Document:

EX-10.11

Table of Contents

 Exhibit 10.11 
  

 
 NISSAN AUTO LEASING LLC II, 

as Depositor, 
 and 

NISSAN AUTO LEASE TRUST 20[●]-[●], 

as Transferee 
  

 
 TRUST SUBI
CERTIFICATE 
 TRANSFER AGREEMENT 

Dated as of [●] [●], 20[●] 
  

 
  

 

Table of Contents

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE
	 	 DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
			
	 Section 1.02
	 	 Interpretive Provisions
	  	 	2	 
			
	 ARTICLE TWO
	 	 TRANSFER OF 20[●]-[●] SUBI CERTIFICATE
	  	 	3	 
			
	 Section 2.01
	 	 Transfer of 20[●]-[●] SUBI Certificate
	  	 	3	 
			
	 Section 2.02
	 	 True Sale
	  	 	3	 
			
	 Section 2.03
	 	 Representations and Warranties of the Depositor and the Transferee
	  	 	4	 
			
	 Section 2.04
	 	 Financing Statement and Books and Records
	  	 	7	 
			
	 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
	  	 	9	 
			
	 Section 3.03
	 	 Severability
	  	 	9	 
			
	 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
	 	 Limitation of Liability of Owner Trustee
	  	 	10	 
			
	 Section 3.11
	 	 Notices
	  	 	10	 
			
	 SCHEDULE I
	 	 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	1	 

  
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 TRUST SUBI CERTIFICATE TRANSFER AGREEMENT 

This Trust SUBI Certificate Transfer Agreement, dated as of [●] [●], 20[●] (this “Agreement”), is between
Nissan Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the “Depositor”), and Nissan Auto Lease Trust 20[●]-[●], a Delaware statutory trust (the “Issuing
Entity”), as transferee (in such capacity, 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”), 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 (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, 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 20[●]-[●] SUBI Supplement, dated as of [●] [●], 20[●] (the “20[●]-[●] SUBI Supplement”, and together with the Titling Trust Agreement, the
“SUBI Trust Agreement”), to (i) establish a special unit of beneficial interest (the “20[●]-[●] SUBI”), and (ii) identify and allocate certain Trust Assets to the
20[●]-[●] SUBI; 
 D.    Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the
“20[●]-[●] Leases”), the vehicles that are leased under the 20[●]-[●] Leases (the “20[●]-[●] Vehicles”), and certain other
related Trust Assets have been allocated to the 20[●]-[●] SUBI; 
 E.    The Titling Trust has issued a
certificate evidencing a 100% beneficial interest in the 20[●]-[●] SUBI (the “20[●]-[●] SUBI Certificate”) to NILT Trust; 

F.    NILT Trust has transferred and assigned, without recourse, all of its right, title, and interest in and to the
20[●]-[●] SUBI Certificate to the Depositor pursuant to the SUBI Certificate Transfer Agreement, dated as of [●] [●], 20[●] (the “SUBI Certificate Transfer Agreement”), between NILT Trust and the
Depositor; 
 G.    The Issuing Entity was formed pursuant to a trust agreement, dated as of [●] [●],
20[●], as amended and restated by the amended and restated trust agreement, dated as of [●] [●], 20[●] (the “Trust Agreement”), each, between the Depositor and
                    ], a [                    ],
as owner trustee (the “Owner Trustee”); 
 H.    The Depositor and the Transferee desire to provide for
the sale, transfer and assignment by the Depositor to the Transferee, without recourse, of all of the Depositor’s right, title and interest in and to the 20[●]-[●] SUBI Certificate; and 

  
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 I.    Immediately after the transfer and assignments of the
20[●]-[●] SUBI Certificate to the Transferee, the Transferee shall pledge the 20[●]-[●] SUBI Certificate to
[                    ], as indenture trustee (the “Indenture Trustee”), pursuant to an indenture, dated as of [●] [●],
[●] (the “Indenture”), between the Issuing Entity and the Indenture Trustee. 
 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 [●] [●], 20[●], by and among the Issuing Entity, as issuer, NILT Trust, as Grantor, UTI Beneficiary and Transferor, 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, the Owner Trustee, the Trust Agent and 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 20[●]-[●] 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.” 

  
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 ARTICLE TWO 

TRANSFER OF 20[●]-[●] SUBI CERTIFICATE 

Section 2.01    Transfer of 20[●]-[●] SUBI Certificate. In
consideration of the Transferee’s delivery to, or upon the order of, the Depositor of the Notes and the Trust Certificate, the Depositor 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 Depositor’s right, title and interest in and to the following (collectively, the “Assets”): 

(i)    the 20[●]-[●] SUBI Certificate and the interest in the 20[●]-[●] 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; 

(ii)    all of the Depositor’s rights and benefits as holder of the 20[●]-[●] 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 20[●]-[●] SUBI represented by the 20[●]-[●] SUBI Certificate, as granted in the 20[●]-[●] SUBI Supplement and in the
20[●]-[●] 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; 
 (v)    all rights of the
Depositor under the SUBI Certificate Transfer Agreement; and 
 (vi)    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 Depositor’s estate in the event
that the Depositor 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 Depositor 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 Depositor to the Transferee to secure the obligations of the Depositor hereunder, which security interest
shall be perfected and of a first priority, (ii) the Depositor 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 20[●]-[●] 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. 

