Document:

Exhibit 10.3

 

EXHIBIT 10.2

 

NILT TRUST,

as Grantor and UTI Beneficiary,

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer,

NILT, INC.,

as Trustee,

WILMINGTON TRUST COMPANY,

as Delaware Trustee,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trust Agent

 

2008-A SUBI

SUPPLEMENT

Dated as of April 23, 2008

 

 

 

 

	 	 	 	 	 
	ARTICLE ELEVEN DEFINITIONS
	 	 	2	 
	Section 11.01 Definitions
	 	 	2	 
	Section 11.02 Interpretive Provisions
	 	 	2	 
	Section 11.03 Rights in Respect of the 2008-A SUBI
	 	 	3	 
	 
	ARTICLE TWELVE CREATION OF THE 2008-A SUBI
	 	 	3	 
	Section 12.01 Creation of 2008-A SUBI Assets and the 2008-A SUBI
	 	 	3	 
	Section 12.02 Transfer of 2008-A SUBI Interests
	 	 	3	 
	Section 12.03 Issuance and Form of 2008-A SUBI Certificate
	 	 	4	 
	Section 12.04 Actions and Filings
	 	 	6	 
	Section 12.05 Termination of the 2008-A SUBI
	 	 	6	 
	Section 12.06 Representations and Warranties of Trustee
	 	 	7	 
	Section 12.07 Transfer and Assignment of Certificates
	 	 	8	 
	 
	ARTICLE THIRTEEN 2008-A SUBI PLEDGE
	 	 	8	 
	Section 13.01 Registration of the 2008-A SUBI Pledge
	 	 	8	 
	 
	ARTICLE FOURTEEN 2008-A SUBI ACCOUNTS
	 	 	8	 
	Section 14.01 2008-A SUBI Collection Account
	 	 	8	 
	Section 14.02 2008-A Reserve Account
	 	 	9	 
	Section 14.03 Investment of Monies in 2008-A SUBI Accounts
	 	 	9	 
	Section 14.04 No Residual Value Surplus Account or Payahead Account
	 	 	9	 
	 
	ARTICLE FIFTEEN MISCELLANEOUS PROVISIONS
	 	 	9	 
	Section 15.01 Amendment
	 	 	9	 
	Section 15.02 Governing Law
	 	 	11	 
	Section 15.03 Notices
	 	 	11	 
	Section 15.04 Severability of Provisions
	 	 	11	 
	Section 15.05 Effect of Supplement on Titling Trust Agreement
	 	 	11	 
	Section 15.06 No Petition
	 	 	12	 
	 
	EXHIBITS
	 	 	 	 
	Exhibit A  —  Schedule of 2008-A Leases and 2008-A Leased Vehicles
	 	 	A-1	 
	Exhibit B  —  Form of 2008-A SUBI Certificate
	 	 	B-1	 

i

 

2008-A SUBI SUPPLEMENT

     This 2008-A SUBI Supplement, dated as of April 23, 2008 (as amended, supplemented or otherwise
modified from time to time, this “2008-A SUBI Supplement”), is among NILT Trust, a Delaware
statutory trust (“NILT Trust”), as grantor and initial beneficiary (in such capacity, the
“Grantor” and the “UTI Beneficiary,” respectively), Nissan Motor Acceptance
Corporation, a California corporation (“NMAC”), as servicer (in such capacity, the
“Servicer”), NILT, Inc., a Delaware corporation, as trustee (the “Trustee”),
Wilmington Trust Company, a Delaware banking corporation, as Delaware trustee (the “Delaware
Trustee”), and U.S. Bank National Association, a national banking association (“U.S.
Bank”), as trust agent (in such capacity, the “Trust Agent”).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August 26,
1998 (the “Titling Trust Agreement”), among the parties hereto, Nissan-Infiniti LT, a
Delaware statutory trust (the “Titling Trust”), was formed to take assignments and
conveyances of and hold in trust various assets (the “Trust Assets”);

     B. The UTI Beneficiary, the Servicer and the Titling Trust have entered into the SUBI
Servicing Agreement, dated as of March 1, 1999 (the “Basic Servicing Agreement”), which
provides for, among other things, the servicing of the Trust Assets by the Servicer;

     C. Pursuant to the Titling Trust Agreement, from time to time the Trustee, on behalf of the
Titling Trust and at the direction of the UTI Beneficiary, will identify and allocate on the books
and records of the Titling Trust certain Trust Assets and create and issue one or more special
units of beneficial interest (each, a “SUBI”), the beneficiaries of which generally will be
entitled to the net cash flows arising from the corresponding Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented by
this 2008-A SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the “2008-A
SUBI”);

     E. The parties hereto desire to identify and allocate to the 2008-A SUBI a separate portfolio
of Trust Assets consisting of leases (the “2008-A Leases”), the vehicles that are leased
under the 2008-A Leases (the “2008-A Vehicles”), and certain other related assets;

     F. The parties hereto also desire to issue to NILT Trust a certificate evidencing a 100%
beneficial interest in the 2008-A SUBI (the “2008-A SUBI Certificate”).

     G. NILT Trust will transfer the 2008-A SUBI Certificate to Nissan Auto Leasing LLC II
(“NALL II”) pursuant to the SUBI Certificate Transfer Agreement, dated as of April 23, 2008
(the “SUBI Certificate Transfer Agreement”), between NILT Trust and NALL II. NALL II will
further transfer the 2008-A SUBI Certificate to Nissan Auto Lease Trust 2008-A (the “Issuing
Entity”) pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of April 23, 2008
(the “Trust SUBI Certificate Transfer Agreement”), between NALL II, as depositor (the
“Depositor”) and the Issuing Entity, as transferee.

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     H. Pursuant to the Indenture, dated as of April 23, 2008 (the “Indenture”), between
the Issuing Entity, as issuer, and U.S. Bank, as Indenture Trustee (the “Indenture
Trustee”), the Issuing Entity will (i) issue $77,100,000 aggregate principal amount of
2.81450% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), $98,000,000 aggregate
principal amount of 4.27% Asset Backed Notes, Class A-2a (the “Class A-2a Notes”),
$75,000,000 aggregate principal amount of LIBOR + 1.55% Asset Backed Notes, Class A-2b (the
“Class A-2b Notes” and, together with the Class A-2a Notes, the “Class A-2 Notes”),
$155,000,000 aggregate principal amount of 5.14% Asset Backed Notes, Class A-3a (the “Class
A-3a Notes”), $70,000,000 aggregate principal amount of LIBOR + 2.20% Asset Backed Notes, Class
A-3b (the “Class A-3b Notes” and, together with the Class A-3a Notes, the “Class A-3
Notes”) and $22,724,000 aggregate principal amount of 5.56% Asset Backed Notes, Class A-4 (the
“Class A-4 Notes”) (collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes are referred to herein as the “Notes”); and (ii) pledge the
2008-A SUBI Certificate to the Indenture Trustee for the benefit of the holders of the Notes.

     I. The parties hereto also desire to register a pledge of the 2008-A SUBI Certificate to the
Indenture Trustee for the benefit of the holders of the Notes.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE ELEVEN

DEFINITIONS

     Section 11.01 Definitions. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Agreement of Definitions, dated as of April
23, 2008, by and among the Issuing Entity , NILT Trust, as Grantor and UTI Beneficiary, the Titling
Trust, NMAC, in its individual capacity, as Servicer and as administrative agent (in such capacity,
the “Administrative Agent”), NALL II, NILT, Inc., as Trustee, Wilmington Trust Company, as
Delaware Trustee and owner trustee (in such capacity, the “Owner Trustee”) and U.S. Bank,
as Trust Agent and Indenture Trustee.

     Section 11.02 Interpretive Provisions. For all purposes of this 2008-A SUBI
Supplement, except as otherwise expressly provided or unless the context otherwise requires, (i)
terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii)
references to this 2008-A SUBI Supplement include all Exhibits hereto, (iii) references to words
such as “herein,” “hereof” and the like shall refer to this 2008-A SUBI Supplement as a whole and
not to any particular part, Article, or Section herein, (iv) references to an Article or Section
such as “Article Twelve” or “Section 12.01” shall refer to the applicable Article or
Section of this 2008-A SUBI Supplement, (v) the term “include” and all variations thereof shall
mean “include without limitation,” (vi) the term “or” shall include “and/or” and (vii) the term
“proceeds” shall have the meaning ascribed to such term in the UCC.

     Any reference in this 2008-A SUBI Supplement to any agreement means such agreement as it may
be amended, restated, supplemented (only to the extent such agreement as supplemented relates to
the Notes), or otherwise modified from time to time. Any reference in

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this 2008-A SUBI Supplement to any law, statute, regulation, rule, or other legislative action
shall mean such law, statute, regulation, rule, or other legislative action as amended,
supplemented, or otherwise modified from time to time, and shall include any rule or regulation
promulgated thereunder. Any reference in this 2008-A SUBI Supplement to a Person shall include the
successor or permitted assignee of such Person.

     Section 11.03 Rights in Respect of the 2008-A SUBI. Each Holder and Registered Pledgee
of the 2008-A SUBI Certificate (including the Issuing Entity) is a third-party beneficiary of the
SUBI Trust Agreement insofar as the Titling Trust Agreement and this 2008-A SUBI Supplement apply
to the 2008-A SUBI, the Holders of the 2008-A SUBI Certificate, and the Registered Pledgees of the
2008-A SUBI Certificate. Therefore, to that extent, references in the SUBI Trust Agreement to the
ability of a “Holder,” “Related Beneficiary,” or a “Registered Pledgee” of a SUBI Certificate to
take any action shall be deemed to refer to the Issuing Entity acting at its own instigation or
upon the instruction of the requisite voting percentage of holders of Securities or Rated
Securities, as specified in the Indenture or the Trust Agreement, as applicable.

ARTICLE TWELVE

CREATION OF THE 2008-A SUBI

     Section 12.01 Creation of 2008-A SUBI Assets and the 2008-A SUBI.

     (a) Pursuant to Section 3.01(a) of the Titling Trust Agreement, the UTI Beneficiary
directs the Trustee to create, and the Trustee hereby creates, one Sub-Trust which shall be known
as the “2008-A SUBI”. The 2008-A SUBI shall represent a special unit of beneficial
interest solely in the 2008-A SUBI Assets.

     (b) Pursuant to Section 3.01(a) of the Titling Trust Agreement, the UTI Beneficiary
hereby directs the Trustee to identify and allocate or to cause to be identified and allocated to
the 2008-A SUBI on the books and records of the Titling Trust a separate Sub-Trust of Trust Assets
consisting of 2008-A Eligible Leases and the related Leased Vehicles and other associated Trust
Assets owned by the Titling Trust and not allocated to any Other SUBI or reserved for allocation to
any Other SUBI (or owned or acquired by the Trustee on behalf of the Titling Trust but not yet
allocated to, or reserved for allocation to, any specific Sub-Trust). Such Trust Assets (the
“2008-A SUBI Assets”) shall be accounted for and held in trust independently from all other
Trust Assets within the Titling Trust. Based upon their identification and allocation by the
Servicer pursuant to the 2008-A Servicing Supplement, the Trustee hereby identifies and allocates
as 2008-A SUBI Assets the 2008-A Leases and 2008-A Vehicles more particularly described on the
Schedule of 2008-A Leases and 2008-A Vehicles and the related Trust Assets described above, each
such 2008-A SUBI Asset to be identified on the books and accounts of the Titling Trust as being
allocated to the 2008-A SUBI.

