Document:

EX-10.9

EXHIBIT 10.9

 

 

NISSAN AUTO LEASING LLC II,

as Depositor,

and

NISSAN AUTO LEASE TRUST 2009-A,

as Transferee

 

TRUST SUBI CERTIFICATE

TRANSFER AGREEMENT

Dated as of June 9, 2009

 

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 
	ARTICLE ONE	 	DEFINITIONS	 	 	2	 
	 

	 	Section 1.01
	 	Definitions
	 	 	2	 
	 

	 	Section 1.02
	 	Interpretive Provisions
	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE TWO	 	TRANSFER OF 2009-A SUBI CERTIFICATE	 	 	3	 
	 

	 	Section 2.01
	 	Transfer of 2009-A SUBI Certificate
	 	 	3	 
	 

	 	Section 2.02
	 	True Sale
	 	 	3	 
	 

	 	Section 2.03
	 	Representations and Warranties of the Depositor and the Transferee
	 	 	4	 
	 

	 	Section 2.04
	 	Financing Statement and Books and Records
	 	 	7	 
	 

	 	Section 2.05
	 	Acceptance by the Transferee
	 	 	7	 
	 

	 	Section 2.06
	 	Release of Claims
	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE THREE	 	MISCELLANEOUS	 	 	7	 
	 

	 	Section 3.01
	 	Amendment
	 	 	7	 
	 

	 	Section 3.02
	 	Governing Law
	 	 	8	 
	 

	 	Section 3.03
	 	Severability
	 	 	9	 
	 

	 	Section 3.04
	 	Binding Effect
	 	 	9	 
	 

	 	Section 3.05
	 	Headings
	 	 	9	 
	 

	 	Section 3.06
	 	Counterparts
	 	 	9	 
	 

	 	Section 3.07
	 	Further Assurances
	 	 	9	 
	 

	 	Section 3.08
	 	Third-Party Beneficiaries
	 	 	9	 
	 

	 	Section 3.09
	 	No Petition
	 	 	9	 
	 

	 	Section 3.10
	 	Limitation of Liability of Owner Trustee
	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	SCHEDULE I	 	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS	 	 	1	 

-i-

 

TRUST SUBI CERTIFICATE TRANSFER AGREEMENT

     This Trust SUBI Certificate Transfer Agreement, dated as of June 9, 2009 (as amended,
supplemented or otherwise modified from time to time, this “Agreement”), is between Nissan
Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the
“Depositor”), and Nissan Auto Lease Trust 2009-A, a Delaware statutory trust (the
“Issuing Entity”), as transferee (in such capacity, the “Transferee”).

RECITALS

     A. Nissan-Infiniti LT (the “Titling Trust”) is a Delaware statutory trust governed by
the Amended and Restated Trust and Servicing Agreement, dated as of August 26, 1998 (the
“Titling Trust Agreement”), among NILT Trust, a Delaware statutory trust (“NILT
Trust”), as grantor and initial beneficiary (in such capacity, the “Grantor” and the
“UTI Beneficiary”, respectively), Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), as servicer (the “Servicer”), Wilmington Trust Company, a
Delaware banking corporation (“Wilmington Trust”), as Delaware trustee (the “Delaware
Trustee”), NILT, Inc., a Delaware corporation, as trustee (the “Titling Trustee”), and
U.S. Bank National Association, a national banking association (“U.S. Bank”), as trust
agent (the “Trust Agent”);

     B. Pursuant to the Titling Trust Agreement, the purposes of the Titling Trust include taking
assignments and conveyances of and holding in trust various assets (the “Trust Assets”);

     C. The Grantor, the UTI Beneficiary, the Servicer, the Titling Trustee, the Delaware Trustee
and the Trust Agent are entering into the 2009-A SUBI Supplement, dated as of June 9, 2009 (the
“2009-A SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI
Trust Agreement”), to (i) establish a special unit of beneficial interest (the “2009-A
SUBI”) and (ii) identify and allocate certain Trust Assets to the 2009-A SUBI;

     D. Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the “2009-A
Leases”), the vehicles that are leased under the 2009-A Leases (the “2009-A Vehicles”),
and certain other related Trust Assets have been allocated to the 2009-A SUBI;

     E. The Titling Trust has issued a certificate evidencing a 100% beneficial interest in the
2009-A SUBI (the “2009-A SUBI Certificate”) to NILT Trust;

     F. NILT Trust has transferred and assigned, without recourse, all of its right, title, and
interest in and to the 2009-A SUBI Certificate to the Depositor pursuant to the SUBI Certificate
Transfer Agreement, dated as of June 9, 2009 (the “SUBI Certificate Transfer Agreement”),
between NILT Trust and the Depositor;

     G. The Issuing Entity was formed pursuant to a trust agreement, dated as of May 4, 2009, as
amended and restated by the amended and restated trust agreement, dated as of June 9, 2009 (the
“Trust Agreement”), each, between the Depositor and Wilmington Trust, as owner trustee (the
“Owner Trustee”);

 

 

     H. The Depositor and the Transferee desire to provide for the sale, transfer and assignment by
the Depositor to the Transferee, without recourse, of all of the Depositor’s right, title and
interest in and to the 2009-A SUBI Certificate; and

     I. Immediately after the transfer and assignments of the 2009-A SUBI Certificate to the
Transferee, the Transferee shall pledge the 2009-A SUBI Certificate to U.S. Bank, as indenture
trustee (the “Indenture Trustee”), pursuant to an indenture, dated as of June 9, 2009 (the
“Indenture”), between the Issuing Entity and the Indenture Trustee.