  
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 Section 2.03    Representations and Warranties of the Depositor
and the Transferee. 
 (a)    The Depositor 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 Depositor is a
limited liability company 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, the power, the authority and the legal right to acquire, own and sell the Assets. 

(ii)    Due Qualification. The Depositor 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 Depositor. 

(iii)    Power and Authority. The Depositor has the power and the 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 Depositor by all necessary action. 

(iv)    Binding Obligation. This Agreement constitutes a legal, valid, and binding obligation of the
Depositor, 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 Depositor of this Agreement,
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 Depositor, (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 Depositor 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 Depositor, 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
Depositor or any of its properties; except, in the case of clauses (B), (C), (D) and (E) of this Section 2.03(a)(v), to the extent it would not reasonably be likely to have a Material Adverse Effect on the Depositor. 

  
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 (vi)    No Proceedings. There are no proceedings
in which the Depositor has been served or, to the knowledge of the Depositor, proceedings or investigations that are pending or threatened, in each case against the Depositor, 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 Depositor, would materially and adversely affect the performance by the Depositor of its obligations under this Agreement. 

(vii)    Title to 20[●]-[●] SUBI Certificate. Immediately
prior to the transfer of the 20[●]-[●] SUBI Certificate pursuant to this Agreement, the Depositor (A) is the true and lawful owner of the 20[●]-[●] SUBI Certificate and has the legal right to transfer the
20[●]-[●] SUBI Certificate, (B) has good and valid title to the 20[●]-[●] SUBI Certificate and the 20[●]-[●] SUBI Certificate is on the date hereof free and clear of all Liens, and (C) will convey good,
valid, and indefeasible title to the 20[●]-[●] 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 Depositor as of the date of this
Agreement and the Closing Date that: 
 (i)    Organization and Good Standing. The Transferee is a
statutory trust duly formed, 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, the power, the authority and the legal right to acquire, own and sell the Assets. 

(ii)    Due Qualification. The Transferee is duly qualified to do business as a foreign 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 Transferee. 

  
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 (iii)    Power and Authority. The Transferee has
the power and the 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 action. 

(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. 

(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 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 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, in the case of clauses (B), (C), (D) and (E) of this Section 2.03(c)(v), to the extent it would not reasonably be likely to have a Material Adverse Effect on the Transferee. 

(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 Depositor
to the Transferee and the pledge and grant of a security interest in the Assets by the Transferee to the Indenture Trustee (for the benefit of the Noteholders) pursuant to the Indenture. Upon discovery by the Depositor or the Transferee or upon a
Responsible Officer of the Indenture Trustee having actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the others. 

  
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 Section 2.04    Financing Statement and Books and Records.

 (a)    In connection with the conveyance of the Assets hereunder, the Depositor 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 20[●]-[●] 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 (to the extent such security interest can be
perfected by the filing of a financing statement), and the proceeds thereof to the Depositor (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, 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 Depositor thereof. 
 (b)    The Depositor
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 20[●]-[●] SUBI Certificate and the interest in the 20[●]-[●] SUBI represented thereby, whether set forth in the 20[●]-[●] 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 20[●]-[●] SUBI Supplement) and Section 12.02(b)
of the 20[●]-[●] 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 

  
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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) the Depositor 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 the Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. The Indenture Trustee may, but shall not be
obligated to, enter into or consent to any such amendment that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Agreement or otherwise. 

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

(c)    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. 

(d)    Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency, the
Trust Certificateholder, the Transferee, the Owner Trustee and the Indenture Trustee with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Depositor shall
furnish a copy of such amendment to each Rating Agency, the Transferee, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee. Any such notice to be delivered pursuant to this Agreement to any Rating Agency shall be deemed to be
delivered if a copy of such notice has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

(e)    The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been
satisfied with respect to any amendment. When the Rating Agency Condition is satisfied with respect to such amendment, the Depositor shall cause to be delivered to a Responsible Officer of the Indenture Trustee an Officer’s Certificate to that
effect and the Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment. 

(f)    [Notwithstanding the foregoing, this Agreement may not be amended in any way that would materially and adversely
affect the rights of the [Cap Provider][Swap Counterparty] without prior consent of the [Cap Provider][Swap Counterparty]; provided that the [Cap Provider’s][Swap Counterparty’s] consent to any such amendment shall not be unreasonably
withheld, and provided, further that the [Cap Provider’s][Swap Counterparty’s] consent will be deemed to have been given if the [Cap Provider][Swap Counterparty] does not object in writing within 10 days of receipt of a written request for
such consent.] 

