Document:

Exhibit 10.1

Exhibit 10.1

SIXTH AMENDMENT

Dated as of September 19, 2011

to

TRANSFER AND ADMINISTRATION AGREEMENT

Dated as of December 8, 2008

This SIXTH AMENDMENT (this “Amendment”), dated as of September 19, 2011, is entered
into among GREIF PACKAGING LLC, a Delaware limited liability company (“Greif”), GREIF
RECEIVABLES FUNDING LLC, a Delaware limited liability company (the “SPV”), GREIF, INC., a
Delaware corporation (the “Performance Guarantor”), the Investors, Managing Agents and
Administrators party hereto, and BANK OF AMERICA, NATIONAL ASSOCIATION, as Managing Agent, as
Administrator, as Committed Investor for the Bank of America Investor Group, and as Agent (in such
capacity, the “Agent”).

RECITALS

WHEREAS, the parties hereto have entered into that certain Transfer and Administration
Agreement dated as of December 8, 2008 (as amended or otherwise modified through the date hereof,
the “Transfer and Administration Agreement”);

WHEREAS, on the Closing Date, the Performance Guarantor delivered that certain Guaranty, dated
as of December 8, 2008 (as amended or otherwise modified through the date hereof, the “Greif
Guaranty”), to the Persons named therein in relation to the obligations of the Originators and
the Servicer under the Transaction Documents.

WHEREAS, the parties hereto desire to amend the Transfer and Administration Agreement as
provided herein;

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein
and in the Transfer and Administration Agreement, the parties hereto agree as follows:

SECTION 1. Definitions. All capitalized terms not otherwise defined herein are used
as defined in (or by reference in) the Transfer and Administration Agreement.

SECTION 2. Amendments to Transfer and Administration Agreement. The Transfer and
Administration Agreement is hereby amended as follows:

2.1. Clause (c) of the definition of “Aggregate Unpaids” in Section 1.1 of the
Transfer and Administration Agreement is hereby amended by inserting the following clause at the
end thereof, immediately before the period “, including, without limitation, any amounts owed
pursuant to Section 9.3 hereof”.

 

 

 

2.2. The definition of “Commitment Termination Date” in Section 1.1 of the Transfer
and Administration Agreement is hereby amended and restated in its entirety as follows:

““Commitment Termination Date” means September 19, 2014, or such later
date to which the Commitment Termination Date may be extended by the SPV, the Agent
and the Committed Investors (each in their sole discretion).”

2.3. The definition of “Concentration Limits” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended and restated in its entirety to read as follows
(including the footnote thereto set forth below):

““Concentration Limits” shall, at any time, be deemed exceeded if:

(a) the aggregate Unpaid Balance of all Receivables relating to a single
Obligor (together with its subsidiaries and Affiliates) exceeds (i) 2.50% of the
Aggregate Unpaid Balance at such time or (ii) if higher, the percentage of the
Aggregate Unpaid Balance specified below, contingent upon the Obligor’s public
unsecured debt rating.

	 	 	 	 	 
	Obligor’s Public Unsecured Long-	 	 	 
	Term Debt Rating (S&P/Moody’s)1	 	Concentration Limit	 
	A/A2 or better
	 	 	10.0	%
	A-/A3 to BBB/Baa2
	 	 	10.0	%
	BBB-/Baa3
	 	 	5.0	%
	Not rated or lower than BBB-/Baa3
	 	 	2.5	%

(b) the aggregate Unpaid Balance of all Extended Term Receivables exceeds 17.5%
of the Aggregate Unpaid Balance at such time, or

(c) the aggregate Unpaid Balance of all Agricultural Receivables exceeds 12.5%
of the Aggregate Unpaid Balance at such time.”

2.4. The definition of “Dilution Horizon Ratio” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended and restated in its entirety to read as follows:

““Dilution Horizon Ratio” means, for any Calculation Period, the
greater of:

(a) 100%; and

(b) the ratio (expressed as a percentage) computed as of the most recent Month
End Date by dividing:

 

	 	 	 
	1	 	The rating of an Obligor will be the lower of any
public unsecured debt rating of such Obligor as issued by either S&P or
Moody’s. If such Obligor has only one rating from either S&P or Moody’s, that
rating shall be used.

 

2

 

(i) the aggregate initial Unpaid Balance of sales by the Originators
giving rise to Receivables during the period equal to the greater of:

(x) such Calculation Period; and

(y) the product of: (I) such Calculation Period,
times (II) the ratio (expressed as a percentage) computed as
of the most recent Month End Date by dividing: (A) the
weighted average dilution horizon period as calculated and set forth
in the final report most recently delivered to the Agent pursuant to
Section 6.1(a)(i)(B), by (B) the number of days in
such Calculation Period (such period in this sub-clause (y),
the “AUP Dilution Horizon”), by

(ii) the Aggregate Unpaid Balance as of such Month End Date;

provided, however, that if the AUP Dilution Horizon is the greater
value as between sub-clauses (x) and (y) of clause (b)(i),
it shall not be utilized in calculating such clause (b)(i) prior to the
Month End Date that is at least ten (10) days following the delivery of such final
report to the Agent.”

2.5. The first proviso set forth in clause (b) of the definition of “Eligible
Receivable” in Section 1.1 of the Transfer and Administration Agreement is hereby amended
by (i) deleting the percentage “3.5%” therein and substituting the percentage “17.5%” therefor, and
(ii) deleting the percentage “9.0%” therein and substituting the percentage “12.5%” therefor.

2.6. The definition of “Facility Limit” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended by replacing the amount “$135,000,000” therein with the
amount “$130,000,000”.

2.7. The definition of “Fee Letter” in Section 1.1 of the Transfer and Administration
Agreement is hereby amended and restated in its entirety to read as follows:

““Fee Letter” means, as applicable, (i) the confidential letter
agreement among the SPV, the GP Originator and the Managing Agent for the Bank of
America Investor Group and (ii) each confidential letter agreement entered into by
the SPV and the GP Originator with any Managing Agent for an Investor Group that
becomes a party to this Agreement on or after the Closing Date.”

2.8. The definition of “Greif Guaranty” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended and restated in its entirety to read as follows:

““Greif Guaranty” or “Guaranty” means the Guaranty dated as of
the date hereof (as hereafter amended, supplemented or restated) delivered by Greif,
Inc. to the Persons named therein in relation to the obligations of the Originators
and the Servicer under the Transaction Documents.”

 

3

 

2.9. Clause (a) of the definition of “Minimum Percentage” in Section 1.1 of
the Transfer and Administration Agreement is hereby amended by deleting the number “0.12” therein
and substituting the number “0.10” therefor.

2.10. Clause (b)(i) of the definition of “Servicing Fee Reserve” in Section
1.1 of the Transfer and Administration Agreement is hereby amended by deleting the number “360”
therein and substituting the phrase “the number of days in the calendar year in which such
Servicing Fee rate is calculated (i.e., 365/366)” therefor.

2.11. The definition of “Stress Factor” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended and restated in its entirety to read as follows:

““Stress Factor” means 2.0.”

2.12. The definition of “Termination Date” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended and restated in its entirety to read as follows:

““Termination Date” means the earliest of (a) the Business Day
designated by the SPV to the Agent and the Managing Agents as the Termination Date
at any time following not less than five (5) days’ written notice to the Agent and
the Managing Agents, (b) the day upon which the Termination Date is declared or
automatically occurs pursuant to Section 8.2 and (c) the Commitment
Termination Date.”

2.13. The definition of “Transaction Documents” in Section 1.1 of the Transfer and
Administration Agreement is hereby amended by inserting “, the Notice Letter Agreement” immediately
following the clause “each Assignment and Assumption Agreement” therein.

2.14. Clause (b) of the definition of “Yield Reserve” in Section 1.1 of the
Transfer and Administration Agreement is hereby amended by deleting the number “360” therein and
substituting the phrase “the number of days in the calendar year in which such Base Rate is
calculated (i.e., 365/366)” therefor.

2.15. Section 1.1 of the Transfer and Administration Agreement is hereby amended by
inserting the following definitions therein, as alphabetically appropriate:

““Existing Law” means (a) the final rule title “Risk-Based Capital
Guidelines: Capital Adequacy Guidelines: Capital Maintenance: Regulatory Capital:
Impact of Modifications to Generally Accepted Accounting Principles: Consolidation
of Asset-Backed Commercial Paper Programs: and Other Related Issues,” adopted by the
United States bank regulatory agencies on December 15, 2009 (the “FAS 166/167
Capital Guidelines”); (b) the Dodd-Frank Wall Street Reform and Consumer
Protection Act (“Dodd Frank Act”); (c) the revised Basel Accord prepared by
the Basel Committee on Banking Supervision as set out in the publication entitled:
“International Convergence of Capital Measurements and Capital Standards: a Revised
Framework” (“Basel II”); or (d) any rules, regulations, guidance,
interpretations, directives or requests from any Official Body relating to, or
implementing the FAS 166/167 Capital Guidelines, the Dodd-Frank Act or Basel II
(whether or not having the force of law).”

