Document:

exv10w1

 

Exhibit 10.1

AGREEMENT OF DEFINITIONS

by and among

NISSAN MOTOR ACCEPTANCE CORPORATION

NISSAN AUTO LEASING LLC II

NISSAN AUTO LEASE TRUST 2006-A

NISSAN-INFINITI LT

NILT TRUST

NILT, INC.

WILMINGTON TRUST COMPANY

U.S. BANK NATIONAL ASSOCIATION

Dated as of November 21, 2006

 

 

AGREEMENT OF DEFINITIONS

     This Agreement of Definitions (as amended, supplemented or otherwise modified, this
“Agreement of Definitions”), dated as of November 21, 2006, is by and among Nissan Auto
Lease Trust 2006-A, as issuer (the “Issuing Entity”), NILT Trust, a Delaware statutory
trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and the “UTI
Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling
Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its
individual capacity, as servicer and as Administrative Agent (in such capacity, the
“Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC
II, a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware corporation,
as trustee to the Titling Trust (the “Titling Trustee”), Wilmington Trust Company, a
Delaware banking corporation, as owner trustee and Delaware trustee (in such capacity, the
“Owner Trustee” and the “Delaware Trustee,” respectively) and U.S. Bank National
Association, a national banking association (“U.S. Bank”), as trust agent and indenture
trustee (in such capacity, the “Trust Agent” and the “Indenture Trustee,”
respectively).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August 26,
1998 (the “Titling Trust Agreement”), among the Grantor, the Servicer, the Trustee, the
Owner Trustee, and the Trust Agent, 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”), by and
among the UTI Beneficiary, the Servicer, and the Issuing Entity, 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 such Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented by
the 2006-A SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the “2006-A
SUBI”);

     E. The parties hereto desire to identify and allocate to the 2006-A SUBI a separate portfolio
of Trust Assets consisting of leases (the “2006-A Leases”) and certain other related Trust
Assets and the vehicles that are leased under the 2006-A Leases (the “2006-A Vehicles”);

     F. The parties hereto also desire that the Titling Trust issue to NILT Trust a certificate
evidencing a 100% beneficial interest in the 2006-A SUBI (the “2006-A SUBI Certificate”);

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     G. NILT Trust will sell, transfer and assign the 2006-A SUBI Certificate and the 2006-A SUBI
Assets evidenced thereby to NALL II pursuant to the SUBI Certificate Transfer Agreement, dated as
of November 21, 2006 (the “SUBI Certificate Transfer Agreement”). NALL II will further
transfer the 2006-A SUBI Certificate and the 2006-A SUBI Assets evidenced thereby to the Issuing
Entity pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of November 21, 2006
(the “Trust SUBI Certificate Transfer Agreement”).

     H. Pursuant to the Indenture, dated as of November 21, 2006 (the “Indenture”), by and
between the Issuing Entity and the Indenture Trustee, the Issuing Entity will (i) issue
$228,300,000 aggregate principal amount of 5.34673% Asset Backed Notes, Class A-1 (the “Class
A-1 Notes”), $548,000,000 aggregate principal amount of 5.23% Asset Backed Notes, Class A-2
(the “Class A-2 Notes”), $540,000,000 aggregate principal amount of 5.11% Asset Backed
Notes, Class A-3 (the “Class A-3 Notes”), and $252,500,000 aggregate principal amount of
5.10% Asset Backed Notes, Class A-4 (the “Class A-4 Notes”, and together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”); and (ii) pledge the
2006-A SUBI Certificate and the 2006-A SUBI Assets evidenced thereby 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 2006-A SUBI Certificate to the
Indenture Trustee for the benefit of the holders of the Notes;

     J. The parties hereto have agreed to enter into this Agreement of Definitions in an effort to
establish and agree upon a single set of definitions for any capitalized term used and not
otherwise defined in any documents executed in connection with the 2006-A SUBI if such document
references this Agreement of Definitions.

     NOW, THEREFORE, in consideration of the parties’ mutual agreement to rely upon the definitions
contained herein in the interpretation of certain of the Basic Documents (as defined herein), the
parties hereto agree as follows:

          Section 1.01 Definitions. In the event of any conflict or inconsistency between a
definition set forth both herein and in any of the Basic Documents, the definitions set forth in
each such Basic Document shall prevail with respect to such Basic Document. For all purposes of
this Agreement of Definitions, except as otherwise expressly provided or unless the context
otherwise requires, (i) terms used in this Agreement of Definitions include, as appropriate, all
genders and the plural as well as the singular, (ii) the term “include” and all variations thereof
mean “include without limitation,” (iii) the term “or” means “and/or,” (iv) the term “proceeds” has
the meaning ascribed to such term in the UCC, (v) any reference herein to an agreement includes any
amendment, supplement or restatement thereof, (vi) any reference herein to any person includes, as
applicable, any successors and permitted assigns of that person, and (vii) any reference herein to
any statute means that statute, as it has been amended, and including all rules and regulations
promulgated thereunder.

     Whenever any agreement relates to the Basic Documents or to the transactions contemplated by
the Basic Documents, subject to the preceding paragraph, the capitalized terms used without
definition in such agreement shall have the following meanings:

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     “Accountant” means a firm of public accountants of nationally recognized standing.

     “Accounts” means the Note Distribution Account and the Reserve Account.

     “Accrual Period” means (i) with respect to any Payment Date and the Class A-1 Notes
and the Class A-4 Notes, the period from and including the immediately preceding Payment Date to
but excluding the current Payment Date, or, in the case of the first Payment Date or if no interest
has yet been paid, from and including the Closing Date to, but excluding, the such Payment Date and
(ii) with respect to any Payment Date and the Class A-2 Notes and the Class A-3 Notes, the period
from and including the 15th day of the preceding calendar month to but excluding the 15th day of
the month of such Payment Date, or with respect to the first Payment Date, from and including the
Closing Date to, but excluding, the first Payment Date.

     “Act” has the meaning set forth in Section 11.03(a) of the Indenture.

     “Administrative Agent” means NMAC, as Administrative Agent under the Trust
Administration Agreement.

     “Administrative Charge” means, with respect to any Lease, any payment (whether or not
part of the fixed monthly payment) payable to the related Lessor representing a late payment fee,
an Extension Fee, an allocation to the related Lessee of insurance premiums, sales, personal
property or excise taxes or any other similar charge.

     “Administrative Lien” means a first lien upon any Certificate of Title deemed
necessary and useful by the Servicer or by the UIT Beneficiary and the Servicer solely to provide
for delivery of title documentation to the Titling Trustee or its designee.

     “Advance” means a Sales Proceeds Advance or a Monthly Payment Advance, as the context
may require.

     “Affiliate” of any Person means any other Person that (i) directly or indirectly
controls, is controlled by or is under common control with such Person (excluding any trustee
under, or any committee with responsibility for administering, any employee benefit plan) or (ii)
is an officer, director, member or partner of such Person. For purposes of this definition, a
Person shall be deemed to be “controlled by” another Person if such Person possesses, directly or
indirectly, the power (i) to vote 5% or more of the securities (on a fully diluted basis, having
ordinary voting power for the election of directors, members or managing partners of such Person)
or (ii) to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise.

     “Aggregate Certificate Balance” means, as of any date, the aggregate principal amount
of the Trust Certificates as of such date.

     “Agreement of Definitions” means this Agreement of Definitions.

     “ALG Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in September 2006 as a “mark-to-market” value (assuming

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that the vehicle is in “average” rather than “clean” condition) based on the total MSRP of the
vehicle and all NMAC authorized options, without making a distinction between value adding options
and non-value adding options.

     “Assets” has the meaning set forth in Section 2.01 to the SUBI Certificate
Transfer Agreement.

     “Assignee-Secured Party” means U.S. Bank, acting in such capacity under the Control
Agreement.

     “Auction Proceeds” means, with respect to a Collection Period, all amounts received by
the Servicer in connection with the sale or disposition of any vehicle which is sold at auction or
otherwise disposed of by the Servicer during such Collection Period, other than Insurance Proceeds.

     “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on
behalf of the Indenture Trustee to authenticate and deliver the Notes or any Person authorized by
the Owner Trustee to act on behalf of the Owner Trustee to authenticate and deliver the Trust
Certificates, as the context may require.

     “Authorized Newspaper” means a newspaper of general circulation in The City of New
York, printed in the English language and customarily published on each Business Day, whether or
not published on Saturdays, Sundays, and holidays.

     “Authorized Officer” means (a) with respect to the Issuing Entity, (i) any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing
Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to
the Indenture Trustee on the Closing Date and (ii) so long as the Trust Administration Agreement is
in effect, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary, and any Assistant Secretary of the Administrative Agent, and (b) with respect to the
Servicer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary,
and any Assistant Secretary of the Servicer.

     “Automotive Lease Guide” means the publication of such name, which includes residual
factors, or any successor publication.

     “Available Funds” means, for any Payment Date and the related Collection Period, the
sum of the following amounts: (i) SUBI Collections, (ii) Advances and (iii) in the case of an
Optional Purchase, the Optional Purchase Price.

     “Available Funds Shortfall Amount” means, for any Payment Date and the related
Collection Period, the amount, if any, by which Available Funds are less than the sum of (a) the
Servicer Monthly Payment and (b) the amount necessary to make the distributions in clauses (i) and
(ii) of Section 8.04(a) of the Indenture, except that the Optimal Principal Distributable
Amount rather than the Monthly Principal Distributable Amount shall be used for purposes of clause
(ii).

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     “Available Principal Distribution Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the amount of (i) Available Funds remaining after
the Servicer has been paid the Payment Date Advance Reimbursement and the Servicing Fee (together
with any unpaid Servicing Fees in respect of one or more prior Collection Periods) and accrued
interest has been paid on the Notes and (ii) the Reserve Account Draw Amount remaining after
accrued interest has been paid on the Notes.

     “Back-Up Event” means that a court of competent jurisdiction has made a determination
or ruling that has the effect of allowing realization on the security intended to be provided to
the Indenture Trustee by the Transfer Documents only if such transactions are deemed to constitute
a loan by any or all of the Securityholders, secured directly by a pledge of the 2006-A SUBI Assets
or any interest therein (rather than by the 2006-A SUBI Certificate and the beneficial interest in
the 2006-A SUBI Assets represented thereby).

     “Back-up Security Agreement” means the security agreement, dated as of November 21,
2006, among NMAC, the Titling Trust, NILT Trust, the Depositor, the Issuing Entity, and the
Indenture Trustee.

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Section 101 et
seq.

     “Base Residual” means the lowest of (i) the Contract Residual, (ii) the ALG Residual
and (iii) the MRM Residual.

     “Basic Documents” means the Servicing Agreement, the SUBI Trust Agreement, the Trust
Agreement, the Trust Administration Agreement, the Indenture, the SUBI Certificate Transfer
Agreement, the Trust SUBI Certificate Transfer Agreement, the Control Agreement, the Underwriting
Agreement, the Back-up Security Agreement, the 2006-A SUBI Certificate and the Securities.

     “Basic Servicing Agreement” means the servicing agreement, dated as of March 1, 1999,
among the Titling Trust, NILT Trust, the UTI Beneficiary, and NMAC, as servicer.

     “Beneficiaries” means, collectively, the Related Beneficiaries of all Sub-Trusts, and
“Beneficiary” means any of such Beneficiaries.

     “Benefit Plan” means (i) an employee benefit plan, as defined in Section 3(3) of
ERISA, whether or that is subject to Title I of ERISA, (ii) a “plan”, as defined in Section
4975(e)(1) of the Code, that is subject to Section 4975 of the Code or (iii) an entity deemed to
hold the “plan assets” (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section
3(42) of ERISA) of any of the foregoing.

