Document:

Supplemental Retirement Income Plan

 Exhibit 10.19 
 SUPPLEMENTAL RETIREMENT INCOME PLAN OF 
 DEVON ENERGY CORPORATION

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I ESTABLISHMENT AND PURPOSE
	  	 	1	  
		
	 1.1 Purpose and Effective Date
	  	 	1	  
		
	 ARTICLE II DEFINITIONS AND CONSTRUCTION
	  	 	1	  
		
	 2.1 Definitions
	  	 	1	  
	 2.2 Construction
	  	 	7	  
		
	 ARTICLE III PARTICIPATION
	  	 	8	  
		
	 3.1 Eligibility
	  	 	8	  
	 3.2 Plan Not Contract of Employment
	  	 	8	  
	 3.3 Agreements
	  	 	8	  
		
	 ARTICLE IV AMOUNT AND PAYMENT OF SUPPLEMENTAL BENEFIT
	  	 	8	  
		
	 4.1 Amount of Supplemental Benefit
	  	 	8	  
	 4.2 Vesting
	  	 	10	  
	 4.3 Form of Payment and Commencement Date
	  	 	11	  
	 4.4 Restrictions on Alienation of Benefits
	  	 	13	  
	 4.5 Domestic Relations Orders
	  	 	13	  
	 4.6 Abandonment of Benefits
	  	 	14	  
	 4.7 Information Required of Participants
	  	 	14	  
	 4.8 Benefits Payable to Incompetents
	  	 	14	  
	 4.9 Tax Withholding
	  	 	14	  
		
	 ARTICLE V SOURCE OF BENEFIT PAYMENTS
	  	 	14	  
		
	 5.1 Liability for Benefit Payments
	  	 	14	  
	 5.2 Discretionary Establishment of Trust
	  	 	15	  
	 5.3 Secondary Liability for Payment
	  	 	15	  
		
	 ARTICLE VI COMMITTEE
	  	 	15	  
		
	 6.1 Administration
	  	 	15	  
	 6.2 Powers of Committee
	  	 	15	  
	 6.3 Delegation by Committee
	  	 	16	  
	 6.4 Information to be Furnished to Committee
	  	 	16	  
	 6.5 Liability and Indemnification of Committee
	  	 	16	  
	 6.6 Expenses
	  	 	16	  
		
	 ARTICLE VII CLAIMS PROCEDURE
	  	 	16	  
		
	 7.1 Claims Review Procedures
	  	 	16	  
	 7.2 Finality of Determinations; Exhaustion of Remedies
	  	 	17	  
	 7.3 Effect of Fiduciary Action
	  	 	18	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	18	  
		
	 8.1 Tax Consequences Not Guaranteed
	  	 	18	  
	 8.2 Severability
	  	 	19	  
	 8.3 Benefits Under Other Plans
	  	 	19	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 8.4 Gender and Number
	  	 	19	  
	 8.5 Action by Company or Affiliate
	  	 	19	  
	 8.6 Successors
	  	 	19	  
	 8.7 Evidence
	  	 	19	  
	 8.8 Applicable Laws
	  	 	19	  
	 8.9 Attorney Fees
	  	 	19	  
		
	 ARTICLE IX AMENDMENT AND TERMINATION
	  	 	20	  
		
	 9.1 Amendment and/or Termination
	  	 	20	  

 APPENDIX A 

APPENDIX B 
  

  
 -ii-

 SUPPLEMENTAL RETIREMENT INCOME PLAN OF 

DEVON ENERGY CORPORATION 
 ARTICLE I 
 ESTABLISHMENT AND PURPOSE 

1.1 Purpose and Effective Date. The Company established the Supplemental Retirement Income Plan of Devon Energy Corporation (the “Plan”)
effective July 1, 1995, and such Plan was amended and restated May 19, 1999. The Plan was subsequently amended and restated effective as of August 1, 2001 and again effective as of January 1, 2009. The Plan is hereby amended and
restated effective as of January 1, 2012 to incorporate prior amendments and to make certain other clarifying changes. The Plan is intended to qualify for the exemptions provided under Title 1 of ERISA for plans that are not tax qualified and
that are maintained primarily to provide deferred compensation for a select group of management or highly compensated employees as defined in Section 201(2) of ERISA. 
 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 

2.1 Definitions. The following words, terms, and phrases used in the Plan shall have the meanings set forth in this Section 2.1: 

 

	 	(a)	“Affiliate” means a corporation, trade or business that, together with the Company, is treated as a single employer under Section 414(b) or (c) of
the Code. 

  

	 	(b)	“Beneficiary” means the trust, person or persons designated by a Participant on a beneficiary designation form adopted by the Company to receive benefits, if
any, under this Plan in the event of the Participant’s death. 

  

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Cause” means, with respect to any Participant any of the following: 

 

	 	(i)	the willful failure of a Participant to substantially perform the Participant’s duties for the Company or an Affiliate (other than due to physical or mental
incapacity) within thirty (30) days after receiving a written demand for substantial performance from the Supervisor, the Chief Executive Officer, or the Board; 

 

	 	(ii)	the willful engaging by the Participant in illegal or dishonest conduct or gross misconduct that is materially and demonstrably injurious to the Company or an
Affiliate; or 

  

	 	(iii)	conviction of the Participant of a felony or any crime of moral turpitude, a guilty or nolo contendere plea by the Participant with respect to a felony or any crime of
moral turpitude, or the deferred adjudication or unadjudicated probation of the Participant with respect to a felony or any crime of moral turpitude. 

  
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 Provided, however, that (1) an act or omission by the Participant shall be considered
“willful” only if it was not in good faith and was without reasonable belief that it was in the Company’s best interests, and (2) any act or omission by the Participant based upon authority granted by resolution duly
adopted by the Board, the instructions of the Supervisor, or the advice of counsel for the Company, shall be conclusively presumed to be in good faith and in the Company’s best interests. 

 

	 	(e)	“Change of Control Payment Event” shall mean and shall be deemed to have occurred when one of the events described in paragraphs (i), (ii), (iii), or
(iv) below occurs. For the purpose of this subsection (e), the term “Company” shall mean Devon Energy Corporation and any successor thereto. 

 

	 	(i)	The acquisition of stock of the Company by any one person, or more than one person acting as a group (as defined in §1.409A-3(i)(5)(v)(B) of the Treasury
Regulations) (a “Person”) that, together with stock held by such Person, constitutes more than 50% of either (I) the then outstanding shares of common stock of the Company or (II) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors; provided, however, that the following acquisitions shall not constitute a Change of Control Payment Event: (A) any acquisition by an underwriter
temporarily holding securities pursuant to an offering of such securities; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company. If a Change of Control Payment Event occurs by reason of an acquisition described in this paragraph (i), no additional Change of Control Payment Event shall be deemed to occur under this paragraph (i) by reason of
subsequent changes in the holdings of such Person (except if the holdings of such Person are reduced to 50% or below and thereafter increase to more than 50%). 

 

	 	(ii)	During a 12-month period, a majority of the individuals who, as of January 1, 2009, constitute the Board (the “Incumbent Board”) are replaced; provided,
however, that any individual becoming a director subsequent to January 1, 2009 whose election, appointment or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this definition, any such individual whose initial assumption of office occurs as a result of an actual
or publicly threatened election contest (as such terms are used in Rule 14a-11 promulgated under the Exchange Act) with respect to the election or removal of directors or other actual or publicly threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board. 

  
 2 

	 	(iii)	The date a Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) ownership of stock of the
Company possessing 30% or more of the combined voting power of the then outstanding voting securities of the Company; provided that, if a Change of Control Payment Event occurs by reason of an acquisition described in this paragraph (iii), no
additional Change of Control Payment Event shall be deemed to occur under this paragraph (iii) or paragraph (i) by reason of the acquisition of additional control of the Company by the same Person. 

 

	 	(iv)	Approval by the shareholders of the Company of the sale or other disposition of all or substantially all of the assets of the Company to a Person; provided that, a
transfer of the Company’s assets shall not be treated as a Change of Control Payment Event if the assets are transferred to: 

  

	 	(1)	A shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; 

 

	 	(2)	An entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 

 

	 	(3)	A person that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company; or 

 

	 	(4)	An entity, at least 50% of the total value or voting power of which is owned, directly or indirectly by a Person described in subparagraph (3).

 Except as otherwise provided in this paragraph (iv), a person’s status is determined immediately after the
transfer of the assets. 
  

	 	(f)	A “Change of Control Vesting Event” shall mean the occurrence of any one of the following events: 

 

	 	(i)	the Incumbent Directors cease for any reason to constitute at least a majority of the Board; 

 

	 	(ii)	 any person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of Company securities
representing 30% or more of either (x) the Company’s outstanding shares of common stock or (y) the combined voting power of the Company’s then outstanding securities eligible to vote in the election of directors (each,
“Company Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control Vesting Event by virtue of any of the following acquisitions or transactions:
(A) by the Company or any subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained 

  
 3 

	 	
by the Company or any subsidiary, (C) by an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) pursuant to a Non-Qualifying Transaction;

  

	 	(iii)	the consummation of a merger, consolidation, statutory share exchange, or similar form of corporate transaction involving the Company or any of its subsidiaries that
requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Reorganization”), or the sale or other disposition of all or substantially all of the
Company’s assets to an entity that is not an Affiliate (a “Sale”), unless: 

  

	 	(1)	the holders of the Company’s shares of common stock either receive in such Reorganization or Sale, or hold immediately following the consummation of the
Reorganization or Sale, more than 50% of each of the outstanding common stock and the total voting power of securities eligible to vote in the election of directors of (x) the corporation resulting from such Reorganization or the corporation
that has acquired all or substantially all of the assets of the Company in connection with a Sale (in either case, the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly
has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), 

 

	 	(2)	no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation) is or becomes, as a
result of the Reorganization or Sale, the beneficial owner, directly or indirectly, of 30% or more of the outstanding shares of common stock or the total voting power of the outstanding voting securities eligible to vote in the election of directors
of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and 

  

	 	(3)	at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the
consummation of the Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale; 

(any Reorganization or Sale that satisfies all of the criteria specified in (1), (2) and (3) above shall be deemed to be a
“Non-Qualifying Transaction”); or 
  

	 	(iv)	the Company’s stockholders approve a plan of complete liquidation or dissolution of the Company. 

  
 4 

 Notwithstanding the foregoing, a Change in Control Vesting Event shall not be deemed to
occur solely because any person acquires beneficial ownership of more than 30% of Company Securities due to the Company’s acquisition of Company Securities that reduces the number of Company Securities outstanding; provided,
however, if, following such acquisition by the Company, such person becomes the beneficial owner of additional Company Securities that increases the percentage of outstanding Company Securities beneficially owned by such person, a Change in
Control Vesting Event shall then occur. In addition, if a Change in Control Vesting Event occurs pursuant to paragraph (ii) above, then no additional Change in Control Vesting Event shall be deemed to occur pursuant to paragraph (ii) by
reason of subsequent changes in holdings by such person (except if the holdings by such person are reduced below 30% and thereafter increase to 30% or above). 
 If (I) a Participant’s Date of Termination occurs on or after the date of approval by the Company’s shareholders of a transaction described in paragraph (iii) above; (II) the
transaction so approved by shareholders is consummated and constitutes a Change of Control Vesting Event under paragraph (iii) above; and (III) prior to the consummation of such transaction, the Participant’s Date of Termination occurs,
then for purposes of applying the provisions of Section 4.2 (relating to vesting), the Change of Control Vesting Event shall be deemed to have occurred with respect to such Participant immediately prior to such Participant’s Date of
Termination. 
 If (A) a Participant’s Date of Termination occurs prior to a Change of Control Vesting Event by reason
of termination by the Company without Cause; (B) the Participant reasonably demonstrates that such termination either: 
  

	 	(1)	was at the request of a third party who had indicated an intention or taken steps reasonably calculated to effect a Change of Control Vesting Event or who effectuates a
Change of Control Vesting Event or 

	 	(2)	was otherwise in connection with, or in anticipation of, a Change of Control Vesting Event which actually occurs, 

then, for purposes of this Plan, a Change of Control Vesting Event with respect to that Participant shall be deemed to be the date
immediately prior to the Participant’s Date of Termination; provided that, to the extent that the application of this sentence results in the Participant becoming entitled to benefits under the Plan, commencement of such benefits shall be
required to occur not earlier than the Change of Control Vesting Event or, in the case of a Change of Control Vesting Event described in paragraph (iii) above, consummation of the transaction. If any such termination occurs while an agreement
is pending and the effective provisions of such agreement provide for a transaction or transactions which, if consummated, would constitute a Change of Control Vesting Event, and such Change of Control Vesting Event occurs, then such termination
shall conclusively be presumed to be in connection with a Change of Control Vesting Event. 
  

	 	(g)	“Code” means the Internal Revenue Code of 1986, as amended. 

  
 5 

	 	(h)	“Company” means Devon Energy Corporation, a Delaware corporation. 

 

	 	(i)	“Committee” shall mean the Compensation Committee of the Board of Directors of the Company. 

 

	 	(j)	A Participant’s “Date of Termination” means the first day on which the Participant incurs a Separation from Service. 

 

	 	(k)	A Participant’s “Early Retirement Date” means the first day of the month coinciding or following the date the Participant’s Date of Termination
occurs after either (i) earning at least ten Years of Credited Service and attaining at least age 55; or (ii) earning at least 20 Years of Credited Service. 

 

	 	(l)	“Employer” means the Company and each Affiliate with employees who have been selected to participate in the Plan. Until action to the contrary is taken by the
Board, the Company shall be deemed to have consented to the participation in the Plan by any Affiliates. 

  

	 	(m)	“Incumbent Directors” means the members of the Board on January 1, 2009; provided, however, that (x) any person becoming a director and whose
election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be deemed an Incumbent Director, and (y) no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest (as
described in Rule 14a-11 under the Act) or other actual or threatened solicitation of proxies or consents by or on behalf of any person (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Act) other than the Board, including by reason of
any agreement intended to avoid or settle any such election contest or solicitation of proxies or consents, shall be deemed an Incumbent Director. 

  

	 	(n)	“Exchange Act” means the Securities Exchange Act of 1934. 

  

	 	(o)	“Participant” shall have the meaning ascribed to it in Section 3.1. 

 

	 	(p)	“Participation Agreement” shall mean the agreement which will be entered into by and between the Company and the Participant in accordance with
Section 3.3. 

  

	 	(q)	“Plan-Approved Domestic Relations Order” means a qualified domestic relations order as defined in Section 414(p)(1)(B) of the Code that meets the
requirements established by the Committee. 

  

	 	(r)	“Plan Year” means the calendar year. 

  

	 	(s)	“Restoration Plan” means the Devon Energy Corporation Benefit Restoration Plan. 

  
 6 

	 	(t)	“Retirement Plan” means the Retirement Plan for Employees of Devon Energy Corporation. 

 

	 	(u)	“Separation from Service” means termination of employment with the Employer under the circumstances described below. Whether a Separation from Service has
occurred shall be determined by the Committee in accordance with Code Section 409A. 

 Except in the case of a
Participant on a military leave, sick leave or bona fide leave of absence as provided below, a Participant is deemed to have incurred a Separation from Service if the Employer and the Participant reasonably anticipated that the level of services to
be performed by the Participant after a certain date would be reduced to 20% or less of the average services rendered by the Participant during the immediately preceding 36-month period (or the total period of employment, if less than 36 months),
disregarding periods during which the Participant was on a military leave, sick leave or bona fide leave of absence. 
 A
Participant who is absent from work due to military leave, sick leave, or other bona fide leave of absence shall incur a Separation from Service on the first date immediately following the later of (i) the six-month anniversary of the
commencement of the leave or (ii) the expiration of the Participant’s right, if any, to reemployment under statute or contract. 
 For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in subsection (l), except that for purposes of determining whether another
organization is an Affiliate of the Company, common ownership of at least 50% shall be determinative. 
  