 

4

 

““Notice Letter Agreement” means the letter agreement, dated as of
September 19, 2011, among the parties hereto, setting forth certain notice and
account information.”

2.16. Section 1.1 of the Transfer and Administration Agreement is hereby amended by
deleting the definitions of “External Rating”, “Implied Rating”, “Maturity Date”, “SFA” and “SFA
Event” in their entirety.

2.17. The second to last sentence of Section 2.7 of the Transfer and Administration
Agreement is hereby amended and restated in its entirety to read as follows:

“All computations of per annum fees hereunder shall be made on the
basis of a year of 365 (or in the case of a leap year, 366) days for the actual
number of days (including the first but excluding the last day) elapsed.”

2.18. Clause (iv) of Section 2.12(c) of the Transfer and Administration
Agreement is hereby amended by inserting the parenthetical “(including, without limitation, any
amounts owed pursuant to Section 9.3 hereof)” immediately following the term “Person”
therein.

2.19. Section 6.1(s) of the Transfer and Administration Agreement is hereby deleted in
its entirety.

2.20. Clause (ii) of Section 8.1(c) of the Transfer and Administration
Agreement is hereby amended by deleting the phrase “or Section 6.1(s)” therein.

2.21. Section 9.3 of the Transfer and Administration Agreement is hereby amended and
restated in its entirety to read as follows:

“SECTION 9.3 Indemnity for Taxes, Reserves and Expenses. (a) If after
the Closing Date, (w) the adoption of any Law or bank regulatory guideline or any
amendment or change in the administration, interpretation or application of any
existing or future Law or bank regulatory guideline by any Official Body charged
with the administration, interpretation or application thereof (including, without
limitation, any issuance pursuant to any Existing Law of any regulation that is not
in effect on the date hereof), (x) any directive, guidance or request of any
Official Body (in the case of any bank regulatory guideline, whether or not having
the force of Law), (y) the compliance of the Indemnified Party with, or the
application or implementation by the Indemnified Party of, any of the foregoing
subclauses (w) or (x), or (z) any change as determined in the reasonable discretion
of the Indemnified Party after the date hereof, in the compliance of the Indemnified
Party with, or the application or implementation by the Indemnified Party of, any
Existing Law (a “Change in Law”):

(i) shall subject any Indemnified Party (or its applicable lending
office) to any Taxes, duty or other charge (other than Taxes which are
covered by Section 9.4 or Excluded Taxes) with respect to this
Agreement, the other Transaction Documents, the ownership, maintenance or
financing of the Asset Interest, or payments of amounts due hereunder,
or shall change the basis of taxation of payments to any Indemnified Party
of amounts payable in respect of this Agreement, the other Transaction
Documents, the ownership, maintenance or financing of the Asset Interest, or
payments of amounts due hereunder or its obligation to advance funds
hereunder, under a Program Support Agreement or the credit or liquidity
support furnished by a Program Support Provider or otherwise in respect of
this Agreement, the other Transaction Documents, the ownership, maintenance
or financing of the Asset Interest (except for Taxes which are covered by
Section 9.4, and the imposition or changes in the rate of any
Excluded Tax imposed on such Indemnified Party);

 

5

 

(ii) shall impose, modify or deem applicable any reserve, special
deposit or similar requirement (including any such requirement imposed by
the Board of Governors of the Federal Reserve System) against assets of,
deposits with or for the account of, or credit extended by, any Indemnified
Party or shall impose on any Indemnified Party or on the United States
market for certificates of deposit or the London interbank market any other
condition affecting this Agreement, the other Transaction Documents, the
ownership, maintenance or financing of the Asset Interest, or payments of
amounts due hereunder or its obligation to advance funds hereunder, under a
Program Support Agreement or the credit or liquidity support provided by a
Program Support Provider or otherwise in respect of this Agreement, the
other Transaction Documents, or the ownership, maintenance or financing of
the Asset Interest (other than reserves already taken into account in
calculating the Eurodollar Reserve Percentage); or

(iii) shall impose upon any Indemnified Party any other condition or
expense (including any loss of margin, reasonable attorneys’ fees and
expenses, and expenses of litigation or preparation therefor in contesting
any of the foregoing, but excluding Taxes and Excluded Taxes) with respect
to this Agreement, the other Transaction Documents, the ownership,
maintenance or financing of the Asset Interest, or payments of amounts due
hereunder or its obligation to advance funds hereunder or under a Program
Support Agreement or the credit or liquidity support furnished by a Program
Support Provider or otherwise in respect of this Agreement, the other
Transaction Documents, or the ownership, maintenance or financing of the
Asset Interests,

and the result of any of the foregoing is to increase the cost to, or to reduce the
amount of any sum received or receivable by, such Indemnified Party with respect to
this Agreement, the other Transaction Documents, the ownership, maintenance or
financing of the Asset Interest, the Receivables, the obligations hereunder, the
funding of any Investments hereunder or under a Program Support Agreement, by an
amount deemed by such Indemnified Party to be material, then, on the next Settlement
Date occurring at least ten (10) days after the demand by such Indemnified Party
through the applicable Managing Agent, the SPV shall pay to the applicable Managing
Agent, for the benefit of such Indemnified Party, such
additional amount or amounts as will compensate such Indemnified Party for such
increased cost or reduction.

 

6

 

(b) If any Indemnified Party shall have determined that after the date hereof,
(i) the adoption of any applicable Law, bank regulatory guideline regarding capital
adequacy, or generally accepted accounting standard, or any change therein, or any
change in the interpretation or administration thereof by any Official Body,
(including, without limitation, any issuance pursuant to any Existing Law of any
regulation that is not in effect on the date hereof), (ii) any guidance, request or
directive regarding capital adequacy (in the case of any bank regulatory guideline,
whether or not having the force of law) of any such Official Body, or (iii) the
compliance of the Indemnified Party with, or the application or implementation by
the Indemnified Party of, any of the foregoing subclauses (i) or (ii), or (iii) any
change as determined in the reasonable discretion of the Indemnified Party, after
the date hereof, in the compliance of the Indemnified Party with, or the application
or implementation by the Indemnified Party of, any Existing Law, has or would have
the effect of reducing the rate of return on capital of such Indemnified Party (or
its parent) as a consequence of such Indemnified Party’s obligations hereunder or
with respect hereto to a level below that which such Indemnified Party (or its
parent) could have achieved but for the occurrences described in the foregoing
subclauses (i), (ii) or (iii) (taking into consideration its policies with respect
to capital adequacy) by an amount deemed by such Indemnified Party to be material,
then on the next Settlement Date occurring at least ten (10) days after demand, in
the form of a notice as set forth in clause (c) below, by such Indemnified
Party through the Agent or the applicable Managing Agent, the SPV shall pay to the
applicable Managing Agent, for the benefit of such Indemnified Party, such
additional amount or amounts as will compensate such Indemnified Party (or its
parent) for such reduction.

(c) Each Indemnified Party shall, as soon as practicable, notify the SPV in writing of
any event of which it has knowledge, occurring after the date hereof for which such
Indemnified Party will or will likely seek compensation pursuant to this Section
9.3; provided that no failure to give or any delay in giving such notice shall
affect the Indemnified Party’s right to receive such compensation. A notice by the Agent or
a Managing Agent on behalf of the applicable Indemnified Party claiming compensation under
this Section 9.3 and setting forth the additional amount or amounts to be paid to it
hereunder shall be conclusive in the absence of manifest error. In determining such amount,
the Agent or any applicable Indemnified Party may use any reasonable averaging and
attributing methods and shall have applied consistent return metrics to other similarly
situated Persons (after consideration of, among other things, factors including facility
pricing, structure, usage patterns, capital treatment and relationship) with respect to such
amount and compensation. Any demand for compensation under this Section 9.3 shall
be accompanied by a certificate as to the amount requested which shall set forth a
reasonably detailed calculation for such requested amount. Notwithstanding anything in this
Agreement to the contrary, the SPV shall not be obligated to make any payment to any
Indemnified Party under this Section 9.3 for any period prior to the date on which
such Indemnified Party gives written notice to the SPV of its intent to request such payment
under this Section 9.3.

 

7

 

(d) Notwithstanding anything herein to the contrary, any indemnity payable
under this Section 9.3 shall be payable by the SPV in accordance with the
priority of payments in Section 2.12.”