     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section
2.09 of the Indenture.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in New York, New York; Minneapolis, Minnesota; Wilmington, Delaware;
Irving, Texas; Nashville, Tennessee or Chicago, Illinois are authorized or obligated by law,
executive order, or government decree to be closed.

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     “Calculation Agent” means U.S. Bank, acting in such capacity under the Indenture.

     “Calculation Date” means, with respect to any Collection Period, the 15th calendar day
of the immediately succeeding Collection Period, or if such day is not a Business Day, the Business
Day immediately preceding such calendar day.

     “Casualty Termination” as of any date means any Lease that has been terminated prior
to its Maturity Date if the related Leased Vehicle has been lost, stolen or damaged beyond economic
repair.

     “Certificate Balance” means, as of any date, the aggregate principal amount of the
Trust Certificates as of such date.

     “Certificate Distribution Account” means the account established pursuant to
Section 5.01(a) to the Trust Agreement.

     “Certificate Distribution Amount” means, as of any Payment Date, the amount being
distributed to the Trust Certificateholders on such Payment Date.

     “Certificate Factor” means, with respect to the Trust Certificates on any Payment
Date, the seven digit decimal equivalent of a fraction, the numerator of which is the Certificate
Balance on such Payment Date (after giving effect to any payment of principal on such Payment
Date), and the denominator of which is the Certificate Balance on the Closing Date.

     “Certificate of Title” has the meaning set forth in the Titling Trust Agreement.

     “Certificate of Trust” means the Certificate of Trust filed for the Issuing Entity
pursuant to Section 3810(a) of the Statutory Trust Statute.

     “Certificate Register” and “Certificate Registrar” mean the register mentioned in and
the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

     “Claims” means all liabilities, claims and expenses (including reasonable legal and
other professional fees and expenses).

     “Class” means a group of Notes the form of which is identical except for variation in
denomination, principal amount or owner, and references to “each Class” means each of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes.

     “Class A-1 Interest Rate” means 5.34673% per annum (computed on the basis of the
actual number of days elapsed, but assuming a 360-day year).

     “Class A-1 Note Balance” means, as of any date, the Initial Class A-1 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1 Notes.

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     “Class A-1 Noteholder” means, as of any date, the Person in whose name a Class A-1
Note is registered on the Note Register on such date.

     “Class A-1 Notes” has the meaning set forth in the preamble to the Indenture.

     “Class A-2 Interest Rate” means 5.23% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-2 Note Balance” means, as of any date, the Initial Class A-2 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2 Notes.

     “Class A-2 Noteholder” means, as of any date, the Person in whose name a Class A-2
Note is registered on the Note Register on such date.

     “Class A-2 Notes” has the meaning set forth in the preamble to the Indenture.

     “Class A-3 Interest Rate” means 5.11% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-3 Note Balance” means, as of any date, the Initial Class A-3 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-3 Notes.

     “Class A-3 Noteholder” means, as of any date, the Person in whose name a Class A-3
Note is registered on the Note Register on such date.

     “Class A-3 Notes” has the meaning set forth in the preamble to the Indenture.

     “Class A-4 Interest Rate” means 5.10% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).

     “Class A-4 Note Balance” means, as of any date, the Initial Class A-4 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-4 Notes.

     “Class A-4 Noteholder” means, as of any date, the Person in whose name a Class A-4
Note is registered on the Note Register on such date.

     “Class A-4 Notes” means has the meaning set forth in the preamble to the Indenture.

     “Class Balance” means, as of any date, the Class A-1 Note Balance, the Class A-2 Note
Balance, the Class A-3 Note Balance or the Class A-4 Note Balance, as applicable.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act and shall initially be DTC.

     “Clearing Agency Participant” means a broker, dealer, bank, or other financial
institution or other Person for which from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means November 21, 2006.

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     “Code” means the Internal Revenue Code of 1986.

     “Collateral” has the meaning set forth in Section 2.01(a) of the Back-up
Security Agreement and in the Granting Clause of the Indenture, as the context may require.

     “Collection Account” means, with respect to any Sub-Trust, the account created,
designated and maintained as such pursuant to Section 4.02 of the Titling Trust Agreement.

     “Collection Period” has the meaning set forth in the Servicing Agreement.

     “Commission” means the Securities and Exchange Commission.

     “Contingent and Excess Liability Insurance Policy” has the meaning set forth in the
Basic Servicing Agreement.

     “Contract Residual” means, with respect to any Lease, the expected value of the
related Leased Vehicle at the Maturity Date as established or assigned by the Servicer at the time
of origination of such Lease in accordance with its customary practices for the purpose of
determining the Monthly Payment.

     “Control Agreement” means the control agreement, dated as of November 21, 2006, among
the Issuing Entity, the Indenture Trustee, as Indenture Trustee and as Secured Party, and U.S.
Bank, as Securities Intermediary.

     “Co-Trustee” has the meaning set forth in the Basic Servicing Agreement.

     “Credit and Collection Policy” has the meaning set forth in the Basic Servicing
Agreement.

     “Corporate Trust Office” means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the
execution of this Indenture is located at 209 South LaSalle Street, Suite 300, Chicago, Illinois
60604; or at such other address as the Indenture Trustee may designate from time to time by notice
to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee shall notify the
Noteholders and the Issuing Entity).

     “Customary Servicing Practices” means the customary practices of the Servicer with
respect to Leased Vehicles and Leases held by the Origination Trust, without regard to whether such
Leased Vehicles and Leases have been identified and allocated into a portfolio of Trust Assets
allocated to the 2006-A SUBI or any Other SUBI, as such practices may be changed from time to time.

     “Cutoff Date” means the close of business on October 31, 2006.

     “Dealer” has the meaning set forth in the Titling Trust Agreement.

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     “Default” means any occurrence that is, or with notice or lapse of time or both would
become, an Indenture Default.

     “Defaulted Lease” means any Lease that (a) by its terms, is delinquent more than 120
days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in
accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii)
repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s
failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely
or properly perform any obligation under the Lease, or any other act by the Lessee constituting a
default under applicable law), or (c) received notification that the related Lessee is subject to
bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

     “Defaulted Vehicle” means the Leased Vehicle related to a Defaulted Lease.

     “Definitive Note” means a definitive fully registered Note.

     “Delaware Trustee” has the meaning set forth in the preamble to this Agreement of
Definitions.

     “Deposit Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Depositor” means NALL II.

     “Depositor’s Formation Documents” means the Certificate of Formation of Nissan Auto
Leasing LLC II, dated as of October 24, 2001 and the Limited Liability Company Agreement of Nissan
Auto Leasing LLC II, dated as of October 29, 2001.

     “Depository Agreement” means the agreement among the Issuing Entity, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially in the
form of Exhibit B to the Indenture.

     “Designated LIBOR Page” means the display on Bridge Telerate, Inc. or any successor
service or any page as may replace the designated page on that service or any successor service
that displays the London interbank rates on major banks for U.S. dollars.

     “Disposition Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the sale at auction or other disposition of a Leased Vehicle by the
Servicer.

     “Distribution Account” means either the Note Distribution Account or the Certificate
Distribution Account, as the context may require.

     “Distribution Statement” has the meaning set forth in Section 5.02(c) of the
Trust Agreement.

     “DTC” means The Depository Trust Company.

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     “Early Termination Charge” means, with respect to any 2006-A Lease that is terminated
prior to its Maturity Date, an amount equal to the lesser of (i) the difference, if any, between
(a) the sum of (1) the present value of all remaining Monthly Payments and (2) the Contract
Residual of the related 2006-A Vehicle and (b) a wholesale value assigned to such 2006-A Vehicle by
the Servicer in accordance with accepted practices in the automobile industry (or by written
agreement between the Servicer, on behalf of the Titling Trust, and the Lessee) and (ii) the
remaining Monthly Payments.

     “Early Termination Purchase Option Price” means, with respect to any 2006-A Lease that
is terminated prior to its Maturity Date, the amount paid by the related Lessee or a Dealer to
purchase the related 2006-A Vehicle.

     “Eligible Account” means an account maintained with a depository institution or trust
company (i) (a) the short-term unsecured debt obligations of which have the Required Deposit Rating
or (b) having a long-term unsecured debt rating acceptable to each Rating Agency and corporate
trust powers and (ii) which is maintained in a segregated trust account in the corporate trust
department of such depository institution or trust company.

     “Entitlement Holder” means, with respect to any financial asset, a Person identified
in the records of the Securities Intermediary as the Person having a Security Entitlement against
the Securities Intermediary with respect to such financial asset.

     “Entitlement Order” means a notification directing the Securities Intermediary to
transfer or redeem a financial asset.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “Excess Amounts” means, as of any Payment Date, the amount remaining in the 2006-A
SUBI Collection Account after the distributions provided for in clauses (i) and (ii) of Section
8.04(a) of the Indenture have been made.

     “Excess Mileage and Excess Wear and Tear Charges” or “Excess Mileage Fee” means, with
respect to any 2006-A Lease or 2006-A Vehicle, any applicable charge for excess mileage or excess
wear and tear.

     “Exchange Act” means the Securities Exchange Act of 1934.

     “Executive Officer” means, with respect to any (i) corporation or depository
institution, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary, or the Treasurer of such
corporation or depository institution, and (ii) partnership, any general partner thereof.

     “Expenses” means all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses, and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever.

     “Extended Lease” means any Lease that has had its original Maturity Date extended by
the Servicer.

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     “Extension Fee” means, with respect to any Extended Lease, any payment required to be
made by the Lessee in connection with the extension of such Lease.

     “Financial Asset” has the meaning set forth in Section 8-102(a)(9) of the New York
UCC.

     “Force Majeure Event” has the meaning set forth in the Basic Servicing Agreement.

     “Grant” means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create and grant a lien upon and a security interest in and right of
set-off against, deposit, set over and confirm pursuant to the Indenture, and, with respect to the
Collateral or any other agreement or instrument, shall include all rights, powers and options (but
none of the obligations) of the granting party thereunder, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal and interest payments in
respect of the Collateral and all other monies payable thereunder, to give and receive notices and
other communications, to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the granting party or otherwise and generally to do and receive
anything that the granting party is or may be entitled to do or receive thereunder or with respect
thereto.

     “Grantor” has the meaning set forth in the preamble to the Titling Trust Agreement.

     “Holder” has the meaning set forth in the Titling Trust Agreement.

     “Indemnified Parties” has the meaning set forth in Section 8.01(a) to the
Trust Agreement.

     “Indenture” means the indenture, dated as of November 21, 2006 between the Issuing
Entity and U.S. Bank, as Indenture Trustee.

     “Indenture Default” has the meaning set forth in Section 5.01 of the
Indenture.

     “Indenture Trustee” means U.S. Bank, as Indenture Trustee under the Indenture.

     “Independent” means, when used with respect to any specified Person, that such Person
(i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the
Administrative Agent and any Affiliate of any of the foregoing Persons, (ii) does not have any
direct financial interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Administrative Agent or any Affiliate of any of the foregoing Persons and
(iii) is not connected with the Issuing Entity, any such other obligor, the Administrative Agent or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director, or Person performing similar functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01(b) of the Indenture, made by an Independent
appraiser or other expert appointed by a Trust Order, and such opinion or certificate shall state
that the signer has
read the definition of “Independent” in this Indenture and that the signer is Independent
within the meaning thereof.