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

ARTICLE ONE

DEFINITIONS

     Section 1.01 Definitions. Capitalized terms used herein that are not otherwise defined
shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated as of
June 9, 2009, by and among the Issuing Entity, as issuer, NILT Trust, as Grantor and UTI
Beneficiary, the Titling Trust, NMAC, in its individual capacity, as Servicer and as administrative
agent (in such capacity, the “Administrative Agent”), NALL II, the Titling Trustee,
Wilmington Trust, as Delaware Trustee and Owner Trustee, the Trust Agent and the Indenture Trustee.

     Section 1.02 Interpretive Provisions. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the singular, (ii)
references to words such as “herein”, “hereof”, and the like shall refer to this Agreement as a
whole and not to any particular part, Article, or Section within this Agreement, (iii) the term
“include” and all variations thereof shall mean “include without limitation”, (iv) the term “or”
shall include “and/or”, (v) the term “proceeds” shall have the meaning ascribed thereto in the UCC
and (vi) any defined term that relates to a document shall include within its definition any
amendments, modifications, renewals, restatements, extensions, supplements, or substitutions that
have been or are hereafter executed and delivered in accordance with the terms thereof, except that
references to the SUBI Trust Agreement include only such items as relate to the 2009-A SUBI and the
Titling Trust.

     Any reference in this Agreement to any agreement means such agreement as it may be amended,
restated, supplemented (only to the extent such agreement as supplemented relates to the Notes), or
otherwise modified from time to time, except that references to the SUBI Trust Agreement include
only such items as relate to the 2009-A SUBI and the Titling Trust. Any reference in this Agreement
to any law, statute, regulation, rule, or other legislative action shall mean such law, statute,
regulation, rule, or other legislative action as amended, supplemented, or otherwise modified from
time to time, and shall include any rule or regulation promulgated thereunder. Any reference in
this Agreement to a Person shall include the successor or permitted assignee of such Person.

NALT 2009-A:

Trust SUBI Certificate Transfer Agreement

2

 

ARTICLE TWO

TRANSFER OF 2009-A SUBI CERTIFICATE

     Section 2.01 Transfer of 2009-A SUBI Certificate. In consideration of the Transferee’s
delivery to, or upon the order of, the Depositor of the Notes and the Trust Certificate, (the
“Transfer Price”) the Depositor hereby absolutely sells, transfers, assigns and otherwise conveys
to the Transferee, without recourse, and the Transferee does hereby purchase and acquire, as of the
date set forth above, all of the Depositor’s right, title and interest in and to the following
(collectively, the “Assets”):

     (i) the 2009-A SUBI Certificate and the interest in the 2009-A SUBI represented thereby,
including all monies due and paid or to become due and paid or payable thereon or in respect
thereof after the Cutoff Date;

     (ii) all of the Depositor’s rights and benefits as holder of the 2009-A SUBI Certificate
under the Servicing Agreement and the SUBI Trust Agreement;

     (iii) the right to realize upon any property that underlies or may be deemed to secure
the interest in the 2009-A SUBI represented by the 2009-A SUBI Certificate, as granted in the
2009-A SUBI Supplement and in the 2009-A SUBI Certificate;

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

     (v) all rights of the Depositor under the SUBI Certificate Transfer Agreement; and

     (vi) all cash and non-cash proceeds of all of the foregoing.

     Section 2.02 True Sale. The parties hereto intend that the sale, transfer, and
assignment of the Assets constitutes a true sale and assignment of the Assets such that any
interest in and title to the Assets would not be property of the Depositor’s estate in the event
that the Depositor becomes a debtor in a case under any bankruptcy law. To the extent that the
conveyance of the Assets hereunder is characterized by a court or similar governmental authority as
a financing (i), it is intended by the Depositor and the Transferee that the interest conveyed
constitutes a grant of a security interest under the UCC as in effect in the State of Delaware by
the Depositor to the Transferee to secure the Transfer Price to the Depositor, which security
interest shall be perfected and of a first priority, (ii) the Depositor hereby grants to the
Transferee a security interest in all of its right, title, and privilege and interest in and to the
Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under
all applicable laws and (iii) the possession by the Transferee or its agent of the 2009-A SUBI
Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser
or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant
to the New York UCC and the UCC of any other applicable jurisdiction.

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     Section 2.03 Representations and Warranties of the Depositor and the Transferee.

     (a) The Depositor hereby represents and warrants to the Transferee as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Depositor is a limited liability company
duly formed, validly existing, and in good standing under the laws of the State of Delaware,
and has the power and the authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all
relevant times, and shall have, the power, the authority, and the legal right to acquire,
own, and sell the Assets.

     (ii) Due Qualification. The Depositor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all necessary licenses
and approvals in all jurisdictions in which the ownership or lease of property or the conduct
of its business shall require such qualifications, except where the failure to have any such
license, approval, or qualification would not have a Material Adverse Effect on the
condition, financial or otherwise, of the Depositor or would not have a Material Adverse
Effect on the ability of the Depositor to perform its obligations under this Agreement.

     (iii) Power and Authority. The Depositor has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Depositor by all necessary
action.

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

     (v) No Violation. The execution, delivery, and performance by the Depositor of
this Agreement, the consummation of the transactions contemplated by this Agreement, and the
fulfillment of the terms hereof shall not (A) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a
default under, the limited liability company agreement of the Depositor; (B) conflict with or
breach any of the material terms or provisions of, or constitute (with or without notice or
lapse of time) a default under, any indenture, agreement or other instrument to which the
Depositor is a party or by which it may be bound or any of its properties are subject; (C)
result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any material indenture, agreement, or other instrument (other than as permitted by
the Basic Documents); (D) violate any law or, to the knowledge of the Depositor, any order,
rule or regulation applicable to it or its properties; or (E) contravene, violate, or result
in a default under any judgment, injunction, order, decree, or other instrument of any court
or of any federal or state regulatory body,

4

 

administrative agency, or other governmental instrumentality having jurisdiction over the
Depositor or any of its properties, except to the extent that such contravention, violation,
or default would not be likely to have a Material Adverse Effect.