2.22. A new clause (h) is hereby added to Section 11.8 of the Transfer and
Administration Agreement at the end thereof to read as follows:

“(h) Notwithstanding any other provision of this Agreement to the contrary, any
Investor may at any time pledge or grant a security interest in all or any portion
of its rights (including any portion of the Net Investment and any rights to payment
of the outstanding Net Investment and Yield) under this Agreement to secure
obligations of such Investor to a Federal Reserve Bank, the U.S. Treasury or the
Federal Deposit Insurance Corporation without notice to, or the consent of, any
Originator, the SPV, Greif, Inc. or any Agent; provided, however, that no such
pledge or grant of a security interest shall release an Investor from any of its
obligations hereunder, or substitute any such pledgee or grantee for such Investor
as a party hereto.”

2.23. The first sentence of Section 11.9 of the Transfer and Administration Agreement
is hereby amended by inserting the clause “or otherwise in accordance with Rule 17g-5 of the
Securities Exchange Act of 1934” immediately following the clause “any nationally recognized
statistical rating organization rating a Conduit Investor’s Commercial Paper” therein.

2.24. The amount set forth as the “Commitment” on the signature page to the Transfer and
Administration Agreement of the Committed Investor for the Bank of America Investor Group is hereby
amended by replacing the amount “$135,000,000” therein with the amount “$130,000,000”.

2.25. The Transfer and Administration Agreement is hereby amended by replacing each occurrence
of “Schedule 11.3” therein with the phrase “the Notice Letter Agreement”.

2.26. Schedule 11.3 to the Transfer and Administration Agreement is hereby deleted in
its entirety.

SECTION 3. Ratification of the Greif Guaranty. The Performance Guarantor hereby
acknowledges and agrees that, immediately after giving effect to this Amendment, the Greif Guaranty
shall remain in full force and effect and is hereby ratified and confirmed in all respects.

SECTION 4. Conditions Precedent. Section 2 hereof shall become effective on
the date first written above upon receipt by the Agent (and each Managing Agent, upon its request)
of: (a) a counterpart (or counterparts) of this Amendment, duly executed by each of the parties
hereto, or other evidence satisfactory to the Agent of the execution and delivery of this Amendment
by such parties, (b) a counterpart (or counterparts) of that certain fee letter agreement, dated as
of the date hereof, among the SPV, Greif and Bank of America, National Association, duly executed
by each of the parties thereto, together with payment of the “renewal fee” as referred to therein,
(c) a counterpart (or counterparts) of that certain letter agreement, dated as of the date hereof,
among the parties hereto, setting forth certain notice and account information, duly executed by
each of the parties thereto, and (d) confirmation of receipt of
payment within thirty (30) days of the date hereof by Mayer Brown LLP, counsel to the Agent,
of its reasonable legal fees in connection herewith.

 

8

 

SECTION 5. Miscellaneous.

5.1. Representations and Warranties. Each of the SPV, Greif and the Performance
Guarantor hereby represents and warrants that (i) this Amendment constitutes a legal, valid and
binding obligation of it, enforceable against it in accordance with its terms, (ii) upon the
effectiveness of this Amendment, no Termination Event, Potential Termination Event or Servicer
Default shall exist and (iii) its representations and warranties as set forth in the Transaction
Documents, as applicable, are true and correct in all material respects (except those
representations and warranties qualified by materiality or by reference to a material adverse
effect, which are true and correct in all respects) on and as of the date hereof as though made on
and as of the date hereof (unless such representations and warranties specifically refer to a
previous day, in which case, they shall be complete and correct in all material respects (or, with
respect to such representations or warranties qualified by materiality or by reference to a
material adverse effect, complete and correct in all respects) on and as of such previous day).

5.2. References to Transfer and Administration Agreement. Upon the effectiveness of
this Amendment, each reference in the Transfer and Administration Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the
Transfer and Administration Agreement as amended hereby, and each reference to the Transfer and
Administration Agreement in any other document, instrument or agreement executed and/or delivered
in connection with the Transfer and Administration Agreement shall mean and be a reference to the
Transfer and Administration Agreement as amended hereby.

5.3. Effect on Transfer and Administration Agreement. Except as specifically amended
above, the Transfer and Administration Agreement and all other documents, instruments and
agreements executed and/or delivered in connection therewith shall remain in full force and effect
and are hereby ratified and confirmed.

5.4. No Waiver. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Agent or any Investor under the Transfer
and Administration Agreement or any other document, instrument or agreement executed in connection
therewith, nor constitute a waiver of any provision contained therein, except as specifically set
forth herein. The parties hereto hereby agree that this Amendment is a Transaction Document.

5.5. Governing Law. This Amendment, including the rights and duties of the parties
hereto, shall be governed by, and construed in accordance with, the internal laws of the State of
New York.

5.6. Successors and Assigns. This Amendment shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns.

5.7. Headings. The Section headings in this Amendment are inserted for convenience of
reference only and shall not affect the meaning or interpretation of this Amendment or any
provision hereof.

 

9

 

5.8. Counterparts. This Amendment may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute
together but one and the same agreement.

[SIGNATURES FOLLOW]

 

10

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	GREIF RECEIVABLES FUNDING LLC,

as SPV

 	 
	 	By:  	/s/ John K. Dieker
 	 
	 	 	Name:  	John K. Dieker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	GREIF PACKAGING LLC,

individually, as an Originator and as the Servicer

 	 
	 	By:  	/s/ John K. Dieker
 	 
	 	 	Name:  	John K. Dieker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	GREIF, INC.,

as Performance Guarantor

 	 
	 	By:  	/s/ John K. Dieker
 	 
	 	 	Name:  	John K. Dieker 	 
	 	 	Title:  	Vice President and Treasurer 	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Signature Page to the Sixth Amendment

 

 

 

	 	 	 	 	 
	 	BANK OF AMERICA,

NATIONAL ASSOCIATION,

as Agent and as Managing Agent, Administrator and

Committed Investor for the Bank of America Investor

Group

 	 
	 	By:  	/s/ Christopher Haynes
 	 
	 	 	Name:  	Christopher Haynes 	 
	 	 	Title:  	Vice President 	 

Signature Page to the Sixth Amendmentexv4w1

Exhibit 4.1

NISSAN AUTO LEASE TRUST 2011-B

$156,000,000

0.34985% Asset Backed Notes, Class A-1

$378,000,000

LIBOR + 0.18% Asset Backed Notes, Class A-2

$351,000,000

0.92% Asset Backed Notes, Class A-3

$85,000,000

1.10% Asset Backed Notes, Class A-4

NISSAN AUTO LEASE TRUST 2011-B

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

INDENTURE

Dated as of September 28, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01 Capitalized Terms
	 	 	1	 
	SECTION 1.02 Interpretation
	 	 	2	 
	SECTION 1.03 Incorporation by Reference Trust Indenture Act
	 	 	2	 
	 
	 	 	 	 
	ARTICLE TWO THE NOTES
	 	 	3	 
	 
	 	 	 	 
	SECTION 2.01 Form
	 	 	3	 
	SECTION 2.02 Execution, Authentication and Delivery
	 	 	3	 
	SECTION 2.03 Temporary Notes
	 	 	4	 
	SECTION 2.04 Registration; Registration of Transfer and Exchange
	 	 	4	 
	SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	6	 
	SECTION 2.06 Persons Deemed Owners
	 	 	6	 
	SECTION 2.07 Cancellation
	 	 	7	 
	SECTION 2.08 Release of Collateral
	 	 	7	 
	SECTION 2.09 Book-Entry Notes
	 	 	7	 
	SECTION 2.10 Notices to Clearing Agency
	 	 	8	 
	SECTION 2.11 Definitive Notes
	 	 	8	 
	SECTION 2.12 Authenticating Agents
	 	 	9	 
	SECTION 2.13 Tax Treatment
	 	 	9	 
	SECTION 2.14 Calculation Agent
	 	 	10	 
	 
	 	 	 	 
	ARTICLE THREE COVENANTS
	 	 	10	 
	 
	 	 	 	 
	SECTION 3.01 Payments to Noteholders, Trust Certificateholders and Depositor
	 	 	10	 
	SECTION 3.02 Maintenance of Office or Agency
	 	 	10	 
	SECTION 3.03 Money for Payments to be Held in Trust
	 	 	11	 
	SECTION 3.04 Existence
	 	 	12	 
	SECTION 3.05 Protection of Owner Trust Estate
	 	 	13	 
	SECTION 3.06 Opinions as to Owner Trust Estate
	 	 	13	 
	SECTION 3.07 Performance of Obligations; Servicing of the 2011-B SUBI Assets
	 	 	14	 
	SECTION 3.08 Negative Covenants
	 	 	15	 
	SECTION 3.09 Annual Statement as to Compliance
	 	 	15	 
	SECTION 3.10 Restrictions on Certain Other Activities
	 	 	16	 
	SECTION 3.11 Notice of Defaults
	 	 	16	 
	SECTION 3.12 Further Instruments and Acts
	 	 	16	 
	SECTION 3.13 Delivery of the 2011-B SUBI Certificate
	 	 	16	 
	SECTION 3.14 Compliance with Laws
	 	 	17	 
	SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms
	 	 	17	 
	SECTION 3.16 Successor or Transferee
	 	 	19	 
	SECTION 3.17 Removal of the Administrative Agent
	 	 	19	 
	SECTION 3.18 Perfection Representations
	 	 	19	 

i

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.19 Securities Exchange Act Filings
	 	 	19	 
	SECTION 3.20 Regulation AB Representations, Warranties and Covenants
	 	 	20	 
	 