     (c) The Titling Trust is hereby granted the power and authority and is authorized, and the
Trustee is authorized on behalf of the Titling Trust, to execute, deliver and perform its
obligations under the Basic Documents.

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     Section 12.02 Transfer of 2008-A SUBI Interests.

     (a) Interests in the 2008-A SUBI may not be transferred or assigned by the UTI Beneficiary,
and any such purported transfer or assignment shall be deemed null, void, and of no effect
herewith; provided, however, that the 2008-A SUBI Certificate and the interests in
the 2008-A SUBI represented thereby may be (i) sold to the Depositor pursuant to the SUBI
Certificate Transfer Agreement, (ii) sold, transferred and assigned by the Depositor absolutely, or
transferred and assigned or a security interest therein granted, in connection with a Securitized
Financing, (iii) transferred to the Indenture Trustee or any subsequent Registered Pledgee to
itself or any other Person following the occurrence of an Event of Default (which has not been
rescinded) or any similar term in any subsequent Securitized Financing secured by the 2008-A SUBI
Certificate or any interest therein and (iv) transferred to each direct or indirect permitted
transferee of the Indenture Trustee or such subsequent Registered Pledgee, in each case in the
circumstances contemplated in, and subject to the conditions set forth in, Section 3.04(b)
of the Titling Trust Agreement. Each such transfer shall be registrable upon surrender of the
2008-A SUBI Certificate to be transferred for registration of the transfer at the corporate trust
office of the Trustee (or the Trust Agent, if applicable), accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing, and thereupon a new 2008-A SUBI Certificate of a like
aggregate fractional undivided interest will be issued to the designated permitted transferee.

     (b) For any transfer of the 2008-A SUBI Certificate or an interest therein to be effective, on
or prior to the date of any absolute sale, transfer, or assignment, the related transferee must
execute and deliver to the Trustee the non-petition covenant and the agreement required pursuant to
Section 3.04(b) of the Titling Trust Agreement.

     (c) The 2008-A SUBI Certificate (or any interest therein) may not be acquired by or on behalf
of (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA, (ii) a
“plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
“Code”), that is subject to Section 4975 of the Code or (iii) any entity deemed to hold the “plan
assets” (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA)
of any of the foregoing. The 2008-A SUBI Certificate (or any interest therein) may not be acquired
by or on behalf of a governmental plan, foreign plan or any other plan that is subject to any
applicable law that is substantially similar to the fiduciary responsibility or prohibited
transaction provisions of Title I of ERISA or Section 4975 of the Code (“Similar Law”) if the
acquisition, holding and disposition of the 2008-A SUBI Certificate (or any interest therein) would
result in a nonexempt prohibited transaction under, or a violation of, Similar Law.

     (d) Notwithstanding any other provision herein, no transfer or assignment of an interest in
the 2008-A SUBI will be valid, and any such purported transfer or assignment shall be deemed null,
void, and of no effect herewith, unless the purported transferee first shall have certified in
writing to the Trustee that, for U.S. federal income tax purposes, the transferee is not a
partnership, S Corporation, or grantor trust having more than one beneficial owner or having a
single beneficial owner that is a partnership or S Corporation.

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     Section 12.03 Issuance and Form of 2008-A SUBI Certificate.

     (a) The 2008-A SUBI shall be represented by a 2008-A SUBI Certificate that shall represent a
100% beneficial interest in the 2008-A SUBI and the 2008-A SUBI Assets, as further set forth
herein. The 2008-A SUBI Certificate shall, upon transfer to the Issuing Entity, be registered in
the name of the Issuing Entity, representing the beneficial interest in the 2008-A SUBI Assets
allocated from the UTI. The Trustee shall register a pledge of the 2008-A SUBI Certificate in favor
of the Indenture Trustee (for the benefit of the holders of the Notes), as provided in Article
Thirteen, and shall deliver the 2008-A SUBI Certificate to the Indenture Trustee. The 2008-A SUBI
Certificate shall be substantially in the form of Exhibit B attached hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required by this 2008-A SUBI
Supplement and may have such letters, numbers or other marks of identification and such legends and
endorsements placed thereon as may, consistently herewith and with the Titling Trust Agreement, be
directed by the UTI Beneficiary. Any portion of any 2008-A SUBI Certificate may be set forth on the
reverse thereof, in which case the following reference to the portion of the text on the reverse
shall be inserted on the face thereof, in relative proximity to and prior to the signature of the
Trustee executing such 2008-A SUBI Certificate:

     Reference is hereby made to the further provisions of this certificate set forth on the
reverse hereof, which provisions shall for all purposes have the same effect as if set forth at
this place.

     In addition, the 2008-A SUBI Certificate will bear a legend to the following effect:

     THIS 2008-A SUBI CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“THE SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW. THE
HOLDER HEREOF, BY PURCHASING THIS 2008-A SUBI CERTIFICATE, AGREES THAT THIS 2008-A SUBI CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS, INCLUDING PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A
QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTIONS.

     THIS 2008-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR ON BEHALF OF
(I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS
DEFINED IN SECTION 4975(e)(1) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS
SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN
THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY OF THE
FOREGOING. IF THIS 2008-A SUBI CERTIFICATE (OR ANY INTEREST

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HEREIN) IS PURCHASED OR HELD BY A GOVERNMENTAL PLAN, FOREIGN PLAN OR ANY OTHER PLAN THAT IS
SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR
PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
IT SHALL BE DEEMED TO REPRESENT AND WARRANT THAT ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS
2008-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NONEXEMPT PROHIBITED
TRANSACTION UNDER, OR A VIOLATION OF, SIMILAR LAW.

     The 2008-A SUBI Certificate shall be printed, lithographed, typewritten, mimeographed,
photocopied, or otherwise produced or may be produced in any other manner as may, consistently
herewith and with the Titling Trust Agreement, be determined by the UTI Beneficiary. The 2008-A
SUBI Certificate and the interest in the 2008-A SUBI evidenced thereby shall constitute a
“security” within the meaning of Section 8-102(a)(15) of the UCC and a “certificated security”
within the meaning of Section 8-102(a)(4) of the UCC.

     (b) If (i) the 2008-A SUBI Certificate is mutilated and surrendered to the Trustee, or the
Trustee receives evidence to its satisfaction of the destruction, loss, or theft of the 2008-A SUBI
Certificate and (ii) there is delivered to the Trustee such security or indemnity as may reasonably
be required by it to hold the Issuing Entity and the Trustee, as applicable, harmless, then the
Trustee shall execute and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen 2008-A SUBI Certificate, a replacement 2008-A SUBI Certificate. Every 2008-A SUBI
Certificate issued pursuant to this Section 12.03(b) in replacement of any mutilated,
destroyed, lost, or stolen 2008-A SUBI Certificate shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost, or
stolen 2008-A SUBI Certificate shall be at any time enforceable by anyone and shall be entitled to
all of the benefits of the SUBI Trust Agreement equally and proportionately with any and all other
2008-A SUBI Certificates duly issued hereunder. The provisions of this Section 12.03(b) are
exclusive and preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost, or stolen 2008-A SUBI Certificates.

     Section 12.04 Actions and Filings. Each of the UTI Beneficiary and the Trustee shall
undertake all other and future actions and activities as may be deemed reasonably necessary by the
Servicer pursuant to the Servicing Agreement to perfect (or evidence) and confirm the foregoing
allocations of Trust Assets to the 2008-A SUBI, including filing or causing to be filed UCC
financing statements and executing and delivering all related filings, documents or writings as may
be deemed reasonably necessary by the Servicer or the Registered Pledgee hereunder or under any
other Basic Document. The UTI Beneficiary hereby irrevocably makes and appoints each of the Trustee
and the Servicer, and any of their respective officers, employees or agents, as the true and lawful
attorney-in-fact of the UTI Beneficiary (which appointment is coupled with an interest and is
irrevocable) with power to sign on behalf of the UTI Beneficiary any financing statements,
continuation statements, security agreements, mortgages, assignments, affidavits, letters of
authority, notices or similar documents necessary or appropriate to be executed or filed pursuant
to this Section.

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     Section 12.05 Termination of the 2008-A SUBI.

     (a) In connection with any purchase by the Servicer of the corpus of the Issuing Entity
pursuant to Article Nine of the Trust Agreement, the succession of the Servicer to the interest in
the 2008-A SUBI represented by the 2008-A SUBI Certificate, or should all of the interest in the
2008-A SUBI thereafter be held by the UTI Beneficiary or the Holders of the UTI Certificates,
whether by transfer, sale, or otherwise, then upon the direction of such Holders, the 2008-A SUBI
shall be terminated, the 2008-A SUBI Certificate shall be returned to the Trustee and canceled, and
the Servicer shall reallocate all 2008-A SUBI Assets to the UTI.

     (b) So long as the Notes are Outstanding, the 2008-A SUBI shall not be dissolved unless (a)
required by law or (b) at the direction of the Holder of the 2008-A SUBI Certificate (but only with
the consent of the Registered Pledgee); provided, however, that upon the sale of
the Owner Trust Estate pursuant to Section 5.04 of the Indenture, this 2008-A SUBI
Supplement shall terminate and the 2008-A SUBI shall be terminated; provided
further, that such termination shall affect the Titling Trust only insofar as such
termination relates to the 2008-A SUBI. Such termination shall not entitle the legal
representatives of the 2008-A SUBI or any Holder of a 2008-A SUBI Certificate to take any action
for a partition or winding up of the Titling Trust or any Trust Assets except with respect to the
2008-A SUBI Assets and the rights, obligations and Liabilities of the parties hereto shall not
otherwise be affected. In connection with the sale of the Owner Trust Estate pursuant to
Section 5.04 of the Indenture, the Registered Pledgee shall have the right to direct the
Holder of the 2008-A SUBI Certificate to dissolve the 2008-A SUBI in accordance with the provisions
of the Indenture, and the 2008-A SUBI Assets shall be distributed out of the Titling Trust at the
direction of the Holder of the 2008-A SUBI Certificate acting in accordance with instructions from
the Registered Pledgee and the purchaser shall take delivery of such 2008-A SUBI Assets. The
Trustee and the other parties hereto shall cooperate with the Owner Trustee or the Trustee, as
applicable, to cause the related 2008-A Vehicles to be retitled as directed by the purchaser. The
proceeds of such sale shall be distributed in the following amounts and priority:

     (i) to the Indenture Trustee, all amounts required to be paid under
Section 6.07 of the Indenture, or to the Owner Trustee, all amounts required to be
paid under Section 8.01 of the Trust Agreement, as the case may be;

     (ii) to the Servicer, any Payment Date Advance Reimbursement;

     (iii) to the Servicer, amounts due in respect of unpaid Servicing Fees;

     (iv) to the Swap Counterparty, amounts due in respect of any unpaid Net Swap Payments;
and

     (v) to the Certificate Distribution Account (or, if the Lien of the Indenture is
outstanding, the Note Distribution Account) to be distributed pursuant to Section
5.04(b) of the Indenture.