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

     (vii) Title to 2009-A SUBI Certificate. Immediately prior to the transfer of the
2009-A SUBI Certificate pursuant to this Agreement, the Depositor (A) is the true and lawful
owner of the 2009-A SUBI Certificate and has the legal right to transfer the 2009-A SUBI
Certificate, (B) has good and valid title to the 2009-A SUBI Certificate and the 2009-A SUBI
Certificate is on the date hereof free and clear of all Liens and (C) will convey good,
valid, and indefeasible title to the 2009-A SUBI Certificate to the Transferee under this
Agreement.

     (b) Perfection Representations. The representations, warranties and covenants set
forth on Schedule I hereto shall be a part of this Agreement for all purposes.
Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection
representations contained in Schedule I shall be continuing, and remain in full force and
effect until such time as all obligations under the Indenture have been finally and fully paid and
performed. The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule I; (ii) shall provide the Rating Agencies with prompt
written notice of any breach of perfection representations contained in Schedule I; and
(iii) shall not waive a breach of any of the perfection representations contained in Schedule
I.

     (c) The Transferee hereby represents and warrants to the Depositor as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Transferee is a statutory trust duly
formed, validly existing, and in good standing under the laws of the State of Delaware, and
has the power and the authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all
relevant times, and shall have, the power, the authority and the legal right to acquire, own
and sell the Assets.

     (ii) Due Qualification. The Transferee is duly qualified to do business as a
foreign trust in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business
shall require such qualifications, except where the failure to have any such license,
approval, or qualification would not have a Material Adverse Effect on the Transferee.

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     (iii) Power and Authority. The Transferee has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Transferee by all necessary
action.

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

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

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

     (d) The representations and warranties set forth in this Section shall survive the sale of the
Assets by the Depositor to the Transferee and the pledge and grant of a security interest in the
Assets by the Transferee to the Indenture Trustee (for the benefit of the Noteholders) pursuant to
the Indenture. Upon discovery by the Depositor, the Transferee or the Indenture Trustee of a breach
of any of the foregoing representations and warranties, the party discovering such breach shall
give prompt written notice to the others.

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     Section 2.04 Financing Statement and Books and Records.

     (a) In connection with the conveyance of the Assets hereunder, the Depositor agrees that on or
prior to the Closing Date it will deliver to the Transferee, with all requisite endorsements, the
2009-A SUBI Certificate and will file, at its own expense, one or more financing statements with
respect to the Assets meeting the requirements of applicable state law in such manner as necessary
to perfect, preserve, maintain and protect the interest of the Transferee in the Assets, and the
proceeds thereof to the Depositor (and any continuation statements as are required by applicable
state law), and to deliver a file-stamped copy of each such financing statement (or continuation
statement) or other evidence of such filings (which may, for purposes of this Section 2.04,
consist of telephone confirmation of such filings with the file stamped copy of each such filing to
be provided to the Transferee in due course), as soon as is practicable after receipt by the
Depositor thereof.

     (b) The Depositor further agrees that it will, take no actions inconsistent with the
Transferee’s ownership of the Assets and on or prior to the Closing Date indicate on its books,
records and statements that the Assets have been sold to the Transferee.

     Section 2.05 Acceptance by the Transferee. The Transferee agrees to comply with all
covenants and restrictions applicable to a Holder of the 2009-A SUBI Certificate and the interest
in the 2009-A SUBI represented thereby, whether set forth in the 2009-A SUBI Certificate, in the
SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities, if any, associated
therewith.

     Section 2.06 Release of Claims. Pursuant to Section 3.04(b) of the Titling
Trust Agreement (as amended by Section 12.07 of the 2009-A SUBI Supplement) and
Section 12.02(b) of the 2009-A SUBI Supplement, the Transferee hereby covenants and agrees
for the express benefit of each holder from time to time of a UTI Certificate and any other SUBI
Certificate that the Transferee shall release all claims to the UTI Assets and the related Other
SUBI Assets, respectively, and, in the event such release is not given effect, to subordinate fully
all claims it may be deemed to have against the UTI Assets or such Other SUBI Assets, as the case
may be.

ARTICLE THREE

MISCELLANEOUS

     Section 3.01 Amendment.

     (a) Any term or provision of this Agreement may be amended by the parties hereto, without the
consent of any other Person; provided that (i) either (A) any amendment that materially and
adversely affects the interests of the Noteholders shall require the consent of Noteholders
evidencing not less than a Majority Interest of the Notes voting together as a single class or (B)
such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor delivered to
the Indenture Trustee, materially and adversely affect the interests of the Noteholders and (ii)
any amendment that adversely affects the interests of the Trust Certificateholder, the Indenture
Trustee or the Owner Trustee shall require the prior written

7

 

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

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

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

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

     (e) Prior to the execution of any amendment to this Agreement, the Depositor shall provide
each Rating Agency, the Trust Certificateholder, the Transferee, the Owner Trustee and the
Indenture Trustee with written notice of the substance of such amendment. No later than 10
Business Days after the execution of any amendment to this Agreement, the Depositor shall furnish a
copy of such amendment to each Rating Agency, the Transferee, the Trust Certificateholder, the
Indenture Trustee and the Owner Trustee.

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

     Section 3.02 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to any otherwise applicable
principles of conflict of laws (other than Section 5-1401 of the New York General Obligations Law).