	 	 	 	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE
	 	 	20	 
	 
	 	 	 	 
	SECTION 4.01 Satisfaction and Discharge of Indenture
	 	 	20	 
	SECTION 4.02 Application of Trust Money
	 	 	21	 
	SECTION 4.03 Repayment of Monies Held by Paying Agent
	 	 	21	 
	 
	 	 	 	 
	ARTICLE FIVE INDENTURE DEFAULT
	 	 	21	 
	 
	 	 	 	 
	SECTION 5.01 Indenture Defaults
	 	 	21	 
	SECTION 5.02 Acceleration of Maturity; Waiver of Indenture Default
	 	 	23	 
	SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	23	 
	SECTION 5.04 Remedies; Priorities
	 	 	25	 
	SECTION 5.05 Optional Preservation of the Collateral
	 	 	27	 
	SECTION 5.06 Limitation of Suits
	 	 	27	 
	SECTION 5.07 Rights of Noteholders to Receive Principal and Interest
	 	 	27	 
	SECTION 5.08 Restoration of Rights and Remedies
	 	 	28	 
	SECTION 5.09 Rights and Remedies Cumulative
	 	 	28	 
	SECTION 5.10 Delay or Omission Not a Waiver
	 	 	28	 
	SECTION 5.11 Control by Noteholders
	 	 	28	 
	SECTION 5.12 [Reserved]
	 	 	29	 
	SECTION 5.13 Undertaking for Costs
	 	 	29	 
	SECTION 5.14 Waiver of Stay or Extension Laws
	 	 	29	 
	SECTION 5.15 Action on Notes
	 	 	29	 
	SECTION 5.16 Performance and Enforcement of Certain Obligations
	 	 	29	 
	SECTION 5.17 Sale of Collateral
	 	 	30	 
	 
	 	 	 	 
	ARTICLE SIX THE INDENTURE TRUSTEE
	 	 	30	 
	 
	 	 	 	 
	SECTION 6.01 Duties of Indenture Trustee
	 	 	30	 
	SECTION 6.02 Rights of Indenture Trustee
	 	 	32	 
	SECTION 6.03 Individual Rights of Indenture Trustee
	 	 	33	 
	SECTION 6.04 Indenture Trustee’s Disclaimer
	 	 	33	 
	SECTION 6.05 Notice of Defaults
	 	 	33	 
	SECTION 6.06 Reports by Indenture Trustee to Noteholders
	 	 	34	 
	SECTION 6.07 Compensation and Indemnity
	 	 	34	 
	SECTION 6.08 Replacement of Indenture Trustee
	 	 	35	 
	SECTION 6.09 Successor Indenture Trustee by Merger
	 	 	36	 
	SECTION 6.10 Appointment of Co-Trustee or Separate Trustee
	 	 	37	 
	SECTION 6.11 Eligibility; Disqualification
	 	 	38	 
	SECTION 6.12 Trustee as Holder of the 2011-B SUBI Certificate
	 	 	38	 
	SECTION 6.13 Representations and Warranties of Indenture Trustee
	 	 	38	 
	SECTION 6.14 Furnishing of Documents
	 	 	39	 
	SECTION 6.15 Preferred Collection of Claims Against Issuer
	 	 	39	 
	 
	 	 	 	 
	ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS
	 	 	39	 
	 
	 	 	 	 
	SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses
	 	 	39	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 7.02 Preservation of Information; Communications to Noteholders
	 	 	40	 
	SECTION 7.03 Reports by Issuing Entity
	 	 	40	 
	SECTION 7.04 Reports by Indenture Trustee
	 	 	41	 
	SECTION 7.05 Indenture Trustee Website
	 	 	41	 
	SECTION 7.06 Information to be Provided by the Indenture Trustee
	 	 	41	 
	 
	 	 	 	 
	ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES
	 	 	41	 
	 
	 	 	 	 
	SECTION 8.01 Collection of Money
	 	 	41	 
	SECTION 8.02 Accounts
	 	 	42	 
	SECTION 8.03 Payment Date Certificate
	 	 	43	 
	SECTION 8.04 Disbursement of Funds
	 	 	44	 
	SECTION 8.05 General Provisions Regarding Accounts
	 	 	48	 
	SECTION 8.06 Release of Owner Trust Estate
	 	 	49	 
	SECTION 8.07 Release of Interest In 2011-B Leases and 2011-B
Vehicles Upon Purchase or Reallocation by the Servicer
	 	 	49	 
	SECTION 8.08 Opinion of Counsel
	 	 	50	 
	 
	 	 	 	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES
	 	 	50	 
	 
	 	 	 	 
	SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	 	 	50	 
	SECTION 9.02 Supplemental Indentures With Consent of Noteholders
	 	 	52	 
	SECTION 9.03 Execution of Supplemental Indentures
	 	 	53	 
	SECTION 9.04 Effect of Supplemental Indenture
	 	 	53	 
	SECTION 9.05 Reference in Notes to Supplemental Indentures
	 	 	53	 
	 
	 	 	 	 
	ARTICLE TEN REDEMPTION OF NOTES
	 	 	54	 
	 
	 	 	 	 
	SECTION 10.01 Redemption
	 	 	54	 
	SECTION 10.02 Form of Redemption Notice
	 	 	54	 
	SECTION 10.03 Notes Payable on Redemption Date
	 	 	55	 
	 
	 	 	 	 
	ARTICLE ELEVEN MISCELLANEOUS
	 	 	55	 
	 
	 	 	 	 
	SECTION 11.01 Compliance Certificates and Opinions
	 	 	55	 
	SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	 	 	57	 
	SECTION 11.03 Acts of Noteholders
	 	 	58	 
	SECTION 11.04 Notices
	 	 	58	 
	SECTION 11.05 Notices to Noteholders; Waiver
	 	 	59	 
	SECTION 11.06 Effect of Headings and Table of Contents
	 	 	59	 
	SECTION 11.07 Successors and Assigns
	 	 	59	 
	SECTION 11.08 Severability
	 	 	59	 
	SECTION 11.09 Benefits of Indenture
	 	 	59	 
	SECTION 11.10 Legal Holidays
	 	 	60	 
	SECTION 11.11 Governing Law
	 	 	60	 
	SECTION 11.12 Counterparts
	 	 	60	 
	SECTION 11.13 Recording of Indenture
	 	 	60	 
	SECTION 11.14 Trust Obligation
	 	 	60	 
	SECTION 11.15 No Petition
	 	 	60	 
	SECTION 11.16 No Recourse
	 	 	61	 
	SECTION 11.17 Inspection
	 	 	61	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.18 Limitation of Liability of Owner Trustee
	 	 	61	 
	SECTION 11.19 Conflict with Trust Indenture Act
	 	 	62	 
	SECTION 11.20 Intent of the Parties; Reasonableness
	 	 	62	 

	 	 	 

	SCHEDULE Schedule I
	 	Perfection Representations, Warranties And Covenants

EXHIBITS

	 	 	 

	Exhibit A — Form of Notes

	 	A-1
	Exhibit B — Form of Depository Agreement

	 	B-1
	Exhibit C — Applicable Servicing Criteria

	 	C-1

iv

 

Reconciliation and Tie between the Trust Indenture Act

of 1939 and Indenture

	 	 	 	 	 	 
	TIA	 	Indenture	 
	Section	 	Section	 
	310	(a) (1) 	 	 	6.08, 6.11	 
	 	(a) (2) 	 	 	6.08, 6.11	 
	 	(a) (3) 	 	 	6.10	(b)(i)
	 	(a) (4) 	 	 	6.12	 
	 	(a) (5) 	 	 	6.11	 
	 	(b) 	 	 	6.08, 6.11, 11.05	 
	311	(a) 	 	 	6.15	 
	 	(b) 	 	 	6.15	 
	312	(a) 	 	 	7.01	 
	 	(b) 	 	 	7.01, 7.02	(b)
	 	(c) 	 	 	7.02	(c)
	313	(a) 	 	 	7.04	 
	 	(b) (1) 	 	 	7.04	 
	 	(b) (2) 	 	 	7.04	 
	 	(c) 	 	 	7.03, 7.04, 11.05	 
	 	(d) 	 	 	7.04	 
	314	(a) 	 	 	3.09, 7.03, 11.05	 
	 	(b) 	 	 	11.13	 
	 	(c) (1) 	 	 	11.01	 
	 	(c) (2) 	 	 	8.08, 11.01	 
	 	(c) (3) 	 	 	11.01	 
	 	(d) 	 	 	11.01	(b)
	 	(e) 	 	 	11.01	 
	 	(f) 	 	 	N.A.	 
	315	(a) 	 	 	6.01	(b)
	 	(b) 	 	 	6.05	 
	 	(c) 	 	 	6.01	(a)
	 	(d) 	 	 	6.01	(c)
	 	(e) 	 	 	5.13	 
	316	(a) (1) (A) 	 	 	5.11, 6.01	(c)
	 	(a) (1) (B) 	 	 	5.02	 
	 	(a) (2) 	 	 	N.A.	 
	 	(b) 	 	 	5.07	 
	 	(c) 	 	 	N.A.	 
	317	(a) (1) 	 	 	5.04	 
	 	(a) (2) 	 	 	5.03	(d)
	 	(b) 	 	 	3.03	 
	318	(a) 	 	 	11.19	 

 

			
	(1)	 	This reconciliation table and tie shall not, for any purpose be deemed to be part of the
Indenture.
	 
