Monthly Net Credit Losses | 870777.64 | 1098199.95 | 618967.23 | 752027.31 | 378878.64 | 813272.61 |
|  2020-B Cumulative Net Credit Losses | 3640275.80 | 4738475.75 | 5357442.98 | 6109470.29 | 6488348.93 | 7301621.54 |
|  2020-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.2384%) | (0.3103%) | (0.3509%) | (0.4001%) | (0.4249%) | (0.4782%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 4527563.99 | 4751835.61 | 4803487.22 | 4841210.80 | 4250057.30 | 4569050.44 |
| 61-90 | 855723.00 | 878071.46 | 1092519.94 | 1041110.60 | 1283197.35 | 938697.54 |
|  91-120+ | 332152.53 | 518103.50 | 364435.83 | 696113.24 | 509677.93 | 454009.07 |
|  Total | 5715439.52 | 6148010.57 | 6260442.99 | 6578434.64 | 6042932.58 | 5961757.05 |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sep-21** | **Oct-21** | **Nov-21** | **Dec-21** | **Jan-22** | **Feb-22** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.39% | 0.43% | 0.46% | 0.49% | 0.46% | 0.52% |
| 61-90 | 0.07% | 0.08% | 0.10% | 0.10% | 0.14% | 0.11% |
|  91-120+ | 0.03% | 0.05% | 0.03% | 0.07% | 0.05% | 0.05% |
|  Total | 0.50% | 0.56% | 0.60% | 0.66% | 0.65% | 0.68% |
|  2020-B 60+ | 0.10% | 0.13% | 0.14% | 0.17% | 0.19% | 0.16% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 254 | 277 | 279 | 275 | 250 | 272 |
| 61-90 | 51 | 53 | 68 | 69 | 79 | 61 |
|  91-120+ | 22 | 32 | 21 | 41 | 31 | 28 |
|  Total | 327 | 362 | 368 | 385 | 360 | 361 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 926528.32 | 618843.80 | 654780.57 | 665786.46 | 417869.35 | 607943.10 |
|  Reimbursement of Outstanding Advance | 849047.50 | 516160.88 | 475847.56 | 564586.43 | 341513.83 | 457105.95 |
|  Additional Advance for Current Period | 541362.98 | 552097.65 | 486853.45 | 316669.32 | 531587.58 | 480174.64 |
|  Ending Residual Advances | 618843.80 | 654780.57 | 665786.46 | 417869.35 | 607943.10 | 631011.79 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1526476.42 | 1715141.27 | 1887695.65 | 1723546.04 | 1559959.73 | 1456957.66 |
|  Reimbursement of Outstanding Payment Advance | 522255.30 | 618182.10 | 824269.22 | 788766.61 | 702760.44 | 548715.15 |
|  Additional Payment Advance for Current Period | 710920.15 | 790736.48 | 660119.61 | 625180.30 | 599758.37 | 1008945.51 |
|  Ending Balance of Payment Advance | 1715141.27 | 1887695.65 | 1723546.04 | 1559959.73 | 1456957.66 | 1917188.02 |
|  Total Collections | 65164594.07 | 74962841.24 | 71399825.26 | 83315979.81 | 73033328.61 | 64789664.75 |
|  2020-B |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 1.922% | 1.791% | 1.606% | 1.130% | 1.549% | 2.298% |

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mar-22** | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** | **Aug-22** | **Sep-22** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 469140840.00 | 429206820.00 | 353078100.00 | 295885680.00 | 241809360.00 | 195307560.00 | 122534640.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 816688553.40 | 776754533.40 | 700625813.40 | 643433393.40 | 589357073.40 | 542855273.40 | 470082353.40 |
|  2020-B Prepayment Assumption | 0.534850 | 0.508698 | 0.458841 | 0.421385 | 0.385971 | 0.355517 | 0.307858 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 473683836.05 | 410456049.18 | 353499729.60 | 301620794.78 | 251019015.56 | 197749322.80 | 140085372.98 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 | 95600000.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 821231549.45 | 758003762.58 | 701047443.00 | 649168508.18 | 598566728.96 | 545297036.20 | 487633086.38 |
|  2020-B Pool Factor | 0.537826 | 0.496418 | 0.459117 | 0.425141 | 0.392002 | 0.357116 | 0.319352 |
|  Monthly Residual Losses | 408565.58 | 335207.78 | 354424.20 | 334291.32 | 156992.58 | 313917.35 | 477293.45 |
|  2020-B Cumulative Residual Losses | 6403744.95 | 6738952.73 | 7093376.93 | 7427668.25 | 7584660.83 | 7898578.18 | 8375871.63 |
|  2020-B Residual Losses<br>(as a % of Original Pool Balance) | (0.419%) | (0.441%) | (0.465%) | (0.486%) | (0.497%) | (0.517%) | (0.549%) |
|  Monthly Net Credit Losses | 567031.39 | 491049.94 | 486255.02 | 358569.20 | 530007.80 | 551204.95 | 298280.11 |
|  2020-B Cumulative Net Credit Losses | 7868652.93 | 8359702.87 | 8845957.89 | 9204527.09 | 9734534.89 | 10285739.84 | 10584019.95 |
|  2020-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.5153%) | (0.5475%) | (0.5793%) | (0.6028%) | (0.6375%) | (0.6736%) | (0.6931%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 3660601.44 | 3601185.61 | 3443835.50 | 3796975.85 | 3832657.09 | 3299405.36 | 3583645.99 |
| 61-90 | 659748.41 | 772829.29 | 758600.09 | 783628.20 | 767798.27 | 929932.35 | 568286.44 |
|  91-120+ | 253996.95 | 224845.91 | 308355.52 | 211916.30 | 333333.20 | 440399.48 | 409282.74 |
|  Total | 4574346.80 | 4598860.81 | 4510791.11 | 4792520.35 | 4933788.56 | 4669737.19 | 4561215.17 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mar-22** | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** | **Aug-22** | **Sep-22** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.45% | 0.48% | 0.49% | 0.58% | 0.64% | 0.61% | 0.73% |
| 61-90 | 0.08% | 0.10% | 0.11% | 0.12% | 0.13% | 0.17% | 0.12% |
|  91-120+ | 0.03% | 0.03% | 0.04% | 0.03% | 0.06% | 0.08% | 0.08% |
|  Total | 0.56% | 0.61% | 0.64% | 0.74% | 0.82% | 0.86% | 0.94% |
|  2020-B 60+ | 0.11% | 0.13% | 0.15% | 0.15% | 0.18% | 0.25% | 0.20% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 213 | 214 | 205 | 236 | 240 | 205 | 220 |
| 61-90 | 41 | 49 | 42 | 49 | 50 | 61 | 35 |
|  91-120+ | 15 | 15 | 20 | 12 | 20 | 29 | 26 |
|  Total | 269 | 278 | 267 | 297 | 310 | 295 | 281 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual<br>Advance | 631011.79 | 697226.50 | 698099.31 | 688077.87 | 397418.99 | 767321.99 | 1307685.40 |
|  Reimbursement of Outstanding<br>Advance | 564027.23 | 525892.07 | 544969.85 | 626870.88 | 240544.50 | 585560.37 | 1095758.62 |
|  Additional Advance for Current<br>Period | 630241.94 | 526764.88 | 534948.41 | 336212.00 | 610447.50 | 1125923.78 | 1213528.63 |
|  Ending Residual Advances | 697226.50 | 698099.31 | 688077.87 | 397418.99 | 767321.99 | 1307685.40 | 1425455.41 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1917188.02 | 1152688.94 | 1344102.56 | 1207365.13 | 1215984.44 | 1192512.62 | 1045860.26 |
|  Reimbursement of Outstanding Payment Advance | 1134470.68 | 437393.42 | 622243.19 | 515276.31 | 528734.04 | 563954.42 | 498934.35 |
|  Additional Payment Advance for Current Period | 369971.60 | 628807.04 | 485505.76 | 523895.62 | 505262.22 | 417302.06 | 393734.84 |
|  Ending Balance of Payment<br>Advance | 1152688.94 | 1344102.56 | 1207365.13 | 1215984.44 | 1192512.62 | 1045860.26 | 940660.75 |
|  Total Collections | 79860097.72 | 71048174.33 | 65774902.81 | 64540965.92 | 67342716.69 | 73051672.06 | 68676273.27 |
|  2020-B |  |  |  |  |  |  |  |
|  Total Advances as a % of Total<br>Collections | 1.252% | 1.626% | 1.551% | 1.333% | 1.657% | 2.113% | 2.340% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-22** | **Nov-22** | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 70375920.00 | 22244160.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 93104840.00 | 54530240.00 | 17351400.00 | 0.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 |
|  | 417923633.40 | 369791873.40 | 345052553.40 | 306477953.40 | 269299113.40 | 251947713.40 |
|  2020-B Prepayment Assumption | 0.273699 | 0.242177 | 0.225975 | 0.200713 | 0.176364 | 0.165001 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 86196252.21 | 43719471.47 | 4076295.96 | 0.00 | 0.00 | 0.00 |
|  Class A-4 | 95600000.00 | 95600000.00 | 95600000.00 | 60147659.48 | 15944490.48 | 0.00 |
|  Overcollateralization | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 251947713.40 | 221729094.94 |
|  | 433743965.61 | 391267184.87 | 351624009.36 | 312095372.88 | 267892203.88 | 221729094.94 |
|  2020-B Pool Factor | 0.284059 | 0.256241 | 0.230279 | 0.204392 | 0.175443 | 0.145211 |
|  Monthly Residual Losses | 506558.03 | 394276.39 | 344646.26 | 550309.35 | 625136.63 | 646590.63 |
|  2020-B Cumulative Residual Losses | 8882429.66 | 9276706.05 | 9621352.31 | 10171661.66 | 10796798.29 | 11443388.92 |
|  2020-B Residual Losses<br>(as a % of Original Pool Balance) | (0.582%) | (0.608%) | (0.630%) | (0.666%) | (0.707%) | (0.749%) |
|  Monthly Net Credit Losses | 245840.86 | 345899.23 | 304022.69 | 61152.45 | 216759.49 | 216902.86 |
|  2020-B Cumulative Net Credit Losses | 10829860.81 | 11175760.04 | 11479782.73 | 11540935.18 | 11757694.67 | 11974597.53 |
|  2020-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.7092%) | (0.7319%) | (0.7518%) | (0.7558%) | (0.7700%) | (0.7842%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3345817.45 | 2786196.90 | 2817785.51 | 1995052.63 | 2261219.98 | 1577358.64 |
| 61-90 | 847292.82 | 910057.75 | 709009.01 | 684642.80 | 633072.09 | 401100.39 |
|  91-120+ | 318162.07 | 302959.35 | 495968.58 | 284505.43 | 196888.94 | 252574.35 |
|  Total | 4511272.34 | 3999214.00 | 4022763.10 | 2964200.86 | 3091181.01 | 2231033.38 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-22** | **Nov-22** | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.77% | 0.71% | 0.80% | 0.64% | 0.84% | 0.71% |
| 61-90 | 0.20% | 0.23% | 0.20% | 0.22% | 0.24% | 0.18% |
|  91-120+ | 0.07% | 0.08% | 0.14% | 0.09% | 0.07% | 0.11% |
|  Total | 1.04% | 1.02% | 1.14% | 0.95% | 1.15% | 1.01% |
|  2020-B 60+ | 0.27% | 0.31% | 0.34% | 0.31% | 0.31% | 0.29% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 207 | 184 | 183 | 134 | 153 | 113 |
| 61-90 | 54 | 57 | 48 | 44 | 44 | 31 |
|  91-120+ | 19 | 21 | 29 | 19 | 13 | 19 |
|  Total | 280 | 262 | 260 | 197 | 210 | 163 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual<br>Advance | 1425455.41 | 1605853.17 | 2123817.39 | 2292820.87 | 1901141.66 | 1993130.66 |
|  Reimbursement of Outstanding<br>Advance | 1201842.42 | 1263068.82 | 1557009.73 | 1685253.06 | 1184960.21 | 2770996.62 |
|  Additional Advance for Current Period | 1382240.18 | 1781033.04 | 1726013.21 | 1293573.85 | 1276949.21 | 777865.96 |
|  Ending Residual Advances | 1605853.17 | 2123817.39 | 2292820.87 | 1901141.66 | 1993130.66 | 0.00 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment<br>Advance | 940660.75 | 874519.47 | 847776.91 | 809690.58 | 640654.23 | 682386.16 |
|  Reimbursement of Outstanding Payment<br>Advance | 432630.64 | 374639.47 | 366138.32 | 413166.26 | 285925.24 | 854324.39 |
|  Additional Payment Advance for Current<br>Period | 366489.36 | 347896.91 | 328051.99 | 244129.91 | 327657.17 | 171938.23 |
|  Ending Balance of Payment Advance | 874519.47 | 847776.91 | 809690.58 | 640654.23 | 682386.16 | 0.00 |
|  Total Collections | 54276530.06 | 51462899.85 | 51719459.18 | 56550522.05 | 57231296.05 | 63902980.45 |
|  2020-B |  |  |  |  |  |  |
|  Total Advances as a % of Total<br>Collections | 3.222% | 4.137% | 3.972% | 2.719% | 2.804% | 1.486% |