8

 

     Section 3.03 Severability. If one or more of the covenants, agreements, or provisions
of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions
shall be deemed severable from the remaining covenants, agreements, and provisions of this
Agreement, and such invalidity or unenforceability shall in no way affect the validity or
enforceability of such remaining covenants, agreements and provisions, or the rights of any parties
hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders
any provision of this Agreement invalid or unenforceable in any respect.

     Section 3.04 Binding Effect. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their permitted successors and assigns.

     The Depositor acknowledges and agrees that (a) the Transferee may, pursuant to the Indenture,
pledge and grant a security interest in the 2009-A SUBI and the 2009-A SUBI Assets represented
thereby and assign its rights under this Agreement to the Indenture Trustee (for the benefit of the
holders of the Notes) and (b) the representation, warranties and covenants contained in this
Agreement and the rights of the Transferee under this Agreement are intended to benefit the
Indenture Trustee (for the benefit of the holders of the Notes). The Depositor hereby consents to
all such pledges and grants.

     Section 3.05 Headings. The Article and Section headings are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof.

     Section 3.06 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed and delivered shall be deemed to be an original, but all of
which counterparts shall together constitute but one and the same instrument.

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

     Section 3.08 Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and each Holder of the 2009-A SUBI Certificate and each
Registered Pledgee, who shall be considered third-party beneficiaries hereof. Except as otherwise
provided in this Agreement, no other Person shall have any right or obligation hereunder.

     Section 3.09 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust,
the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law.

     This Section shall survive the complete or partial termination of this Agreement, the
resignation or removal of the Titling Trustee and the complete or partial resignation or removal of
the Servicer.

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     Section 3.10 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by Wilmington Trust
Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing
Entity and in no event shall Wilmington Trust Company in its individual capacity or any beneficial
owner of the Issuing Entity have any liability for the representations, warranties, covenants,
agreements, or other obligations of the Issuing Entity hereunder, as to all of which recourse shall
be had solely to the assets of the Issuing Entity. For all purposes of this Agreement, in the
performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and
Ten of the Trust Agreement.

[Signature Page to Follow]

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

	 	 	 	 	 
	 	NISSAN AUTO LEASING LLC II, as Depositor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN AUTO LEASE TRUST 2009-A,

as Transferee

By: WILMINGTON TRUST COMPANY,

        not in its individual capacity, but

        solely as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-1

 

	 	 	 	 	 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in the Trust SUBI
Certificate Transfer Agreement, Nissan Auto Leasing LLC II, as depositor (the “Depositor”),
hereby represents, warrants, and covenants to Nissan Auto Lease Trust 2009-A, as transferee (the
“Transferee”), as follows on the Closing Date:

1. The Trust SUBI Certificate Transfer Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the 2009-A SUBI Certificate in favor of the Transferee, which
security interest is prior to all other Liens and is enforceable as such as against creditors of
and purchasers from the Depositor.

2. The 2009-A SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security,” or “tangible chattel paper,” within the meaning of the applicable UCC.

3. The Depositor owns and has good and marketable title to the 2009-A SUBI Certificate free and
clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments
or similar governmental charges or levies incurred in the ordinary course of business that are not
yet due and payable or as to which any applicable grace period shall not have expired, or that are
being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a lien is not imminent and the
use and value of the property to which the Lien attaches is not impaired during the pendency of
such proceeding.

4. The Depositor has received all consents and approvals to the sale of the 2009-A SUBI Certificate
under the Trust SUBI Certificate Transfer Agreement to the Transferee required by the terms of the
2009-A SUBI Certificate to the extent that it constitutes an instrument or a payment intangible.

5. The Depositor has received all consents and approvals required by the terms of the 2009-A SUBI
Certificate, to the extent that it constitutes a securities entitlement, certificated security or
uncertificated security, to the transfer to the Transferee of its interest and rights in the 2009-A
SUBI Certificate under the Trust SUBI Certificate Transfer Agreement.

6. The Depositor has caused or will have caused, within ten days after the effective date of the
Trust SUBI Certificate Transfer Agreement, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
the sale of the 2009-A SUBI Certificate from the Depositor to the Transferee and the security
interest in the 2009-A SUBI Certificate granted to the Transferee under the Trust SUBI Certificate
Transfer Agreement.

7. To the extent that the 2009-A SUBI Certificate constitutes an instrument or tangible chattel
paper, all original executed copies of each such instrument or tangible chattel paper have been
delivered to the Transferee.

Sched.-1

 

8. Other than the transfer of the 2009-A SUBI Certificate from NILT Trust to the Depositor under
the SUBI Certificate Transfer Agreement and from the Depositor to the Transferee under the Trust
SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Depositor has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the 2009-A SUBI Certificate. The Depositor has not authorized
the filing of, nor is aware of, any financing statements against the Depositor that include a
description of collateral covering the 2009-A SUBI Certificate other than any financing statement
relating to any security interest granted pursuant to the Basic Documents or that has been
terminated.

9. No instrument or tangible chattel paper that constitutes or evidences the 2009-A SUBI
Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee.

Sched.-2Exhibit 10.1

Exhibit 10.1

SERIES 6-A PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT

THIS SERIES 6-A PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT (the “Agreement”) is
made as of the
 _____ 

day of May, 2009 by and among Tri-Isthmus Group, Inc., a Delaware corporation
(the “Company”), and                                (the “Purchaser”).

The parties hereby agree as follows:

1. Authorization and Sale of Shares and Warrants.

1.1 Authorization. The Company has duly authorized the sale and issuance of up to
5,000 shares (the “Shares”) of its Series 6-A Convertible Preferred Stock, par value $0.01
per share (the “Series 6-A Preferred”), and warrants to purchase up to 3,000,000 shares of
the Company’s common stock, par value $0.01 per share (the “Common Stock”), at an exercise
price of $0.50 per share substantially in the form attached hereto as Exhibit A (the
“Warrants”). For purposes of this Agreement, a “Unit” shall consist of one share
of Series 6-A Preferred and one Warrant to purchase 600 shares of Common Stock.