  
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 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. 
 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 Depositor acknowledges and agrees that (a) the Transferee may, pursuant to the Indenture, pledge and grant a security interest in the
20[●]-[●] SUBI and the 20[●]-[●] SUBI Assets represented thereby and assign its rights under this Agreement to the Indenture Trustee (for the benefit of the holders of the Notes), and (b) 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 Depositor hereby consents to all such 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 20[●]-[●] 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 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. 

  
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 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    Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the
contrary, this instrument has been countersigned by [                    ] not in its individual capacity but solely in its capacity as Owner Trustee
of the Issuing Entity and in no event shall [                    ] 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 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. 

Section 3.11    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, by telecopier or electronically by email (if an email address is provided), and addressed in each case as
follows: (i) if to the Transferee c/o the Owner Trustee, at [●] (telecopier no. [●]) (email: [●]), Attention: Corporate Trust Administration with a copy to the Administrative Agent, at [●] (telecopier no. [●])
(email: [●]), Attention: Treasurer; (ii) if to the Indenture Trustee, at [●] (telecopier no. [●]) (email: [●]), Attention: Nissan Auto Lease Trust 20[●]-[●]; (iii) if to the Owner Trustee, at [●]
(telecopier no. [●]) (email: [●]), Attention: Corporate Trust Administration; (iv) if to the Transferor, at [●] (telecopier no. [●]) (email: [●]), Attention: Treasurer; [(v) if to [●], at [●]
(telecopier no. [●]) (email: [●]), Attention: [●]; (vi) if to [●], at [●] (telecopier no. [●]) (email: [●]), Attention: [●];] or (vii) at such other address as shall be designated by any of the
foregoing in a written notice to the other parties hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication by an officer of the
intended recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, any demand, notice or communication to be delivered pursuant to this Agreement to any Rating Agency
shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 
 [Signature Page to Follow] 

  
 10 

(NALT 20[●]-[●] Trust SUBI Certificate Transfer Agreement) 

Table of Contents

 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. 
  

					
	NISSAN AUTO LEASING LLC II, as Depositor
		
	By:	 	
                     

		 	Name:	 	
                     

		 	Title:	 	
                     

	
	NISSAN AUTO LEASE TRUST 20[●]-[●], as Transferee
		
	By:	 	[                                    
    ],
		 	 not in its individual capacity, but

solely as Owner Trustee

		
	By:	 	
                     

		 	Name:	 	
                     

		 	Title:	 	
                     

  
 S-1 

(NALT 20[●]-[●] Trust SUBI Certificate Transfer Agreement) 

Table of Contents

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Trust SUBI Certificate Transfer Agreement, Nissan Auto Leasing
LLC II, as depositor (the “Depositor”), hereby represents, warrants, and covenants to Nissan Auto Lease Trust 20[●]-[●], as transferee (the “Transferee”), as follows on the Closing Date: 

1.    The Trust SUBI Certificate Transfer Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in
the 20[●]-[●] SUBI Certificate in favor of the Transferee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Depositor. 

2.    The 20[●]-[●] SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security” or “tangible chattel paper,” within the meaning of the applicable UCC. 
 3.    The Depositor owns and has good
and marketable title to the 20[●]-[●] 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.    The Depositor has received all consents and approvals to the sale of the 20[●]-[●] SUBI Certificate under the Trust SUBI
Certificate Transfer Agreement to the Transferee required by the terms of the 20[●]-[●] SUBI Certificate to the extent that it constitutes an instrument or a payment intangible. 

5.    The Depositor has received all consents and approvals required by the terms of the 20[●]-[●] SUBI Certificate, to the
extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Transferee of its interest and rights in the 20[●]-[●] SUBI Certificate under the Trust SUBI Certificate
Transfer Agreement. 
 6.    The Depositor has caused or will have caused, within ten days after the effective date of the Trust 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 20[●]-[●] SUBI Certificate from the
Depositor to the Transferee and the security interest in the 20[●]-[●] SUBI Certificate (to the extent such security interest can be perfected by the filing of a financing statement) granted to the Transferee under the Trust SUBI
Certificate Transfer Agreement. 
 7.    To the extent that the 20[●]-[●] 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 the Transferee. 

  
 Sched.-1 

(NALT 20[●]-[●] Trust SUBI Certificate Transfer Agreement) 

Table of Contents

 8.    Other than the transfer of the 20[●]-[●] SUBI Certificate from NILT
Trust to the Depositor under the SUBI Certificate Transfer Agreement and from the Depositor to the Transferee under the Trust SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture,
the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the 20[●]-[●] SUBI Certificate. The Depositor has not authorized the filing of, nor is aware of, any financing statements against the
Depositor that include a description of collateral covering the 20[●]-[●] 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 20[●]-[●] 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. 