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     “Independent Manager” means an individual who was not, at the time of such appointment
or at any time in the preceding five years: (i) a director, officer, or employee of any Affiliate
of the Depositor (other than any limited purpose or special purpose corporation or limited
liability company similar to the Depositor); (ii) a person related to any officer or director of
any Affiliate of the Depositor (other than any limited purpose or special purpose corporation or
limited liability company similar to the Depositor); (iii) a direct or indirect holder of 5% or
more of the any voting securities of any Affiliate of the Depositor; (iv) a person related to a
direct or indirect holder of 5% or more of the any voting securities of any Affiliate of the
Depositor; (v) a material creditor, material supplier, employee, officer, director, family member,
manager or contractor of the Depositor or any of its Affiliates; or (vi) a person who controls the
Depositor or its Affiliates or any material creditor, material supplier, employee, officer,
director, manager, or material contractor of the Depositor or any of its Affiliates.

     “Initial Class A-1 Note Balance” means $228,300,000.

     “Initial Class A-2 Note Balance” means $548,000,000.

     “Initial Class A-3 Note Balance” means $540,000,000.

     “Initial Class A-4 Note Balance” means $252,500,000.

     “Initial Class Balance” means the Initial Class A-1 Note Balance, the Initial Class
A-2 Note Balance, the Initial Class A-3 Note Balance or the Initial Class A-4 Note Balance, as
applicable.

     “Initial Deposit Amount” means the Issuing Entity’s deposit to the Reserve Account, on
or before the Closing Date, of $12,894,588.97.

     “Initial Note Balance” means the sum of the Initial Class A-1 Note Balance, the
Initial Class A-2 Note Balance, the Initial A-3 Note Balance and the Initial Class A-4 Note
Balance.

     “Initial Securities Balance” means the initial principal amount of the Notes and the
Trust Certificates.

     “Initial Trust Certificate Balance” means $150,478,529.36.

     “Insurance Expenses” with respect to any 2006-A Vehicle, 2006-A Lease or Lessee, means
any Insurance Proceeds (i) applied to the repair of the related Leased Vehicle, (ii) released to
the related Lessee in accordance with applicable law or the customary servicing procedures of the
Servicer or (iii) representing other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses or Disposition Expenses and recoverable by the Servicer under the
SUBI Trust Agreement.

     “Insurance Policy” means any insurance policy (including any self-insurance),
including any residual value insurance policy, guaranteed automobile protection policy,
comprehensive,
collision, public liability, physical damage, personal liability, contingent and excess
liability, accident, health, credit, life, or unemployment insurance or any other form of insurance
or self-insurance, to the extent such insurance policy relates to the 2006-A Vehicles or the
ability of a Lessee to make required payments with respect to the related 2006-A Lease.

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     “Insurance Proceeds” means, with respect to any 2006-A Vehicle, 2006-A Lease or
Lessee, recoveries paid to the Servicer, the Titling Trust or the Trustee on behalf of the Titling
Trust under an Insurance Policy and any rights thereunder or proceeds therefrom (including any
self-insurance and amounts collected from a Lessee for amounts of deductibles not covered by
Insurance Policies).

     “Interest” means, as of any date, the ownership interest of a Trust Certificateholder
(including the interest of the Depositor as holder of the Trust Certificate) in the Issuing Entity
as of such date, including the right of such Trust Certificateholder to any and all benefits to
which such Trust Certificateholder may be entitled as provided in the Trust Agreement and any other
Basic Document, together with the obligations of such Trust Certificateholder to comply with all
the terms and provisions of the Trust Agreement and the other Basic Documents.

     “Interest Determination Date” means, with respect to any Interest Period, the day that
is two London Business Days prior to the related Interest Reset Date.

     “Interest Period” means the Accrual Period with respect to the Class A-4 Notes.

     “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the
Class A-3 Interest Rate, the Class A-4 Interest Rate or the Overdue Interest Rate, as applicable.

     “Interest Reset Date” means, with respect to any Interest Period, the first day of
such Interest Period; provided that if any Interest Reset Date would otherwise be a day that is not
a Business Day, that Interest Reset Date will be postponed to the next succeeding day that is a
Business Day, except that if that Business Day falls in the next succeeding calendar month, such
Interest Reset Date will be the immediately preceding Business Day.

     “Investment Company Act” means the Investment Company Act of 1940.

     “Issuing Entity” means Nissan Auto Lease Trust 2006-A, until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes.

     “Issuing Entity Order” or “Issuing Entity Request” means a written order or
request of the Issuing Entity signed in the name of the Issuing Entity by any one of its Authorized
Officers and delivered to the Indenture Trustee.

     “Lease” means any lease contract for a Leased Vehicle assigned.

     “Lease Documents” has the meaning set forth in the Basic Servicing Agreement; provided
that such definition shall refer only to lease documents related to Leases allocated to the 2006-A
Lease SUBI.

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     “Leased Vehicle” means a new or used Nissan or Infiniti automobile, sport utility
vehicle, minivan or light-duty truck, together with all accessories, parts and additions
constituting a part thereof, and all accessions thereto, leased to a Lessee pursuant to a Lease.

     “Lessee” means each Person that is a lessee under a Lease, including any Person that
executes a guarantee on behalf of such lessee; provided that such definition shall refer only to
Lessees of Leases allocated to the 2006-A SUBI.

     “Lessee Partial Monthly Payment” means, in connection with the payment by a Lessee of
less than 100% of the Monthly Payment due with respect to a 2006-A Lease, the actual amount paid by
the Lessee toward such Monthly Payment.

     “Lessee Initiated Early Termination” as of any date means any Lease that has been
terminated by the related Lessee before the related Maturity Date, provided that the lessee is not
in default.

     “Lessor” means each Person that is a lessee under a Lease or assignee thereof,
including the Issuing Entity.

     “Liability” means any liability or expense, including any indemnification obligation.

     “LIBOR” means, for any Interest Period, the rate for deposits in U.S. dollars for a
one-month period that appears on the Designated LIBOR Page, on the related Interest Determination
Date; provided that, the following procedures will be followed if LIBOR cannot be
determined as described above:

          (a) With respect to an Interest Determination Date on which no rate appears on the Designated
LIBOR Page, LIBOR for the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of at least two quotations obtained by the Calculation
Agent after requesting the principal London offices of each of four major reference banks in the
London interbank market, which may include the Calculation Agent and its affiliates, as selected by
the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in
U.S. dollars for a one-month period, commencing on the second London Banking Day immediately
following the applicable Interest Determination Date, to prime banks in the London interbank market
at approximately 11:00 a.m., London time, on such Interest Determination Date and in a principal
amount that is representative for a single transaction in U.S. dollars in that market at that time.
If at least two such quotations are provided, LIBOR determined on the applicable Interest
Determination Date will be the arithmetic mean of the quotations.

          (b) If fewer than two quotations referred to in clause (a) above are provided, LIBOR
determined on the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New
York on the applicable Interest Determination Date by three major banks, which may include the
Calculation Agent and its affiliates, in New York, selected by the Calculation Agent for loans in
U.S. dollars to leading European banks, having a maturity of one-month and in a principal amount
that is representative for a single transaction in U.S. dollars in that market at that time.

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          (c) If the banks so selected by the Calculation Agent are not quoting as mentioned in clause
(b) above, LIBOR for the applicable Interest Determination Date will be LIBOR in effect on the
applicable Interest Determination Date.

     “Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens, mechanics’ liens, any liens that attach to property by operation of law
and statutory purchase liens to the extent not past due.

     “Liquidated Lease” means a 2006-A Lease that is terminated and charged off by the
Servicer prior to its Maturity Date following a default thereunder.

     “Liquidated Vehicle” means the 2006-A Vehicle related to a Liquidated Lease.

     “Liquidation Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the attempted realization of the full amounts due or to become due
under any Liquidated Lease, including expenses of any collection effort (whether or not resulting
in a lawsuit against the Lessee under such Lease) or other expenses incurred prior to repossession,
recovery or return of the Liquidated Vehicle, expenses incurred in connection with the sale or
other disposition of a Liquidated Vehicle that has been repossessed or recovered or has reached its
Maturity Date, expenses incurred in connection with making claims under any related Insurance
Policy and expenses incurred in connection with making claims for any Liquidation Expenses.

     “Liquidation Proceeds” means all amounts received by the Servicer with respect to a
Liquidated Lease and the related Liquidated Vehicle in connection with the attempted realization of
the full amount due or to become due under the 2006-A Lease, including Net Auction Proceeds related
to such Liquidated Vehicle, but excluding Insurance Proceeds.

     “London Business Day” means any day on which dealings with U.S. dollars are transacted
in the London interbank market.

     “Majority Interest” means Notes, Trust Certificates or Securities, as the case may be,
evidencing a majority of the Outstanding Amount of the related Notes, Trust Certificates or
Securities, except that, except as otherwise provided in the Basic Documents, Securities owned by
the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer)
or any of their respective Affiliates will not be included in such determination for the purpose of
making requests, demands, authorizations, directions, notices, consents or other action under the
Basic Documents.

     “Material Adverse Effect” means, with respect to any Person, a material adverse effect
on (i) the financial condition or operations of such Person and its Affiliates, taken as one
enterprise, (ii) the ability of such Person to perform its material obligations under any of the
Basic Documents to which such Person is a party, (iii) the legality, validity or enforceability of
any material provision of the Basic Documents to which such Person is a party, (iv) the 2006-A SUBI
Certificate’s beneficial interest in all or any significant portion of the 2006-A SUBI Assets or
the Indenture Trustee’s security interest in the 2006-A SUBI Certificate and all or any significant
portion of the 2006-A SUBI Assets, or (v) the collectibility or the credit worthiness of all or any
significant portion of the 2006-A Leases and the 2006-A Vehicles, other than, in the

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case of clauses (i) through (v), such Material Adverse Effect which are the direct result of
actions or omissions of the party seeking relief under any of the Basic Documents in connection
therewith.

     “Matured Vehicle” as of any date means any Leased Vehicle the related Lease of which
has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early
Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty
Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust,
if applicable.

     “Maturity Date” means, with respect to any Lease, the date on which such Lease is
scheduled to terminate as set forth in the such Lease at its date of origination or, in the case of
an Extended Lease, the revised termination date.

     “Monthly Early Termination Sale Proceeds” means, with respect to a Collection Period,
all (i) amounts paid by Lessees or Dealers with respect to Early Termination Purchase Option Price
payments during such Collection Period and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 2006-A Vehicles with respect to which the related 2006-A Lease was
terminated and which were sold in such Collection Period on or after the termination of the related
2006-A Leases prior to their respective Maturity Dates, reduced by amounts required to be remitted
to the related Lessees under applicable law.

     “Monthly Payment Advance” means, with respect to any 2006-A Lease and any Collection
Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial
Monthly Payment.

     “Monthly Payment” means, with respect to any Lease, the amount of each fixed monthly
payment payable to the Lessor in accordance with the terms thereof, net of any portion of such
fixed monthly payment that represents an Administrative Charge.

     “Monthly Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the lesser of (i) the Principal Distribution Amount and (ii)
the Available Principal Distribution Amount.

     “Monthly Remittance Condition” has the meaning set forth in Section 8.03(b) of
the 2006-A Servicing Supplement.

     “Monthly Scheduled Termination Sale Proceeds” means, with respect to a Collection
Period, all (i) amounts paid by Lessees or Dealers in the event that either the Lessee or a Dealer
elects to purchase a 2006-A Vehicle for its Contract Residual following a termination of the
related 2006-A Lease at its Maturity Date and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 2006-A Vehicles which matured and were sold in such Collection Period on
or after the termination of the related 2006-A Leases at their respective Maturity Dates, reduced
by amounts required to be remitted to the related Lessees under applicable law.

