Document:

EX-10.6

 Exhibit 10.6 

 
  
 NISSAN AUTO LEASE TRUST 2012-A, 
 U.S. BANK NATIONAL ASSOCIATION, 

as Indenture Trustee and 
 as Secured Party, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 
 as Securities Intermediary 
  

 
 CONTROL
AGREEMENT 
 Dated as of March 21, 2012 

 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 ARTICLE ONE
	  	 DEFINITIONS
	  	 	1	  
				
		 	 1.01
	  	 General Definitions
	  	 	1	  
				
		 	 1.02
	  	 Incorporation of UCC by Reference
	  	 	2	  
				
		 	 1.03
	  	 Interpretive Provisions
	  	 	2	  
			
	 ARTICLE TWO
	  	 ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS
	  	 	2	  
				
		 	 2.01
	  	 Establishment of Reserve Account
	  	 	2	  
				
		 	 2.02
	  	 “Financial Assets” Election
	  	 	3	  
				
		 	 2.03
	  	 Entitlement Orders
	  	 	3	  
				
		 	 2.04
	  	 Subordination of Lien; Waiver of Set-Off
	  	 	3	  
				
		 	 2.05
	  	 Notice of Adverse Claims
	  	 	3	  
			
	 ARTICLE THREE
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY
	  	 	3	  
				
		 	 3.01
	  	 Representations, Warranties and Covenants of the Securities Intermediary
	  	 	3	  
			
	 ARTICLE FOUR
	  	 MISCELLANEOUS
	  	 	4	  
				
		 	 4.01
	  	 Choice of Law
	  	 	4	  
				
		 	 4.02
	  	 Conflict with Other Agreements
	  	 	4	  
				
		 	 4.03
	  	 Amendments
	  	 	4	  
				
		 	 4.04
	  	 Successors
	  	 	4	  
				
		 	 4.05
	  	 Notices
	  	 	4	  
				
		 	 4.06
	  	 Termination
	  	 	5	  
				
		 	 4.07
	  	 Counterparts
	  	 	5	  
				
		 	 4.08
	  	 No Petition
	  	 	5	  
				
		 	 4.09
	  	 Limitation of Liability of Owner Trustee
	  	 	5	  

  
 -i-

 CONTROL AGREEMENT 
 This Control Agreement, dated as of March 21, 2012 (as amended, supplemented or otherwise modified from time to time, this “Agreement”) is among Nissan Auto Lease Trust 2012-A, a
statutory trust formed pursuant to the laws of the State of Delaware (the “Issuing Entity”), U.S. Bank National Association, a national banking association (“U.S. Bank”), in its capacity as securities intermediary
(the “Securities Intermediary”), and in its capacity as indenture trustee (the “Indenture Trustee”) on behalf of the holders of the Notes (the “Secured Party”) under the Indenture, dated as of
March 21, 2012 (the “Indenture”), by and between the Issuing Entity and the Indenture Trustee. 
 RECITALS

 WHEREAS, pursuant to the Indenture, the Issuing Entity has granted to the Secured Party a security interest in investment
property consisting of the Reserve Account, related Security Entitlements and the financial assets and other investment property from time to time included therein to secure payment of the Notes; 

WHEREAS, pursuant to the Indenture, on the date on which the lien of the Indenture is released, rights with respect to the Reserve
Account shall be transferred back to the Issuing Entity; and 
 WHEREAS, the parties hereto desire that the security interest of
the Secured Party be a first priority security interest perfected by “control” pursuant to Articles Eight and Nine of the UCC. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE ONE 
 DEFINITIONS 
 1.01 General Definitions. Capitalized terms used
herein that are not otherwise defined shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated as of March 21, 2012, by and among the Issuing Entity, as issuer, 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, National
Association, a national banking association with trust powers, as owner trustee (the “Owner Trustee”), Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware
Trustee”), U.S. Bank, as trust agent (in such capacity, the “Trust Agent”) and the Indenture Trustee. 

  

					
		 	1	 	(NALT 2012-A Control Agreement)

 1.02 Incorporation of UCC by Reference. Except as otherwise specified herein or as
the context may otherwise require, all terms used in this Agreement not otherwise defined herein which are defined in the UCC shall have the meanings assigned to them in the UCC. 