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##### [**Table of Contents**](#toc)
**2021-A Static Pool Data** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-21** | **Nov-21** | **Dec-21** | **Jan-22** | **Feb-22** | **Mar-22** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 123000000.00 | 101610300.00 | 79900800.00 | 57896100.00 | 35571600.00 | 12976500.00 |
|  Class A-2a | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 1197605445.04 | 1176215745.04 | 1154506245.04 | 1132501545.04 | 1110177045.04 | 1087581945.04 |
|  2021-A Prepayment Assumption | 1.000000 | 0.982140 | 0.964012 | 0.945638 | 0.926997 | 0.908130 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 123000000.00 | 99965222.39 | 76390812.60 | 50708654.91 | 25024087.66 | 0.00 |
|  Class A-2a | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 395105738.95 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 1197605445.04 | 1174570667.43 | 1150996257.64 | 1125314099.95 | 1099629532.70 | 1073711183.99 |
|  2021-A Pool Factor | 1.000000 | 0.980766 | 0.961081 | 0.939637 | 0.918190 | 0.896548 |
|  Monthly Residual Losses | 6762.01 | 28275.29 | 27623.41 | 11995.81 | 44409.00 | 53061.77 |
|  2021-A Cumulative Residual Losses | 6762.01 | 35037.30 | 62660.71 | 74656.52 | 119065.52 | 172127.29 |
|  2021-A Residual Losses<br>(as a % of Original Pool Balance) | (0.001%) | (0.003%) | (0.005%) | (0.006%) | (0.010%) | (0.014%) |
|  Monthly Net Credit Losses | 412289.89 | 307175.95 | 454490.41 | 503102.77 | 228771.79 | 714076.81 |
|  2021-A Cumulative Net Credit Losses | 412289.89 | 719465.84 | 1173956.25 | 1677059.02 | 1905830.81 | 2619907.62 |
|  2021-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0344%) | (0.0601%) | (0.0980%) | (0.1400%) | (0.1591%) | (0.2188%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3178580.76 | 2893008.48 | 3247020.47 | 3329160.53 | 4001109.38 | 3069847.25 |
| 61-90 | 0.00 | 557026.69 | 623629.25 | 727464.93 | 824809.49 | 822727.19 |
|  91-120+ | 0.00 | 0.00 | 328935.07 | 317021.53 | 140731.06 | 347324.78 |
|  Total | 3178580.76 | 3450035.17 | 4199584.79 | 4373646.99 | 4966649.93 | 4239899.22 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-21** | **Nov-21** | **Dec-21** | **Jan-22** | **Feb-22** | **Mar-22** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.27% | 0.25% | 0.28% | 0.30% | 0.36% | 0.29% |
| 61-90 | 0.00% | 0.05% | 0.05% | 0.06% | 0.08% | 0.08% |
|  91-120+ | 0.00% | 0.00% | 0.03% | 0.03% | 0.01% | 0.03% |
|  Total | 0.27% | 0.29% | 0.36% | 0.39% | 0.45% | 0.39% |
|  2021-A 60+ | 0.00% | 0.05% | 0.08% | 0.09% | 0.09% | 0.11% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 140 | 127 | 142 | 144 | 180 | 144 |
| 61-90 | 0 | 26 | 28 | 33 | 36 | 38 |
|  91-120+ | 0 | 0 | 15 | 16 | 7 | 14 |
|  Total | 140 | 153 | 185 | 193 | 223 | 196 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 | 76286.71 | 59401.17 | 71227.72 | 363271.22 | 305727.85 |
|  Reimbursement of Outstanding Advance | 0.00 | 76286.71 | 59401.17 | 33690.68 | 334945.26 | 213868.67 |
|  Additional Advance for Current Period | 76286.71 | 59401.17 | 71227.72 | 325734.18 | 277401.89 | 318884.68 |
|  Ending Residual Advances | 76286.71 | 59401.17 | 71227.72 | 363271.22 | 305727.85 | 410743.86 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 | 1352610.34 | 1337429.14 | 1234377.33 | 1254709.55 | 1798915.93 |
|  Reimbursement of Outstanding Payment Advance | 0.00 | 525332.40 | 559178.99 | 473880.74 | 400982.81 | 970873.20 |
|  Additional Payment Advance for Current Period | 1352610.34 | 510151.20 | 456127.18 | 494212.96 | 945189.19 | 341879.96 |
|  Ending Balance of Payment Advance | 1352610.34 | 1337429.14 | 1234377.33 | 1254709.55 | 1798915.93 | 1169922.69 |
|  Total Collections | 32632285.31 | 32922857.64 | 35663002.19 | 34608328.42 | 34629070.51 | 37926784.84 |
|  2021-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 4.379% | 1.730% | 1.479% | 2.369% | 3.531% | 1.742% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** | **Aug-22** | **Sep-22** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 386100000.00 | 362934000.00 | 339490800.00 | 315810000.00 | 291891600.00 | 267696000.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 1064705445.04 | 1041539445.04 | 1018096245.04 | 994415445.04 | 970497045.04 | 946301445.04 |
|  2021-A Prepayment Assumption | 0.889029 | 0.869685 | 0.850110 | 0.830336 | 0.810365 | 0.790161 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 367746829.78 | 341695024.34 | 316051403.06 | 289674142.68 | 262058370.82 | 232631148.61 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 1046352274.82 | 1020300469.38 | 994656848.10 | 968279587.72 | 940663815.86 | 911236593.65 |
|  2021-A Pool Factor | 0.873704 | 0.851950 | 0.830538 | 0.808513 | 0.785454 | 0.760882 |
|  Monthly Residual Losses | 91668.33 | 71131.78 | 54260.16 | (2543.60) | 61612.40 | 71991.98 |
|  2021-A Cumulative Residual Losses | 263795.62 | 334927.40 | 389187.56 | 386643.96 | 448256.36 | 520248.34 |
|  2021-A Residual Losses<br>(as a % of Original Pool Balance) | (0.022%) | (0.028%) | (0.032%) | (0.032%) | (0.037%) | (0.043%) |
|  Monthly Net Credit Losses | 318401.12 | 464246.81 | 275518.75 | 328306.63 | 405729.72 | 447747.24 |
|  2021-A Cumulative Net Credit Losses | 2938308.74 | 3402555.55 | 3678074.30 | 4006380.93 | 4412110.65 | 4859857.89 |
|  2021-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.2453%) | (0.2841%) | (0.3071%) | (0.3345%) | (0.3684%) | (0.4058%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3155652.85 | 3092143.09 | 3541237.92 | 4253433.70 | 3975588.20 | 4652473.84 |
| 61-90 | 725987.51 | 794882.06 | 835889.39 | 625086.65 | 799618.69 | 829638.64 |
|  91-120+ | 392813.36 | 438666.47 | 310092.42 | 499945.73 | 338956.04 | 398815.43 |
|  Total | 4274453.72 | 4325691.62 | 4687219.73 | 5378466.08 | 5114162.93 | 5880927.91 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Apr-22** | **May-22** | **Jun-22** | **Jul-22** | **Aug-22** | **Sep-22** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.30% | 0.30% | 0.36% | 0.44% | 0.42% | 0.51% |
| 61-90 | 0.07% | 0.08% | 0.08% | 0.06% | 0.09% | 0.09% |
|  91-120+ | 0.04% | 0.04% | 0.03% | 0.05% | 0.04% | 0.04% |
|  Total | 0.41% | 0.42% | 0.47% | 0.56% | 0.54% | 0.65% |
|  2021-A 60+ | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | 0.13% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 148 | 151 | 170 | 204 | 197 | 227 |
| 61-90 | 34 | 38 | 41 | 31 | 42 | 43 |
|  91-120+ | 16 | 19 | 15 | 24 | 15 | 20 |
|  Total | 198 | 208 | 226 | 259 | 254 | 290 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 410743.86 | 369657.76 | 418123.68 | 184426.20 | 355136.25 | 425454.82 |
|  Reimbursement of Outstanding Advance | 361502.60 | 234262.77 | 306771.68 | 88159.44 | 281735.11 | 312012.20 |
|  Additional Advance for Current Period | 320416.50 | 282728.69 | 73074.20 | 258869.49 | 352053.68 | 520740.29 |
|  Ending Residual Advances | 369657.76 | 418123.68 | 184426.20 | 355136.25 | 425454.82 | 634182.91 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1169922.69 | 1393173.49 | 1288091.34 | 1352674.30 | 1465722.26 | 1299227.75 |
|  Reimbursement of Outstanding Payment Advance | 411121.61 | 576346.82 | 477642.95 | 472058.12 | 614150.18 | 462319.13 |
|  Additional Payment Advance for Current Period | 634372.41 | 471264.67 | 542225.91 | 585106.08 | 447655.67 | 518191.15 |
|  Ending Balance of Payment Advance | 1393173.49 | 1288091.34 | 1352674.30 | 1465722.26 | 1299227.75 | 1355099.77 |
|  Total Collections | 34842502.03 | 34712402.60 | 35029722.32 | 35862236.00 | 38493594.43 | 45560700.02 |
|  2021-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 2.740% | 2.172% | 1.757% | 2.353% | 2.078% | 2.280% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-22** | **Nov-22** | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 243262800.00 | 208177200.00 | 161964000.00 | 90208800.00 | 31323600.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 392792400.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 921868245.04 | 886782645.04 | 840569445.04 | 768814245.04 | 709929045.04 | 675397845.04 |
|  2021-A Prepayment Assumption | 0.769760 | 0.740463 | 0.701875 | 0.641960 | 0.592790 | 0.563957 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 196612525.22 | 155237638.82 | 106056376.26 | 55891706.13 | 9044614.87 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 396000000.00 | 360337978.71 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 875217970.26 | 833843083.86 | 784661821.30 | 734497151.17 | 687650059.91 | 642943423.75 |
|  2021-A Pool Factor | 0.730807 | 0.696259 | 0.655192 | 0.613305 | 0.574187 | 0.536857 |
|  Monthly Residual Losses | 214931.64 | 216069.86 | 490294.63 | 663995.12 | 764808.38 | 825166.50 |
|  2021-A Cumulative Residual Losses | 735179.98 | 951249.84 | 1441544.47 | 2105539.59 | 2870347.97 | 3695514.47 |
|  2021-A Residual Losses<br>(as a % of Original Pool Balance) | (0.061%) | (0.079%) | (0.120%) | (0.176%) | (0.240%) | (0.309%) |
|  Monthly Net Credit Losses | 426905.02 | 424289.54 | 371333.31 | 409894.90 | 218166.71 | 114297.44 |
|  2021-A Cumulative Net Credit Losses | 5286762.91 | 5711052.45 | 6082385.76 | 6492280.66 | 6710447.37 | 6824744.81 |
|  2021-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.4414%) | (0.4769%) | (0.5079%) | (0.5421%) | (0.5603%) | (0.5699%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 4749081.23 | 4833892.57 | 5418207.78 | 4382429.22 | 4702973.94 | 4090409.50 |
| 61-90 | 1135307.95 | 965976.69 | 890432.13 | 1298765.38 | 1029484.07 | 897541.55 |
|  91-120+ | 396893.12 | 400818.19 | 436372.36 | 391680.45 | 395532.29 | 288813.88 |
|  Total | 6281282.30 | 6200687.45 | 6745012.27 | 6072875.05 | 6127990.30 | 5276764.93 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-22** | **Nov-22** | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.54% | 0.58% | 0.69% | 0.60% | 0.68% | 0.64% |
| 61-90 | 0.13% | 0.12% | 0.11% | 0.18% | 0.15% | 0.14% |
|  91-120+ | 0.05% | 0.05% | 0.06% | 0.05% | 0.06% | 0.04% |
|  Total | 0.72% | 0.74% | 0.86% | 0.83% | 0.89% | 0.82% |
|  2021-A 60+ | 0.18% | 0.16% | 0.17% | 0.23% | 0.21% | 0.18% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 241 | 241 | 280 | 226 | 246 | 216 |
| 61-90 | 58 | 52 | 45 | 66 | 53 | 52 |
|  91-120+ | 21 | 21 | 24 | 19 | 21 | 16 |
|  Total | 320 | 314 | 349 | 311 | 320 | 284 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 634182.91 | 1150682.37 | 2565337.80 | 3096788.57 | 3337348.44 | 2865159.17 |
|  Reimbursement of Outstanding Advance | 523679.53 | 919312.59 | 2090239.47 | 2401746.41 | 2250437.31 | 2165256.25 |
|  Additional Advance for Current Period | 1040178.99 | 2333968.02 | 2621690.24 | 2642306.28 | 1778248.04 | 2037388.24 |
|  Ending Residual Advances | 1150682.37 | 2565337.80 | 3096788.57 | 3337348.44 | 2865159.17 | 2737291.16 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1355099.77 | 1362081.98 | 1435645.59 | 1431528.18 | 1258738.03 | 1411220.52 |
|  Reimbursement of Outstanding Payment Advance | 485325.90 | 483582.22 | 548395.48 | 612871.03 | 441332.70 | 684997.01 |
|  Additional Payment Advance for Current Period | 492308.11 | 557145.83 | 544278.07 | 440080.88 | 593815.19 | 338777.69 |
|  Ending Balance of Payment Advance | 1362081.98 | 1435645.59 | 1431528.18 | 1258738.03 | 1411220.52 | 1065001.20 |
|  Total Collections | 51115021.78 | 60126314.34 | 62682112.29 | 58935942.09 | 55950307.30 | 69683634.65 |
|  2021-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 2.998% | 4.808% | 5.051% | 5.230% | 4.240% | 3.410% |

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##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Apr-23** | **May-23** | **Jun-23** | **Jul-23** | **Aug-23** | **Sep-23** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 337431600.00 | 300999600.00 | 240966000.00 | 183704400.00 | 142560000.00 | 88149600.00 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 620037045.04 | 583605045.04 | 523571445.04 | 466309845.04 | 425165445.04 | 370755045.04 |
|  2021-A Prepayment Assumption | 0.517731 | 0.487310 | 0.437182 | 0.389369 | 0.355013 | 0.309580 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 303829207.03 | 258478208.30 | 199276262.44 | 146708544.80 | 102543906.26 | 52214942.12 |
|  Class A-4 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 | 85000000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 586434652.07 | 541083653.34 | 481881707.48 | 429313989.84 | 385149351.30 | 334820387.16 |
|  2021-A Pool Factor | 0.489673 | 0.451805 | 0.402371 | 0.358477 | 0.321600 | 0.279575 |
|  Monthly Residual Losses | 580923.10 | 552159.80 | 469151.52 | 332588.91 | 516446.55 | 370640.15 |
|  2021-A Cumulative Residual Losses | 4276437.57 | 4828597.37 | 5297748.89 | 5630337.80 | 6146784.35 | 6517424.50 |
|  2021-A Residual Losses<br>(as a % of Original Pool Balance) | (0.357%) | (0.403%) | (0.442%) | (0.470%) | (0.513%) | (0.544%) |
|  Monthly Net Credit Losses | 352062.82 | 205304.05 | 220862.28 | (13682.33) | 306807.04 | (49741.80) |
|  2021-A Cumulative Net Credit Losses | 7176807.63 | 7382111.68 | 7602973.96 | 7589291.63 | 7896098.67 | 7846356.87 |
|  2021-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.5993%) | (0.6164%) | (0.6348%) | (0.6337%) | (0.6593%) | (0.6552%) |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 3805021.30 | 3705690.70 | 3541837.53 | 5106172.56 | 3776764.33 | 4388792.27 |
| 61-90 | 1294046.96 | 818180.54 | 956028.50 | 729072.22 | 1578751.72 | 924167.19 |
|  91-120+ | 334286.87 | 544667.55 | 318202.65 | 484339.11 | 364926.26 | 658088.80 |
|  Total | 5433355.13 | 5068538.79 | 4816068.68 | 6319583.89 | 5720442.31 | 5971048.26 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Apr-23** | **May-23** | **Jun-23** | **Jul-23** | **Aug-23** | **Sep-23** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.65% | 0.68% | 0.74% | 1.19% | 0.98% | 1.31% |
| 61-90 | 0.22% | 0.15% | 0.20% | 0.17% | 0.41% | 0.28% |
|  91-120+ | 0.06% | 0.10% | 0.07% | 0.11% | 0.09% | 0.20% |
|  Total | 0.93% | 0.94% | 1.00% | 1.47% | 1.49% | 1.78% |
|  2021-A 60+ | 0.28% | 0.25% | 0.26% | 0.28% | 0.50% | 0.47% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 209 | 194 | 194 | 279 | 207 | 251 |
| 61-90 | 69 | 41 | 51 | 41 | 88 | 51 |
|  91-120+ | 22 | 30 | 15 | 23 | 19 | 38 |
|  Total | 300 | 265 | 260 | 343 | 314 | 340 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 2737291.16 | 1913799.20 | 1920090.60 | 2382598.72 | 2460114.83 | 2380186.34 |
|  Reimbursement of Outstanding Advance | 2257078.79 | 1819502.00 | 1663515.15 | 1872290.76 | 2022674.34 | 1908524.70 |
|  Additional Advance for Current Period | 1433586.83 | 1825793.40 | 2126023.27 | 1949806.87 | 1942745.85 | 1723794.70 |
|  Ending Residual Advances | 1913799.20 | 1920090.60 | 2382598.72 | 2460114.83 | 2380186.34 | 2195456.34 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1065001.20 | 1261818.89 | 1083730.67 | 1058056.58 | 1021287.07 | 957794.79 |
|  Reimbursement of Outstanding Payment Advance | 359852.72 | 552077.83 | 453352.57 | 414289.96 | 415898.43 | 370662.14 |
|  Additional Payment Advance for Current Period | 556670.41 | 373989.61 | 427678.48 | 377520.45 | 352406.15 | 403257.26 |
|  Ending Balance of Payment Advance | 1261818.89 | 1083730.67 | 1058056.58 | 1021287.07 | 957794.79 | 990389.91 |
|  Total Collections | 56001539.46 | 71049596.05 | 63199898.59 | 53105787.09 | 60681866.21 | 55124207.67 |
|  2021-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 3.554% | 3.096% | 4.041% | 4.382% | 3.782% | 3.859% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Oct-23** | **Nov-23** | **Dec-23** |
|  Prepayment Assumption |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 38491200.00 | 0.00 | 0.00 |
|  Class A-4 | 85000000.00 | 78140500.00 | 35105000.00 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 321096645.04 | 275745945.04 | 232710445.04 |
|  2021-A Prepayment Assumption | 0.268116 | 0.230248 | 0.194313 |
|  Actual prepayment |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 6706458.93 | 0.00 | 0.00 |
|  Class A-4 | 85000000.00 | 44868093.92 | 5379237.18 |
|  Overcollateralization | 197605445.04 | 197605445.04 | 197605445.04 |
|  | 289311903.97 | 242473538.96 | 202984682.22 |
|  2021-A Pool Factor | 0.241575 | 0.202465 | 0.169492 |
|  Monthly Residual Losses | 345976.38 | 281661.44 | 587919.79 |
|  2021-A Cumulative Residual Losses | 6863400.88 | 7145062.32 | 7732982.11 |
|  2021-A Residual Losses <br>(as a % of Original Pool Balance) | (0.573%) | (0.597%) | (0.646%) |
|  Monthly Net Credit Losses | 24801.58 | (35765.59) | 266165.45 |
|  2021-A Cumulative Net Credit Losses | 7871158.45 | 7835392.86 | 8101558.31 |
|  2021-A Net Credit Losses <br>(as a % of Original Pool Balance) | (0.6572%) | (0.6543%) | (0.6765%) |
|  Delinquencies ($) |  |  |  |
| 31-60 | 3666378.21 | 4421366.71 | 3979781.73 |
| 61-90 | 978796.43 | 1220543.27 | 1047782.18 |
|  91-120+ | 490994.92 | 376453.37 | 632957.37 |
|  Total | 5136169.56 | 6018363.35 | 5660521.28 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Oct-23** | **Nov-23** | **Dec-23** |
|  Delinquencies (%) |  |  |  |
| 31-60 | 1.27% | 1.82% | 1.96% |
| 61-90 | 0.34% | 0.50% | 0.52% |
|  91-120+ | 0.17% | 0.16% | 0.31% |
|  Total | 1.78% | 2.48% | 2.79% |
|  2021-A 60+ | 0.51% | 0.66% | 0.83% |
|  Delinquencies (units) |  |  |  |
| 31-60 | 218 | 263 | 251 |
| 61-90 | 55 | 72 | 62 |
|  91-120+ | 29 | 22 | 40 |
|  Total | 302 | 357 | 353 |
|  Residual Advances |  |  |  |
|  Beginning Balance of Residual Advance | 2195456.34 | 2746455.97 | 3031293.02 |
|  Reimbursement of Outstanding Advance | 1644999.30 | 2311497.95 | 6467105.51 |
|  Additional Advance for Current Period | 2195998.93 | 2596335.00 | 3435812.49 |
|  Ending Residual Advances | 2746455.97 | 3031293.02 | 0.00 |
|  Payment Advances |  |  |  |
|  Beginning Balance of Payment Advance | 990389.91 | 834760.11 | 859328.94 |
|  Reimbursement of Outstanding Payment Advance | 451463.72 | 328512.02 | 1210127.49 |
|  Additional Payment Advance for Current Period | 295833.92 | 353080.85 | 350798.55 |
|  Ending Balance of Payment Advance | 834760.11 | 859328.94 | 0.00 |
|  Total Collections | 56468091.78 | 48883402.74 | 43788972.02 |
|  2021-A |  |  |  |
|  Total Advances as a % of Total Collections | 4.413% | 6.034% | 8.647% |