     “Moody’s” means Moody’s Investors Service, Inc.

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     “MRM Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in September 2006 as a “mark-to-market” value (assuming that the vehicle
is in “average” condition rather than “clean” condition) based on the “Maximum Residualizable
MSRP,” which consists of the MSRP of the typically equipped vehicle and value adding options,
giving only partial credit or no credit for those options that add little or no value to the resale
price of the vehicle.

     “MSRP” means, with respect to any Leased Vehicle, the Manufacturer’s Suggested Retail
Price.

     “NALL II” means Nissan Auto Leasing LLC II, a Delaware limited liability company.

     “Net Auction Proceeds” means Auction Proceeds net of related Disposition Expenses.

     “Net Insurance Proceeds” means Insurance Proceeds net of related Insurance Expenses.

     “Net Liquidation Proceeds” means the Liquidation Proceeds net of related Liquidation
Expenses.

     “NILT, Inc.” means NILT, Inc., a Delaware corporation.

     “NILT Trust” means NILT Trust, a Delaware statutory trust.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

     “Note” means either a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a Class
A-4 Note, as the context may require.

     “Note Balance” means the sum of the Class A-1 Note Balance, the Class A-2 Note
Balance, the Class A-3 Note Balance and the Class A-4 Note Balance.

     “Note Distribution Account” means the trust account established by the Depositor, on
behalf of the Issuing Entity pursuant to Section 8.02(b) of the Indenture, into which
amounts released from the 2006-A SUBI Collection Account and the Reserve Account for distribution
to Noteholders shall be deposited and from which all distributions to Noteholders shall be made.

     “Note Distribution Amount” means, as of any Payment Date, the amount being distributed
to the Noteholders on such Payment Date.

     “Note Factor” means, with respect to any Class on any Payment Date, the seven digit
decimal equivalent of a fraction the numerator of which is the Class Balance for such Class on such
Payment Date (after giving effect to any payment of principal on such Payment Date) and the
denominator of which is the related Initial Class Balance.

     “Note Final Scheduled Payment Date” means, with respect to (i) a Class A-1 Note,
December 14, 2007, (ii) a Class A-2 Note, June 15, 2009, (iii) a Class A-3 Note, March 15, 2010,
and (iv) a Class A-4 Note, July 16, 2012.

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     “Noteholder” means, as of any date, the Person in whose name a Class A-1 Note, Class
A-2 Note, Class A-3 or a Class A-4 Note is registered on the Note Register on such date, as the
context may require.

     “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or a
Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

     “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.04 of the Indenture.

     “Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes.

     “Officer’s Certificate” means (a) with respect to the Issuing Entity, a certificate
signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01 of the Indenture,
and delivered to, the Indenture Trustee, and (b) with respect to the Servicer, a certificate signed
by an Authorized Officer or the Servicer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Sections 8.09 and 8.11 of the 2006-A
SUBI Servicing Supplement.

     “Opinion of Counsel” in relation to the Trust Agreement, means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Trust Agreement, be
employees of or counsel to the Depositor, the Administrative Agent, or any of their respective
Affiliates, and which opinion shall be addressed to and in form and substance satisfactory to the
Owner Trustee. In relation to the Indenture, “Opinion of Counsel” means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Indenture, be employees
of or counsel to the Issuing Entity or the Administrative Agent, and who shall be satisfactory to
the Indenture Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee,
comply with any applicable requirements of Section 11.01 of the Indenture, and be in form
and substance satisfactory to the Indenture Trustee.

     “Optimal Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the following amounts:

     (i) for each 2006-A Vehicle for which the related 2006-A Lease did not
terminate during such Collection Period, the difference between the Securitization
Value of such 2006-A Lease at the beginning and at the end of such Collection
Period;

     (ii) for each 2006-A Vehicle for which the related 2006-A Lease reached its
Maturity Date during such Collection Period, the Securitization Value of such 2006-A
Lease as of such Maturity Date;

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     (iii) for each 2006-A Vehicle purchased by the Servicer before its Maturity
Date, the Repurchase Payment with respect to the related 2006-A Lease; and

     (iv) for each 2006-A Lease terminated prior to its Maturity Date that becomes a
Defaulted Lease during such Collection Period or is terminated by the related Lessee
or the Servicer during such Collection Period pursuant to a Lessee Initiated Early
Termination or a Casualty Termination, the Securitization Value of the related
2006-A Lease as of the effective date of termination of such 2006-A Lease.

     “Optional Purchase” has the meaning set forth in Section 9.03(a) of the Trust
Agreement.

     “Optional Purchase Price” has the meaning set forth in Section 9.03(a) of the
Trust Agreement.

     “Origination Trust” means Nissan-Infiniti LT, a Delaware statutory trust.

     “Origination Trust Agreement” means the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998, among NILT Trust, as Grantor and UTI Beneficiary, NMAC, as
servicer, Wilmington Trust Company, as Delaware trustee, NILT, Inc., as trustee, and U.S. Bank
National Association, as Trust Agent.

     “Origination Trustee” means NILT, Inc., in its capacity as trustee of the Origination
Trust.

     “Other SUBI” means any SUBI other than a 2006-A SUBI.

     “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class),
all Trust Certificates or all Securities, as the case may be, theretofore authenticated and
delivered under the Indenture and/or the Trust Agreement, as applicable, except:

     (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation or Trust Certificates
theretofore cancelled by the Certificate Registrar or delivered to the Certificate
Registrar for cancellation;

     (ii) Notes (or Notes of an applicable Class) or portions thereof the payment
for which money in the necessary amount has been theretofore deposited with the
Indenture Trustee or any Paying Agent in trust for the related Noteholders
(provided, however, that if such Notes are to be redeemed pursuant
to an Optional Purchase, notice of such redemption has been duly given pursuant to
the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been
made) or Trust Certificates or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee, the
Owner Trustee or any Paying Agent in trust for the related Trust Certificateholders
(provided, however, that if the principal with respect to such Trust
Certificates will be paid pursuant to an Optional Purchase, notice of such
payment has been duly given pursuant to the Trust Agreement or provision
therefor, satisfactory to the Owner Trustee); and

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     (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of
other Notes (or Notes of such Class) that have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a bona fide purchaser or Trust
Certificates in exchange for or in lieu of other Trust Certificates that have been
authenticated and delivered pursuant to the Trust Agreement unless proof
satisfactory to the Owner Trustee is presented that any such Trust Certificates that
such Trust Certificates are held by a bona fide purchaser, to the extent that the
Trust Certificates are transferable;

provided, that, unless otherwise specified in the Indenture, with respect to the Notes, or
the Trust Agreement, with respect to the Trust Certificates, or in another Basic Document, in
determining whether Noteholders or Trust Certificateholders holding the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice, consent, or waiver
hereunder or under any Basic Document, Notes or Trust Certificates owned by the Issuing Entity, the
Depositor, the Servicer (so long as NMAC or an Affiliate thereof is the Servicer) or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding, unless all such Notes
or Trust Certificates Outstanding are owned by the Issuing Entity, the Depositor, the Servicer (so
long as NMAC or an Affiliate thereof is the Servicer), or any of their respective Affiliates;
provided, further, that, in determining whether the Indenture Trustee or the Owner
Trustee, as applicable, shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Notes or Trust Certificates, as applicable, that a
Responsible Officer knows to be so owned shall be so disregarded. Notes or Trust Certificates so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof
establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as the case may be,
such pledgee’s right so to act with respect to such Notes or such Trust Certificates and that such
pledgee is not the Issuing Entity, the Depositor, the Administrative Agent, or any of their
respective Affiliates.

     “Outstanding Amount” means, as of any date, the aggregate principal amount of the
applicable Notes or Certificates Outstanding, as applicable, reduced by all payments of principal
made in respect thereof on or prior to such date.

     “Overdue Interest Rate” means, with respect to any Class, the Interest Rate applicable
to such Class.

     “Owner Corporate Trust Office” means the principal office of the Owner Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of the execution of this Agreement of Definitions is located at Wilmington Trust Company,
Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890; or at such other address as
the Owner Trustee may designate from time to time by notice to the Trust Certificateholders and the
Indenture Trustee, or the principal corporate trust office of any successor Owner Trustee (the
address of which the successor Owner Trustee shall notify the Trust Certificateholders and the
Indenture Trustee).

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     “Owner Trust Estate” means the property of the Issuing Entity, including (i) the
2006-A SUBI Certificate, evidencing a 100% beneficial interest in the 2006-A SUBI Assets, including
the right to payments thereunder after the Cutoff Date from certain amounts in respect of the
2006-A Leases and received from the sale or other disposition of the 2006-A Leased Vehicles on
deposit in the 2006-A SUBI Collection Account and investment earnings, net of losses and investment
expenses, on amounts on deposit in the 2006-A SUBI Collection Account; (ii) the Reserve Account and
any amounts deposited therein; (iii) the rights of the Issuing Entity under the Back-up Security
Agreement; (iv) the rights of the Issuing Entity to the funds on deposit from time to time in the
Note Distribution Account and any other account or accounts established pursuant to the Indenture
and all cash, investment property and other property from time to time deposited therein or
credited thereto and all proceeds thereof; (v) the rights of the Depositor, as transferee, under
the SUBI Certificate Transfer Agreement; (vi) the rights of the Issuing Entity, as transferee,
under the Trust SUBI Certificate Transfer Agreement; (vii) the rights of the Issuing Entity as a
third-party beneficiary of the Servicing Agreement, to the extent relating to the 2006-A SUBI
Assets, including rights to certain Advances, and the SUBI Trust Agreement; and (viii) all
proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment
property, securities, deposit accounts and other property consisting of, arising from or relating
to the foregoing.

     “Owner Trustee” means Wilmington Trust Company, a Delaware banking corporation, as
trustee of the Issuing Entity under the Trust Agreement.

     “Paying Agent” means, (i) under the Indenture, U.S. Bank, as Indenture Trustee, or any
other Person that meets the eligibility standards for the Indenture Trustee set forth in
Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments
to and distributions from the Note Distribution Account, including the payment of principal of or
interest on the Notes on behalf of the Issuing Entity, and (ii) under the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.09 of the of the Trust
Agreement and shall initially be the U.S. Bank.

     “Payment Ahead” means any payment of all or a part of one or more Monthly Payments
remitted by a Lessee with respect to a 2006-A Lease in excess of the Monthly Payment due with
respect to such 2006-A Lease, which amount the Lessee has instructed the Servicer to apply to
Monthly Payments due in one or more subsequent Collection Periods.

     “Payment Date” means the 15th day of each month, or if such day is not a Business Day,
then the next succeeding Business Day, beginning on December 15, 2006.

     “Payment Date Advance Reimbursement” has the meaning set forth in Section
8.03(a)(iv)(A) of the 2006-A Servicing Supplement.

     “Payment Date Certificate” has the meaning set forth in Section 8.03(a) of the
Indenture.

     “Payoff” means amounts paid to the Servicer to purchase a 2006-A Vehicle.

     “Permitted Investments” has the meaning set forth in the Titling Trust Agreement.

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     “Person” means any individual, corporation, limited liability company, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization, or government, or any agency or political subdivision
thereof.

     “Pledgors” means NMAC, the Titling Trust, NILT Trust, the Depositor, and the Issuing
Entity.

     “Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.05 of
the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note.