	 	(v)	“Specified Employee” means those employees of the Company or an Affiliate who are determined by the Committee to be a “specified employee” in
accordance with Section 409A of the Code and the regulations promulgated thereunder and the Devon Energy Corporation Specified Employee Policy. 

  

	 	(w)	“Supervisor” means the person to whom the Participant reports as determined by the Chief Executive Officer of the Company or his or her designee from time to
time. 

  

	 	(x)	“Years of Credited Service” shall mean “Years of Credited Service” as such term is defined in the Retirement Plan. 

2.2 Construction. Other words, terms, and phrases used in the Plan are defined in the Retirement Plan or elsewhere in this Plan. Except where a
word, term, or phrase is otherwise defined in the Plan, defined under Section 409A of the Code, or where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Retirement Plan is similarly used in this Plan.

  
 7 

 ARTICLE III 
 PARTICIPATION 
 3.1 Eligibility. Subject to the terms and conditions of the Plan, the
Committee, in its discretion, at such times as the Committee determines, shall designate those employees of the Employers who are eligible to receive benefits under the Plan, and thereby become “Participants” in the Plan. 

3.2 Plan Not Contract of Employment. The Plan does not constitute a contract of employment, and participation in the Plan will not give any
employee the right to be retained in the employ of any Employer or Affiliate nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 

3.3 Agreements. Any employee having been selected by the Committee as a Participant shall, as a condition of participation, complete, and return
to the Committee, a Participation Agreement in such form and at such time as the Committee shall prescribe. 
 ARTICLE IV

 AMOUNT AND PAYMENT OF SUPPLEMENTAL BENEFIT 
 4.1 Amount of Supplemental Benefit. Subject to the terms and conditions of the Plan, each Participant’s “Supplemental Benefit,” if any, shall be determined in accordance with the
following: 
  

	 	(a)	Determination of Supplemental Benefit. A Participant’s “Supplemental Benefit” shall equal (i) the Participant’s Target Benefit
minus (ii) the Participant’s Net Retirement Plan Benefit. 

  

	 	(b)	Determination of Target Benefit. A Participant’s “Target Benefit” shall be the benefit the Participant would have been entitled to receive under
the Retirement Plan if all of the following paragraphs (i) through (v) applied: 

  

	 	(i)	The limitations of the Plan intended to comply with Code Section 401(a)(17) had been inapplicable to the determination of the Participant’s benefit under the
Retirement Plan. 

  

	 	(ii)	The limitations of the Plan intended to comply with Code Section 415 had been inapplicable to the determination of the Participant’s benefit under the
Retirement Plan. 

  

	 	(iii)	The number “25” which appears two times in Section 5.1(a) of the Retirement Plan had been replaced in both instances with the number “20”.

  

	 	(iv)	Subject to paragraph (iii) above, in the case of a Participant to whom the provisions of Section 5.1(b) of the Retirement Plan (relating to Participants with
compensation of $220,000 or more) would otherwise apply, the provisions of Section 5.1(a) of the Retirement Plan instead had been applied to such Participant. 

  
 8 

	 	(v)	In the case of a Participant whose compensation is determined under the Retirement Plan after reduction to reflect elective deferrals by the Participant of amounts that
would otherwise be included in compensation in the absence of such deferral, the Target Benefit shall be determined as though those deferred amounts had been included in the determination of the Participant’s compensation at the time they would
have been paid in the absence of such deferral. Conversely, such amounts shall not be included in determining the Target Benefit when they are paid to the Participant. Provided further, the calculation of the Target Benefit will include elective
deferrals that were made by a Participant prior to the Participant’s selection for participation in this Plan. 

 A Participant’s “Target Benefit” shall be determined utilizing the assumption that the Participant’s benefit under the Retirement Plan will be determined based upon the time and form
of payment applicable to the Participant’s benefit under this Plan. 
 With respect to any Participant who elected under the
Company’s revised Retirement Plan to cease to accrue benefits under the Retirement Plan as of December 31, 2007, the following shall apply in calculating his Target Benefit: 

 

	 	(i)	Supplemental Benefits shall cease to accrue under this Plan as of December 31, 2007; 

 

	 	(ii)	the Target Benefit shall be calculated based upon the terms and provisions of the Retirement Plan in effect as of December 31, 2007; and 

 

	 	(iii)	Compensation increases after December 31, 2007 shall be disregarded for calculation of the Target Benefit and the Supplemental Benefit under this Plan.

  

	 	(c)	Determination of Net Retirement Plan Benefit. A Participant’s “Net Retirement Plan Benefit” shall be the benefit the Participant has accrued under
the Retirement Plan. For purposes of calculating the Supplemental Benefit, a Participant’s “Net Retirement Plan Benefit” shall be determined based on the form and time of payment applicable to the Participant’s benefit under this
Plan. 

  

	 	(d)	Early Retirement Eligibility. In determining a Participant’s Target Benefit under this Section 4.1, the definition of the term “Early Retirement
Date” shall have the meaning set forth in Section 2.1 of this Plan, rather than the definition set forth in the Retirement Plan (which is set forth in the Retirement Plan in Section 2.1(z)). 

 

	 	(e)	Minimum Benefit for MEDC Participants. In no event shall the Participant’s Target Benefit be less than the sum of the benefits frozen as of
February 28, 2003 in the (i) Mitchell Energy & Development Corp. Executive Excess Business Plan, (ii) Mitchell Energy & Development Corp. Excess Benefit Plan, (iii) Mitchell Energy & Development Corp.
Restoration Benefit Plan, and (iv) Mitchell Energy & Development Corp. Retirement Plan. 

  
 9 

	 	(f)	Change of Control Vesting Event. If a Participant who is a member of the Company’s Executive Committee and who has entered into an employment agreement with
the Company is terminated without Cause or terminates employment for “good reason” (in accordance with the Participant’s employment agreement), during the period beginning on a Change of Control Vesting Event and ending on the last
day of the 24th calendar month following the calendar month in which a Change of Control Vesting Event occurs, the Participant’s entitlement to benefits under the Plan shall be determined as though, at the time of termination, (A) the
Participant had earned three (3) Years of Credited Service in addition to the Participant’s actual Years of Credited Service at the Date of Termination, (B) the Participant’s compensation for such three (3) years of
additional service was equal to the greater of the Participant’s compensation as of the Date of Termination or the Participant’s compensation immediately prior to the Change of Control Vesting Event; and (C) the Participant was three
years older than the Participant’s actual age at the Date of Termination. However, the deemed additional Years of Credited Service credited pursuant to this paragraph shall not occur to the extent that such service would result in service in
excess of the maximum years of service permitted to be taken into account under the Plan. 

  

	 	(g)	Variation in Calculation of Supplemental Benefit Under Appendix A. The calculation of the Supplemental Benefit for the Participants listed on Appendix A shall be
determined by incorporating the additional modifications described on Appendix A. The provisions of this Plan as modified in this Section 4.1(g) shall replace and supersede any prior letter agreements between the Company and such Participants.

  

	 	(h)	Variation in Calculation of Supplemental Benefit Under Appendix B. The calculation of the Supplemental Benefit for the Participants listed on Appendix B shall be
determined by incorporating the additional modifications described on Appendix B. The provisions of this Plan as modified in this Section 4.1(h) shall replace and supercede any prior letter agreements between the Company and such Participants.

 4.2 Vesting. Except as otherwise provided by this Section 4.2, and subject to the terms of the Plan, a Supplemental
Benefit shall be payable under the Plan to or on behalf of a Participant if he or she is vested in such benefit upon the date a payment event listed in Section 4.3 below occurs. If a Participant is not vested in his or her Supplemental Benefit
under this Plan as of the payment event specified in Section 4.3, then no benefits shall be payable to or on behalf of the Participant under the Plan. A Participant’s vesting shall be subject to the following: 

 

	 	(a)	Vesting Date. A Participant shall become vested in the Supplemental Benefit at the time at which the Participant has completed five (5) Years of Credited
Service. For the avoidance of doubt, it is recited here that, except as otherwise expressly provided in this Section 4.2, a Participant shall forfeit any of his or her Supplemental Benefit if the Participant has not completed five Years of
Credited Service. 

  
 10 

	 	(b)	Termination for Cause. Notwithstanding the provisions of subsection (a) above, in the event the Participant’s employment is terminated for Cause, the
Participant shall forfeit all benefits under the Plan upon the Participant’s Date of Termination. 

  

	 	(c)	Acceleration of Vesting. Notwithstanding the provisions of Section 4.2(a) above, in the event of (i) the Participant’s termination of employment
by the Employer without Cause, (ii) the Participant’s termination of employment for “good reason” in accordance with the Participant’s employment agreement, (iii) the occurrence of a Change of Control Vesting Event or
(iv) the Participant’s death, the Participant shall be fully vested in all benefits under the Plan. 

  

	 	(d)	Effect on Restoration Plan. Notwithstanding the foregoing provisions of this Section 4.2, if a Participant receives his or her benefits under this Plan,
then no benefit shall be payable to or on behalf of the Participant under the Restoration Plan. It is the intent of the Company and is a condition for participation in this Plan that there be no duplication of benefits earned under this Plan and the
Restoration Plan. 

  

	4.3	Form of Payment and Commencement Date. 

  

	 	(a)	Payment Events. Except as otherwise provided in the Plan, the Supplemental Benefit payable to or on behalf of a Participant under this Plan shall be paid upon
the later to occur of the following events: (i) a Participant’s Date of Termination or (ii) the attainment of age 55. In addition, payment of the Supplemental Benefit will occur in the event of (i) a Change of Control Payment
Event or (ii) the Participant’s death. 

  

	 	(b)	Form and Timing of Payment Upon Separation from Service. The Participant may elect from the following forms of actuarially equivalent benefit payments under the
Plan depending upon the date payment commences as follows: 

 Payment Commences Prior to August 1,
2009: 
  

	 	(i)	Single Life Annuity; 

  

	 	(ii)	100% Joint and Survivor Annuity; 

  

	 	(iii)	66% Joint and Survivor Annuity; 

  

	 	(iv)	50% Joint and Survivor Annuity; 

  

	 	(v)	40% Joint and Survivor Annuity; and 

  

	 	(vi)	Life/Ten-Year Certain. 

  
 11 

 Payment Commences August 1, 2009 or Later: 

 

	 	(i)	Single Life Annuity; 

  

	 	(ii)	100% Joint and Survivor Annuity; 

  

	 	(iii)	50% Joint and Survivor Annuity; 

  

	 	(iv)	25% Joint and Survivor Annuity; and 

  

	 	(v)	Life/Ten-Year Certain. 

 In the
event the Participant fails to make an election, the default form of payment will be the 100% Joint and Survivor Annuity if at the time payment commences the Participant is married and a Single Life Annuity if the Participant is not married at the
time payment commences. If the Participant is eligible for the PZE Spouse’s pension, the conversion of the benefit from a single life annuity to the form of payment elected will reflect the PZE Spouse’s pension and be calculated using the
same methodology as is used in the Retirement Plan. Payment of the Supplemental Benefit will commence as of the first of the month coincident with or next following the later of (i) 90 days following the Date of Termination or (ii) 90 days
following the date the Participant attains age 55 unless the Participant is a Specified Employee. Payment of the Supplemental Benefit to a Specified Employee shall be postponed for a period of six months following the Date of Termination and shall
commence within 30 days of the first business day of the seventh month following the Date of Termination or, if later, within 30 days following the date the Participant attains age 55. In addition to the commencement of payment of the Supplemental
Benefit, a Participant who is a Specified Employee and attains age 55 on or before the completion of the six-month delay shall receive a lump sum payment within 30 days of the first business day of the seventh month following the Date of Termination
of the amount of Supplemental Benefit that would have otherwise been paid during the six-month delay required due to the Participant’s status as a Specified Employee. If payment of the Participant’s Supplemental Benefit is delayed due to
his or her status as a Specified Employee, the Supplemental Benefit payable shall be calculated as of the date the Supplemental Benefit would have been paid but for the six-month delay. Any form of payment under this subsection (b) shall be
actuarially equivalent to the form of payment that would otherwise be payable to the Participant in the absence of this subsection (b), using the actuarial assumptions set forth in the Retirement Plan. 

 

	 	(c)	 Form and Time of Payment Upon Change of Control Payment Event. If a Change of Control Payment Event occurs, in lieu of any other benefits under
the Plan, and notwithstanding the foregoing provisions of this Section 4.3 (except for the restrictions on payment to Specified Employees), the Participant shall be entitled to a lump sum payment which is the actuarial equivalent of the
Participant’s Supplemental Benefit payable within 90 days of the effective date of the Change of Control Payment Event. For purposes of this subsection (c), the determination of actuarial equivalency will be made using the actuarial assumptions
for determination of lump sums as set forth in the Retirement Plan; provided that in determining 

  
 12 

	 	
such actuarial equivalence, the Participant’s Supplemental Benefit shall be deemed to be payable immediately on the effective date of the Change of Control Payment Event, so that the Early
Retirement Adjustment Factors (as set forth in Article VII of the Retirement Plan) shall not be applied to reduce the amount otherwise payable. 

  

	 	(d)	Form and Time of Payment Upon Death. Payment of the Supplemental Benefit will commence within 90 days of the date of the Participant’s death in the form of
a 100% Joint and Survivor Annuity if the Participant was 55 years of age or older on such date. If the Participant was not age 55, payment shall be delayed until the date the Participant would have attained age 55. The Supplemental Benefit shall be
adjusted for payment of a death benefit as provided in Article 6 of the Retirement Plan, except that the timing of payment will be as stipulated in this Plan. 

 

	 	(e)	Payment to Specified Employees upon Separation from Service. In no event shall a Specified Employee that is receiving a payment under this Plan due to their
Separation from Service receive a payment prior to the first business day of the seventh month following the date of Separation from Service, unless the Separation from Service results from death. 

 

	 	(f)	De Minimis Amounts. The Company shall distribute a Participant’s benefit in the form of a single lump sum payment in the event the lump sum value of the
Supplemental Benefit, using the actuarial assumptions for determination of lump sums as set forth in the Retirement Plan, is $10,000 or less on the date payment is scheduled to commence under Sections 4.3(b), (c) or (d) and such payment
shall result in termination of the Participant’s entire interest in the Plan. 

 4.4 Restrictions on Alienation of
Benefits. No right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge the same shall be
void. No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit. Neither the Company nor any Affiliate shall be entitled to set off against the
amounts payable to the Participant under this Plan any amounts owed to the Company or the Affiliate by the Participant. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former
spouse of the Participant incident to a divorce, the Committee shall maintain such amount for the benefit of the former spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and the former
spouse shall be entitled to the same rights as the Participant with respect to such benefit. 
 4.5 Domestic Relations Orders. The
Committee shall establish procedures for determining whether an order directed to the Plan is a Plan-Approved Domestic Relations Order. If the Committee determines that an order is a Plan-Approved Domestic Relations Order, the Committee shall cause
the payment of amounts pursuant to or segregate a separate account as provided by (and to prevent any payment or act which might be inconsistent with) the Plan-Approved Domestic Relations Order to the extent permitted by Section 409A of the
Code. 