	(2)	 	N.A. means not applicable.

-v-

 

INDENTURE

     This Indenture, dated as of September 28, 2011 (as amended, supplemented or otherwise modified
from time to time, this “Indenture”), is between the Nissan Auto Lease Trust 2011-B, a
Delaware statutory trust (the “Issuing Entity”), and U.S. Bank National Association, a
national banking association (“U.S. Bank”), as trustee (the “Indenture Trustee”).

     Each party agrees
 as follows for the benefit of the other parties and the holders of the
Issuing Entity’s 0.34985% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), LIBOR + 0.18%
Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.92% Asset Backed Notes, Class A-3
(the “Class A-3 Notes”), and 1.10% Asset Backed Notes, Class A-4 (the “Class A-4
Notes”) (collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes are referred to herein as the “Notes”):

GRANTING CLAUSE

     The Issuing Entity hereby Grants in trust to the Indenture Trustee on the Closing Date, as
trustee for the benefit of the Noteholders, all of the Issuing Entity’s right, title and interest,
whether now owned or hereafter acquired, in and to (i) the Owner Trust Estate, and (ii) all present
and future claims, demands, causes and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any
or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into
cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and receivables,
instruments, securities, financial assets and other property that at any time constitute all or
part of or are included in the proceeds of any of the foregoing (collectively, the
“Collateral”), in each case as such terms are defined herein.

     The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges the foregoing
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 Noteholders may be adequately and effectively protected.

ARTICLE ONE

DEFINITIONS

     SECTION 1.01 Capitalized Terms. Capitalized terms used herein that are not otherwise
defined herein shall have the meanings ascribed thereto in the Agreement of Definitions, dated as
of September 28, 2011, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as
grantor and initial beneficiary (in such capacity, the “Grantor” and the “UTI
Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling
Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its
individual capacity, as servicer and as administrative agent (in such capacity, the
“Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC II, a Delaware
limited liability company (“NALL II”), NILT, Inc., a Delaware corporation, as trustee to
the Titling

(NALT 2011-B Indenture)

 

 

Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust, National
Association, a national banking association with trust powers, as owner trustee (the “Owner
Trustee”) and Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware
trustee (the “Delaware Trustee”), the Indenture Trustee and U.S. Bank National Association,
as trust agent (in such capacity, the “Trust Agent”).

     SECTION 1.02 Interpretation. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as
appropriate, all genders and the plural as well as the singular, (ii) references to words such as
“herein,” “hereof” and the like shall refer to this Indenture as a whole and not to any particular
part, Article or Section within this Indenture, (iii) references to an Article or Section such as
“Article Twelve” or “Section 12.01” shall refer to the applicable Article or Section of this
Indenture, (iv) the term “include” and all variations thereof shall mean “include without
limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have the
meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted
successors and assigns, (viii) references to agreements and other contractual instruments include
all subsequent amendments, amendments and restatements and supplements thereto or changes therein
entered into in accordance with their respective terms and not prohibited by this Indenture, except
that references to the SUBI Trust Agreement include only such items as related to the 2011-B SUBI
and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules
and regulations thereunder and any successors thereto, (x) references to this Indenture include all
Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar
import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to
the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of
the Titling Trust, and (xii) in the computation of a period of time from a specified date to a
later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

     SECTION 1.03 Incorporation by Reference 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 Issuing Entity and any other obligor
on the indenture securities.

(NALT 2011-B Indenture)

2

 

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

ARTICLE TWO

THE NOTES

     SECTION 2.01 Form. The Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A hereto, 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 of such Notes. 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
such Note.

     The terms of the Notes set forth in Exhibit A hereto are part of the terms of this
Indenture.

     SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed by
the Owner Trustee on behalf of the Issuing Entity. The signature of any authorized officer of the
Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile
signature of individuals who were at any time authorized officers of the Owner Trustee shall bind
the Issuing Entity, notwithstanding that any such individuals 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 receipt of an Issuing Entity Order, authenticate and deliver
for original issue the following aggregate principal amounts of the Notes: (i) $156,000,000 of
Class A-1 Notes, (ii) $378,000,000 of Class A-2 Notes, (iii) $351,000,000 of Class A-3 Notes, and
(iv) $85,000,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2
Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective
amounts, except as provided in Section 2.05.

     Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered notes in book-entry form in minimum denominations of $25,000 and in integral multiples
of $1,000 in excess thereof; provided, that the Retained Notes, if any, shall be issued as
Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for
all purposes of this Indenture.

     No Note may be sold, pledged or otherwise transferred to any Person except in accordance with
Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall
be null and void.

     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 provided for herein executed by the Indenture Trustee by the manual signature of one of its

(NALT 2011-B Indenture)

3

 

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 Owner
Trustee may execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, substantially 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 Issuing Entity shall 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 such temporary Notes at the office or agency of
the Issuing Entity to be maintained as provided in Section 3.02, without charge to the
related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Owner
Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee shall
authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, such 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 Issuing Entity shall cause to be kept a register (the “Note Register”) in
which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide
for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The
Indenture Trustee is hereby initially appointed the “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided. In the event, subsequent to the
Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note
Registrar, the Issuing Entity shall appoint another bank or trust company, having an office 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. Upon any resignation of any Note
Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such
an appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note
Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such
appointment and the location, and any change in such 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 as to the names and addresses of
the Noteholders 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 Issuing Entity to be maintained as provided in Section 3.02, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing

(NALT 2011-B Indenture)

4

 

Entity, and the Indenture Trustee shall authenticate and the related Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any
authorized denominations, of a like aggregate principal amount.

     (c) At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at
such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity,
the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee
the Notes that the Noteholder making such exchange is entitled to receive. Every Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or
the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in
form and substance satisfactory to the Issuing Entity and the Indenture Trustee, including
appropriate tax documentation, duly executed by the Noteholder thereof or its attorney-in-fact duly
authorized in writing.

     (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuing Entity, evidencing the same debt and entitled to the same benefits under
this Indenture as the Notes surrendered upon such registration of transfer or exchange.

     (e) No service charge shall be made to a Noteholder for any registration of transfer or
exchange of Notes, but the Issuing Entity may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith, other than exchanges
pursuant to Sections 2.03 or 9.05 not involving any transfer.

     (f) Each Noteholder shall be deemed to represent, warrant and covenant (on the date of
acquisition of a Note (or any interest therein) and throughout the period of holding such Note (or
interest therein)) that either (i) it is not, and is not acting on behalf of, a Plan, or (ii) its
acquisition, holding and disposition of such Note (or any interest therein) will not result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or a
violation of any Similar Law.

     (g) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified
in the definition of Tax Retained Notes) unless a written opinion of counsel, which counsel and
opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the
effect that, for federal income tax purposes, such Notes after such transfer will be treated as
debt and, if there are other Notes of the same Class as such transferred Notes which are not Tax
Retained Notes prior to such transfer, for such purposes such Notes will be fungible with such
other Notes of the same Class; provided, however, that fungibility need not take
into account whether Notes are, or are not, Definitive Notes.

     The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be
required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i)
selected for redemption, or (ii) for a period of 15 days preceding the due date for any payment
with respect to such Note.

(NALT 2011-B Indenture)

5

 

     SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity,
the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner
Trustee, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
“protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements
of Section 8-405 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing
Entity, and upon receipt of an Issuing Entity 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; provided, however, that if any such destroyed, lost or stolen
Note (but not a mutilated Note) shall have become or within seven days shall become due and
payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable or upon the
Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note, the Issuing Entity
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” (as contemplated by Article 8 of the UCC), 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 Issuing Entity or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuing Entity or the
Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note
Registrar) connected therewith.

     Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuing Entity, 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 duly issued hereunder.

     The provisions of this Section 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 Issuing Entity, the Indenture Trustee and their respective agents shall
treat the Person in whose name any Note is registered (as of the date 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, whether or not such Note is overdue, and none

(NALT 2011-B Indenture)

6

 

of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be
affected by notice to the contrary.