     “Principal Carryover Shortfall” means, as of the close of any Payment Date, the
excess, if any, of the Principal Distribution Amount over the Monthly Principal Distributable
Amount.

     “Principal Distribution Amount” means, for any Payment Date, the aggregate amount of
principal payable on the Securities, equal to the sum of (i) the Optimal Principal Distributable
Amount and (ii) any Principal Carryover Shortfall as of the preceding Payment Date;
provided, however, that on or after the Note Final Scheduled Payment Date for any
Class of Notes and so long as no Indenture Default has been declared, the Principal Distribution
Amount shall equal, until the Class Balance of such Class is reduced to zero, the greater of (i)
such Class Balance and (ii) the sum of (A) the Optimal Principal Distributable Amount and (B) any
Principal Carryover Shortfall as of the preceding Payment Date. Notwithstanding the foregoing, the
Principal Distribution Amount shall not exceed the outstanding Securities Balance and the aggregate
amount of principal paid in respect of a Class shall not exceed the related Initial Class Balance.

     “Proceeding” has the meaning set forth in the Titling Trust Agreement.

     “Prospectus” means the Prospectus Supplement, dated November 15, 2006, together with
the Prospectus, dated November 10, 2006, relating to the offering of the Notes.

     “Rated Securities” has the meaning set forth in the Titling Trust Agreement.

     “Rating Agency” means, with respect to the 2006-A SUBI, each of Moody’s and Standard &
Poor’s.

     “Rating Agency Condition” means, with respect to any event or action and each Rating
Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or
action will not cause it to downgrade, qualify or withdraw its rating assigned to the Notes or (b)
that such Rating Agency shall have been given notice of such event or action at least ten (10) days
prior to such event (or, if (10) days’ advance notice is impracticable, as much advance notice as
is practicable) and such rating agency shall not have issued any written notice that the occurrence
of such event will cause it to downgrade, qualify or withdraw its rating assigned to the Notes.
Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with
respect to any event or action, and it is understood that such Rating Agency may not actually
review notices received by it prior to or after the expiration of the ten (10) day period

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described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify
or withdraw its rating assigned to all or any of the Notes at any time in its sole judgment even if
the Rating Agency Condition with respect to an event or action had been previously satisfied
pursuant to clause (a) or clause (b) above.

     “Reallocation Payment” means the proceeds allocated from the UTI to the 2006-A SUBI in
connection with any reallocation of a Matured Vehicle or a Defaulted Vehicle from the 2006-A SUBI
to the UTI pursuant to Section 8.02(c) of the 2006-A Servicing Supplement in an amount
equal to the Net Liquidation Proceeds for such Matured Vehicle or Defaulted Vehicle.

     “Record Date” means, with respect to any Payment Date, the close of business on the
day immediately preceding such Payment Date.

     “Recoveries” means, with respect to a Collection Period, the sum of all amounts
received (net of taxes) with respect to all 2006-A Leases which (i) became Liquidated Leases before
such Collection Period and (ii) have reached or were terminated prior to their respective Maturity
Dates before such Collection Period and with respect to which the proceeds from the sale of the
related 2006-A Vehicles were received before such Collection Period, minus any amounts remitted to
the related Lessees as required by law.

     “Redemption Date” means in the case of a redemption of the Notes pursuant to
Section 10.01 of the Indenture, the Payment Date specified by the Administrative Agent or
the Issuing Entity pursuant to Section 10.01 of the Indenture.

     “Redemption Price” means an amount equal to the Note Balance plus accrued and unpaid
interest thereon at the applicable Interest Rate for the Notes being so redeemed (including, to the
extent allowed by law, interest on overdue interest, if applicable), up to but excluding the
Redemption Date.

     “Registered Pledgee” has the meaning set forth in the Titling Trust Agreement.

     “Registered Holder” means the Person in whose name a Note is registered on the Note
Register on the related Deposit Date.

     “Related Beneficiary” means each of NILT Trust and NALL II.

     “Related Documents” shall mean all of the Basic Documents to which the Issuing Entity
or the Owner Trustee is a party.

     “Remaining Net Auction Proceeds” means Net Auction Proceeds, less amounts included in
Monthly Scheduled Termination Sale Proceeds, Monthly Early Termination Sale Proceeds and
Liquidation Proceeds.

     “Remaining Payoffs” means Payoffs, less amounts included in Monthly Scheduled
Termination Sale Proceeds and Monthly Termination Sale Proceeds.

     “Repayment Price” means an amount equal to the unpaid principal amount of the Trust
Certificates.

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     “Repurchase Payment” means, with respect to a 2006-A Lease and the related 2006-A
Vehicle required to be purchased by the Servicer pursuant to Section 8.02(a) and
Section 8.02(b) of the Servicing Agreement, the sum of (i) the Securitization Value of the
2006-A Lease as of the end of the Collection Period preceding the Collection Period in which the
Servicer granted an extension with respect to such 2006-A Lease or discovers or receives notice of
the change in domicile with respect to Section 8.02(a) of the Servicing Agreement or discovers a
breach of representations or warranties pursuant to Section 8.02(b) of the Servicing
Agreement and (ii) any delinquent Monthly Payments which have not been paid by the related Lessee
by the end of the Collection Period relating to the Deposit Date on which the Repurchase Payment
will be made.

     “Required Deposit Rating” has the meaning set forth in the Titling Trust Agreement.

     “Required Percentage” means the holders of not less than 66 2/3% of the (i)
Outstanding Amount in the case of the Notes or (ii) Aggregate Certificate Balance in the case of
the Trust Certificates.

     “Required Related Holders” has the meaning set forth in the Basic Servicing Agreement.

     “Reserve Account” means the account established pursuant to Section 5.01(b) of
the Trust Agreement, which shall be account number 107152002 in the name “U.S. Bank National
Association, as Indenture Trustee, Nissan Auto Lease Trust 2006-A Reserve Account” established with
the Securities Intermediary pursuant to the Trust Agreement, together with any successor accounts
established pursuant to the Indenture, or after release of the lien of the Indenture, the Trust
Agreement.

     “Reserve Account Deposit Amount” means, (i) on the Closing Date, the Initial Deposit
Amount and (ii) thereafter, for any Payment Date and the related Collection Period to the extent
the amounts on deposit in the Reserve Account are less than the Reserve Account Requirement, an
amount equal to the sum of (a) any Excess Amounts with respect to the related Collection Period and
(b) net income realized on the investment of funds on deposit in the 2006-A SUBI Collection Account
and the Reserve Account in respect of such Collection Period.

     “Reserve Account Draw Amount” means, for any Payment Date, the amount withdrawn from
the Reserve Account, equal to the lesser of (a) the Available Funds Shortfall Amount, if any, or
(b) the amount on deposit in the Reserve Account after giving effect to all deposits thereto on the
related Deposit Date or such Payment Date.

     “Reserve Account Property” means the Reserve Account and all cash, investment property
and other property from time to time deposited or credited to the Reserve Account and all proceeds
thereof, including, without limitation, the Initial Deposit.

     “Reserve Account Requirement” means on any Payment Date, an amount equal to
$34,385,570.59.

     “Residual Value Loss” means, with respect to any Matured Vehicle or Defaulted Vehicle,
the positive difference, if any, between (i) the Securitization Value of the related 2006-A Vehicle
at (a) the Maturity Date of the related 2006-A Lease or (b) the date the related 2006-A Lease was
terminated and (ii) the sum of all related Net Auction Proceeds and Net Insurance Proceeds.

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     “Residual Value Surplus” means, with respect to any Matured Vehicle or Defaulted
Vehicle, the positive difference, if any, between (i) the sum of all related Net Auction Proceeds
and Net Insurance Proceeds and (ii) the Securitization Value of the related 2006-A Vehicle at (a)
the Maturity Date of the related 2006-A Lease or (b) the date the related 2006-A Lease was
terminated by the Lessee.

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Department (or any successor group of the Indenture Trustee), including any
Vice President, Assistant Secretary, or other officer or assistant officer of the Indenture Trustee
customarily performing functions similar to those performed by the people who at such time shall be
officers, or to whom any corporate trust matter is referred within Corporate Trust Department
because of his knowledge of and familiarity with the particular subject.

     “Restricted Jurisdiction” means Alabama and any additional jurisdiction in which the
Titling Trust is not qualified and licensed to do business; provided, that the Servicer may change
the designation of a jurisdiction as a “Restricted Jurisdiction” by delivering an Officer’s
Certificate to the Indenture Trustee and the Owner Trustee to the effect that (i) Leased Vehicles
may be titled in the name of the Titling Trustee or the Titling Trustee on behalf of the Titling
Trust and beneficial interests therein may be transferred without retitling in Alabama or such
other additional jurisdiction, as the case may be, and (ii) such change in designation will not
have a material adverse effect on the Issuing Entity.

     “Rule 144A” means Rule 144A promulgated by the Commission under the Securities Act.

     “Rule 144A Information” means information requested of the Depositor, in connection
with the proposed transfer of a Trust Certificate, to satisfy the requirements of paragraph (d)(4)
of Rule 144A.

     “Sales Proceeds Advance” means the amount advanced by the Servicer to the Issuing
Entity on a Deposit Date equal to the Securitization Value of each 2006-A Lease relating to a
2006-A Vehicle that terminated early (but was not a Lease in default) and the amount equal to the
Base Residual of each 2006-A Lease relating to a 2006-A Vehicle that matured on its scheduled
termination date.

     “Schedule of 2006-A Leases and 2006-A Vehicles” means the schedule of 2006-A Leases
and 2006-A Vehicles attached as Exhibit A to the 2006-A SUBI Supplement and the 2006-A Servicing
Supplement (which may be supplied in CD-Rom form) which shall set forth as to each 2006-A Lease or
2006-A Vehicle, as the case may be, (i) the identification number of the 2006-A Lease, (ii) the
identification number of the 2006-A Vehicle, (iii) the related Maturity Date and (iv) the value of
the 2006-A Lease and the related 2006-A Vehicle on the Servicer’s books as of the Cutoff Date.

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Secured Party” has the meaning set forth in the preamble to the Control Agreement.

     “Securities” means the Trust Certificates and the Notes, collectively.

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     “Securities Act” means the Securities Act of 1933, as amended.

     “Securities Balance” means, as of any date, the unpaid principal amount of the
Securities as of such date.

     “Securities Intermediary” means U.S. Bank.

     “Securitization Rate” means, with respect to a 2006-A Lease, an annualized rate that
is equal to 9.00%.

     “Securitization Value” means, with respect to any 2006-A Lease, the value calculated
by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date
other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate,
of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.

     “Securitized Financing” has the meaning set forth in the Titling Trust Agreement.

     “Security” means either a Note or a Trust Certificate, as the context may require.

     “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the New
York UCC.

     “Securityholder” means each registered holder of a Note or a Trust Certificate.

     “Securityholder Available Funds” means, for any Payment Date, all remaining Available
Funds after giving effect to the payment to the Servicer of the Servicer Monthly Payment.

     “Servicer” means NMAC, as Servicer under the Servicing Agreement.

     “Servicer Default” has the meaning set forth in Section 4.01 to the Basic
Servicing Agreement and under Section 8.12 of the 2006-A Servicing Supplement.

     “Servicer Letter of Credit” means a letter of credit, surety bond or insurance policy
issued by a depository institution, insurance company, or financial institution having a short-term
credit rating at least equal to the Required Deposit Rating and providing that the Indenture
Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies
the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2006-A SUBI
Collection Account by the related Deposit Date.