     Section 12.06 Representations and Warranties of Trustee. The Trustee hereby reaffirms,
as of the Cutoff Date, the representations, warranties and covenants set forth in Section
5.12 of the Titling Trust Agreement, on which the Grantor and UTI Beneficiary, each of its
permitted assignees, and each Holder or Related Beneficiary of a 2008-A SUBI Certificate (and
beneficial

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owner of any portion thereof, including the Issuing Entity and the Trust Certificateholders)
may rely. For purposes of this Section, any reference in Section 5.12 of the Titling Trust
Agreement to the Titling Trust Agreement shall be deemed to constitute references to the SUBI Trust
Agreement.

     Section 12.07 Transfer and Assignment of Certificates. For purposes of the SUBI Trust
Agreement, the third sentence of Section 3.04(b) of the Titling Trust Agreement is hereby
amended to read as follows:

     Notwithstanding the foregoing, prior to becoming the Registered Pledgee or Holder of a SUBI
Certificate or otherwise becoming entitled to distributions or any other rights hereunder, the
related transferee, assignee, or pledgee in each case must (i) give a non-petition covenant
substantially similar to that set forth in Section 8.08 of the Titling Trust Agreement and
(ii) execute an agreement in favor of each Holder from time to time of a UTI Certificate and any
certificate evidencing an Other SUBI to release all Claims to the UTI Assets and the related Other
SUBI Assets, respectively, and, if such release is not given effect, to subordinate fully all
Claims it may be deemed to have against the UTI Assets as defined in the Titling Trust Agreement or
such Other SUBI Assets, as the case may be.

     For so long as the 2008-A SUBI Certificate remains outstanding, each Supplement shall contain
a similar amendment with respect to such Section.

ARTICLE THIRTEEN

2008-A SUBI PLEDGE

     Section 13.01 Registration of the 2008-A SUBI Pledge. The parties hereto hereby
acknowledge the Issuing Entity’s pledge, assignment, and grant to the Indenture Trustee, for the
benefit of the holders of the Notes, under the Indenture of a security interest in the 2008-A SUBI
Certificate together with all rights appurtenant thereto and proceeds thereof, to secure the Notes.
The Trustee hereby acknowledges such pledge, assignment, and grant of security interest, and the
Trustee agrees to cause the Indenture Trustee to be listed in the Certificate Register as the
Registered Pledgee of the 2008-A SUBI Certificate. The Issuing Entity has caused the Trustee to
deliver the 2008-A SUBI Certificate to the Indenture Trustee, as Registered Pledgee, who shall have
the rights with respect thereto described herein and in the Indenture.

ARTICLE FOURTEEN

2008-A SUBI ACCOUNTS

     Section 14.01 2008-A SUBI Collection Account.

     (a) With respect to the 2008-A SUBI, the Trustee, at the direction of the Servicer, shall on
or prior to the Closing Date establish, and the Trust Agent shall maintain, in the name of the
Trustee, for the exclusive benefit of the holders of interests in the 2008-A SUBI, the 2008-A SUBI
Collection Account, which account shall constitute a SUBI Collection Account. The 2008-A SUBI
Collection Account initially shall be established with U.S. Bank, as Trust Agent, so long as the
Trust Agent has the Required Deposit Rating. If the Trust Agent at any time does not have the
Required Deposit Rating, the Servicer shall, with the assistance of the Trust Agent, as necessary,
cause such 2008-A SUBI Collection Account to be moved as described in Section 

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4.02(a) of the Titling Trust Agreement. The 2008-A SUBI Collection Account shall
relate solely to the 2008-A SUBI and the 2008-A SUBI Assets, and funds therein shall not be
commingled with any other monies, except as otherwise provided for in, or contemplated by, the SUBI
Trust Agreement or in the Servicing Agreement. All deposits into the 2008-A SUBI Collection Account
shall be made as described in the Servicing Agreement.

     (b) On each Deposit Date and Payment Date, pursuant to the instructions from the Servicer, the
Trustee (acting through the Trust Agent) shall make deposits and withdrawals from the 2008-A SUBI
Collection Account as set forth in the 2008-A Servicing Supplement.

     (c) Any transfer of funds to a Holder of a 2008-A SUBI Certificate shall be made as directed
pursuant to the Basic Documents.

     Section 14.02 2008-A Reserve Account.

     (a) Pursuant to Section 5.01(b) of the Trust Agreement, the Servicer, on behalf of the
Issuing Entity, shall on or prior to the Closing Date establish and maintain the Reserve Account
(i) with the Indenture Trustee, until the Outstanding Amount is reduced to zero and the payment in
full of the Swap Termination Payments to the Swap Counterparty under the Interest Rate Swap
Agreements, and (ii) thereafter with the Owner Trustee. Deposits to and withdrawals from the
Reserve Account shall be made as directed pursuant to the Basic Documents, including Section
8.04(b) of the Indenture, Section 10.01 of the Indenture, Section 8.04 of the
Servicing Agreement and Section 14.03 of this 2008-A SUBI Supplement.

     Section 14.03 Investment of Monies in 2008-A SUBI Accounts. All amounts held in the
2008-A SUBI Collection Account and the Reserve Account shall be invested in Permitted Investments
in accordance with Section 4.02(a) of the Titling Trust Agreement. Any investment earnings
on the 2008-A SUBI Collection Account and the Reserve Account will be taxable to the Depositor.

     Section 14.04 No Residual Value Surplus Account or Payahead Account. The parties
hereby acknowledge that there shall be no Residual Value Surplus Account or Payahead Account (as
defined in the Titling Trust Agreement).

ARTICLE FIFTEEN

MISCELLANEOUS PROVISIONS

     Section 15.01 Amendment.

     (a) Notwithstanding any provision of the Titling Trust Agreement, the Titling Trust Agreement,
as supplemented by this 2008-A SUBI Supplement, to the extent that it relates solely to the 2008-A
SUBI, may be amended in accordance with this Section 15.01.

     (b) Any term or provision of this 2008-A SUBI Supplement may be amended by the parties hereto,
without the consent of any other Person; provided that (i) either (A) any amendment that materially
and adversely affects the interests of the Noteholders shall require the consent of Noteholders
evidencing not less than a Majority Interest of the Notes voting together as a single class or (B)
such amendment shall not, as evidenced by an Officer’s Certificate of the

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Servicer delivered to the Indenture Trustee, materially and adversely affect the interests of
the Noteholders and (ii) any amendment adversely affects the interests of the Swap Counterparty,
the Trust Certificateholder, the Indenture Trustee or the Owner Trustee shall require the prior
written consent of each Persons whose interests are adversely affected. An amendment shall be
deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency
Condition is satisfied with respect to such amendment and the Officer’s Certificate described in
the preceding sentence is provided to the Indenture Trustee. The consent of the Swap Counterparty,
the Trust Certificateholder or the Owner Trustee shall be deemed to have been given if the Servicer
does not receive a written objection from such Person within 10 Business Days after a written
request for such consent shall have been given. The Indenture Trustee may, but shall not be
obliged to, enter into or consent to any such amendment that affects the Indenture Trustee’s own
rights, duties, liabilities or immunities under this Agreement or otherwise.

     (c) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or
principal amount of any Note, or change the due date of any installment of principal of or interest
in any Note or the Redemption Price with respect thereto, without the consent of the Holder of such
Note, or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to any
matter without the consent of the Holders of at least a Majority Interest of the Notes which were
required to consent to such matter before giving effect to such amendment.

     (d) Notwithstanding anything herein to the contrary, any term or provision of this 2008-A SUBI
Supplement may be amended by the parties hereto without the consent of any of the Noteholders or
any other Person to add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in effect); it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied and the
Officer’s Certificate described in Section 15.01(b)(i)(B) is delivered to the Indenture Trustee.

     (e) It shall not be necessary for the consent of any Person pursuant to this Section for such
Person to approve the particular form of any proposed amendment, but it shall be sufficient if such
Person consents to the substance thereof.

     (f) Not less than 15 days prior to the execution of any amendment to this 2008-A SUBI
Supplement, the Servicer shall provide each Rating Agency, the Trust Certificateholder, the
Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such
amendment. No later than 10 Business Days after the execution of any amendment to this 2008-A SUBI
Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Swap
Counterparty, the Issuing Entity, the Trust Certificateholder, the Indenture Trustee and the Owner
Trustee.

     (g) Prior to the execution of any amendment to this 2008-A SUBI Supplement, the Servicer shall
provide an Opinion of Counsel to the Trustee to the effect that after such amendment, for federal
income tax purposes, the Titling Trust will not be treated as an association (or a publicly traded
partnership) taxable as a corporation and the Notes will properly be characterized as indebtedness
that is secured by the assets of the Issuing Entity.

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     (h) None of U.S. Bank National Association, as trustee of NILT Trust and as Trust Agent, NILT,
Inc., nor the Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is
satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of
U.S. Bank National Association and the Indenture Trustee an Officer’s Certificate to that effect,
and U.S. Bank National Association and the Indenture Trustee may conclusively rely upon the
Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with
respect to such amendment.

     Section 15.02 Governing Law. This 2008-A SUBI Supplement shall be created under and
governed by and construed under the internal laws of the State of Delaware, without reference to
its conflicts of law provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

     Section 15.03 Notices. The notice provisions of Section 8.03 of the Titling
Trust Agreement shall apply equally to this 2008-A SUBI Supplement. A copy of each notice or other
writing required to be delivered to the Trustee pursuant to the SUBI Trust Agreement also shall be
delivered to (i) the Owner Trustee at Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate
Trust Administration; (ii) the Servicer at 333 Commerce Street, 10th Floor, B-10-C,
Nashville, Tennessee 37201-1800 (telecopier no. (615) 725-1720), Attention: Treasurer; (iii) the
Trust Agent at 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, Attention: NILT Inc.
(telecopier no. (312) 325-8905); or (iv) at such other address as shall be designated by any of the
foregoing in written notice to the other parties hereto.

     Section 15.04 Severability of Provisions. If any one or more of the covenants,
agreements, provisions, or terms of this 2008-A SUBI Supplement (including any amendment hereto)
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of
this 2008-A SUBI Supplement, as the same may be amended, and shall in no way affect the validity or
enforceability of the other provisions of the SUBI Trust Agreement or of the 2008-A SUBI
Certificate or the rights of the Registered Pledgees thereof. To the extent permitted by applicable
law, the parties hereto waive any provision of law that renders any covenant, agreement, provision,
or term of this 2008-A SUBI Supplement invalid or unenforceable in any respect.

     Section 15.05 Effect of Supplement on Titling Trust Agreement.

     (a) Except as otherwise specifically provided herein or unless the context otherwise requires,
(i) the parties hereto shall continue to be bound by all provisions of the Titling Trust Agreement,
(ii) all references in the Titling Trust Agreement to the Titling Trust Agreement shall be to the
SUBI Trust Agreement and (iii) the provisions set forth herein shall operate either as additions to
or modifications of the existing obligations of the parties under the Titling Trust Agreement, as
the context may require. In the event of any conflict between this 2008-A SUBI Supplement and the
Titling Trust Agreement in respect of the 2008-A SUBI, the provisions of this 2008-A SUBI
Supplement shall prevail with respect to the 2008-A SUBI only.

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     (b) For purposes of determining the obligations of the parties hereto under this 2008-A SUBI
Supplement with respect to the 2008-A SUBI, except as otherwise indicated by the context, general
references in the Titling Trust Agreement to (i) a SUBI Account shall be deemed to refer more
specifically to a 2008-A SUBI Account, (ii) a SUBI shall be deemed to refer more specifically to
the 2008-A SUBI, (iii) a SUBI Collection Account shall be deemed to refer more specifically to the
2008-A SUBI Collection Account, (iv) a SUBI Asset shall be deemed to refer more specifically to a
2008-A SUBI Asset, (v) a SUBI Supplement shall be deemed to refer more specifically to this 2008-A
SUBI Supplement and (vi) a Servicing Supplement shall be deemed to refer more specifically to the
2008-A Servicing Supplement.