1.03 Interpretive Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like shall refer to this Agreement as a
whole and not to any particular part, Article or Section within this Agreement, (iii) references to an Article or Section such as “Article One” or “Section 1.01” shall refer to the applicable Article or Section of
this Agreement, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall
have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted successors and assigns, (viii) references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement, except that references to the SUBI Trust Agreement include only such items as related to the
2012-A SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto, (x) references to this Agreement include all Exhibits hereto,
(xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the
Trustee (or such Co-Trustee) on behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from and including” and the words
“to” and “until” shall mean “to but excluding.” 
 ARTICLE TWO 

ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS 
 2.01 Establishment of Reserve Account. The Securities Intermediary hereby confirms that (i) the Servicer, on behalf of the Issuing Entity, has established the Reserve Account with the
Securities Intermediary, (ii) the Reserve Account is an account to which financial assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Secured Party as
entitled to exercise the rights with respect to any financial asset credited to the Reserve Account, (iv) all property delivered to the Securities Intermediary by or on behalf of the Secured Party for deposit to the Reserve Account will
promptly be credited to the Reserve Account and (v) all securities or other property underlying any financial assets credited to the Reserve Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities
Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Reserve Account be registered in the name of the Issuing Entity, payable
to the order of the Issuing Entity or specially endorsed to the Issuing Entity except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank. 

  

					
		 	2	 	(NALT 2012-A Control Agreement)

 2.02 “Financial Assets” Election. The Securities Intermediary hereby agrees
that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the Reserve Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC.

 2.03 Entitlement Orders. If at any time the Securities Intermediary shall receive any Entitlement Order from the
Secured Party with respect to the Reserve Account, the Securities Intermediary shall comply with such Entitlement Order without further consent by the Issuing Entity, the Secured Party or any other Person. If at any time the Secured Party notifies
the Securities Intermediary in writing that the Lien of the Indenture has been released, the Securities Intermediary shall thereafter comply with Entitlement Orders with respect to the Reserve Account from the Issuing Entity without further consent
by the Secured Party or any other Person. 
 2.04 Subordination of Lien; Waiver of Set-Off. If the Securities
Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Reserve Account or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall
be subordinate to the security interests of the Secured Party. The financial assets and other items deposited to the Reserve Account will not be subject to deduction, set-off, banker’s lien or any other right in favor of any Person or entity
other than the Secured Party (except that the Securities Intermediary may set off against amounts on deposit in the Reserve Account (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and
operation of the Reserve Account and (ii) the face amount of any checks that have been credited to the Reserve Account but are subsequently returned unpaid because of uncollected or insufficient funds). 

2.05 Notice of Adverse Claims. Except for the claims and interests of the Secured Party and the Issuing Entity in the Reserve
Account, the Securities Intermediary does not know of any claim to, or interest in, the Reserve Account or in any financial asset credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Reserve Account or in any financial asset credited thereto, the Securities Intermediary will promptly notify the Secured Party and the Issuing Entity thereof. 

ARTICLE THREE 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY 

3.01 Representations, Warranties and Covenants of the Securities Intermediary. The Securities Intermediary hereby represents and
warrants to each of the Secured Party and the Issuing Entity, and covenants that: 
 (a) The Reserve Account has been
established as set forth in Section 2.01 and the Reserve Account will be maintained in the manner set forth herein until termination of this Agreement. The Securities Intermediary shall not change the name or account number of the
Reserve Account without the prior written consent of the Secured Party. 

  

					
		 	3	 	(NALT 2012-A Control Agreement)

 (b) No financial asset carried in the Reserve Account is or will be registered in the name
of the Issuing Entity, payable to the order of the Issuing Entity, or specially endorsed to the Issuing Entity, except to the extent such financial asset has been endorsed to the Securities Intermediary or in blank. 

(c) This Agreement is the valid and legally binding obligation of the Securities Intermediary, enforceable against the Securities
Intermediary in accordance with its terms. 
 (d) The Securities Intermediary has not entered into, and until the termination of
this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of any Person other than the Secured Party to the extent provided in Section 2.03, with respect to the Reserve Account.

 (e) The Securities Intermediary has not entered into any other agreement with the Issuing Entity or the Secured Party
purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders as set forth in Section 2.03. 
 ARTICLE FOUR 
 MISCELLANEOUS 

4.01 Choice of Law. This Agreement and the Reserve Account shall be governed by the laws of the State of New York,
without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York). Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be
the Securities Intermediary’s jurisdiction and the Reserve Account (as well as the Security Entitlements related thereto) shall be governed by the laws of the State of New York. 