  
 Sched.-2 

(NALT 20[●]-[●] Trust SUBI Certificate Transfer Agreement)EX-10.12

 Exhibit 10.12 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 NISSAN AUTO LEASE TRUST
20[●]-[●], 
 as Issuer 

NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Sponsor and Servicer 
 and 

[                    ], 

as Asset Representations Reviewer 

Dated as of [●] [●], 20[●] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I USAGE AND DEFINITIONS
	  	 	1	
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	
			
	 Section 1.2.
	 	 Additional Definitions
	  	 	2	
		
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	3	
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	3	
			
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	3	
		
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	
			
	 Section 3.1.
	 	 Review Notices
	  	 	3	
			
	 Section 3.2.
	 	 Identification of Subject Leases
	  	 	3	
			
	 Section 3.3.
	 	 Review Materials
	  	 	3	
			
	 Section 3.4.
	 	 Performance of Reviews
	  	 	4	
			
	 Section 3.5.
	 	 Review Reports
	  	 	4	
			
	 Section 3.6.
	 	 Dispute Resolution
	  	 	5	
			
	 Section 3.7.
	 	 Limitations on Review Obligations
	  	 	5	
		
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	6	
			
	 Section 4.2.
	 	 Covenants
	  	 	7	
			
	 Section 4.3.
	 	 Fees, Expenses and Indemnities
	  	 	7	
			
	 Section 4.4.
	 	 Limitation on Liability
	  	 	8	
			
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	8	
			
	 Section 4.6.
	 	 Inspections of Asset Representations Reviewer
	  	 	9	
			
	 Section 4.7.
	 	 Delegation of Obligations
	  	 	9	
			
	 Section 4.8.
	 	 Confidential Information
	  	 	9	
			
	 Section 4.9.
	 	 Personally Identifiable Information
	  	 	11	
		
	 ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	  	 	13	
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	13	
			
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	
			
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	14	
			
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	14	

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	14	
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	14	
			
	 Section 6.2.
	 	 No Petition
	  	 	15	
			
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	15	
			
	 Section 6.4.
	 	 Termination of Agreement
	  	 	15	
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	15	
			
	 Section 7.1.
	 	 Amendments
	  	 	15	
			
	 Section 7.2.
	 	 Notices
	  	 	16	
			
	 Section 7.3.
	 	 Limitations on Rights of Others
	  	 	17	
			
	 Section 7.4.
	 	 Severability
	  	 	17	
			
	 Section 7.5.
	 	 Separate Counterparts
	  	 	17	
			
	 Section 7.6.
	 	 Headings
	  	 	17	
			
	 Section 7.7.
	 	 Governing Law
	  	 	17	
			
	 Section 7.8.
	 	 Waivers
	  	 	17	
			
	 Schedule A
	 	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [●] [●], 20[●] (this
“Agreement”), among NISSAN AUTO LEASE TRUST 20[●]-[●], a Delaware statutory trust, as Issuer (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California Corporation (“NMAC”), as
Sponsor and Servicer, and [                    ], a
[                    ], as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 WHEREAS, in the
regular course of business, motor vehicle dealers in the NMAC network of dealers assign certain retail closed-end motor vehicle lease contracts to Nissan-Infiniti LT, as titling trust (the “Titling
Trust”). 
 WHEREAS, in connection with a securitization transaction sponsored by NMAC, the Titling Trust established a special
unit of beneficial interest (the “SUBI”) and allocated to the SUBI certain leases and related leased vehicles owned by the Titling Trust, which are represented by a SUBI certificate representing a beneficial interest in that SUBI
(the “SUBI Certificate”). 
 WHEREAS, the Titling Trust issued the 20[●]-[●] SUBI Certificate to NILT Trust, as
UTI Beneficiary, and NILT Trust sold the 20[●]-[●] SUBI Certificate to Nissan Auto Leasing LLC II (the “Depositor”), which in turn resold the SUBI Certificate to the Issuer pursuant to a Trust SUBI Certificate Transfer
Agreement, in exchange for the notes and certificates issued by the Issuer. 
 WHEREAS, the Issuer has granted a security interest in the
20[●]-[●] SUBI Certificate to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the Issuer under the Indenture. 

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the
representations and warranties made by NMAC and the Depositor about the Leases in the pool. 
 NOW, THEREFORE, in consideration of the
foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows. 

ARTICLE I 
 USAGE AND DEFINITIONS

 Section 1.1.    Usage and Definitions. Except as otherwise specified herein or if the context may
otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Agreement of Definitions, dated as of the date hereof (the “Agreement of Definitions”), by
and among NMAC, the Titling Trust, NILT, Inc., as titling trustee (the “Titling Trustee”), NILT Trust, as grantor (the “Grantor”), UTI Beneficiary and Transferor, the Depositor, the Issuer,
[                    ], as owner trustee (the “Owner Trustee”), the Delaware Trustee,
[                    ], as indenture trustee (the “Indenture Trustee”) and U.S. Bank National Association, as trust agent (the
“Trust Agent”).  