  
 13 

 4.6 Abandonment of Benefits. Each Participant and Beneficiary shall file with the Committee, from
time to time in writing, his or her address and each change of address, and any communication addressed to a Participant or Beneficiary at the last address filed with the Committee, or if no such address was filed, then at the last address as shown
on the records of the Participant’s employer, shall be binding on the Participant or the Participant’s Beneficiary for all purposes of the Plan, and the Committee shall not be obliged to search for or ascertain the whereabouts of any
Participant or Beneficiary; provided, that the Committee shall mail an annual notice of unpaid benefits to such person at such last address. If the Committee furnishes such annual notice to any Participant, or Beneficiary of a deceased Participant,
that the Participant is entitled to a distribution, and the Participant or Beneficiary fails to claim such distribution or make their whereabouts known to the Committee within five years thereafter, such benefits shall be deemed forfeited and
retained by or returned to the Company. 
 4.7 Information Required of Participants. Payment of benefits under the Plan shall begin as of
the payment date provided in this Plan and no formal claim shall be required therefor; provided that a Participant may file a claim for benefits in accordance with procedures established by the Committee; and further provided that the Committee may
make reasonable requests of Participants and Beneficiaries to furnish information which is reasonably necessary and appropriate to the orderly administration of the Plan, and payments under the Plan are conditioned upon the Participants and
Beneficiaries promptly furnishing true, full and complete information as the Committee may reasonably request. 
 4.8 Benefits Payable to
Incompetents. Any benefits payable hereunder to a minor or person under legal disability may be made, at the discretion of the Committee, (i) directly to the said person, or (ii) to a parent, spouse, relative by blood or marriage, or
the legal representative of said person. The Committee shall not be required to see to the application of any such payment, and the payee’s receipt shall be a full and final discharge of the Committee’s responsibility hereunder.

 4.9 Tax Withholding. All distributions under the Plan are subject to withholding of all applicable taxes. 

ARTICLE V 
 SOURCE
OF BENEFIT PAYMENTS 
 5.1 Liability for Benefit Payments. Any benefit payable under the Plan shall be paid from the general revenues of
the Employer with respect to whose employee or former employee the benefit is payable, subject to the following: 
  

	 	(a)	Multiple Employers of Participant. If a Participant has been employed by more than one Employer, the portion of the Participant’s Plan benefits payable by
any such Employer shall be in proportion to the benefit the Participant accrued under this Plan for his or her period of service with that Employer. 

  
 14 

	 	(b)	Effect of Transaction. If, as a result of a sale or other transaction, the Participant’s employer after the transaction is not, or ceases to be, an
Affiliate (and is or becomes an entity that is separate from the Company or an Affiliate), then, in determining liability for benefits due to the Participant under the Plan, the foregoing provisions of this Section 5.1 shall be applicable to
entities which remain Employers under the Plan. 

 5.2 Discretionary Establishment of Trust. An Employer, in its
discretion, may establish a trust, and may use the assets of the trust, to partially or fully satisfy its obligations under the Plan. Neither a Participant nor any other person shall, by reason of the Plan or any such trust, acquire any right in or
title to any assets, funds or property of the Employers whatsoever, including, without limitation, any specific funds, assets, or other property which the Employers, in their sole discretion, may set aside in anticipation of a liability under the
Plan. A Participant shall have only a contractual right to the amounts, if any, payable under the Plan, unsecured by any assets of the Employers. Nothing contained in the Plan shall constitute a guarantee by any of the Employers that the assets of
the Employers shall be sufficient to pay any benefits to any person. No action in the establishment of a trust shall result in a Participant acquiring any interest greater than that of an unsecured creditor of the Company or any Employer of a
Participant under the Plan. 
 5.3 Secondary Liability for Payment. To the extent that the Company and/or an Affiliate are not otherwise
obligated to provide benefits to any Participant by the provisions of Section 5.1, the Company shall take such actions as are necessary, and cause each Affiliate to take such actions as are necessary, to cause each such entity (the
“Guarantors”) to jointly and severally guarantee the payment of benefits otherwise due to the Participant under this Plan. However, in no event shall the guarantee provided by the preceding sentence give rise to an obligation unless the
employer or employers primarily obligated to make the payment do not pay such benefit within 30 days of the due date for such payment, and no entity organized under the laws of any jurisdiction outside the United States shall have an obligation to
enter into such guarantee. Each of the Guarantors shall be subrogated to the Participant’s rights under the Plan to the extent of any payments by each such Guarantor to or on account of the Participant under this Section 5.3. For the
avoidance of doubt, it is recited here that after a transaction described in Section 5.1(b), this Section 5.3 shall continue to be applicable to a Participant affected by such transaction. 

ARTICLE VI 

COMMITTEE 
 6.1
Administration. The authority to control and manage all aspects of the operation and administration of the Plan shall be vested in the Committee. The Committee shall be selected by the Board. If the Committee does not exist, or for any other
reason determined by the Board, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee. Until otherwise provided by the Board in accordance with this Article VI, the Committee shall be comprised of
the members of the Compensation Committee of the Company. 
 6.2 Powers of Committee. The Committee is authorized to (i) interpret
the Plan; (ii) to establish, amend, and rescind any rules and regulations relating to the Plan; (iii) to determine the terms and provisions of any agreements made pursuant to the Plan; (iv) to accelerate the vesting of any
Participant; and (v) to make all other determinations that may be necessary or advisable for the 

  
 15 

 
administration of the Plan so long as the exercise of this discretion does not violate Section 409A. Except as otherwise specifically provided by the Plan, any determinations to be made by
the Committee under the Plan shall be decided by the Committee in its sole discretion. Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons. 

6.3 Delegation by Committee. The Committee may by resolution, in its discretion, delegate administrative duties to one or more subcommittee(s)
comprised of employees of the Company appointed by the Committee. Any such delegation may be revoked at any time. 
 6.4 Information to be
Furnished to Committee. The Employers and Affiliates shall furnish the Committee with such data and information as may be required for it to discharge its duties. The records of the Employers and Affiliates as to an employee’s or
Participant’s employment, termination of employment, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be incorrect. Participants and other persons entitled to benefits under the Plan must
furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the Plan. 
 6.5 Liability and
Indemnification of Committee. No member or authorized delegate of the Committee shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to the person’s own fraud or
willful misconduct; nor shall the Employers be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director or employee of the Employers. The Committee, the individual members thereof, and
persons acting as the authorized delegates of the Committee under the Plan, shall be indemnified by the Employers against any and all liabilities, losses, costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may
be imposed on, incurred by or asserted against the Committee or its members or authorized delegates by reason of the performance of a Committee function if the Committee or its members or authorized delegates did not act dishonestly or in willful
violation of the law or regulation under which such liability, loss, cost or expense arises. This indemnification shall not duplicate but may supplement any coverage available under any applicable insurance. 

6.6 Expenses. The expenses of administering the Plan shall be borne by the Company. 

ARTICLE VII 

CLAIMS PROCEDURE 
 7.1 Claims
Review Procedures. The following claim procedures shall apply until such time as a Change of Control Payment Event has occurred. During the 24-month period following a Change of Control Payment Event, these procedures shall apply only to the
extent the claimant requests their application. After the expiration of the 24-month period following a Change of Control Payment Event, then, these procedures shall again apply until the occurrence of a subsequent Change of Control Payment Event.

  
 16 

	 	(a)	Denial of Claim. If a claim for benefits is wholly or partially denied, the claimant shall be given notice in writing of the denial within a reasonable time
after the receipt of the claim, but not later than 90 days after the receipt of the claim. However, if special circumstances require an extension, written notice of the extension shall be furnished to the claimant before the termination of the
90-day period. In no event shall the extension exceed a period of 90 days after the expiration of the initial 90-day period. The notice of the denial shall contain the following information written in a manner that may be understood by a claimant:

  

	 	(i)	The specific reasons for the denial; 

  

	 	(ii)	Specific reference to pertinent Plan provisions on which the denial is based; 

 

	 	(iii)	A description of any additional material or information necessary for the claimant to perfect his claim and an explanation of why such material or information is
necessary; 

  

	 	(iv)	An explanation that a full and fair review by the Committee of the denial may be requested by the claimant or his authorized representative by filing a written request
for a review with the Committee within 60 days after the notice of the denial is received; and 

  

	 	(v)	If a request for review is filed, the claimant or his authorized representative may review pertinent documents and submit issues and comments in writing within the
60-day period described in paragraph (iv) above. 

  

	 	(b)	Decisions After Review. The decision of the Committee with respect to the review of the denial shall be made promptly and in writing, but not later than 60 days
after the Committee receives the request for the review. However, if special circumstances require an extension of time, a decision shall be rendered not later than 120 days after the receipt of the request for review. A written notice of the
extension shall be furnished to the claimant prior to the expiration of the initial 60-day period. The claimant shall be given a copy of the decision, which shall state, in a manner calculated to be understood by the claimant, the specific reasons
for the decision and specific references to the pertinent Plan provisions on which the decision is based. 

  

	 	(c)	Other Procedures. Notwithstanding the foregoing, the Committee may, in its discretion, adopt different procedures for different claims without being bound by
past actions. Any procedures adopted, however, shall be designed to afford a claimant a full and fair review of his claim and shall comply with applicable regulations under ERISA. 

7.2 Finality of Determinations; Exhaustion of Remedies. To the extent permitted by law, decisions reached under the claims procedures set forth in
Section 7.1 shall be final and binding on all parties. No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted his or her remedies under Section 7.1. In any such legal action, the claimant
may only present evidence and theories which the claimant presented during the claims procedure. Any claims which the claimant does not in 

  
 17 

 
good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived. Judicial review of a claimant’s denied claim shall be limited to a
determination of whether the denial was arbitrary, capricious or an abuse of discretion based on the evidence and theories the claimant presented during the claims procedure. This Section shall have no application during the 24-month period
following a Change of Control Payment Event as to a claim which is first asserted or first denied after the Change of Control Payment Event and, as to such a claim, the de novo standard of judicial review shall apply. After the expiration of
the 24-month period following a Change of Control Payment Event, then, this Section shall again apply until the occurrence of a subsequent Change of Control Payment Event. 
 7.3 Effect of Fiduciary Action. The Plan shall be interpreted by the Committee and all Plan fiduciaries in accordance with the terms of the Plan and their intended meanings. However, the Committee
and all Plan fiduciaries shall have the sole discretion to make any findings of fact needed in the administration of the Plan, and shall have the sole discretion to interpret or construe ambiguous, unclear or implied (but omitted) terms in any
fashion they deem to be appropriate in their sole judgment. Except as stated in Section 7.2, the validity of any such finding of fact, interpretation, construction or decision shall not be given de novo review if challenged in court, by
arbitration or in any other forum, and shall be upheld unless clearly arbitrary or capricious. To the extent the Committee or any Plan fiduciary has been granted discretionary authority under the Plan, the Committee’s or Plan fiduciary’s
prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. If any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of
intent, or as determined by the Committee in its sole and exclusive judgment, the provision shall be considered ambiguous and shall be interpreted by the Committee and all Plan fiduciaries in a fashion consistent with its intent, as determined by
the Committee in its sole discretion. The Committee, without the need for Board of Directors’ approval, may amend the Plan retroactively to cure any such ambiguity. This Section may not be invoked by any person to require the Plan to be
interpreted in a manner which is inconsistent with its interpretation by the Committee or by any Plan fiduciaries. All actions taken and all determinations made in good faith by the Committee or by Plan fiduciaries shall be final and binding upon
all persons claiming any interest in or under the Plan. This Section shall not apply to fiduciary or Committee actions or interpretations which take place or are made during the 24-month period following a Change of Control Payment Event. After the
expiration of the 24-month period following a Change of Control Payment Event, then, this Section shall again apply until the occurrence of a subsequent Change of Control Payment Event. 

ARTICLE VIII 

MISCELLANEOUS 
 8.1 Tax
Consequences Not Guaranteed. The Employers do not warrant that this Plan will have any particular tax consequences for Participants or Beneficiaries and shall not be liable to them if tax consequences they anticipate do not actually occur.
Neither the Company nor the Affiliates shall have any obligation to indemnify a Participant or Beneficiary for lost tax benefits (or other damage or loss) because of change in Plan design or funding. 

  
 18 

 8.2 Severability. If any provision of the Plan is held invalid or illegal for any reason, any
illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been contained therein. The Company shall be permitted to correct and
remedy such questions of illegality or invalidity by amendment. 
 8.3 Benefits Under Other Plans. Benefits payable under the Plan shall
be disregarded for purposes of determining the benefits under the plans of the Company and the Affiliates (including, without limitation the plans intended to be qualified under section 401(a) of the Code), except as otherwise specifically provided
in the affected plan. 
 8.4 Gender and Number. Except when otherwise indicated by the context, any masculine terminology when used in
the Plan shall also include the feminine gender, and the definition of any term in the singular shall also include the plural. 
 8.5 Action
by Company or Affiliate. Any action required or permitted to be taken by the Company or any Employer or other Affiliate shall be by resolution of its board of directors or comparable governing body, or by action of one or more members of the
board or comparable governing body (including a committee of the board) who are duly authorized to act for the board, or by a duly authorized officer of such company. 
 8.6 Successors. The Plan shall be binding upon and inure to the benefit of the Company and any successors of the Company, subject to the following: 

 

	 	(a)	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or
assets of the Company to expressly assume and agree to perform the Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

 

	 	(b)	After a successor assumes this Plan in accordance with this Section 8.6, only such successor shall be liable for amounts payable after such assumption, and no
other companies shall have liability for amounts payable after such assumption. 

 8.7 Evidence. Evidence required of the
Participant under the Plan may be by certificate, affidavit, document or other information which the Committee considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

8.8 Applicable Laws. The Plan shall be construed and administered in accordance with the laws of the State of Oklahoma to the extent that such
laws are not preempted by the laws of the United States of America. 
 8.9 Attorney Fees. If any contest or dispute shall arise between
an Employer (or the Committee) and a Participant regarding the Participant’s right to benefits under the Plan, the following will apply: 

  
 19 

	 	(a)	The Employer otherwise responsible for payment of the benefits shall reimburse Participant for all legal fees and expenses reasonably incurred by Participant in
connection with such contest or dispute (provided that such legal fees are calculated on an hourly, and not on a contingency fee, basis), costs and expenses incurred by the Participant in connection with such enforcement or defense.

  

	 	(b)	The Participant shall be entitled to select his or her legal counsel; provided, however, that such right of selection shall not affect the requirement that any costs
and expenses reimbursable under this Section 8.9 be reasonable. 

  

	 	(c)	Except as otherwise provided in subsection (d) below, reimbursement by the Employer shall be made as soon as practicable following the resolution of the contest or
dispute to the extent the Employer receives appropriate documentation evidencing the incurrence of such attorneys’ fees, costs, and expenses but no later than December 31 of the year immediately following the year in which resolution of
the contest or dispute occurs. However, subject to subsection (d) below, no such reimbursement shall be due under this Section 8.9 if the Participant is not successful in respect of any of the Participant’s material claims or defenses
brought, raised or pursued in connection with such contest or dispute. 

  

	 	(d)	In the event that (i) within the period beginning on the Change of Control Payment Event and ending on the last day of the 24th calendar month following the
calendar month in which a Change of Control Payment Event, a claim (a “Claim”) for arbitration or a lawsuit filed by a Participant in connection with a dispute, claim, or controversy regarding the Participant’s rights and obligations
under the Plan or (ii) a Claim has been filed prior to a Change of Control Payment Event but has not been resolved as of the Change of Control Payment Event, then payments required under this Section 8.9 with respect to such Claim shall be
made by the Employer to the Participant (or directly to the Participant’s attorney) promptly following submission to the Employer of appropriate documentation evidencing the incurrence of such attorneys’ fees, costs, and expenses but no
later than December 31 of the year immediately following the year in which resolution of the contest or dispute occurs. If the Participant is not successful in respect of any of the Participant’s material claims or defenses brought, raised
or pursued in connection with such contest or dispute, the Participant shall repay the Employer the amount of any such reimbursement received in connection with such dispute in accordance with this Section 8.9 (without interest) as soon as
practicable following the resolution of such contest or dispute. 