4.02 Conflict with Other Agreements. There are no other agreements entered into between the Securities Intermediary in such
capacity and the Issuing Entity with respect to the Reserve Account. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall
prevail. 
 4.03 Amendments. No amendment or modification of this Agreement or waiver of any right hereunder shall be
binding on any party hereto unless it is in writing and is signed by all of the parties hereto. 
 4.04 Successors. The
terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors. 
 4.05 Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered by hand or, in the case of mail, email (if an
email address is provided) or facsimile notice, when actually received by the intended recipient, addressed to the party to be notified, and sent to, in the case of (i) the 

  

					
		 	4	 	(NALT 2012-A Control Agreement)

 
Issuing Entity c/o Wilmington Trust, National Association, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140), Attention: Corporate
Trust Administration, with a copy to Nissan Motor Acceptance Corporation, as Administrative Agent, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com), Attention: Treasurer,
(ii) the Secured Party, at U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no. (312) 332-7996) (email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2012-A, and
(iii) the Securities Intermediary, at U.S. Bank National Association, 190 South LaSalle, 7th Floor, Chicago IL 60603 (telecopier no. (312) 332-7996) (email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2012-A, or
as to any of such parties, at such other address as shall be designated by such party in a written notice to the other parties. 

4.06 Termination. The rights and powers granted herein to the Secured Party have been granted in order to perfect its security
interest in the Reserve Account, are powers coupled with an interest and will neither be affected by the bankruptcy of the Issuing Entity nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect
with respect to the Reserve Account until the Secured Party shall have notified the Securities Intermediary in writing that its security interests under the Indenture have been terminated. 

4.07 Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
 4.08 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 Titling Trustee, the Titling Trust, the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or
liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 
 4.09 Limitation of
Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of
the Issuing Entity and in no event shall Wilmington Trust, National Association in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other
obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Control Agreement, in the performance of any duties or obligations of the Issuing Entity
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Ten of the Trust Agreement. 
 [Signature Page to Follow] 

  

					
		 	5	 	(NALT 2012-A Control Agreement)

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

			
	NISSAN AUTO LEASE TRUST 2012-A
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

	Name:	 	Jeanne M. Oller
	Title:	 	Assistant Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Indenture Trustee and Secured Party

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Securities Intermediary

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

  

					
		 	S-1	 	(NALT 2012-A Control Agreement)EX-10.7

 Exhibit 10.7 

 
  
 NILT TRUST, 
 as Transferor, 

and 
 NISSAN AUTO
LEASING LLC II, 
 as Transferee 
  

 
 SUBI CERTIFICATE

 TRANSFER AGREEMENT 
 Dated as of March 21, 2012 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE ONE
	 	DEFINITIONS	  	 	2	  
			
	 Section 1.01
	 	Definitions	  	 	2	  
			
	 Section 1.02
	 	Interpretive Provisions	  	 	2	  
			
	 ARTICLE TWO
	 	TRANSFER OF 2012-A SUBI CERTIFICATE	  	 	2	  
			
	 Section 2.01
	 	Transfer of 2012-A SUBI Certificate	  	 	2	  
			
	 Section 2.02
	 	True Sale	  	 	3	  
			
	 Section 2.03
	 	Representations and Warranties of the Transferor and the Transferee	  	 	3	  
			
	 Section 2.04
	 	Financing Statement and Books and Records	  	 	6	  
			
	 Section 2.05
	 	Acceptance by the Transferee	  	 	7	  
			
	 Section 2.06
	 	Release of Claims	  	 	7	  
			
	 ARTICLE THREE
	 	MISCELLANEOUS	  	 	7	  
			
	 Section 3.01
	 	Amendment	  	 	7	  
			
	 Section 3.02
	 	Governing Law	  	 	8	  
			
	 Section 3.03
	 	Severability	  	 	8	  
			
	 Section 3.04
	 	Binding Effect	  	 	9	  
			
	 Section 3.05
	 	Headings	  	 	9	  
			
	 Section 3.06
	 	Counterparts	  	 	9	  
			
	 Section 3.07
	 	Further Assurances	  	 	9	  
			
	 Section 3.08
	 	Third-Party Beneficiaries	  	 	9	  
			
	 Section 3.09
	 	No Petition	  	 	9	  
			
	 Section 3.10
	 	No Recourse	  	 	9	  
		
	 Schedule I      Perfection Representations, Warranties and Covenants
	  			

  
 -i-

 SUBI CERTIFICATE TRANSFER AGREEMENT 

This SUBI Certificate Transfer Agreement, dated as of March 21, 2012 (as amended, supplemented or otherwise modified from time to
time, this “Agreement”), is between NILT Trust, a Delaware statutory trust (“NILT Trust”), as transferor (the “Transferor”), and Nissan Auto Leasing LLC II, a Delaware limited liability company
(“NALL II”), as transferee (the “Transferee”). 
 RECITALS 