     SECTION 2.07 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture
Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any
Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as
provided in this Section, except as expressly permitted by this Indenture. All cancelled 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 Issuing Entity shall direct by an Issuing
Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is
timely and that such Notes have not been previously disposed of by the Indenture Trustee.

     SECTION 2.08 Release of Collateral. Subject to Section 11.01 and the terms of
the other Basic Documents, the Indenture Trustee shall release property from the Lien of this
Indenture only upon receipt of an Issuing Entity Request, accompanied by an Officer’s Certificate,
an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) 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 2.09 Book-Entry Notes. Unless otherwise specified, the Notes, (other than the
Retained Notes, if any), upon original issuance, will be issued in the form of one or more
typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as
agent for DTC, the initial Clearing Agency, or a custodian therefor, by, or on behalf of, the
Issuing Entity. For each Class of Book-Entry Notes, one fully registered Note shall be issued with
respect to each $500 million in principal amount of each Class of Notes or such lesser amount as
necessary. Such Notes shall initially be registered on the Note Register in the name of Cede & Co.,
the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note
representing such Note Owner’s interest in such Note (other than in the case of the Retained Notes,
if any), except as provided in Section 2.11. Except with respect to the Retained Notes, if
any, and otherwise, unless and until Definitive Notes have been issued to Note Owners pursuant to
Section 2.11:

     (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 sole Noteholder, and shall
have no obligation to 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;

(NALT 2011-B Indenture)

7

 

     (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 or among such Note Owners and the
Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and
until Definitive Notes are issued pursuant to Section 2.11, 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 Noteholders evidencing a specified percentage of the Outstanding Amount, 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 2.10 Notices to Clearing Agency. Whenever a notice or other communication to
Noteholders is required under this Indenture, except with respect to the Retained Notes, if any,
and otherwise, unless and until Definitive Notes shall have been issued to Note Owners pursuant to
Section 2.11, the Indenture Trustee shall give all such notices and communications
specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to
the Note Owners.

     SECTION 2.11 Definitive Notes. Except with respect to the Retained Notes, if any
(which shall be originally issued as Definitive Notes), if (i) (A) the Depositor, the Owner Trustee
or the Administrative Agent advises the Indenture Trustee in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities as described in the Depository
Agreement and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to
locate a qualified successor (and if the Administrative Agent has made such determination, the
Administrative Agent has given written notice thereof to the Indenture Trustee), (ii) the
Depositor, the Indenture Trustee or the Administrative Agent, to the extent permitted by
applicable law, at its option advises the Indenture Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note Owners
representing in the aggregate not less than 51% of the Outstanding Amount, voting as a single
class, advise the Indenture Trustee through the Clearing Agency and Clearing Agency Participants in
writing that the continuation of a book-entry system through the Clearing Agency or its successor
is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify
all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability
through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender
to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry
Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue
Definitive Notes to Note Owners, who thereupon shall become Noteholders for all purposes of this
Indenture. None of the Issuing Entity, Owner Trustee, 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.

     The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable if
the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor

(NALT 2011-B Indenture)

8

 

Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved
or produced by any combination of such methods (with or without steel engraved borders), all as
determined by the officers executing such Notes, as evidenced by their execution of such Notes.
From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders
shall be mailed to their addresses of record in the Note Register as of the relevant Deposit Date.
Such notices shall be deemed to have been given as of the date of mailing.

     If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Owner
Trustee shall furnish or cause to be furnished to the Indenture Trustee a list of the names and
addresses of the Noteholders (i) as of each Deposit Date, within five days thereafter and (ii) as
of not more than ten days prior to the time such list is furnished, within 30 days after receipt by
the Owner Trustee of a written request therefor.

     SECTION 2.12 Authenticating Agents. Upon the request of the Issuing Entity, the
Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint
one or more Authenticating Agents with power to act on its behalf and subject to its direction in
the authentication of Notes in connection with issuance, transfers and exchanges under Sections
2.02, 2.04, 2.05 and 9.05, as fully to all intents and purposes as
though each such Authenticating Agent had been expressly authorized by such Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by
the Indenture Trustee.

     Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the parties hereto or
such Authenticating Agent or such successor corporation.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the
agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination,
the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuing Entity.

     The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services and reimbursement for its reasonable expenses relating thereto, and
the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to
Section 6.07. The provisions of Sections 2.07 and 6.04 shall be applicable
to any Authenticating Agent.

     SECTION 2.13 Tax Treatment. The Issuing Entity has entered into this Indenture, and
the Notes (other than the Tax Retained Notes, if any), will be issued, with the intention that, for
federal, state and local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness. The Issuing Entity, by entering into this Indenture, and each Noteholder,

(NALT 2011-B Indenture)

9

 

by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the
applicable Book-Entry Note), agrees to treat the Notes (other than the Tax Retained Notes, if any),
for federal, state and local income, single business and franchise tax purposes as indebtedness.

     SECTION 2.14 Calculation Agent. U.S. Bank is hereby designated calculation agent with
respect to each Floating Rate Note (including any successor or replacement calculation agent
designated from time to time by agreement of the parties hereto, the “Calculation Agent”), and in
such capacity, on each Interest Determination Date, will (a) calculate the Interest Rate with
respect to each Class of the Floating Rate Notes if the Floating Rate Note Balance is greater than
zero on such Interest Determination Date and (b) deliver to the Servicer written notice on such
Interest Determination Date of such Interest Rate. All determinations of interest by the
Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Noteholders of the Floating Rate Notes. All percentages resulting from any
calculation on the Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a
percentage point, with five millionths of a percentage point rounded upwards (e.g., 9.876545% (or
0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or
resulting from that calculation on the Floating Rate Note will be rounded to the nearest cent (with
one-half cent being rounded upwards). The Calculation Agent may be removed by the Issuer at any
time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer,
the Issuer will promptly appoint as a replacement Calculation Agent a leading bank which is engaged
in transactions in Eurodollar deposits and which does not control or is not controlled by or under
common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties
without a successor having been duly appointed.

ARTICLE THREE

COVENANTS

     SECTION 3.01 Payments to Noteholders, Trust Certificateholders and Depositor. The
Issuing Entity shall duly and punctually (i) pay the principal of and interest 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 Note Distribution Account all other amounts distributable or
payable from the Owner Trust Estate (including distributions to be made to the Trust
Certificateholders on any Payment Date) under the Trust Agreement and the Servicing Agreement.
Without limiting the foregoing, subject to Section 8.04, the Issuing Entity shall cause the
Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Note Distribution
Account on each Payment Date that have been deposited therein for the benefit of the Notes. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder or Trust
Certificateholder of interest or principal (or other amounts) shall be considered to have been paid
by the Issuing Entity to such Noteholder or Trust Certificateholder for all purposes of this
Indenture.

     SECTION 3.02 Maintenance of Office or Agency. The Note Registrar, on behalf of the
Issuing Entity, shall maintain at the Corporate Trust Office or at such other location in the
Borough of Manhattan, The City of New York, chosen by the Note Registrar, acting for the

(NALT 2011-B Indenture)

10

 

Issuing Entity, an office or agency where Notes may be surrendered for registration of
transfer or exchange, and where notices to and demands upon the Issuing Entity in respect of the
Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture
Trustee as its agent to receive all such surrenders, notices and demands. The Issuing Entity shall
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 Issuing Entity 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
Issuing Entity 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
5.04(b) and 8.04, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Note Distribution Account or the Reserve
Account, if any, shall be made on behalf of the Issuing Entity by the Indenture Trustee or by
another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid
over to the Issuing Entity except as provided in this Section. All payments of amounts due and
payable with respect to any Notes or Trust Certificates that are to be made from amounts withdrawn
from the Note Distribution Account or Reserve Account pursuant to Sections 3.01,
4.02 and 4.03 shall be made on behalf of the Issuing Entity by the Indenture
Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes
or Trust Certificates shall be paid over to the Issuing Entity or the Owner Trustee, except as
provided by this Section.

     On each Payment Date and Redemption Date, the Issuing Entity shall deposit or cause to be
deposited (including the provision of instructions to the Indenture Trustee to make any required
withdrawals from the Reserve Account) into the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold
such sum 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 any failure by the Issuing
Entity to effect such deposit.

     The Indenture Trustee, as Paying Agent, hereby agrees with the Issuing Entity that it will,
and the Issuing Entity 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 shall:

     (a) hold all sums held by it for the payment of amounts due with respect to the Notes 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 such sums to such Persons as herein provided;

     (b) give the Indenture Trustee notice of any default by the Issuing Entity of which it has
actual knowledge (or any other obligor upon the Notes, if any) in the making of any payment
required to be made with respect to the Notes;

(NALT 2011-B Indenture)

11

 

     (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 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 of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith.