 ARTICLE IX 

AMENDMENT AND TERMINATION 
 9.1
Amendment and/or Termination. The Board may, at any time, amend or terminate the Plan, subject to the following: 
  

	 	(a)	 Reduction of Accrued Benefits. Neither an amendment nor termination of the Plan shall reduce or impair the benefits accrued by or on behalf of
any Participant whose Date of Termination occurred prior to the date on which such amendment or termination is adopted by the Board. Neither an amendment nor termination of the Plan shall reduce or impair the

  
 20 

	 	
benefits accrued by or on behalf of any Participant whose Date of Termination occurs on or after the date on which such amendment or termination is adopted by the Board, as compared to the
benefits accrued under the Plan on the date immediately prior to the date on which the amendment or termination is adopted by the Board, if each Participant who had not previously incurred a Date of Termination was deemed to have incurred a Date of
Termination immediately prior to the date of such adoption and commenced payment of benefits under the Plan on the earliest commencement date that would be permitted under the terms of the Plan (as in effect prior to the amendment or termination)
following such deemed Date of Termination. 

  

	 	(b)	Vesting Rate. Neither an amendment nor termination of the Plan shall adversely affect the Participant’s right to vest in benefits in accordance with
Section 4.2(a), regardless of whether such vesting would occur on, before, or after the date such amendment or termination is adopted. However, the limitation in this subsection (b) shall not apply to persons who first become Participants
in the Plan after such amendment or termination is adopted. 

  

	 	(c)	Amendment of Provisions for Change of Control Vesting Event. In no event shall any amendment or termination adopted by the Board during the period beginning six
months prior to any Change of Control Vesting Event and ending on the last day of the 24th calendar month following the calendar month in which occurs a Change of Control Vesting Event adversely affect the Participant’s right to vest in
accordance with Section 4.2(c) during the period beginning six months prior to any Change of Control Vesting Event and ending on the last day of the 24th calendar month following the calendar month in which occurs a Change of Control Vesting
Event. 

  

	 	(d)	Accrual Rate After Change of Control Vesting Event. In no event shall any amendment or termination adopted by the Board during the period beginning six months
prior to a Change of Control Vesting Event and ending on the last day of the 24th calendar month following the calendar month in which occurs a Change of Control Vesting Event result in a reduction in the rate (as compared to the rate that would
have applied in the absence of such amendment or termination) at which benefits would be accrued for service during the period beginning on the Change of Control Vesting Event and ending on the last day of the 24th calendar month following the
calendar month in which occurs a Change of Control Vesting Event. 

  

	 	(e)	 Changes in Retirement Plan. If the benefit accrual rate under the Retirement Plan is terminated or curtailed, the benefit accrual rate under
this Plan shall be similarly terminated or curtailed. However, if the benefit accrual rate under the Retirement Plan is terminated or curtailed during the period beginning on a Change of Control Vesting Event and ending on the last day of the 24th
calendar month following the calendar month in which occurs a Change of Control Vesting Event, then the benefit accrual rate under this Plan shall be deemed to have been modified so that the Supplemental Benefit provided under this Plan will equal
the excess of (i) the Target Benefit that would have been provided if the benefit accrual 

  
 21 

	 	
rate under the Retirement Plan had not been terminated or curtailed during such period, over (ii) the Net Retirement Plan Benefit (determined after taking into account such termination or
curtailment to the extent it is applicable to the Participant). 

  

	 	(f)	Section 409A. The Plan may not be amended if the amendment would result in a violation of Section 409A. The Plan may only be terminated in a manner
that is compliant with the provisions of Section 409A regarding permitted plan termination. 

 IN WITNESS
WHEREOF, the Company has caused this instrument to be executed by their duly authorized officers in a number of copies, each of which shall be deemed an original but all of which shall constitute one and the same instrument, effective as of
January 1, 2012. 
  

			
	DEVON ENERGY CORPORATION
		
	By:	 	/s/    Frank W. Rudolph
		 	 Frank W. Rudolph, Executive

Vice President—Human Resources

  
 22 

 APPENDIX A 
 The following Participants shall have their Supplemental Benefit calculated in accordance with the provisions of this Appendix A: 

 

					
		  	 Rick D. Clark
 Steve G.
Cromwell
 Jeff D. Hall
 Danny J.
Heatly
 Brian J. Jennings
	  	 J. Michael Lacey
 Duke R.
Ligon
 Marian J. Moon
 J. Larry
Nichols
 Darryl G. Smette
 William T.
Vaughn

 The determination of the Supplemental Benefit under this Plan for the Participants listed in this
Appendix A will be made as though Section 4.1(a) of the Plan had been replaced with the following new Section 4.1(a): 

(a) Determination of Supplemental Benefit. A Participant’s Supplemental Benefit shall equal (i) minus (ii) where:

  

	 	(i)	is the Participant’s Target Benefit; and 

  

	 	(ii)	is the Participant’s Net Retirement Plan Benefit multiplied by a fraction, the denominator of which shall be “20” and the numerator of which shall be the
actual “Years of Benefit Accrual Service” (as defined in the Retirement Plan) earned at the calculated date not to exceed 20. 

 It is the intent that paragraph (ii) above shall be subtracted in its entirety from paragraph (i) in computing the Supplemental Benefit. 

 APPENDIX B 
 The following Participants shall have their Supplemental Benefit calculated in accordance with the provisions of this Appendix B: John Richels. The determination of the Supplemental Benefit under this
Plan for the Participants listed in this Appendix B will be in accordance with the terms of the Plan but will be made as though the changes set forth on this Appendix B were made to the Plan. 

I. Section 2 of the Supplemental Retirement Income Plan (the “Plan”) is hereby changed to include new Subsections (y),
(z), (aa), (bb), (cc), (dd), (ee) and (ff), as follows: 
  

	 	(y)	‘CPP’ means the Canada Pension Plan. 

  

	 	(z)	‘Devon Canada’ means Devon Canada Corporation, a wholly-owned subsidiary of the Company. 

 

	 	(aa)	‘Devon Canada Employee’ means an employee of Devon Canada who ceases to be an employee of Devon Canada and who immediately thereafter becomes an Employee of
the Company. 

  

	 	(bb)	‘Devon Canada Supplemental Plan’ means the Devon Canada Corporation Supplemental Executive Retirement Plan. 

 

	 	(cc)	‘Devon Canada Supplemental Plan Benefit’ means the estimated monthly benefit payable to a Participant who is a Devon Canada Employee at the same time and in
the same form of payment as the time and form of the payment of the Supplemental Benefit but determined upon the assumption that he would have no further compensation considered in calculating his Devon Canada Supplemental Plan Benefit after he
ceases to be an employee of Devon Canada. 

  

	 	(dd)	‘CPP Benefit’ means the estimated monthly amount payable to a Participant who was a Devon Canada Employee at his Normal Retirement Date under the Canada
Pension Plan as in effect on the earlier of his Normal Retirement Date or Date of Termination, but determined upon the assumption that he would have no further compensation considered in calculating his Canada Pension Plan Benefit after he ceases to
be an employee of Devon Canada. 

  

	 	(ee)	‘Registered Pension Plan’ means the Pension Plan for Employees of Devon Canada Corporation or any successor thereto or replacement therefore, as amended from
time to time. 

  

	 	(ff)	 ‘Registered Pension Plan Benefit’ means the monthly amount which would be payable to the Participant who was a Devon Canada Employee for the
aggregate defined contribution account balance held for the benefit of such Participant under the Registered Pension Plan as of the Participant’s Date of Termination with such account balance hypothetically converted to an annuity payable at
the same time and in the same form of payment as the time and 

  
 1 

	 	
form of the payment of the Supplemental Benefit; which hypothetical annuity shall be calculated using the actuarial assumptions set forth in the Retirement Plan. 

II. Section 4.1(a) of the Plan is hereby amended in its entirety to read as follows: 

“Section 4.1(a) Determination of Supplemental Benefit. A Participant’s ‘Supplemental Benefit’ shall equal
(i) the Participant’s Target Benefit minus (ii) the sum of (A) and (B), each determined as follows: 
  

	 	(A)	the product obtained by multiplying (1) a fraction, the denominator of which shall be 20 and the numerator of which shall be the actual Years of Credited Service
earned at the calculation date not to exceed 20 times (2) the sum of the Participant’s Registered Pension Plan Benefit and the Participant’s Net Retirement Plan Benefit as determined without taking into account the changes to
the Plan effected by the 2010 First Amendment to the Plan executed December 31, 2010 (the ‘2010 First Amendment’); and 

  

	 	(B)	the difference between (1) the Participant’s Net Retirement Plan Benefit taking into account all amendments to the Plan (including, without limitation, the
2010 First Amendment), and (2) the Participant’s Net Retirement Plan Benefit as determined without taking into account the changes to the Plan effected by the 2010 First Amendment.” 

III. Section 4.1(b) of the Plan is amended to include the following new Subsections (vi) and (vii): 

(vi) For purposes of calculating the Target Benefit references in the Retirement Plan to Primary Social Security Benefit shall mean
Primary Social Security Benefit and CPP Benefit. 
 (vii) For all purposes under this Plan, including calculating the Target
Benefit of a Devon Canada Employee, employment service of such Devon Canada Employee with Devon Canada shall be considered as employment service with the Company. 
 IV. There is added to Section 4 of the Plan new Subsections (i), (j), and (k) to read as follows: 
 “(i) Former Devon Canada Employee. Any Devon Canada Employee who has been selected for participation in this Plan, shall be deemed to have been an employee of the Company from such
individual’s original date of hire with Devon Canada up to such individual’s date of hire by the Company and thereafter, while employed by the Company. For purposes of this Plan, the original date of hire of John Richels with Devon Canada
is April 1, 1996. Except as otherwise provided in this Plan, in determining such Devon Canada Employee’s employment service, the same rules as applicable for calculating 

  
 2 

 
employment service for other Participants under this Plan will be applied to the Devon Canada Employees. A former Devon Canada Employee who is a Participant in this Plan will be eligible to
participate in the Retirement Plan in accordance with its terms, which recognizes employment service with Devon Canada for purposes of eligibility and vesting, but not for calculation of benefit accrual. 

(j) Minimum Benefit for Devon Canada Employee. Any Devon Canada Employee who has been selected to participate in this Plan will be
eligible to earn a Supplemental Benefit but in no event will the benefit under this Plan at any point in time be less than such Participant’s benefit earned under the Devon Canada Supplemental Plan calculated as of such Participant’s Date
of Termination. The minimum benefit of such Participant shall assume that neither Devon Canada nor the Company are making further contributions to the CPP or the Registered Pension Plan and any additional increase in value of the Registered Pension
Plan Benefit shall be attributable to investment earnings credited to the Participant’s account in such plan, and no further benefits are earned under the Devon Canada Supplemental Plan as of the date of hire of such Devon Canada Employee by
the Company. 
 (k) No Duplication of Benefits. Any former Devon Canada Employee who has been selected for participation
in this Plan, and who was formerly a Participant in the Devon Canada Supplemental Plan, shall, as a condition for participation in this Plan waive any benefit payable under the Devon Canada Supplemental Plan and there shall be no duplication of
benefits between this Plan, the Retirement Plan, the Canada Pension Plan, the CPP, the Registered Pension Plan and the Devon Canada Supplemental Plan. A former Devon Canada Employee who does not waive his or her Devon Canada Supplemental Plan
Benefit shall not be eligible for benefits under this Plan.” 

  
 3EX-4.1

 Exhibit 4.1 
 INDENTURE 
 NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST, 

as Issuer 
 and

 CITIBANK, N.A., 
 as Indenture Trustee 
 Dated as of February 22, 2012 

  
 (Nissan 2012-A
Indenture) 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	2	  
		
	 SECTION 1.01 Definitions
	  	 	2	  
	 SECTION 1.02 Usage of Terms
	  	 	9	  
	 SECTION 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	9	  
		
	ARTICLE II THE NOTES	  	 	9	  
		
	 SECTION 2.01 Form
	  	 	9	  
	 SECTION 2.02 Execution, Authentication and Delivery
	  	 	10	  
	 SECTION 2.03 Temporary Notes
	  	 	10	  
	 SECTION 2.04 Registration; Registration of Transfer and Exchange
	  	 	11	  
	 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	12	  
	 SECTION 2.06 Persons Deemed Owners
	  	 	13	  
	 SECTION 2.07 Payments of Principal and Interest
	  	 	13	  
	 SECTION 2.08 Cancellation
	  	 	14	  
	 SECTION 2.09 Release of Collateral
	  	 	14	  
	 SECTION 2.10 Book-Entry Notes
	  	 	14	  
	 SECTION 2.11 Notices to Clearing Agency
	  	 	15	  
	 SECTION 2.12 Definitive Notes
	  	 	15	  
	 SECTION 2.13 Tax Treatment
	  	 	16	  
		
	ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES	  	 	16	  
		
	 SECTION 3.01 Payment of Principal and Interest
	  	 	16	  
	 SECTION 3.02 Maintenance of Office or Agency
	  	 	17	  
	 SECTION 3.03 Money for Payments To Be Held in Trust
	  	 	17	  
	 SECTION 3.04 Existence
	  	 	18	  
	 SECTION 3.05 Protection of Trust Estate
	  	 	19	  
	 SECTION 3.06 Opinions as to Trust Estate
	  	 	19	  
	 SECTION 3.07 Performance of Obligations; Servicing of Receivables
	  	 	20	  
	 SECTION 3.08 Negative Covenants
	  	 	21	  
	 SECTION 3.09 Annual Statement as to Compliance
	  	 	21	  
	 SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	22	  
	 SECTION 3.11 Successor or Transferee
	  	 	23	  
	 SECTION 3.12 No Other Business
	  	 	24	  
	 SECTION 3.13 No Borrowing
	  	 	24	  

  
 (Nissan 2012-A
Indenture) 
 -i- 

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
	 SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities
	  	 	24	  
	 SECTION 3.15 Capital Expenditures
	  	 	24	  
	 SECTION 3.16 Removal of Administrator
	  	 	24	  
	 SECTION 3.17 Restricted Payments
	  	 	24	  
	 SECTION 3.18 Notice of Events of Default
	  	 	24	  
	 SECTION 3.19 Further Instruments and Actions
	  	 	25	  
	 SECTION 3.20 Representations and Warranties
	  	 	25	  
	 SECTION 3.21 Regulation AB Covenants
	  	 	25	  
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	26	  
		
	 SECTION 4.01 Satisfaction and Discharge of Indenture
	  	 	26	  
	 SECTION 4.02 Application of Trust Money
	  	 	27	  
	 SECTION 4.03 Repayment of Moneys Held by Paying Agent
	  	 	27	  
		
	 ARTICLE V REMEDIES
	  	 	27	  
		
	 SECTION 5.01 Events of Default
	  	 	27	  
	 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	  	 	28	  
	 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	29	  
	 SECTION 5.04 Remedies; Priorities
	  	 	31	  
	 SECTION 5.05 Optional Preservation of the Collateral
	  	 	32	  
	 SECTION 5.06 Limitation of Suits
	  	 	32	  
	 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest
	  	 	33	  
	 SECTION 5.08 Restoration of Rights and Remedies
	  	 	33	  
	 SECTION 5.09 Rights and Remedies Cumulative
	  	 	33	  
	 SECTION 5.10 Delay or Omission Not a Waiver
	  	 	33	  
	 SECTION 5.11 Control by Noteholders
	  	 	33	  
	 SECTION 5.12 Waiver of Past Defaults
	  	 	34	  
	 SECTION 5.13 Undertaking for Costs
	  	 	34	  
	 SECTION 5.14 Waiver of Stay or Extension Laws
	  	 	35	  
	 SECTION 5.15 Action on Notes
	  	 	35	  
	 SECTION 5.16 Performance and Enforcement of Certain Obligations
	  	 	35	  
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	36	  
		