1.2 Purchase and Sale. Upon the terms and subject to the conditions herein, and in
reliance on the representations, warranties and covenants set forth herein, at the Closing
Purchaser shall purchase from the Company, and the Company shall issue and sell to Purchaser,
                     Units for a purchase price of $1,000.00 per Unit (the “Purchase Price”).

1.3 Defined Terms Used in this Agreement. The following terms used in this Agreement
shall be construed to have the meanings set forth below.

“Affiliate” means with respect to any person or entity (a “Person”), any
Person which, directly or indirectly, controls, is controlled by, or is under common control with
such Person, including, without limitation, any partner, officer, director, or member of such
Person.

“Balance Sheet” means the Company’s balance sheet as of September 30, 2008 included in
the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2008.

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Material Adverse Effect” means a material adverse effect on the assets or liabilities
of the Company.

“SEC” means the United States Securities and Exchange Commission.

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

 

 

 

2. Closing; Deliveries.

2.1 Closing. The purchase and sale of the Units shall take place as of the date
hereof (which time is designated as the “Closing”).

2.2 Deliveries; Certificate of Designation.

(a) Purchase Price; Shares and Warrants. At the Closing, the Purchaser shall pay the
Purchase Price to the Company. Company shall deliver to Purchaser certificates representing the
Shares and the Warrants being purchased by Purchaser as soon as reasonably practicable after
Closing.

(b) Certificate of Designation. The Company has previously filed the Certificate of
Designation of the Company, in the form attached hereto as Exhibit B (the “Certificate
of Designation”), which establishes the rights and preferences of the Series 6-A Preferred.

3. Representations and Warranties of the Company. The Company hereby represents and
warrants to Purchaser that the following representations are true and correct as of the date
hereof. For purposes of these representations and warranties, the phrase “to the Company’s
knowledge” shall mean the actual knowledge of David Hirschhorn, Chief Executive Officer, or
Donald C. Parkerson, Chief Financial Officer.

3.1 Organization, Good Standing, Corporate Power and Qualification. The Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted. The Company is duly qualified to transact business and
is in good standing in each jurisdiction in which the failure to so qualify would have a Material
Adverse Effect.

3.2 Capitalization. As of the date of the Company’s Annual Report on Form 10-K for
the fiscal year ended September 30, 2008, the authorized capital stock of the Company consisted of
(i) 100,000,000 shares of Common Stock, 10,122,929 shares of which are issued and outstanding, and
(ii) 5,000,000 shares of preferred stock, of which (a) 67,600 shares of Series 1-A Preferred Stock,
par value $0.01 per share, (b) 3,900 shares of Series 2-A Preferred Stock, par value $0.01 per
share, (c) 8,987 shares of Series 5-A Preferred Stock, par value $0.01 per share, and (d) 4,607
shares of Series 6-A Preferred, are issued and outstanding. Except as disclosed in the Company’s
SEC Filings (as that term is defined herein) and as contemplated hereby, there are no currently
outstanding subscriptions, options, warrants, commitments, agreements or arrangements for or
relating to the issuance, or sale of, or outstanding securities convertible into or exchangeable
for, any shares of capital stock of any class or other equity interests of the Company. As of the
Closing, and after giving effect to the transactions contemplated hereby, all of the outstanding
shares of capital stock of the Company will have been duly and validly authorized and issued and
will be fully paid

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

2

 

and non-assessable and will have been offered, issued, sold and delivered in
compliance with applicable federal and state securities laws and not
subject to any preemptive rights. When issued in accordance with the terms of the Series 6-A
Preferred and the Warrants, the shares of Common Stock issuable upon exercise of Series 6-A
Preferred and the Warrants will be validly issued, fully paid and non-assessable. The terms
relating to the Warrants are as set forth in Exhibit A attached hereto. The relative
rights, preferences and other terms relating to the Series 6-A Preferred are as set forth in
Exhibit B attached hereto. There are no preemptive rights, rights of first refusal, put or
call rights or obligations or any other purchase or redemption obligations or anti-dilution rights
with respect to the Company’s capital stock or any interests therein, except as disclosed in the
Company’s SEC Filings (as that term is defined herein) or rights set forth herein or in the
Company’s Certificate of Incorporation or the Certificates of Designation establishing such capital
stock.

3.3 Authorization; No Conflict. The execution, delivery and performance by the
Company of this Agreement, and the consummation by the Company of the transactions contemplated
hereby, have been duly authorized by all necessary corporate action. This Agreement has been duly
executed and delivered by the Company and constitutes the valid and binding obligation of the
Company enforceable in accordance with its terms. The execution of and performance of the
transactions contemplated by this Agreement and the compliance with its provisions by the Company
will not (a) conflict with or violate any provision of the Certificate of Incorporation or Bylaws
of the Company, (b) conflict with, result in a breach of, constitute (with or without due notice or
lapse of time or both) a default under, result in the acceleration of, create in any party the
right to accelerate, terminate, modify or cancel, or require any notice, consent or waiver under,
any material contract, lease, sublease, license, sublicense, franchise, permit, indenture,
agreement or mortgage for borrowed money, instrument of indebtedness, Security Interest (as defined
below) or other arrangement to which the Company is a party or by which the Company is bound or to
which its assets are subject, (c) result in the imposition of any Security Interest upon any assets
of the Company or (d) violate any order, writ, injunction, decree, statute, rule or regulation
applicable to the Company or any of its properties or assets. For purposes of this Agreement,
“Security Interest” means any mortgage, pledge, security interest, encumbrance, charge, or
other lien (whether arising by contract or by operation of law).