A. Nissan-Infiniti LT (the “Titling Trust”) is a Delaware statutory trust governed by the Amended and Restated Trust and
Servicing Agreement, dated as of August 26, 1998 (the “Titling Trust Agreement”), by and among, 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 (the “Servicer”), Wilmington Trust Company, a Delaware corporation with trust powers, as
Delaware trustee (the “Delaware Trustee”), NILT, Inc., a Delaware corporation, as trustee (the “Titling Trustee”), and U.S. Bank National Association, a national banking association (“U.S. Bank”),
as trust agent (the “Trust Agent”); 
 B. Pursuant to the Titling Trust Agreement, the purposes of the Titling
Trust include taking assignments and conveyances of and holding in trust various assets (the “Trust Assets”); 

C. The Grantor, the UTI Beneficiary, the Servicer, the Titling Trustee, the Delaware Trustee and the Trust Agent are entering into the
2012-A SUBI Supplement, dated as of March 21, 2012 (the “2012-A SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI Trust Agreement”), to (i) establish a special unit of beneficial
interest (the “2012-A SUBI”), and (ii) identify and allocate certain Trust Assets to the 2012-A SUBI; 

D. Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the “2012-A Leases”), the vehicles that are
leased under the 2012-A Leases (the “2012-A Vehicles”), and certain other related Trust Assets have been allocated to the 2012-A SUBI; 
 E. The Titling Trust has issued a certificate evidencing a 100% beneficial interest in the 2012-A SUBI (the “2012-A SUBI Certificate”) to the Transferor; 

F. The Transferor and the Transferee desire to provide for the sale, transfer and assignment by the Transferor to the Transferee, without
recourse, of all of the Transferor’s right, title and interest in and to the 2012-A SUBI Certificate; and 
 G. Immediately
after the transfer and assignment of the 2012-A SUBI Certificate to the Transferee, the Transferee shall sell, transfer, and assign all of its right, title and interest in the 2012-A SUBI Certificate to Nissan Auto Lease Trust 2012-A, as issuer (the
“Issuing Entity”) in connection with a securitization. 

  

					
		 	1	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

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

ARTICLE ONE 

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used herein that are not otherwise defined shall have the respective meanings
ascribed thereto in the Agreement of Definitions, dated as of March 21, 2012, 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, the Titling Trustee, the Delaware Trustee, Wilmington Trust, National Association, a national banking association with trust powers, as owner trustee (in such capacity, the
“Owner Trustee”), the Trust Agent, and U.S. Bank National Association, as indenture trustee (in such capacity, the “Indenture Trustee”). 
 Section 1.02 Interpretive Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein include,
as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, Article or Section
within this Agreement, (iii) references to an Article or Section such as “Article One” or “Section 1.01” shall refer to the applicable Article or Section of this Agreement, (iv) the term “include” and
all variations thereof shall mean “include without limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC,
(vii) references to Persons include their permitted successors and assigns, (viii) references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes
therein entered into in accordance with their respective terms and not prohibited by this Agreement, except that references to the SUBI Trust Agreement include only such items as related to the 2012-A SUBI and the Titling Trust, (ix) references
to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto, (x) references to this Agreement include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the
Trust,” or words of similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the Titling Trust,
and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from and including” and the words “to” and “until” shall mean “to but
excluding.” 
 ARTICLE TWO 
 TRANSFER OF 2012-A SUBI CERTIFICATE 
 Section 2.01 Transfer of 2012-A SUBI
Certificate. 
 In consideration of the Transferee’s delivery to, or upon the order of, the Transferor of $
1,338,405,600.85 (the “Transfer Price”) of which an amount agreed to by the Transferee and the Transferor shall be paid to the Transferor in cash by federal wire transfer (same day) funds, and to the extent not paid in cash by the
Transferee, the remainder of the Transfer Price shall constitute a capital contribution from NMAC to the Transferee, the Transferor hereby absolutely sells, transfers, assigns and otherwise conveys to the Transferee, without recourse, and the
Transferee does hereby purchase and acquire, as of the date set forth above, all of the Transferor’s right, title and interest in and to the following (collectively, the “Assets”): 