     Section 15.06 No Petition. Each of the parties hereto and each Holder of a 2008-A SUBI
Certificate, and each Registered Pledgee, by acceptance of a 2008-A SUBI Certificate, covenants and
agrees that prior to the date that is one year and one day after the date upon which all
obligations under each Securitized Financing have been paid in full, it will not institute against,
or join any other Person in instituting against the Grantor, the Depositor, the Trustee, the
Titling Trust, the Issuing Entity , any Special Purpose Affiliate or any Beneficiary, any
bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding
under any federal or state bankruptcy or similar law. This Section shall survive the complete or
partial termination of this 2008-A SUBI Supplement, the resignation or removal of the Trustee under
the SUBI Trust Agreement and the complete or partial resignation or removal of the Servicer under
the SUBI Trust Agreement or the Servicing Agreement.

[Signature Pages to Follow]

SUBI
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     IN WITNESS WHEREOF, the Grantor and UTI Beneficiary, the Servicer, the Trustee, the Delaware
Trustee and, solely for the limited purposes set forth in Sections 14.01, 14.02,
14.03 and 14.04, the Trust Agent, have caused this 2008-A SUBI Supplement to be
duly executed by their respective officers as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	NILT TRUST, as Grantor and UTI Beneficiary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	U.S. BANK NATIONAL ASSOCIATION,
as Managing Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION, as Servicer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NILT, INC., as Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, as Delaware Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trust Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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S-2

 

     Receipt of this original counterpart of this 2008-A SUBI Supplement is hereby acknowledged on
this ___day of April, 2008.

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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S-3

 

EXHIBIT A

SCHEDULE OF 2008-A LEASES AND 2008-A VEHICLES

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A-1

 

EXHIBIT B

FORM OF 2008-A SUBI CERTIFICATE

     THIS 2008-A SUBI CERTIFICATE MAY NOT BE TRANSFERRED OR ASSIGNED
EXCEPT UPON THE TERMS AND SUBJECT TO THE CONDITIONS SPECIFIED HEREIN

NISSAN — INFINITI LT

2008-A SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

evidencing a fractional undivided interest in the 2008-A SUBI Assets of
Nissan-Infiniti LT, a statutory trust organized pursuant to the Delaware Statutory
Trust Act (the “Titling Trust”).

(This Certificate does not represent any interest in the UTI Assets or any Other
SUBI Assets of the Issuing Entity or an obligation, of, or interest in, NILT Trust,
Nissan Motor Acceptance Corporation, NILT, Inc. or any of their respective
Affiliates.)

THIS 2008-A SUBI CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY
LAW. THE HOLDER HEREOF, BY PURCHASING THIS 2008-A SUBI CERTIFICATE, AGREES THAT THIS 2008-A
SUBI CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, INCLUDING PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTIONS.

     THIS 2008-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR ON BEHALF OF
(I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS
DEFINED IN SECTION 4975(e)(1) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS
SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN
THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY OF THE
FOREGOING. IF THIS 2008-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN) IS PURCHASED OR HELD BY A
GOVERNMENTAL PLAN, FOREIGN PLAN OR ANY OTHER PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS

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SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF
TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), IT SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS 2008-A SUBI CERTIFICATE (OR ANY
INTEREST HEREIN) WILL NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF,
SIMILAR LAW.

No. R-___

evidencing a 100% interest in all 2008-A SUBI Assets (as defined below).

     This 2008-A Special Unit of Beneficial Interest Certificate does not represent an interest in
or obligation of Nissan Motor Acceptance Corporation, NILT, Inc. or any of their respective
affiliates.

     THIS CERTIFIES THAT                                          is the registered owner of a nonassessable, fully-paid,
100% beneficial interest in the 2008-A SUBI Assets owned by the Titling Trust.

     The Titling Trust was created pursuant to the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998 as amended, supplemented or otherwise modified from time to
time, (the “Titling Trust Agreement”), among NILT Trust, as grantor and initial beneficiary
(in such capacities, the “Grantor” and the “UTI Beneficiary,” respectively), NILT,
Inc., as trustee (the “Trustee”), Nissan Motor Acceptance Corporation, as servicer (the
“Servicer”), Wilmington Trust Company, as Delaware trustee (the “Delaware
Trustee”), and U.S. Bank National Association, as trust agent (the “Trust Agent”).

     This certificate is a duly authorized 2008-A SUBI Certificate, and is issued under and is
subject to the terms, provisions and conditions of the Titling Trust Agreement and the 2008-A SUBI
Supplement thereto, dated as of April 23, 2008 (the “2008-A SUBI Supplement” and, together with the
Titling Trust Agreement, the “SUBI Trust Agreement”). Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Agreement of Definitions, dated
as of April 23, 2008, by and among Nissan Auto Lease Trust 2008-A, as issuer, (the “Issuing
Entity”) NILT Trust, as Grantor and UTI Beneficiary, the Titling Trust, Nissan Motor Acceptance
Corporation, in its individual capacity, as servicer and administrative agent, Nissan Auto Leasing
LLC II (the “Depositor”), NILT, Inc., as trustee to the Titling Trust, Wilmington Trust Company, as
owner trustee and Delaware trustee, and U.S. Bank National Association, as trust agent and
indenture trustee. By acceptance of this 2008-A SUBI Certificate, the Holder hereof assents to the
terms and conditions of the SUBI Trust Agreement and agrees to be bound thereby. A summary of
certain of the pertinent provisions of the SUBI Trust Agreement is set forth below.

     The assets of the Titling Trust allocated to the 2008-A SUBI will generally consist of (i)
cash capital, (ii) the 2008-A Leases (iii) the 2008-A Vehicles, (iv) certain related Trust Assets
and (v) all of the Titling Trust’s rights thereunder, including the right to proceeds arising
therefrom or in connection therewith.

     Under the Titling Trust Agreement, from time to time the UTI Beneficiary may direct the
Trustee to issue to or upon the order of the UTI Beneficiary one or more certificates (each, a

SUBI
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B-2

 

“SUBI Certificate”) representing a beneficial interest in certain specified Leased
Vehicles, Leases and related Trust Assets (such assets, the “SUBI Assets”). Upon the
issuance of the SUBI Certificates relating to the SUBI Assets, the beneficial interest in the
Titling Trust and the Trust Assets represented by the UTI shall be reduced by the amount of the
Trust Assets represented by such SUBI Certificates. This certificate was issued pursuant to the
2008-A SUBI Supplement and represents a 100% beneficial interest in the 2008-A SUBI Assets.

     The UTI and the 2008-A SUBI shall each constitute a separate series of the Titling Trust
pursuant to Section 3806(b)(2) of the Delaware Statutory Trust Act for which separate and distinct
records shall be maintained. The 2008-A SUBI Certificate and the interest in the 2008-A SUBI
represented thereby constitutes a “security” within the meaning of Section 8-102(a)(15) of the
Delaware UCC and a “certificated security” within the meaning of Section 8-102(a)(4) of the
Delaware UCC.

     The 2008-A SUBI Supplement may be amended by the parties thereto upon the terms and subject to
the conditions set forth in the 2008-A SUBI Supplement.

     The Holder, by acceptance of this 2008-A SUBI Certificate, covenants and agrees that prior to
the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against, the Grantor, the Depositor, the Trustee, the Titling Trust, the
Issuing Entity , any Beneficiary, any Special Purpose Affiliate, any bankruptcy, reorganization,
arrangement, insolvency or liquidation Proceeding or other Proceedings under any federal or state
bankruptcy or similar law. Such covenant shall survive the termination of the SUBI Trust Agreement,
the resignation or removal of the Trustee under the SUBI Trust Agreement or the complete or partial
resignation of the Servicer under the SUBI Trust Agreement or the Servicing Agreement.

     The Holder hereof hereby (i) expressly waives any claim it may have to any proceeds or assets
of the Trustee and to all of the Trust Assets other than those from time to time included within
the 2008-A SUBI as 2008-A SUBI Assets and those proceeds or assets derived from or earned by such
2008-A SUBI Assets and (ii) expressly subordinates in favor of the Holder of any certificate
evidencing an Other SUBI or a UTI Certificate any claim to any Other SUBI or UTI Assets that,
notwithstanding the waiver contained in clause (i), may be determined to exist.

     The Trustee shall keep the certificate register with respect to this 2008-A SUBI Certificate,
and the Holder of this 2008-A SUBI Certificate shall notify the Trustee of any change of address or
instructions on the distribution of funds.

     The 2008-A SUBI shall be deemed dissolved solely with respect to the 2008-A SUBI Assets, and
not as to any Trust Assets allocated to any other Sub-Trust, upon the written direction to the
Trustee by the Holder of the 2008-A SUBI Certificate to revoke and dissolve the 2008-A SUBI. So
long as the Notes are outstanding, the 2008-A SUBI shall not be dissolved except (a) as required by
law or (b) at the direction of the Holder of the 2008-A SUBI Certificate (but only with the consent
of the Registered Pledgee); provided, however, upon any sale of the Owner Trust
Estate pursuant to Section 5.04 of the Indenture, the Registered Pledgee shall have the
right to direct the Holder of the 2008-A SUBI Certificate to dissolve the 2008-A SUBI in accordance
with the provisions of the Indenture. Upon such dissolution of the Titling Trust with

SUBI
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respect to the 2008-A SUBI and delivery of the 2008-A SUBI Certificate to the Trustee for
cancellation, the Trustee shall distribute to the Holder of the 2008-A SUBI Certificate or its
designee all 2008-A SUBI Assets and shall cause the Certificates of Title to the 2008-A Vehicles to
be issued in the name of, or at the direction of, the Holder of the 2008-A SUBI Certificate (which
may include reallocation of the 2008-A SUBI Assets relating to the 2008-A Vehicles to the UTI). The
Holder of the 2008-A SUBI Certificate to whom such 2008-A SUBI Assets relating to the 2008-A
Vehicles are distributed shall pay or cause to be paid all applicable titling and registration fees
and taxes.

     The Titling Trust or the UTI may terminate upon the terms and subject to the conditions set
forth in the SUBI Trust Agreement.

     No SUBI or SUBI Certificate shall be transferred or assigned except to the extent specified in
the SUBI Trust Agreement or in any related Supplement and, to the fullest extent permitted by
applicable law, any such purported transfer or assignment other than as so specified shall be
deemed null, void, and of no effect under the SUBI Trust Agreement. Notwithstanding the foregoing,
any SUBI Certificate and the interest in the SUBI evidenced thereby may be (i) transferred,
assigned or pledged to any Special Purpose Affiliate or (ii) transferred, assigned or pledged by
the Related Beneficiary or a Special Purpose Affiliate to or in favor of (A) a trustee for one or
more trusts or (B) one or more other entities, in either case solely for the purpose of securing or
otherwise facilitating one or more Securitized Financings.

     This 2008-A SUBI Certificate shall be governed by and construed under the internal laws of the
State of Delaware, without reference to its conflicts of law provisions.