3.4 Valid Issuance of Shares. The Shares, when issued, sold and delivered in
accordance with the terms and for the consideration set forth in this Agreement, will be validly
issued, fully paid and non-assessable and free of restrictions on transfer other than restrictions
on transfer under applicable state and federal securities laws and liens or encumbrances created by
or imposed by Purchaser. Assuming the accuracy of the representations of the Purchaser in
Section 4 of this Agreement and subject to the filings described in Section 3.5
below, the Shares will be issued in compliance with all applicable federal and state securities
laws. The Common Stock issuable upon conversion of the Shares and exercise of the Warrants has
been duly reserved for issuance, and upon issuance, will be validly issued, fully paid and
non-assessable and free of restrictions on transfer other than restrictions on transfer under
applicable federal and state securities laws and liens or encumbrances created by or imposed by
Purchaser. Based in part upon the representations of the Purchaser in Section 4 of this
Agreement, and subject to Section 3.5 below, the Common Stock issuable upon conversion of
the Shares and exercise of the Warrants will be issued in compliance with all applicable federal
and state securities laws.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

3

 

3.5 Governmental Consents and Filings. Assuming the accuracy of the representations
made by the Purchaser in Section 4 of this Agreement, no consent, approval, order or
authorization of, or registration, qualification, designation, declaration or filing with, any
federal, state or local governmental authority is required on the part of the Company in connection
with the consummation of the transactions contemplated by this Agreement, except such filings as
shall have been made prior to and shall be effective on and as of the Closing and such filings
required to be made after the Closing under applicable federal and state securities laws.

3.6 Compliance with Laws. The Company has complied in all material respects with all
laws, regulations and orders applicable to its present and currently proposed business and has all
material permits and licenses required thereby, except where the failure to have such permits or
licenses would not have a Material Adverse Effect.

3.7 Absence of Litigation. Except as disclosed in the Company’s periodic reports
filed with the SEC (the “SEC Filings”), there is no action, suit or proceeding pending or,
to the Company’s knowledge, threatened, against the Company which questions the validity of this
Agreement or the right of the Company to enter into it, or which might result, either individually
or in the aggregate, in a Material Adverse Effect.

3.8 Absence of Liabilities. The Company does not have any material liabilities or
obligations, whether accrued, absolute, contingent or otherwise, of the type required to be
disclosed on a balance sheet other than (i) such matters as are specifically and expressly set
forth on the Balance Sheet or (ii) those which have been incurred by the Company in the ordinary
course of business during the period from the date of the Balance Sheet to the date hereof.

3.9 Material Contracts and Obligations. Except as disclosed in the Company’s SEC
Filings, the Company is not a party to, nor is it bound by any of the following types of
agreements: (a) any agreement under which the Company is restricted from carrying on any business
or other services anywhere in the world; or (b) any agreement for the disposition of a material
portion of the Company’s assets.

3.10 Changes. Except as disclosed in the Company’s SEC Filings, since September 30,
2008, there has not been:

(a) any material change in the assets or liabilities of the Company from that reflected on the
Balance Sheet, except changes in the ordinary course of business that have not caused, in the
aggregate, a Material Adverse Effect;

(b) any damage, destruction or loss, whether or not covered by insurance, that would have a
Material Adverse Effect;

(c) any waiver or compromise by the Company of a valuable right or of a material debt owed to
it;

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

4

 

(d) any satisfaction or discharge of any lien, claim, or encumbrance or payment of any
obligation by the Company, except in the ordinary course of business and the satisfaction or
discharge of which would not have a Material Adverse Effect;

(e) any material change to a material contract or agreement by which the Company or any of its
assets is bound or subject;

(f) any material change in any compensation arrangement or agreement with any employee,
officer, director or stockholder;

(g) any mortgage, pledge, transfer of a security interest in, or lien, created by the Company,
with respect to any of its material properties or assets, except liens for taxes not yet due or
payable and liens that arise in the ordinary course of business and do not materially impair the
Company’s ownership or use of such property or assets;

(h) any loans or guarantees made by the Company to or for the benefit of its employees,
officers or directors, or any members of their immediate families, other than travel advances and
other advances made in the ordinary course of its business;

(i) any declaration, setting aside or payment or other distribution in respect of any of the
Company’s capital stock, or any direct or indirect redemption, purchase, or other acquisition of
any of such stock by the Company;

(j) to the Company’s knowledge, any other event or condition of any character, other than
events affecting the economy or the Company’s industry generally, that could reasonably be expected
to result in a Material Adverse Effect; or

(k) any agreement or commitment by the Company to do any of the foregoing.

3.11 Employees. The Company’s only current employees are David Hirschhorn and an
administrative secretary.

3.12 No Stop Order. No stop order suspending or prohibiting the transactions
contemplated by this Agreement has been issued by the SEC or the regulatory authorities of any
state and, to the Company’s knowledge, no proceeding for that purpose has been initiated or is
threatened or contemplated by the SEC or the regulatory authorities of any state.

3.13 Quotation of Common Stock. The Company’s Common Stock continues to be quoted on
the OTC Bulletin Board under the ticker symbol, “TISG.OB”.

3.14 Directors and Officer’s Liability Insurance. The Company has made all payments
under its existing policy of directors and officers’ liability insurance on a timely basis.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

5

 

4. Representations and Warranties of the Purchaser. Purchaser hereby represents and
warrants to the Company that:

4.1 Authorization. The Purchaser has full power and authority to enter into this
Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute the valid
and legally binding obligation of the Purchaser, enforceable in accordance with its terms.

