Document:

exv10w1

Exhibit 10.1

Execution Version

PURCHASE AGREEMENT

PHI, INC.

$297,000,000 8.625% Senior Notes due 2018

 

 

PHI, INC.

$297,000,000 8.625% Senior Notes due 2018

PURCHASE AGREEMENT

September 16, 2010

New York, New York

UBS Securities LLC

299 Park Avenue

New York, New York 10171

Ladies and Gentlemen:

     PHI, Inc., a Louisiana corporation (the “Company”), and each of the Guarantors (as defined
herein), agree with you as follows:

     1. Issuance of Notes. The Company proposes to issue and sell to UBS Securities LLC (the
“Initial Purchaser”) $297,000,000 aggregate principal amount of 8.625% Senior Notes due 2018 (the
“Original Notes”). Concurrently, the Company proposes to issue and sell to certain accredited
investors $3,000,000 aggregate principal amount of the Senior Notes due 2018 (the “Regulation D
Notes”), such offer and sale of Regulation D Notes referred to herein as the “Regulation D Private
Placement.” The Company’s obligations under the Original Notes, the Regulation D Notes and the
Indenture (as defined below) will be, jointly and severally, unconditionally guaranteed (the
“Guarantees”) on a senior unsecured basis by the Guarantors listed on Schedule I hereto
(collectively, the “Guarantors” and, together with the Company, the “Issuers”). The Original Notes
and the Guarantees related thereto are referred to herein as the “Offered Securities.” The Offered
Securities, the Regulation D Notes and the related Guarantees are referred to herein as the
“Securities.” The Securities will be issued pursuant to an indenture (the “Indenture”), to be dated
the Closing Date (as defined herein), by and among the Issuers, and The Bank of New York Mellon
Trust Company, N.A., a national banking association, as trustee (the “Trustee”). Capitalized terms
used but not otherwise defined herein shall have the meanings given to such terms in the Indenture
or the Offering Memorandum (as defined herein).

     The Offered Securities will be offered and sold to the Initial Purchaser pursuant to an
exemption from the registration requirements under the Securities Act of 1933, as amended (the
“Act”). The Issuers have prepared a preliminary offering memorandum, dated September 14, 2010 (the
“Preliminary Offering Memorandum”) and a pricing supplement thereto dated the date hereof in the
form of Exhibit C hereto (the “Pricing Supplement”). The Preliminary Offering Memorandum and the
Pricing Supplement are herein referred to as the “Pricing Disclosure Package.” Promptly after the
execution of this Purchase Agreement (this “Agreement”), the Issuers will prepare a final offering
memorandum dated the date hereof (the

 

 

“Offering Memorandum”). Unless stated to the contrary, any references herein to the terms
“Pricing Disclosure Package” and “Offering Memorandum” shall be deemed to refer to and include any
information filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
incorporated by reference therein, and any references herein to the terms “amend”, “amendment” or
“supplement” with respect to the Offering Memorandum shall be deemed to refer to and include any
information filed under the Exchange Act subsequent to the date hereof that is incorporated by
reference therein. All references in this Agreement to financial statements and schedules and
other information which is “contained,” “included” or “stated” (or other references of like import)
in the Pricing Disclosure Package (including the Preliminary Offering Memorandum) or Offering
Memorandum shall be deemed to mean and include all such financial statements and schedules and
other information which are incorporated by reference in the Pricing Disclosure Package or Offering
Memorandum, as the case may be.

     The Initial Purchaser has advised the Issuers that the Initial Purchaser intends, as soon as
it deems practicable after this Agreement has been executed and delivered, to resell (the “Exempt
Resales”) the Offered Securities in private sales exempt from registration under the Act on the
terms set forth in the Pricing Disclosure Package solely to (i) persons whom the Initial Purchaser
reasonably believes to be “qualified institutional buyers” (“QIBS”) as defined in Rule 144A under
the Act (“Rule 144A”), and (ii) other eligible purchasers pursuant to offers and sales that occur
outside the United States within the meaning of Regulation S under the Act (“Regulation S”); the
persons specified in clauses (i) and (ii) are sometimes collectively referred to herein as the
“Eligible Purchasers.”

     Upon issuance of the Securities and until such time as the same is no longer required under
the applicable requirements of the Act, the Offered Securities shall bear the legends relating
thereto set forth under “Transfer Restrictions” and the Regulation D Notes shall bear the legends
relating thereto set forth under “Private Placement” in the Offering Memorandum.

     Holders (including subsequent transferees) of the Securities will have the benefit of the
registration rights set forth in the registration rights agreement (the “Registration Rights
Agreement”) to be dated the Closing Date, substantially in the form attached hereto as Exhibit A.
Pursuant to the Registration Rights Agreement, the Issuers will agree to, under the provisions set
forth therein, (i) file with the Securities and Exchange Commission (the “Commission”) under the
circumstances set forth in the Registration Rights Agreement, (a) a registration statement under
the Act (the “Exchange Offer Registration Statement”) relating to a new issue of debt securities
(collectively with the Private Exchange Notes (as defined in the Registration Rights Agreement) the
“Exchange Notes” and, together with the Original Notes and the Regulation D Notes, the “Notes,”),
guaranteed by the guarantors under the Indenture, to be offered in exchange for the Original Notes,
the Regulation D Notes (if applicable) and the Guarantees thereof (the “Exchange Offer”) and issued
under the Indenture or an indenture substantially identical to the Indenture and/or (b) under
certain circumstances set forth in the Registration Rights Agreement, a shelf registration
statement pursuant to Rule 415 under the Act (the “Shelf Registration Statement” and, together with
the Exchange Offer Registration Statement, the “Registration Statements”) relating to the resale by
certain holders of the Original Notes, the Regulation D Notes and the Guarantees thereof, (ii) use
their reasonable best efforts to cause such Exchange Offer Registration Statement and, if
applicable, the Shelf

2

 

Registration Statement to be declared effective and (iii) use their reasonable best efforts to
consummate the Exchange Offer, all within the time periods specified in the Registration Rights
Agreement. This Agreement, the Notes, the Guarantees, the Indenture and the Registration Rights
Agreement are hereinafter sometimes referred to collectively as the “Note Documents.”

     The Securities are being offered and sold by the Issuers in connection with a tender offer by
the Company for all of its existing $200,000,000 7.125% Senior Notes due 2013 (the “Tender Offer”).
The issuance and sale of the Securities is referred to as the “Transaction.”

     2. Agreements to Sell and Purchase. On the basis of the representations, warranties and
covenants of the Initial Purchaser contained in this Agreement, the Issuers agree to issue and sell
to the Initial Purchaser, and on the basis of the representations, warranties and covenants of the
Issuers contained in this Agreement, and subject to the terms and conditions contained in this
Agreement, the Initial Purchaser agrees to purchase from the Issuers, the Offered Securities. The
purchase price for the Offered Securities shall be 98.5% of their principal amount.

     3. Delivery and Payment. Delivery of, and payment of the purchase price for, the Offered
Securities shall be made at 9:00 a.m., Central Time, on September 23, 2010 (such date and time, the
“Closing Date”) at the offices of Vinson & Elkins L.L.P., 2500 First City Tower, 1001, Fannin,
Houston, Texas 77002. The Closing Date and the location of delivery of and the form of payment for
the Offered Securities may be varied by mutual agreement between the Initial Purchaser and the
Company.

     The Offered Securities shall be delivered by the Issuers to the Initial Purchaser (or as the
Initial Purchaser direct) through the facilities of The Depository Trust Company (“DTC”), against
payment by the Initial Purchaser of the purchase price therefor by means of wire transfer of
immediately available funds to such account or accounts specified by the Company in accordance with
its obligations under Sections 4(g) and 8(m) hereof on or prior to the Closing Date, or by such
means as the parties hereto shall agree prior to the Closing Date. The Offered Securities shall be
evidenced by one or more certificates in global form registered in such names as the Initial
Purchaser may request upon at least one business day’s notice prior to the Closing Date and having
an aggregate principal amount corresponding to the aggregate principal amount of the Offered
Securities.

     4. Agreements of the Issuers. The Issuers, jointly and severally, covenant and agree with the
Initial Purchaser as follows:

          (a) To furnish the Initial Purchaser and those persons identified by the Initial Purchaser,
without charge, with as many copies of the Preliminary Offering Memorandum, the Pricing Supplement,
any Issuer Written Communication (as defined below) and the Offering Memorandum, and any amendments
or supplements thereto, as the Initial Purchaser may reasonably request. The Issuers consent to the
use of the Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written
Communication and the Offering Memorandum, and any amendments and supplements thereto, by the
Initial Purchaser in connection with Exempt Resales.

3

 

          (b) As promptly as practicable following the execution and delivery of this Agreement and in
any event not later than the second business day following the date hereof, to prepare and deliver
to the Initial Purchaser the Offering Memorandum, which shall consist of the Preliminary Offering
Memorandum as modified only by the information contained in the Pricing Supplement or as otherwise
agreed by the Initial Purchaser. Not to amend or supplement the Preliminary Offering Memorandum or
the Pricing Supplement. Not to amend or supplement the Offering Memorandum prior to the Closing
Date unless the Initial Purchaser shall previously have been advised of such proposed amendment or
supplement at least two business days prior to the proposed use, and shall not have objected to
such amendment or supplement.

          (c) If, prior to the later of (x) the Closing Date and (y) the time that the Initial Purchaser
has completed its distribution of the Offered Securities, any event shall occur that, in the
reasonable judgment of the Issuers or in the reasonable judgment of the Initial Purchaser, makes
any statement of a material fact in the Offering Memorandum, as then amended or supplemented,
untrue or that requires the making of any additions to or changes in the Offering Memorandum in
order to make the statements in the Offering Memorandum, as then amended or supplemented, in the
light of the circumstances under which they are made, not misleading, or if it is necessary to
amend or supplement the Offering Memorandum to comply with all applicable laws, the Issuers shall
promptly notify the Initial Purchaser of such event, or the Initial Purchaser shall promptly notify
the Issuers, as the case may be, and (subject to Section 4(b)) prepare an appropriate amendment or
supplement to the Offering Memorandum so that (i) the statements in the Offering Memorandum, as
amended or supplemented, will not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the
circumstances at the time that the Offering Memorandum is delivered to prospective Eligible
Purchasers, not misleading and (ii) the Offering Memorandum will comply with applicable law.

          (d) To cooperate with the Initial Purchaser and counsel to the Initial Purchaser in connection
with the qualification or registration of the Offered Securities under the securities laws of such
jurisdictions as the Initial Purchaser may request and to continue such qualification in effect so
long as required for the Exempt Resales. Notwithstanding the foregoing, no Issuer shall be required
to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file
a general consent to service of process in any such jurisdiction or subject itself to taxation in
excess of a nominal dollar amount in any such jurisdiction where it is not then so subject.

          (e) To advise the Initial Purchaser promptly and, if requested by the Initial Purchaser, to
confirm such advice in writing, of the issuance by any securities commission of any stop order
suspending the qualification or exemption from qualification of any of the Securities for offering
or sale in any jurisdiction, or the initiation of any proceeding for such purpose by any securities
commission or other regulatory authority. The Issuers shall use their reasonable best efforts to
prevent the issuance of any stop order or order suspending the qualification or exemption of any of
the Securities under any securities laws, and if at any time any securities commission or other
regulatory authority shall issue an order suspending the qualification or exemption of any of the
Securities under any securities laws, the Issuers shall use

4

 

their reasonable best efforts to obtain the withdrawal or lifting of such order at the
earliest possible time.

          (f) Whether or not the transactions contemplated by this Agreement are consummated or this
Agreement becomes effective or is terminated other than by reason of a default by the Initial
Purchaser, to pay all costs, expenses, fees and disbursements (including fees and disbursements of
counsel and accountants for the Issuers) incurred and all stamp, documentary or similar taxes
incident to and in connection with: (i) the preparation, printing and distribution of the
Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written Communication (as
defined below) and the Offering Memorandum (including, without limitation, financial statements)
and all amendments and supplements thereto; (ii) all expenses (including travel expenses) of the
Issuers in connection with any meetings with prospective investors in the Offered Securities; (iii)
the preparation, notarization (if necessary) and delivery of the Note Documents and all other
agreements, memoranda, correspondence and documents prepared and delivered in connection with this
Agreement and with the Exempt Resales; (iv) the issuance, transfer and delivery of the Offered
Securities by the Issuers to the Initial Purchaser; (v) the qualification or registration of the
Securities for offer and sale under the securities laws of the several states of the United States
or provinces of Canada (including, without limitation, the cost of printing and mailing preliminary
and final “Blue Sky” or legal investment memoranda and fees and disbursements of counsel (including
local counsel) to the Initial Purchaser relating thereto); (vi) the preparation, printing and
distribution of one or more versions of the Pricing Disclosure Package and the Offering Memorandum
for distribution in Canada, often in the form of a Canadian “wrapper” (including the preparation of
any related Canadian blue sky memorandum and the related fees and expenses of Canadian counsel to
the Initial Purchaser); (vii) the inclusion of the Offered Securities in the book-entry system of
the DTC; (viii) the rating of the Securities by rating agencies; (ix) the fees and expenses of the
Trustee and its counsel; (x) the cost of any aircraft chartered in connection with the roadshow and
(xi) the performance by the Issuers of their other obligations under the Note Documents; provided,
however, except as set forth above in subparagraph (v) the Initial Purchaser shall be responsible
for all legal fees and expenses of its legal counsel; and provided further, however, that except as
otherwise expressly set forth in this Agreement, the Initial Purchaser shall pay its own costs and
expenses, including costs and expenses relating to the roadshow. In addition, if the transactions
contemplated by this Agreement are not consummated for any reason other than the termination of
this Agreement pursuant to Section 11 hereof or the default by the Initial Purchaser in its
obligations hereunder, the Issuers shall, in addition to paying the amounts described above,
reimburse the Initial Purchaser for one-half of its reasonably incurred out-of-pocket expenses,
including the reasonably incurred fees and disbursements of its counsel.