     “Servicer Monthly Payment” means, with respect to a Payment Date and the related
Collection Period, the amount to be paid to the Servicer pursuant to Section 8.03(a)(iv) of
the 2006-A Servicing Supplement in respect of (i) the Payment Date Advance Reimbursement and (ii)
the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior
Collection Periods.

     “Servicing Agreement” means the Basic Servicing Agreement, as supplemented by the
2006-A Servicing Supplement.

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     “Servicing Fee” means, with respect to the 2006-A SUBI Assets, the fee payable on each
Payment Date equal to, for the related Collection Period, one-twelfth of the product of (i) 1.00%
and (ii) the aggregate Securitization Value of all 2006-A Leases as of the first day of such
Collection Period.

     “Settlement Statement” means a statement substantially in the form of Exhibit
B to the 2006-A Servicing Supplement.

     “Special Purpose Affiliate” means a special purpose entity that is an Affiliate of a
Beneficiary and was created for the purposes of one or more Securitized Financings.

     “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc.

     “State” means any state of the United Sates, Puerto Rico, or the District of Columbia.

     “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. Section 3801 et seq.

     “SUBI” has the meaning set forth in the Recitals to the 2006-A Servicing Supplement.

     “SUBI Certificate” has the meaning set forth in Section 3.02(a) of the Titling
Trust Agreement.

     “SUBI Certificate Transfer Agreement” means the SUBI Certificate Transfer Agreement,
dated as of November 21, 2006, between NILT Trust, as depositor, and NALL II, as transferee.

     “SUBI Collection Account” means, with respect to a SUBI, the related Collection
Account created, designated and maintained as such pursuant Section 4.02(a) of the Titling
Trust Agreement.

     “SUBI Collections” means, with respect to any Collection Period, the net amount
collected or received by the Servicer in respect of the 2006-A SUBI Assets during the Collection
Period, including: (i) Monthly Payments (including Payments Ahead when received), Payoffs, and any
other payments under the 2006-A Leases (excluding any Administrative Charges); (ii) Reallocation
Payments and Repurchase Payments made by the Servicer; (iii) Monthly Scheduled Termination Sale
Proceeds; (iv) Monthly Early Termination Sale Proceeds; (v) Net Liquidation Proceeds; (vi) Net
Insurance Proceeds; (vii) Remaining Net Auctions Proceeds; (viii) Remaining Payoffs; (ix) Excess
Mileage and Excess Wear and Tear Charges; (x) Recoveries and (xi) Residual Value Surplus; in each
case to the extent not duplicative with any other clause of this definition.

     “SUBI Trust Agreement” means the Titling Trust Agreement, as supplemented by a 2006-A
SUBI Supplement.

     “Sub-Trust” has the meaning set forth in Section 3.01(b) of the Titling Trust
Agreement.

     “Titling Trust” means Origination Trust.

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     “Titling Trust Agreement” means Origination Trust Agreement.

     “Titling Trustee” means Origination Trustee.

     “TIA” means the Trust Indenture Act of 1939.

     “Transfer Price” has the meaning set forth in Section 2.01 to the SUBI
Certificate Transfer Agreement and the Trust SUBI Certificate Transfer Agreement, as the context
may require.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust Account” has the meaning set forth in the Titling Trust Agreement.

     “Trust Administration Agreement” means the Trust Administration Agreement, dated as of
November 21, 2006, among the NMAC, as the Administrative Agent, the Issuing Entity, the Depositor
and the Indenture Trustee.

     “Trust Agent” means U.S. Bank, as Trust Agent under the Titling Trust Agreement.

     “Trust Agreement” means the trust agreement, dated as of November 8, 2006 as amended
and restated by the Amended and Restated Trust Agreement, dated as of November 21, 2006 between the
Depositor and the Owner Trustee.

     “Trust Assets” has the meaning set forth in the Titling Trust Agreement.

     “Trust Certificateholder” means the Person in whose name a Trust Certificate is
registered on the Certificate Register.

     “Trust Certificates” means the Asset Backed Certificates issued pursuant to the Trust
Agreement, substantially in the form of Exhibit A to the Trust Agreement.

     “Trust Documents” has the meaning set forth in the Titling Trust Agreement.

     “Trust SUBI Certificate Transfer Agreement” means the Trust SUBI Certificate Transfer
Agreement, dated as of November 21, 2006, between NALL II, as depositor, and the Issuing Entity, as
transferee.

     “Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “2006-A Eligible Lease” means a Lease as to which the following are true as of the
Cutoff Date:

          (a) relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport utility
vehicle, of a model year of 2002 or later;

28

 

          (b) is written with respect to a Leased Vehicle that was at the time of the origination of the
related Lease a new Nissan or Infiniti motor vehicle;

          (c) was originated in the United States on or after February 12, 2002, by a Dealer (i) for a
Lessee with a United States address, (ii) in the ordinary course of such Dealer’s business, (iii)
pursuant to a Dealer agreement that provides for recourse to the dealer in the event of certain
defects in the Lease, but not for default by the Lessee, and (iv) in compliance with procedures set
forth in the Credit and Collection Policy;

          (d) is payable solely in United States dollars;

          (e) is owned, and the related Leased Vehicle is owned by the Titling Trust, free of all liens
(including tax liens, mechanics’ liens, and other liens that arise by operation of law);

          (f) has a remaining term to maturity as of the Cutoff Date, of not less than 3 months and not
greater than 56 months.

          (g) provides for level payments that fully amortize the adjusted capitalized cost of the Lease
at a contractual annual percentage rate to the related Contract Residual over the lease term and,
in the event of a Lessee initiated early termination, provides for payment of the Early Termination
Charge;

          (h) was originated in compliance with, and complies in all material respects with, all
material applicable legal requirements, including, to the extent applicable, the Federal Consumer
Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all state
leasing and consumer protection laws and all state and federal usury laws;

          (i) is not more than 29 days past due as of the Cutoff Date;

          (j) (A) is the valid, legal and binding full-recourse payment obligation of the related
Lessee, enforceable against such Lessee in accordance with its terms, except as such enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other
similar laws, now or hereafter in effect, affecting the enforcement of credits’ rights in general
or (ii) general principles of equity, (B) has not been satisfied, subordinated, rescinded, canceled
or terminated, (C) is a Lease as to which no right of rescission, setoff, counterclaim or defense
shall have been asserted or threatened in writing, (D) is a Lease as to which no default (other
than payment defaults continuing for a period of no more than 29 days as of the Cutoff Date),
breach or violation shall have occurred and no continuing condition that with notice or lapse of
time or both would constitute a default, breach or violation shall have occurred and (E) is a Lease
as to which none of the foregoing shall have been waived (other than deferrals and waivers of late
payment charges or fees permitted under the Servicing Agreement);

          (k) is a Lease which has not been deemed to be uncollectible;

          (l) the related Lessee of which is a person located in one or more of the 50 states of the
United States or the District of Columbia and is not (i) NMAC or any of its Affiliates, or (ii) the
United States or any State or any agency or potential subdivision thereof;

29

 

          (m) is a Lease for which there is only one executed original;

          (n) has an original term of not less than 24 months and not greater than 60 months;

          (o) is a Lease for which the related Lease Documents are located at an address specified by
the Servicer in Schedule A hereto;

          (p) constitutes “tangible chattel paper” as defined in the UCC;

          (q) is not recourse to the Dealer;

          (r) with respect thereto, NMAC, in accordance with its customary procedures, has determined at
the time of origination of such Lease that the related Lessee has agreed to obtain physical damage
insurance covering the related Leased Vehicle and is required under the terms of such Lease to
maintain such insurance; and

          (s) has a Securitization Value, as of its origination date, of no greater than $44,950.

     “2006-A Lease” has the meaning set forth in Section 8.01 of the 2006-A
Servicing Supplement.

     “2006-A Servicing Supplement” means the 2006-A SUBI Servicing Supplement to the Basic
Servicing Agreement, dated as of November 21, 2006, among the parties to the Basic Servicing
Agreement.

     “2006-A SUBI” has the meaning set forth in Section 12.01(a) of the 2006-A SUBI
Supplement.

     “2006-A SUBI Assets” has the meaning set forth in Section 12.01(b) to the
2006-A SUBI Supplement.

     “2006-A SUBI Account” means the 2006-A SUBI Collection Account, and any other Trust
Account established with respect to the 2006-A SUBI, as the context may require.

     “2006-A SUBI Certificate” has the meaning set forth in the recitals of the 2006-A SUBI
Supplement.

     “2006-A SUBI Collection Account” means the trust account established pursuant to
Section 14.01(a) of the 2006-A SUBI Supplement.

     “2006-A SUBI Supplement” means the 2006-A SUBI Supplement to the Titling Trust
Agreement, dated as of November 21, 2006, among the parties to the Titling Trust Agreement.

     “2006-A Vehicle” has the meaning set forth in Section 8.01 to the 2006-A SUBI
Servicing Supplement.

     “UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

30

 

     “Underwriting Agreement” means the underwriting agreement relating to the Notes dated
November 15, 2006, among Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representative, on
behalf of the several underwriters, NMAC and the Depositor.

     “United States” means the United States of America, its territories and possessions
and areas subject to its jurisdiction.

     “U.S. Bank” means U.S. Bank National Association.

     “UTI” has the meaning set forth in Section 3.01(a) of the Titling Trust
Agreement.

     “UTI Beneficiary” means NILT Trust, in its capacity as the initial beneficiary of the
Titling Trust.

     “UTI Certificate” has the meaning set forth in Section 3.03 of the Titling
Trust Agreement.

     “Vehicle Representation Date” has the meaning set forth in the Basic Servicing
Agreement.

          Section 1.02 Interpretative Provisions. Any reference in this Agreement of Definitions
to any agreement means such agreement as it may be amended, restated, supplemented, or otherwise
modified from time to time; any reference in this Agreement of Definitions 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 hereunder; and any reference in this Agreement of
Definitions to a Person shall include the successor or assignee of such Person.

          Section 1.03 Notices. All demands, notices, and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each
case as follows: the Issuing Entity, at c/o Wilmington Trust Company, as Owner Trustee, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882),
Attention: Corporate Trust Administration, with a copy to the Administrative Agent, at BellSouth
Tower, 333 Commerce Street, 10th Floor, B-10-C, Nashville, Tennessee 37201-1800
(telecopier no. (615) 725-1720), Attention: Treasurer; NILT Trust, at BellSouth Tower, 333 Commerce
Street, 10th Floor, B-10-C, Nashville, Tennessee 37201-1800 (telecopier no. (615)
725-1720), Attention: Treasurer; Nissan-Infiniti LT, at BellSouth Tower, 333 Commerce Street,
10th Floor, B-10-C, Nashville, Tennessee 37201-1800 (telecopier no. (615) 725-1720),
Attention: Treasurer; NMAC, at BellSouth Tower, 333 Commerce Street, 10th Floor, B-10-C,
Nashville, Tennessee 37201-1800 (telecopier no. (615) 725-1720), Attention: Treasurer; the
Depositor, at BellSouth Tower, 333 Commerce Street, 10th Floor, B-10-C, Nashville,
Tennessee 37201-1800 (telecopier no. (615) 725-1720), Attention: Secretary; NILT, Inc., at U.S.
Bank National Association, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604 (telecopier
no. (312) 325-8905) Attention: NILT Inc.; Wilmington Trust Company, as Owner Trustee and Delaware
Trustee, at Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890 (telecopier no. (302) 651-8882),

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Attention: Corporate Trust Administration; U.S. Bank National Association, as Indenture
Trustee and Trust Agent, at U.S. Bank National Association, 209 South LaSalle Street, Suite 300,
Chicago, Illinois 60604 (telecopier no. (312) 325-8905, Attention: Nissan Auto Lease Trust 2006-A,
or at such other address as shall be designated by any of the foregoing in written notice to the
other parties hereto.