4.2 Purchase for Own Account; Accredited Investor. This Agreement is made with the
Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s
execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the
Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof, and that the
Purchaser has no present intention of selling, granting any participation in, or otherwise
distributing the same. By executing this Agreement, the Purchaser further represents that the
Purchaser does not presently have any contract, undertaking, agreement or arrangement with any
Person to sell, transfer or grant participations to such Person or to any third Person, with
respect to any of the Shares. The Purchaser has not been formed for the specific purpose of
acquiring the Shares. The Purchaser is an “accredited investor” as that term is defined in Rule
501(a) of Regulation D promulgated under the Securities Act.

4.3 Experience. The Purchaser has carefully reviewed the representations concerning
the Company contained in this Agreement and has made detailed inquiry concerning the Company, its
business and its personnel. The officers of the Company have made available to the Purchaser any
and all information which the Purchaser has requested and have answered to the Purchaser’s
satisfaction all inquiries made by the Purchaser; and the Purchaser has sufficient knowledge and
experience in finance and business that it is capable of evaluating the risks and merits of its
investment in the Company and the Purchaser is able financially to bear the risks thereof.

4.4 Restricted Securities. The Purchaser understands that the offer and sale of the
Shares and the Warrants and the offer and sale of the Common Stock issuable upon conversion of the
Shares and exercise of the Warrants have not been registered under the Securities Act, by reason of
a specific exemption from the registration provisions of the Securities Act which depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of the
Purchaser’s representations as expressed herein. The Purchaser understands that the Shares, the
Warrants and the Common Stock issuable upon conversion of the Shares and exercise of the Warrants
are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, the Purchaser must hold the Shares, the Warrants and such Common Stock
indefinitely unless the resales of same are registered with the SEC and qualified by state
authorities, or an exemption from such registration and qualification requirements is available.
The Purchaser acknowledges that, except as otherwise provided herein, the Company has no obligation
to register or qualify the offer, sale or resale of the Shares, the Warrants or the Common Stock
issuable upon conversion of the Shares or exercise of the Warrants for resale. The Purchaser
further acknowledges that if an exemption from registration or qualification is available, it may
be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Shares,
the Warrants and the Common Stock issuable upon conversion of the Shares and exercise of the
Warrants, and on requirements relating to the Company which are outside of the Purchaser’s control,
and which the Company is under no obligation and may not be able to satisfy.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

6

 

4.5 Legends. The Purchaser understands that the Shares, the Warrants and any
securities issued in respect of or exchange for the Shares or exercise of the Warrants, may bear
one or all of the following legends:

(a) “THE OFFER AND SALE OF THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR
IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

(b) Any legend required by the securities laws of any state to the extent such laws are
applicable to the Shares and the Warrants represented by the certificate so legended.

5. Directors’ and Officers’ Insurance and Indemnification. From and after the Closing and
for a period of six years, the Company will provide standard and customary directors’ and officers’
liability insurance coverage commercially consistent with the then-applicable size of the Company
and its operations to current and former officers and directors of the Company (all such directors
and officers are referred to herein as the “Covered Persons”), including run-off for past
acts. From and after the Closing, the Company will fulfill and honor in all respects the
obligations of the Company pursuant to any indemnification obligations of the Company with respect
to each of the Covered Persons, and any indemnification provisions under the Company’s certificate
of incorporation and bylaws will contain provisions with respect to exculpation and indemnification
that are at least as favorable to the Covered Persons as those contained in the certificate of
incorporation and bylaws of the Company as in effect on the date hereof, which provisions will not
be amended, repealed or otherwise modified for a period of six years from the Closing in any manner
that would adversely affect the rights of the Covered Persons, unless such modification is required
by law. This covenant shall be enforceable by the Covered Persons as third party beneficiaries,
and shall be binding on all successors and assigns of the Company.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

7

 

6. Registration Rights.

6.1 Registration Obligations. Upon demand by holders owning at least Fifty Percent
(50%) of the outstanding Shares, the Company shall include the shares of Common Stock issuable upon
conversion of the Series 6-A Preferred and exercise of the Warrants (the “Registrable
Securities”) in a registration statement prepared by the Company and filed with the SEC within
thirty (30) days of such demand (the “Registration Statement”); provided, that no
demand shall be made sooner than the six month anniversary of the Closing and the Purchaser
shall be entitled to only one demand to register the resale of the Registrable Securities
pursuant to this Section 6.1. The Registration Statement will be on Form SB-2 or other
appropriate form (as the Company shall determine in its sole discretion) and will permit the
Registrable Securities to be offered on a continuous basis. The Company shall use its commercially
reasonable efforts to cause the Registration Statement to be declared effective under the
Securities Act by the SEC as promptly as possible after the filing thereof. The Company shall use
its commercially reasonable efforts to keep the Registration Statement continuously effective under
the Securities Act until the date which is the earliest of (a) the date on which all Registrable
Securities have been sold, (b) the date on which all Registrable Securities may be sold immediately
without registration of the offer and sale thereof under the Securities Act and without volume
restrictions pursuant to Rule 144(k) of the Securities Act or (c) two years from the date the
Registration Statement is declared effective by the SEC.

6.2 Suspension of Registration Obligations. The Company’s obligations under this
Section 8 shall be suspended if (a) the fulfillment of such obligations would require the
Company to make a disclosure that would be detrimental to the Company and the Company’s Board of
Directors determines that it is in the best interests of the Company to defer such obligations or
(b) the fulfillment of such obligations would require the Company to prepare financial statements
not required to be prepared by the Company to comply with its obligations under the Exchange Act at
the time the Registration Statement is proposed to be filed (the period during which either of the
preceding conditions is in effect is referred to as a “Permitted Black-Out Period”). A
Permitted Black-Out Period will end, as applicable, upon the making of the relevant disclosure by
the Company (or, if earlier, when such disclosure would no longer be necessary or detrimental) or
as soon as it would no longer be necessary to prepare such financial statements to comply with the
Securities Act.