---

------

##### [**Table of Contents**](#toc)
**2022-A Static Pool Data** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jun-22** |  | **Jul-22** | **Aug-22** | **Sep-22** | **Oct-22** | **Nov-22** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 118300000.00 |  | 97798610.00 | 76977810.00 | 55837600.00 | 34377980.00 | 12622610.00 |
|  Class A-2a | 209000000.00 |  | 209000000.00 | 209000000.00 | 209000000.00 | 209000000.00 | 209000000.00 |
|  Class A-2b | 175100000.00 |  | 175100000.00 | 175100000.00 | 175100000.00 | 175100000.00 | 175100000.00 |
|  Class A-3 | 362000000.00 |  | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 |
|  Class A-4 | 75000000.00 |  | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 |  | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 1212135507.43 |  | 1191634117.43 | 1170813317.43 | 1149673107.43 | 1128213487.43 | 1106458117.43 |
|  2022-A Prepayment Assumption | 1.000000 |  | 0.983087 | 0.965910 | 0.948469 | 0.930765 | 0.912817 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 118300000.00 |  | 95512261.21 | 72824164.14 | 49764855.30 | 25716543.71 | 1773873.84 |
|  Class A-2a | 209000000.00 |  | 209000000.00 | 209000000.00 | 209000000.00 | 209000000.00 | 209000000.00 |
|  Class A-2b | 175100000.00 |  | 175100000.00 | 175100000.00 | 175100000.00 | 175100000.00 | 175100000.00 |
|  Class A-3 | 362000000.00 |  | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 |
|  Class A-4 | 75000000.00 |  | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 |  | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 1212135507.43 |  | 1189347768.64 | 1166659671.57 | 1143600362.73 | 1119552051.14 | 1095609381.27 |
|  2022-A Pool Factor | 1.000000 |  | 0.981200 | 0.962483 | 0.943459 | 0.923620 | 0.903867 |
|  Monthly Residual Losses | 5100.05 |  | 1732.42 | (9394.73) | 15616.50 | 17150.89 | 6369.79 |
|  2022-A Cumulative Residual Losses | 5100.05 |  | 6832.47 | (2562.26) | 13054.24 | 30205.13 | 36574.92 |
|  2022-A Residual Losses<br>(as a % of Original Pool Balance) | 0.000 | %\* | (0.001%) | 0.000 | (0.001%) | (0.002%) | (0.003%) |
|  Monthly Net Credit Losses | 309841.86 |  | 327484.48 | 384334.96 | 89951.72 | 438718.10 | 156061.71 |
|  2022-A Cumulative Net Credit Losses | 309841.86 |  | 637326.34 | 1021661.30 | 1111613.02 | 1550331.12 | 1706392.83 |
|  2022-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0256) | %) | (0.0526%) | (0.0843) | (0.0917%) | (0.1279%) | (0.1408%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 2340671.46 |  | 2945240.83 | 2915959.17 | 4001835.57 | 3844298.55 | 4451841.86 |
| 61-90 | 0.00 |  | 425237.94 | 828210.04 | 796475.66 | 822534.34 | 1016010.54 |
|  91-120+ | 0.00 |  | 0.00 | 240368.53 | 379094.38 | 527431.20 | 490955.78 |
|  Total | 2340671.46 |  | 3370478.77 | 3984537.74 | 5177405.61 | 5194264.09 | 5958808.18 |

---

\* Less than 0.0000%, greater than -0.0005%

\*\* Less than 0.0005%, greater than 0.0000%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jun-22** | **Jul-22** | **Aug-22** | **Sep-22** | **Oct-22** | **Nov-22** |
|  Delinquencies (%) |  |  |  |  |  |  |
| 31-60 | 0.19% | 0.25% | 0.25% | 0.35% | 0.34% | 0.41% |
| 61-90 | 0.00% | 0.04% | 0.07% | 0.07% | 0.07% | 0.09% |
|  91-120+ | 0.00% | 0.00% | 0.02% | 0.03% | 0.05% | 0.04% |
|  Total | 0.19% | 0.28% | 0.34% | 0.45% | 0.46% | 0.54% |
|  2022-A 60+ | 0.00% | 0.04% | 0.09% | 0.10% | 0.12% | 0.14% |
|  Delinquencies (units) |  |  |  |  |  |  |
| 31-60 | 94 | 118 | 109 | 154 | 160 | 179 |
| 61-90 | 0 | 16 | 32 | 28 | 32 | 40 |
|  91-120+ | 0 | 0 | 9 | 16 | 20 | 19 |
|  Total | 94 | 134 | 150 | 198 | 212 | 238 |
|  Residual Advances |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 | 89793.34 | 160055.73 | 241615.97 | 362804.81 | 419977.63 |
|  Reimbursement of Outstanding Advance | 0.00 | 24431.73 | 97630.65 | 197162.53 | 318491.89 | 367253.26 |
|  Additional Advance for Current Period | 89793.34 | 94694.12 | 179190.89 | 318351.37 | 375664.71 | 563390.83 |
|  Ending Residual Advances | 89793.34 | 160055.73 | 241615.97 | 362804.81 | 419977.63 | 616115.20 |
|  Payment Advances |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 | 1230192.35 | 1340516.20 | 1230452.25 | 1314433.85 | 1319459.67 |
|  Reimbursement of Outstanding Payment Advance | 0.00 | 431100.70 | 542284.56 | 431657.77 | 483372.96 | 430942.83 |
|  Additional Payment Advance for Current Period | 1230192.35 | 541424.55 | 432220.61 | 515639.37 | 488398.78 | 561314.98 |
|  Ending Balance of Payment Advance | 1230192.35 | 1340516.20 | 1230452.25 | 1314433.85 | 1319459.67 | 1449831.82 |
|  Total Collections | 32182420.11 | 31021210.56 | 31971999.42 | 32522113.60 | 32309689.28 | 31300544.85 |
|  2022-A |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 4.102% | 2.051% | 1.912% | 2.564% | 2.674% | 3.593% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** | **Apr-23** | **May-23** | **Jun-23** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 203879500.00 | 191715700.00 | 179405600.00 | 166949200.00 | 154346500.00 | 141618400.00 | 128723100.00 |
|  Class A-2b | 170810050.00 | 160619230.00 | 150305840.00 | 139869880.00 | 129311350.00 | 118647760.00 | 107844090.00 |
|  Class A-3 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 1084425057.43 | 1062070437.43 | 1039446947.43 | 1016554587.43 | 993393357.43 | 970001667.43 | 946302697.43 |
|  2022-A Prepayment Assumption | 0.894640 | 0.876198 | 0.857534 | 0.838648 | 0.819540 | 0.800242 | 0.780691 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 197274903.08 | 185442387.15 | 172433326.73 | 158440842.36 | 140497695.43 | 122685545.04 | 100949424.54 |
|  Class A-2b | 165276725.02 | 155363454.50 | 144464476.13 | 132741586.11 | 117708834.78 | 102785832.23 | 84575331.28 |
|  Class A-3 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 1072287135.53 | 1050541349.08 | 1026633310.29 | 1000917935.90 | 967942037.64 | 935206884.70 | 895260263.25 |
|  2022-A Pool Factor | 0.884626 | 0.866686 | 0.846962 | 0.825748 | 0.798543 | 0.771537 | 0.738581 |
|  Monthly Residual Losses | (35123.91) | 5089.77 | 48453.31 | 120811.98 | 74175.50 | 72817.15 | 86065.37 |
|  2022-A Cumulative Residual Losses | 1451.01 | 6540.78 | 54994.09 | 175806.07 | 249981.57 | 322798.72 | 408864.09 |
|  2022-A Residual Losses<br>(as a % of Original Pool Balance) | 0.000 | (0.001%) | (0.005%) | (0.015%) | (0.021%) | (0.027%) | (0.034%) |
|  Monthly Net Credit Losses | 226024.40 | 92326.62 | 327477.75 | 30761.12 | 267310.11 | 173616.17 | 119833.00 |
|  2022-A Cumulative Net Credit Losses | 1932417.23 | 2024743.85 | 2352221.60 | 2382982.72 | 2650292.83 | 2823909.00 | 2943742.00 |
|  2022-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.1594) | (0.1670%) | (0.1941%) | (0.1966%) | (0.2186%) | (0.2330%) | (0.2429%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 4988659.94 | 4115994.28 | 4883525.11 | 4335998.33 | 5441575.33 | 4549095.02 | 4951684.11 |
| 61-90 | 866293.03 | 993328.46 | 777697.76 | 620830.37 | 838644.11 | 1039728.75 | 1194350.37 |
|  91-120+ | 481482.55 | 348391.16 | 436401.00 | 358051.14 | 386870.99 | 393513.69 | 425295.84 |
|  Total | 6336435.52 | 5457713.90 | 6097623.87 | 5314879.84 | 6667090.43 | 5982337.46 | 6571330.32 |

---

\* Less than 0.0000%, greater than -0.0005%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dec-22** | **Jan-23** | **Feb-23** | **Mar-23** | **Apr-23** | **May-23** | **Jun-23** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.47% | 0.39% | 0.48% | 0.43% | 0.56% | 0.49% | 0.55% |
| 61-90 | 0.08% | 0.09% | 0.08% | 0.06% | 0.09% | 0.11% | 0.13% |
|  91-120+ | 0.04% | 0.03% | 0.04% | 0.04% | 0.04% | 0.04% | 0.05% |
|  Total | 0.59% | 0.52% | 0.59% | 0.53% | 0.69% | 0.64% | 0.73% |
|  2022-A 60+ | 0.13% | 0.13% | 0.12% | 0.10% | 0.13% | 0.15% | 0.18% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 210 | 169 | 206 | 188 | 235 | 201 | 223 |
| 61-90 | 33 | 39 | 32 | 28 | 37 | 45 | 52 |
|  91-120+ | 20 | 13 | 17 | 14 | 17 | 19 | 19 |
|  Total | 263 | 221 | 255 | 230 | 289 | 265 | 294 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 616115.20 | 601804.94 | 720001.13 | 851296.65 | 824904.68 | 587363.06 | 879230.29 |
|  Reimbursement of Outstanding Advance | 459365.57 | 441375.59 | 336453.37 | 683528.89 | 686600.47 | 550189.29 | 700708.40 |
|  Additional Advance for Current Period | 445055.31 | 559571.78 | 467748.89 | 657136.92 | 449058.85 | 842056.52 | 1566642.10 |
|  Ending Residual Advances | 601804.94 | 720001.13 | 851296.65 | 824904.68 | 587363.06 | 879230.29 | 1745163.99 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1449831.82 | 1458198.34 | 1308231.81 | 1568967.21 | 1206605.22 | 1535121.91 | 1319375.07 |
|  Reimbursement of Outstanding Payment Advance | 541435.01 | 580899.61 | 399594.08 | 749300.23 | 376127.80 | 626834.00 | 477111.15 |
|  Additional Payment Advance for Current Period | 549801.53 | 430933.08 | 660329.48 | 386938.24 | 704644.49 | 411087.16 | 506286.23 |
|  Ending Balance of Payment Advance | 1458198.34 | 1308231.81 | 1568967.21 | 1206605.22 | 1535121.91 | 1319375.07 | 1348550.15 |
|  Total Collections | 30006537.69 | 31922036.36 | 33445040.14 | 41995980.62 | 40469718.30 | 48488565.04 | 55047706.31 |
|  2022-A |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 3.315% | 3.103% | 3.373% | 2.486% | 2.851% | 2.584% | 3.766% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-23** | **Aug-23** | **Sep-23** | **Oct-23** | **Nov-23** | **Dec-23** | **Jan-24** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 112003100.00 | 79378200.00 | 50787000.00 | 15967600.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 93836090.00 | 66502980.00 | 42549300.00 | 13377640.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 362000000.00 | 362000000.00 | 362000000.00 | 362000000.00 | 330071600.00 | 295790200.00 | 240114600.00 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 915574697.43 | 855616687.43 | 803071807.43 | 739080747.43 | 677807107.43 | 643525707.43 | 587850107.43 |
|  2022-A Prepayment Assumption | 0.755340 | 0.705875 | 0.662526 | 0.609734 | 0.559184 | 0.530902 | 0.484971 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 75489105.26 | 50120088.54 | 22614932.68 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 63244700.15 | 41990562.22 | 18946768.96 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 362000000.00 | 362000000.00 | 362000000.00 | 356546193.49 | 310511658.99 | 270262523.01 | 231119053.53 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 848469312.84 | 801846158.19 | 751297209.07 | 704281700.92 | 658247166.42 | 617998030.44 | 578854560.96 |
|  2022-A Pool Factor | 0.699979 | 0.661515 | 0.619813 | 0.581026 | 0.543048 | 0.509842 | 0.477549 |
|  Monthly Residual Losses | 1353.62 | 106513.65 | 72941.50 | (254860.63) | (294698.15) | (358212.76) | (171076.89) |
|  2022-A Cumulative Residual Losses | 410217.71 | 516731.36 | 589672.86 | 334812.23 | 40114.08 | (318098.68) | (489175.57) |
|  2022-A Residual Losses <br>(as a % of Original Pool Balance) | (0.034%) | (0.043%) | (0.049%) | (0.028%) | (0.003%) | 0.026% | 0.040% |
|  Monthly Net Credit Losses | 332768.31 | 85946.16 | 28157.86 | 161042.13 | (104812.23) | (53262.01) | (175861.62) |
|  2022-A Cumulative Net Credit Losses | 3276510.31 | 3362456.47 | 3390614.33 | 3551656.46 | 3446844.23 | 3393582.22 | 3217720.60 |
|  2022-A Net Credit Losses <br>(as a % of Original Pool Balance) | (0.2703%) | (0.2774%) | (0.2797%) | (0.2930%) | (0.2844%) | (0.2800%) | (0.2655%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 5406432.18 | 5997942.55 | 5858446.68 | 6207523.15 | 7447660.03 | 6945563.52 | 6016566.20 |
| 61-90 | 1033878.20 | 988379.96 | 1370907.08 | 1343193.70 | 1704673.29 | 1746907.94 | 1647837.98 |
|  91-120+ | 597409.38 | 525185.06 | 348068.91 | 658914.52 | 884492.05 | 982060.39 | 849402.73 |
|  Total | 7037719.76 | 7511507.57 | 7577422.67 | 8209631.37 | 10036825.37 | 9674531.85 | 8513806.91 |