          (g) To use the proceeds from the sale of the Securities in a manner described in the Pricing
Disclosure Package under the caption “Use of proceeds.”

          (h) To do and perform all things required to be done and performed under this Agreement by
them prior to or after the Closing Date and to satisfy all conditions precedent on their part to
the delivery of the Offered Securities.

5

 

          (i) Not to permit any Issuer, and not to permit any of their subsidiaries to, sell, offer for
sale or solicit offers to buy any security (as defined in the Act) that would be integrated with
the sale of the Securities in a manner that would require the registration under the Act of the
sale of the Offered Securities to the Initial Purchaser or any Eligible Purchasers.

          (j) Not to permit any Issuer or any of its subsidiaries to, and to use their reasonable best
efforts to cause their affiliates (as defined in Rule 144 under the Act) not to, resell any of the
Securities that have been acquired by any of them, other than in accordance with the letter
agreement provided for in Section 8(o) hereof.

          (k) Not to permit any Issuer to engage, not to allow any of their subsidiaries to engage, and
to use their reasonable best efforts to cause their other affiliates and any person acting on their
behalf (other than, in any case, the Initial Purchaser and any of its affiliates, as to whom the
Issuers make no covenant) not to engage, in any form of general solicitation or general advertising
(within the meaning of Regulation D under the Act) in connection with any offer or sale of the
Securities in the United States.

          (l) Not to engage, not to allow any of their subsidiaries to engage, and to use their
reasonable best efforts to cause their other affiliates and any person acting on their behalf
(other than, in any case, the Initial Purchaser and any of its affiliates, as to whom the Issuers
make no covenant) not to engage, in any directed selling effort with respect to the Securities, and
to comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph
have the meanings given to them by Regulation S.

          (m) From and after the Closing Date, for so long as any of the Securities remain outstanding
and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act and during any
period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, to make
available upon request the information required by Rule 144A(d)(4) under the Act to (i) any holder
or beneficial owner of Securities in connection with any sale of such Securities and (ii) any
prospective purchaser of such Securities from any such holder or beneficial owner designated by the
holder or beneficial owner. The Issuers will pay the expenses of printing and distributing such
documents.

          (n) To comply with all of their agreements set forth in the Registration Rights Agreement.

          (o) To comply with all of their obligations set forth in the representations letter of the
Issuers to DTC relating to the approval of the Offered Securities by DTC for “book-entry” transfer
and to use their reasonable best efforts to obtain approval of the Offered Securities by DTC for
“book-entry” transfer.

          (p) Prior to the Closing Date, to furnish without charge to the Initial Purchaser, (i) as soon
as they have been prepared, a copy of any regularly prepared internal financial statements of the
Company and its subsidiaries for any period subsequent to the period covered by the financial
statements appearing in the Pricing Disclosure Package, (ii) all other reports and other
communications (financial or otherwise) that any of the Issuers mail or

6

 

otherwise make available to their security holders and (iii) such other information as the
Initial Purchaser shall reasonably request.

          (q) Not to, and not to permit any of its affiliates or anyone acting on its or its affiliates’
behalf to (other than the Initial Purchaser and its affiliates), distribute prior to the Closing
Date any offering material in connection with the offer and sale of the Securities other than the
Preliminary Offering Memorandum, the Pricing Supplement, an Issuer Written Communication and the
Offering Memorandum. Before making, preparing, using, authorizing, approving or referring to any
Issuer Written Communication (as defined below), the Company will furnish to the Initial Purchaser
and counsel for the Initial Purchaser a copy of such written communication for review and will not
make, prepare, use, authorize, approve or refer to any such written communication to which the
Initial Purchaser reasonably objects.

          (r) During the period of two years after the Closing Date or, if earlier, until such time as
the Securities are no longer restricted securities (as defined in Rule 144 under the Act), not to
be or become an investment company required to be registered, but not registered, under the
Investment Company Act of 1940.

          (s) In connection with the offering, until the Initial Purchaser shall have notified the
Company of the completion of the resale of the Offered Securities, not to, and not to permit any of
their affiliates (as such term is defined in Rule 501(b) of Regulation D under the Act) to, either
alone or with one or more other persons, bid for or purchase for any account in which they or any
of their affiliates have a beneficial interest in any of the Securities (other than the Regulation
D Notes pursuant to the Regulation D Private Placement); and none of the Issuers nor any of their
affiliates will make bids or purchases for the purpose of creating actual, or apparent, active
trading in, or of raising the price of, the Securities.

          (t) During the period from the date hereof, through and including the date that is 90 days
after the date hereof, without the prior written consent of the Initial Purchaser, offer, sell,
contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or
any Subsidiary and having a term of more than one year.

     The Company and the Initial Purchaser agree that prior to any registration of the Securities
pursuant to the Registration Rights Agreement, or at such earlier time as may be so required, the
Indenture shall be qualified under the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”), and that it will cause to be entered into any necessary supplemental indentures in
connection therewith.

     5. Representations and Warranties.

          (a) The Issuers, jointly and severally, represent and warrant to the Initial Purchaser that:

          (i) Neither the Pricing Disclosure Package, as of the date hereof, nor the Offering
Memorandum, as of its date or (as amended or supplemented in accordance with Section 4(b),
if applicable) as of the Closing Date, contains, or will

7

 

contain, any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that the Issuers make no
representation or warranty with respect to information relating to the Initial Purchaser
contained in or omitted from the Pricing Disclosure Package, the Offering Memorandum or any
amendment or supplement thereto in reliance upon and in conformity with information
furnished to the Company in writing by or on behalf of the Initial Purchaser expressly for
inclusion in the Pricing Disclosure Package, the Offering Memorandum or any amendment or
supplement thereto, as the case may be. No order preventing the use of the Preliminary
Offering Memorandum, the Pricing Supplement or the Offering Memorandum, or any amendment or
supplement thereto, or any order asserting that any of the transactions contemplated by this
Agreement are subject to the registration requirements of the Act, has been issued or, to
the knowledge of the Issuers, has been threatened.

          (ii) The Company (including its agents and representatives, other than the Initial
Purchaser in its capacity as such) has not prepared, made, used, authorized, approved or
referred to and will not prepare, make, use, authorize, approve or refer to any written
communication that constitutes an offer to sell or solicitation of an offer to buy the
Securities (each such communication by the Company or its agents and representatives an
“Issuer Written Communication”) other than (i) the Pricing Disclosure Package, (ii) the
Offering Memorandum and (iii) any electronic road show or other written communications, in
each case used in accordance with Section 4(q). Each such Issuer Written Communication, when
taken together with the Pricing Disclosure Package, did not, and at the Closing Date will
not, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The documents incorporated by reference in the
Offering Memorandum heretofore filed with the Commission were filed in a timely manner and,
when they were filed (or, if any amendment with respect to any such document was filed, when
such amendment was filed), conformed in all material respects to the requirements of the
Exchange Act and the rules and regulations thereunder (the “Exchange Act Regulations”), and
any further incorporated documents so filed will, when they are filed, conform in all
material respects with the requirements of the Exchange Act and the Exchange Act
Regulations; no such document when it was filed (or, if an amendment with respect to any
such document was filed, when such amendment was filed) contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; and no such further incorporated document,
when it is filed, will contain an untrue statement of a material fact or will omit to state
a material fact required to be stated therein or necessary in order to make the statements
therein not misleading.

          (iii) There are no securities of the Issuers that are listed on a national securities
exchange registered under Section 6 of the Exchange Act or that are quoted in a United
States automated interdealer quotation system of the same class as the Securities within the
meaning of Rule 144A.

8

 

          (iv) After giving effect to the Transaction, the capitalization of the Company as of
the Closing Date will be as set forth in the as adjusted column under the heading
“Capitalization” in the Pricing Disclosure Package, assuming the Tender Offer is fully
subscribed (subject to the issuance of shares of Common Stock upon exercise of outstanding
stock options disclosed in the Pricing Disclosure Package or the Offering Memorandum and the
grant of options under the existing stock option plans described in the Pricing Disclosure
Package or the Offering Memorandum). Attached hereto as Schedule II is a true and complete
list of each subsidiary of the Company, its jurisdiction of organization and percentage
equity ownership by the Company (collectively, the “Subsidiaries”). The entities listed on
Schedule II hereto are the only Subsidiaries, direct or indirect, of the Company. All of the
issued and outstanding shares of capital stock or other equity interests of each of the
Subsidiaries have been duly and validly authorized and issued, are fully paid and
nonassessable, were not issued in violation of any preemptive or similar rights and, except
as set forth in the Pricing Disclosure Package, are owned, directly or indirectly, by the
Company free and clear of all Liens (as defined in the Indenture) other than Permitted Liens
(as defined in the Indenture). Except as set forth in the Pricing Disclosure Package, there
are no outstanding options, warrants or other rights to acquire or purchase, or instruments
convertible into or exchangeable for, any shares of capital stock or other equity interests
of the Company or any of the Subsidiaries. No holder of any securities of the Company or any
of the Subsidiaries is entitled to have such securities (other than the Securities)
registered under any registration statement contemplated by the Registration Rights
Agreement.

          (v) Each of the Company and each Subsidiary: (A) is a corporation, limited liability
company, partnership or other entity duly organized and validly existing under the laws of
the jurisdiction of its incorporation or organization, as the case may be; (B) has all
requisite corporate, partnership or limited liability company or other power and authority,
as the case may be, and has all governmental licenses, authorizations, consents and
approvals, necessary to own its property and carry on its business as now being conducted,
except if the failure to obtain any such license, authorization, consent and approval could
not reasonably be expected to have a Material Adverse Effect; and (C) is qualified to do
business and is in good standing in all jurisdictions in which the nature of the business
conducted by it or its ownership of property makes such qualification necessary, except
where the failure to be so qualified and in good standing individually or in the aggregate
would not reasonably be expected to have a Material Adverse Effect. A “Material Adverse
Effect” means (x) any material adverse effect on the business, properties, financial
condition, results of operations or prospects of the Company and the Subsidiaries, taken as
a whole or (y) an adverse effect on the ability to consummate the Transactions on a timely
basis.

          (vi) Each of the Issuers has all requisite corporate or other power and authority, as
the case may be, to execute, deliver and perform all of its obligations under the Note
Documents to which it is a party and to consummate the transactions contemplated by the Note
Documents to be consummated on its part and, without limitation, the Company has all
requisite corporate power and authority to issue, sell and deliver the Notes and each
Guarantor has all requisite corporate or other power and

9

 

authority to make and perform all its obligations under its Guarantee. Each of the
Issuers has duly authorized the execution, delivery and performance of each of the Note
Documents to which it is a party. Each of the Note Documents conforms, or when executed and
delivered will conform, in all material respects to the descriptions thereof in the Offering
Memorandum.

          (vii) This Agreement has been duly and validly authorized, executed and delivered by
each Issuer.

          (viii) The Indenture has been duly and validly authorized by each Issuer and, when duly
executed and delivered by each Issuer (assuming the due authorization, execution and
delivery thereof by the Trustee), will be a legal, valid and binding obligation of each of
the Issuers, enforceable against each of them in accordance with its terms, except as the
enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent
transfer or conveyance, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity) and the discretion of the court
before which any proceeding therefor may be brought and constitutional limitations on laws
that govern the enforceability of choice of law provisions in agreements (the “Bankruptcy
and Equity Exceptions”). The Indenture, when executed and delivered, will conform in all
material respects to the description thereof in the Offering Memorandum.

          (ix) The Original Notes and the Regulation D Notes have been duly and validly
authorized for issuance and sale to the Initial Purchaser and the purchasers in the
Regulation D Private Placement by the Company and, when issued, authenticated and delivered
by the Company against payment therefor by the Initial Purchaser in accordance with the
terms of this Agreement and the Indenture and the purchasers in the Regulation D Private
Placement in accordance with the terms of the Indenture (assuming, in each case, the due
authorization, execution and delivery thereof by the Trustee), the Original Notes and the
Regulation D Notes will be legal, valid and binding obligations of the Company, entitled to
the benefits of the Indenture and enforceable against the Company in accordance with their
terms, except as the enforcement thereof may be limited by the Bankruptcy and Equity
Exceptions. The Original Notes and the Regulation D Notes, when issued, authenticated and
delivered, will conform in all material respects to the description thereof in the Offering
Memorandum.

          (x) The Exchange Notes have been, or upon the Closing Date will be, duly and validly
authorized for issuance by the Company and, when issued, authenticated and delivered by the
Company in accordance with the terms of the Registration Rights Agreement, the Exchange
Offer and the Indenture (assuming the due authorization, execution and delivery thereof by
the Trustee), the Exchange Notes will be legal, valid and binding obligations of the
Company, entitled to the benefits of the Indenture and enforceable against the Company in
accordance with their terms, except as the enforcement thereof may be limited by the
Bankruptcy and Equity Exceptions. The Exchange Notes, when issued, authenticated and
delivered, will conform in all material

10

 

respects to the description thereof in the Preliminary Offering Memorandum and the
Offering Memorandum.