	 SECTION 6.01 Duties of Indenture Trustee
	  	 	36	  

  
 (Nissan 2012-A
Indenture) 
 -ii- 

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
	 SECTION 6.02 Rights of Indenture Trustee
	  	 	37	  
	 SECTION 6.03 Individual Rights of Indenture Trustee
	  	 	39	  
	 SECTION 6.04 Indenture Trustee’s Disclaimer
	  	 	39	  
	 SECTION 6.05 Notice of Defaults
	  	 	40	  
	 SECTION 6.06 Reports by Indenture Trustee to Holders
	  	 	40	  
	 SECTION 6.07 Compensation and Indemnity
	  	 	40	  
	 SECTION 6.08 Replacement of Indenture Trustee
	  	 	41	  
	 SECTION 6.09 Successor Indenture Trustee by Merger
	  	 	42	  
	 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	 	42	  
	 SECTION 6.11 Eligibility; Disqualification
	  	 	43	  
	 SECTION 6.12 Preferential Collection of Claims Against Issuer
	  	 	43	  
	 SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and Servicing Agreement
	  	 	44	  
		
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	  	 	44	  
		
	 SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders
	  	 	44	  
	 SECTION 7.02 Preservation of Information; Communications to Noteholders
	  	 	44	  
	 SECTION 7.03 Reports by Issuer
	  	 	45	  
	 SECTION 7.04 Reports by Indenture Trustee
	  	 	45	  
	 SECTION 7.05 Indenture Trustee Website
	  	 	45	  
	 SECTION 7.06 Information to be Provided by the Indenture Trustee
	  	 	46	  
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	46	  
		
	 SECTION 8.01 Collection of Money
	  	 	46	  
	 SECTION 8.02 Accounts
	  	 	46	  
	 SECTION 8.03 General Provisions Regarding Accounts
	  	 	47	  
	 SECTION 8.04 Release of Trust Estate
	  	 	48	  
	 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer
	  	 	48	  
	 SECTION 8.06 Opinion of Counsel
	  	 	48	  
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	 	49	  
		
	 SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	  	 	49	  

  
 (Nissan 2012-A
Indenture) 
 -iii- 

 TABLE OF CONTENTS 

(Continued) 
  

					
	 	  	Page	 
	 SECTION 9.02 Supplemental Indentures with Consent of Noteholders
	  	 	50	  
	 SECTION 9.03 Execution of Supplemental Indentures
	  	 	51	  
	 SECTION 9.04 Effect of Supplemental Indenture
	  	 	51	  
	 SECTION 9.05 Conformity with Trust Indenture Act
	  	 	52	  
	 SECTION 9.06 Reference in Notes to Supplemental Indentures
	  	 	52	  
		
	ARTICLE X REDEMPTION OF NOTES	  	 	52	  
		
	 SECTION 10.01 Optional Purchase of All Receivables
	  	 	52	  
	 SECTION 10.02 Form of Redemption Notice
	  	 	52	  
	 SECTION 10.03 Notes Payable on Redemption Date
	  	 	53	  
		
	ARTICLE XI MISCELLANEOUS	  	 	53	  
		
	 SECTION 11.01 Compliance Certificates and Opinions, etc
	  	 	53	  
	 SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	  	 	55	  
	 SECTION 11.03 Acts of Noteholders
	  	 	55	  
	 SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies
	  	 	56	  
	 SECTION 11.05 Notices to Noteholders; Waiver
	  	 	56	  
	 SECTION 11.06 Alternate Payment and Notice Provisions
	  	 	57	  
	 SECTION 11.07 Conflict with Trust Indenture Act
	  	 	57	  
	 SECTION 11.08 Effect of Headings and Table of Contents
	  	 	57	  
	 SECTION 11.09 Successors and Assigns
	  	 	57	  
	 SECTION 11.10 Severability
	  	 	57	  
	 SECTION 11.11 Benefits of Indenture
	  	 	58	  
	 SECTION 11.12 Governing Law
	  	 	58	  
	 SECTION 11.13 Counterparts
	  	 	58	  
	 SECTION 11.14 Recording of Indenture
	  	 	58	  
	 SECTION 11.15 Trust Obligation
	  	 	58	  
	 SECTION 11.16 No Petition
	  	 	59	  
	 SECTION 11.17 Inspection
	  	 	59	  
		
	 EXHIBIT A FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE
	  			

  
 (Nissan 2012-A
Indenture) 
 -iv- 

  

			
	 TIA
 Section
	  	Indenture
Section
	 CROSS-REFERENCE TABLE

(not a part of this Indenture)
	  	
	 (§)310(a) (1)
	  	6.11
	 (a) (2)
	  	6.11
	 (a) (3)
	  	6.10(b)(1)
	 (a) (4)
	  	N.A.
	 (a) (5)
	  	6.11
	 (b)
	  	5.04
	 6.08
	  	
	 6.11
	  	
	 11.04
	  	
	 (c)
	  	N.A.
	 (§)311(a)
	  	6.12
	 (b)
	  	6.12
	 (c)
	  	N.A.
	 (§)312(a)
	  	7.01
	 (b)
	  	7.01
	 7.02(b)
	  	
	 (c)
	  	
	 7.02(c)
	  	
	 (§)313(a)
	  	7.04
	 (b) (1)
	  	N.A.
	 (b) (2)
	  	7.04
	 (c)
	  	7.04
	 11.04
	  	
	 (d)
	  	
	 7.04
	  	
	 (§)314(a)
	  	7.03
	 3.09
	  	
	 11.04
	  	
	 7.04
	  	
	 (b)
	  	
	 3.06
	  	
	 11.14
	  	
	 (c) (1)
	  	
	 11.01
	  	
	 6.02
	  	
	 8.05(b)
	  	
	 (c) (2)
	  	11.01
	 3.06
	  	
	 3.10
	  	
	 6.02
	  	
	 8.05(b)
	  	
	 8.06
	  	
	 (c) (3)
	  	11.01
	 (d)
	  	11.01(c)

  
 (Nissan 2012-A
Indenture) 
 -v- 

  

			
	 TIA
 Section
	  	Indenture
Section
		
	 (e)
	  	11.01
	 (f)
	  	N.A.
	 (§)315(a)
	  	6.01
	 (b)
	  	6.05
	 (c)
	  	N.A.
	 (d)
	  	6.01(c)
	 (e)
	  	5.13
	 (§)316(a)(1) (A)
	  	5.11
	 6.01(b)(3)
	  	
	 (a) (1) (B)
	  	5.12
	 (a) (2)
	  	N.A.
	 (b)
	  	5.07
	 9.02
	  	
	 5.13(c),
	  	
	 (c)
	  	N.A.
	 (§)317(a) (1)
	  	5.04
	 (a) (2)
	  	5.03(c)
	 5.03(d)
	  	
	 5.04
	  	
	 (b)
	  	3.03
	 (§)318(a)
	  	11.07

  
  

N.A. means not applicable 

  
 (Nissan 2012-A
Indenture) 
 -vi- 

 INDENTURE dated as of February 22, 2012 (as amended, supplemented or otherwise modified
and in effect from time to time, this “Indenture”), between NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST, a Delaware statutory trust (the “Issuer”), and CITIBANK, N.A., a national banking association, as trustee and not in
its individual capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of the Issuer’s 0.35860% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 0.54% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.73% Asset
Backed Notes, Class A-3 (the “Class A-3 Notes”), and 1.00% Asset Backed Notes, Class A-4 (the “Class A-4 Notes,” and collectively with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
“Notes”): 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes all of the Issuer’s right, title and interest, whether now
owned or hereafter acquired, in and to the following: 
 (i) the Receivables (including all related Receivable Files) and all
monies due thereon or paid thereunder or in respect thereof after the Cut-off Date; 
 (ii) the Trust Accounts and amounts on
deposit in the Trust Accounts; 
 (iii) the security interests in the Financed Vehicles granted by the Obligors pursuant to the
Receivables and any related property; 
 (iv) any proceeds from claims on any physical damage, credit life, credit disability or
other insurance policies covering the Financed Vehicles or the Obligors; 
 (v) payments in respect of any Dealer Recourse with
respect to the Receivables; 
 (vi) the Sale and Servicing Agreement, the Purchase Agreement and the Assignment; 

(vii) the right of the Issuer to realize upon any property (including the right to receive future Net Liquidation Proceeds) that shall
have secured a Receivable; 
 (viii) rebates of premiums and other amounts relating to insurance policies and other items
financed under the Receivables in effect as of the Cut-off Date; 
 (ix) all other assets comprising the Owner Trust Estate; and

 (x) all proceeds of the foregoing. 
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or
distinction and to secure compliance with the provisions of this Indenture, and subject 

  
 (Nissan 2012-A
Indenture) 
 1 

 
to the subordinate claims thereon of the Holder of the Certificates, all as provided in this Indenture. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and
agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes may be adequately and effectively protected. 

ARTICLE I 

Definitions and Incorporation by Reference 
 SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in
the Sale and Servicing Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”), by and among Nissan Auto Receivables Corporation II,
as seller, Nissan Motor Acceptance Corporation, as servicer, and the Issuer. 
 SECTION 1.02 Usage of Terms. With respect
to all terms in this Indenture, 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 Indenture; 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; and the term “including” means “including without limitation.” 
 SECTION 1.03 Incorporation by
Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 
 “indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

  
 (Nissan 2012-A
Indenture) 
 2 

 All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA
by reference to another statute or defined by Commission rule have the meanings so assigned to them. 
 ARTICLE II

 The Notes 
 SECTION 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set
forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The Definitive Notes shall be
typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the
terms of this Indenture. 
 SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of
the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer
shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. The Indenture Trustee shall
upon Issuer Order authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $379,000,000, the Class A-2 Notes for original issue in an aggregate principal amount of $485,000,000, the Class A-3
Notes for original issue in an aggregate principal amount of $514,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $162,714,000. The aggregate principal amount of the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum
denominations of $25,000 and any integral multiple of $1,000 in excess thereof; provided that any Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of
this Indenture. Each Note shall be dated the date of its authentication. 
 No Note shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual or
facsimile signature of one of its authorized signatories, and such certificate upon any Note 

  
 (Nissan 2012-A
Indenture) 
 3 

 
shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the
officers executing such Notes may determine, as evidenced by their execution of such Notes. If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes of any Class, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of such Class of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.04 Registration; Registration of Transfer and Exchange. 
 (a) The
Note Registrar shall maintain a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of Notes and transfers and exchanges of Notes as provided in this Indenture.
The Indenture Trustee is hereby initially appointed Note Registrar for the purpose of registering Notes and transfers and exchanges of Notes as provided in this Indenture. In the event that, subsequent to the Closing Date, the Indenture Trustee
notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall appoint another bank or trust company, having an office or agency located in the Borough of Manhattan, The City of New York, agreeing to act in accordance with the
provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor Note Registrar under this Indenture. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of
the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to
rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. 

(b) Upon the proper surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided
in Section 3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in the name of the designated transferee or transferees, one or more new Notes of the same Class in authorized denominations of a like aggregate
principal amount. 

  
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 (c) At the option of the Holder, Notes may be exchanged for other Notes of the same Class in
any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange shall be accompanied by
a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

(d) No service charge shall be made for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 
 (e) All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Indenture Trustee. 

(f) By acquiring a Note, each Note Owner will be deemed to represent, warrant and covenant that either (i) it is not acquiring the
Note (or any interest therein) with the assets of a Benefit Plan; or (ii) the acquisition, holding and disposition of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the
Code or any Similar Law. Each purchaser and transferee acknowledges and agrees that the Notes are not eligible for purchase by Benefit Plans at any time that the ratings on the Notes are below investment grade. 

(g) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified in the definition of Tax Retained Notes)
unless a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the effect that, for federal income tax purposes, such Notes after such transfer will be treated as
debt and, if there are other Notes of the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, for such purposes such Notes will be fungible with such other Notes of the same Class; provided, however, that
fungibility need not take into account whether Notes are, or are not, Definitive Notes. 
 SECTION 2.05 Mutilated, Destroyed,
Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired
by a protected purchaser, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class. In
connection with the issuance of any new Note under this Section 2.05, the Issuer may require payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto.

  
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 If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Every replacement Note issued pursuant to this Section 2.05 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same
Class duly issued hereunder. 
 The provisions of this Section 2.05 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.06 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if
any, on such Note and for all other purposes whatsoever, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.07 Payments of Principal and Interest. 
 (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall accrue interest during each Interest Period at the Class A-1 Interest Rate, the
Class A-2 Interest Rate, the Class A-3 Interest Rate and the Class A-4 Interest Rate, respectively, and such interest shall be payable on each related Distribution Date as specified in the applicable Note by applying amounts available
pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of this Indenture. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the
applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such nominee, except
for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. 

(b) The principal of each Note shall be payable in installments on each Distribution Date by applying amounts available pursuant to
Section 5.06 of the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, from and after the date on which the Notes have

  
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been declared to be immediately due and payable in the manner provided in Section 5.02 in connection with an Event of Default. All principal payments on each Class of Notes shall be
made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the final
installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile not less than 10 nor more than 30 days prior to such final Distribution Date, shall specify that such final installment will
be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. 
 SECTION 2.08 Cancellation. All Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the
Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt of an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates. 
 SECTION 2.10 Book-Entry Notes. The Notes (other than
any Retained Notes), upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, or a custodian therefor, by, or on behalf
of, the Issuer. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof will receive a Definitive Note representing such Note
Owner’s interest in such Note (other than in the case of any Retained Notes), except as provided in Section 2.12. Except for any Retained Notes, and, otherwise, unless and until definitive, fully registered Notes (the
“Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.12: 
 (a) the provisions
of this Section shall be in full force and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal
with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the authorized representative of the Note Owners; 

  
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 (c) to the extent that the provisions of this Section conflict with any other provisions of
this Indenture, the provisions of this Section shall control; 
 (d) the rights of Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Notes
are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions
of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Notes or of the Notes of any Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such
effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, and except with respect to notices and communications to any Holders of Retained Notes, the Indenture Trustee shall give
all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency. 