---

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-23** | **Aug-23** | **Sep-23** | **Oct-23** | **Nov-23** | **Dec-23** | **Jan-24** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.64% | 0.75% | 0.78% | 0.88% | 1.13% | 1.12% | 1.04% |
| 61-90 | 0.12% | 0.12% | 0.18% | 0.19% | 0.26% | 0.28% | 0.28% |
|  91-120+ | 0.07% | 0.07% | 0.05% | 0.09% | 0.13% | 0.16% | 0.15% |
|  Total | 0.83% | 0.94% | 1.01% | 1.17% | 1.52% | 1.57% | 1.47% |
|  2022-A 60+ | 0.19% | 0.19% | 0.23% | 0.28% | 0.39% | 0.44% | 0.43% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 250 | 275 | 271 | 290 | 348 | 329 | 284 |
| 61-90 | 44 | 47 | 63 | 62 | 81 | 88 | 83 |
|  91-120+ | 27 | 23 | 17 | 32 | 40 | 44 | 41 |
|  Total | 321 | 345 | 351 | 384 | 469 | 461 | 408 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 1745163.99 | 1635026.31 | 2814700.94 | 4299858.66 | 5063572.64 | 6544250.35 | 9245379.91 |
|  Reimbursement of Outstanding Advance | 1489703.01 | 1415775.49 | 2235464.32 | 3757535.04 | 3995659.97 | 4316176.87 | 6633059.35 |
|  Additional Advance for Current Period | 1379565.33 | 2595450.12 | 3720622.04 | 4521249.02 | 5476337.68 | 7017306.43 | 9472500.75 |
|  Ending Residual Advances | 1635026.31 | 2814700.94 | 4299858.66 | 5063572.64 | 6544250.35 | 9245379.91 | 12084821.31 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1348550.15 | 1322734.38 | 1301653.90 | 1400417.25 | 1322302.59 | 1430204.73 | 1462106.33 |
|  Reimbursement of Outstanding Payment Advance | 505935.55 | 490178.30 | 468345.07 | 549787.25 | 449732.86 | 518310.81 | 646774.83 |
|  Additional Payment Advance for Current Period | 480119.78 | 469097.82 | 567108.42 | 471672.59 | 557635.00 | 550212.41 | 359406.77 |
|  Ending Balance of Payment Advance | 1322734.38 | 1301653.90 | 1400417.25 | 1322302.59 | 1430204.73 | 1462106.33 | 1174738.27 |
|  Total Collections | 55114916.63 | 58906410.48 | 55794517.57 | 56289365.67 | 50040826.74 | 49113250.01 | 59567887.69 |
|  2022-A |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 3.374% | 5.202% | 7.685% | 8.870% | 12.058% | 15.408% | 16.505% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** |
|  Prepayment Assumption |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 198484600.00 | 146791000.00 | 94590600.00 | 52671000.00 | 20380600.00 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 546220107.43 | 494526507.43 | 442326107.43 | 400406507.43 | 368116107.43 |
|  2022-A Prepayment Assumption | 0.450626 | 0.407980 | 0.364915 | 0.330331 | 0.303692 |
|  Actual prepayment |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 184364612.32 | 139949691.79 | 94634750.13 | 53904303.60 | 9861928.24 |
|  Class A-4 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 | 75000000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 | 272735507.43 |
|  | 532100119.75 | 487685199.22 | 442370257.56 | 401639811.03 | 357597435.67 |
|  2022-A Pool Factor | 0.438977 | 0.402336 | 0.364951 | 0.331349 | 0.295014 |
|  Monthly Residual Losses | (131722.75) | 431513.88 | 452775.74 | 308701.47 | 373436.22 |
|  2022-A Cumulative Residual Losses | (620898.32) | (189384.44) | 263391.30 | 572092.77 | 945528.99 |
|  2022-A Residual Losses <br>(as a % of Original Pool Balance) | 0.051% | 0.016% | (0.022%) | (0.047%) | (0.078%) |
|  Monthly Net Credit Losses | 237272.20 | 70551.79 | (164828.05) | 144430.35 | (189209.52) |
|  2022-A Cumulative Net Credit Losses | 3454992.80 | 3525544.59 | 3360716.54 | 3505146.89 | 3315937.37 |
|  2022-A Net Credit Losses <br>(as a % of Original Pool Balance) | (0.2850%) | (0.2909%) | (0.2773%) | (0.2892%) | (0.2736%) |
|  Delinquencies ($) |  |  |  |  |  |
| 31-60 | 4863361.67 | 5934280.86 | 4509055.38 | 4145354.74 | 4650427.73 |
| 61-90 | 1430904.71 | 1104832.53 | 1633141.13 | 1015006.01 | 888111.35 |
|  91-120+ | 798974.31 | 931995.63 | 314443.14 | 763673.81 | 469845.43 |
|  Total | 7093240.69 | 7971109.02 | 6456639.65 | 5924034.56 | 6008384.51 |

---

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** |
|  Delinquencies (%) |  |  |  |  |  |
| 31-60 | 0.91% | 1.22% | 1.02% | 1.03% | 1.30% |
| 61-90 | 0.27% | 0.23% | 0.37% | 0.25% | 0.25% |
|  91-120+ | 0.15% | 0.19% | 0.07% | 0.19% | 0.13% |
|  Total | 1.33% | 1.63% | 1.46% | 1.47% | 1.68% |
|  2022-A 60+ | 0.42% | 0.42% | 0.44% | 0.44% | 0.38% |
|  Delinquencies (units) |  |  |  |  |  |
| 31-60 | 244 | 293 | 228 | 206 | 229 |
| 61-90 | 70 | 55 | 79 | 50 | 46 |
|  91-120+ | 39 | 45 | 18 | 37 | 25 |
|  Total | 353 | 393 | 325 | 293 | 300 |
|  Residual Advances |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 12084821.31 | 11284954.38 | 10887719.09 | 8781510.11 | 8091144.05 |
|  Reimbursement of Outstanding Advance | 8673446.00 | 7792501.31 | 7539367.63 | 6464470.94 | 4981059.51 |
|  Additional Advance for Current Period | 7873579.07 | 7395266.02 | 5433158.65 | 5774104.88 | 7305740.12 |
|  Ending Residual Advances | 11284954.38 | 10887719.09 | 8781510.11 | 8091144.05 | 10415824.66 |
|  Payment Advances |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1174738.27 | 1200299.27 | 1149332.43 | 981353.97 | 829605.81 |
|  Reimbursement of Outstanding Payment Advance | 452293.52 | 463048.55 | 516155.29 | 435290.40 | 314602.76 |
|  Additional Payment Advance for Current Period | 477854.52 | 412081.71 | 348176.83 | 283542.24 | 473538.39 |
|  Ending Balance of Payment Advance | 1200299.27 | 1149332.43 | 981353.97 | 829605.81 | 988541.44 |
|  Total Collections | 59127824.61 | 59525992.51 | 54045887.93 | 56944852.66 | 50297916.95 |
|  2022-A |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 14.124% | 13.116% | 10.697% | 10.638% | 15.466% |

---

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Jul-24** | **Aug-24** |
|  Prepayment Assumption |  |  |
|  Class A-1 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 |
|  Class A-3 | 0.00 | 0.00 |
|  Class A-4 | 51862500.00 | 11505000.00 |
|  Overcollateralization | 272735507.43 | 272735507.43 |
|  | 324598007.43 | 284240507.43 |
|  2022-A Prepayment Assumption | 0.267790 | 0.234496 |
|  Actual prepayment |  |  |
|  Class A-1 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 |
|  Class A-3 | 0.00 | 0.00 |
|  Class A-4 | 44328721.42 | 179409.17 |
|  Overcollateralization | 272735507.43 | 272735507.43 |
|  | 317064228.85 | 272914916.60 |
|  2022-A Pool Factor | 0.261575 | 0.225152 |
|  Monthly Residual Losses | 972344.99 | 879000.17 |
|  2022-A Cumulative Residual Losses | 1917873.98 | 2796874.15 |
|  2022-A Residual Losses (as a % of Original Pool Balance) | (0.158%) | (0.231%) |
|  Monthly Net Credit Losses | 83483.88 | 399359.96 |
|  2022-A Cumulative Net Credit Losses | 3399421.25 | 3798781.21 |
|  2022-A Net Credit Losses (as a % of Original Pool Balance) | (0.2804%) | (0.3134%) |
|  Delinquencies ($) |  |  |
| 31-60 | 4232098.56 | 3462471.22 |
| 61-90 | 1066444.09 | 1355967.41 |
|  91-120+ | 419256.71 | 572056.95 |
|  Total | 5717799.36 | 5390495.58 |

---

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Jul-24** | **Aug-24** |
|  Delinquencies (%) |  |  |
| 31-60 | 1.33% | 1.27% |
| 61-90 | 0.34% | 0.50% |
|  91-120+ | 0.13% | 0.21% |
|  Total | 1.80% | 1.98% |
|  2022-A 60+ | 0.47% | 0.71% |
|  Delinquencies (units) |  |  |
| 31-60 | 218 | 179 |
| 61-90 | 53 | 71 |
|  91-120+ | 22 | 29 |
|  Total | 293 | 279 |
|  Residual Advances |  |  |
|  Beginning Balance of Residual Advance | 10415824.66 | 9370533.81 |
|  Reimbursement of Outstanding Advance | 7699127.14 | 15366650.06 |
|  Additional Advance for Current Period | 6653836.29 | 5996116.25 |
|  Ending Residual Advances | 9370533.81 | 0.00 |
|  Payment Advances |  |  |
|  Beginning Balance of Payment Advance | 988541.44 | 791426.82 |
|  Reimbursement of Outstanding Payment Advance | 469340.44 | 1084116.22 |
|  Additional Payment Advance for Current Period | 272225.82 | 292689.40 |
|  Ending Balance of Payment Advance | 791426.82 | 0.00 |
|  Total Collections | 58436830.12 | 51114583.23 |
|  2022-A |  |  |
|  Total Advances as a % of Total Collections | 11.852% | 12.303% |

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##### [**Table of Contents**](#toc)
**2023-A Static Pool Data** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-23** | **Feb-23** | **Mar-23** | **Apr-23** | **May-23** | **Jun-23** | **Jul-23** | **Aug-23** | **Sep-23** |
|  Prepayment Assumption |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 187000000.00 | 163176200.00 | 138978400.00 | 114425300.00 | 89516900.00 | 64271900.00 | 38690300.00 | 12790800.00 | 0.00 |
|  Class A-2a | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 294874000.00 |
|  Class A-2b | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 96680000.00 |
|  Class A-3 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 1383647800.02 | 1359824000.02 | 1335626200.02 | 1311073100.02 | 1286164700.02 | 1260919700.02 | 1235338100.02 | 1209438600.02 | 1183201800.02 |
|  2023-A Prepayment Assumption | 1.000000 | 0.982782 | 0.965293 | 0.947548 | 0.929546 | 0.911301 | 0.892813 | 0.874094 | 0.855132 |
|  Actual prepayment |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 187000000.00 | 164247446.62 | 139818219.34 | 112211991.21 | 85552750.65 | 56355498.24 | 28444929.01 | 2511335.89 | 0.00 |
|  Class A-2a | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 305000000.00 | 285483175.00 |
|  Class A-2b | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 100000000.00 | 93601040.99 |
|  Class A-3 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 1383647800.02 | 1360895246.64 | 1336466019.36 | 1308859791.23 | 1282200550.67 | 1253003298.26 | 1225092729.03 | 1199159135.91 | 1170732016.01 |
|  2023-A Pool Factor | 1.000000 | 0.983556 | 0.965900 | 0.945949 | 0.926681 | 0.905580 | 0.885408 | 0.866665 | 0.846120 |
|  Monthly Residual Losses | 14229.45 | 48109.62 | 44844.46 | 65259.85 | 42212.27 | 10050.70 | 30489.35 | 41701.53 | (37182.46) |
|  2023-A Cumulative Residual Losses | 14229.45 | 62339.07 | 107183.53 | 172443.38 | 214655.65 | 224706.35 | 255195.70 | 296897.23 | 259714.77 |
|  2023-A Residual Losses<br>(as a % of Original Pool Balance) | (0.001%) | (0.005%) | (0.008%) | (0.012%) | (0.016%) | (0.016%) | (0.018%) | (0.021%) | (0.019%) |
|  Monthly Net Credit Losses | 158569.52 | 206487.49 | (27687.97) | 167385.65 | 481408.74 | 174487.37 | (83135.39) | (11197.65) | 77400.64 |
|  2023-A Cumulative Net Credit Losses | 158569.52 | 365057.01 | 337369.04 | 504754.69 | 986163.43 | 1160650.80 | 1077515.41 | 1066317.76 | 1143718.40 |
|  2023-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0115%) | (0.0264%) | (0.0244%) | (0.0365%) | (0.0713%) | (0.0839%) | (0.0779%) | (0.0771%) | (0.0827%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |  |  |
| 31-60 | 3009900.99 | 4591068.50 | 4213710.47 | 5351791.42 | 5049775.62 | 5425205.03 | 6957993.91 | 6412427.87 | 7342613.75 |
| 61-90 | 21040.51 | 638620.06 | 511080.23 | 866150.73 | 896594.64 | 1159827.84 | 1031844.06 | 2277709.36 | 1761734.58 |
|  91-120+ | 0.00 | 25973.33 | 186991.84 | 224480.50 | 380691.83 | 373600.15 | 674463.49 | 566555.22 | 845682.26 |
|  Total | 3030941.50 | 5255661.89 | 4911782.54 | 6442422.65 | 6327062.09 | 6958633.02 | 8664301.46 | 9256692.45 | 9950030.59 |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-23** |  | **Feb-23** |  | **Mar-23** | **Apr-23** | **May-23** | **Jun-23** | **Jul-23** | **Aug-23** | **Sep-23** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |  |  |  |
| 31-60 | 0.22 | % | 0.34 | % | 0.32% | 0.41% | 0.39% | 0.43% | 0.57% | 0.53% | 0.63% |
| 61-90 | 0.00 | %\*\* | 0.05 | % | 0.04% | 0.07% | 0.07% | 0.09% | 0.08% | 0.19% | 0.15% |
|  91-120+ | 0.00 | % | 0.00 | %\*\* | 0.01% | 0.02% | 0.03% | 0.03% | 0.06% | 0.05% | 0.07% |
|  Total | 0.22 | % | 0.39 | % | 0.37% | 0.49% | 0.49% | 0.56% | 0.71% | 0.77% | 0.85% |
|  2023-A 60+ | 0.00 | %\*\* | 0.05 | % | 0.05% | 0.08% | 0.10% | 0.12% | 0.14% | 0.24% | 0.22% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |  |  |  |
| 31-60 | 107 |  | 166 |  | 152 | 197 | 182 | 203 | 259 | 244 | 292 |
| 61-90 | 1 |  | 21 |  | 19 | 33 | 33 | 43 | 40 | 86 | 68 |
|  91-120+ | 0 |  | 1 |  | 6 | 8 | 15 | 13 | 24 | 23 | 28 |
|  Total | 108 |  | 188 |  | 177 | 238 | 230 | 259 | 323 | 353 | 388 |
|  Residual Advances |  |  |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 555053.55 |  | 480320.94 | 718098.25 | 402522.41 | 850685.67 | 756790.58 | 1035635.06 | 1136231.97 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 457721.48 |  | 445251.62 | 607371.89 | 251818.41 | 776510.88 | 629945.03 | 842163.86 | 923621.08 |
|  Additional Advance for Current Period | 555053.55 |  | 382988.87 |  | 683028.93 | 291796.05 | 699981.67 | 682615.79 | 908789.51 | 942760.77 | 1108568.83 |
|  Ending Residual Advances | 555053.55 |  | 480320.94 |  | 718098.25 | 402522.41 | 850685.67 | 756790.58 | 1035635.06 | 1136231.97 | 1321179.72 |
|  Payment Advances |  |  |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 1418900.51 |  | 1827165.42 | 1351891.81 | 1846984.96 | 1506556.01 | 1647867.17 | 1720559.21 | 1723109.20 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 424674.62 |  | 881552.33 | 396423.64 | 808427.75 | 518864.26 | 556350.72 | 614562.96 | 550321.83 |
|  Additional Payment Advance for Current Period | 1418900.51 |  | 832939.53 |  | 406278.72 | 891516.79 | 467998.80 | 660175.42 | 629042.76 | 617112.95 | 754039.35 |
|  Ending Balance of Payment Advance | 1418900.51 |  | 1827165.42 |  | 1351891.81 | 1846984.96 | 1506556.01 | 1647867.17 | 1720559.21 | 1723109.20 | 1926826.72 |
|  Total Collections | 33121536.04 |  | 34129574.56 |  | 38216087.08 | 35840041.29 | 39804215.71 | 37965205.05 | 34843969.41 | 37965234.54 | 36424368.52 |
|  2023-A |  |  |  |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 5.960 | % | 3.563 | % | 2.850% | 3.302% | 2.934% | 3.537% | 4.413% | 4.109% | 5.114% |