          (xi) The Guarantees have been duly and validly authorized by each of the Guarantors
and, when the Original Notes and the Regulation D Notes are issued, authenticated by the
Trustee and delivered by the Company against payment by the Initial Purchaser in accordance
with the terms of this Agreement and the Indenture and the purchasers in the Regulation D
Private Placement in accordance with the terms of the Indenture (assuming, in each case, the
due authorization, execution and delivery thereof by the Trustee), will be legal, valid and
binding obligations of the Guarantors, enforceable against each of them in accordance with
their terms, except as the enforcement thereof may be limited by the Bankruptcy and Equity
Exceptions. The Guarantees, when executed and delivered, will conform in all material
respects to the description thereof in the Offering Memorandum.

          (xii) The guarantees in respect of the Exchange Notes have been duly and validly
authorized by the Guarantors and, when the Exchange Notes are issued, authenticated and
delivered in accordance with the terms of the Registration Rights Agreement, the Exchange
Offer and the Indenture (assuming the due authorization, execution and delivery thereof by
the Trustee), will be legal, valid and binding obligations of the Guarantors, enforceable
against each of them in accordance with their terms, except as the enforcement thereof may
be limited by the Bankruptcy and Equity Exceptions.

          (xiii) The Registration Rights Agreement has been duly and validly authorized by each
of the Issuers and, when duly executed and delivered by each of the Issuers (assuming the
due authorization, execution and delivery thereof by the Initial Purchaser), will constitute
a legal, valid and binding obligation of each of the Issuers, enforceable against them in
accordance with its terms, except (A) as the enforcement thereof may be subject to the
Bankruptcy and Equity Exceptions, and (B) that any rights to indemnity or contribution
thereunder may be limited by federal and state securities laws and public policy
considerations. The Registration Rights Agreement will conform in all material respects to
the description thereof in the Offering Memorandum.

          (xiv) All taxes, fees and other governmental charges that are due and payable on or
prior to the Closing Date in connection with the execution, delivery and performance of the
Note Documents and the execution, delivery and sale of the Securities shall have been paid
by or on behalf of the Company at or prior to the Closing Date.

          (xv) None of the Company or any of the Subsidiaries is (A) in violation of its charter,
bylaws or other constitutive documents, (B) in default (or, with notice or lapse of time or
both, would be in default) in the performance or observance of any obligation, agreement,
covenant or condition contained in any bond, debenture, note, indenture, mortgage, deed of
trust, loan or credit agreement, lease, license, franchise agreement, authorization, permit,
certificate or other agreement or instrument to which any of them is a party or by which any
of them is bound or to which any of their assets or

11

 

properties is subject (collectively, “Agreements and Instruments”), or (C) in violation
of any law, statute, rule, regulation, judgment, order or decree of any domestic or foreign
court with jurisdiction over any of them or any of their assets or properties or other
governmental or regulatory authority, agency or other body, which, in the case of clauses
(B) and (C) herein, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect. There exists no condition that, with notice, the passage of time
or otherwise, would constitute a default by the Company or any of its Subsidiaries under any
such document or instrument or result in the imposition of any penalty or the acceleration
of any indebtedness, other than penalties, defaults or conditions that, individually or in
the aggregate, could not reasonably be expected to have a Material Adverse Effect.

          (xvi) The execution, delivery and performance by each of the Issuers of the Note
Documents to which it is a party, including the consummation of the offer and sale of the
Securities and the Exchange Notes, does not and will not violate, conflict with or
constitute a breach of any of the terms or provisions of or a default under (or an event
that with notice or the lapse of time, or both, would constitute a default), or require
consent under, or result in the creation or imposition of a Lien, on any property or assets
of the Company or any Subsidiaries pursuant to, (i) the charter, bylaws or other
constitutive documents of any of the Company or any of its Subsidiaries, (ii) any judgment,
order or decree of any domestic or foreign court or governmental agency or authority having
jurisdiction over the Company or any of its Subsidiaries or their respective assets or
properties except such judgments, orders or decrees that would have a Material Adverse
Effect, (iii) any of the Agreements and Instruments or (iv) any law, statute, rule or
regulation applicable to the Company or any of its Subsidiaries or their respective assets
or properties, except in the case of clauses (iii) and (iv), such violations, conflicts,
breaches or defaults as could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. Assuming the accuracy of the representations and
warranties of the Initial Purchaser in Section 5(b) of this Agreement, no consent, approval,
authorization or order of, or filing, registration, qualification, license or permit of or
with, any court or governmental agency, body or administrative agency, domestic or foreign,
is required to be obtained or made by the Company or any of its Subsidiaries for the
execution, delivery and performance by the Company and each of its Subsidiaries of the Note
Documents to which they are party including the consummation of any of the transactions
contemplated thereby, except (x) such as have been or will be obtained or made on or prior
to the Closing Date, (y) registration of the Exchange Offer or resale of the Notes under the
Act pursuant to the Registration Rights Agreement and (z) qualification of the Indenture
under the Trust Indenture Act in connection with the issuance of the Exchange Notes. No
consents or waivers from any other person or entity are required for the execution, delivery
and performance of this Agreement or any of the other Note Documents or the consummation of
any of the transactions contemplated hereby or thereby, other than such consents and waivers
as have been obtained or will be obtained prior to the Closing Date and will be in full
force and effect, except such consents or waivers that the failure to obtain could not be
reasonably expected to have a Material Adverse Effect.

12

 

          (xvii) Except as set forth in the Pricing Disclosure Package, there is (A) no action,
suit or proceeding before or by any court, arbitrator or governmental agency, body or
official, domestic or foreign, now pending or, to the knowledge of the Issuers, threatened
or contemplated, to which the Company or any of the Subsidiaries is or may be a party or to
which the business, assets or property of such person is or may be subject, (B) no law,
statute, rule, regulation or order that has been enacted, adopted or issued or, to the
knowledge of the Issuers, that has been proposed by any governmental body or agency,
domestic or foreign, (C) no injunction, restraining order or order of any nature by a
federal or state court or foreign court of competent jurisdiction to which the Company or
any of the Subsidiaries is or may be subject that in the case of clause (A), (B) or (C),
could, individually or in the aggregate, reasonably be expected, (1) to have a Material
Adverse Effect or (2) to interfere with or adversely affect the issuance of the Securities
in any jurisdiction or adversely affect the consummation of the transactions contemplated by
any of the Note Documents. Every request of any securities authority or agency of any
jurisdiction for additional information with respect to the Securities that has been
received by the Company or any of the Subsidiaries or their counsel prior to the date hereof
has been, or will prior to the Closing Date be, complied with in all material respects.

          (xviii) Except as could not reasonably be expected to have a Material Adverse Effect,
no labor disturbance by the employees of any of the Company or any of the Subsidiaries
exists or, to the knowledge of the Issuers, is imminent.

          (xix) Except as set forth in the Pricing Disclosure Package, the Company and each of
the Subsidiaries (A) is in compliance with, or not subject to costs or liabilities under,
all laws, regulations, rules of common law, orders and decrees, as in effect as of the date
hereof, and any present judgments and injunctions issued or promulgated thereunder relating
to pollution or protection of public and employee health and safety, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants applicable to it or its
business or operations or ownership or use of its property (“Environmental Laws”), other
than noncompliance or such costs or liabilities that, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, and (B) possesses all
permits, licenses or other approvals required under applicable Environmental Laws, except
where the failure to possess any such permit, license or other approval could not reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect. All
currently pending and, to the knowledge of the Issuers, threatened proceedings, notices of
violation, demands, notices of potential responsibility or liability, suits and existing
environmental conditions by any governmental authority which the Company or any of its
Subsidiaries would reasonably expect to result in a Material Adverse Effect are accurately
described in all material respects in the Pricing Disclosure Package. The Company and each
of the Subsidiaries maintains a system of internal environmental management controls
sufficient to provide reasonable assurance of compliance in all material respects of their
business facilities, real property and operations with requirements of applicable
Environmental Laws.

13

 

          (xx) The Company and each of the Subsidiaries have (A) all licenses, certificates,
permits, authorizations, approvals, franchises and other rights from, and has made all
declarations and filings with, all applicable authorities, all self-regulatory authorities
and all courts and other tribunals (each, an “Authorization”) necessary to engage in the
business conducted by them in the manner described in the Pricing Disclosure Package, except
where the failure to hold such Authorizations could not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect, and (B) no reason to believe that
any governmental body or agency, domestic or foreign, is considering limiting, suspending or
revoking any such Authorization, except where any such limitations, suspensions or
revocations could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. All such Authorizations are valid and in full force and effect and
the Company and each of the Subsidiaries are in compliance in all material respects with the
terms and conditions of all such Authorizations and with the rules and regulations of the
regulatory authorities having jurisdiction with respect to such Authorizations, except for
any invalidity, failure to be in full force and effect or noncompliance with any
Authorization that could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

          (xxi) Each of the Company and the Subsidiaries has good and valid title in fee simple
to all items of real property and valid title to all personal property owned by each of
them, in each case free and clear of any Lien, except (i) such as do not materially and
adversely affect the value of such property and do not interfere with the use made or
proposed to be made of such property by the Company or such Subsidiaries to an extent that
such interference would reasonably be expected to have a Material Adverse Effect, and (ii)
Liens described in the Pricing Disclosure Package. Any real property and buildings held
under lease by the Company or any of the Subsidiaries are held under valid, subsisting and
enforceable leases, with such exceptions as do not materially interfere with the use made or
proposed to be made of such property and buildings by the Company or the Subsidiaries.

          (xxii) Each of the Company and the Subsidiaries owns, possesses or has the right to
employ all patents, patent rights, licenses, inventions, copyrights, know-how (including
trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks and trade names
(collectively, the “Intellectual Property”) necessary to conduct the businesses operated by
it as described in the Pricing Disclosure Package, except where the failure to own, possess
or have the right to employ such Intellectual Property, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect. None of the Company or
any of the Subsidiaries has received any notice of infringement of or conflict with (or
knows of any such infringement or a conflict with) asserted rights of others with respect to
any of the foregoing that, if such assertion of infringement or conflict were sustained,
would reasonably be expected to have a Material Adverse Effect. The use of the Intellectual
Property in connection with the business and operations of the Company and the Subsidiaries
does not infringe on the rights of any person, except for such infringement as could not
reasonably be expected to have a Material Adverse Effect.

14

 

          (xxiii) All tax returns required to be filed by the Company and each of the
Subsidiaries have been filed in all jurisdictions where such returns are required to be
filed; and all taxes, including withholding taxes, value added and franchise taxes,
penalties and interest, assessments, fees and other charges due or claimed to be due from
such entities or that are due and payable have been paid, other than those being contested
in good faith and for which reserves have been provided in accordance with GAAP or those
currently payable without penalty or interest and except where the failure to make such
required filings or payments could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. To the knowledge of the Issuers, there are no
material proposed additional tax assessments against the Company or any of the Subsidiaries
or their assets or property.

          (xxiv) Neither the Company nor any of the Subsidiaries has any liability for any
prohibited transaction or accumulated funding deficiency (within the meaning of Section 412
of the Internal Revenue Code of 1986, as amended (the “Code”)) or any complete or partial
withdrawal liability with respect to any pension, profit sharing or other plan which is
subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to
which the Company or any of the Subsidiaries makes or ever has made a contribution and in
which any employee of the Company or any of the Subsidiaries is or has ever been a
participant. With respect to such plans, the Company and each of the Subsidiaries are in
compliance in all material respects with all applicable provisions of ERISA.

          (xxv) Neither the Company nor any of the Subsidiaries is, or after giving effect to the
Transactions will be, an “investment company” or a company “controlled” by an “investment
company” incorporated in the United States within the meaning of the Investment Company Act
of 1940, as amended.

          (xxvi) The statements in the Preliminary Offering Memorandum and the Final Offering
Memorandum under the headings “Certain U.S. Federal Income Tax Consequences”, “Description
of Notes”, “Legal Matters”, “Exchange Offer; Registration Rights” and “Government
Regulation” and under the subheading “Business—Legal Proceedings” fairly summarize the
matters therein described in all material respects.

          (xxvii) Except as set forth in the Pricing Disclosure Package, neither the Company nor
any of its Subsidiaries nor, to the knowledge of the Company and each of the Guarantors, any
director, officer, agent, employee or other person associated with or acting on behalf of
the Company or any of its Subsidiaries has (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) violated or is in violation of any
provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment.

          (xxviii) Except as set forth in the Pricing Disclosure Package, the operations of the
Company and its Subsidiaries are and have been conducted at all times

15

 

in compliance with applicable financial recordkeeping and reporting requirements of the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
statutes of all jurisdictions, the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its Subsidiaries with respect to the Money
Laundering Laws is pending or, to the best knowledge of the Company, threatened.

          (xxix) Except as set forth in the Pricing Disclosure Package, none of the Company, any
of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent,
employee or affiliate of the Company or any of its Subsidiaries is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department
of the Treasury (“OFAC”); and the Company will not directly or indirectly use the proceeds
of the offering of the Securities hereunder, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other person or entity, for the
purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

          (xxx) The Company and each of the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (A) transactions are executed in
accordance with management’s general or specific authorizations; (B) transactions are
recorded as necessary to permit preparation of their financial statements in conformity with
GAAP and to maintain accountability for assets; (C) access to assets is permitted only in
accordance with management’s general or specific authorization; and (D) the recorded
accountability for their assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

          (xxxi) The Company has established and maintains disclosure controls and procedures (as
such term is defined in Rules 13a-15 and 15d-14 under the Exchange Act); such disclosure
controls and procedures are designed to ensure that material information relating to the
Company and the Subsidiaries is made known to the chief executive officer and chief
financial officer of the Company by others within the Company or any Subsidiary, and such
disclosure controls and procedures are reasonably effective to perform the functions for
which they were established subject to the limitations of any such control system; the
Company’s auditors and the audit committee of the board of directors of the Company have
been advised of: (A) any significant deficiencies, if any, in the design or operation of
internal controls which could adversely affect the Company’s ability to record, process,
summarize, and report financial data; and (B) any fraud, if any, whether or not material,
that involves management or other employees who have a role in the Company’s internal
controls; and since the date of the most recent evaluation of such disclosure controls and
procedures, there have been no significant changes in internal controls or in other factors
that could significantly affect internal controls, including any corrective actions with
regard to significant deficiencies and material weaknesses. The Company has provided or
made available to the Initial

16

 

Purchaser or its counsel true and complete copies of all extant minutes or draft
minutes of meetings, or resolutions adopted by written consent, of the board of directors of
the Company and each Subsidiary and each committee of each such board in the past three
years, and all agendas for each such meeting for which minutes or draft minutes do not
exist.