     Unless this 2008-A SUBI Certificate shall have been executed by an authorized officer of the
Trustee, by manual signature, this 2008-A SUBI Certificate shall not entitle the holder hereof to
any benefit under the SUBI Trust Agreement or be valid for any purpose.

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     IN WITNESS WHEREOF, NILT, Inc., as Trustee of the Titling Trust and not in its individual
capacity, has caused this 2008-A SUBI Certificate to be duly executed.

     Dated:                                         , 2008

	 	 	 	 	 	 	 
	 	 	NISSAN-INFINITI LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	NILT, INC.,	 	 
	 

	 	 	 	as Trustee	 	 

     (SEAL)

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

     ATTEST:

                                             

     This is the 2008-A SUBI Certificate referred to in the within-mentioned Supplement.

	 	 	 	 	 	 	 
	 	 	NILT, INC., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

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     FOR VALUE RECEIVED, the undersigned hereby sells, transfers and assigns unto                                         
the within 2008-A SUBI Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing                                          as attorney to transfer said 2008-A SUBI Certificate on the books of the
certificate registrar, with full power of substitution in the premises.

	 	 	 	 	 	 	 
	Dated:

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

SUBI
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B-6Exhibit 10.3

 

EXHIBIT 10.3

 

NISSAN-INFINITI LT,

as Titling Trust,

NILT TRUST,

as UTI Beneficiary,

and

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer,

 

2008-A

SERVICING SUPPLEMENT

Dated as of April 23, 2008

 

 

 

	 	 	 	 	 
	ARTICLE SEVEN DEFINITIONS
	 	 	1	 
	Section 7.01 Definitions
	 	 	1	 
	Section 7.02 Interpretative Provisions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE EIGHT SERVICING OF THE 2008-A LEASES AND 2008-A VEHICLES
	 	 	2	 
	Section 8.01 Identification of 2008-A Leases and 2008-A Vehicles; Securitization
Value
	 	 	2	 
	Section 8.02 Reallocation and Repurchase of 2008-A Leases and 2008-A Vehicles;
Purchase of Matured Vehicles
	 	 	2	 
	Section 8.03 Collections and Payment Date Advance Reimbursement
	 	 	4	 
	Section 8.04 Net Deposits
	 	 	6	 
	Section 8.05 Servicing Compensation
	 	 	6	 
	Section 8.06 Advances
	 	 	6	 
	Section 8.07 Third Party Claims
	 	 	7	 
	Section 8.08 Contingent and Excess Liability Insurance Policy
	 	 	7	 
	Section 8.09 Reporting by the Servicer; Delivery of Certain Documentation
	 	 	7	 
	Section 8.10 Accountants’ Attestation and Other Reports
	 	 	7	 
	Section 8.11 Annual Servicer’s Compliance Statement; Officer’s Certificate
	 	 	8	 
	Section 8.12 Servicer Defaults; Termination of Servicer
	 	 	9	 
	Section 8.13 Servicer Representations and Warranties
	 	 	11	 
	Section 8.14 Compliance with Regulation AB
	 	 	11	 
	 
	 	 	 	 
	ARTICLE NINE MISCELLANEOUS
	 	 	11	 
	Section 9.01 Termination of Servicing Supplement
	 	 	11	 
	Section 9.02 Governing Law
	 	 	11	 
	Section 9.03 Amendment
	 	 	11	 
	Section 9.04 Relationship of this 2008-A Servicing Supplement to Other Trust
Documents
	 	 	13	 
	Section 9.05 Binding Effect
	 	 	13	 
	Section 9.06 Table of Contents and Headings
	 	 	13	 
	Section 9.07 Counterparts
	 	 	13	 
	Section 9.08 Further Assurances
	 	 	13	 
	Section 9.09 Third-Party Beneficiaries
	 	 	14	 
	Section 9.10 No Waiver; Cumulative Remedies
	 	 	14	 
	Section 9.11 No Petition
	 	 	14	 

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	Section 9.12 No Recourse
	 	 	14	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	Exhibit A — Schedule of 2008-A Leases and 2008-A
Vehicles
	 	 	A-1	 
	Exhibit B — Form of Settlement
Statement
	 	 	B-1	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	Schedule A – Regulation AB Representations, Warranties and Covenants
	 	 	 	 

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2008-A SERVICING SUPPLEMENT

     This 2008-A Servicing Supplement, dated as of April 23, 2008 (as amended, supplemented or
otherwise modified, this “2008-A Servicing Supplement”), is among Nissan-Infiniti LT, a
Delaware statutory trust (the “Titling Trust”), NILT Trust, a Delaware statutory trust, as
grantor and initial beneficiary of the Titling Trust (in such capacities, the “Grantor” and
the “UTI Beneficiary,” respectively), and Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), as servicer (the “Servicer”).

RECITALS

     A. The Grantor and UTI Beneficiary, the Servicer, NILT, Inc., as trustee of the Titling Trust
(the “Trustee”), Wilmington Trust Company, as Delaware trustee, and U.S. Bank National
Association (“U.S. Bank”), as trust agent, have entered into the Amended and Restated Trust
and Servicing Agreement, dated as of August 26, 1998 (the “Titling Trust Agreement”),
pursuant to which the Titling Trust was created to, among other things, take assignments and
conveyances of and hold in trust various assets (the “Trust Assets”);

     B. The parties hereto have entered into the Servicing Agreement, dated as of March 1, 1999
(the “Basic Servicing Agreement” and, as supplemented hereby, the “Servicing
Agreement”), which provides for certain servicing obligations with respect to the Trust Assets;
and

     C. The parties acknowledge that in connection with the execution of the 2008-A SUBI Supplement
to the Titling Trust Agreement, dated as of April 23, 2008 (the “2008-A SUBI Supplement”,
and together with the Titling Trust Agreement, the “SUBI Trust Agreement”), pursuant to
which a special unit of beneficial interest in the Titling Trust (the “2008-A SUBI”) will
be created, it is necessary and desirable to enter into a supplemental agreement to the Basic
Servicing Agreement providing for specific servicing obligations in connection with the Trust
Assets allocable to the 2008-A SUBI.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE SEVEN

DEFINITIONS

     Section 7.01 Definitions. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Agreement of Definitions, dated as of April 23,
2008, by and among Nissan Auto Lease Trust 2008-A, as issuer (the “Issuing Entity”), NILT
Trust, as Grantor and UTI Beneficiary, the Titling Trust, NMAC, in its individual capacity, as
Servicer and as administrative agent (in such capacity, the “Administrative Agent”), Nissan
Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), NILT, Inc., as
Trustee, Wilmington Trust Company, as owner trustee and Delaware trustee (in such capacity, the
“Owner Trustee” and the “Delaware Trustee,” respectively) and U.S. Bank, as trust
agent and indenture trustee (in such capacity, the “Trust Agent” and the “Indenture
Trustee,” respectively).

 

 

     Section 7.02 Interpretative Provisions. For all purposes of this 2008-A Servicing
Supplement, except as otherwise expressly provided or unless the context otherwise requires,
(i) terms used in this 2008-A Servicing Supplement include, as appropriate, all genders and the
plural as well as the singular, (ii) references to this 2008-A Servicing Supplement include all
Exhibits hereto, (iii) references to words such as “herein”, “hereof”, and the like shall refer to
this 2008-A Servicing Supplement as a whole and not to any particular part, Article, or Section
herein, (iv) references to an Article or Section such as “Article Eight” or “Section 8.01” shall
refer to the applicable Article or Section of this 2008-A Servicing Supplement, (v) the term
“include” and all variations thereof shall mean “include without limitation”, (vi) the term “or”
shall include “and/or”, (vii) the term “proceeds” shall have the meaning ascribed to such term in
the UCC, (viii) in the computation of a period of time from a specified date to a later specified
date, the word “from” shall mean “from and including” and the words “to” and “until” shall mean “to
but excluding” and (ix) the phrase “Trustee on behalf of the Trust,” or words of similar import,
shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the
Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the
Titling Trust.

     Any reference in this 2008-A Servicing Supplement to any agreement means such agreement as it
may be amended, restated, supplemented (only to the extent such agreement as supplemented relates
to the Notes), or otherwise modified from time to time. Any reference in this 2008-A Servicing
Supplement to any law, statute, regulation, rule, or other legislative action shall mean such law,
statute, regulation, rule, or other legislative action as amended, supplemented, or otherwise
modified from time to time, and shall include any rule or regulation promulgated thereunder. Any
reference in this 2008-A Servicing Supplement to a Person shall include the successor or assignee
of such Person.

ARTICLE EIGHT

SERVICING OF THE 2008-A LEASES AND 2008-A VEHICLES

     Section 8.01 Identification of 2008-A Leases and 2008-A Vehicles; Securitization
Value. The Servicer hereby identifies as 2008-A SUBI Assets the Leased Vehicles and the Leases
relating to such Leased Vehicles more particularly described in the Schedule of 2008-A Leases and
2008-A Vehicles (respectively, the “2008-A Vehicles” and the “2008-A Leases”). The
Servicer shall calculate the Securitization Value for each 2008-A Lease as of the Cutoff Date.

     Section 8.02 Reallocation and Repurchase of 2008-A Leases and 2008-A Vehicles; Purchase of
Matured Vehicles.

     (a) (i) If the Servicer grants a lease term extension of more than 6 months or an extension
that extends beyond the Final Scheduled Payment Date for the Class A-4 Notes, with respect to any
2008-A Lease, the Servicer shall, on the related Deposit Date, (A) deposit or cause to be deposited
into the 2008-A SUBI Collection Account an amount equal to the Repurchase Payment and (B) direct
the Trustee to either reallocate such 2008-A Lease and the related 2008-A Vehicle from the 2008-A
SUBI to the UTI or cause such 2008-A Lease and 2008-A Vehicle to be conveyed to the Servicer; and
(ii) if a Lessee changes the domicile of or title to a

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2008-A Vehicle and such change would be likely to result in the Titling Trust doing business
in a Restricted Jurisdiction, the Titling Trust, or the Trustee on behalf of the Titling Trust,
shall, as an obligation of the Titling Trust and at the direction of the Servicer, on the related
Deposit Date, (A) deposit or cause to be deposited into the 2008-A SUBI Collection Account, from
amounts held by the Titling Trust, an amount equal to the Repurchase Payment and (B) either
reallocate such 2008-A Lease and the related 2008-A Vehicle from the 2008-A SUBI to the UTI or
cause such 2008-A Lease and 2008-A Vehicle to be conveyed to the Servicer.

     (b) The Servicer hereby makes to the other parties hereto and the parties to the SUBI Trust
Agreement the representations and warranties contained in Section 2.06(a) of the Basic
Servicing Agreement as to each 2008-A Lease and 2008-A Vehicle as of the Vehicle Representation
Date. The Servicer also hereby represents and warrants that (i) each 2008-A Lease is an 2008-A
Eligible Lease and (ii) it used no adverse selection procedures in selecting any of the 2008-A
Leases or any of the 2008-A Vehicles for allocation to the 2008-A SUBI. Upon discovery by the
Trustee, the Servicer, the Owner Trustee, the Indenture Trustee or the Depositor that any
representation or warranty in this Section 8.02(b) was incorrect as of the Cutoff Date in a
manner that materially adversely affects the interest of the Trust in the related 2008-A Lease or
2008-A Vehicle, the entity discovering such incorrectness (if other than the Servicer) shall give
prompt written notice to the Servicer. If the Servicer does not cure in all material respects the
circumstance or condition with respect to which the representation or warranty was incorrect as of
the Cutoff Date prior to the end of the Collection Period which includes the 60th day
(or, if the Servicer elects, an earlier date) after the date that the Servicer discovers such
incorrectness (whether pursuant to such notice or otherwise), then the Servicer shall (i) deposit
(or cause to be deposited) into the 2008-A SUBI Collection Account an amount equal to the
Repurchase Payment on the Deposit Date following the end of such Collection Period, and (ii) direct
the Trustee to either reallocate such 2008-A Lease and the related 2008-A Vehicle from the 2008-A
SUBI to the UTI or cause such 2008-A Lease and 2008-A Vehicle to be conveyed to the Servicer.