---

\*\* Less than 0.005%, greater than 0.000%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-23** | **Nov-23** | **Dec-23** | **Jan-24** | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** |
|  Prepayment Assumption |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 274927000.00 | 254736000.00 | 234331500.00 | 213713500.00 | 192882000.00 | 171867500.00 | 117303000.00 | 53131000.00 | 61000.00 |
|  Class A-2b | 90140000.00 | 83520000.00 | 76830000.00 | 70070000.00 | 63240000.00 | 56350000.00 | 38460000.00 | 17420000.00 | 20000.00 |
|  Class A-3 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 1156714800.02 | 1129903800.02 | 1102809300.02 | 1075431300.02 | 1047769800.02 | 1019865300.02 | 947410800.02 | 862198800.02 | 791728800.02 |
|  2023-A Prepayment Assumption | 0.835989 | 0.816612 | 0.797030 | 0.777244 | 0.757252 | 0.737084 | 0.684720 | 0.623135 | 0.572204 |
|  Actual prepayment |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 265019251.69 | 243216614.26 | 221485563.16 | 198424665.37 | 168412077.17 | 130480994.76 | 78734483.22 | 26914191.14 | 0.00 |
|  Class A-2b | 86891557.94 | 79743152.23 | 72618217.44 | 65057267.34 | 55217074.49 | 42780654.02 | 25814584.66 | 8824324.96 | 0.00 |
|  Class A-3 | 405000000.00 | 405000000.00 | 405000000.0 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 405000000.00 | 374181174.36 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 1143558609.65 | 1114607566.51 | 1085751580.62 | 1055129732.73 | 1015276951.68 | 964909448.80 | 896196867.90 | 827386316.12 | 760828974.38 |
|  2023-A Pool Factor | 0.826481 | 0.805557 | 0.784702 | 0.762571 | 0.733768 | 0.697366 | 0.647706 | 0.597975 | 0.549872 |
|  Monthly Residual Losses | (73907.20) | (94354.56) | (84380.29) | (265560.70) | (406005.75) | (361292.35) | (444649.47) | (864840.98) | (803124.21) |
|  2023-A Cumulative Residual Losses | 185807.57 | 91453.01 | 7072.72 | (258487.98) | (664493.73) | (1025786.08) | (1470435.55) | (2335276.53) | (3138400.74) |
|  2023-A Residual Losses<br>(as a % of Original Pool Balance) | (0.013%) | (0.007%) | (0.001%) | 0.019% | 0.048% | 0.074% | 0.106% | 0.169% | 0.227% |
|  Monthly Net Credit Losses | (265900.51) | 40382.96 | 132751.18 | (259262.40) | 78078.60 | (261707.27) | (493728.08) | 630465.85 | 158590.46 |
|  2023-A Cumulative Net Credit Losses | 877817.89 | 918200.85 | 1050952.03 | 791689.63 | 869768.23 | 608060.96 | 114332.88 | 744798.73 | 903389.19 |
|  2023-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0634%) | (0.0664%) | (0.0760%) | (0.0572%) | (0.0629%) | (0.0439%) | (0.0083%) | (0.0538%) | (0.0653%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |  |  |
| 31-60 | 8170366.94 | 10651294.13 | 9777407.94 | 7917186.05 | 8559252.71 | 9241367.69 | 8348977.97 | 7559126.36 | 8976268.02 |
| 61-90 | 1629109.08 | 2414946.88 | 2410357.34 | 2726225.88 | 1932234.26 | 1994656.79 | 1576603.71 | 1558683.93 | 2046593.44 |
|  91-120+ | 709511.55 | 815345.25 | 1073376.05 | 1306429.86 | 1281130.16 | 1288884.05 | 498925.75 | 696853.40 | 548959.95 |
|  Total | 10508987.57 | 13881586.26 | 13261141.33 | 11949841.79 | 11772617.13 | 12524908.53 | 10424507.43 | 9814663.69 | 11571821.41 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Oct-23** | **Nov-23** | **Dec-23** | **Jan-24** | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |  |
| 31-60 | 0.71% | 0.96% | 0.90% | 0.75% | 0.84% | 0.96% | 0.93% | 0.91% | 1.18% |
| 61-90 | 0.14% | 0.22% | 0.22% | 0.26% | 0.19% | 0.21% | 0.18% | 0.19% | 0.27% |
|  91-120+ | 0.06% | 0.07% | 0.10% | 0.12% | 0.13% | 0.13% | 0.06% | 0.08% | 0.07% |
|  Total | 0.92% | 1.25% | 1.22% | 1.13% | 1.16% | 1.30% | 1.16% | 1.19% | 1.52% |
|  2023-A 60+ | 0.20% | 0.29% | 0.32% | 0.38% | 0.32% | 0.34% | 0.23% | 0.27% | 0.34% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |  |
| 31-60 | 323 | 431 | 394 | 332 | 357 | 388 | 355 | 328 | 399 |
| 61-90 | 65 | 91 | 98 | 112 | 82 | 82 | 69 | 67 | 90 |
|  91-120+ | 28 | 31 | 41 | 54 | 52 | 58 | 22 | 29 | 24 |
|  Total | 416 | 553 | 533 | 498 | 491 | 528 | 446 | 424 | 513 |
|  Residual Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 1321179.72 | 1509246.90 | 1758870.91 | 4966575.79 | 6703976.26 | 11190527.25 | 15294152.28 | 18110271.74 | 17980643.19 |
|  Reimbursement of Outstanding Advance | 1081502.31 | 1120490.00 | 1140652.64 | 3706051.65 | 5001453.23 | 7313971.17 | 10484726.04 | 13144226.37 | 10427498.68 |
|  Additional Advance for Current Period | 1269569.49 | 1370114.01 | 4348357.52 | 5443452.12 | 9488004.22 | 11417596.20 | 13300845.50 | 13014597.82 | 14114185.55 |
|  Ending Residual Advances | 1509246.90 | 1758870.91 | 4966575.79 | 6703976.26 | 11190527.25 | 15294152.28 | 18110271.74 | 17980643.19 | 21667330.06 |
|  Payment Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1926826.72 | 1870581.57 | 2134146.20 | 2202811.96 | 1927889.61 | 2079998.00 | 2082787.86 | 1740845.16 | 1541829.18 |
|  Reimbursement of Outstanding Payment Advance | 694341.88 | 552298.59 | 715944.97 | 845774.10 | 628632.34 | 743610.78 | 922925.52 | 720149.96 | 486314.71 |
|  Additional Payment Advance for Current Period | 638096.73 | 815863.22 | 784610.73 | 570851.75 | 780740.73 | 746400.64 | 580982.82 | 521133.98 | 866099.02 |
|  Ending Balance of Payment Advance | 1870581.57 | 2134146.20 | 2202811.96 | 1927889.61 | 2079998.00 | 2082787.86 | 1740845.16 | 1541829.18 | 1921613.49 |
|  Total Collections | 38154286.26 | 38009736.07 | 39749654.46 | 51810417.90 | 63354639.08 | 84712145.86 | 88324308.19 | 89387195.21 | 70718701.13 |
|  2023-A |  |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 5.000% | 5.751% | 12.913% | 11.608% | 16.208% | 14.359% | 15.717% | 15.143% | 21.183% |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-24** | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Prepayment Assumption |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 343035000.00 | 284512500.00 | 207684000.00 | 155722500.00 | 114696000.00 | 78489000.00 | 15997500.00 | 0.00 | 0.00 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 88034100.00 | 57381300.00 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 729682800.02 | 671160300.02 | 594331800.02 | 542370300.02 | 501343800.02 | 465136800.02 | 402645300.02 | 371681900.02 | 341029100.02 |
|  2023-A Prepayment Assumption | 0.527362 | 0.485066 | 0.429540 | 0.391986 | 0.362335 | 0.336167 | 0.291003 | 0.268625 | 0.246471 |
|  Actual prepayment |  |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 320908850.95 | 262495972.49 | 205117932.66 | 157942762.18 | 113365615.64 | 68919899.09 | 24660069.19 | 0.00 | 0.00 |
|  Class A-4 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 103000000.00 | 83183699.89 | 42009361.81 |
|  Overcollateralization | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 | 283647800.02 |
|  | 707556650.97 | 649143772.51 | 591765732.68 | 544590562.20 | 500013415.66 | 455567699.11 | 411307869.21 | 366831499.91 | 325657161.83 |
|  2023-A Pool Factor | 0.511370 | 0.469154 | 0.427685 | 0.393590 | 0.361373 | 0.329251 | 0.297263 | 0.265119 | 0.235361 |
|  Monthly Residual Losses | (595968.72) | 60160.63 | (175552.33) | (377666.86) | 239871.48 | 416201.56 | 892621.68 | 957726.90 | 1650207.72 |
|  2023-A Cumulative Residual Losses | (3734369.46) | (3674208.83) | (3849761.16) | (4227428.02) | (3987556.54) | (3571354.98) | (2678733.30) | (1721006.40) | (70798.68) |
|  2023-A Residual Losses<br>(as a % of Original Pool Balance) | 0.270% | 0.266% | 0.278% | 0.306% | 0.288% | 0.258% | 0.194% | 0.124% | 0.005% |
|  Monthly Net Credit Losses | (239228.61) | (35303.41) | 65223.30 | (24155.56) | (70365.72) | (580952.88) | 374173.38 | (44521.83) | 346285.73 |
|  2023-A Cumulative Net Credit Losses | 664160.58 | 628857.17 | 694080.47 | 669924.91 | 599559.19 | 18606.31 | 392779.69 | 348257.86 | 694543.59 |
|  2023-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0480%) | (0.0454%) | (0.0502%) | (0.0484%) | (0.0433%) | (0.0013%) | (0.0284%) | (0.0252%) | (0.0502%) |
|  Delinquencies ($) |  |  |  |  |  |  |  |  |  |
| 31-60 | 8510850.92 | 7393259.51 | 6217040.00 | 6536421.51 | 6445840.72 | 5982239.87 | 4944477.05 | 4709710.80 | 3834222.37 |
| 61-90 | 1665211.31 | 2161196.75 | 2146706.00 | 1431958.80 | 2056655.01 | 1481311.19 | 1160804.24 | 1148845.97 | 1012014.09 |
|  91-120+ | 909970.04 | 743326.89 | 932295.78 | 979094.60 | 869017.19 | 739136.68 | 691144.02 | 577588.57 | 414565.03 |
|  Total | 11086032.27 | 10297783.15 | 9296041.78 | 8947474.91 | 9371512.92 | 8202687.74 | 6796425.31 | 6436145.34 | 5260801.49 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-24** | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |  |
| 31-60 | 1.20% | 1.14% | 1.05% | 1.20% | 1.29% | 1.31% | 1.20% | 1.28% | 1.18% |
| 61-90 | 0.24% | 0.33% | 0.36% | 0.26% | 0.41% | 0.33% | 0.28% | 0.31% | 0.31% |
|  91-120+ | 0.13% | 0.11% | 0.16% | 0.18% | 0.17% | 0.16% | 0.17% | 0.16% | 0.13% |
|  Total | 1.57% | 1.59% | 1.57% | 1.64% | 1.87% | 1.80% | 1.65% | 1.75% | 1.62% |
|  2023-A 60+ | 0.36% | 0.45% | 0.52% | 0.44% | 0.59% | 0.49% | 0.45% | 0.47% | 0.44% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |  |
| 31-60 | 378 | 328 | 288 | 303 | 308 | 290 | 243 | 230 | 193 |
| 61-90 | 75 | 95 | 92 | 62 | 95 | 71 | 58 | 53 | 48 |
|  91-120+ | 42 | 33 | 41 | 43 | 41 | 35 | 35 | 29 | 18 |
|  Total | 495 | 456 | 421 | 408 | 444 | 396 | 336 | 312 | 259 |
|  Residual Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 21667330.06 | 21964314.32 | 23198304.76 | 19455815.94 | 12012131.50 | 13498560.22 | 17593402.40 | 17021618.93 | 14647839.38 |
|  Reimbursement of Outstanding Advance | 13790769.32 | 14285799.73 | 14911335.99 | 15307582.48 | 8544592.99 | 7166820.77 | 12531981.21 | 13155960.44 | 27308608.64 |
|  Additional Advance for Current Period | 14087753.58 | 15519790.17 | 11168847.17 | 7863898.04 | 10031021.71 | 11261662.95 | 11960197.74 | 10782180.89 | 12660769.26 |
|  Ending Residual Advances | 21964314.32 | 23198304.76 | 19455815.94 | 12012131.50 | 13498560.22 | 17593402.40 | 17021618.93 | 14647839.38 | 0.00 |
|  Payment Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1921613.49 | 1590348.79 | 1540171.15 | 1494089.73 | 1347335.87 | 1507321.26 | 1284072.51 | 1041453.57 | 1085280.54 |
|  Reimbursement of Outstanding Payment Advance | 826173.04 | 624405.70 | 579691.78 | 596765.19 | 451940.90 | 666563.43 | 582172.80 | 413102.57 | 1380676.51 |
|  Additional Payment Advance for Current Period | 494908.34 | 574228.06 | 533610.36 | 450011.33 | 611926.29 | 443314.68 | 339553.86 | 456929.54 | 295395.97 |
|  Ending Balance of Payment Advance | 1590348.79 | 1540171.15 | 1494089.73 | 1347335.87 | 1507321.26 | 1284072.51 | 1041453.57 | 1085280.54 | 0.00 |
|  Total Collections | 80290003.45 | 79576779.92 | 69107282.66 | 66926861.59 | 59867285.27 | 58334465.10 | 64528403.64 | 61349374.74 | 74615094.20 |
|  2023-A |  |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 18.162% | 20.225% | 16.934% | 12.422% | 17.778% | 20.065% | 19.061% | 18.320% | 17.364% |