     The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity 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 such 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 Middle Tennessee upon presentation thereto of an Issuing Entity Order,
and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease. If 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 8.04(e), the Indenture Trustee will give a second written
notice to the registered Noteholders that have not surrendered their Notes for final payment and
retirement. If within one year after such second notice any Notes have not been surrendered, the
Indenture Trustee shall, at the expense and direction of the Issuing Entity, cause to be published
once, in an Authorized Newspaper, 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
Issuing Entity, any other reasonable means of notification of such repayment specified by the
Issuing Entity or the Administrative Agent.

     SECTION 3.04 Existence. The Issuing Entity shall keep in full effect its existence,
rights and franchises as a trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuing Entity hereunder is or becomes, organized under the laws of any other state or of
the United States, in which case the Issuing Entity shall keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and shall 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 Owner Trust Estate.

(NALT 2011-B Indenture)

12

 

     SECTION 3.05 Protection of Owner Trust Estate. The Issuing Entity intends the
security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of
the Noteholders to be prior to all other liens in respect of the Owner Trust Estate, and the
Issuing Entity shall take all actions necessary to obtain and maintain, for the benefit of the
Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected
security interest in the Owner Trust Estate. The Issuing Entity shall 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, all as prepared by the
Administrative Agent and delivered to the Issuing Entity, and shall take such other action
necessary or advisable to:

     (a) Grant more effectively all or any portion of the Collateral;

     (b) maintain or preserve the lien and security interest (and the priority thereof) created by
this Indenture or carry out more effectively the purposes hereof;

     (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this
Indenture;

     (d) enforce any of the Collateral;

     (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and
the Noteholders in the Collateral against the claims of all Persons; or

     (f) pay all taxes or assessments levied or assessed upon the Collateral when due.

     The Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to
execute all financing statements, continuation statements or other instruments required to be
executed pursuant to this Section.

     SECTION 3.06 Opinions as to Owner Trust Estate.

     (a) On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the
Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel
(subject to standard limitations, qualifications and assumptions), the provisions of the Indenture
are effective under the New York UCC to create in favor of the Indenture Trustee a security
interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and
upon filing of the applicable financing statement, the Indenture Trustee’s security interest in the
Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof will be perfected.

     (b) On or before June 30 of each calendar year, beginning with June 30, 2012, the Issuing
Entity shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the
opinion of such counsel, either (i) all financing statements and continuation statements have been
executed and filed that are necessary to continue the lien and security interest of the Indenture
Trustee in the Collateral and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given or (ii) no such action is necessary to continue such
lien and security interest.

(NALT 2011-B Indenture)

13

 

     SECTION 3.07 Performance of Obligations; Servicing of the 2011-B SUBI Assets.

     (a) The Issuing Entity shall not take any action and shall use its best efforts not to permit
any action to be taken by others, including the Administrative Agent, that would release any Person
from any of such Person’s material covenants or obligations under any instrument or agreement
included in the Owner 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 or such other
instrument or agreement.

     (b) The Issuing Entity 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 Issuing Entity shall be deemed to be action taken by the
Issuing Entity. Initially, the Issuing Entity has contracted with the Administrative Agent, and the
Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this
Indenture.

     (c) The Issuing Entity shall, and, shall cause the Administrative Agent and the Servicer to,
punctually perform and observe all of its obligations and agreements contained in this Indenture,
the other Basic Documents and the instruments and agreements included in the Owner Trust Estate,
including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Basic Documents in accordance
with and within the time periods provided for herein and therein. The Issuing Entity, as a party to
the Basic Documents and as Holder of the 2011-B SUBI Certificate, shall not, and shall cause the
Servicer and the Administrative Agent not to, modify, amend, supplement, waive or terminate any
Basic Document or any provision thereof other than in accordance with the applicable amendment
provisions set forth in such Basic Document.

     (d) If the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have
knowledge of the occurrence of a Servicer Default, such entity shall promptly notify the other
entity and the Administrative Agent thereof (and the Administrative Agent will provide each Rating
Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement), and
shall specify in such notice the action, if any, the other entity is taking in 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 Servicing Agreement with respect to the 2011-B SUBI Assets, the
Issuing Entity shall take all reasonable steps available to it to remedy such failure. Upon the
occurrence of a Servicer Default with respect to the 2011-B SUBI or the Trust Assets allocated
thereto, the Indenture Trustee may terminate all of the rights and obligations of the Servicer with
respect to the 2011-B SUBI and the Trust Assets allocated thereto only, and a successor Servicer
shall be appointed pursuant to the Servicing Agreement.

     (e) Upon any termination of the Servicer’s rights and powers or resignation of the Servicer
pursuant to the Servicing Agreement, the Issuing Entity or the Indenture Trustee shall promptly
notify the other entity thereof. As soon as a successor Servicer is appointed pursuant to the
Servicing Agreement, the Issuing Entity or the Indenture Trustee shall notify the other entity of
such appointment, specifying in such notice the name and address of such successor Servicer.

(NALT 2011-B Indenture)

14

 

     SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuing
Entity shall not:

     (a) engage in any activities other than financing, acquiring, owning, pledging and managing
the 2011-B SUBI Certificate as contemplated by this Indenture and the other Basic Documents;

     (b) except as expressly permitted herein and in the other Basic Documents, sell, transfer,
exchange or otherwise dispose of any of the assets of the Issuing Entity, including those assets
included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee;

     (c) 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
applicable state law) 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 Owner Trust Estate;

     (d) except as may be permitted expressly hereby (i) permit the validity or effectiveness of
this Indenture to be impaired, 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 under this Indenture, except as may be expressly permitted hereby, (ii) 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 Owner Trust
Estate, 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 2011-B SUBI
Asset and arising solely as a result of an action or omission of the related Lessee) or (iii)
except as otherwise provided in the Basic Documents, 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 Owner Trust Estate;

     (e) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance
with the Basic Documents; or

     (f) except as otherwise permitted by the Basic Documents, dissolve or liquidate in whole or in
part.

     SECTION 3.09 Annual Statement as to Compliance. The Issuing Entity will cause the
Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuing
Entity the annual statement of compliance described in Section 8.11 of the 2011-B Servicing
Supplement. In addition, on the same date annually upon which such annual statement of compliance
is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture Trustee an
Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate,
that:

     (a) a review of the activities of the Issuing Entity during such year and of its performance
under this Indenture has been made under such Authorized Officer’s supervision; and

(NALT 2011-B Indenture)

15

 

     (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing
Entity has complied with all conditions and covenants under this Indenture in all material respects
throughout such year, or, if there has been a default in its compliance with any such condition or
covenant, specifying each such default known to such Authorized Officer and the nature and status
thereof.

     On or before June 15th of each calendar year in which a Form 10-K is required to be filed on
behalf of the Issuing Entity, commencing in 2012, the Indenture Trustee shall deliver to the
Issuing Entity and the Servicer a report regarding the Indenture Trustee’s assessment of compliance
with each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding
reporting year accompanied by an attestation report by a registered public accounting firm, in each
case as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.
Such report shall be addressed to the Issuing Entity and signed by an authorized officer of the
Indenture Trustee, and shall address each of the Servicing Criteria specified on Exhibit C
hereto.

     SECTION 3.10 Restrictions on Certain Other Activities. Except as otherwise provided
in the Basic Documents, unless and until the Issuing Entity shall have been released from its
duties and obligations hereunder, the Issuing Entity shall not: (i) engage in any activities other
than financing, acquiring, owning, leasing (subject to the lien of this Indenture), pledging and
managing the 2011-B SUBI Certificate in the manner contemplated by the Basic Documents and
activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness; (iii) make any loan, advance or credit to, 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; or (iv) make any expenditure (by long-term or operating lease or otherwise)
for capital assets (either realty or personalty).

     SECTION 3.11 Notice of Defaults. The Issuing Entity agrees to give the Indenture
Trustee and each Rating Agency prompt written notice of each Indenture Default hereunder.

     SECTION 3.12 Further Instruments and Acts. Upon request of the Indenture Trustee, the
Issuing Entity shall execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

     SECTION 3.13 Delivery of the 2011-B SUBI Certificate. On the Closing Date, the
Issuing Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its
obligations hereunder, the 2011-B SUBI Certificate. The Indenture Trustee shall take possession of
the 2011-B SUBI Certificate in the Borough of Manhattan in the City of New York and shall at all
times during the period of this Indenture maintain custody of the 2011-B SUBI Certificate in the
Borough of Manhattan in the City of New York.

(NALT 2011-B Indenture)

16

 

     SECTION 3.14 Compliance with Laws. The Issuing Entity shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the
aggregate, materially and adversely affect the ability of the Issuing Entity to perform its
obligations under the Notes, this Indenture or any other Basic Document.

     SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms.