     (c) Immediately prior to the sale or disposition of a Matured Vehicle or a Defaulted Vehicle,
the Servicer may reallocate such Matured Vehicle or Defaulted Vehicle from the 2008-A SUBI to the
UTI for purposes of implementing NMAC’s like kind exchange program. In connection with such
reallocation, NILT Trust, as the UTI Beneficiary, will cause to be deposited into the 2008-A SUBI
Collection Account the Reallocation Payments no later than two Business Days after such
reallocation, or, if the Monthly Remittance Condition is met, the Servicer shall be permitted to
retain the Reallocation Payments received during a Collection Period until such amounts are
required to be disbursed on the next Payment Date. Upon receipt of the Reallocation Payments, the
2008-A SUBI shall have no claim against or interest in such Matured or Defaulted Vehicle.

     (d) In connection with the purchase by the Servicer of a Matured Vehicle relating to a 2008-A
Lease pursuant to Section 2.06(f) of the Basic Servicing Agreement, if (i) no Sales
Proceeds Advance has been made, the purchase price of such Matured Vehicle will equal the
Securitization Value of such 2008-A Lease as of the date of expiration and (ii) a Sales Proceeds
Advance has been made, (a) the purchase price will equal the amount of the Sales Proceeds Advance,
(b) no additional amounts need be remitted by the Servicer, and (c) the Servicer shall be deemed to
have been reimbursed for such Sales Proceeds Advance.

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     (e) If any 2008-A Lease and the related 2008-A Vehicle are reallocated to the UTI, until such
time thereafter, if ever, as such Lease and Leased Vehicle are allocated to an Other SUBI, the
Servicer shall indemnify, defend and hold harmless the Related Beneficiaries and the Trust from and
against any and all loss or liability with respect to or resulting from such 2008-A Lease or 2008-A
Vehicle (including the reasonable fees and expenses of counsel).

     (f) Notwithstanding Section 2.11(a) of the Basic Servicing Agreement, the Servicer
shall use commercially reasonable efforts in accordance with its Customary Servicing Practices to
(i) collect all payments required under each Lease and (ii) cause each Lessee to make all payments
required under its Lease, accompanied by the related account number or an invoice, payment coupon
or electronic funds transfer notice bearing the lease number to which such payment relates.

     Section 8.03 Collections and Payment Date Advance Reimbursement.

     (a) The Servicer shall, with respect to SUBI Collections and amounts in respect of the 2008-A
SUBI Certificate, from time to time, determine the respective amounts and recipients and:

     (i) during each Collection Period, in addition to the deposits required by Section
2.07 of the Basic Servicing Agreement, deposit into the 2008-A SUBI Collection Account
all Repurchase Payments pursuant to Section 8.02(a) and Section 8.02(b), and
any Reallocation Payments pursuant to Section 8.02(c) and immediately upon receipt,
all Net Swap Receipts received from the Swap Counterparty under the Interest Rate Swap
Agreements and any amounts on deposit in the Swap Termination Payment Account to the extent
such amounts are required to be included in Available Funds pursuant to Section 2.14 of the
Indenture, and Swap Replacement Proceeds received from the Swap Counterparty, to the extent
such amounts are required to be included in Available Funds pursuant to Section 2.14 of the
Indenture;

     (ii) on, or prior to each Deposit Date, deposit into the 2008-A SUBI Collection Account
all Advances, any Residual Value Surplus from the sale of a Matured Vehicle for which the
Servicer made a Sales Proceeds Advance and any Net Auction Proceeds from the disposition of
a Matured Vehicle at auction for which the Servicer was reimbursed during the related
Collection Period pursuant to Section 8.06; and

     (iii) on each Payment Date, pursuant to the related Payment Date Certificate, allocate
Available Funds on deposit in the 2008-A SUBI Collection Account with respect to the related
Collection Period and instruct the Trustee (acting through the Trust Agent) to make, no
later than 11:00 a.m., New York City time, or such other time as may be agreed to by the
applicable parties, the following deposits and distributions in the following amounts and
order of priority:

     (A) to the Servicer the sum of outstanding (1) Sales Proceeds Advances (x) in
respect of 2008-A Vehicles that were sold during the related Collection Period
(other than a sale to the Servicer pursuant to Section 8.02(d)(ii)), and
(y) that have been outstanding as of the end of that Collection

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Period for at least 90 days and (2) 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
(collectively, the “Payment Date Advance Reimbursement”);

     (B) to or on behalf of the Servicer, the Servicing Fee in respect of the
related Collection Period, together with any unpaid Servicing Fees in respect of one
or more prior Collection Periods;

     (C) to the Swap Counterparty, any Net Swap Payment; and

     (D) to the Swap Counterparty, the Note Distribution Account, the Reserve
Account and Certificate Distribution Account, as applicable, such distributions in
the amounts and order of priority as set forth in Sections 8.04(a) and
10.01 of the Indenture.

     (b) Notwithstanding Section 2.07 of the Basic Servicing Agreement, the Servicer shall
remit into the SUBI Collection Account the amounts provided for in such Section received during a
Collection Period, by the close of business on the second Business Day after identification.

     (c) Notwithstanding Section 8.03d(b) hereof, the Servicer shall be permitted to retain
the amounts provided for in such subsection received during a Collection Period until such amounts
are required to be disbursed on the next Payment Date, for so long as no Servicer Default has
occurred and is continuing, and the following requirements are met (collectively, the “Monthly
Remittance Condition”):

     (i) (A) NMAC (or its successors pursuant to Section 5.03(b) of the Basic
Servicing Agreement) is the Servicer, and (B) NMAC’s short-term unsecured debt obligations
are rated at least “Prime-1” by Moody’s, “A-1” by Standard & Poor’s (in each case, so long
as Moody’s or Standard & Poor’s is a Rating Agency);

     (ii) if (A) the Servicer obtains a Servicer Letter of Credit or other form of
enhancement acceptable to the Rating Agencies under which demands for payment may be made to
secure timely remittance of SUBI Collections to the 2008-A SUBI Collection Account on a
monthly basis and (B) the Trustee and the Owner Trustee gives prior written notice to each
Rating Agency of the obtaining of such Servicer Letter of Credit;

     (iii) the Servicer otherwise satisfies each Rating Agency’s requirements; or

     (iv) if the Outstanding Amount is reduced to zero and 100% of the outstanding Trust
Certificates are owned by the Trust, the Depositor, the Servicer (so long as NMAC or an
Affiliate is the Servicer) and their respective Affiliates.

     Pending deposit into the 2008-A SUBI Collection Account, SUBI Collections may be employed by
the Servicer at its own risk and for its own benefit and shall not be segregated from its own
funds.

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     (d) Notwithstanding Section 2.07(a) of the Basic Servicing Agreement, the Servicer
shall use commercially reasonable efforts in accordance with its Customary Servicing Practices to
(i) collect all payments required under each Lease and (ii) cause each Lessee to make all payments
required under its Lease, accompanied by an invoice, payment coupon or electronic funds transfer
notice bearing the lease number to which such payment relates.

     Section 8.04 Net Deposits. Notwithstanding anything to the contrary contained in this
2008-A Servicing Supplement, for so long as NMAC is the Servicer, the Servicer shall be permitted
to deposit into the 2008-A SUBI Collection Account only the net amount distributable to the Trust,
as holder of the 2008-A SUBI Certificate on the related Deposit Date. The Servicer shall, however,
account to the Trust, the Trustee, the Trust Agent, the Indenture Trustee (or any successor to the
duties of the Indenture Trustee), the Owner Trustee and the Holders of the Securities as if all of
the deposits and distributions described herein were made individually.

     Section 8.05 Servicing Compensation.

     (a) As compensation for the performance of its obligations under the Servicing Agreement, the
Servicer shall be entitled to receive the Servicing Fee.

     (b) The Servicer shall also be entitled to additional servicing compensation with respect to
the 2008-A SUBI Assets in the form of, among other things, Administrative Charges to the extent not
required for the payment of insurance premiums, taxes, or similar charges allocable to the 2008-A
Leases.

     Section 8.06 Advances.

     (a) If during a Collection Period a Lessee makes a Lessee Partial Monthly Payment, the
Servicer shall make, by deposit into the 2008-A SUBI Collection Account on the related Deposit
Date, a Monthly Payment Advance, unless such Advance is not required to be made pursuant to
Section 8.06(c).

     (b) On each Deposit Date, the Servicer shall make, by deposit into the 2008-A SUBI Collection
Account, Sales Proceeds Advances, unless such Advance is not required to be made pursuant to
Section 8.06(c). After the Servicer has made a Sales Proceeds Advance with respect to a
Matured Vehicle, the Trust shall have no claim against or interest in such Matured Vehicle or any
Net Auction Proceeds resulting from the sale or other disposition thereof, except with respect to
any related Residual Value Surplus. If the Servicer shall sell or otherwise dispose of a Matured
Vehicle after having made a Sales Proceeds Advance, the Trust may retain all of such Sales Proceeds
Advance, and the Servicer shall retain the related Net Auction Proceeds up to the Securitization
Value of the related 2008-A Lease, and shall deposit the Residual Value Surplus, if any, into the
2008-A SUBI Collection Account. If the Net Auction Proceeds are less than the Securitization Value
of the related 2008-A Lease, the Servicer may deduct the difference from SUBI Collections in
respect of one or more future Collection Periods and retain such amount as reimbursement for the
outstanding portion of the related Sales Proceeds Advance. If the Servicer has not sold a Matured
Vehicle within 90 days after it has made a Sales Proceeds Advance, it shall be reimbursed for such
Sales Proceeds Advance from the 2008-A SUBI Collection Account. Within six months of receiving such
reimbursement, if the related 2008-A Vehicle has

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not been sold, the Servicer shall, if permitted by applicable law, cause such 2008-A Vehicle
to be sold at auction and shall remit the proceeds associated with such auction sale to the 2008-A
SUBI Collection Account.

     (c) Notwithstanding anything to the contrary in the Servicing Agreement, the Servicer shall be
required to make an Advance only to the extent that it determines that such Advance will be
recoverable from future payments on or in respect of the related 2008-A Lease or 2008-A Vehicle.

     Section 8.07 Third Party Claims. In addition to the requirements set forth in
Section 2.14 of the Basic Servicing Agreement, the Servicer shall immediately notify the
Depositor (in the event that NMAC is not acting as Servicer) and the Indenture Trustee (or any
successor to the duties of the Indenture Trustee) upon learning of a claim or Lien of whatever kind
of a third party that would materially and adversely affect the interests of the Depositor or the
Trust with respect to the 2008-A SUBI Assets.