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##### [**Table of Contents**](#toc)
**2023-B Static Pool Data** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jun-23** | **Jul-23** | **Aug-23** | **Sep-23** | **Oct-23** | **Nov-23** | **Dec-23** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 120000000.00 | 100332000.00 | 80328000.00 | 60000000.00 | 39348000.00 | 18408000.00 | 0.00 |
|  Class A-2a | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 261953400.00 |
|  Class A-2b | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 139020000.00 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 1220313316.15 | 1200645316.15 | 1180641316.15 | 1160313316.15 | 1139661316.15 | 1118721316.15 | 1097486716.15 |
|  2023-B Prepayment Assumption | 1.000000 | 0.983883 | 0.967490 | 0.950832 | 0.933909 | 0.916749 | 0.899348 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 120000000.00 | 100344474.54 | 80395954.30 | 60542585.30 | 39291054.41 | 18040350.33 | 0.00 |
|  Class A-2a | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 263800000.00 | 262720502.85 |
|  Class A-2b | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 140000000.00 | 139427105.38 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 1220313316.15 | 1200657790.69 | 1180709270.45 | 1160855901.45 | 1139604370.56 | 1118353666.48 | 1098660924.38 |
|  2023-B Pool Factor | 1.000000 | 0.983893 | 0.967546 | 0.951277 | 0.933862 | 0.916448 | 0.900311 |
|  Monthly Residual Losses | (9637.88) | 5813.47 | 16914.15 | 12356.80 | (14807.51) | (21181.62) | (8255.07) |
|  2023-B Cumulative Residual Losses | (9637.88) | (3824.41) | 13089.74 | 25446.54 | 10639.03 | (10542.59) | (18797.66) |
|  2023-B Residual Losses<br>(as a % of Original Pool Balance) | 0.001% | 0.000% | (0.001%) | (0.002%) | (0.001%) | 0.001% | 0.002% |
|  Monthly Net Credit Losses | 130257.02 | 257285.35 | 64154.51 | (240497.20) | (449716.59) | 261513.21 | (64315.63) |
|  2023-B Cumulative Net Credit Losses | 130257.02 | 387542.37 | 451696.88 | 211199.68 | (238516.91) | 22996.30 | (41319.33) |
|  2023-B Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0107%) | (0.0318%) | (0.0370%) | (0.0173%) | 0.0195% | (0.0019%) | 0.0034% |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 4498196.69 | 5145086.97 | 5068728.86 | 5860413.23 | 6287038.24 | 9221716.24 | 8643414.18 |
| 61-90 | 22245.44 | 949749.04 | 1090228.90 | 937170.78 | 1090738.78 | 1893285.38 | 1679628.13 |
|  91-120+ | 0.00 | 21851.13 | 566877.29 | 833568.25 | 275323.61 | 541177.83 | 1223529.54 |
|  Total | 4520442.13 | 6116687.14 | 6725835.05 | 7631152.26 | 7653100.63 | 11656179.45 | 11546571.85 |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jun-23** |  | **Jul-23** |  | **Aug-23** | **Sep-23** | **Oct-23** | **Nov-23** | **Dec-23** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |  |
| 31-60 | 0.37 | % | 0.43 | % | 0.43% | 0.50% | 0.55% | 0.82% | 0.79% |
| 61-90 | 0.00 | %\*\* | 0.08 | % | 0.09% | 0.08% | 0.10% | 0.17% | 0.15% |
|  91-120+ | 0.00 | % | 0.00 | %\*\* | 0.05% | 0.07% | 0.02% | 0.05% | 0.11% |
|  Total | 0.37 | % | 0.51 | % | 0.57% | 0.66% | 0.67% | 1.04% | 1.05% |
|  2023-B 60+ | 0.00 | %\*\* | 0.08 | % | 0.14% | 0.15% | 0.12% | 0.22% | 0.26% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |  |
| 31-60 | 141 |  | 167 |  | 168 | 198 | 224 | 322 | 300 |
| 61-90 | 1 |  | 28 |  | 37 | 29 | 37 | 63 | 59 |
|  91-120+ | 0 |  | 1 |  | 15 | 23 | 9 | 17 | 41 |
|  Total | 142 |  | 196 |  | 220 | 250 | 270 | 402 | 400 |
|  Residual Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 521522.28 |  | 648409.12 | 729694.48 | 727152.58 | 977684.51 | 914900.26 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 375883.82 |  | 513184.87 | 545856.17 | 585740.97 | 733962.49 | 486401.10 |
|  Additional Advance for Current Period | 521522.28 |  | 502770.66 |  | 594470.23 | 543314.27 | 836272.90 | 671178.24 | 1562094.23 |
|  Ending Residual Advances | 521522.28 |  | 648409.12 |  | 729694.48 | 727152.58 | 977684.51 | 914900.26 | 1990593.39 |
|  Payment Advances |  |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 1367518.68 |  | 1452098.41 | 1497427.73 | 1729481.52 | 1584121.37 | 1908483.61 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 458889.18 |  | 487459.88 | 454802.08 | 654053.89 | 411801.79 | 595642.20 |
|  Additional Payment Advance for Current Period | 1367518.68 |  | 543468.91 |  | 532789.20 | 686855.87 | 508693.74 | 736164.03 | 706281.54 |
|  Ending Balance of Payment Advance | 1367518.68 |  | 1452098.41 |  | 1497427.73 | 1729481.52 | 1584121.37 | 1908483.61 | 2019122.95 |
|  Total Collections | 28930308.76 |  | 28512848.22 |  | 28472926.03 | 29491493.84 | 29382450.81 | 28188273.02 | 27461599.21 |
|  2023-B |  |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 6.530 | % | 3.669 | % | 3.959% | 4.171% | 4.577% | 4.993% | 8.260% |

---

\*\* Less than 0.005%, greater than 0.000%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-24** | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** | **Jul-24** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 247892860.00 | 233621280.00 | 219217800.00 | 204603280.00 | 189856860.00 | 174925780.00 | 159862800.00 |
|  Class A-2b | 131558000.00 | 123984000.00 | 116340000.00 | 108584000.00 | 100758000.00 | 92834000.00 | 84840000.00 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 1075964176.15 | 1054118596.15 | 1032071116.15 | 1009700596.15 | 987128176.15 | 964273096.15 | 941216116.15 |
|  2023-B Prepayment Assumption | 0.881711 | 0.863810 | 0.845743 | 0.827411 | 0.808914 | 0.790185 | 0.771291 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 250006859.58 | 235667439.64 | 220153485.79 | 202928071.15 | 184206508.99 | 163551459.49 | 142943392.14 |
|  Class A-2b | 132679910.31 | 125069907.31 | 116836573.19 | 107694958.14 | 97759330.01 | 86797590.32 | 75860784.30 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 | 351300000.00 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 1079200086.04 | 1057250663.10 | 1033503375.13 | 1007136345.44 | 978479155.15 | 946862365.96 | 915317492.59 |
|  2023-B Pool Factor | 0.884363 | 0.866376 | 0.846916 | 0.825310 | 0.801826 | 0.775917 | 0.750068 |
|  Monthly Residual Losses | (128239.59) | (90959.54) | 23248.43 | 29595.22 | (122085.57) | (187225.13) | (103633.51) |
|  2023-B Cumulative Residual Losses | (147037.25) | (237996.79) | (214748.36) | (185153.14) | (307238.71) | (494463.84) | (598097.35) |
|  2023-B Residual Losses<br>(as a % of Original Pool Balance) | 0.012% | 0.020% | 0.018% | 0.015% | 0.025% | 0.041% | 0.049% |
|  Monthly Net Credit Losses | (306706.12) | (170567.71) | 48973.29 | (803309.88) | 531619.99 | 108091.67 | (117221.56) |
|  2023-B Cumulative Net Credit Losses | (348025.45) | (518593.16) | (469619.87) | (1272929.75) | (741309.76) | (633218.09) | (750439.65) |
|  2023-B Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0285% | 0.0425% | 0.0385% | 0.1043% | 0.0607% | 0.0519% | 0.0615% |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 7744801.68 | 8620854.02 | 9323686.22 | 7918344.01 | 7753526.61 | 8603859.15 | 8453680.22 |
| 61-90 | 2147610.54 | 1870001.86 | 1751629.60 | 1334282.63 | 1312027.08 | 2189010.15 | 1791156.88 |
|  91-120+ | 1430748.64 | 1282974.01 | 1538530.95 | 476806.93 | 285994.90 | 470929.36 | 879062.85 |
|  Total | 11323160.86 | 11773829.89 | 12613846.77 | 9729433.57 | 9351548.59 | 11263798.66 | 11123899.95 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-24** | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** | **Jul-24** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.72% | 0.82% | 0.90% | 0.79% | 0.79% | 0.91% | 0.92% |
| 61-90 | 0.20% | 0.18% | 0.17% | 0.13% | 0.13% | 0.23% | 0.20% |
|  91-120+ | 0.13% | 0.12% | 0.15% | 0.05% | 0.03% | 0.05% | 0.10% |
|  Total | 1.05% | 1.11% | 1.22% | 0.97% | 0.96% | 1.19% | 1.22% |
|  2023-B 60+ | 0.33% | 0.30% | 0.32% | 0.18% | 0.16% | 0.28% | 0.29% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 270 | 315 | 337 | 286 | 286 | 323 | 325 |
| 61-90 | 75 | 63 | 64 | 48 | 46 | 81 | 69 |
|  91-120+ | 49 | 43 | 55 | 18 | 11 | 17 | 31 |
|  Total | 394 | 421 | 456 | 352 | 343 | 421 | 425 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 1990593.39 | 2681702.83 | 3847269.98 | 4912201.47 | 5286478.26 | 5927385.45 | 7960138.30 |
|  Reimbursement of Outstanding Advance | 1602253.08 | 1916939.01 | 2542323.68 | 3588297.08 | 4101790.67 | 3706262.60 | 5175467.68 |
|  Additional Advance for Current Period | 2293362.52 | 3082506.16 | 3607255.17 | 3962573.87 | 4742697.86 | 5739015.45 | 10068479.53 |
|  Ending Residual Advances | 2681702.83 | 3847269.98 | 4912201.47 | 5286478.26 | 5927385.45 | 7960138.30 | 12853150.15 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 2019122.95 | 1808046.51 | 1986639.42 | 2070810.23 | 1702023.96 | 1538276.81 | 1983073.58 |
|  Reimbursement of Outstanding Payment Advance | 785338.07 | 567713.08 | 621260.45 | 875891.41 | 646946.54 | 402154.01 | 793855.09 |
|  Additional Payment Advance for Current Period | 574261.63 | 746305.99 | 705431.26 | 507105.14 | 483199.39 | 846950.78 | 524820.87 |
|  Ending Balance of Payment Advance | 1808046.51 | 1986639.42 | 2070810.23 | 1702023.96 | 1538276.81 | 1983073.58 | 1714039.36 |
|  Total Collections | 31080975.29 | 32946452.91 | 36875225.44 | 39814215.80 | 44784106.98 | 42507384.68 | 60651904.81 |
|  2023-B |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 9.226% | 11.621% | 11.695% | 11.226% | 11.669% | 15.494% | 17.466% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Prepayment Assumption |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 144641540.00 | 91142900.00 | 40097600.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 76762000.00 | 48370000.00 | 21280000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 342166200.00 | 289717110.00 | 251530800.00 | 209936880.00 | 176668770.00 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 917916856.15 | 836026216.15 | 757890916.15 | 687379516.15 | 634930426.15 | 596744116.15 | 555150196.15 | 521882086.15 |
|  2023-B Prepayment Assumption | 0.752198 | 0.685091 | 0.621063 | 0.563281 | 0.520301 | 0.489009 | 0.454924 | 0.427662 |
|  Actual prepayment |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 112851059.17 | 73683379.10 | 36188571.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2b | 59890630.33 | 39104143.56 | 19205458.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-3 | 351300000.00 | 351300000.00 | 351300000.00 | 351057747.09 | 306129172.39 | 264319591.66 | 223267424.12 | 188622848.24 |
|  Class A-4 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 | 70600000.00 |
|  Overcollateralization | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 | 274613316.15 |
|  | 869255005.65 | 809300838.81 | 751907346.75 | 696271063.24 | 651342488.54 | 609532907.81 | 568480740.27 | 533836164.39 |
|  2023-B Pool Factor | 0.712321 | 0.663191 | 0.616159 | 0.570567 | 0.533750 | 0.499489 | 0.465848 | 0.437458 |
|  Monthly Residual Losses | 160216.93 | 20399.34 | (723125.14) | (334446.06) | 14768.46 | 118941.76 | 437473.36 | 1023844.32 |
|  2023-B Cumulative Residual Losses | (437880.42) | (417481.08) | (1140606.22) | (1475052.28) | (1460283.82) | (1341342.06) | (903868.70) | 119975.62 |
|  2023-B Residual Losses<br>(as a % of Original Pool Balance) | 0.036% | 0.034% | 0.093% | 0.121% | 0.120% | 0.110% | 0.074% | (0.010%) |
|  Monthly Net Credit Losses | (192130.67) | (217194.40) | (24547.48) | 185226.57 | (582641.30) | 31846.12 | (33661.17) | (9872.95) |
|  2023-B Cumulative Net Credit Losses | (942570.32) | (1159764.72) | (1184312.20) | (999085.63) | (1581726.93) | (1549880.81) | (1583541.98) | (1593414.93) |
|  2023-B Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0772% | 0.0950% | 0.0970% | 0.0819% | 0.1296% | 0.1270% | 0.1298% | 0.1306% |
|  Delinquencies ($) |  |  |  |  |  |  |  |  |
| 31-60 | 7482779.89 | 7493552.63 | 7410117.93 | 8723930.55 | 7879238.94 | 5531839.49 | 6363199.40 | 5501553.86 |
| 61-90 | 2170695.50 | 1717583.66 | 1540848.09 | 1834632.75 | 1758200.19 | 1960660.06 | 1319489.89 | 1259117.19 |
|  91-120+ | 862495.88 | 709696.20 | 758917.14 | 827383.37 | 1056525.86 | 559821.88 | 670190.48 | 561270.69 |
|  Total | 10515971.27 | 9920832.49 | 9709883.16 | 11385946.67 | 10693964.99 | 8052321.43 | 8352879.77 | 7321941.74 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |
| 31-60 | 0.86% | 0.93% | 0.99% | 1.25% | 1.21% | 0.91% | 1.12% | 1.03% |
| 61-90 | 0.25% | 0.21% | 0.20% | 0.26% | 0.27% | 0.32% | 0.23% | 0.24% |
|  91-120+ | 0.10% | 0.09% | 0.10% | 0.12% | 0.16% | 0.09% | 0.12% | 0.11% |
|  Total | 1.21% | 1.23% | 1.29% | 1.64% | 1.64% | 1.32% | 1.47% | 1.37% |
|  2023-B 60+ | 0.35% | 0.30% | 0.31% | 0.38% | 0.43% | 0.41% | 0.35% | 0.34% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |
| 31-60 | 298 | 295 | 294 | 340 | 303 | 219 | 246 | 217 |
| 61-90 | 83 | 72 | 65 | 72 | 73 | 79 | 54 | 49 |
|  91-120+ | 34 | 27 | 34 | 36 | 42 | 25 | 26 | 23 |
|  Total | 415 | 394 | 393 | 448 | 418 | 323 | 326 | 289 |
|  Residual Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 12853150.15 | 22938239.86 | 24054744.11 | 19659512.20 | 19804772.14 | 24051573.43 | 21332981.36 | 15195200.35 |
|  Reimbursement of Outstanding Advance | 8729649.09 | 15839540.64 | 19336260.08 | 14707440.54 | 11482642.60 | 15982781.11 | 16025871.09 | 12011671.33 |
|  Additional Advance for Current Period | 18814738.80 | 16956044.89 | 14941028.17 | 14852700.48 | 15729443.89 | 13264189.04 | 9888090.08 | 11450736.67 |
|  Ending Residual Advances | 22938239.86 | 24054744.11 | 19659512.20 | 19804772.14 | 24051573.43 | 21332981.36 | 15195200.35 | 14634265.69 |
|  Payment Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 1714039.36 | 1685635.80 | 1653252.82 | 1537383.33 | 1777948.83 | 1544922.61 | 1316836.09 | 1464523.67 |
|  Reimbursement of Outstanding Payment Advance | 632695.51 | 622792.35 | 661894.90 | 483393.24 | 733828.54 | 655874.18 | 450668.71 | 634077.54 |
|  Additional Payment Advance for Current Period | 604291.95 | 590409.37 | 546025.41 | 723958.74 | 500802.32 | 427787.66 | 598356.29 | 354095.13 |
|  Ending Balance of Payment Advance | 1685635.80 | 1653252.82 | 1537383.33 | 1777948.83 | 1544922.61 | 1316836.09 | 1464523.67 | 1184541.26 |
|  Total Collections | 78669495.63 | 83238677.86 | 84266421.73 | 67076373.27 | 59970184.16 | 63727249.67 | 57057903.42 | 60110156.95 |
|  2023-B |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 24.684% | 21.080% | 18.379% | 23.222% | 27.064% | 21.485% | 18.379% | 19.639% |