SECTION 2.12 Definitive Notes. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if
(i) the Seller, the Owner Trustee or the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the
Seller, the Owner Trustee or the Administrator are unable to locate a qualified successor (and if the Administrator has made such determination, the Administrator has given written notice thereof to the Indenture Trustee), (ii) the Seller, the
Indenture Trustee or the Administrator, at its option and to the extent permitted by law, advises each other such party in writing that it elects to terminate the book-entry system through the Clearing Agency, or (iii) after the occurrence of
an Event of Default or a Servicer Default, Note Owners representing beneficial interests aggregating a majority of the Outstanding Amount of the Notes of all Classes advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency or a successor thereto is no longer in the best interests of the Note Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture
Trustee of the occurrence of such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in 

  
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delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as Noteholders. The Indenture Trustee, Issuer and Administrator shall not be liable for any inability to locate a qualified successor Clearing Agency. From and after the date of issuance of Definitive Notes, all
notices to be given to Noteholders will be mailed thereto at their addresses of record in the Note Register as of the relevant Record Date. Such notices will be deemed to have been given as of the date of mailing. Interest and principal payments on
the Definitive Notes on each Distribution Date will be made to the holders in whose names the related Definitive Notes, as applicable, were registered at the close of business on the related Deposit Date. Payments will be made by check mailed to the
address of such holders as they appear on the Note register, except that a Noteholder having original denominations aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the
Indenture Trustee at least five Business Days prior to the Deposit Date. The final payment on any Definitive Notes will be made only upon presentation and surrender of the Definitive Notes at the office or agency specified in the notice of final
payment to Noteholders. From and after the Closing Date, the Holder of a Definitive Note (other than any Retained Note) and the Issuer may elect for such Note to be issued in the form of a Book-Entry Note provided the Clearing Agency is then willing
and able to discharge its responsibilities with respect to the Book Entry Notes. In connection with such election, the Issuer and the Indenture Trustee shall upon Issuer Order execute, authenticate and deliver the Book-Entry Note and documents
related thereto in accordance with the terms hereof and the Issuer Order. 
 SECTION 2.13 Tax Treatment. The Issuer has
entered into this Indenture, and the Notes (other than the Tax Retained Notes, if any) will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness
of the Issuer secured by the Trust Estate or, for periods during which there is a single beneficial owner of the Certificates, indebtedness of the Certificateholder issued by the Trust Estate. The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than the Tax Retained Notes, if any) for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer. 
 ARTICLE III 

Covenants, Representations and Warranties 
 SECTION 3.01 Payment of Principal and Interest. In accordance with the terms of this Indenture, the Issuer will duly and punctually (i) pay the principal of and interest, if any, on the Notes
in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to release from the Collection Account all other amounts distributable or payable from the Owner Trust Estate under the
Trust Agreement, the Sale and Servicing Agreement and the Administration Agreement. Without limiting the foregoing and in order to fulfill such obligations, pursuant to Sections 8.02 and 8.03 hereof, the Issuer will cause the Servicer
to direct the Indenture Trustee to apply all amounts on deposit in the Collection Account and the Reserve Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) (a) for the benefit of the
Class A-1 Notes, to the Class A-1 Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the 

  
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benefit of the Class A-3 Notes, to the Class A-3 Noteholders, and (d) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, and (ii) for the benefit
of the Certificateholders, to or as directed by the Owner Trustee or the Administrator, as set forth in Section 5.06 and 5.07 of the Sale and Servicing Agreement. Amounts properly withheld under the Code by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
 SECTION 3.02 Maintenance of Office or Agency. The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of
transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The
Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and
demands. 
 SECTION 3.03 Money for Payments To Be Held in Trust. As provided in Sections 8.02 and 8.03, all
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account or the Reserve Account pursuant to Sections 8.02 and 8.03 shall be made on behalf of the Issuer by the
Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes shall be paid over to the Issuer, the Owner Trustee or the Administrator except as provided in this Section. 

On or before each Distribution Date, the Issuer shall deposit in the Collection Account or, in accordance with the Sale and Servicing
Agreement, cause to be deposited (including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account and to deposit such amounts in the Collection Account) an aggregate sum sufficient to pay
the amounts then becoming due under the Notes and the Certificates, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of
its action or failure so to act. 
 The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the
Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (a) hold all sums held by it for
the payment of amounts due with respect to the Notes or for release to the Issuer for payment on the Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and pay or release such sums to such Persons as herein provided; 

  
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 (b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor
upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes or the release of any amounts to the Issuer to be paid to the Certificateholders; 

(c) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as a Paying Agent and forthwith pay
to the Indenture Trustee all sums held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes or Certificates
(or assisting the Issuer to withhold from payment to the Certificateholders) of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining
unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid to Second Harvest Food Bank of Tennessee upon presentation thereto
of an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease. In the event that any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final payment described in Section 2.07, the Indenture Trustee will give a
second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense
and direction of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee
shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment specified by the Issuer or the Administrator. 

  
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 SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer
will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate or the Owner Trust Estate. 

SECTION 3.05 Protection of Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments
hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

(a) maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the
purposes hereof; 
 (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 (c) enforce any of the Collateral; or 
 (d) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 

The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute any financing
statement, continuation statement or other instrument required to be executed and/or filed pursuant to this Section 3.05. 
 SECTION 3.06 Opinions as to Trust Estate. 
 (a) On the Closing Date, the
Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording and filing of this Indenture, any
indentures supplemental hereto, any requisite financing statements and continuation statements and any other requisite documents necessary to perfect and make effective the lien and security interest of this Indenture or stating that, in the opinion
of such counsel, no such action is necessary to make such lien and security interest effective. 
 (b) As and when specified in
Section 10.02(h) of the Sale and Servicing Agreement, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect
to the execution, recording, filing or re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation statements and any other requisite documents necessary to maintain the lien and
security interest created by this Indenture or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the execution, recording, filing or
re-recording and refiling of this Indenture, any indentures supplemental hereto, any 

  
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financing statements and continuation statements and any other documents that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until
the date in the following calendar year on which such Opinion of Counsel must again be delivered. 
 SECTION 3.07 Performance
of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer
in performing its duties under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its obligations and
agreements contained in the Basic Documents and in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed
by the terms of the Trust Agreement, this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
 (d) As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to Section 8.01 of the Sale and Servicing Agreement, the
Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a
Successor Servicer has not been appointed and accepted its appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer
and shall thereafter be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or petition a court of competent jurisdiction to appoint, and the predecessor
Servicer, if no successor Servicer has been appointed at the time the predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint, any established institution having a net worth of not less than $100,000,000 and
whose regular business shall include the servicing of automobile and/or light-duty truck receivables, as the successor to the Servicer under the Sale and Servicing Agreement. Upon such appointment, the Indenture Trustee will be released from the
duties and obligations of acting as Successor Servicer, such release effective upon the effective date of the servicing agreement entered into between the Successor Servicer and the Issuer. 

In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it
and such Successor Servicer shall 

  
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agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer shall
enter into an agreement with such Successor Servicer for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as
servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as Successor Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become the Successor Servicer, the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates, provided that the
Indenture Trustee, in its capacity as Successor Servicer, shall remain fully liable for the actions and omissions of such Affiliate. 
 (e) Upon any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as a Successor Servicer is
appointed, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer. 
 SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
 (a) except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless
directed to do so by the Indenture Trustee; 
 (b) claim any credit on, or make any deduction from the principal or interest
payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the
Trust Estate; 
 (c) except as may be expressly permitted hereby, (A) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture,
(B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any
interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related
Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) dissolve or liquidate in whole
or in part; or 
 (d) assume or incur any indebtedness other than the Notes or as expressly contemplated by this Indenture or by
the Basic Documents. 
 SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause the Servicer to deliver to
the Indenture Trustee concurrently with its delivery thereof to the Issuer the 

  
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annual statement of compliance described in Section 4.09 of the Sale and Servicing Agreement. In addition, on the same date annually upon which such annual statement of compliance is
to be delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate, 
 (a)
stating, as to the Authorized Officer signing such Officer’s Certificate, that a review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision;
and 
 (b) furnishing, to the extent of the Authorized Officer’s knowledge, information regarding the Issuer’s
compliance with all conditions and covenants under this Indenture throughout such year in all material respects. 
 SECTION 3.10
Issuer May Consolidate, etc., Only on Certain Terms. 
 (a) The Issuer shall not consolidate or merge with or into any
other Person, unless: 
 (1) the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to
be performed or observed, all as provided herein; 
 (2) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 
 (3) the Rating Agency Condition shall have
been satisfied with respect to such transaction; 
 (4) the Issuer shall have received an Opinion of Counsel
(and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

(5) any action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and
Servicing Agreement or this Indenture shall have been taken; and 
 (6) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions precedent provided in this
Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

  
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 (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Trust Estate, to any Person, unless: 
 (1) the Person that acquires by conveyance or transfer
such properties and assets of the Issuer shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred
shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture
Trustee against and from any loss, liability or expense arising under or related to this Indenture and the Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified
Person) shall make all filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the
appropriate authorities in any state in which the Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service
or the relevant state or local taxing authorities of any jurisdiction; 
 (2) immediately after giving effect to
such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (3) the Rating Agency
Condition shall have been satisfied with respect to such transaction; 
 (4) the Issuer shall have received an
Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

(5) any action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and
Servicing Agreement or this Indenture shall have been taken; and 
 (6) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Exchange Act). 

  
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 SECTION 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b),
Nissan Auto Receivables 2012-A Owner Trust will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes and the Certificates immediately upon the delivery of
written notice to the Indenture Trustee stating that Nissan Auto Receivables 2012-A Owner Trust is to be so released. 
 SECTION
3.12 No Other Business. Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables
and other property comprising the Trust Estate in the manner contemplated by the Basic Documents and activities incidental thereto. 
 SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or otherwise become
liable, directly or indirectly, for any indebtedness except for the Notes or other obligations permitted hereunder (including the obligation to reimburse Advances or certain expenses of the Servicer) or under another Basic Document (including
indemnification expenses of the Issuer and certain fees and expenses of the Administrator). 
 SECTION 3.14 Guarantees,
Loans, Advances and Other Liabilities. Unless and until the Issuer shall have been released from its duties and obligations hereunder, except as contemplated by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse
or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or
any other interest in, or make any capital contribution to, any other Person. 
 SECTION 3.15 Capital Expenditures.
Unless and until the Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.16 Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without
cause unless so instructed by the Owner Trustee or the Indenture Trustee and in accordance with Section 8 of the Administration Agreement. 

  
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 SECTION 3.17 Restricted Payments. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with the Basic Documents. 
 SECTION 3.18
Notice of Events of Default. The Issuer shall give the Indenture Trustee and the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(a)(i)(L) and Section 1(d) of the
Administration Agreement) prompt written notice of each Event of Default hereunder, each Servicer Default and each default on the part of the Seller of its obligations under the Sale and Servicing Agreement and NMAC of its obligations under the
Purchase Agreement. 
 The Indenture Trustee shall notify each Noteholder of record in writing of any Event of Default promptly
upon a Responsible Officer obtaining actual knowledge thereof. Such notices will be provided in accordance with Section 2.11. 
 SECTION 3.19 Further Instruments and Actions. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 3.20 Representations and
Warranties. The Issuer makes the following representations and warranties. Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the Closing Date.
Notwithstanding anything to the contrary, the Indenture Trustee shall not waive any breach of representations or warranties in this Section 3.20 without the written consent of at least a majority of the Outstanding Amount of the Notes,
voting as a single class. 
 (a) This Indenture creates a valid and continuing security interest (as defined in the applicable
UCC) in the Collateral in favor of the Indenture Trustee (to the extent such security interest can be perfected by the filing of a financing statement), which security interest is prior to all other Liens, and is enforceable as such as against
creditors of any purchasers from the Issuer. 
 (b) The Issuer has taken all steps necessary to perfect its security interest
against the Obligor in the property securing the Receivables. 
 (c) The Receivables constitute “tangible chattel
paper” or “electronic chattel paper” within the meaning of the applicable UCC. 
 (d) The Issuer owns and has
good and marketable title to the Collateral free and clear of any Lien, claim or encumbrance of any Person. 
 (e) The Issuer
has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in
the Collateral (to the extent such security interest can be perfected by the filing of a financing statement) granted to the Indenture Trustee hereunder. 

  
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 (f) Other than the security interest granted to the Indenture Trustee pursuant to this
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that
includes a description of collateral covering the Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or a financing statement as to which the security interest covering the
Receivables has been released. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 
 (g) The
Servicer, as an agent of the Issuer, and to the extent allowed by law, has in its possession all originals or authoritative copies of the tangible records constituting or forming a part of the Collateral. The Servicer shall at all times maintain
control, as defined in Section 9-105 of the UCC, of all electronic chattel paper. The Receivable Files that constitute or evidence the Collateral do not have any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed by the Issuer to any Person other than the Indenture Trustee. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement to the
following effect: “A purchase of or security interest in any collateral described in this financing statement, except as permitted in the Indenture, will violate the rights of the Indenture Trustee.” 

SECTION 3.21 Regulation AB Covenants. So long as the Seller is required to file any reports with respect to the Issuer under the
Exchange Act, the Issuer and the Indenture Trustee each agree to perform all duties and obligations applicable to or required of the Issuer and the Indenture Trustee, as applicable, set forth in Appendix A to the Sale and Servicing Agreement and
each makes the covenants and agreements therein applicable to it. 
 ARTICLE IV 

Satisfaction and Discharge 
 SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee
under Sections 3.03 and 4.02), and (vi) the rights of the Noteholders and the Certificateholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a) either (1) all Notes theretofore authenticated and delivered (other than Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.05 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and

  
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payable or will become due and payable within one year (either because the Final Scheduled Distribution Date for the Class A-4 Notes is within one year or because the Indenture Trustee has
received notice of the exercise of the option granted pursuant to Section 9.01 of the Sale and Servicing Agreement) and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes
not theretofore delivered to the Indenture Trustee for cancellation when due; 
 (b) the Issuer has paid or caused to be paid
all other sums payable hereunder by the Issuer; and 
 (c) the Issuer has delivered to the Indenture Trustee, an Officer’s
Certificate, an Opinion of Counsel (if required by the TIA) and an Independent Certificate from a firm of certified public accountants (if required by the TIA), each meeting the applicable requirements of Section 11.01 and, subject to
Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 SECTION 4.02 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and (a) applied by it in accordance
with the provisions of the Notes and this Indenture to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment of which such moneys have been deposited
with the Indenture Trustee, of all sums due and to become due thereon for principal and interest or (b) released to the Owner Trustee for application pursuant to the Trust Agreement or the Sale and Servicing Agreement; but such moneys need not
be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 

SECTION 4.03 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
 ARTICLE V 
 Remedies 

SECTION 5.01 Events of Default. “Event of Default,” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (a) default in the payment of any interest on any Note when the same becomes due and payable, and such
default shall continue for a period of five days; 

  
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 (b) default in the payment of the principal of any Note on the Final Scheduled Distribution
Date or the Redemption Date; 
 (c) a material default in the observance or performance of any covenant or agreement of the
Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with) which shall continue or not be cured for a period of 90 days after there
shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, acting together as a single class, a
written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 
 (d) any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith shall prove to have been incorrect in any
material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated
or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding
Amount of the Notes, acting together as a single Class, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or 

(e) an Insolvency Event shall have occurred with respect to the Issuer. 

The Issuer shall deliver to the Indenture Trustee, within five Business Days after the occurrence thereof, written notice in the form of
an Officer’s Certificate of any Default that with the giving of notice or the lapse of time would become an Event of Default under clause (d) stating the status of such Default and any action the Issuer is taking or proposes to take with
respect thereto. 
 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur
and be continuing, then and in every such case the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class may declare all the Notes to be immediately due and payable, by a notice in writing to
the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately
due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 

  
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 (a) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

 (1) all payments of principal of and interest on the Notes and all other amounts that would then be due
hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(2) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee and its agents and counsel. 
 (b) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default or impair any right consequent thereto. 
 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 
 (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or
(ii) default is made in the payment of the principal of any Note at the related Final Scheduled Distribution Date or Redemption Date, the Issuer will, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the
Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments
of interest at the rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel. 
 (b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the
Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

(c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders and, incidentally thereto, the Certificateholders, by such appropriate Proceedings as the Indenture Trustee shall deem most
effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law. 