          (xxxii) The Company and each of the Subsidiaries maintain insurance covering their
properties, assets, operations, personnel and businesses, and such insurance is of such type
and in such amounts in accordance with customary industry practice to reasonably protect the
Company and of the Subsidiaries and their businesses. None of the Company or any of the
Subsidiaries has received notice from any insurer or agent of such insurer that any material
capital improvements or other material expenditures will have to be made in order to
continue any insurance maintained by any of them other than capital improvements and other
expenditures that have been budgeted by the Company or the Subsidiaries, as the case may be.

          (xxxiii) Neither the Company nor any of its affiliates (as defined in Rule 501(b) of
Regulation D under the Act) has (A) taken, directly or indirectly, any action designed to,
or that might reasonably be expected to, cause or result in stabilization or manipulation of
the price of any security of the Issuers to facilitate the sale or resale of the Securities,
(B) sold, bid for, purchased or paid any person any compensation for soliciting purchases of
the Securities in a manner that would require registration of the Securities under the Act
or paid or agreed to pay to any person any compensation for soliciting another to purchase
any other securities of any Issuer in a manner that would require registration of the
Securities under the Act, (C) sold, offered for sale, contracted to sell, pledged, solicited
offers to buy or otherwise disposed of or negotiated in respect of, any security (as defined
in the Act) that is currently or will be integrated with the sale of the Securities in a
manner that would require the registration of the Securities under the Act, or (D) engaged
in any directed selling effort with respect to the Securities, and each of them has complied
with the offering restrictions requirement of Regulation S. Terms used in this paragraph
have the meaning given to them by Regulation S.

          (xxxiv) No form of general solicitation or general advertising was used by the Issuers
or any of their representatives (other than the Initial Purchaser, as to whom the Issuers
make no representation) in connection with the offer and sale of any of the Securities or in
connection with Exempt Resales, including, but not limited to, articles, notices or other
communications published in any newspaper, magazine or similar medium or broadcast over
television or radio or displayed on any computer terminal, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising. None of the
Company or any of its affiliates has entered into, and none of the Company or any of its
affiliates will enter into, any contractual arrangement with respect to the distribution of
the Securities except for this Agreement and the Director Purchase Agreements executed in
connection with the Regulation D Private Placement in substantially the form provided to the
Initial Purchaser.

17

 

          (xxxv) Since December 31, 2009, except as set forth or contemplated in the Pricing
Disclosure Package, (A) neither the Company nor any of the Subsidiaries has (1) incurred any
liabilities or obligations, direct or contingent, that could, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, or (2) entered into any
transaction not in the ordinary course of business that would reasonably be expected to have
a Material Adverse Effect, (B) there has not been any event or development in respect of the
business or condition (financial or other) of the Company and the Subsidiaries that,
individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect and (C) there has been no dividend or distribution of any kind declared, paid or made
by the Company on any class of its capital stock and (D) there has not been any material
change in the long-term debt of the Company or any of the Subsidiaries.

          (xxxvi) Neither the Company nor any of the Subsidiaries (or any agent thereof acting on
their behalf) has taken, and none of them will take, any action that would reasonably be
expected to cause this Agreement or the issuance or sale of the Notes to violate Regulations
T, U or X of the Board of Governors of the Federal Reserve System, as in effect, or as the
same may hereafter be in effect, on the Closing Date.

          (xxxvii) Deloitte & Touche LLP, whose reports are included in the Pricing Disclosure
Package, is an independent accountant within the meaning of the Act. The historical
consolidated financial statements and the notes thereto included in the Pricing Disclosure
Package present fairly in all material respects the consolidated financial position, results
of operations, cash flows and changes in stockholders’ equity of the Company and its
consolidated subsidiaries at the respective dates and for the respective periods indicated.
Such consolidated financial statements have been prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”) applied on a consistent basis
throughout the periods presented (except as disclosed in the Pricing Disclosure Package) and
in compliance with Regulation S-X (“Regulation S-X”), except that the interim financial
statements do not include full footnote disclosure. The other financial information and
data included in the Pricing Disclosure Package are accurately presented in all material
respects and prepared on a basis consistent with the financial statements and the books and
records of the Company and the Subsidiaries. The year-end information set forth under the
caption “Summary consolidated financial and other data” included in the Pricing Disclosure
Package has been prepared on a consistent basis with that of the audited financial
statements of the Company. The interim information set forth under the caption “Summary
consolidated financial and other data” included in the Pricing Disclosure Package has been
prepared on a consistent basis with that of the interim unaudited financial statements of
the Company.

          (xxxviii) As of the date hereof (and immediately prior to and immediately following the
issuance of the Securities on the Closing Date) each Issuer is and will be Solvent. No
Issuer is contemplating either the filing of a petition by it under any bankruptcy or
insolvency laws or the liquidating of all or a substantial portion of its property, and no
Issuer has knowledge of any person contemplating the filing of any such

18

 

petition against any Issuer. As used herein, “Solvent” shall mean, for any person on a
particular date, that on such date (A) the fair value of the property of such person is
greater than the total amount of liabilities, including, without limitation, contingent
liabilities, of such person, (B) the present fair salable value of the assets of such person
is not less than the amount that will be required to pay the probable liability of such
person on its debts as they become absolute and matured, (C) such person does not intend to,
and does not believe that it will, incur debts and liabilities beyond such person’s ability
to pay as such debts and liabilities mature, (D) such person is not engaged in a business or
a transaction, and is not about to engage in a business or a transaction, for which such
person’s property would constitute an unreasonably small capital and (E) such person is able
to pay its debts as they become due and payable.

          (xxxix) Except as described in the section entitled “Plan of distribution” in the
Pricing Disclosure Package, there are no contracts, agreements or understandings between the
Company or any of the Subsidiaries and any other person other than the Initial Purchaser
that would give rise to a valid claim against the Company, any Subsidiary or the Initial
Purchaser for a brokerage commission, finder’s fee or like payment in connection with the
issuance, purchase and sale of the Securities.

          (xl) The Company, the Subsidiaries and, to the Company’s knowledge, their respective
directors and officers (in their capacities as such) are each in compliance in all material
respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”),
including Section 402 related to loans and Sections 302 and 906 related to certifications.

          (xli) The statistical and market-related data and forward-looking statements (within
the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included in the
Pricing Disclosure Package are based on or derived from sources that the Issuers believe to
be reliable and accurate in all material respects.

     Each certificate signed by any officer of the Issuers and delivered to the Initial Purchaser
or counsel for the Initial Purchaser pursuant to, or in connection with, this Agreement shall be
deemed to be a representation and warranty by the Issuers to the Initial Purchaser as to the
matters covered by such certificate.

     The Issuers acknowledge that the Initial Purchaser and, for purposes of the opinions to be
delivered to the Initial Purchaser pursuant to Section 8 of this Agreement, counsel to the Issuers
and counsel to the Initial Purchaser will rely upon the accuracy and truth of the foregoing
representations and the Issuers hereby consent to such reliance.

          (b) The Initial Purchaser represents that it is a QIB and acknowledges that it is purchasing
the Offered Securities pursuant to a private sale exemption from registration under the Act, and
that the Offered Securities have not been registered under the Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons

19

 

except pursuant to an exemption from the registration requirements of the Act. The Initial
Purchaser represents, warrants and covenants to the Issuers that:

          (i) (A) Neither it, nor any person acting on its behalf, has solicited or will solicit
offers for, or has offered or will offer or sell, the Offered Securities by any form of
general solicitation or general advertising (as those terms are used in Regulation D under
the Act) or in any manner involving a public offering within the meaning of Section 4(2) of
the Act and (B) it has solicited and will solicit offers for the Offered Securities only
from, and will offer and sell the Offered Securities only to, (1) persons whom the Initial
Purchaser reasonably believes to be QIBs or, if any such person is buying for one or more
institutional accounts for which such person is acting as fiduciary or agent, only when such
person has represented to the Initial Purchaser that each such account is a QIB to whom
notice has been given that such sale or delivery is being made in reliance on Rule 144A,
and, in each case, in reliance on the exemption from the registration requirements of the
Act pursuant to Rule 144A, or (2) persons other than U.S. persons outside the United States
in reliance on the exemption from the registration requirements of the Act provided by
Regulation S.

          (ii) With respect to offers and sales outside the United States, (A) the Initial
Purchaser will comply with all applicable laws and regulations in each jurisdiction in which
they acquire, offer, sell or deliver Offered Securities or have in their possession or
distribute either any Offering Memorandum or any such other material, in all cases at their
own expense; and (B) the Initial Purchaser has offered the Offered Securities and will offer
and sell the Offered Securities (1) as part of its distribution at any time and (2)
otherwise until 40 days after the later of the commencement of the offering of the Offered
Securities and the Closing Date, only in accordance with Rule 903 of Regulation S or another
exemption from the registration requirements of the Act. Accordingly, neither the Initial
Purchaser nor any persons acting on its behalf have engaged or will engage in any directed
selling efforts (within the meaning of Regulation S) with respect to the Offered Securities,
and any such persons have complied and will comply with the offering restrictions
requirements of Regulation S. Terms used in this Section 5(b)(ii) have the meanings given
to them by Regulation S.

     The Initial Purchaser agrees that, at or prior to confirmation of a sale of Offered Securities
pursuant to Regulation S, it will have sent to each distributor, dealer or person receiving a
selling concession, fee or other remuneration that purchases Offered Securities from it or through
it during the restricted period a confirmation or notice to substantially the following effect:

“The Securities covered hereby have not been registered under the
United States Securities Act of 1933, as amended (the “Securities
Act”), and may not be offered or sold within the United States or to
or for the account or benefit of, U.S. persons (i) as part of their
distribution at any time and (ii) otherwise until forty days after
the later of the date upon which the offering of the Securities
commenced and the date of closing, except in either case in

20

 

accordance with Regulation S or Rule 144A under the Securities Act.
Terms used above have the meaning given to them by Regulation S.”

     The Initial Purchaser understands that the Issuers and, for purposes of the opinions to be
delivered to them pursuant to Section 8 hereof, counsel to the Issuers and counsel to the Initial
Purchaser will rely upon the accuracy and truth of the foregoing representations, and the Initial
Purchaser hereby consents to such reliance.

     6. Indemnification.

          (a) The Issuers, jointly and severally, agree to indemnify and hold harmless the Initial
Purchaser, each person, if any, who controls the Initial Purchaser within the meaning of Section 15
of the Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of
the Initial Purchaser and the agents, employees, officers and directors of any such controlling
person from and against any and all losses, liabilities, claims, damages and expenses whatsoever
(including, but not limited, to reasonable attorneys’ fees and any and all reasonable expenses
whatsoever incurred in investigating, preparing or defending against any litigation, commenced or
threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any
claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under
the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in the Pricing Disclosure Package, any Issuer Written Communication, the Offering
Memorandum, or in any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided
that none of the Issuers will be liable in any such case to the extent, but only to the extent,
that any such Loss arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission relating to the Initial Purchaser made therein in
reliance upon and in conformity with written information furnished to the Company by or on behalf
of the Initial Purchaser expressly for use therein.

          (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuers, and each person,
if any, who controls any of the Issuers within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, the agents, employees, officers and directors of any of the Issuers and
the agents, employees, officers and directors of any such controlling person from and against any
and all Losses to which they or any of them may become subject under the Act, the Exchange Act or
otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure
Package or the Offering Memorandum, or in any amendment or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or
is based upon any untrue statement or alleged untrue statement or omission or alleged omission
relating to the Initial Purchaser made therein in

21

 

reliance upon and in conformity with information furnished in writing to the Company by or on
behalf of the Initial Purchaser expressly for use therein.