          Section 1.04 Amendment.

     (a) Any term or provision of this Agreement of Definitions may be amended by the parties
hereto, without the consent of any other Person; provided that (i) either (A) any amendment that
materially and adversely affects the interests of the Noteholders or the Trust Certificateholders
shall require the consent, respectively, of Noteholders evidencing not less than a Majority
Interest of the Notes voting together as a single class, or the Trust Certificateholders evidencing
not less than a Majority Interest of the Trust Certificates voting together as a single class, as
applicable (provided that if the Depositor and its Affiliates do not hold all of the Trust
Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall not be
deemed Outstanding for purposes of this provision), or (B) such amendment shall not, as evidenced
by an Officer’s Certificate of the Servicer or the Depositor delivered to the Indenture Trustee
(with respect to the Noteholders) or the Trust Certificateholders, as applicable, materially and
adversely affect the interests of the Noteholders or the Trust Certificateholders, and (ii) any
amendment that adversely affects the interests of the Trust, the Certificateholder, the Indenture
Trustee or the Owner Trustee shall require the prior written consent of the Person 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 Trust, the 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 obligated to, enter into or consent to any such amendment
that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Agreement or otherwise.

     (b) 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.

     (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) Not less that 15 days prior to the execution of any amendment to this Agreement of
Definitions, 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
Agreement of Definitions, the Servicer shall furnish a copy of such amendment to each Rating
Agency.

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     (e) Without limiting the foregoing, any amendment eliminating the Reserve Account or reducing
the Reserve Account Requirement shall require the Servicer to deliver to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel to the effect that after such amendment, for federal income
tax purposes, the Issuing Entity will not be treated as an association taxable as a corporation and
the Notes should properly be characterized as indebtedness that is secured by the assets of the
Issuing Entity.

     (f) 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. U.S. Bank National Association, as
trustee of NILT Trust and as Trust Agent, NILT, Inc., and the Indenture Trustee may conclusively
assume, in the absence of written notice to the contrary from the Servicer to a Responsible Officer
of the Indenture Trustee, that a Rating Agency Condition has been satisfied with respect to such
amendment.

          Section 1.05 Severability of Provisions. Any provision of this Agreement of
Definitions that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

          Section 1.06 Counterparts. This Agreement of Definitions may be executed by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument.

          Section 1.07 Headings. The headings of the various Articles and Sections herein are
for convenience or reference only and shall not define or limit any of the terms or provisions
hereof.

          Section 1.08 Governing Law. THIS AGREEMENT OF DEFINITIONS SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATION LAW).

          Section 1.09 No Petition. Each of the parties hereto 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.

[Signature Pages to Follow]

33

 

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

	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION	 	 
	 	 	Individually, as Servicer, and as Administrative	 	 
	 	 	Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven R. Lambert
 

     Name: Steven R. Lambert
	 	 
	 

	 	 	 	     Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	NISSAN-INFINITI LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     NILT, INC.,	 	 
	 

	 	 	 	     as Trustee for Nissan-Infiniti LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patricia M. Child
 

     Name: Patricia M. Child
	 	 
	 

	 	 	 	     Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	NILT TRUST	 	 
	 	 	as UTI Beneficiary, Grantor, and Transferor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     U.S. BANK NATIONAL ASSOCIATION,	 	 
	 

	 	 	 	     as Trustee for NILT Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patricia M. Child
 

     Name: Patricia M. Child
	 	 
	 

	 	 	 	     Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	NILT, INC.	 	 
	 	 	as Trustee for Nissan-Infiniti LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patricia M. Child
 

     Name: Patricia M. Child
	 	 
	 

	 	 	 	     Title: President	 	 

S-1 

 

	 	 	 	 	 	 	 
	 	 	NISSAN AUTO LEASING LLC II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rakesh Kochhar
 

	 	 
	 

	 	 	 	     Name: Rakesh Kochhar	 	 
	 

	 	 	 	     Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	NISSAN AUTO LEASE TRUST 2006-A	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     WILMINGTON TRUST COMPANY, not	 	 
	 

	 	 	 	     in its individual capacity, but solely as	 	 
	 

	 	 	 	     Owner Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Christopher Murphy
 

     Name: J. Christopher Murphy
	 	 
	 

	 	 	 	     Title: Financial Services Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY	 	 
	 	 	as Owner Trustee and as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Christopher Murphy
 

     Name: J. Christopher Murphy
	 	 
	 

	 	 	 	     Title: Financial Services Officer	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 	 	as Trust Agent, Indenture Trustee, and	 	 
	 	 	as Secured Party	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patricia M. Child
 

     Name: Patricia M. Child
	 	 
	 

	 	 	 	     Title: President	 	 

S-2exv10w2

 

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

 

2006-A SUBI

SUPPLEMENT

Dated as of November 21, 2006

 

 

 

	 	 	 	 	 	 	 	 	 
	ARTICLE ELEVEN	 	DEFINITIONS	 	 	2	 
	 
	 	Section 11.01	 	Definitions	 	 	2	 
	 
	 	Section 11.02	 	Interpretive Provisions	 	 	2	 
	 
	 	Section 11.03	 	Rights in Respect of the 2006-A SUBI	 	 	3	 
	ARTICLE TWELVE	 	CREATION OF THE 2006-A SUBI	 	 	3	 
	 
	 	Section 12.01	 	Creation of 2006-A SUBI Assets and the 2006-A SUBI	 	 	3	 
	 
	 	Section 12.02	 	Transfer of 2006-A SUBI Interests	 	 	3	 
	 
	 	Section 12.03	 	Issuance and Form of 2006-A SUBI Certificate	 	 	4	 
	 
	 	Section 12.04	 	Actions and Filings	 	 	6	 
	 
	 	Section 12.05	 	Termination of the 2006-A SUBI	 	 	6	 
	 
	 	Section 12.06	 	Representations and Warranties of Trustee	 	 	7	 
	 
	 	Section 12.07	 	Transfer and Assignment of Certificates	 	 	7	 
	ARTICLE THIRTEEN	 	2006-A SUBI PLEDGE	 	 	8	 
	 
	 	Section 13.01	 	Registration of the 2006-A SUBI Pledge	 	 	8	 
	ARTICLE FOURTEEN	 	2006-A SUBI ACCOUNTS	 	 	8	 
	 
	 	Section 14.01	 	2006-A SUBI Collection Account	 	 	8	 
	 
	 	Section 14.02	 	2006-A Reserve Account	 	 	9	 
	 
	 	Section 14.03	 	Investment of Monies in 2006-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	 	 	10	 
	 
	 	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 2006-A Leases and 2006-A Leased Vehicles	 	 	A-1	 
	 	 	Exhibit B — Form of 2006-A SUBI Certificate	 	 	B-1	 

i

 

2006-A SUBI SUPPLEMENT

     This 2006-A SUBI Supplement, dated as of November 21, 2006 (as amended, supplemented or
otherwise modified from time to time, this “2006-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 2006-A SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the “2006-A
SUBI”);

     E. The parties hereto desire to identify and allocate to the 2006-A SUBI a separate portfolio
of Trust Assets consisting of leases (the “2006-A Leases”), the vehicles that are leased
under the 2006-A Leases (the “2006-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 2006-A SUBI (the “2006-A SUBI Certificate”).

     G. NILT Trust will transfer the 2006-A SUBI Certificate to Nissan Auto Leasing LLC II
(“NALL II”) pursuant to the SUBI Certificate Transfer Agreement, dated as of November 21,
2006 (the “SUBI Certificate Transfer Agreement”), between NILT Trust and NALL II. NALL II
will further transfer the 2006-A SUBI Certificate to Nissan Auto Lease Trust 2006-A (the
“Issuing Entity”) pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of
November 21, 2006 (the “Trust SUBI Certificate Transfer Agreement”), between NALL II, as
depositor (the “Depositor”) and the Issuing Entity, as transferee.

					
	 	 	 	 	 
	 
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	 	SUBI Supplement

 

     H. Pursuant to the Indenture, dated as of November 21, 2006 (the “Indenture”), between
the Issuing Entity, as issuer, and U.S. Bank, as Indenture Trustee (the “Indenture
Trustee”), the Issuing Entity will (i) issue $228,300,000 aggregate principal amount of
5.34673% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), $548,000,000 aggregate
principal amount of 5.23% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”),
$540,000,000 aggregate principal amount of 5.11% Asset Backed Notes, Class A-3 (the “Class A-3
Notes”), $252,500,000 aggregate principal amount of 5.10%Asset Backed Notes, Class A-4 (the
“Class A-4 Notes,” and together with the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes, the “Notes”); and (ii) pledge the 2006-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 2006-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
November 21, 2006, 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 2006-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 2006-A SUBI Supplement include all Exhibits hereto, (iii) references to words
such as “herein,” “hereof” and the like shall refer to this 2006-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 2006-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 2006-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 this 2006-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 2006-A SUBI Supplement to a Person shall include
the successor or permitted assignee of such Person.

					
	 	 	 	 	 
	 
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	 	SUBI Supplement

 

     Section 11.03 Rights in Respect of the 2006-A SUBI. Each Holder and Registered Pledgee
of the 2006-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 2006-A SUBI Supplement apply
to the 2006-A SUBI, the Holders of the 2006-A SUBI Certificate, and the Registered Pledgees of the
2006-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 2006-A SUBI

     Section 12.01 Creation of 2006-A SUBI Assets and the 2006-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 “2006-A SUBI”. The 2006-A SUBI shall represent a special unit of beneficial
interest solely in the 2006-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 2006-A SUBI on the books and records of the Titling Trust a separate Sub-Trust of Trust Assets
consisting of 2006-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
“2006-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 2006-A Servicing Supplement, the Trustee hereby identifies and allocates
as 2006-A SUBI Assets the 2006-A Leases and 2006-A Vehicles more particularly described on the
Schedule of 2006-A Leases and 2006-A Vehicles and the related Trust Assets described above, each
such 2006-A SUBI Asset to be identified on the books and accounts of the Titling Trust as being
allocated to the 2006-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.

     Section 12.02 Transfer of 2006-A SUBI Interests.

     (a) Interests in the 2006-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 2006-A SUBI Certificate and the interests in
the 2006-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,

					
	 	 	 	 	 
	 
	 	3
	 	SUBI Supplement

 

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 2006-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
2006-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 2006-A SUBI Certificate of a like
aggregate fractional undivided interest will be issued to the designated permitted transferee.

     (b) For any transfer of the 2006-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 2006-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 2006-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 Title I of ERISA or Section 4975 of the Code
(“Similar Law”) if the acquisition, holding and disposition of the 2006-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 2006-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.

     Section 12.03 Issuance and Form of 2006-A SUBI Certificate.

     (a) The 2006-A SUBI shall be represented by a 2006-A SUBI Certificate that shall represent a
100% beneficial interest in the 2006-A SUBI and the 2006-A SUBI Assets, as further set forth
herein. The 2006-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 2006-A

					
	 	 	 	 	 
	 
	 	4
	 	SUBI Supplement

 

SUBI Assets allocated from the UTI. The Trustee shall register a pledge of the 2006-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 2006-A SUBI Certificate to the Indenture
Trustee. The 2006-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 2006-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 2006-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 2006-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 2006-A SUBI Certificate will bear a legend to the following effect:

     THIS 2006-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 2006-A SUBI CERTIFICATE, AGREES THAT THIS 2006-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 2006-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 2006-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
SUBSTANTIALLY SIMILAR TO 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 2006-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN)
WILL NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF, SIMILAR LAW.