 With respect to all terms in this Agreement, the singular includes the plural and the plural
the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; 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; references to Persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 
 Section 1.2.    Additional Definitions. The following terms have
the meanings given below: 
 “Asset Review” means the performance by the Asset Representations Reviewer of the testing
procedures for each Test and each Subject Lease according to Section 3.4. 
 “Confidential
Information” has the meaning stated in Section 4.8(b). 
 “Information Recipients” has
the meaning stated in Section 4.8(a). 
 “Issuer PII” has the meaning stated in
Section 4.9(a). 
 “Personally Identifiable Information” or “PII” has the
meaning stated in Section 4.9(a). 
 “Review Fee” has the meaning stated in
Section 4.3(b). 
 “Review Materials” means, for an Asset Review and a Subject Lease, the
documents and other materials for each Test listed under “Review Materials” in Schedule A. 
 “Review
Report” means, for an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5. 

“Test” has the meaning stated in Section 3.4(a). 

“Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

“Underwriter” means, any of [●], [●] and [●], in its capacity as underwriter or representative of the
underwriters pursuant to the underwriting agreement, dated as of [●] [●] 20[●], among [●], NMAC and the Depositor. 

  
 2 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1.    Engagement; Acceptance. The Issuer engages
[                    ] to act as the Asset Representations Reviewer for the Issuer.
[                    ] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this
Agreement. 
 Section 2.2.    Confirmation of Scope. The parties confirm that the Asset Representations
Reviewer is not responsible for (a) reviewing the Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the
representations or warranties constitutes a breach of the Transaction Documents. 
 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1.    Review Notices. On receipt of a Review Notice from the Indenture Trustee according to
Section 7.08 of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review until a Review Notice is received. 

Section 3.2.    Identification of Subject Leases . Within [ten (10)] Business Days after receipt of a
Review Notice, the Servicer will deliver to the Asset Representations Reviewer, with a copy to the Indenture Trustee, a list of the Subject Leases. 

Section 3.3.    Review Materials. 

(a)    Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations
Reviewer to facilitate the Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Leases within [ten (10)] days after receipt of the Review Notice in one or more of the following
ways in the Servicer’s reasonable discretion: (i) by providing access to the Servicer’s lease systems, either remotely or at one of the properties of the Servicer, (ii) by electronic posting of Review Materials to a
password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at one of the properties of the Servicer where the Lease Documents are located or (iv) in another manner agreed
by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review
remains intact and unchanged. 
 (b)    Missing or Insufficient Review Materials. If any of the Review Materials
are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [20] days before completing the Review, and the Servicer will
have [15] days to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency. [If the missing or insufficient Review Materials have not been provided by the
Servicer within [15] days, the parties agree that the Subject Lease will have a Test Fail for the related Test(s) and the Test(s) will be considered a Test Complete and the Review Report will indicate the reason for the Test Fail.] 

  
 3 

 Section 3.4.    Performance of Reviews. 

(a)    Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Lease
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Lease,
the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b)    Review Period. The Asset Representations Reviewer will complete the Review of all of the Subject Leases
within [sixty (60)] days after receiving access to the Review Materials under Section 3.3(a). However, if additional Review Materials are provided to the Asset Representations Reviewer under
Section 3.3(b), the Review period will be extended for an additional [thirty (30)] days. 

(c)    Completion of Review for Certain Subject Leases. Following the delivery of the list of the Subject Leases
and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Lease is pre-paid in full by the Obligor or
reallocated from the SUBI by the Servicer according to the Basic Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Leases and the Review of such Leases will be considered complete (a
“Test Complete”). In this case, the Review Report will indicate a Test Complete for the Leases and the related reason. 

(d)    Previously Reviewed Lease. If any Subject Lease was included in a prior Asset Review (the “Prior
Review”), the Asset Representations Reviewer will perform Tests on such Subject Lease only if the Asset Representations Reviewer has reason to believe that the Prior Review was conducted in a manner that would not have ascertained
compliance with one or more of the representations and warranties set forth on Schedule A hereto; otherwise, the Asset Representations Reviewer will include in the Review Report for the Asset Review the results of the Tests with respect to
such Subject Lease from the Prior Review. 
 (e)    Termination of Review. If an Asset Review is in process and
the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date. On receipt of notice, the Asset Representations
Reviewer will terminate the Asset Review immediately and will have no obligation to deliver a Review Report. 

Section 3.5.    Review Reports. (a) Within five (5) days after the end of the Asset Review period
under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Lease whether there was a Test Pass or a Test Fail for each Test, or whether
the Subject Lease was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset 

  
 4 

 
Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations
Reviewer will ensure that the Review Report does not contain any Issuer PII. 
 (b)    Questions About Review.
The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of
(i) payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person
other than the Indenture Trustee or the Servicer and will direct such Persons to submit written questions or requests to the Servicer. 

Section 3.6.    Dispute Resolution. If a Lease that was reviewed by the Asset Representations Reviewer is the
subject of a dispute resolution proceeding under Section 7.07 of the Indenture, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer together with reasonable compensation for the time it incurs in connection with its participation in any dispute
resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to
Section 7.07 of the Indenture. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(a). 

Section 3.7. Limitations on Review Obligations. 