          (c) Promptly after receipt by an indemnified party under subsection 6(a) or 6(b) above of
notice of the commencement of any action, suit or proceeding (collectively, an “action”), such
indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party
under such subsection, notify each party against whom indemnification is to be sought in writing of
the commencement of such action (but the failure so to notify an indemnifying party shall not
relieve such indemnifying party from any liability that it may have under this Section 6 except to
the extent that it has been prejudiced in any material respect by such failure). In case any such
action is brought against any indemnified party, and it notifies an indemnifying party of the
commencement of such action, the indemnifying party will be entitled to participate in such action,
and to the extent it may elect by written notice delivered to the indemnified party promptly after
receiving the aforesaid notice from such indemnified party, to assume the defense of such action
with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the
indemnified party or parties shall have the right to employ its or their own counsel in any such
action, but the reasonable fees and expenses of such counsel shall be at the expense of such
indemnified party or parties unless (i) the employment of such counsel shall have been authorized
in writing by the indemnifying parties in connection with the defense of such action, (ii) the
indemnifying parties shall not have employed counsel to take charge of the defense of such action
within a reasonable time after notice of commencement of the action, or (iii) the named parties to
such action (including any impleaded parties) include such indemnified party and the indemnifying
parties (or such indemnifying parties have assumed the defense of such action), and such
indemnified party or parties shall have reasonably concluded that there may be defenses available
to it or them that are different from or additional to those available to one or all of the
indemnifying parties (in which case the indemnifying parties shall not have the right to direct the
defense of such action on behalf of the indemnified party or parties), in any of which events such
reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event
shall the indemnifying parties be liable for the fees and expenses of more than one counsel
(together with appropriate local counsel) at any time for all indemnified parties in connection
with any one action or separate but substantially similar or related actions arising in the same
jurisdiction out of the same general allegations or circumstances. An indemnifying party shall not
be liable for any settlement of any claim or action effected without its written consent, which
consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by paragraph (a) or (b) of this Section 6, then
the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 45 days after receipt
by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the date of such
settlement and (iii) such indemnified party shall have given the indemnifying party at least 45
days’ prior notice of its intention to settle and the amount thereof. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement (x)
includes an unconditional

22

 

release of such indemnified party from all liability on claims that are the subject matter of
such proceeding and (y) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

          (d) This indemnity agreement will be in addition to any liability that the Issuers may
otherwise have, including, but not limited to, liability under this Agreement.

     7. Contribution. In order to provide for contribution in circumstances in which the
indemnification provided for in Section 6 of this Agreement is for any reason held to be
unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified
under Section 6 of this Agreement, each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is
appropriate to reflect the relative benefits received by the Issuers, on the one hand, and the
Initial Purchaser, on the other hand, from the offering of the Offered Securities or (ii) if such
allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to above but also the relative fault of the Issuers, on the one
hand, and the Initial Purchaser, on the other hand, in connection with the statements or omissions
that resulted in such Losses, as well as any other relevant equitable considerations. The relative
benefits received by the Issuers, on the one hand, and the Initial Purchaser, on the other hand,
shall be deemed to be in the same proportion as (x) the total proceeds from the offering of
Securities (net of discounts and commissions but before deducting expenses) received by the Issuers
are to (y) the total discounts and commissions received by the Initial Purchaser. The relative
fault of the Issuers, on the one hand, and the Initial Purchaser, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuers or the Initial Purchaser and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission or alleged
statement or omission.

     The Issuers and the Initial Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable considerations referred to
above. Notwithstanding the provisions of this Section 7, (i) in no case shall the Initial Purchaser
be required to contribute any amount in excess of the amount by which the total discount and
commissions applicable to the Offered Securities purchased hereof pursuant to this Agreement
exceeds the amount of any damages that the Initial Purchaser has otherwise been required to pay by
reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section 7, each person, if any, who controls the Initial Purchaser within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall have the same rights to
contribution as an Initial Purchaser, and each person, if any, who controls an Issuer within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and each director, officer,
employee and agent of such Issuer shall have the same rights to contribution of such Issuer. Any
party entitled to contribution will, promptly after receipt of notice of commencement of any action
against such party in respect of which a claim for

23

 

contribution may be made against another party or parties under this Section 7, notify such
party or parties from whom contribution may be sought, but the omission to so notify such party or
parties shall not relieve the party or parties from whom contribution may be sought from any
obligation it or they may have under this Section 7 or otherwise, except to the extent that it has
been prejudiced in any material respect by such failure; provided, however, that no additional
notice shall be required with respect to any action for which notice has been given under Section 6
for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party
shall be liable for contribution with respect to any action or claim settled without its written
consent, provided, however, that such written consent was not unreasonably withheld.

     8. Conditions of Initial Purchaser’s Obligations. The obligations of the Initial Purchaser to
purchase and pay for the Offered Securities, as provided for in this Agreement, shall be subject to
satisfaction of the following conditions prior to or concurrently with such purchase:

          (a) All of the representations and warranties of the Issuers contained in this Agreement shall
be true and correct, or true and correct in all material respects where such representations and
warranties are not qualified by materiality or Material Adverse Effect, on the date of this
Agreement and, in each case after giving effect to the transactions contemplated hereby, on the
Closing Date, except that if a representation and warranty is made as of a specific date, and such
date is expressly referred to therein, such representation and warranty shall be true and correct
(or true and correct in all material respects, as applicable) as of such date. The Issuers shall
have performed or complied with all of the agreements and covenants contained in this Agreement and
required to be performed or complied with by them at or prior to the Closing Date.

          (b) The Offering Memorandum shall have been printed and copies distributed to the Initial
Purchaser in accordance with Section 4(b) hereof. No stop order suspending the qualification or
exemption from qualification of the Securities in any jurisdiction shall have been issued and no
proceeding for that purpose shall have been commenced or shall be pending or threatened.

          (c) Since the execution of this Agreement, there shall not have been any decrease in the
rating of any debt or preferred stock of the Company or any Subsidiary by any “nationally
recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Act),
or any notice given of any intended or potential decrease in any such rating or of a possible
change in any such rating that does not indicate the direction of the possible change.

          (d) No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any governmental agency that would, as of the Closing Date, prevent
the issuance of the Securities or consummation of the Exchange Offer; except as disclosed in the
Pricing Disclosure Package, no action, suit or proceeding shall have been commenced and be pending
against or affecting or, to the best knowledge of the Issuers, threatened against any Issuer before
any court or arbitrator or any governmental body, agency or official that, if adversely determined,
would reasonably be expected to have a Material Adverse Effect; and no stop order preventing the
use of the Preliminary Offering Memorandum, the Pricing Supplement or the Offering Memorandum, or
any amendment or supplement thereto, or

24

 

any order asserting that any of the transactions contemplated by this Agreement are subject to
the registration requirements of the Act shall have been issued.

          (e) Since December 31, 2009, except as set forth or contemplated in the Pricing Disclosure
Package, (a) neither the Company nor any Subsidiary has (1) incurred any liabilities or
obligations, direct or contingent, that would reasonably be expected to have a Material Adverse
Effect, or (2) entered into any material transaction not in the ordinary course of business, (b)
there has not been any event or development in respect of the business or condition (financial or
other) of the Company and the Subsidiaries that, either individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect and (c) there has been no dividend or
distribution of any kind declared, paid or made by the Company on any class of its capital stock.

          (f) The Initial Purchaser shall have received certificates, dated the Closing Date, signed by
an authorized officer of each Issuer confirming, as of the Closing Date, to their knowledge, the
matters set forth in paragraphs (a), (b), (c), (d) and (e) of this Section 8.

          (g) The Initial Purchaser shall have received on the Closing Date opinions dated the Closing
Date, addressed to the Initial Purchaser, of Jones, Walker, Poitevent, Carrère & Denègre, L.L.P.,
counsel to the Company, including customary qualifications and limitations, substantially in the
form of Exhibit B hereto.

          (h) The Initial Purchaser shall have received on the Closing Date an opinion (satisfactory in
form and substance to the Initial Purchaser) dated the Closing Date from Vinson & Elkins L.L.P.,
counsel to the Initial Purchaser.

          (i) The Initial Purchaser shall have received a “comfort letter” from Deloitte & Touche LLP,
independent public accountants for the Company, dated the date of this Agreement, addressed to the
Initial Purchaser and in form and substance satisfactory to the Initial Purchaser and counsel to
the Initial Purchaser, covering the financial and accounting information in the Pricing Disclosure
Package. In addition, the Initial Purchaser shall have received a “bring down comfort letter” from
Deloitte & Touche LLP, independent public accountants for the Company, dated as of the Closing
Date, addressed to the Initial Purchaser and in the form of the “comfort letter” delivered on the
date hereof, except that (i) it shall cover the financial and accounting information in the
Offering Memorandum and any amendment or supplement thereto and (ii) procedures shall be brought
down to a date no more than 5 days prior to the Closing Date, and otherwise in form and substance
satisfactory to the Initial Purchaser and counsel to the Initial Purchaser.

          (j) Each of the Issuers and the Trustee shall have executed and delivered the Indenture and
the Initial Purchaser shall have received copies, conformed as executed, thereof.

          (k) Each of the Issuers shall have executed and delivered into the Registration Rights
Agreement and the Initial Purchaser shall have received counterparts, conformed as executed,
thereof.

25

 

          (l) All government authorizations required in connection with the issue and sale of the
Offered Securities as contemplated under this Agreement and the performance of the Issuers’
obligations hereunder and under the Indenture and the Offered Securities shall be in full force and
effect.

          (m) The Initial Purchaser shall have been furnished with wiring instructions for the
application of the proceeds of the Offered Securities in accordance with this Agreement and such
other information as it may reasonably request.

          (n) Vinson & Elkins L.L.P., counsel to the Initial Purchaser, shall have been furnished with
such documents as they may reasonably request to enable them to review or pass upon the matters
referred to in this Section 8 and in order to evidence the accuracy, completeness or satisfaction
in all material respects of any of the representations, warranties or conditions contained in this
Agreement.

          (o) Each purchaser in the Regulation D Private Placement shall have executed a letter
agreement with UBS Securities LLC, substantially in the form of Exhibit D hereto.

     The documents required to be delivered by this Section 8 will be delivered at the office
specified in Section 3 hereof on the Closing Date.

     9. Initial Purchaser’s Information. The Issuers and the Initial Purchaser severally
acknowledge that the statements with respect to the delivery of the Offered Securities to the
Initial Purchasers set forth in (i) the last paragraph of the cover page and (ii) the fourth,
sixth, seventh, eighth, ninth and tenth paragraphs under the caption “Plan of distribution” in the
Preliminary Offering Memorandum and the Offering Memorandum constitute the only information
furnished in writing by the Initial Purchaser expressly for use in the Pricing Disclosure Package
or the Offering Memorandum.

     10. Survival of Representations and Agreements. All representations and warranties, covenants
and agreements contained in this Agreement, including the agreements contained in Sections 4(f) and
11(d), the indemnity agreements contained in Section 6 and the contribution agreements contained in
Section 7 shall remain operative and in full force and effect regardless of any investigation made
by or on behalf of the Initial Purchaser or any controlling person thereof or by or on behalf of
the Issuers or any controlling person thereof, and shall survive delivery of and payment for the
Offered Securities to and by the Initial Purchaser. The agreements contained in Sections 4(f), 6,
7, 9 and 11(d) shall survive the termination of this Agreement, including pursuant to Section 11.

     11. Effective Date of Agreement; Termination.

          (a) This Agreement shall become effective upon execution and delivery of a counterpart hereof
by each of the parties hereto.

          (b) The Initial Purchaser shall have the right to terminate this Agreement at any time prior
to the Closing Date by notice to the Company from the Initial Purchaser, without liability (other
than with respect to Sections 6 and 7) on the Initial Purchaser’s part to the Issuers

26

 

if, on or prior to such date, (x) there has been any material adverse change or any
development involving a prospective material adverse change in the business, properties,
management, financial condition or results of operation of the Company and the Subsidiaries taken
as a whole, which would, in the Initial Purchaser’s judgment, make it impracticable or inadvisable
to proceed with the offering or delivery of the Notes on the terms and in the manner contemplated
in the Pricing Disclosure Package, or (y) since the time of execution of this Agreement, there
shall have occurred: (i) a suspension or material limitation in trading in securities generally on
the New York Stock Exchange or the NASDAQ Global Market; (ii) a suspension or material limitation
in trading in the Company’s securities on the NASDAQ Global Market; (iii) a general moratorium on
commercial banking activities declared by either federal or New York State authorities or a
material disruption in commercial banking or securities settlement or clearance services in the
United States; (iv) an outbreak or escalation of hostilities or acts of terrorism involving the
United States or a declaration by the United States of a national emergency or war; or (v) any
other calamity or crisis or any change in financial, political or economic conditions in the United
States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in the Initial
Purchaser’s judgment makes it impracticable or inadvisable to proceed with the offering or delivery
of the Offered Securities on the terms and in the manner contemplated in the Pricing Disclosure
Package or (z) there shall have occurred any downgrading, or any notice or announcement shall have
been given or made of (i) any intended or potential downgrading or (ii) any watch, review or
possible change that does not indicate an affirmation or improvement, in the rating accorded any
securities of or guaranteed by the Company or any Subsidiary by any “nationally recognized
statistical rating organization,” as that term is defined in Rule 436(g)(2) under the Act.

          (c) Any notice of termination pursuant to this Section 11 shall be given at the address
specified in Section 12 below by telephone, telex, telephonic facsimile or telegraph, confirmed in
writing by letter.

          (d) If the sale of the Notes provided for in this Agreement is not consummated because of any
refusal, inability or failure on the part of the Issuers to satisfy any condition to the
obligations of the Initial Purchaser set forth in this Agreement to be satisfied on its part or
because of any refusal, inability or failure on the part of the Issuers to perform any agreement in
this Agreement or comply with any provision of this Agreement, the Issuers will reimburse the
Initial Purchaser for one-half of its reasonable out-of-pocket expenses, including, without
limitation, the fees and expenses of the Initial Purchaser’s counsel incurred in connection with
this Agreement.