  
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 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, then, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, the Indenture Trustee shall be entitled and empowered, by intervention in such
Proceedings or otherwise: 
 (1) to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 

(2) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (3) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(4) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property. 
 Any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event
that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad
faith. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any 

  
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Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person. 
 (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture
Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary
to make any Noteholder a party to any such Proceedings. 
 SECTION 5.04 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and result in the acceleration of the Notes, the Indenture Trustee shall
make payments as set forth in Section 5.06(d) of the Sale and Servicing Agreement, rather than pursuant to Section 5.06(c) thereof. 
 (b) If the Indenture Trustee, in compliance with Section 5.04(a), is deemed to have a conflict of interest under the TIA and is required to resign as Indenture Trustee hereunder, the Issuer
shall, pursuant to Section 6.08, cause the Servicer to appoint a successor Indenture Trustee. 
 (c) In accordance
with Section 5.04(b), if an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05): 

(1) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then
payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 

(2) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (3) exercise any remedies of a secured party under the UCC and take any other appropriate action
to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (4) sell the
Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the 

  
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Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding Amount of
the Notes, voting as a single class, consent thereto, or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and
interest, (C) the Indenture Trustee determines that the Trust Estate may not continue to provide sufficient funds on an ongoing basis to make all payments of principal of and interest on the Notes as they would have become due if the Notes had
not been declared due and payable, and the Indenture Trustee obtains the consent of Holders of a 66 2/3% of the Outstanding Amount of the Notes, voting as a single class, or (D) the Servicer exercises its option to purchase the Receivables
pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 hereof. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

(d) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15
days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the related record date, payment date and amount to be paid. 

SECTION 5.05 Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless otherwise directed by the Holders of at least a majority of the Outstanding
Amount of the Notes, voting as a single class, but need not, elect to maintain possession of the Collateral and direct the Issuer, Servicer and Administrator not to take steps to liquidate the Receivables. It is the desire of the parties hereto and
the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.06 Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder unless such Holder has
previously given written notice to the Indenture Trustee of a continuing Event of Default, and: 
 (a) the Event of Default
arises from the Servicer’s failure to remit payments when due; or 
 (b) the Holders of not less than 25% of the
Outstanding Amount of the Notes, voting as a single class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder and have

  
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offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings, and no direction inconsistent with that written request has been given to the Indenture Trustee during the 60-day period by the holders of a majority in
principal amount of those outstanding Notes (or relevant class or classes of Notes). 
 It is understood and intended that no
one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding
Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the
principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note and in this Indenture (in each case with reference to the calculations to be made pursuant to the Sale and Servicing Agreement), and
to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has
been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture
Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise
any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any 

  
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such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 
 SECTION 5.11
Control by Noteholders. The Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that: 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; and 
 (b) any direction to the Indenture Trustee to sell or liquidate the Collateral shall be by Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of the Notes set
forth in Section 5.04(c)(4); and 
 (c) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this
Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as
provided in Section 5.02 or the liquidation or sale of the Collateral pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class may waive any past Default or Event of
Default and its consequences except a Default or Event of Default in (a) payment of principal or interest on the Notes or (b) an Event of Default in respect of a covenant or provision hereof that cannot be modified or amended without the
consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively. 

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of
Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note or Note
Owner by such Holder’s acceptance of such Note or beneficial interest therein, as the case may be, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including 

  
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reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or a group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the
Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 

SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(a). 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer or to each other under or in connection with the
Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with each
such agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Servicer of each of their respective obligations under the Sale and Servicing Agreement, the Purchase Agreement. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone, confirmed in writing promptly thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, shall, exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, the Purchase Agreement, or against the Administrator under the Administration Agreement, 

  
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including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or the Administrator, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval, extension, or waiver thereunder and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 
 The Indenture Trustee 

SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and after the occurrence of a Servicer Default
under the Sale and Servicing Agreement, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. 
 (a) The Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be
specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they conform on their face to the requirements of this Indenture. 

(b) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its
own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that: 
 (1)
the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set
forth in this Indenture, no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in this Indenture shall not be construed as a duty
and, in the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Indenture Trustee and conforming on their face to the requirements of this Indenture; 
 (2) the
Indenture Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Indenture Trustee was negligent in performing its duties in accordance with the terms of this
Indenture; and 
 (3) the Indenture Trustee shall not be personally liable with respect to any action taken,
suffered or omitted to be taken in good faith in accordance with the direction of (i) the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a single class, relating to the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee under this Indenture. 
 (c) The Indenture Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Indenture, or

  
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in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (d) All information obtained by the Indenture Trustee regarding the Obligors and the Receivables
contained in the Trust, whether upon the exercise of its rights under this Indenture or otherwise, shall be maintained by the Indenture Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any
applicable law or regulation or pursuant to subpoena. 
 (e) If (i) pursuant to Section 3.02 of the Sale and Servicing
Agreement, a Responsible Officer of the Indenture Trustee discovers that a representation or warranty with respect to a Receivable was incorrect as of the time specified with respect to such representation and warranty and such incorrectness
materially and adversely affects such Receivable, or (ii) pursuant to Section 4.06 of the Sale and Servicing Agreement, a Responsible Officer of the Indenture Trustee discovers that a covenant of the Servicer has been breached with respect
to a Receivable that would materially and adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the Servicer and the Owner Trustee of such incorrectness. 

(f) The Indenture Trustee shall not be deemed to have knowledge of any Default or Event of Default or other event unless a Responsible
Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this Indenture. 
 SECTION 6.02 Rights of Indenture Trustee. 
 (a) Except as otherwise
provided in Section 6.01: 
 (1) the Indenture Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officer’s Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal,
bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties, including, without limitation, provided to it via email or other suitable means of electronic distribution as permitted
in writing by the Indenture Trustee; 
 (2) the Indenture Trustee may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Indenture in good faith and in accordance with such advice or Opinion of Counsel;

 (3) the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture or the Sale and Servicing Agreement, or to institute, conduct or defend any litigation under this Indenture, or in relation to this Indenture or the Sale and Servicing Agreement, at the request, order or direction of any of the
Noteholders pursuant to the provisions of this Indenture or the Sale and Servicing Agreement, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities that may
be 

  
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incurred by it, its agents and its counsel in compliance with such request, order or direction; 
 (4) the Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture; 
 (5) the Indenture Trustee shall not be bound to recalculate,
reverify, or make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to
do so by Holders of Notes evidencing not less than 25% of the aggregate Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Administrator or, if paid by the Indenture Trustee, shall be reimbursed by
the Administrator upon demand; and nothing in this clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors; 

(6) the Indenture Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this
Indenture either directly or by or through agents or attorneys or a custodian; 
 (7) in order to comply with
laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture
Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide the Indenture Trustee
upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with Applicable Law; 

(8) the rights, privileges, protections, immunities and benefits given to the Indenture Trustee herein, including the
right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in its capacities as Indenture Trustee and Secured Party under the Basic Documents; and 

(9) all communications, notices, instruction and other documents to be received by the Indenture Trustee (with the
exception of those for which a non-electronic signature is expressly requested by the Indenture Trustee) may be provided to it via email with receipt confirmed via reply email, if requested, or other suitable means of electronic distribution as
permitted in writing by the Indenture Trustee. 

  
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 (10) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer’s Certificate (with respect to factual matters) and/or an Opinion of Counsel (with respect to matters of law), as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel. 
 (b) No Noteholder will have any right to institute any
proceeding with respect to this Indenture except upon satisfying the conditions set forth in Section 5.06. 

SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the
Holder, beneficial owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the
same with like rights. However, in so doing the Indenture Trustee must comply with Sections 6.11 and 6.12. 

SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no representations as to the validity or sufficiency
of this Indenture or the Notes (other than the execution by the Indenture Trustee on behalf of the Trust of, and the certificate of authentication on, the Notes), or of the Certificates. The Indenture Trustee shall have no obligation to perform any
of the duties of the Servicer or the Administrator unless explicitly set forth in this Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of the
Notes or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Trust or its ability to generate the payments to be distributed to Noteholders
under this Indenture, including without limitation the validity of the assignment of the Receivables to the Trust or of any intervening assignment; the existence, condition, location and ownership of any Receivable or Financed Vehicle; the existence
and enforceability of any physical damage or credit life or credit disability insurance; the existence and contents of any retail installment sales contract or any computer or other record thereof; the completeness of any retail installment sales
contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the Issuer, Seller or Servicer of any warranty or representation made under this Indenture or in any
Basic Document or other related document and the accuracy of any such warranty or representation prior to the Indenture Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts or omissions
of the Issuer, Seller or the Servicer; or any action by the Indenture Trustee taken at the instruction of the Issuer or Servicer, provided, however, that the foregoing shall not relieve the Indenture Trustee of its obligation to
perform its duties under this Indenture. Except with respect to a claim based on the failure of the Indenture Trustee to perform its duties under this Indenture or based on the Indenture Trustee’s willful misconduct, bad faith or negligence, no
recourse shall be had for any claim based on any provision of this Indenture, the Notes or Certificates or assignment thereof against the institution serving as the Indenture Trustee in its individual capacity. The Indenture Trustee shall not have
any personal obligation, liability or duty whatsoever to any Noteholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided in
this Indenture. The Indenture Trustee shall not be 

  
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accountable for the use or application by the Issuer of any of the Notes or of the proceeds of such Notes, or for the use or application of any funds paid to the Servicer in respect of the Notes.

 SECTION 6.05 Notice of Defaults. If a Responsible Officer of the Indenture Trustee knows that a Default has occurred
and is continuing, the Indenture Trustee shall mail to each Noteholder notice of such Default within 10 days of the occurrence thereof. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may
withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall deliver or cause to be delivered annually to each Noteholder of record such information as may be required to
enable such Person to prepare its federal and state income tax returns. The Indenture Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report relating to its eligibility and qualification to continue as
Indenture Trustee under this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity date of certain indebtedness owed by the Trust to such Indenture Trustee, in its individual capacity, the property and
funds physically held by such Indenture Trustee in its capacity as such, and any action taken by it that materially affects the Notes and that has not been previously reported. 

SECTION 6.07 Compensation and Indemnity. The Administrator shall pay to the Indenture Trustee from time to time reasonable
compensation for its services as have been separately agreed upon between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Administrator shall reimburse the Indenture Trustee 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 Indenture Trustee’s agents, counsel, accountants and experts. The Administrator shall indemnify the Indenture Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees)
incurred by it in connection with the administration of this Indenture or any of the Basic Documents and the performance of its duties hereunder or thereunder. The Indenture Trustee shall notify the Administrator promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Administrator shall not relieve the Administrator of its obligations hereunder. The Administrator shall defend any such claim, and the Indenture Trustee may have separate counsel
and the Administrator shall pay the fees and expenses of such counsel. The Administrator shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own
willful misconduct, negligence or bad faith. To the extent not paid by the Administrator and outstanding for at least 60 days, such fees and indemnities shall be paid by the Issuer pursuant to Section 5.06 of the Sale and Servicing Agreement,
provided, that prior to such payment pursuant to the Sale and Servicing Agreement, the Indenture Trustee shall notify the Administrator 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 5.06 of the Sale and Servicing Agreement, the Administrator shall reimburse the Issuer in full for such payments. 

  
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 The Administrator’s payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(f) or (g) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign at any time by providing written notice of its resignation to the Issuer. The Administrator may remove the Indenture
Trustee if: 
 (a) the Indenture Trustee fails to comply with Section 6.11; 

(b) the Indenture Trustee is adjudged a bankrupt or insolvent; 
 (c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (d) the Indenture Trustee otherwise becomes legally or practically incapable of fulfilling its duties hereunder. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring
Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with removing and replacing the Indenture Trustee for a series
of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. To the extent not paid by the successor Indenture Trustee, the Administrator shall pay all reasonable costs and expenses
incurred in connection with removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. No resignation or removal of the
Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Servicer and
the Administrator. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The
successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the
retiring Indenture Trustee, the Administrator or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

  
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 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
at any time thereafter petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit
of the retiring Indenture Trustee. 
 SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another Person, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture
Trustee if such surviving Person or transferee corporation or banking shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Issuer and the Administrator reasonable prior written notice of
any such transaction (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have
been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be
located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to
vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as
the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a trustee under Section 6.11 and no notice to Noteholders of the appointment of
any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
 (b) Every separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (1) all rights, powers, duties and obligations conferred or imposed upon such separate trustee or co-trustee shall be conferred or imposed upon and exercised or

  
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performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the
Indenture Trustee joining in and/or directing such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee; 
 (2) no trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 
 (3) the Indenture
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or
other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts thereupon conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 
 (d) Any separate
trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in
its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted
by law, without the appointment of a new or successor trustee. 
 SECTION 6.11 Eligibility; Disqualification. The
Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition
and it or its parent shall have a long-term debt rating of “Baa3” or better by Moody’s, or its equivalent rating or better by Fitch, or otherwise acceptable to the Rating Agencies. The Indenture Trustee shall comply with TIA
Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or
indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 

  
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 SECTION 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee
shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and Servicing Agreement. The Indenture Trustee
hereby agrees and consents to the provisions of the Sale and Servicing Agreement applicable to it (including, without limitation, Sections 5.06, 5.07 and 5.08 thereof) and agrees to be bound by such provisions. 

ARTICLE VII 

Noteholders’ Lists and Reports 
 SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders. The Note Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the Servicer or the
Administrator, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date. If three or more Noteholders, or one or more
Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such application states that the Applicants desire to communicate with
other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose to transmit, then the Indenture Trustee shall, within five
Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders. Such Indenture Trustee may elect not to afford the requesting Noteholders access to the list of
Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and the
Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders under this
Indenture, regardless of the source from which such information was derived. 
 If the Indenture Trustee shall cease to be the
Note Registrar, then thereafter the Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five days after the most recent Record Date or at such other times as the Indenture Trustee reasonably may request in
writing, a list, in such form as the Indenture Trustee reasonably may require, of the names and addresses of the Holders of Notes as of such Record Date. 
 SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of
Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 

  
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 (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders
with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Indenture Trustee and the Note
Registrar shall have the protection of TIA Section 3.12(c). 
 SECTION 7.03 Reports by Issuer. 

(a) The Issuer shall: 
 (1) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 (2) file with the Indenture Trustee and the Commission in accordance with the rules and regulations
prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; and 
 (3) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all
Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on March 31 of each year. 
 SECTION 7.04 Reports by Indenture Trustee. If required by TIA
Section 313(a), within 60 days after the end of each Fiscal Year of the Issuer, beginning with the fiscal year ending March 31, 2012, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report
dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall
notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 SECTION 7.05 Indenture Trustee
Website. The Indenture Trustee may make available to the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at
the direction of the Servicer, such other information regarding the Notes as the Indenture Trustee may have in its possession, but only with the use of a password provided by the 

  
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Indenture Trustee. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in any other form or manner.
Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no
responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
https://sf.citidirect.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture Trustee
may require registration and the acceptance of a disclaimer. 
 SECTION 7.06 Information to be Provided by the Indenture
Trustee. The Indenture Trustee shall provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the “Nissan Parties”) with (i) notification pursuant to Section 6.01(e), as
soon as practicable and in any event within ten Business Days, and (ii) promptly upon the request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with
Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any
responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 
 ARTICLE
VIII 
 Accounts, Disbursements and Releases 
 SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as
provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may
take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under
this Indenture and any right to proceed thereafter as provided in Article V. 
 SECTION 8.02 Accounts. 

(a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee
until the outstanding amount of the Note is zero, and thereafter, in the name of the Issuer, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b) On or prior to the Closing Date, the Issuer will cause the Servicer to establish and maintain in the name of the Indenture Trustee,
until the outstanding amount of the Note is zero, 

  
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and thereafter, in the name of the Issuer, the Reserve Account as provided in Section 5.01 of the Sale and Servicing Agreement. 