(a)    Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i)    to determine whether a Delinquency Trigger has occurred or whether the required percentage of
Noteholders has voted to direct an Asset Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii)    to determine which Leases are subject to an Asset Review, and may rely on the lists of Subject
Leases provided by the Servicer; 
 (iii)    to obtain or confirm the validity of the Review Materials
and no liability for any errors in the Review Materials and may rely on the accuracy and completeness of the Review Materials; 

(iv)    to obtain missing or insufficient Review Materials from any party or any other source; 

(v)    to take any action or cause any other party to take any action under any of the Basic Documents or
otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Leases; or 

(vi)    to establish cause, materiality or recourse for any failed Test. 

  
 5 

 (b)    Testing Procedure Limitations. The Asset Representations
Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Lease or to provide any information other than a Review
Report indicating for each Subject Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Lease was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional
information about any Subject Lease that it determines in good faith to be material to the Review. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1.    Representations and Warranties. The Asset Representations Reviewer represents and warrants
to the Issuer as of the Closing Date: 
 (a)    Organization and Qualification. The Asset Representations
Reviewer is duly organized and validly existing as a [                    ] in good standing under the laws of
[                    ]. The Asset Representations Reviewer is qualified as a foreign
[                    ] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of
its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)    Power, Authority
and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of
this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws
relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c)    No Conflicts and
No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under,
any indenture, agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer
under the terms of any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations
Reviewer’s knowledge, any order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer that applies to the Asset
Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d)    No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or
investigations pending or threatened in writing before a federal or State court, 

  
 6 

 
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of
this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e)    Eligibility. The Asset Representations Reviewer meets the eligibility requirements in
Section 5.1. 
 Section 4.2.    Covenants. The Asset Representations Reviewer
covenants and agrees that: 
 (a)    Eligibility. It will notify the Issuer and the Servicer promptly if it no
longer meets the eligibility requirements in Section 5.1. 
 (b)    Review Systems;
Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained
to conduct Asset Reviews as required by this Agreement. 
 (c)    Maintenance of Review Materials. It will
maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two (2) years after the termination of this Agreement. 

Section 4.3.    Fees, Expenses and Indemnities. 

(a)    Annual Fee. The Sponsor shall pay to the Asset Representations Reviewer, as reasonable compensation for its
services, an annual fee in the amount of $[●] (the “Annual Fee”). The Annual Fee shall be payable on the Closing Date and on each anniversary thereof until this Agreement is terminated in accordance with
Section 6.4. The Sponsor shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it,
in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 

(b)    Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee of the
Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor and the Servicer of a detailed invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of
$[●] [for each Subject Lease for which the Asset Review was started] [per hour for its time spent conducting the Asset Review] [as a flat fee for such Review] (the “Review Fee”). However, no Review Fee will be charged for any
Subject Lease which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). To
the extent not paid by the Sponsor and outstanding for at least 60 days, the Review Fee shall be paid by the Issuer pursuant to Section 8.04 of the Indenture. 

  
 7 

 (c)    Indemnification. The Sponsor shall indemnify the Asset
Representations Reviewer against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by the Asset Representations Reviewer in connection with the administration of this Agreement and the performance of its
duties hereunder. The Asset Representations Reviewer shall notify the Sponsor promptly of any claim for which it may seek indemnity. Failure by the Asset Representations Reviewer to so notify the Sponsor shall not relieve the Sponsor of its
obligations hereunder. The Sponsor shall defend any such claim, and the Asset Representations Reviewer may have separate counsel and the Sponsor shall pay the fees and expenses of such counsel. The Sponsor shall not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Asset Representations Reviewer through the Asset Representations Reviewer’s own bad faith, willful misfeasance, negligence in performing its obligations under this Agreement or
breach of this Agreement. The indemnification provided in this Section 4.3(c) shall survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations
Reviewer. The Sponsor acknowledges and agrees that amounts owing to the Asset Representations Reviewer in respect of the indemnification provided hereunder shall not be limited to or reduced by the amount of Available Amounts on deposit in the
Collection Account, except to the extent that such Available Amounts have been allocated to make a payment to the Asset Representations Reviewer on the next-occurring Payment Date pursuant to Section 8.04 of the Indenture.

 (d)    Payment of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed
invoices to the Sponsor for any amounts owed to it under this Agreement. To the extent not paid by the Sponsor and outstanding for at least 60 days, the fees and indemnities provided for in this Section 4.3 shall be paid by
the Issuer pursuant to Section 8.04 of the Indenture; provided, that prior to such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Sponsor in writing that such fees and indemnities
have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Section 8.04 of the Indenture, the Sponsor shall reimburse the Issuer in full for such payments. 