     12. Notice. All communications with respect to or under this Agreement, except as may be
otherwise specifically provided in this Agreement, shall be in writing and, if sent to the Initial
Purchaser, shall be mailed, delivered, or faxed and confirmed in writing to c/o UBS Securities LLC,
677 Washington Blvd., Stamford, CT 06901 (fax number: (203) 719-3667), Attention: High Yield
Syndicate Department, with a copy for information purposes only to (i) UBS Securities LLC, 677
Washington Blvd., Stamford, CT 06901 (fax number: (203) 719 0680), Attention: Legal and Compliance
Department and (ii) Vinson & Elkins L.L.P., 2500 First City Tower, 1001 Fannin, Houston, Texas
77002 (fax number: (713) 615-5956), Attention: Stephen M. Gill; and, if sent to the Issuers, shall
be mailed, delivered or telegraphed or

27

 

telecopied and confirmed in writing to PHI, Inc., Post Office Box 90808, Municipal Airport, Lafayette,
Louisiana 70509-0808 (telephone: (337) 235-2452, fax number: (337) 206-9576), Attention: Chief
Financial Officer, with a copy for information purposes only to Jones, Walker, Poitevent, Carrère &
Denègre, L.L.P, Four United Plaza, 8555 United Plaza Boulevard, Baton Rouge, Louisiana 70809 (fax
number: (225) 248-3026), Attention: Dionne Rousseau.

     All such notices and communications shall be deemed to have been duly given: when delivered by
hand, if personally delivered; five business days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged by telecopier machine, if telecopied; and one
business day after being timely delivered to a next-day air courier.

     13. Parties. This Agreement shall inure solely to the benefit of, and shall be binding upon,
the Initial Purchaser, the Issuers and the controlling persons and agents referred to in Sections 6
and 7, and their respective successors and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this
Agreement or any provision herein contained. The term “successors and assigns” shall not include a
purchaser, in its capacity as such, of Notes from the Initial Purchaser.

     14. Governing Law; Construction. This Agreement and any claim, counterclaim or dispute of any
kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”),
directly or indirectly, shall be governed by, and construed in accordance with, the laws of the
State of New York. The Section headings in this Agreement have been inserted as a matter of
convenience of reference and are not a part of this Agreement.

     15. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced,
prosecuted or continued in any court other than the courts of the State of New York located in the
City and County of New York or in the United States District Court for the Southern District of New
York, which courts shall have jurisdiction over the adjudication of such matters, and the Issuers
consent to the jurisdiction of such courts and personal service with respect thereto. The Issuers
hereby consent to personal jurisdiction, service and venue in any court in which any Claim arising
out of or in any way relating to this Agreement is brought by any third party against the Initial
Purchaser or any indemnified party. Each of the Initial Purchaser and the Issuers (on its behalf
and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon
contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Issuers
agree that a final judgment in any such action, proceeding or counterclaim brought in any such
court shall be conclusive and binding upon the Issuers and may be enforced in any other courts to
the jurisdiction of which the Issuers are or may be subject, by suit upon such judgment.

     16. Captions. The captions included in this Agreement are included solely for convenience of
reference and are not to be considered a part of this Agreement.

     17. Counterparts. This Agreement may be executed in various counterparts that together shall
constitute one and the same instrument.

28

 

     18. No Fiduciary Relationship. The Issuers hereby acknowledge that the Initial Purchaser is
acting solely as initial purchaser in connection with the purchase and sale of the Offered
Securities. The Issuers further acknowledge that the Initial Purchaser is acting pursuant to a
contractual relationship created solely by this Agreement entered into on an arm’s length basis and
in no event do the parties intend that the Initial Purchaser act or be responsible as a fiduciary
to the Issuers, their management, stockholders, creditors or any other person in connection with
any activity that the Initial Purchaser may undertake or has undertaken in furtherance of the
purchase and sale of the Securities, either before or after the date hereof. The Initial Purchaser
hereby expressly disclaims any fiduciary or similar obligations to the Issuers, either in
connection with the transactions contemplated by this Agreement or any matters leading up to such
transactions, and the Issuers hereby confirm their understanding and agreement to that effect. The
Issuers and the Initial Purchaser agree that they are each responsible for making their own
independent judgments with respect to any such transactions, and that any opinions or views
expressed by the Initial Purchaser to the Issuers regarding such transactions, including but not
limited to any opinions or views with respect to the price or market for the Securities, do not
constitute advice or recommendations to the Issuers. The Issuers hereby waive and release, to the
fullest extent permitted by law, any claims that such Issuers may have against the Initial
Purchaser with respect to any breach or alleged breach of any fiduciary or similar duty to the
Issuers in connection with the transactions contemplated by this Agreement or any matters leading
up to such transactions.

29

 

     If the foregoing agreement correctly sets forth the understanding among the Issuers and the
Initial Purchaser, please so indicate in the space provided below for the purpose, whereupon this
letter and your acceptance shall constitute a binding agreement among the Issuers and the Initial
Purchaser.

	 	 	 	 	 
	 	PHI, INC.

 	 
	 	By:  	/s/ Michael J. McCann
 	 
	 	 	Name:  	Michael J. McCann 	 
	 	 	Title:  	Chief Financial Officer,

Treasurer and Secretary 	 
	 
	 	INTERNATIONAL HELICOPTER TRANSPORT, INC.

PHI TECH SERVICES, INC.

AIR EVAC SERVICES, INC.

PHI AIR MEDICAL, INC.

PETROLEUM HELICOPTERS INTERNATIONAL, INC.

HELICOPTER MANAGEMENT, L.L.C.

HELICOPTER LEASING, L.L.C.

HELEX, L.L.C.

SKY LEASING, L.L.C.

VERTILEASE, LLC

LEASING SOURCE, LLC

 	 
	 	By:  	/s/ Michael J. McCann
 	 
	 	 	Name:  	Michael J. McCann 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Purchase Agreement]

 

 

	 	 	 	 	 
	 	CONFIRMED AND ACCEPTED

as of the date first above written:

UBS SECURITIES LLC

 	 
	 	By:  	/s/ James Boland
 	 
	 	 	Name:  	James Boland 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Suzanne Rode
 	 
	 	 	Name:  	Suzanne Rode 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Purchase Agreement]2

Exhibit 4.1

INDENTURE

NISSAN AUTO RECEIVABLES 2010-A OWNER TRUST,

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

Dated as of September 22, 2010

 

 

     INDENTURE dated as of September 22, 2010 (this “Indenture”), between NISSAN AUTO RECEIVABLES
2010-A OWNER TRUST, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION,
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 (i) the Holders of the Issuer’s 0.35590% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 0.55% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.87% Asset Backed Notes,
Class A-3 (the “Class A-3 Notes”), and 1.31% 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”), and (ii) for the purposes of the Granting Clause below, the Certificateholders:

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 and Certificates the following:

     (i) all right, title and interest of the Issuer in and to the Receivables (including all
related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof
(including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 of the
Sale and Servicing Agreement or the purchase of Receivables by the Servicer pursuant to Section
4.06 or 9.01 of the Sale and Servicing Agreement) after the Cut-off Date;

     (ii) the Collection Account and amounts on deposit in the Collection Account;

     (iii) the right of the Issuer in the security interests in the Financed Vehicles granted by
the Obligors pursuant to the Receivables and any related property;

     (iv) the right of the Issuer in any proceeds from claims on any physical damage, credit life,
credit disability or other insurance policies covering the Financed Vehicles or the Obligors;

     (v) the right of the Issuer (through the Seller and NMAC) to receive payments in respect of
any Dealer Recourse with respect to the Receivables;

     (vi) the rights of the Issuer under the Sale and Servicing Agreement, and, through the Seller,
under 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) the right of the Issuer in 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.

1

 

     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
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 and for the
benefit of the Certificateholders, 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 and the rights of the Certificateholders secured.

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 Trust Agreement, the Sale and Servicing Agreement and the Securities
Account Control Agreement, as the case may be, for all purposes of this Indenture. Except as
otherwise provided in this Indenture, whenever used herein the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

     “Action” has the meaning specified in Section 11.03(a).

     “Administration Agreement” means the Administration Agreement, dated as of the Closing
Date, among the Administrator, the Issuer, the Indenture Trustee and the Owner Trustee.

     “Administrator” means NMAC or any successor Administrator under the Administration
Agreement.

     “Applicant” has the meaning specified in Section 7.01.

     “Authorized Officer” means with respect to the Issuer, any officer of the Owner
Trustee or the Administrator who is authorized to act for the Owner Trustee or the Administrator,
respectively, in matters relating to the Issuer identified as such on any list of Authorized
Officers delivered by the Owner Trustee or the Administrator, respectively, to the Indenture
Trustee.

     “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA,
which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to
Section 4975 of 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.

     “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers
of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

2

 

     “Business Day” means any day except a Saturday, a Sunday or a day on which banks in
the city and state where the Corporate Trust Office is located, New York, New York, Franklin,
Tennessee, Irving, Texas or Wilmington, Delaware are authorized or obligated by law, regulation,
executive order or governmental decree to be closed.

     “Certificates” means the Certificates of the Issuer issued under the Trust Agreement.

     “Class” means any one of the classes of the Notes.

     “Class A-1 Notes” means the “0.35590% Asset Backed Notes, Class A-1,” substantially in
the form attached hereto as Exhibit A.

     “Class A-1 Rate” means 0.35590% per annum (computed on the basis of actual number of
days in the related Interest Period and a 360-day year).

     “Class A-2 Notes” means the “0.55% Asset Backed Notes, Class A-2,” substantially in
the form attached hereto as Exhibit A.

     “Class A-2 Rate” means 0.55% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-3 Notes” means the “0.87% Asset Backed Notes, Class A-3,” substantially in
the form attached hereto as Exhibit A.

     “Class A-3 Rate” means 0.87% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     “Class A-4 Notes” means the “1.31% Asset Backed Notes, Class A-4,” substantially in
the form attached hereto as Exhibit A.

     “Class A-4 Rate” means 1.31% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

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

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

     “Closing Date” means September 22, 2010.

     “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder.

     “Collateral” means the property of the Issuer subject to the Granting Clause hereof,
the Reserve Account, all amounts held from time to time in the Reserve Account and all investments
therein.

3

 

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

     “Currency Swap Agreement” shall mean any currency swap agreement, including all
schedules or confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty.

     “Currency Swap Counterparty” shall mean an unaffiliated third party, as swap
counterparty, under the Currency Swap Agreement, or any success or replacement Currency Swap
Counterparty from time to time.

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

     “Definitive Notes” has the meaning specified in Section 2.10.

     “Event of Default” has the meaning specified in Section 5.01.

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

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

     “Fitch” means Fitch Ratings.

     “Fixed Rate Note” means any Class A-1 Note, Class A-2 Note, Class A-3 Note or Class
A-4 Note.

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

4

 

     “Holder” or “Noteholder” means the Person in whose name a Note is registered
on the Note Register.

     “Hybrid Chattel Paper” has the meaning specified in Section 3.21(c).

     “Indenture Trustee” means U.S. Bank National Association, a national banking
association, as Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

     “Independent” means, when used with respect to any specified Person, that the Person
is in fact independent of the Seller, the Servicer, the Administrator, the Issuer or any other
obligor on the Notes or any Affiliate of any of the foregoing Persons because, among other things,
such Person (a) is not an employee, officer or director or otherwise controlled thereby or under
common control therewith, (b) does not have any direct financial interest or any material indirect
financial interest therein (whether as holder of securities thereof or party to contract therewith
or otherwise), and (c) is not and has not within the preceding twelve months been a promoter,
underwriter, trustee, partner, director or person performing similar functions therefor or
otherwise had legal, contractual or fiduciary or other duties to act on behalf of or for the
benefit thereof.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee, made by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of “Independent” in this Indenture
and that the signer is Independent within the meaning thereof.

     “Interest Period” means, with respect to any Distribution Date and the Class A-1
Notes, the period from (and including) the preceding Distribution Date to (but excluding) such
Distribution Date, except that the initial Interest Period will be from (and including) the Closing
Date to (but excluding)October 15, 2010, and, with respect to any Distribution Date and the Fixed
Rate Notes, other than the Class A-1 Notes, the period from (and including) the 15th day of the
preceding calendar month to (but excluding) the 15th day of the month in which such Distribution
Date occurs, except that the initial Interest Period will be from (and including) the Closing Date
to (but excluding) October 15, 2010.

     “Interest Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, or
the Class A-4 Rate, as indicated by the context.

     “Issuer” means Nissan Auto Receivables 2010-A Owner Trust unless and until a successor
replaces it and, thereafter, means the successor and, for purposes of any provision contained
herein and required by the TIA, each other obligor on the Notes.

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

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

5

 

     “NMAC” means Nissan Motor Acceptance Corporation, in its individual capacity and not
as Servicer.

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

     “Note Depository Agreement” means the agreement entitled “Letter of Representations”
dated on or before the Closing Date among the Clearing Agency, the Issuer and the Indenture Trustee
with respect to certain matters relating to the duties thereof with respect to the Book-Entry
Notes.

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

     “Note Register” means the Register of Noteholders’ information maintained by the Note
Registrar pursuant to Section 2.04.

     “Note Registrar” means the Indenture Trustee unless and until a successor Note
Registrar shall have been appointed pursuant to Section 2.04.

     “Notes” has the meaning set forth in the preamble to this Indenture.

     “Officer’s Certificate” means a certificate signed by any Authorized Officer of the
Issuer, under the circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.01, and delivered to the Indenture Trustee.

     “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be an employee of or counsel to the Issuer, the
Seller or the Servicer and which counsel shall be reasonably satisfactory to the Owner Trustee, the
Indenture Trustee or the Rating Agencies, as the case may be.

     “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

     (a) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation;

     (b) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of
such Notes; and

     (c) Notes in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a protected purchaser;

6

 

provided, that in determining whether the Holders of the requisite percentage of the
Outstanding Amount of the Notes, or any Class of Notes, have given any request, demand,
authorization, direction, notice, consent, or waiver hereunder or under any Basic Document, Notes
owned by the Issuer, NARC II, NMAC or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, unless all Notes are owned by the Issuer, NARC II,
NMAC or any of their respective Affiliates; provided, further, that, in determining
whether the Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Notes that the Indenture Trustee knows
to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any
other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.