(i) the 2012-A SUBI Certificate and the interest in the 2012-A SUBI represented thereby, including all monies due and paid
or to become due and paid or payable thereon or in respect thereof after the Cutoff Date; 

  

					
		 	2	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 (ii) all of the Transferor’s rights and benefits as holder of the
2012-A SUBI Certificate under the Servicing Agreement and the SUBI Trust Agreement; 
 (iii) the right to realize
upon any property that underlies or may be deemed to secure the interest in the 2012-A SUBI represented by the 2012-A SUBI Certificate, as granted in the 2012-A SUBI Supplement and in the 2012-A SUBI Certificate; 

(iv) all general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit,
securities accounts, investment property, financial assets, goods, letters of credit, letters of credit rights, advices of credit and uncertificated securities, and other property consisting of, arising from, or relating or credited to the
foregoing; and 
 (v) all cash and non-cash proceeds of all of the foregoing. 

Section 2.02 True Sale. The parties hereto intend that the sale, transfer, and assignment of the Assets constitutes a true
sale and assignment of the Assets such that any interest in and title to the Assets would not be property of the Transferor’s estate in the event that the Transferor becomes a debtor in a case under any bankruptcy law. To the extent that the
conveyance of the Assets hereunder is characterized by a court or similar governmental authority as a financing (i) it is intended by the Transferor and the Transferee that the interest conveyed constitutes a grant of a security interest under
the UCC as in effect in the State of Delaware by the Transferor to the Transferee to secure the Transfer Price to the Transferor, which security interest shall be perfected and of a first priority, (ii) the Transferor hereby grants to the
Transferee a security interest in all of its right, title, and privilege and interest in and to the Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under all applicable laws, and (iii) the
possession by the Transferee or its agent of the 2012-A SUBI Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the
security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction. 
 Section 2.03
Representations and Warranties of the Transferor and the Transferee. 
 (a) The Transferor hereby represents and warrants
to the Transferee as of the date of this Agreement and the Closing Date that: 
 (i) Organization and Good
Standing. The Transferor is a statutory trust duly formed, validly existing, and in good standing under the laws of the State of Delaware, and has the power and the authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and sell the Assets. 

  

					
		 	3	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 (ii) Due Qualification. The Transferor is duly qualified to do
business as a foreign business trust in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except
where the failure to have any such license, approval, or qualification would not have a Material Adverse Effect on the Transferor. 
 (iii) Power and Authority. The Transferor has the power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery, and performance of this
Agreement has been duly authorized by the Transferor by all necessary corporate acts. 
 (iv) Binding
Obligation. This Agreement constitutes a legal, valid, and binding obligation of the Transferor, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization, moratorium, liquidation, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in
equity or at law. 
 (v) No Violation. The execution, delivery, and performance by the Transferor of this
Agreement, the consummation of the transactions contemplated by this Agreement, and the fulfillment of the terms hereof do not (A) conflict with, or result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under the Transferor’s trust agreement, (B) conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture,
agreement or other instrument to which the Transferor is a party or by which it may be bound or any of its properties are subject, (C) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any
material indenture, agreement, or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the knowledge of the Transferor, any order, rule, or regulation applicable to it or its properties, or
(E) contravene, violate, or result in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Transferor or any of its properties, except to the extent that such contravention, violation, or default would not be likely to have a Material Adverse Effect. 

(vi) No Proceedings. There are no proceedings in which the Transferor has been served or, to the knowledge of the
Transferor, proceedings or investigations that are pending or threatened in each case against the Transferor, before any court, regulatory body, administrative agency or other tribunal, or governmental instrumentality (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document, or (C) seeking any determination or ruling that, in the reasonable judgment of the
Transferor, would materially and adversely affect the performance by the Transferor of its obligations under this Agreement. 