(c) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection Account on the Distribution Date on which the
Notes of all Classes have been paid in full (or substantially all of the Trust Estate is otherwise released from the lien of this Indenture) to the Trust Collection Account and shall take all necessary or appropriate actions to transfer all of its
right, title and interest in the Collection Account, all funds or investments held therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the Owner Trustee for the benefit of the Certificateholders, subject to the
limitations set forth herein with respect to amounts held for payment to Noteholders that do not promptly deliver a Note for payment on such Distribution Date. 
 SECTION 8.03 General Provisions Regarding Accounts. 
 (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer,
subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Trust Accounts shall be deposited by the Indenture Trustee in the applicable Trust Account and
paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the applicable Trust Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not
direct the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Trust Accounts unless the security interest Granted and perfected in such account will continue to
be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. 
 (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in the Collection Account or the Reserve Account resulting from any
loss on any Eligible Investment included therein at the direction of the Servicer, except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with the terms thereof. 
 (c) If (i) the
Servicer shall have failed to give investment directions for any funds on deposit in the Collection Account or the Reserve Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and Indenture
Trustee) on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if
such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Accounts in an Eligible Investment 

  
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specified in clauses (i), (iv) or (vi) of the definition of Eligible Investments provided in the Sale and Servicing Agreement. 

SECTION 8.04 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument
executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 

(b) The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to
Section 6.07 (as certified by an authorized officer of the Issuer in the officer’s certificate delivered to the Trustee) have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this
Indenture and release to or to the order of the Issuer, any funds entitled thereto then on deposit in the Collection Account and the Reserve Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt of an Officer’s Certificate and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.01. 
 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer.

 (a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 of the Sale and Servicing Agreement
or any purchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to
release from the Lien of this Indenture such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property with respect to such Receivable, and all security and any documents relating
thereto, and the Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and documents, free of any further obligation to the Issuer, the Indenture Trustee or the Noteholders with respect
thereto. 
 (b) The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be
reasonably requested by the Seller or the Servicer, as the case may be, to effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the Issuer pursuant to Section 9.02 of the Sale and Servicing
Agreement. 
 SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven days notice when
requested by the Issuer to take any action pursuant to Section 8.04(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the Indenture Trustee may also
require (and shall require, to extent required by the TIA), except in connection with any action contemplated by 

  
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Section 8.04(b), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action,
outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of
the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX 
 Supplemental Indentures 

SECTION 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior written notice by the Issuer to the Administrator (and the
Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement), the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (1) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey and confirm unto the Indenture Trustee any property subject or
required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
 (2) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained
herein and in the Notes; 
 (3) to add to the covenants of the Issuer, for the benefit of the Holders of the
Notes, or to surrender any right or power herein conferred upon the Issuer; 
 (4) to convey, transfer, assign,
mortgage or pledge any property to or with the Indenture Trustee; 
 (5) to cure any ambiguity, to correct or
supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this
Indenture or in any supplemental indenture to the extent such action shall not adversely affect the interests of the Holders of the Notes; 
 (6) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be
necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

  
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 (7) to modify, eliminate or add to the provisions of this Indenture to such
extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 

The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not materially and adversely affect the interests of any Noteholder.
An indenture or indentures supplemental hereto shall be deemed not to materially and adversely affect the interests of any Noteholder if (i) the Rating Agency Condition has been satisfied with respect to such indenture or indentures
supplemental hereto, or (ii) the Servicer shall have delivered an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect any Noteholder. 

SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, also may, with prior written notice by the Issuer to the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement) and with the consent of the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class by Action of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such
supplemental indenture entered into in accordance with this Section 9.02 shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount
thereof, the Interest Rate thereon or redemption price therefor, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 

(2) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application
of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof; 
 (3) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required
for any waiver of compliance with certain 

  
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provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

(4) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 

(5) reduce the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or
liquidate the Trust Estate if the proceeds of that sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the Notes pursuant to Section 5.04(c)(4); 

(6) reduce any percentage required to amend the sections of the Indenture that specify the applicable percentage of
Outstanding Amount of the Notes necessary to amend the Indenture; or 
 (7) permit the creation of any lien
ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or
deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Indenture Trustee may in its
discretion determine whether or not any Notes would be adversely affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
 It shall not be necessary
for any Action of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Action shall approve the substance thereof. 

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the
Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby
of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive upon request therefor, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel from external
counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

  
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 SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the
Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

Redemption of Notes 
 SECTION 10.01 Optional Purchase of All Receivables. If NMAC, as Servicer, shall notify the Owner Trustee and the Indenture Trustee of its intention to exercise the option granted to it in
Section 9.01 of the Sale and Servicing Agreement to purchase the Trust Estate (other than the Reserve Account), then the Indenture Trustee shall give written notice thereof to each Noteholder, in accordance with Section 10.02, as
soon as practicable after their receipt of notice from the Servicer. Upon deposit by the Servicer or any successor to the Servicer of the amount necessary to effect such purchase of the corpus of the Owner Trust Estate, the Indenture Trustee shall
make the final distributions to the Noteholders and Certificateholders as set forth in Section 5.06 of the Sale and Servicing Agreement and shall promptly transfer all of its right, title and interest in and to any amounts or investments
remaining on deposit in the Trust Accounts to the Owner Trustee (in any event excluding any portion thereof necessary to make distributions to Noteholders described in Section 3.03), and release from the lien of this Indenture all of the
remaining Collateral in accordance with Section 4.1. The Indenture Trustee shall execute, deliver and file all agreements, certificates, instruments or other documents necessary or reasonably requested by the Issuer in order to effect such
release and the transfer to the Issuer of the Collateral. 
 SECTION 10.02 Form of Redemption Notice. Notice of
redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month preceding the month of the applicable
Redemption Date at such Holder’s address appearing in the Note Register. In 

  
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addition, the Administrator shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Administration Agreement. 

All notices of redemption shall state: 
 (a) the Redemption Date; 
 (b) the Redemption Price; 

(c) the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be the office or
agency of the Issuer to be maintained as provided in Section 3.02); and 
 (d) that on the Redemption Date, the
Redemption Price will become due and payable upon each such Note and that interest thereon shall cease to accrue from and after the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption (or any defect therein) to any Noteholder shall
not impair or affect the validity of the redemption of any other Note. 
 SECTION 10.03 Notes Payable on Redemption Date.
The Notes to be redeemed shall, following notice of redemption as required by Section 10.02, become due and payable on the Redemption Date at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI 
 Miscellaneous 

SECTION 11.01 Compliance Certificates and Opinions, etc. 
 (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall, upon written request therefor from the Indenture
Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no such written request from the Indenture Trustee
need be furnished (and only such expressly required documents need be delivered in connection therewith). 
 (b) Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

  
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 (1) a statement that each signatory of such certificate or opinion has read
or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as
is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 
 (c) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this
Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee (if so requested by the Indenture Trustee or required by the TIA) an Officer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

Whenever the Issuer would be required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion
of any signatory thereof as to the matters described in this clause (c) if such an Officer’s Certificate had been requested by the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s Certificate was so
requested or required, the Issuer shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any
such withdrawal or release since the commencement of the then-current calendar year of the Issuer, as set forth in the certificates delivered pursuant to clause (c), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need
not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes.

 Whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in
the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this Section, (i) collect,
liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent 

  
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permitted or required by the Basic Documents, and (ii) make cash payments out of the Accounts as and to the extent permitted or required by the Basic Documents. 

SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s
certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be
consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report
to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy,
at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to
have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained
in any such document as provided in Article VI. 
 SECTION 11.03 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such
action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Action” of the Noteholders signing such instrument or instruments. 

  
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Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
 (b) The fact and date of the
execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything
done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders or other documents provided
or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders is to be made upon, given or furnished to or filed with (a) the Issuer, to Nissan Auto
Receivables 2012-A Owner Trust, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2012-A Owner Trust, with a copy to Nissan Motor Acceptance
Corporation, One Nissan Way, Franklin, Tennessee 37067, Attention: Treasurer, or at such other address as shall be designated by written notice to the Indenture Trustee and (b) the Indenture Trustee, to Citibank, N.A., 388 Greenwich Street,
14th Floor, New York, New York 10013, Attention: Agency & Trust – NAROT 2012-A. 
 Notices required to be given to
the Rating Agencies hereunder shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to: (i) in the case of Moody’s, at the following address: Moody’s Investor Service, ABS Monitoring
Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, and (ii) in the case of Fitch, at the following address: Fitch Ratings, One State Street Plaza, New York, New York 10004, Attention: Asset Backed Securities
Group, or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties; provided, however, that all notices, requests, reports, consents or other communications deliverable to any Rating Agency
hereunder or under any other Basic Document shall be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of 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 11.05 Notices to Noteholders;
Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of 

  
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such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides
for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of
and govern this Indenture, whether or not physically contained herein. 
 SECTION 11.08 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements
of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
 SECTION 11.10
Severability. If any one or more of the covenants, agreements, provisions or terms of this Indenture shall be for any reason whatsoever held invalid or 

  
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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 Indenture
and shall in no way affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Certificates or the rights of the Holders thereof. 
 SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the
Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.12 Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND 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 11.13 Counterparts. This Indenture may be executed simultaneously in any number of
counterparts, each of which shall be deemed to be an original, and all of which shall constitute but one and the same instrument. 
 SECTION 11.14 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense
accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or
any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or
Certificates or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) the Seller, any
Certificateholder or other owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any
Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be 

  
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subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement. 
 SECTION 11.16 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they shall not, prior to the date which
is one year and one day after the termination of this Indenture with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 
 SECTION 11.17 Inspection. The
Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make
copies and extracts therefrom, to cause (at the expense of the requesting party) such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers,
employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to
the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its
obligations hereunder. 
 [The remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be
duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

					
	NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST
		
	By:	 	 WILMINGTON TRUST, NATIONAL
 ASSOCIATION, not in its individual capacity but
 solely as Owner Trustee

			
		 	By:	 	 /s/ Dorri Costello

		 	Name:	 	Dorri Costello
		 	Title:	 	Banking Officer
	
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Kristin Driscoll

	Name:	 		 	Kristin Driscoll
	Title:	 	Vice President

  
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 S-1 

  

							
	 STATE OF DELAWARE
	 	 	)	  	  	
		 	 	)	  	  	ss
	 COUNTY OF NEW CASTLE
	 	 	)	  	  	

 Sworn to and subscribed before me this 15th day of February 2012, by Dorri Costello 

 

							
		  	/s/ Susanne M. Gula
		  	Notary Public
			
		  	Name:	  	Susanne M. Gula, Notary Public, State of Delaware
		  	My Commission Expires:	  	11-21-2012

 Notary Seal 

  
 (Nissan 2012-A
Indenture) 
 S-2 

  

							
	 STATE OF NEW YORK
	 	 	)	  	  	
		 	 	)	  	  	ss
	 COUNTY OF New York
	 	 	)	  	  	

 Sworn to and subscribed before me this 22rd day of February 2012, by Noreen Santos 

 

							
		  	/s/ Noreen Santos
		  	Notary Public
			
		  	Name:	  	Noreen Santos, Notary Public, State of New York
		  	My Commission Expires:	  	September 27, 2014

 Notary Seal 

  
 (Nissan 2012-A
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 S-3 

 EXHIBIT A 
 FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE 
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”)], TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF [CEDE &
CO.] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [DTC] (AND ANY PAYMENT IS MADE TO [CEDE & CO.] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [DTC]), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO
RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES
AND AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT. 
 EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT,
WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR
LAW. EACH PURCHASER AND TRANSFEREE ACKNOWLEDGES AND AGREES THAT THE NOTES ARE NOT ELIGIBLE FOR PURCHASE BY BENEFIT PLANS AT ANY TIME THAT THE RATINGS ON THE NOTES ARE BELOW INVESTMENT GRADE. 

  
 (Nissan 2012-A
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 NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST 

[            ]% ASSET BACKED NOTES, 

CLASS [A-1] [A-2] [A-3] [A-4] 
  

			
	 No.
R-                    
	  	
$                    

CUSIP NO.                    

ISIN
No.                        

 Nissan Auto Receivables 2012-A Owner Trust, a statutory trust organized and existing under the laws of
the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                     DOLLARS
($                    ) payable on each Distribution Date in an aggregate amount, if any, payable from the Collection Account in respect of the
principal on the Class [A-1] [A-2] [A-3] [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of [            ], 2012 (the “Indenture”), between the Issuer and
Citibank, N.A., as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of [            ], 2012
(the “Sale and Servicing Agreement”), among the Issuer, NARC II, as Seller, and NMAC, as Servicer (which amounts shall be limited to the portion of Available Amounts specified in such sections); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the Distribution Date occurring on                     (the “Class [A-1]
[A-2] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing Agreement, as the case may be. 

The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations
contained in Section 3.01 of the Indenture. Interest on this Note will accrue for each Distribution Date, {for the Class A-1 Notes} during the period from (and including) the Distribution Date during the calendar month preceding such
Distribution Date (or in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) such Distribution Date. {for the Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes} during the period from (and including) the 15th day of the preceding calendar month (or in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding)
the 15th day of the month in which such Distribution Date occurs. Interest will be computed on the basis specified in the Indenture for each Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to 

  
 (Nissan 2012-A
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interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below. 

Date:                      
          , 2012 
  

									
		 		 	NISSAN AUTO RECEIVABLES 2012-A OWNER TRUST
				
		 		 	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  

  
 (Nissan 2012-A
Indenture) 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Date:                      
      , 2012 
  

							
		 		 	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

  
 (Nissan 2012-A
Indenture) 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as [            ]% Asset Backed Notes, Class [A-1] [A-2] [A-3]
[A-4] (herein called the “Class [A-1] [A-2] [A-3] [A-4] Notes”), all issued under the Indenture, to which Indentures and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class [A-1] [A-2] [A-3] [A-4] Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, (collectively, the “Notes”) are and, except as otherwise provided in the Indenture and
the Sale and Servicing Agreement, will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class [A-1] [A-2] [A-3] [A-4] Notes will be payable on each Distribution Date in an amount described in the Indenture. “Distribution Date” means the fifteenth day of each month,
or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 15, 2012. 
 Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of a majority of the Outstanding Amount
of the Notes, voting as a single class, have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture or following the exercise by the Servicer of its option to purchase the Receivables
pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the Indenture. In case of an unrescinded acceleration upon an Event of Default, all payments of interest and principal will be made to the Noteholders, as
set forth in Section 5.06(d) of the Sale and Servicing Agreement. In case of the optional purchase of the Receivables, all interest and all principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made pro rata to the Class [A-1]
[A-2] [A-3] [A-4] Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution Date,
together with the installment of principal, if any, to the extent not in full payment of this Note, shall be paid to the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in
immediately available funds to the account designated by such nominee, except for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be
payable as provided below. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or
transmitted by facsimile prior to such Distribution Date, and the amount then due and payable shall be payable 

  
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Indenture) 

 
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The City of New York. 
 The Issuer shall pay interest on overdue installments of interest at the Class
[A-1] [A-2] [A-3] [A-4] Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) the Seller or any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and
the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with or encourage others to file against the Seller or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents. 

  
 (Nissan 2012-A
Indenture) 

 The Issuer has entered into the Indenture and this Note is issued with the intention that,
for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a
beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note
(as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Indenture Trustee, when authorized by an Issuer Order, with prior
notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class. Section 5.12 of the Indenture also contains provisions permitting the Holders of a majority of the
Outstanding Amount of the Notes, voting as a single class, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to
the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture 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 and thereunder shall be determined in accordance with such laws. 

  
 (Nissan 2012-A
Indenture) 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 (Nissan 2012-A
Indenture) 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of
assignee:                             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
  

 
 (name and address of assignee)

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
            , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:                      
                          */ 
 Signature Guaranteed: 

                         
                                         
  */ 
 */ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. 

  
 (Nissan 2012-A
Indenture)

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