     “Outstanding Amount” means the aggregate principal amount of all Notes, or, if
indicated by the context, all Notes of any Class, Outstanding at the date of determination.

     “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but
solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust
Agreement.

     “Paying Agent” means the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 that has been authorized
by the Issuer to make payments to and distributions from the Collection Account, including payment
of principal of or interest on the Notes on behalf of the Issuer.

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

     “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.

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

7

 

sole judgment even if the Rating Agency Condition with respect to an event or action had been
previously satisfied pursuant to clause (a) or clause (b) above.

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

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, among the Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor
Acceptance Corporation, as Servicer, and as to which the Indenture Trustee is a third party
beneficiary of certain provisions.

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

     “Securities Account Control Agreement” shall have the meaning assigned to such term in
the Sale and Servicing Agreement.

     “Seller” shall mean Nissan Auto Receivables Corporation II, in its capacity as seller
under the Sale and Servicing Agreement, and its successor in interest.

     “Servicer” shall mean Nissan Motor Acceptance Corporation, in its capacity as servicer
under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

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

     “Successor Servicer” has the meaning specified in Section 3.07.

     “Trust Estate” means all money, instruments, rights and other property that are
subject or intended to be subject to the lien and security interest of this Indenture for the
benefit of the Noteholders (including, without limitation, all property and interests Granted to
the Indenture Trustee pursuant to the Granting Clause), including all proceeds thereof.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in
force on the date hereof, unless otherwise specifically provided.

     “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction at the relevant time.

     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

8

 

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.

     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.

9

 

     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 $396,000,000, the Class A-2 Notes for original
issue in an aggregate principal amount of $350,900,000, the Class A-3 Notes for original issue in
an aggregate principal amount of $419,100,000, and the Class A-4 Notes for original issue in an
aggregate principal amount of $135,450,000. 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. 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 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

10

 

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.

     (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 law
that is similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or
Section 4975 of the Code.

     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

11

 

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.

     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 Rate, the Class A-2 Rate, the
Class A-3 Rate, and the Class A-4 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 to 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

12

 

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 Indenture Trustee or the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding
for such purpose the outstanding principal amount of any Notes held of record or beneficially owned
by the Issuer, NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are
held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), have
declared the Notes 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 15 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 Issuer Request accompanied by 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, 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

13

 

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, except
as provided in Section 2.12. 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;

     (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, 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. 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

14

 

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 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. After the Closing Date, if any of the Notes have been issued as
Definitive Notes pursuant to this Section then the Holder of a Definitive 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
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 for federal,
state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

15

 

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 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.

16

 

     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;

     (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

17

 

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.

     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 execute
any financing statement, continuation statement or other instrument required to be executed
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

18

 

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 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) If an Authorized Officer of the Issuer shall have knowledge of the occurrence of a
Servicer Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if
any, the Issuer is taking with respect of such default. If a Servicer Default shall arise from the
failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing
Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to
it to remedy such failure.

19

 

     (e) 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 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.

     (f) 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.

     (g) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
(i) that it will not, without the prior written consent of the Indenture Trustee and the Holders of
a majority in Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by the
Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, waiver,
supplement, termination or surrender of, the terms of any Collateral (except to the extent
otherwise provided in the Sale and Servicing Agreement) or the

20

 

Basic Documents, or waive timely performance or observance by the Servicer or the Seller under
the Sale and Servicing Agreement; and (ii) that any such amendment shall not (A) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments on the
Receivables or distributions that are required to be made for the benefit of the Noteholders or
change the Interest Rate or the Specified Reserve Account Balance (except as otherwise provided in
the Basic Documents), in each case without the consent of each of the “adversely affected”
Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any
such amendment, without the consent of the Holders of all the outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee or
such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to agree to
such amendment and to execute and deliver, in its own name and at its own expense, such agreements,
instruments, consents and other documents as the Indenture Trustee may deem necessary or
appropriate in the circumstances to implement such amendment and to cause the relevant Basic
Documents, as amended, to be enforceable against the Issuer. For the purposes of clause (ii)
above, an amendment will be deemed not to “adversely affect” a Noteholder of any Class, only if the
Rating Agency Condition with respect to such amendment shall have been satisfied.

     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 (in connection with the obligation to reimburse Advances from the Trust Estate, or to pay
expenses from the Trust Estate) or by the Basic Documents as in effect on the date hereof.

21

 

     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 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.

     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).

22

 

     (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).

23

 

     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 2010-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 2010-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 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 Servicer’s Notice Obligations. The Issuer shall cause the Servicer to
comply with all of its duties and obligations with respect to the preparation of reports, the
delivery of Officer’s Certificates and Opinions of Counsel and the giving of instructions and
notices under the Sale and Servicing Agreement (including, but not limited to, under Sections 4.08,
4.09, 4.11, 4.13, 5.09 and Article IX thereof).

     SECTION 3.15 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 3.16 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 3.17 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

24

 

Trustee or the Indenture Trustee and unless the Rating Agency Condition with respect to such
removal shall have been satisfied.

     SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i)
pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Servicer, the Owner Trustee or any
Certificateholder or otherwise with respect to any ownership or equity interest or security in or
of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made, (x)
distributions to the Servicer, the Owner Trustee and the Certificateholders as contemplated by, and
to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the
Trust Agreement, and (y) payments to the Owner Trustee or the Indenture Trustee pursuant to the
Administration Agreement. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with the Basic Documents.

     SECTION 3.19 Notice of Events of Default. The Issuer shall give the Indenture Trustee
and each Rating Agency prompt written notice of each Event of Default hereunder, each default on
the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement
(including any Servicer Defaults) and each default on the part of 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 3.20 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 3.21 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 3.21 without the written consent of at least a
majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such
purposes the outstanding principal amount of any Notes held of record or beneficially owned by the
Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of
record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates).

     (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, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of any purchasers from
the Issuer.

25

 

     (b) The Issuer has taken all steps necessary to perfect its security interest against the
Obligor in the property securing the Receivables.

     (c) The Collateral constitutes “tangible chattel paper” or “electronic chattel paper” within
the meaning of the applicable UCC, or, in the case of Receivables that were originated as
“electronic chattel paper” and modified via tangible “records,” as such term is used in the UCC,
constitutes a combination of electronic “records” and tangible “records,” as such term is used in
the UCC (such Receivables consisting of a combination of electronic “records” and tangible
“records” are herein called “Hybrid Chattel Paper”).

     (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, 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 granted to the Indenture Trustee
hereunder.

     (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 and all electronic records included in the Hybrid
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.”

26

 

     SECTION 3.22 Regulation AB Representations, Warranties and 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 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, (if required
by the TIA or the Indenture Trustee) an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee) an Independent Certificate from a firm of certified public accountants, 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.

27

 

     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;

     (b) default in the payment of the principal on the Note Final Scheduled Distribution Date or
the Distribution Date on which the Servicer exercises the Optional Purchase;

     (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

28

 

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;

     (e) the filing of a petition seeking entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate
in an involuntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such petition shall
remain unstayed and in effect for a period of 90 consecutive days; or

     (f) the commencement by the Issuer of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of
the Trust Estate, or the making by the Issuer of any general assignment for the benefit of
creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the
taking of any action by the Issuer in furtherance of any of the foregoing.

     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 (excluding
for such purposes the outstanding principal amount of any Notes held of record or beneficially
owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes
are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates)
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 (excluding for such purposes the outstanding principal amount of
any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the

29

 

Issuer, NARC II, NMAC or any of their Affiliates), by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if:

     (a) the Issuer has paid or deposited with the Securities Intermediary in the name of 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, so long as any amounts remain unpaid with respect to the Notes, 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 or any installment of the principal of any Note when the same becomes
due and payable, 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

30

 

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.

     (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.

31

 

     (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
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 on the Notes and to the Owner
Trustee 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 Trust Estate;

     (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

32

 

     (4) sell the Trust Estate 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 Trust Estate 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 (but excluding for purposes
of such vote all Notes held or beneficially owned by NMAC, NARC II or any of their
Affiliates, unless at such time all of the Notes are held or beneficially owned by NMAC,
NARC II and their Affiliates), 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, or (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 (but excluding for
purposes of such vote all Notes held or beneficially owned by the Issuer, NMAC, NARC II or
any of their Affiliates, unless at such time all of the Notes are held or beneficially owned
by the Issuer, NMAC, NARC II and their Affiliates). In determining such sufficiency or
insufficiency with respect to clause (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 Receivables. 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 (excluding from such action and calculation any Notes held by NMAC,
NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates), but need not, elect to maintain
possession of the Trust Estate 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 Trust Estate. In determining whether to maintain possession of the
Trust Estate, 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.

     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

33

 

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 (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates)
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 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.

34

 

     SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, 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 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 (excluding for such purpose the outstanding principal
amount of any Notes held of record or beneficially owned by the Issuer, NARC II, NMAC or any of
their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by
the Issuer NARC II, NMAC or any of their Affiliates), 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

35

 

     (b) any direction to the Indenture Trustee to sell or liquidate the Trust Estate 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)(iv); 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 Trust
Estate pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes,
voting as a single class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC
II, NMAC or any of their Affiliates) may waive any past Default or Event of Default and its
consequences except a Default or Event of Default in (a) the deposit of collections or other
required amounts, (b) any required payment from amounts held in Accounts in respect of amounts due
on the Notes, (c) payment of principal or interest on the Notes, or (d) 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.

36

 

     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 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.

37

 

     (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 (excluding for such purposes the outstanding principal amount of any Notes held of record or
beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their
Affiliates), 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, 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

38

 

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 (excluding for such purposes the outstanding principal amount of any Notes held
of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by the Issuer,
NARC II, NMAC or any of their Affiliates), 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 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.

     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;

39

 

     (2) the Indenture Trustee may consult with counsel and 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 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 incurred
therein or thereby;

     (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;

40

 

     (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, Securities
Intermediary 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 or other suitable means of electronic distribution as permitted in
writing by the Indenture Trustee.

     (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

41

 

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 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 Issuer shall cause the Servicer to pay
to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a
fee agreement between NMAC 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 Issuer shall cause
the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred
or made by it, including costs of collection and the costs of implementing any Currency Swap
Agreement as contemplated by Section 9.02, 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 cause the
Servicer to 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 and the Servicer promptly of any claim for
which it may seek indemnity. Failure by the Indenture Trustee to so notify the Administrator and
the Servicer shall not relieve the Administrator or the Servicer of its obligations hereunder. The
Administrator shall cause the Servicer to defend any such claim, and the Indenture Trustee may have
separate counsel and the Administrator shall cause the Servicer to pay the fees and expenses of
such counsel. Neither the Administrator nor the Servicer need 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.

42

 

     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.
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.

     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.

43

 

     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, the Servicer and the Rating Agencies reasonable
prior written notice of any such transaction.

     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 or for the purpose of implementing any Currency Swap Agreement as contemplated by
Section 9.02, 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 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

44

 

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 shall otherwise be acceptable to Moody’s. 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.

     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

45

 

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.

     (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).

46

 

     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 March 31, 2011, 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.

47

 

     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 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
http://www.usbank.com/abs 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.

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, for the benefit of the Noteholders and, to the
extent set forth herein, the Certificateholders, 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 Seller to, pursuant to the
Securities Account Control Agreement, establish and maintain with the Securities Intermediary in
the name of the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as
provided in Section 5.07 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)

48

 

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 Collection Account 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 Collection Account shall be deposited by the Indenture
Trustee in the Collection Account and paid to the Servicer as servicing compensation on any
Business Day on or after which such amount is deposited in the Collection 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 Collection Account 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) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Reserve Account 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 5.07 of the Sale and Servicing Agreement and the provisions of the Securities
Account Control Agreement. All income or other gain from investments of moneys deposited in the
Reserve Account shall be paid by the Indenture Trustee to the Seller on any Business Day on or
after which such amount is deposited in the Reserve Account. Subject to the right of the Indenture
Trustee to make withdrawals therefrom, as directed by the Servicer, for the purposes and in the
amounts set forth in Section 5.06 of the Sale and Servicing Agreement, the Reserve Account and all
funds held therein shall be the property of the Seller and not the property of the Trust, the Owner
Trustee or the Indenture Trustee.

     (c) The Seller will grant to the Indenture Trustee, for the benefit of the Noteholders, a
security interest in all funds (including Eligible Investments) in the Reserve Account (including
the Reserve Account Initial Deposit) and the proceeds thereof, and the Indenture Trustee shall have
all of the rights of a secured party under the UCC with respect thereto; provided that all income
from the investment of funds in the Reserve Account, and the right to receive such income are
retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder. The
Servicer will not direct the Indenture Trustee to make any investment of any funds or to sell any
investment held in the Reserve Account 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

49

 

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,
acceptable to the Indenture Trustee, to such effect.

     (d) 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.

     (e) 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 specified
in clause (iv) of the definition of Eligible Investments provided in the Sale and Servicing
Agreement. If the Indenture Trustee invests and reinvests funds in the Reserve Account pursuant to
clause (ii) or clause (iii) above, the Indenture Trustee shall issue a prohibition notice to the
securities intermediary as provided in the Securities Account Control Agreement. If the Default or
Event of Default that caused the Indenture Trustee to assume control over the investment of funds
in the Reserve Account has been waived and the acceleration, if any, of the Notes has been
rescinded, the Indenture Trustee shall issue a rescission of prohibition notice to the securities
intermediary as provided in the Securities Account Control 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, or, in the case of the Reserve Account, to the Seller, any funds
entitled thereto then on deposit in the Collection Account and the Reserve Account, as the

50

 

case may be. The Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request accompanied by 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),
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
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 notice to the Rating
Agencies, 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

51

 

(which shall conform to the provisions of the TIA as in force at the date of the execution
thereof), 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

     (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.