---

------

##### [**Table of Contents**](#toc)
**2024-A Static Pool Data** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-24** | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** | **Jul-24** |
|  Prepayment Assumption |  |  |  |  |  |  |  |
|  Class A-1 | 150000000.00 | 126630000.00 | 102810000.00 | 78570000.00 | 53925000.00 | 28875000.00 | 3420000.00 |
|  Class A-2a | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 |
|  Class A-2b | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 |
|  Class A-3 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 |
|  Class A-4 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 |
|  Overcollateralization | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 |
|  | 1560158172.56 | 1536788172.56 | 1512968172.56 | 1488728172.56 | 1464083172.56 | 1439033172.56 | 1413578172.56 |
|  2024-A Prepayment Assumption | 1.000000 | 0.985021 | 0.969753 | 0.954216 | 0.938420 | 0.922364 | 0.906048 |
|  Actual prepayment |  |  |  |  |  |  |  |
|  Class A-1 | 150000000.00 | 129668569.30 | 108514413.95 | 87568262.44 | 63488519.42 | 40469859.24 | 18261819.27 |
|  Class A-2a | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 |
|  Class A-2b | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 | 262000000.00 |
|  Class A-3 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 |
|  Class A-4 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 |
|  Overcollateralization | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 |
|  | 1560158172.56 | 1539826741.86 | 1518672586.51 | 1497726435.00 | 1473646691.98 | 1450628031.80 | 1428419991.83 |
|  2024-A Pool Factor | 1.000000 | 0.986968 | 0.973409 | 0.959984 | 0.944550 | 0.929795 | 0.915561 |
|  Monthly Residual Losses | (6352.54) | (59658.22) | (57052.59) | (106970.50) | (76631.80) | (45354.51) | (83682.42) |
|  2024-A Cumulative Residual Losses | (6352.54) | (66010.76) | (123063.35) | (230033.85) | (306665.65) | (352020.16) | (435702.58) |
|  2024-A Residual Losses<br>(as a % of Original Pool Balance) | 0.000 | 0.004% | 0.008% | 0.015% | 0.020% | 0.023% | 0.028% |
|  Monthly Net Credit Losses | 9935.21 | 76016.37 | (158998.39) | (1305089.36) | (39688.71) | (288611.32) | (1025554.26) |
|  2024-A Cumulative Net Credit Losses | 9935.21 | 85951.58 | (73046.81) | (1378136.17) | (1417824.88) | (1706436.20) | (2731990.46) |
|  2024-A Net Credit Losses<br>(as a % of Original Pool Balance) | (0.0006) | (0.0055%) | 0.0047% | 0.0883% | 0.0909% | 0.1094% | 0.1751% |
|  Delinquencies ($) |  |  |  |  |  |  |  |
| 31-60 | 6944927.87 | 6965336.35 | 9567866.52 | 7764214.93 | 7887402.78 | 9297944.20 | 10258244.70 |
| 61-90 | 75513.72 | 1628192.06 | 1780475.77 | 1854602.65 | 1759920.14 | 1900967.89 | 1953911.67 |
|  91-120+ | 0.00 | 0.00 | 896359.41 | 816176.16 | 952376.78 | 839231.54 | 705629.86 |
|  Total | 7020441.59 | 8593528.41 | 12244701.70 | 10434993.74 | 10599699.70 | 12038143.63 | 12917786.23 |

---

\*\* Less than 0.0005%, greater than 0.0000%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan-24** |  | **Feb-24** | **Mar-24** | **Apr-24** | **May-24** | **Jun-24** | **Jul-24** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |
| 31-60 | 0.45 | % | 0.45% | 0.63% | 0.52% | 0.54% | 0.64% | 0.72% |
| 61-90 | 0.00 | %\*\* | 0.11% | 0.12% | 0.12% | 0.12% | 0.13% | 0.14% |
|  91-120+ | 0.00 | % | 0.00% | 0.06% | 0.05% | 0.06% | 0.06% | 0.05% |
|  Total | 0.45 | % | 0.56% | 0.81% | 0.70% | 0.72% | 0.83% | 0.90% |
|  2024-A 60+ | 0.00 | %\*\* | 0.11% | 0.18% | 0.18% | 0.18% | 0.19% | 0.19% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |
| 31-60 | 202 |  | 218 | 290 | 244 | 250 | 294 | 344 |
| 61-90 | 2 |  | 46 | 54 | 56 | 54 | 60 | 64 |
|  91-120+ | 0 |  | 0 | 28 | 25 | 28 | 27 | 23 |
|  Total | 204 |  | 264 | 372 | 325 | 332 | 381 | 431 |
|  Residual Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 475431.52 | 604225.62 | 947863.61 | 822735.00 | 801119.15 | 1049244.70 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 287423.38 | 364166.50 | 626995.75 | 526359.92 | 310771.65 | 641512.63 |
|  Additional Advance for Current Period | 475431.52 |  | 416217.48 | 707804.49 | 501867.14 | 504744.07 | 558897.20 | 355641.38 |
|  Ending Residual Advances | 475431.52 |  | 604225.62 | 947863.61 | 822735.00 | 801119.15 | 1049244.70 | 763373.45 |
|  Payment Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 1659867.69 | 2058119.58 | 2205074.80 | 1946310.52 | 1821565.13 | 2393824.41 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 534295.08 | 681454.60 | 905722.61 | 772966.65 | 546587.95 | 983556.31 |
|  Additional Payment Advance for Current Period | 1659867.69 |  | 932546.97 | 828409.82 | 646958.33 | 648221.26 | 1118847.23 | 667284.38 |
|  Ending Balance of Payment Advance | 1659867.69 |  | 2058119.58 | 2205074.80 | 1946310.52 | 1821565.13 | 2393824.41 | 2077552.48 |
|  Total Collections | 31744343.46 |  | 31207326.68 | 31011650.46 | 33806328.39 | 33595746.40 | 30933716.79 | 33114250.28 |
|  2024-A |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 6.727 | % | 4.322% | 4.954% | 3.398% | 3.432% | 5.424% | 3.089% |

---

\*\* Less than 0.005%, greater than 0.000%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Prepayment Assumption |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 250812600.00 | 237712600.00 | 224429200.00 | 210988600.00 | 197364600.00 | 183583400.00 | 169645000.00 | 155549400.00 |
|  Class A-2b | 250812600.00 | 237712600.00 | 224429200.00 | 210988600.00 | 197364600.00 | 183583400.00 | 169645000.00 | 155549400.00 |
|  Class A-3 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 |
|  Class A-4 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 |
|  Overcollateralization | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 |
|  | 1387783372.56 | 1361583372.56 | 1335016572.56 | 1308135372.56 | 1280887372.56 | 1253324972.56 | 1225448172.56 | 1197256972.56 |
|  2024-A Prepayment Assumption | 0.889515 | 0.872721 | 0.855693 | 0.838463 | 0.820998 | 0.803332 | 0.785464 | 0.767395 |
|  Actual prepayment |  |  |  |  |  |  |  |  |
|  Class A-1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|  Class A-2a | 259462607.34 | 248088236.88 | 236356582.42 | 223657331.15 | 211342393.87 | 198095338.60 | 183982672.41 | 168662167.45 |
|  Class A-2b | 259462607.34 | 248088236.88 | 236356582.42 | 223657331.15 | 211342393.87 | 198095338.60 | 183982672.41 | 168662167.45 |
|  Class A-3 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 | 460000000.00 |
|  Class A-4 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 | 75120000.00 |
|  Overcollateralization | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 | 351038172.56 |
|  | 1405083387.24 | 1382334646.32 | 1358871337.40 | 1333472834.86 | 1308842960.30 | 1282348849.76 | 1254123517.38 | 1223482507.46 |
|  2024-A Pool Factor | 0.900603 | 0.886022 | 0.870983 | 0.854704 | 0.838917 | 0.821935 | 0.803844 | 0.784204 |
|  Monthly Residual Losses | (27211.76) | (76185.49) | (85179.39) | (195433.80) | (142159.26) | (297596.63) | (241088.16) | (106707.83) |
|  2024-A Cumulative Residual Losses | (462914.34) | (539099.83) | (624279.22) | (819713.02) | (961872.28) | (1259468.91) | (1500557.07) | (1607264.90) |
|  2024-A Residual Losses<br>(as a % of Original Pool Balance) | 0.030% | 0.035% | 0.040% | 0.053% | 0.062% | 0.081% | 0.096% | 0.103% |
|  Monthly Net Credit Losses | 126801.34 | (298212.39) | (271459.83) | (28240.32) | (1412769.53) | 462253.95 | (226996.62) | 232653.21 |
|  2024-A Cumulative Net Credit Losses | (2605189.12) | (2903401.51) | (3174861.34) | (3203101.66) | (4615871.19) | (4153617.24) | (4380613.86) | (4147960.65) |
|  2024-A Net Credit Losses<br>(as a % of Original Pool Balance) | 0.1670% | 0.1861% | 0.2035% | 0.2053% | 0.2959% | 0.2662% | 0.2808% | 0.2659% |
|  Delinquencies ($) |  |  |  |  |  |  |  |  |
| 31-60 | 8917018.77 | 9479825.18 | 10494485.42 | 10951243.65 | 11866081.81 | 10391713.45 | 9331057.31 | 10713143.98 |
| 61-90 | 2094134.60 | 1938998.52 | 1906195.74 | 3154318.02 | 2105368.82 | 2812703.18 | 2208936.34 | 1532514.59 |
|  91-120+ | 982767.85 | 762993.19 | 710336.77 | 1019370.50 | 989943.67 | 739184.69 | 817840.53 | 926086.09 |
|  Total | 11993921.22 | 12181816.89 | 13111017.93 | 15124932.17 | 14961394.30 | 13943601.32 | 12357834.18 | 13171744.66 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** | **Jan-25** | **Feb-25** | **Mar-25** |
|  Delinquencies (%) |  |  |  |  |  |  |  |  |
| 31-60 | 0.63% | 0.69% | 0.77% | 0.82% | 0.91% | 0.81% | 0.74% | 0.88% |
| 61-90 | 0.15% | 0.14% | 0.14% | 0.24% | 0.16% | 0.22% | 0.18% | 0.13% |
|  91-120+ | 0.07% | 0.06% | 0.05% | 0.08% | 0.08% | 0.06% | 0.07% | 0.08% |
|  Total | 0.85% | 0.88% | 0.96% | 1.13% | 1.14% | 1.09% | 0.99% | 1.08% |
|  2024-A 60+ | 0.22% | 0.20% | 0.19% | 0.31% | 0.24% | 0.28% | 0.24% | 0.20% |
|  Delinquencies (units) |  |  |  |  |  |  |  |  |
| 31-60 | 286 | 314 | 354 | 379 | 417 | 359 | 343 | 398 |
| 61-90 | 75 | 64 | 62 | 107 | 75 | 98 | 79 | 63 |
|  91-120+ | 33 | 25 | 24 | 33 | 35 | 26 | 31 | 33 |
|  Total | 394 | 403 | 440 | 519 | 527 | 483 | 453 | 494 |
|  Residual Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 763373.45 | 751934.38 | 1131420.55 | 2060831.95 | 2438526.78 | 2770554.33 | 4109979.54 | 5745980.17 |
|  Reimbursement of Outstanding Advance | 378896.68 | 422704.84 | 687321.04 | 1420558.42 | 1575577.43 | 1803965.24 | 2498213.92 | 4622330.57 |
|  Additional Advance for Current Period | 367457.61 | 802191.01 | 1616732.44 | 1798253.25 | 1907604.98 | 3143390.45 | 4134214.55 | 6834239.46 |
|  Ending Residual Advances | 751934.38 | 1131420.55 | 2060831.95 | 2438526.78 | 2770554.33 | 4109979.54 | 5745980.17 | 7957889.06 |
|  Payment Advances |  |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 2077552.48 | 2008782.42 | 2160826.05 | 2097590.59 | 2582745.17 | 2289576.41 | 2101773.05 | 2361295.34 |
|  Reimbursement of Outstanding Payment Advance | 762393.08 | 637943.07 | 758366.24 | 583793.81 | 1017001.68 | 851564.78 | 687497.09 | 959965.76 |
|  Additional Payment Advance for Current Period | 693623.02 | 789986.70 | 695130.78 | 1068948.39 | 723832.92 | 663761.42 | 947019.38 | 624883.38 |
|  Ending Balance of Payment Advance | 2008782.42 | 2160826.05 | 2097590.59 | 2582745.17 | 2289576.41 | 2101773.05 | 2361295.34 | 2026212.96 |
|  Total Collections | 32623809.90 | 32595476.93 | 35307481.12 | 34820498.59 | 36481770.76 | 39992890.04 | 42092965.86 | 52135392.88 |
|  2024-A |  |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 3.252% | 4.885% | 6.548% | 8.234% | 7.213% | 9.520% | 12.071% | 14.307% |

---

------

##### [**Table of Contents**](#toc)
**2024-B Static Pool Data** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-24** | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** |
|  Prepayment Assumption |  |  |  |  |  |  |
|  Class A-1 | 126000000.00 | 108057600.00 | 89686800.00 | 70900200.00 | 51685200.00 | 32079600.00 |
|  Class A-2a | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 |
|  Class A-2b | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 |
|  Class A-3 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 |
|  Class A-4 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 |
|  Class B | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 |
|  Overcollateralization | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 |
|  | 1383314271.99 | 1365371871.99 | 1347001071.99 | 1328214471.99 | 1308999471.99 | 1289393871.99 |
|  2024-B Prepayment Assumption | 1.000000 | 0.987029 | 0.973749 | 0.960168 | 0.946278 | 0.932105 |
|  Actual prepayment |  |  |  |  |  |  |
|  Class A-1 | 126000000.00 | 110332149.09 | 94648316.46 | 78830751.30 | 61689893.11 | 45693103.23 |
|  Class A-2a | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 | 220000000.00 |
|  Class A-2b | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 | 253250000.00 |
|  Class A-3 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 | 473250000.00 |
|  Class A-4 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 | 68700000.00 |
|  Class B | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 | 58800000.00 |
|  Overcollateralization | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 | 183314271.99 |
|  | 1383314271.99 | 1367646421.08 | 1351962588.45 | 1336145023.29 | 1319004165.10 | 1303007375.22 |
|  2024-B Pool Factor | 1.000000 | 0.988674 | 0.977336 | 0.965901 | 0.953510 | 0.941946 |
|  Monthly Residual Losses | 11577.04 | 0.00 | (11268.42) | (9625.28) | (71230.13) | (12133.13) |
|  2024-B Cumulative Residual Losses | 11577.04 | 11577.04 | 308.62 | (9316.66) | (80546.79) | (92679.92) |
|  2024-B Residual Losses<br>(as a % of Original Pool Balance) | (0.001%) | (0.001%) | 0.000 | 0.001% | 0.006% | 0.007% |
|  Monthly Net Credit Losses | (71264.22) | 85861.19 | (148206.41) | (661409.69) | 124738.16 | (1095894.86) |
|  2024-B Cumulative Net Credit Losses | (71264.22) | 14596.97 | (133609.44) | (795019.13) | (670280.97) | (1766175.83) |
|  2024-B Net Credit Losses<br>(as a % of Original Pool Balance) | 0.0052% | (0.0011%) | 0.0097 | 0.0575% | 0.0485% | 0.1277% |
|  Delinquencies ($) |  |  |  |  |  |  |
| 31-60 | 13253104.89 | 7157811.47 | 8326303.60 | 8948201.75 | 10344671.56 | 9895852.72 |
| 61-90 | 26073.25 | 2543242.24 | 1357422.93 | 1703510.87 | 1716355.58 | 2330326.24 |
|  91-120+ | 0.00 | 172573.52 | 1013764.48 | 616568.57 | 1085643.66 | 824845.94 |
|  Total | 13279178.14 | 9873627.23 | 10697491.01 | 11268281.19 | 13146670.80 | 13051024.90 |