     Section 8.08 Contingent and Excess Liability Insurance Policy. So long as any
Securities are outstanding, the Servicer shall maintain and pay when due all premiums with respect
to, and the Servicer may not terminate or cause the termination of, the 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 Trust, the Trustee on
behalf of the Titling Trust or the Trust 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 and in the aggregate, 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) in the case of Rated Securities, each Rating Agency has received prior
written notification from the Owner Trustee of such termination and any replacement insurance. The
obligations of the Servicer pursuant to this Section shall survive any termination of the
Servicer’s other obligations 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 relevant statutes of limitations or otherwise.

     Section 8.09 Reporting by the Servicer; Delivery of Certain Documentation.

     (a) On or prior to the Closing Date, and periodically thereafter as required in order to
update the contents thereof upon any changes in the matters certified therein, the Servicer shall
furnish to the Trustee and the Related Beneficiary an Officer’s Certificate listing the officers of
the Servicer involved in, or responsible for, the servicing of the 2008-A Leases.

     (b) On the tenth calendar day of each month (or, if the 10th day is not a Business
Day, the next succeeding Business Day), the Servicer shall furnish to the Trustee and each Related
Beneficiary a Settlement Statement for the immediately preceding Collection Period.

     Section 8.10 Accountants’ Attestation and Other Reports. On or before the last day of
the third month after the end of the fiscal year of the Servicer, beginning with June 30, 2008, the
Servicer shall cause a firm of independent certified public accountants, who may also render other
services to the Servicer or to its Affiliates, to deliver to the Trust, the Indenture Trustee and

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each Rating Agency a report that such firm has audited the consolidated financial statements
of the Servicer in accordance with generally accepted auditing standards, that such firm is
independent of the Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants (“AICPA”), and expressing such firm’s opinion
thereon. On or before the last day of the third month after the end of the fiscal year of the
Servicer, beginning with June 30, 2008, the Servicer shall cause a firm of independent certified
public accountants to render an attestation report 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 Issuing Entity’s preceding fiscal year (or since the date of the issuance of the Notes in the
case of the first such statement). The form of attestation report may be 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 Commission.

     Section 8.11 Annual Servicer’s Compliance Statement; Officer’s Certificate.

     (a) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each of the
Rating Agencies, on or before the last day of the third month after the end of each fiscal year of
the Issuing Entity, beginning June 30, 2008, (i) a report assessing the Servicer’s compliance with
the servicing criteria set forth in the relevant SEC regulations for asset-backed securities
transactions, including Items 1122 and 1123 of Regulation AB, as of and for the period ending the
end of each fiscal year of the Issuing Entity (the “Servicer’s Assessment Report”) and such
Servicer’s Assessment Report will identify any material instance of noncompliance and (ii) an
Officer’s Certificate with respect to the prior fiscal year of the Servicer ended such calendar
year (or with respect to the initial Officer’s Certificate, the period from the date of the initial
issuance of the Notes to March 31, 2009), stating that (i) a review of the activities of the
Servicer during the preceding 12-month (or shorter) period and of its performance under this
Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s
knowledge, based on such review, the Servicer has fulfilled all its obligations under this
Agreement throughout such twelve-month (or shorter) period in all material respects, or, if there
has been a failure to fulfill of 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 the Noteholders or the Certificateholder by a request in writing addressed to the
Indenture Trustee or the Owner Trustee.

     (b) On or before the last day of the third month after the end of the fiscal year of the
Servicer, beginning with June 30, 2008, for as long as NMAC continues to act as the Servicer, the
Servicer shall deliver an Officer’s Certificate to each Rating Agency, the Owner Trustee and the
Indenture Trustee stating that, with respect to certain ERISA Plans maintained or sponsored by the
Servicer or any of the Servicer’s ERISA affiliates: (a) Plan assets will not be materially less
than the present value of accrued benefits under each of the Plans as of the close of the most
recent Plan year, as reported in the most recent plan financial statements; (b) neither the
Servicer nor any of its ERISA affiliates anticipates that the actuarial value of the assets of any
Plan it maintains would not be materially insufficient to cover the Gateway current liability (as
defined by the Code and demonstrated on the most recent Form 5500 Schedule B that has been filed
with the IRS), or is contemplating benefit improvements that would cause the Servicer or its ERISA
affiliates to maintain a Plan with materially underfunded Gateway current liability; (c) if all of

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the Plans (other than a multiemployer Plan) were terminated (disregarding any Plans with
surpluses), the unfunded liabilities with respect to the Plans would have no material adverse
effect on Nissan Motor Co., Ltd. or Nissan North America, Inc.; and (d) no accumulated funding
deficiency or waived funding deficiency as defined in section 412 of the Code or under any
multiemployer Plan or collective bargaining agreement exists and there is no failure to make any
required contribution under the minimum funding requirements of the Code, as of the close of the
most recent Plan year.

     Section 8.12 Servicer Defaults; Termination of Servicer.

     (a) Each of the following acts or occurrences constitutes a “Servicer Default” under
the Servicing Agreement with respect to the 2008-A SUBIs:

     (i) the Servicer fails to deliver, or cause to be delivered, any required payment to
the Indenture Trustee for distribution to the Noteholders or to the Owner Trustee for
distribution to the Trust Certificateholders, which failure continues for five Business Days
after discovery of such failure by an officer of the Servicer or receipt by the Servicer of
written notice thereof from the Indenture Trustee, or Noteholders or Trust
Certificateholders, as applicable, evidencing at least a Majority Interest in the applicable
Securities (which for this purpose includes Trust Certificates held by the Trust, the
Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and their
respective Affiliates), voting together as a single class;

     (ii) the Servicer fails to duly observe or perform in any material respect any of its
covenants or agreements in the Servicing Agreement not otherwise covered in this Section
8.12(a), which failure materially and adversely affects the rights of a Holder of the
2008-A SUBI Certificate, the Noteholders or Trust 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 Interest in the applicable
Securities 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 Interest in the applicable Securities or such default becomes known to the
Servicer;

     (iii) 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 a Holder of the 2008-A SUBI Certificate or the holders of
the Notes, or the Trust Certificateholders, 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 Interest in the applicable Securities consents to such longer cure period) after
receipt by the Servicer of written notice thereof from the Trustee or the related holders
evidencing a Majority Interest in the applicable Securities, or such default becomes known
to the Servicer;

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     (iv) (A) the existence of any Proceeding in, or the entry of a decree or order for
relief by, a court or regulatory authority having jurisdiction over the Servicer in an
involuntary case under the federal bankruptcy laws, as now or hereafter in effect, (B) the
appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other
similar official with respect to the Servicer or of any substantial part of its property or
(C) the ordering of the winding up or liquidation of the affairs of the Servicer, and in
each case, the continuance of any such Proceeding unstayed and in effect for a period of 90
consecutive days, or immediately upon entry of any decree or order; or

     (v) the Servicer (A) applies for or consents to the appointment of, or the taking of
possession by, a receiver, custodian, trustee, or liquidator of itself or of all or a
substantial part of its property, (B) is generally unable to pay its debts as they become
due, (C) makes a general assignment for the benefit of creditors, (D) commences a voluntary
case under the federal bankruptcy laws (E) is adjudicated to be bankrupt or insolvent, (F)
files a petition seeking to take advantage of any other law providing for the relief of
debtors, or (G) takes any corporate action for the purpose of effecting any of the
foregoing;

provided, however, that notwithstanding any other provision of the Servicing
Agreement, (i) for the purpose of determining what constitutes a Servicer Default with respect to
the 2008-A SUBI, the provisions contained in this Section 8.12(a) shall replace in their
entirety the provisions contained in Section 4.01(a) of the Basic Servicing Agreement and
(ii) any Servicer Default with respect to the 2008-A SUBI shall not constitute a Servicing Default
with respect to any other Sub-Trust and any Servicing Default (as such term is defined in the Basic
Servicing Agreement) with respect to any other Sub-Trust shall constitute a Servicer Default (as
such term is defined in the Basic Servicing Agreement) only with respect to such Sub-Trust and not
with respect to the 2008-A SUBI.

     (b) Upon the occurrence of any Servicer Default, the Servicer, in addition to complying with
the notice requirements of Section 4.01(b) of the Basic Servicing Agreement (except that
references therein to Registered Pledgees shall mean each Registered Pledgee of the 2008-A SUBI
Certificate), shall provide to the Indenture Trustee and the Owner Trustee prompt notice of any (i)
Servicer Default or (ii) event or condition that, with the giving of notice or the passage of time,
or both, would become a Servicer Default, accompanied in each case by a description of the nature
of the default and the Servicer’s efforts to remedy the same.

     (c) In addition to the provisions of Section 4.01(c) of the Basic Servicing Agreement,
if a Servicer Default shall have occurred and is continuing with respect to the 2008-A SUBI, the
Trustee, on behalf of the Titling Trust, shall, at the direction of the Required Related Holders,
by notice given to the Servicer, each Rating Agency, the Related Beneficiary and the holders of the
Rated Securities, terminate the rights and obligations of the Servicer under this 2008-A Servicing
Supplement in accordance with such Section. In the event that the Servicer is removed as servicer
with respect to servicing the 2008-A SUBI Assets, subject to the consent of the Trustee, the
Required Related Holders shall appoint a successor Servicer. The successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Trustee. Such successor
Servicer shall be approved by the Trustee, such approval not to be unreasonably withheld.
Notwithstanding the provisions of Section 4.01(e) of the Basic Trust Agreement, with

10

 

respect to any Servicer Default related to the 2008-A SUBI Assets, the Trustee, acting on the
direction of the Required Related Holders, may waive any default of the Servicer in the performance
of its obligations under the Servicing Agreement and its consequences with respect to the 2008-A
SUBI and, upon any such waiver, such default shall cease to exist and any Servicer Default arising
therefrom shall be deemed to have been remedied for every purpose of the Servicing Agreement. No
such waiver shall extend to any subsequent or other default or impair any right consequent thereto.
For purposes of this Section, so long as the Lien of the Indenture is in place, the Required
Related Holders shall be deemed to be the Indenture Trustee (as Registered Pledgee of the 2008-A
SUBI Certificates), acting at the direction of the Required Percentage of the Noteholders and
thereafter, the Owner Trustee, acting at the direction of the Required Percentage of the Trust
Certificateholders (which for this purpose shall include Trust Certificates owned by the Trust, the
Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer) and any of their
respective Affiliates) until the Aggregate Certificate Balance has been reduced to zero.

     (d) If the Servicer is removed with respect to servicing the 2008-A SUBI Assets, the Servicer
shall be entitled to reimbursement for any outstanding Advances made pursuant to this 2008-A
Servicing Supplement, to the extent of the funds available therefor with respect to all Advances
made by the Servicer.

     Section 8.13 Servicer Representations and Warranties. Effective as of the date hereof,
the Servicer hereby reaffirms the representations and warranties set forth in Section
2.06(a) and Section 5.01 of the Basic Servicing Agreement, except that references to
“this Agreement” shall be deemed to refer to the Servicing Agreement, as such term is defined
herein.

     Section 8.14 Compliance with Regulation AB. The Servicer agrees to perform all duties
and obligations applicable to or required of the Issuing Entity set forth in Schedule A attached
hereto and made a part hereof in all respects and makes the representations and warranties therein
applicable to it.