     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 notice to the Rating
Agencies and with the consent of the Holders of a majority of the Outstanding Amount of

52

 

the Notes, voting as a single class (excluding for such purpose the outstanding principal
amount of any Notes held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates), 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 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 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)(iv);

     (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

53

 

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.

     Pursuant to the Trust Agreement and the Sale and Servicing Agreement, the Issuer may, from
time to time, at its option, enter into a Currency Swap Agreement with a Currency Swap Counterparty
to swap amounts payable to Certificateholders from U.S. Dollars to Japanese yen; provided, that (1)
at the time the Issuer enters into the Currency Swap Agreement, the rating agencies have confirmed
the then-existing ratings of the Notes, and (2) any payments to the Currency Swap Counterparty
(including termination payments) are payable only from amounts that are otherwise payable to the
Certificateholders. Any payments received by the Issuer from the Currency Swap Counterparty under
such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid
by the Indenture Trustee directly to or to the order of the Certificateholders on the related
Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuer, the
Indenture Trustee, the Owner Trustee, the Seller and the Servicer will enter into a supplement to
this Indenture, subject to this Section 9.02 and subject to the approval of the Owner Trustee and
the Certificateholders, that will specify the creation of any necessary accounts and modifications
of any provisions necessary or appropriate to effectuate the intention of such Currency Swap
Agreement.

     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.

     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,

54

 

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

Release

     SECTION 10.01 Optional Purchase of All Receivables. If the Servicer or any successor
to the 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 repurchase
the outstanding Receivables primarily comprising the Owner Trust Estate, then the Owner Trustee and
the Indenture Trustee shall give written notice thereof to each Securityholder and the Rating
Agencies 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 Collection Account to the Owner Trustee, and in the Reserve
Account to the Seller (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. 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.

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

55

 

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:

     (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.

56

 

     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 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 so long as the Issuer shall deliver to the
Indenture Trustee commencing December 30, 2010, and every six months thereafter, an Officer’s
Certificate of the Issuer stating that all such dispositions of Collateral that occurred during the
preceding six calendar months were in the ordinary course of the Issuer’s business and that the
proceeds thereof were applied in accordance with 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

57

 

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. 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 Indenture Trustee by any Noteholder or by the Issuer, it shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at
its Corporate Trust Office; or

     (b) the Issuer by the Indenture Trustee or by any Noteholder, it shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to:
Nissan Auto Receivables 2010-A Owner Trust, c/o Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2010-A Owner
Trust, with a copy to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee
37067, Attention: Treasurer, or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any
notice received by it from the Noteholders to the Indenture Trustee.

58

 

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee 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 Investors
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.

     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 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.

59

 

     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.

60

 

     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
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

61

 

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
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 will not at any time
file, join in any filing of, or cooperate or encourage others to file against the Seller or the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law, in connection with
any obligations relating to the Notes, the Certificates or any of the Basic Documents.

     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.

62

 

     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 2010-A OWNER TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY,

not in its individual capacity but

solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

S-1

 

	 	 	 	 	 

	STATE OF DELAWARE

	 	)	 	 
	 

	 	) ss

	COUNTY OF NEW CASTLE

	 	)	 	 

Sworn to and subscribed before me this _____ day of [                    ], by                              .

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	      Notary Public 	 
	 	 	 
	 	Name:  	
 	 
	 	My Commission
Expires:
	 	  	 
	 	 	 	 
	 

Notary Seal

S-2

 

	 	 	 	 	 

	STATE OF ILLINOIS

	 	)	 	 
	 

	 	) ss

	COUNTY OF                     

	 	)	 	 

Sworn to and subscribed before me this _____ day of [                    ], by                           .

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	      Notary Public 	 
	 	 	 
	 	Name:  	
 	 
	 
	 	My Commission
Expires:
	 	  	 
	 	 	 	 
	 

Notary Seal

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.

4

 

NISSAN AUTO RECEIVABLES 2010-A OWNER TRUST

[____]% ASSET BACKED NOTES,

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

	 	 	 

	No. R-___

	 	$_________
	 

	 	CUSIP NO._________
	 

	 	ISIN No.                            

     Nissan Auto Receivables 2010-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 September 22, 2010 (the
“Indenture”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the
“Indenture Trustee”) and Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as
of September 22, 2010 (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 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.

5

 

  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.

6

 

     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: September ____, 2010

					
	 	

NISSAN AUTO RECEIVABLES 2010-A

OWNER TRUST

 	 
	 	By:  	WILMINGTON TRUST COMPANY, not 	 
	 	 	 in its individual capacity but solely as 	 
	 	 	 Owner Trustee under the
Trust Agreement 	 
	 

					
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

7

 

	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

     Date: September ___, 2010

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not in 

its individual capacity but solely as Indenture 

Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

8

 

	 	 	 	 	 

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
October 15, 2010.

     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 (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all
of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates),
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

9

 

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
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] 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,

10

 

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.

     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 (excluding for such
purpose the outstanding principal amount of any Notes held of record or beneficially owned by NARC
II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates). 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 (excluding for such purpose the outstanding principal amount of any
Notes held of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at
such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of
their Affiliates), 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.

11

 

     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.

     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, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency
herein prescribed.

12

 

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.
	 	 	 

     

13

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions and Incorporation by Reference
	 	 	2	 
	 
	 	 	 	 
	SECTION 1.01 Definitions
	 	 	2	 
	SECTION 1.02 Usage of Terms
	 	 	8	 
	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
	 	 	10	 
	SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	11	 
	SECTION 2.06 Persons Deemed Owners
	 	 	12	 
	SECTION 2.07 Payments of Principal and Interest
	 	 	12	 
	SECTION 2.08 Cancellation
	 	 	13	 
	SECTION 2.09 Release of Collateral
	 	 	13	 
	SECTION 2.10 Book-Entry Notes
	 	 	13	 
	SECTION 2.11 Notices to Clearing Agency
	 	 	14	 
	SECTION 2.12 Definitive Notes
	 	 	14	 
	SECTION 2.13 Tax Treatment
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III Covenants, Representations and Warranties
	 	 	15	 
	 
	 	 	 	 
	SECTION 3.01 Payment of Principal and Interest
	 	 	16	 
	SECTION 3.02 Maintenance of Office or Agency
	 	 	16	 
	SECTION 3.03 Money for Payments To Be Held in Trust
	 	 	16	 
	SECTION 3.04 Existence
	 	 	18	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.05 Protection of Trust Estate
	 	 	18	 
	SECTION 3.06 Opinions as to Trust Estate
	 	 	18	 
	SECTION 3.07 Performance of Obligations; Servicing of Receivables
	 	 	19	 
	SECTION 3.08 Negative Covenants
	 	 	21	 
	SECTION 3.09 Annual Statement as to Compliance
	 	 	22	 
	SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms
	 	 	22	 
	SECTION 3.11 Successor or Transferee
	 	 	24	 
	SECTION 3.12 No Other Business
	 	 	24	 
	SECTION 3.13 No Borrowing
	 	 	24	 
	SECTION 3.14 Servicer’s Notice Obligations
	 	 	24	 
	SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities
	 	 	24	 
	SECTION 3.16 Capital Expenditures
	 	 	24	 
	SECTION 3.17 Removal of Administrator
	 	 	24	 
	SECTION 3.18 Restricted Payments
	 	 	25	 
	SECTION 3.19 Notice of Events of Default
	 	 	25	 
	SECTION 3.20 Further Instruments and Actions
	 	 	25	 
	SECTION 3.21 Representations and Warranties
	 	 	25	 
	SECTION 3.22 Regulation AB Representations, Warranties and Covenants
	 	 	27	 
	 
	 	 	 	 
	ARTICLE IV Satisfaction and Discharge
	 	 	27	 
	 
	 	 	 	 
	SECTION 4.01 Satisfaction and Discharge of Indenture
	 	 	27	 
	SECTION 4.02 Application of Trust Money
	 	 	28	 
	SECTION 4.03 Repayment of Moneys Held by Paying Agent
	 	 	28	 
	 
	 	 	 	 
	ARTICLE V Remedies
	 	 	28	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 5.01 Events of Default
	 	 	28	 
	SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	 	 	29	 
	SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	30	 
	SECTION 5.04 Remedies; Priorities
	 	 	32	 
	SECTION 5.05 Optional Preservation of the Receivables
	 	 	33	 
	SECTION 5.06 Limitation of Suits
	 	 	33	 
	SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 
	 	 	35	 
	SECTION 5.08 Restoration of Rights and Remedies
	 	 	35	 
	SECTION 5.09 Rights and Remedies Cumulative
	 	 	35	 
	SECTION 5.10 Delay or Omission Not a Waiver
	 	 	35	 
	SECTION 5.11 Control by Noteholders
	 	 	35	 
	SECTION 5.12 Waiver of Past Defaults
	 	 	36	 
	SECTION 5.13 Undertaking for Costs
	 	 	37	 
	SECTION 5.14 Waiver of Stay or Extension Laws
	 	 	37	 
	SECTION 5.15 Action on Notes
	 	 	37	 
	SECTION 5.16 Performance and Enforcement of Certain Obligations
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VI The Indenture Trustee
	 	 	38	 
	 
	SECTION 6.01 Duties of Indenture Trustee
	 	 	38	 
	SECTION 6.02 Rights of Indenture Trustee
	 	 	39	 
	SECTION 6.03 Individual Rights of Indenture Trustee
	 	 	41	 
	SECTION 6.04 Indenture Trustee’s Disclaimer
	 	 	41	 
	SECTION 6.05 Notice of Defaults
	 	 	42	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.06 Reports by Indenture Trustee to Holders
	 	 	42	 
	SECTION 6.07 Compensation and Indemnity
	 	 	42	 
	SECTION 6.08 Replacement of Indenture Trustee
	 	 	43	 
	SECTION 6.09 Successor Indenture Trustee by Merger
	 	 	44	 
	SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	44	 
	SECTION 6.11 Eligibility; Disqualification
	 	 	45	 
	SECTION 6.12 Preferential Collection of Claims Against Issuer
	 	 	45	 
	SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and
Servicing Agreement
	 	 	45	 
	 
	 	 	 	 
	ARTICLE VII Noteholders’ Lists and Reports
	 	 	46	 
	 
	 	 	 	 
	SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders
	 	 	46	 
	SECTION 7.02 Preservation of Information; Communications to Noteholders
	 	 	46	 
	SECTION 7.03 Reports by Issuer
	 	 	47	 
	SECTION 7.04 Reports by Indenture Trustee
	 	 	47	 
	SECTION 7.05 Indenture Trustee Website
	 	 	48	 
	 
	 	 	 	 
	ARTICLE VIII Accounts, Disbursements and Releases
	 	 	48	 
	 
	 	 	 	 
	SECTION 8.01 Collection of Money
	 	 	48	 
	SECTION 8.02 Accounts
	 	 	48	 
	SECTION 8.03 General Provisions Regarding Accounts
	 	 	49	 
	SECTION 8.04 Release of Trust Estate
	 	 	50	 
	SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer
	 	 	51	 
	SECTION 8.06 Opinion of Counsel
	 	 	51	 

-iv-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IX Supplemental Indentures
	 	 	51	 
	 
	 	 	 	 
	SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	 	 	51	 
	SECTION 9.02 Supplemental Indentures with Consent of Noteholders
	 	 	52	 
	SECTION 9.03 Execution of Supplemental Indentures
	 	 	54	 
	SECTION 9.04 Effect of Supplemental Indenture
	 	 	54	 
	SECTION 9.05 Conformity with Trust Indenture Act
	 	 	55	 
	SECTION 9.06 Reference in Notes to Supplemental Indentures
	 	 	55	 
	 
	 	 	 	 
	ARTICLE X Release
	 	 	55	 
	 
	 	 	 	 
	SECTION 10.01 Optional Purchase of All Receivables
	 	 	55	 
	 
	 	 	 	 
	ARTICLE XI Miscellaneous
	 	 	55	 
	 
	 	 	 	 
	SECTION 11.01 Compliance Certificates and Opinions, etc.
	 	 	55	 
	SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	 	 	57	 
	SECTION 11.03 Acts of Noteholders
	 	 	58	 
	SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies
	 	 	58	 
	SECTION 11.05 Notices to Noteholders; Waiver
	 	 	59	 
	SECTION 11.06 Alternate Payment and Notice Provisions
	 	 	60	 
	SECTION 11.07 Conflict with Trust Indenture Act
	 	 	60	 
	SECTION 11.08 Effect of Headings and Table of Contents
	 	 	61	 
	SECTION 11.09 Successors and Assigns
	 	 	61	 
	SECTION 11.10 Severability
	 	 	61	 
	SECTION 11.11 Benefits of Indenture
	 	 	61	 
	SECTION 11.12 Governing Law
	 	 	61	 
	SECTION 11.13 Counterparts
	 	 	61	 

-v-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.14  Recording of Indenture
	 	 	61	 
	SECTION 11.15  Trust Obligation
	 	 	61	 
	SECTION 11.16  No Petition
	 	 	62	 
	SECTION 11.17  Inspection
	 	 	62	 
	 
	 	 	 	 
	EXHIBIT A  FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE
	 	 	 	 

-vi-

 

	 	 	 

	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)
	(e)
	 	 	11.01	 
	(f)
	 	 	N.A.	 

-vii-

 

	 	 	 

	TIA
Section

	 	Indenture
Section

	 	 	 	 	 

	(§)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.

-viii-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]