---

\* Less than 0.0000%, greater than -0.0005%

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jul-24** |  | **Aug-24** | **Sep-24** | **Oct-24** | **Nov-24** | **Dec-24** |
|  Delinquencies (%) |  |  |  |  |  |  |  |
| 31-60 | 0.96 | % | 0.52% | 0.62% | 0.67% | 0.78% | 0.76% |
| 61-90 | 0.00 | %\*\* | 0.19% | 0.10% | 0.13% | 0.13% | 0.18% |
|  91-120+ | 0.00 | % | 0.01% | 0.07% | 0.05% | 0.08% | 0.06% |
|  Total | 0.96 | % | 0.72% | 0.79% | 0.84% | 1.00% | 1.00% |
|  2024-B 60+ | 0.00 | % | 0.20% | 0.18% | 0.17% | 0.21% | 0.24% |
|  Delinquencies (units) |  |  |  |  |  |  |  |
| 31-60 | 446 |  | 235 | 284 | 308 | 356 | 349 |
| 61-90 | 1 |  | 87 | 45 | 56 | 60 | 81 |
|  91-120+ | 0 |  | 6 | 32 | 19 | 35 | 28 |
|  Total | 447 |  | 328 | 361 | 383 | 451 | 458 |
|  Residual Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 |  | 0.00 | 92388.42 | 104838.65 | 240912.55 | 233522.37 |
|  Reimbursement of Outstanding Advance | 0.00 |  | 0.00 | 82158.66 | 88800.00 | 155650.00 | 102188.00 |
|  Additional Advance for Current Period | 0.00 |  | 92388.42 | 94608.89 | 224873.90 | 148259.82 | 331896.34 |
|  Ending Residual Advances | 0.00 |  | 92388.42 | 104838.65 | 240912.55 | 233522.37 | 463230.71 |
|  Payment Advances |  |  |  |  |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 |  | 1967687.38 | 1948969.88 | 2071770.27 | 2004096.31 | 2475735.32 |
|  Reimbursement of Outstanding Payment Advance | 0.00 |  | 812139.02 | 668322.70 | 776945.74 | 580974.61 | 992760.02 |
|  Additional Payment Advance for Current Period | 1967687.38 |  | 793421.52 | 791123.09 | 709271.78 | 1052613.62 | 705530.10 |
|  Ending Balance of Payment Advance | 1967687.38 |  | 1948969.88 | 2071770.27 | 2004096.31 | 2475735.32 | 2188505.40 |
|  Total Collections | 30185616.92 |  | 28325775.63 | 27902670.44 | 28862440.42 | 27892878.50 | 29724323.41 |
|  2024-B |  |  |  |  |  |  |  |
|  Total Advances as a % of Total Collections | 6.519 | % | 3.127% | 3.174% | 3.237% | 4.305% | 3.490% |

---

\*\* Less than 0.005%, greater than 0.000%

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Jan-25** | **Feb-25** | **Mar-25** |
|  Prepayment Assumption |  |  |  |
|  Class A-1 | 12070800.00 | 0.00 | 0.00 |
|  Class A-2a | 220000000.00 | 216128000.00 | 206470000.00 |
|  Class A-2b | 253250000.00 | 248792800.00 | 237675125.00 |
|  Class A-3 | 473250000.00 | 473250000.00 | 473250000.00 |
|  Class A-4 | 68700000.00 | 68700000.00 | 68700000.00 |
|  Class B | 58800000.00 | 58800000.00 | 58800000.00 |
|  Overcollateralization | 183314271.99 | 183314271.99 | 183314271.99 |
|  | 1269385071.99 | 1248985071.99 | 1228209396.99 |
|  2024-B Prepayment Assumption | 0.917640 | 0.902893 | 0.887874 |
|  Actual prepayment |  |  |  |
|  Class A-1 | 27508571.03 | 9493878.21 | 0.00 |
|  Class A-2a | 220000000.00 | 220000000.00 | 216047948.98 |
|  Class A-2b | 253250000.00 | 253250000.00 | 248700650.36 |
|  Class A-3 | 473250000.00 | 473250000.00 | 473250000.00 |
|  Class A-4 | 68700000.00 | 68700000.00 | 68700000.00 |
|  Class B | 58800000.00 | 58800000.00 | 58800000.00 |
|  Overcollateralization | 183314271.99 | 183314271.99 | 183314271.99 |
|  | 1284822843.02 | 1266808150.20 | 1248812871.33 |
|  2024-B Pool Factor | 0.928800 | 0.915778 | 0.902769 |
|  Monthly Residual Losses | (35753.12) | (39717.27) | 6668.37 |
|  2024-B Cumulative Residual Losses | (128433.04) | (168150.31) | (161481.94) |
|  2024-B Residual Losses (as a % of Original Pool Balance) | 0.009% | 0.012% | 0.012% |
|  Monthly Net Credit Losses | (70404.09) | (221906.77) | (217131.57) |
|  2024-B Cumulative Net Credit Losses | (1836579.92) | (2058486.69) | (2275618.26) |
|  2024-B Net Credit Losses (as a % of Original Pool Balance) | 0.1328% | 0.1488% | 0.1645% |
|  Delinquencies ($) |  |  |  |
| 31-60 | 8821455.78 | 10096277.76 | 8439221.07 |
| 61-90 | 2267295.38 | 1855203.22 | 2151897.57 |
|  91-120+ | 849020.05 | 773033.52 | 859907.85 |
|  Total | 11937771.21 | 12724514.50 | 11451026.49 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **Jan-25** | **Feb-25** | **Mar-25** |
|  Delinquencies (%) |  |  |  |
| 31-60 | 0.69% | 0.80% | 0.68% |
| 61-90 | 0.18% | 0.15% | 0.17% |
|  91-120+ | 0.07% | 0.06% | 0.07% |
|  Total | 0.93% | 1.00% | 0.92% |
|  2024-B 60+ | 0.24% | 0.21% | 0.24% |
|  Delinquencies (units) |  |  |  |
| 31-60 | 309 | 360 | 310 |
| 61-90 | 83 | 68 | 75 |
|  91-120+ | 29 | 28 | 33 |
|  Total | 421 | 456 | 418 |
|  Residual Advances |  |  |  |
|  Beginning Balance of Residual Advance | 463230.71 | 591327.77 | 579381.16 |
|  Reimbursement of Outstanding Advance | 272489.81 | 390272.85 | 485322.09 |
|  Additional Advance for Current Period | 400586.87 | 378326.24 | 554562.32 |
|  Ending Residual Advances | 591327.77 | 579381.16 | 648621.39 |
|  Payment Advances |  |  |  |
|  Beginning Balance of Payment Advance | 2188505.40 | 2005821.24 | 2367254.03 |
|  Reimbursement of Outstanding Payment Advance | 831240.23 | 611069.84 | 945943.63 |
|  Additional Payment Advance for Current Period | 648556.07 | 972502.63 | 611570.16 |
|  Ending Balance of Payment Advance | 2005821.24 | 2367254.03 | 2032880.56 |
|  Total Collections | 30442970.38 | 29752062.23 | 32710165.89 |
|  2024-B |  |  |  |
|  Total Advances as a % of Total Collections | 3.446% | 4.540% | 3.565% |

---

------

##### [**Table of Contents**](#toc)
**2025-A Static Pool Data** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Jan-25** | **Feb-25** | **Mar-25** |
|  Prepayment Assumption |  |  |  |
|  Class A-1 | 136540000.00 | 113969938.00 | 90894678.00 |
|  Class A-2a | 145250000.00 | 145250000.00 | 145250000.00 |
|  Class A-2b | 435750000.00 | 435750000.00 | 435750000.00 |
|  Class A-3 | 581000000.00 | 581000000.00 | 581000000.00 |
|  Class A-4 | 92850000.00 | 92850000.00 | 92850000.00 |
|  Class B | 46350000.00 | 46350000.00 | 46350000.00 |
|  Class C | 52260000.00 | 52260000.00 | 52260000.00 |
|  Overcollateralization | 195521038.56 | 195521038.56 | 195521038.56 |
|  | 1685521038.56 | 1662950976.56 | 1639875716.56 |
|  2025-A Prepayment Assumption | 1.000000 | 0.986609 | 0.972919 |
|  Actual prepayment |  |  |  |
|  Class A-1 | 136540000.00 | 117036572.21 | 98356612.50 |
|  Class A-2a | 145250000.00 | 145250000.00 | 145250000.00 |
|  Class A-2b | 435750000.00 | 435750000.00 | 435750000.00 |
|  Class A-3 | 581000000.00 | 581000000.00 | 581000000.00 |
|  Class A-4 | 92850000.00 | 92850000.00 | 92850000.00 |
|  Class B | 46350000.00 | 46350000.00 | 46350000.00 |
|  Class C | 52260000.00 | 52260000.00 | 52260000.00 |
|  Overcollateralization | 195521038.56 | 195521038.56 | 195521038.56 |
|  | 1685521038.56 | 1666017610.77 | 1647337651.06 |
|  2025-A Pool Factor | 1.000000 | 0.988429 | 0.977346 |
|  Monthly Residual Losses | (1439.66) | (1103.91) | 10863.92 |
|  2025-A Cumulative Residual Losses | (1439.66) | (2543.57) | 8320.35 |
|  2025-A Residual Losses (as a % of Original Pool Balance) | 0.000 | 0.000 | 0.000 |
|  Monthly Net Credit Losses | 2143.68 | 40565.17 | (195589.89) |
|  2025-A Cumulative Net Credit Losses | 2143.68 | 42708.85 | (152881.04) |
|  2025-A Net Credit Losses (as a % of Original Pool Balance) | (0.0001) | (0.0025) | 0.0091 |
|  Delinquencies ($) |  |  |  |
| 31-60 | 9080664.02 | 7556801.04 | 7245150.64 |
| 61-90 | 0.00 | 1616143.88 | 1596635.28 |
|  91-120+ | 22747.15 | 22564.64 | 776543.59 |
|  Total | 9103411.17 | 9195509.56 | 9618329.51 |

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\*\* Less than 0.0005%, greater than 0.0000% 

\* Less than 0.0000%, greater than -0.0005% 

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
|  | **Jan-25** | **Feb-25** | **Mar-25** |
|  Delinquencies (%) |  |  |  |
| 31-60 | 0.54% | 0.45% | 0.44% |
| 61-90 | 0.00% | 0.10% | 0.10% |
|  91-120+ | 0.00% | 0.00% | 0.05% |
|  Total | 0.54% | 0.55% | 0.58% |
|  2025-A 60+ | 0.00% | 0.10% | 0.14% |
|  Delinquencies (units) |  |  |  |
| 31-60 | 317 | 264 | 266 |
| 61-90 | 0 | 59 | 51 |
|  91-120+ | 1 | 1 | 27 |
|  Total | 318 | 324 | 344 |
|  Residual Advances |  |  |  |
|  Beginning Balance of Residual Advance | 0.00 | 148378.04 | 106274.89 |
|  Reimbursement of Outstanding Advance | 0.00 | 126268.68 | 101489.11 |
|  Additional Advance for Current Period | 148378.04 | 84165.53 | 359182.19 |
|  Ending Residual Advances | 148378.04 | 106274.89 | 363967.97 |
|  Payment Advances |  |  |  |
|  Beginning Balance of Payment Advance | 0.00 | 1880385.81 | 2360560.21 |
|  Reimbursement of Outstanding Payment Advance | 0.00 | 668901.84 | 1039933.88 |
|  Additional Payment Advance for Current Period | 1880385.81 | 1149076.24 | 692866.36 |
|  Ending Balance of Payment Advance | 1880385.81 | 2360560.21 | 2013492.69 |
|  Total Collections | 36162913.38 | 33612559.64 | 36610934.72 |
|  2025-A |  |  |  |
|  Total Advances as a % of Total Collections | 5.610% | 3.669% | 2.874% |

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##### [**Table of Contents**](#toc)
**APPENDIX C – ASSUMED CASH FLOWS** 

Modeling Assumption: The cash flow schedules appearing in the immediately following tables were generated assuming (i) that the lessees make their remaining lease payments starting in July 2025 and every month thereafter until all scheduled lease payments are made and (ii) that the residual value of the leased vehicles is due the month following the last related lease payment.

The assumed cash flow schedule is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Lease Payments** | **Base Residual Value** | **Contract Residual Value** |
|  July 2025 | $19602391.98 | $0.00 | $0.00 |
|  August 2025 | 19602391.98 | 0.00 | 0.00 |
|  September 2025 | 19602391.98 | 0.00 | 0.00 |
|  October 2025 | 19602391.98 | 0.00 | 0.00 |
|  November 2025 | 19602391.98 | 0.00 | 0.00 |
|  December 2025 | 19602391.98 | 0.00 | 0.00 |
|  January 2026 | 19602391.98 | 0.00 | 0.00 |
|  February 2026 | 19602391.98 | 0.00 | 0.00 |
|  March 2026 | 19602391.98 | 0.00 | 0.00 |
|  April 2026 | 19602391.98 | 0.00 | 0.00 |
|  May 2026 | 19602391.98 | 0.00 | 0.00 |
|  June 2026 | 19602391.98 | 0.00 | 0.00 |
|  July 2026 | 19602391.98 | 0.00 | 0.00 |
|  August 2026 | 19602391.98 | 0.00 | 0.00 |
|  September 2026 | 19305361.46 | 11981149.70 | 16242297.91 |
|  October 2026 | 19092438.89 | 8348245.45 | 11523410.90 |
|  November 2026 | 18757587.80 | 13628979.70 | 19028165.65 |
|  December 2026 | 18107916.20 | 25987234.25 | 36331524.97 |
|  January 2027 | 17775040.87 | 13341285.15 | 17846397.35 |
|  February 2027 | 17418618.35 | 14268804.85 | 18938934.16 |
|  March 2027 | 16587119.72 | 33962447.45 | 44522643.53 |
|  April 2027 | 16294239.48 | 12810106.20 | 16285527.81 |
|  May 2027 | 16006159.32 | 12048414.05 | 15942006.96 |
|  June 2027 | 15350561.73 | 27413348.10 | 36005562.99 |
|  July 2027 | 14546844.40 | 32716234.95 | 42391066.62 |
|  August 2027 | 13534543.21 | 41234530.05 | 52832008.20 |
|  September 2027 | 12503702.74 | 41651233.55 | 53467521.64 |
|  October 2027 | 12417206.95 | 3403893.30 | 4259840.90 |
|  November 2027 | 12272852.44 | 5830891.00 | 7189261.30 |
|  December 2027 | 10444186.75 | 76194218.00 | 93259021.72 |
|  January 2028 | 8290199.24 | 88637690.60 | 109894948.51 |
|  February 2028 | 7165390.79 | 48447707.00 | 58621935.95 |
|  March 2028 | 6182257.04 | 43516977.75 | 52234621.40 |
|  April 2028 | 4666150.54 | 66327761.75 | 78712950.03 |
|  May 2028 | 3155599.80 | 61754286.35 | 74534637.28 |
|  June 2028 | 1730481.76 | 58823811.35 | 70316114.09 |
|  July 2028 | 260859.51 | 58348783.90 | 72047364.71 |
|  August 2028 | 252533.39 | 262838.15 | 327747.30 |
|  September 2028 | 233747.33 | 594197.40 | 741274.10 |
|  October 2028 | 228339.35 | 135101.00 | 168996.20 |
|  November 2028 | 227119.39 | 29032.80 | 33951.85 |
|  December 2028 | 185375.21 | 997344.15 | 1200766.65 |
|  January 2029 | 160246.25 | 577138.50 | 701559.32 |
|  February 2029 | 109477.65 | 1306218.75 | 1599623.70 |
|  March 2029 | 33467.85 | 2039381.45 | 2526075.15 |
|  April 2029 | 0.00 | 814338.05 | 1003829.05 |
|  May 2029 | 0.00 | 0.00 | 0.00 |

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##### [**Table of Contents**](#toc)
![LOGO](g16262g98t56.jpg)

**NISSAN AUTO LEASE TRUST 2025-B** 

**Issuing Entity** 

**$91,900,000 Notes, Class A-1** 

**$207,600,000 Notes, Class A-2a** 

**$180,000,000 Notes, Class A-2b** 

**$387,600,000 Notes, Class A-3** 

**$61,430,000 Notes, Class A-4** 

**$33,770,000 Notes, Class B** 

**$37,700,000 Notes, Class C** 

**Nissan Auto Leasing LLC II** 

*Depositor* 

**Nissan Motor Acceptance Company LLC** 

*Sponsor/Servicer* 

**PROSPECTUS** 

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| | | | |
|:---|:---|:---|:---|
| **Citigroup** | **BofA Securities** | **Mizuho** | **MUFG** |
| <br> **Solely with respect to the Class A notes:** | <br> **Solely with respect to the Class A notes:** | <br> **Solely with respect to the Class A notes:** | <br> **Solely with respect to the Class A notes:** |
| **BNP PARIBAS** | **Lloyds Securities** | **US Bancorp** | **Wells Fargo Securities** |

---

*Dealer Prospectus Delivery Obligation*. Until October 21, 2025, which is ninety days following the date of this prospectus, all dealers that effect transactions in these notes, whether or not participating in the offering, may be required to deliver a prospectus. With respect to a final prospectus, such delivery obligation generally may be satisfied through the filing of the final prospectus with the Securities and Exchange Commission. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

## Ex-Filing

**EXHIBIT 107.1** 

The prospectus to which this Exhibit relates is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $1,000,000,000.