Section 4.4.    Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person
for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith, or negligence in performing its obligations under
this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss
or damage and regardless of the form of action. 
 Section 4.5.    Indemnification by Asset Representations
Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs,
expenses (including reasonable attorneys’ fees and expenses), losses, damages and liabilities, including legal fees and expenses incurred in connection with the enforcement by such Person of an indemnification or other obligation of the Asset
Representations Reviewer, resulting from (a) the willful misconduct, bad faith or negligence of 

  
 8 

 
the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in
this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

 Section 4.6.    Inspections of Asset Representations Reviewer. The Asset Representations Reviewer agrees
that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer, the Sponsor or the Administrator, during the Asset Representations Reviewer’s normal business hours,
to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement,
(b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the
Issuer’s, the Servicer’s, the Sponsor’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each
of the Issuer, the Servicer, the Sponsor and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer, the Sponsor or the
Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials
for a period of at least two years after the termination of its obligations under this Agreement. 

Section 4.7.    Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract
its obligations under this Agreement to any Person without the consent of the Issuer, the Sponsor and the Servicer. 

Section 4.8.    Confidential Information. 

(a)    Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it
under this Agreement in confidence and under the terms and conditions of this Section 4.8, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential
Information will not, without the prior consent of the Issuer, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal
counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Reviews of Subject Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it
will not, and will cause its Affiliates to not (i) purchase or sell securities issued by NMAC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 

(b)    Definition. “Confidential Information” means oral, written and electronic materials
(irrespective of its source or form of communication) furnished before, on or after the 

  
 9 

 
date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i)    lists of Subject Leases and any related Review Materials; 

(ii)    origination and servicing guidelines, policies and procedures and form contracts; and 

(iii)    notes, analyses, compilations, studies or other documents or records prepared by the Sponsor or
the Servicer, which contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives. 
 However, Confidential
Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients
on a non-confidential basis from a Person or entity other than the Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is
not bound by a confidentiality agreement with the Issuer, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without
the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the Sponsor or the Servicer provides permission to the
applicable Information Recipients to release. 
 (c)    Protection. The Asset Representations Reviewer will take
reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care.
The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.9. 

(d)    Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order
issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if
permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor’s expense, in the Issuer’s and the
Sponsor’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective order or other proper remedy by the date that the information is
required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e)    Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a
breach of this Section 4.8 by its Information Recipients. 
 (f)    Violation. The
Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies.
If 

  
 10 

 
an action is initiated by the Issuer or the Servicer to enforce this Section 4.8, the prevailing party will be entitled to reimbursement of costs and expenses, including
reasonable attorney’s fees and expenses, incurred by it for the enforcement. 
 Section 4.9.    Personally
Identifiable Information. 
 (a)    Definitions. “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle
identification number or “VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.
“Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its
obligations under this Agreement. 
 (b)    Use of Issuer PII. The Issuer does not grant the Asset
Representations Reviewer any rights to Issuer PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer
and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally
required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection
policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical
safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of
Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion
protection, data storage protection and data transmission protection) and physical security measures. 

(c)    Additional Limitations. In addition to the use and protection requirements described in
Section 4.9(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

(i)    The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its
personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When
permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the
confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 

  
 11 

 (ii)    The Asset Representations Reviewer will not
sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer. 

(d)    Notice of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an
actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach. 

(e)    Return or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly
on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery
or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations
Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law. 

(f)    Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to
the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.9 as necessary from
time to time for either party to comply with applicable law. 
 (g)    Audit of Asset Representations Reviewer.
The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.9 during the Asset Representations
Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to
schedule any audit described in this Section 4.9 with the inspections described in Section 4.6. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives
during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 

(h)    Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s
Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this
Section 4.9, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section 4.9 against the
Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 12 

 ARTICLE V 

RESIGNATION AND REMOVAL; 
 SUCCESSOR
ASSET REPRESENTATIONS REVIEWER 
 Section 5.1.    Eligibility Requirements for Asset Representations
Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not
Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date. 

Section 5.2.    Resignation and Removal of Asset Representations Reviewer. 

(a)    No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset
Representations Reviewer except (i) if the Asset Representations Reviewer is merged into or becomes an Affiliate of the Sponsor, the Servicer, the Indenture Trustee, the Owner Trustee, (ii) the Asset Representations Reviewer no longer
meets the eligibility requirements in Section 5.1, or (iii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable law and there is no reasonable action that it could take to
make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations Reviewer shall promptly resign and the Sponsor shall appoint a successor Asset
Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Sponsor and the Servicer, and if the Asset Representation Reviewer resigns pursuant to clause (b) above, an Opinion of
Counsel supporting its determination. 
 (b)    Removal of Asset Representations Reviewer. If any of the
following events occur, the Indenture Trustee, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes, by notice to the Asset Representations Reviewer, shall remove the Asset Representations Reviewer
and terminate its rights and obligations under this Agreement: 
 (i)    [the Asset Representations
Reviewer no longer meets the eligibility requirements in Section 5.1; 

(ii)    the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or
obligations in this Agreement; or 
 (iii)    an Insolvency Event of the Asset Representations Reviewer
occurs.] 
 (c)    Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee, the
Depositor and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. The Depositor will report any resignation or removal of the Asset Representations Reviewer, or any appointment of a successor Asset
Representations Reviewer, in the Issuer’s Form 10-D report related to the Collection Period in which such resignation, removal or appointment took place. 