  

					
		 	4	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 (vii) Title to 2012-A SUBI Certificate. Immediately prior to the
transfer of the 2012-A SUBI Certificate pursuant to this Agreement, the Transferor (A) is the true and lawful owner of the 2012-A SUBI Certificate and it has the legal right to transfer the 2012-A SUBI Certificate, (B) has good and valid
title to the 2012-A SUBI Certificate and the 2012-A SUBI Certificate is on the date hereof free and clear of all Liens, and (C) will convey good, valid, and indefeasible title to the 2012-A SUBI Certificate to the Transferee under this
Agreement. 
 (b) Perfection Representations. The representations, warranties and covenants set forth on Schedule
I hereto shall be a part of this Agreement for all purposes. Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection representations contained in Schedule I shall be continuing, and remain in full
force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. The parties to this Agreement: (i) shall not waive any of the perfection representations contained in Schedule I,
(ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations contained in Schedule I, and (iii) shall not waive a breach of any of the perfection representations contained in
Schedule I. 
 (c) The Transferee hereby represents and warrants to the Transferor as of the date of this Agreement and
the Closing Date that: 
 (i) Organization and Good Standing. The Transferee is a limited liability
company duly organized, validly existing, and in good standing under the laws of the State of Delaware, has the power and the authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted, and had at all relevant times, and shall have, power, authority, and legal right to acquire, own and sell the Assets. 
 (ii) Due Qualification. The Transferee is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to have any such license, approval or qualification would not have a Material Adverse Effect on the
Transferee. 
 (iii) Power and Authority. The Transferee has the power and authority to execute and
deliver this Agreement and to carry out its terms; and the execution, delivery, and performance of this Agreement has been duly authorized by the Transferee by all necessary corporate acts. 

(iv) Binding Obligation. This Agreement constitutes a legal, valid, and binding obligation of the Transferee,
enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, or other similar laws affecting the enforcement of creditors’ rights
in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

  

					
		 	5	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 (v) No Violation. The execution, delivery, and performance of this
Agreement by the Transferee and the consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the limited liability company agreement of the Transferee, (B) conflict with or breach any of the material terms or provisions of, or constitute (with or without notice or lapse of
time) a default under, any indenture, agreement, or other instrument to which the Transferee is a party or by which it may be bound or any of its properties are subject, (C) result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any material indenture, agreement, or other instrument (other than as permitted by the Basic Documents), (D) violate any law or, to the knowledge of the Transferee, any order, rule, or regulation applicable
to it or its properties, or (E) contravene, violate, or result in a default under any judgment, injunction, order, decree, or other instrument of any court or of any federal or state regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over the Transferee or any of its properties, except to the extent that such contravention, violation, or default would not be likely to have a Material Adverse Effect. 

(vi) No Proceedings. There are no proceedings in which the Transferee has been served or, to the knowledge of the
Transferee, proceedings or investigations that are pending or threatened, in each case against the Transferee, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, or (C) seeking any determination or ruling that, in the reasonable judgment of the Transferee, would
materially and adversely affect the performance by the Transferee of its obligations under this Agreement. 
 (d) The
representations and warranties set forth in this Section shall survive the sale of the Assets by the Transferor to the Transferee, the sale of the Assets by the Transferee to the Issuing Entity and the pledge and grant of a security interest in the
Assets by the Issuing Entity to the Indenture Trustee (for the benefit of the Noteholders) pursuant to the Indenture. Upon discovery by the Transferor, the Transferee or the Indenture Trustee of a breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice to the others. 
 Section 2.04
Financing Statement and Books and Records. 
 (a) In connection with the conveyance of the Assets hereunder, the
Transferor agrees that on or prior to the Closing Date it will deliver to or at the direction of the Transferee, with all requisite endorsements, the 2012-A SUBI Certificate and will file on or within ten days after the Closing Date, at its own
expense, one or more financing statements with respect to the Assets meeting the requirements of applicable state law in such manner as necessary to perfect, preserve, maintain and protect the interest of the Transferee in the Assets, and the
proceeds thereof to the Transferor (and any continuation statements as are required by applicable state law), and to deliver a file-stamped copy of each such financing statement (or continuation statement) or other evidence of such filings (which
may, for purposes of this Section 2.04, 

  

					
		 	6	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 
consist of telephone confirmation of such filings with the file stamped copy of each such filing to be provided to the Transferee in due course), as soon as is practicable after receipt by the
Transferor thereof. 
 (b) The Transferor further agrees that it will take no actions inconsistent with the Transferee’s
ownership of the Assets and on or prior to the Closing Date indicate on its books, records, and statements that the Assets have been sold to the Transferee. 
 Section 2.05 Acceptance by the Transferee. The Transferee agrees to comply with all covenants and restrictions applicable to a Holder of the 2012-A SUBI Certificate and the interest in the
2012-A SUBI represented thereby, whether set forth in the 2012-A SUBI Certificate, in the SUBI Trust Agreement, or otherwise, and assumes all obligations and liabilities, if any, associated therewith. 