					
	 	 	 	 	 
	 
	 	5
	 	SUBI Supplement

 

     The 2006-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 2006-A
SUBI Certificate and the interest in the 2006-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 2006-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 2006-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 2006-A SUBI Certificate, a replacement 2006-A SUBI Certificate. Every 2006-A SUBI
Certificate issued pursuant to this Section 12.03(b) in replacement of any mutilated,
destroyed, lost, or stolen 2006-A SUBI Certificate shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost, or
stolen 2006-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
2006-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 2006-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 2006-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.

     Section 12.05 Termination of the 2006-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 2006-A SUBI represented by the 2006-A SUBI Certificate, or should all of the interest in the
2006-A SUBI thereafter be held by the UTI Beneficiary or the Holders of the UTI

					
	 	 	 	 	 
	 
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	 	SUBI Supplement

 

Certificates, whether by transfer, sale, or otherwise, then upon the direction of such
Holders, the 2006-A SUBI shall be terminated, the 2006-A SUBI Certificate shall be returned to the
Trustee and canceled, and the Servicer shall reallocate all 2006-A SUBI Assets to the UTI.

     (b) So long as the Notes are Outstanding, the 2006-A SUBI shall not be dissolved unless (a)
required by law or (b) at the direction of the Holder of the 2006-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 2006-A SUBI
Supplement shall terminate and the 2006-A SUBI shall be terminated; provided
further, that such termination shall affect the Titling Trust only insofar as such
termination relates to the 2006-A SUBI. Such termination shall not entitle the legal
representatives of the 2006-A SUBI or any Holder of a 2006-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
2006-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 2006-A SUBI Certificate to dissolve the 2006-A SUBI in accordance with the provisions
of the Indenture, and the 2006-A SUBI Assets shall be distributed out of the Titling Trust at the
direction of the Holder of the 2006-A SUBI Certificate acting in accordance with instructions from
the Registered Pledgee and the purchaser shall take delivery of such 2006-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 2006-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; and

     (iv) 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 2006-A SUBI Certificate (and
beneficial 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.

					
	 	 	 	 	 
	 
	 	7
	 	SUBI Supplement

 

     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 2006-A SUBI Certificate remains outstanding, each Supplement shall contain
a similar amendment with respect to such Section.

ARTICLE THIRTEEN

2006-A SUBI PLEDGE

     Section 13.01 Registration of the 2006-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 2006-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 2006-A SUBI Certificate. The Issuing Entity has caused the Trustee to
deliver the 2006-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

2006-A SUBI ACCOUNTS

     Section 14.01 2006-A SUBI Collection Account.

     (a) With respect to the 2006-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 2006-A SUBI, the 2006-A SUBI
Collection Account, which account shall constitute a SUBI Collection Account. The 2006-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 2006-A SUBI Collection Account to be moved as described in Section 4.02(a) of
the Titling Trust Agreement. The 2006-A SUBI Collection Account shall relate solely to the 2006-A
SUBI and the 2006-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 2006-A SUBI Collection Account
shall be made as described in the Servicing Agreement.

					
	 	 	 	 	 
	 
	 	8
	 	SUBI Supplement

 

     (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 2006-A SUBI
Collection Account as set forth in the 2006-A Servicing Supplement.

     (c) Any transfer of funds to a Holder of a 2006-A SUBI Certificate shall be made as directed
pursuant to the Basic Documents.

     Section 14.02 2006-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 (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 2006-A SUBI Supplement.

     Section 14.03 Investment of Monies in 2006-A SUBI Accounts. All amounts held in the
2006-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 2006-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 2006-A SUBI Supplement, to the extent that it relates solely to the 2006-A
SUBI, may be amended in accordance with this Section 15.01.

     (b) Any term or provision of this 2006-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 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 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

					
	 	 	 	 	 
	 
	 	9
	 	SUBI Supplement

 

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 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 2006-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 2006-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 2006-A SUBI
Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, The Issuing
Entity, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee.

     (g) Prior to the execution of any amendment to this 2006-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.

     (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

					
	 	 	 	 	 
	 
	 	10
	 	SUBI Supplement

 

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 2006-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 2006-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 BellSouth Tower, 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 2006-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 2006-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 2006-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 2006-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 2006-A SUBI Supplement and the
Titling Trust Agreement in respect of the 2006-A SUBI, the provisions of this 2006-A SUBI
Supplement shall prevail with respect to the 2006-A SUBI only.

     (b) For purposes of determining the obligations of the parties hereto under this 2006-A SUBI
Supplement with respect to the 2006-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 2006-A SUBI Account, (ii) a SUBI shall be deemed to

					
	 	 	 	 	 
	 
	 	11
	 	SUBI Supplement

 

refer more specifically to the 2006-A SUBI, (iii) a SUBI Collection Account shall be deemed to
refer more specifically to the 2006-A SUBI Collection Account, (iv) a SUBI Asset shall be deemed to
refer more specifically to a 2006-A SUBI Asset, (v) a SUBI Supplement shall be deemed to refer more
specifically to this 2006-A SUBI Supplement and (vi) a Servicing Supplement shall be deemed to
refer more specifically to the 2006-A Servicing Supplement.

     Section 15.06 No Petition. Each of the parties hereto and each Holder of a 2006-A SUBI
Certificate, and each Registered Pledgee, by acceptance of a 2006-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 2006-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]

					
	 	 	 	 	 
	 
	 	12
	 	SUBI Supplement

 

     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 2006-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:
	 	Patricia M. Child
 

Patricia M. Child
	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE
 CORPORATION, as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	Steven R. Lambert
 

Name: Steven R. Lambert
	 	 
	 

	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	NILT, INC., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Patricia M. Child
 

Name: Patricia M. Child
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, as Delaware
 Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	J. Christopher Murphy
 

Name: J. Christopher Murphy
	 	 
	 

	 	 	 	Title: Financial Services Officer	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trust
 Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	Patricia M. Child
 

Name: Patricia M. Child
	 	 
	 

	 	 	 	Title: Vice President	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	SUBI Supplement

 

     Receipt of this original counterpart of this 2006-A SUBI Supplement is hereby acknowledged on
this ___ day of November 2006.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
 Indenture Trustee

 	 
	 	By:  	Patricia M. Child
 	 
	 	 	Name:  	Patricia M. Child 	 
	 	 	Title:  	Vice President 	 

					
	 	 	 	 	 
	 
	 	S-2
	 	SUBI Supplement

 

	 	 	 	 	 

EXHIBIT A

SCHEDULE OF 2006-A LEASES AND 2006-A VEHICLES

					
	 	 	 	 	 
	 
	 	A-1
	 	SUBI Supplement

 

EXHIBIT B

FORM OF 2006-A SUBI CERTIFICATE

     THIS 2006-A SUBI CERTIFICATE MAY NOT BE TRANSFERRED OR ASSIGNED
EXCEPT UPON THE TERMS AND SUBJECT TO THE CONDITIONS SPECIFIED HEREIN

NISSAN — INFINITI LT

2006-A SPECIAL UNIT OF BENEFICIAL INTEREST CERTIFICATE

evidencing a fractional undivided interest in the 2006-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 2006-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 2006-A SUBI CERTIFICATE, AGREES THAT THIS 2006-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 2006-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 2006-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
SUBSTANTIALLY SIMILAR TO 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
2006-A SUBI CERTIFICATE (OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NONEXEMPT PROHIBITED
TRANSACTION UNDER, OR A VIOLATION OF, SIMILAR LAW.

					
	 	 	 	 	 
	 
	 	B-1
	 	SUBI Supplement

 

No. R-___

evidencing a 100% interest in all 2006-A SUBI Assets (as defined below).

     This 2006-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 2006-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 2006-A SUBI Certificate, and is issued under and is
subject to the terms, provisions and conditions of the Titling Trust Agreement and the 2006-A SUBI
Supplement thereto, dated as of November 21, 2006 (the “2006-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 November 21, 2006, by and among Nissan Auto Lease Trust 2006-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 2006-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 2006-A SUBI will generally consist of (i)
cash capital, (ii) the 2006-A Leases (iii) the 2006-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 Certificate”) representing a beneficial interest in certain specified Leased
Vehicles,

					
	 	 	 	 	 
	 
	 	B-2
	 	SUBI Supplement

 

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 2006-A SUBI
Supplement and represents a 100% beneficial interest in the 2006-A SUBI Assets.

     The UTI and the 2006-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 2006-A SUBI Certificate and the interest in the 2006-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 2006-A SUBI Supplement may be amended by the parties thereto upon the terms and subject to
the conditions set forth in the 2006-A SUBI Supplement.

     The Holder, by acceptance of this 2006-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 2006-A SUBI as 2006-A SUBI Assets and those proceeds or assets derived from or earned by such
2006-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 2006-A SUBI Certificate,
and the Holder of this 2006-A SUBI Certificate shall notify the Trustee of any change of address or
instructions on the distribution of funds.

     The 2006-A SUBI shall be deemed dissolved solely with respect to the 2006-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 2006-A SUBI Certificate to revoke and dissolve the 2006-A SUBI. So
long as the Notes are outstanding, the 2006-A SUBI shall not be dissolved except (a) as required by
law or (b) at the direction of the Holder of the 2006-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 2006-A SUBI Certificate to dissolve the 2006-A SUBI in accordance
with the provisions of the Indenture. Upon such dissolution of the Titling Trust with respect to
the 2006-A SUBI and delivery of the 2006-A SUBI Certificate to the Trustee for

					
	 	 	 	 	 
	 
	 	B-3
	 	SUBI Supplement

 

cancellation, the Trustee shall distribute to the Holder of the 2006-A SUBI Certificate or its
designee all 2006-A SUBI Assets and shall cause the Certificates of Title to the 2006-A Vehicles to
be issued in the name of, or at the direction of, the Holder of the 2006-A SUBI Certificate (which
may include reallocation of the 2006-A SUBI Assets relating to the 2006-A Vehicles to the UTI). The
Holder of the 2006-A SUBI Certificate to whom such 2006-A SUBI Assets relating to the 2006-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 2006-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 2006-A SUBI Certificate shall have been executed by an authorized officer of the
Trustee, by manual signature, this 2006-A SUBI Certificate shall not entitle the holder hereof to
any benefit under the SUBI Trust Agreement or be valid for any purpose.

					
	 	 	 	 	 
	 
	 	B-4
	 	SUBI Supplement

 

     IN WITNESS WHEREOF, NILT, Inc., as Trustee of the Titling Trust and not in its individual
capacity, has caused this 2006-A SUBI Certificate to be duly executed.

     Dated:                                         , 2006

	 	 	 	 	 	 	 
	 	 	NISSAN-INFINITI LT	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	NILT, INC.,	 	 
	 

	 	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	(SEAL)
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
 
	 	 	 	 	 	 

     This is the 2006-A SUBI Certificate referred to in the within-mentioned Supplement.

	 	 	 	 	 	 	 
	 	 	NILT, INC., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

					
	 	 	 	 	 
	 
	 	B-5
	 	SUBI Supplement

 

     FOR VALUE RECEIVED, the undersigned hereby sells, transfers and assigns unto ___
the within 2006-A SUBI Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing ___ as attorney to transfer said 2006-A SUBI Certificate on the books of the
certificate registrar, with full power of substitution in the premises.

	 	 	 	 	 	 	 
	Dated:

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

					
	 	 	 	 	 
	 
	 	B-6
	 	SUBI Supplement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]