ARTICLE NINE

MISCELLANEOUS

     Section 9.01 Termination of Servicing Supplement. This 2008-A Servicing Supplement
shall terminate upon the earlier to occur of (i) the termination of the 2008-A SUBI or (ii) the
resignation or removal of the Servicer with respect to the 2008-A SUBI in accordance with the terms
of the Servicing Agreement. Any such termination hereunder shall effect a termination only with
respect to the 2008-A SUBI Assets and not as to Trust Assets allocated to any other Sub-Trust, and
shall not effect a termination of the Basic Servicing Agreement or any other supplement to the
Basic Servicing Agreement.

     Section 9.02 Governing Law. This 2008-A Servicing Supplement shall be governed by and
construed in accordance with the internal laws of the State of California, without regard to any
otherwise applicable principles of conflict of laws.

11

 

      Section 9.03 Amendment.

     (a) Notwithstanding any provision of the Basic Servicing Agreement, the Basic Servicing
Agreement, as supplemented by this 2008-A SUBI Servicing Supplement, to the extent that it relates
solely to the 2008-A SUBI and the 2008-A SUBI Assets, may be amended in accordance with this
Section 9.03.

     (b) Any term or provision of this 2008-A SUBI Servicing Supplement may be amended by the
parties hereto, without the consent of any other Person; provided that (i) either (A) any amendment
that materially and adversely affects the interests of the Noteholders shall require the consent of
Noteholders evidencing not less than a Majority Interest of the Notes voting together as a single
class or (B) such amendment shall not, as evidenced by an Officer’s Certificate of the Servicer
delivered to the Indenture Trustee, materially and adversely affect the interests of the
Noteholders, and (ii) any amendment that adversely affects the interests of the Trust
Certificateholder, Titling Trustee, the Delaware Trustee, the Indenture Trustee or the Owner
Trustee shall require the prior written consent of the Persons whose interests are adversely
affected; provided further, that Opinion of Counsel is delivered to the Trustee to the effect that
after such amendment, for federal income tax purposes, the Titling Trust will not be treated as an
association (or a publicly traded partnership) taxable as a corporation and Notes will properly be
characterized as indebtedness that is secured by the assets of the Trust. An amendment shall be
deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency
Condition is satisfied with respect to such amendment and the Officer’s Certificate described in
the preceding sentence is provided to the Indenture Trustee. The consent of the Trust
Certificateholder, the Delaware Trustee or the Owner Trustee shall be deemed to have been given if
the Servicer does not receive a written objection from such Person within 10 Business Days after a
written request for such consent shall have been given. The Titling Trustee and the Indenture
Trustee may, but shall not be obligated to, enter into any such amendment that affects the Titling
Trustee’s or the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Agreement or otherwise. Notwithstanding the foregoing, this 2008-A Servicing Supplement may not be
amended in any way that would materially and adversely affect the rights of the Swap Counterparty
without notice to the Rating Agencies and the consent of the Swap Counterparty; provided that the
Swap Counterparty’s consent to any such amendment shall not be unreasonably withheld, and provided,
further that the Swap Counterparty’s consent will be deemed to have been given if the Swap
Counterparty does not object in writing within 10 days of receipt of a written request for such
consent.

     (c) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or
principal amount of any Note, or change the due date of any installment of principal of or interest
in any Note, or the Redemption Price with respect thereto, without the consent of the Holder of
such Note or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to
any matter without the consent of the Holders of at least a Majority Interest of the Notes which
were required to consent to such matter before giving effect to such.

     (d) Notwithstanding anything herein to the contrary, any term or provision of this 2008-A SUBI
Servicing Supplement may be amended by the parties hereto without the consent of any of the
Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to comply with or obtain more favorable treatment under or with respect to any
law or regulation or any accounting rule or principle (whether now or in the future in effect); it
being a condition to any such amendment that the Rating Agency Condition

12

 

shall have been satisfied and the Officer’s Certificate described in Section 9.03(b)(i)(B) is
delivered to the Indenture Trustee.

     (e) It shall not be necessary for the consent of any Person pursuant to this Section for such
Person to approve the particular form of any proposed amendment, but it shall be sufficient if such
Person consents to the substance thereof.

     (f) Not less than 15 days prior to the execution of any amendment to this 2008-A SUBI
Servicing Supplement, the Servicer shall provide each Rating Agency, the Trust Certificateholder,
the Depositor, the Owner Trustee, the Swap Counterparty and the Indenture Trustee with written
notice of the substance of such amendment. No later than 10 Business Days after the execution of
any amendment to this 2008-A SUBI Servicing Supplement, the Servicer shall furnish a copy of such
amendment to each Rating Agency, the Trust Certificateholder, Titling Trustee, the Delaware
Trustee, the Indenture Trustee, the Swap Counterparty and the Owner Trustee.

     (g) None of U.S. Bank National Association, as trustee of NILT Trust and as Trust Agent, NILT,
Inc., nor the Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is
satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of
U.S. Bank National Association, NILT, Inc, and the Indenture Trustee an Officer’s Certificate to
that effect, and U.S. Bank National Association. NILT, Inc. and the Indenture Trustee may
conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition
has been satisfied with respect to such amendment.

     Section 9.04 Relationship of this 2008-A Servicing Supplement to Other Trust
Documents. Unless the context otherwise requires, this 2008-A Servicing Supplement and the
other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and
thereof. In the event of any actual conflict between the provisions of this 2008-A Servicing
Supplement and (i) the Titling Trust Agreement, with respect to the servicing of any Trust Assets,
the provisions of this 2008-A Servicing Supplement shall prevail and (ii) the Basic Servicing
Agreement, the provisions of this 2008-A Servicing Supplement shall control.

     Section 9.05 Binding Effect. The provisions of this 2008-A Servicing Supplement shall
be binding upon and inure to the benefit of the parties hereto and their permitted successors and
assigns, and all such provisions shall inure to the benefit of the Owner Trustee on behalf of the
Trust.

     Section 9.06 Table of Contents and Headings. The Table of Contents and Article and
Section headings herein are for convenience of reference only and shall not define or limit any of
the terms or provisions hereof.

     Section 9.07 Counterparts. This 2008-A Servicing Supplement may be executed in any
number of counterparts, each of which so executed and delivered shall be deemed to be an original,
but all of which counterparts shall together constitute but one and the same instrument.

     Section 9.08 Further Assurances. Each party will do such acts, and execute and deliver
to any other party such additional documents or instruments, as may be reasonably requested in

13

 

order to effect the purposes of this 2008-A Servicing Supplement and to better assure and
confirm unto the requesting party its rights, powers, and remedies hereunder.

     Section 9.09 Third-Party Beneficiaries. The Trust, each Holder of the 2008-A SUBI,
each Related Beneficiary, and each Registered Pledgee shall be third-party beneficiaries of the
Servicing Agreement. Except as otherwise provided in the Servicing Agreement, no other Person shall
have any rights hereunder. For purposes of the Servicing Agreement, this Section replaces
Section 6.12 of the Basic Servicing Agreement in its entirety.

     Section 9.10 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of any party hereto, any right, remedy, power, or privilege hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power,
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided
are cumulative and not exhaustive of any rights, remedies, powers, and privileges provided at law,
in equity or otherwise.

     Section 9.11 No Petition. Each of the parties hereto, by entering into this 2008-A
Servicing Supplement, in addition to provisions of Section 6.14 of the Basic Servicing
Agreement, hereby covenants and agrees that prior to the date that is one year and one day after
the date upon which all obligations under each Securitized Financing have been paid in full, it
will not institute against, or join any other Person in instituting against the Grantor, the
Depositor, the Trustee, the Titling Trust, the Issuing Entity, any other Special Purpose Affiliate
or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation
Proceeding or other Proceeding under any federal or state bankruptcy or similar law. This Section
shall survive the complete or partial termination of this 2008-A Servicing Supplement and the
complete or partial resignation or removal of the Servicer under the SUBI Trust Agreement, the
Basic Servicing Agreement or this 2008-A Servicing Supplement.

     Section 9.12 No Recourse.

     (a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by U.S. Bank, not individually or personally, but solely as trustee of NILT
Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings, and agreements herein made on the part of NILT Trust, is made and
intended not as personal representations, undertakings, and agreements by U.S. Bank, but is made
and intended for the purpose of binding only NILT Trust, (iii) nothing herein contained shall be
construed as creating any liability on U.S. Bank, individually or personally, to perform any
covenant, either expressed or implied, contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, and (iv) under no circumstances shall U.S. Bank be personally liable for the payment of any
indebtedness or expenses of NILT Trust under this Agreement or any other related documents.

     (b) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by NILT, INC., not individually or personally, but solely as Titling Trustee
of Nissan-Infiniti LT, in the exercise of the powers and authority conferred and vested in

14

 

it, (ii) each of the representations, undertakings, and agreements herein made on the part of
Nissan-Infiniti LT, is made and intended not as personal representations, undertakings, and
agreements by NILT INC., but is made and intended for the purpose of binding only Nissan-Infiniti
LT, (iii) nothing herein contained shall be construed as creating any liability on NILT, INC.,
individually or personally, to perform any covenant, either expressed or implied, contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto, and (iv) under no circumstances shall NILT, INC. be
personally liable for the payment of any indebtedness or expenses of Nissan-Infiniti LT under this
Agreement or any other related documents.

[Signature Pages to Follow]

15

 

     IN WITNESS WHEREOF, the parties hereto have caused this 2008-A Servicing Supplement to be duly
executed by their respective officers duly authorized as of the day and year first above written.

NISSAN-INFINITI LT, as Titling Trust

By: NILT, INC.,

      as Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

NILT TRUST, as UTI Beneficiary

By: U.S. BANK NATIONAL ASSOCIATION,

      as Managing Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

NISSAN MOTOR ACCEPTANCE

CORPORATION, as Servicer

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

16

 

EXHIBIT A

SCHEDULE OF 2008-A LEASES AND 2008-A VEHICLES

 

 

EXHIBIT B

FORM OF SETTLEMENT STATEMENT

 

 

SCHEDULE A

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS

PART I

DEFINED TERMS

     Section 1.01. As used in this Schedule A, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined); unless otherwise defined herein, terms used in this Schedule A that are defined in the
Agreement to which this Schedule A is attached shall have the same meanings herein as in the
Agreement:

     “Commission”: The United States Securities and Exchange Commission.

     “Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such
clarification and interpretation as has been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from
time to time.

     “Securities Act”: The Securities Act of 1933, as amended.

PART II

COMPLIANCE WITH REGULATION AB

     Section 2.01. Intent of the Parties; Reasonableness.

     Each of the Issuing Entity, the Indenture Trustee, the NILT Trust, NILT and the Servicer
acknowledges and agrees that the purpose of Part II of this Schedule A is to facilitate compliance
by the Issuing Entity and the Servicer with the provisions of Regulation AB and related rules and
regulations of the Commission.

     Each of the Issuing Entity, the Indenture Trustee, the NILT Trust, NILT and the Servicer
acknowledge that their respective obligations hereunder may be supplemented and modified as
reasonably necessary to be consistent with any amendments, interpretive advice or guidance,
convention or consensus among active participants in the asset-backed securities markets, in
respect of the requirements of Regulation AB. In addition, each of the Issuing Entity, the
Indenture Trustee, the NILT Trust, NILT and the Servicer shall comply with reasonable requests made
by the Issuing Entity for delivery of additional or different information as the Issuing Entity may
determine in good faith is necessary to comply with the provisions of Regulation AB, provided that
such information is available to such party without unreasonable effort or expense and within such
timeframe as may be reasonably requested.

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