Section 2.06 Release of Claims. Pursuant to Section 3.04(b) of the Titling Trust Agreement (as amended by
Section 12.07 of the 2012-A SUBI Supplement) and Section 12.02(b) of the 2012-A SUBI Supplement, the Transferee hereby covenants and agrees for the express benefit of each holder from time to time of a UTI Certificate and any
other SUBI Certificate that the Transferee shall release all claims to the UTI Assets and the related Other SUBI Assets, respectively, and, in the event such release is not given effect, to subordinate fully all claims it may be deemed to have
against the UTI Assets or such Other SUBI Assets, as the case may be. 
 ARTICLE THREE 

MISCELLANEOUS 

Section 3.01 Amendment. 
 (a) Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other Person; provided, that (i) either (A) any amendment that materially and
adversely affects the Noteholders shall require the consent of Noteholders evidencing not less than a Majority Interest of the Notes voting together as a single class, or (B) such amendment shall not materially and adversely affect the
Noteholders, and (ii) any amendment that adversely affects the interests of the Trust Certificateholder, the Indenture Trustee or the Owner Trustee shall require the prior written consent of each Person whose interests are adversely affected.
An amendment shall be deemed not to materially and adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such amendment, or (ii) NALL II delivers an Officer’s Certificate to the Indenture
Trustee stating that such amendment shall not materially and adversely affect the Noteholders. The consent of the Trust Certificateholder or the Owner Trustee shall be deemed to have been given if NALL II does not receive a written objection from
such Person within 10 Business Days after a written request for such consent shall have been given. The Indenture Trustee may, but shall not be obligated to, enter into or consent to any such amendment that affects the Indenture Trustee’s own
rights, duties, liabilities or immunities under this Agreement or otherwise. 
 (b) Notwithstanding the foregoing, no amendment
shall (i) reduce the interest rate or principal amount of any Note or change the due date of any installment of principal of or 

  

					
		 	7	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 
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. 

(c) Notwithstanding anything herein to the contrary, any term or provision of this Agreement may be amended by the parties hereto without
the consent of any of the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any
accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that (i) the Rating Agency Condition shall have been satisfied, or (ii) the Officer’s Certificate described in
Section 3.01(a)(i) is delivered to the Indenture Trustee. 
 (d) 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. 

(e) Prior to the execution of any amendment to this Agreement, NALL II shall provide each Rating Agency, the Trust Certificateholder, the
Transferor, 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, NALL II shall furnish a copy of such amendment to
each Rating Agency, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee. 
 (f) Neither U.S. Bank, as
trustee of NILT Trust, nor the Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is satisfied with respect to such
amendment, the Servicer shall deliver to a Responsible Officer of U.S. Bank, as trustee of NILT Trust, and the Indenture Trustee an Officer’s Certificate to that effect, and U.S. Bank, as trustee of NILT Trust, 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 3.02 Governing Law. This Agreement shall be governed by and construed in accordance with the 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 Obligations Law). 
 Section 3.03
Severability. If one or more of the covenants, agreements, or provisions of this Agreement shall be, for any reason whatever, held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements,
and provisions of this Agreement, and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements, and provisions, or the rights of any parties hereto. To the extent permitted by
law, the parties hereto waive any provision of law that renders any provision of this Agreement invalid or unenforceable in any respect. 

  

					
		 	8	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 Section 3.04 Binding Effect. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 
 The Transferor acknowledges
and agrees that (a) (i) the Transferee may, pursuant to the Trust SUBI Certificate Transfer Agreement, transfer and assign the 2012-A SUBI and the 2012-A SUBI Assets represented thereby and assign its rights under this Agreement to the
Issuing Entity, and (ii) the representation, warranties and covenants contained in this Agreement and the rights of the Transferee under this Agreement are intended to benefit the Issuing Entity, and (b) (the Issuing Entity may, pursuant
to the Indenture, pledge and grant a security interest in the 2012-A SUBI and the 2012-A SUBI Assets represented thereby and assign the Transferee’s rights under this Agreement to the Indenture Trustee, and (ii) the representation,
warranties, and covenants contained in this Agreement and the rights of the Transferee under this Agreement are intended to benefit the Indenture Trustee (for the benefit of the holders of the Notes). The Transferor hereby consents to all such
transfers, assignments, pledges and grants. 
 Section 3.05 Headings. The Article and Section headings are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 3.06
Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument.