  
 13 

 Section 5.3.    Successor Asset Representations Reviewer.

 (a)    Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the
Asset Representations Reviewer, the Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

(b)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer
will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under
this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement. 

(c)    Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset
Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the
successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset
Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 5.4.    Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer
is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility
requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s
obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VI 

OTHER AGREEMENTS 
 Section
6.1.    Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of, or deemed to be the agent of, the Issuer, the
Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer, the Indenture Trustee or the Owner Trustee shall be responsible for monitoring the
performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Unless authorized by the Issuer, the Indenture Trustee or the Owner Trustee,
respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee.
Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of
them. 

  
 14 

 Section 6.2.    No Petition. Each party hereto, by entering
into this Agreement, hereby covenants and agrees that, prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not (and, to the fullest extent
permitted by applicable law, the Indenture Trustee shall not have the power to) institute against, or join any other Person in instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuer, any other Special
Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

Section 6.3.    Limitation of Liability of Owner Trustee. This Agreement has been signed on behalf of the
Issuer by [                    ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will
[                    ] in its individual capacity or a beneficial owner of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer under this Agreement, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to
the benefits of, the Trust Agreement. 
 Section 6.4.    Termination of Agreement. This Agreement will
terminate, except for the obligations under Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust
Agreement. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendments. 

(a)    Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other
Person subject to the satisfaction of one of the following conditions: 
 (i)    the Seller or the
Servicer delivers an Officer’s Certificate or Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 7.1 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person, (which consent shall not be unreasonably withheld or delayed); provided, further, that in the event that any
Certificates are held by anyone other than the Administrator or any of its Affiliates, this Agreement may only be amended by the parties hereto if, in addition, (i) the Holders of the Certificates evidencing a majority of the Certificate
Balance of the Certificates consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect
the interests of the Certificateholders. 

  
 15 

 (b)    This Agreement may also be amended by the parties hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders with the consent of: 

(i)    the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes; and

 (ii)    the Holders of the Certificates evidencing a majority of the Certificate Balance. 

It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. 
 (c)    Promptly after the
execution of any such amendment or consent, the Servicer shall furnish written notification of the substance of such amendment or consent to each Rating Agency. 

(d)    Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such
amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

Section 7.2.    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, by telecopier or electronically by email (if an email address is provided), and addressed in each case as
follows: (a) in the case of the Seller, to Nissan Leasing LLC II at [●] (telecopier no. [●]) (email: [●]), Attention: Treasurer, (b) in the case of the Servicer, to Nissan Motor Acceptance Corporation, at [●]
(telecopier no. [●]) (email: [●]), Attention: Treasurer, (c) in the case of the Issuer or the Owner Trustee, to Nissan Auto Lease Trust 20[●]-[●], c/o the Owner Trustee, at [●] (telecopier no. [●]) (email:
[●]), Attention: Nissan Auto Lease Trust 20[●]-[●], (d) in the case of the Indenture Trustee, to [                    ], at
[●] (telecopier no. [●]) (email: [●]), Attention: NALT 20[●]-[●], [(e) in the case of [●], to [●], at [●] (telecopier no. [●]) (email: [●]), Attention: [●], (f) in the case of
[●], to [●], at [●] (telecopier no. [●]) (email: [●]), Attention: [●], (g) in the case of the Asset Representations Reviewer, to
[                    ], at [●] (telecopier no. [●]) (email: [●]), Attention: [●],] or (h) at such other address as shall
be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication
by an officer of the intended recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, any demand, notice or communication to be delivered pursuant to this Agreement to

  
 16 

 
any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating
Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

Section 7.3.    Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit
of the Sponsor, the Servicer, the Issuer and the Asset Representations Reviewer. The Indenture Trustee (for the benefit of itself and the Noteholders) will be an express third-party beneficiary of this Agreement and entitled to enforce this
agreement against the parties hereto. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein. 

Section 7.4.    Severability. If any one or more of the covenants, agreement, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 7.5.    Separate Counterparts. This Agreement may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 7.6.    Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 7.7.    Governing
Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH 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), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 7.8.    Waivers. No failure or delay on the part of any party hereto in exercising any power, right or
remedy under this Agreement shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any such power, right or
remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy. 
 [Remainder of Page
Left Blank] 

  
 17 

 EXECUTED BY: 
  

			
	NISSAN AUTO LEASE TRUST 20[●]-[●], as Issuer
		
	By:	 	[                    ], not in its individual capacity,
		 	but solely as Owner Trustee
		
	By:	 	
                     
                                         
       

		 	Name:
		 	Title:
	
	NISSAN MOTOR ACCEPTANCE CORPORATION,
		 	as Servicer
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	[                                      
  ],
		 	as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Asset Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 

[To be attached] 
  

									
	 Representations and Warranty
	  	Review Materials	 	  	Tests

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