6.3 Expenses; Indemnification. The Company shall pay all costs and expenses incurred
by the Company in connection with the preparation and filing of the Registration Statement, other
than selling commissions and fees which shall be the sole responsibility of the Purchaser. The
Company and the Purchaser shall provide each other with customary indemnification rights in
connection with the Registration Statement prepared and filed with the SEC pursuant to this
Section 6.

7. Indemnification.

7.1 Indemnification by the Company. The Company shall indemnify and hold harmless
Purchaser and its permitted successors and assigns from and against any and all claims, demands,
liabilities, obligations, damages, costs, and expenses (including reasonable attorneys’ fees)
(collectively, “Losses”) arising out of any breach of the Company’s representations,
warranties, covenants or agreements set forth herein; provided, however, that (a)
the Company shall not indemnify Purchaser for any Losses resulting from Purchaser’s negligence or
intentional misconduct or any breach of Purchaser’s representations, warranties, covenants or
agreements hereunder; and (b) the Company’s total liability under this Section 7.1 shall
not exceed the aggregate consideration paid to the Company by the Purchaser for the Units issued
and sold pursuant to this Agreement.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

8

 

7.2 Indemnification by the Purchaser. The Purchaser will indemnify and hold harmless
the Company and its officers, directors, agents, Affiliates, principal shareholders, successors and
assigns from and against any and all Losses arising out of any breach of the Purchaser’s
representations, warranties, covenants or agreements set forth herein; provided,
however, that the Purchaser shall not indemnify the Company for any Losses resulting from
the Company’s negligence or intentional misconduct or any breach of the Company’s representations,
warranties, covenants or agreements hereunder.

8. Miscellaneous.

8.1 Survival of Representations and Warranties. The representations and warranties of
the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the
execution and delivery of this Agreement and the Closing for a period of one year following the
Closing.

8.2 Successors and Assigns; No Third Party Beneficiaries. The terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

8.3 Governing Law. This Agreement shall be governed by and construed in accordance
with the internal substantive laws of the State of Delaware, without regard to its principles of
conflicts of laws.

8.4 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument. This Agreement may also be executed and delivered by facsimile signature and in two or
more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

8.5 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to
the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c)
five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be
sent to the respective parties at their address as set forth on the signature page, or to such
e-mail address, facsimile number or address as subsequently modified by written notice given in
accordance with this Section 8.5. If notice is given to the Company, a copy shall also be
sent to K&L GATES LLP, 1717 Main Street, Suite 2800, Dallas, Texas 75201, Attention: I. Bobby
Majumder.

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

9

 

8.6 No Finder’s Fees. Each party represents that it neither is nor will be obligated
for any finder’s fee or commission in connection with the transactions contemplated by this
Agreement. Purchaser agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s fee arising out of the transactions
contemplated hereby (and the costs and expenses of defending against such liability or asserted
liability) for which Purchaser or any of its representatives is responsible. The Company agrees to
indemnify and hold harmless Purchaser from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of the transactions contemplated hereby (and the
costs and expenses of defending against such liability or asserted liability) for which the Company
or any of its officers, employees or representatives is responsible.

8.7 Fees and Expenses. All fees and expenses incurred in connection with the
transactions contemplated by this Agreement shall be paid by the party incurring such fees or
expenses.

8.8 Amendments and Waivers. Except as otherwise expressly set forth in this
Agreement, any term of this Agreement may be amended, terminated or waived only with the written
consent of the Company and the holders of at least a majority of the then-outstanding Shares. Any
amendment or waiver effected in accordance with this Section 8.8 shall be binding upon the
Purchaser and each transferee of the Shares (or the Common Stock issuable upon conversion thereof),
each future holder of all such securities, and the Company.

8.9 Severability. The invalidity or unenforceability of any provision hereof shall in
no way affect the validity or enforceability of any other provision.

8.10 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party under this Agreement, upon any breach or default of any other party under
this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any
waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any party of any breach or default under this Agreement, or any waiver on
the part of any party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not
alternative.

8.11 Acknowledgement. Each party hereto acknowledges that: (a) it has read this
Agreement; (b) it has been represented in the preparation, negotiation and execution of this
Agreement by legal counsel of its own choice or has voluntarily declined to seek such counsel; and
(c) it understands the terms and consequences of this Agreement and is fully aware of the legal and
binding effect of this Agreement.

8.12 Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the
full and entire understanding and agreement among the parties with respect to the subject matter
hereof, and any other written or oral agreement relating to the subject matter hereof existing
among the parties is expressly canceled.

[SIGNATURE PAGE FOLLOWS]

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

10

 

IN WITNESS WHEREOF, the parties have executed this Series 6-A Preferred Stock and Warrant
Purchase Agreement as of the date first written above.

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	TRI-ISTHMUS GROUP, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	DAVID HIRSCHHORN, CEO
	 
	 	 	 	 
	 	 	Address:
	 	 	9663 Santa Monica Blvd.
	 	 	#959
	 	 	Beverly Hills, CA 90210
	 
	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 
	 	 	 
	 	 	(Purchaser Name)
	 
	 	 	 	 
	 	 	Address:
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

[Signature Page]

 

 

EXHIBIT A

Form of Warrant

(See attached)

EXHIBIT A TO SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

A-1

 

EXHIBIT B

Certificate of Designation

(See attached)

EXHIBIT B TO SERIES 6-A PREFERRED STOCK AND

WARRANT PURCHASE AGREEMENT

 

B-1

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