 Section 3.07 Further Assurances. Each party hereto shall do such acts, and execute and deliver to the other party
such additional documents or instruments as may be reasonably requested, in order to effect the purposes of this Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder. 

Section 3.08 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and each Holder of the 2012-A SUBI Certificate and each Registered Pledgee, who shall be considered third-party beneficiaries hereof. Except as otherwise provided in this Agreement, no other Person shall have any right or obligation hereunder.

 Section 3.09 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 Transferor, the Titling Trustee, the
Titling Trust, the Issuing Entity, any Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law.

 This Section shall survive the complete or partial termination of this Agreement, the resignation or removal of the Titling
Trustee and the complete or partial resignation or removal of the Servicer. 
 Section 3.10 No Recourse. It is
expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by U.S. Bank, not individually or personally, but solely as trustee of NILT Trust, in the exercise of the powers and authority conferred and

  

					
		 	9	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 
vested in it, (b) each of the representations, undertakings, and agreements herein made on the part of the Transferor, as it relates to NILT Trust, is made and intended not as personal
representations, undertakings, and agreements by U.S. Bank, but is made and intended for the purpose of binding only NILT Trust, (c) nothing herein contained shall be construed as creating any liability on U.S. Bank, individually or personally,
to perform any covenant, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, and (d) under no circumstances
shall U.S. Bank be personally liable for the payment of any indebtedness or expenses of NILT Trust under this Agreement or any other related documents. 
 [Signature Page to Follow] 

  

					
		 	10	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

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

			
	NILT TRUST, as Transferor
		
	By:	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President
	
	NISSAN AUTO LEASING LLC II, as Transferee
		
	By:	 	 /s/ Mark F. Wilten

	Name:	 	Mark F. Wilten
	Title:	 	Treasurer

  

					
		 	S-1	 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the SUBI Certificate Transfer Agreement, NILT Trust (“NILT Trust”), as transferor, hereby represents, warrants, and covenants to the Nissan Auto Leasing LLC II (“NALL
II”), as transferee, as follows on the Closing Date: 
 1. The SUBI Certificate Transfer Agreement creates a valid and continuing
security interest (as defined in the applicable UCC) in the 2012-A SUBI Certificate in favor of NALL II, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from NILT Trust.

 2. The 2012-A SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated security”
or “tangible chattel paper,” within the meaning of the applicable UCC. 
 3. NILT Trust owns and has good and marketable title to the
2012-A SUBI Certificate free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and
payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a
lien is not imminent and the use and value of the property to which the Lien attaches is not impaired during the pendency of such proceeding. 

4. NILT Trust has received all consents and approvals to the sale of the 2012-A SUBI Certificate hereunder to NALL II required by the terms of the 2012-A
SUBI Certificate to the extent that it constitutes an instrument or a payment intangible. 
 5. NILT Trust has received all consents and
approvals required by the terms of the 2012-A SUBI Certificate, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to NALL II of its interest and rights in the 2012-A SUBI
Certificate hereunder. 
 6. NILT Trust has caused or will have caused, within ten days after the effective date of the SUBI Certificate
Transfer Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the 2012-A SUBI Certificate from NILT Trust to NALL II and the
security interest in the 2012-A SUBI Certificate (to the extent such security interest can be perfected by the filing of a financing statement) granted to NALL II hereunder. 
 7. To the extent that the 2012-A SUBI Certificate constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to
NALL II. 

  

					
		 		 	(NALT 2012-A SUBI Certificate Transfer Agreement)

 8. Other than the transfer of the 2012-A SUBI Certificate from NILT Trust to NALL II under the SUBI
Certificate Transfer Agreement and from NALL II to the Issuing Entity under the Trust SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture, NILT Trust has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed the 2012-A SUBI Certificate. NILT Trust has not authorized the filing of, nor is aware of, any financing statements against NILT Trust that include a description of collateral covering the
2012-A SUBI Certificate other than any financing statement relating to any security interest granted pursuant to the Basic Documents or that has been terminated. 
 9. No instrument or tangible chattel paper that constitutes or evidences the 2012-A SUBI Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any
Person other than the Indenture Trustee. 

  

					
		 		 	(NALT 2012-A SUBI Certificate Transfer Agreement)

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