     (a) The Issuing Entity shall not consolidate or merge with or into any other Person unless:

     (i) the Person (if other than the Issuing Entity) 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 Issuing Entity to be
performed or observed, all as provided herein;

     (ii) immediately after giving effect to such transaction, no Default or Indenture
Default shall have occurred and be continuing;

     (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written
notice thereof, and no Rating Agency shall have notified the Indenture Trustee, the
Administrative Agent or the Owner Trustee that such transaction might or would result in the
removal or reduction of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuing Entity 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 (A) affect the treatment of the Notes (other than the Tax Retained Notes, if any) as
debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes
(other than the Tax Retained Notes, if any) for federal income tax purposes or (C) cause the
Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or
publicly traded partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuing Entity 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).

(NALT 2011-B Indenture)

17

 

     (b) The Issuing Entity shall not convey or transfer any of its properties or assets,
including those included in the Owner Trust Estate, to any Person other than pursuant to the terms
of the Basic Documents, unless:

     (i) the Person that acquires by conveyance or transfer such properties and assets of
the Issuing Entity 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 Issuing
Entity to be performed or observed, all as provided herein, (C) expressly agree 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 agree to indemnify, defend and hold
harmless the Issuing Entity, 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 agree 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;

     (ii) immediately after giving effect to such transaction, no Default or Indenture
Default shall have occurred and be continuing;

     (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written
notice thereof, no Rating Agency shall have notified the Indenture Trustee, the
Administrative Agent or the Owner Trustee that such transaction might or would result in the
removal or reduction of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuing Entity 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 (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be
deemed to cause a taxable exchange of the Notes for federal income tax purposes or (C) cause
the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or
publicly traded partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or

(NALT 2011-B Indenture)

18

 

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).

     SECTION 3.16 Successor or Transferee.

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

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.15(b), Nissan Auto Lease Trust 2011-B will be released from every
covenant and agreement of this Indenture to be observed or performed on the part of the Issuing
Entity with respect to the Notes and the Trust Certificates immediately upon the delivery of
written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 2011-B is to be so
released.

     SECTION 3.17 Removal of the Administrative Agent. So long as any Notes are
Outstanding, the Issuing Entity shall not remove the Administrative Agent without cause unless so
instructed by the Owner Trustee or the Indenture Trustee and unless the Rating Agency Condition
shall be satisfied with respect to such removal.

     SECTION 3.18 Perfection Representations.

     (a) The representations, warranties and covenants set forth in Schedule I hereto shall be a
part of this Indenture for all purposes.

     (b) Notwithstanding any other provision of this Indenture or any other Basic Document, the
perfection representations contained in Schedule I hereto shall be continuing, and remain in full
force and effect until such time as all obligations under this Indenture have been finally and
fully paid and performed.

     (c) The parties to this Indenture: (i) shall not waive any of the perfection representations
contained in Schedule I hereto; (ii) shall provide the Administrative Agent with prompt
written notice of any breach of perfection representations contained in Schedule I hereto
(and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement); and (iii) shall not waive a breach of any
of the perfection representations contained in Schedule I hereto.

     SECTION 3.19 Securities Exchange Act Filings. The Issuing Entity hereby authorizes
the Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all
reports, statements and information related to the Issuing Entity or the Notes required to be filed
pursuant to the Securities and Exchange Act of 1934, and the rules and regulations thereunder.

(NALT 2011-B Indenture)

19

 

     SECTION 3.20 Regulation AB Representations, Warranties and Covenants. The Issuing
Entity agrees to perform all duties and obligations applicable to or required of the Issuing Entity
set forth in Schedule A to the 2011-B Servicing Supplement and makes the representations and
warranties therein applicable to it.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

     SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall discharge
with respect to the Collateral securing the Notes and cease to be of further effect with respect to
the Notes, except as to (a) rights of registration of transfer and exchange, (b) substitution of
mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of
principal thereof and interest thereon; (d) Sections 3.03, 3.04, 3.05,
3.08, 3.10(i), 3.10(ii) and 3.15, (e) 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 (f) the rights of the Noteholders 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 the Issuing Entity and at the expense and on behalf of the Issuing Entity,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

     (i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes
that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.05 and (2) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuing Entity and thereafter paid
to the Persons entitled thereto or discharged from such trust, as provided in Section
3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes
not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and
payable, (2) will become due and payable on the applicable Note Final Scheduled Payment Date
within one year or (3) are to be called for redemption within one year under arrangements
satisfactory to the Indenture Trustee for the giving of notice of redemption by the
Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing
Entity, in the case of clauses (1), (2) or (3) above, 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 (that 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 (including interest and any fees due and payable to the
Owner Trustee or the Indenture Trustee) not theretofore delivered to the Indenture Trustee
for cancellation, when due, to the applicable Note Final Scheduled Payment Date for each
Class, or to the Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.01), as the case may be;

     (ii) the Issuing Entity has paid or caused to be paid all other sums payable hereunder
by the Issuing Entity; and

(NALT 2011-B Indenture)

20

 

     (iii) the Issuing Entity has delivered to the Indenture Trustee an Officer’s
Certificate, an Opinion of Counsel (if required by the TIA) and an Independent Certificate
from a firm of certified public accountants (if required by the TIA), each meeting the
applicable requirements of Section 11.01 and, subject to Section 11.02,
stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with and, to the extent the Notes are still
outstanding, stating that the Rating Agency Condition has been satisfied.

     SECTION 4.02 Application of Trust Money. All monies deposited with the Indenture
Trustee pursuant to Section 4.01 shall be held in trust and 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 Noteholders of the particular
Notes for the payment or redemption of which such monies have been deposited with the Indenture
Trustee of all sums due and to become due thereon for principal and interest. Such monies need not
be segregated from other funds except to the extent required herein or in the Servicing Agreement
or as required by law.

     SECTION 4.03 Repayment of Monies Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all monies 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 Issuing Entity, be paid to the Indenture Trustee to be held
and applied according to Section 3.03 and such Paying Agent shall thereupon be released
from all further liability with respect to such monies.

ARTICLE FIVE

INDENTURE DEFAULT

     SECTION 5.01 Indenture Defaults. Any one of the following events (whatever the reason
for such Indenture Default and whether it shall be voluntary or involuntary or 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) shall constitute a default under this
Indenture (each, an “Indenture Default”):

     (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 or more;

     (b) default in the payment of principal of any Note on the related Note Final Scheduled
Payment Date or the Redemption Date;

     (c) default in the observance or performance of any covenant or agreement of the Issuing
Entity 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), or any representation
or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing
delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material
respect as of the time when the same shall have been made, which default or inaccuracy materially
and adversely affects the interests of the Noteholders and such

(NALT 2011-B Indenture)

21

 

default or inaccuracy shall continue or not be cured, or the circumstance or condition in
respect of which such misrepresentation or warranty was inaccurate shall not have been eliminated
or otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as
may be reasonably necessary to remedy such failure; provided that (1) such failure is capable of
remedy within 90 days or less and (2) a majority of the Outstanding Amount of Notes, voting as a
single class, consent to such longer cure period) after there shall have been given, by registered
or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the
Indenture Trustee by Noteholders representing at least the majority of the Outstanding Amount of
Notes, voting as single class, a written notice specifying such default or inaccurate
representation or warranty and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder;

     (d) 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 Issuing Entity or any substantial part of the Owner
Trust Estate in an involuntary case under any applicable federal or state bankruptcy, liquidation,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any
substantial part of the Owner Trust Estate, or ordering the winding up or liquidation of the
Issuing Entity’s affairs, and such proceeding shall remain unstayed, undismissed and in effect for
a period of 90 consecutive days or immediately upon entry of any such decree or order; or

     (e) the commencement by the Issuing Entity 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
Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the
consent by the Issuing Entity to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any
substantial part of the Owner Trust Estate, the making by the Issuing Entity of any general
assignment for the benefit of creditors, the failure by the Issuing Entity generally to pay its
debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any
of the foregoing.

     The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency and each
Noteholder, within five Business Days after the occurrence thereof, written notice in the form of
an Officer’s Certificate of any event that with the giving of notice and the lapse of time would
become an Indenture Default under clauses (c) or (d), its status and what action the Issuing Entity
is taking or proposes to take with respect thereto.

     Subject to the provisions herein relating to the duties of the Indenture Trustee, if an
Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any
Noteholder, if the Indenture Trustee reasonably believes that it will not be adequately indemnified
against the costs, expenses and liabilities that might be incurred by it in complying with such
request. Subject to such provisions for indemnification and certain limitations contained herein,
Noteholders holding not less than a Majority Interest of the Notes voting as a single class shall
have the right to direct the time, method and place of conducting any proceeding or any remedy
available to the Indenture Trustee or exercising any trust power conferred on the Indenture
Trustee.

(NALT 2011-B Indenture)

22

 

     SECTION 5.02 Acceleration of Maturity; Waiver of Indenture Default. If an Indenture
Default should occur and be continuing, the Indenture Trustee or Noteholders representing a
Majority Interest voting as a single class may declare the principal of the Notes to be immediately
due and payable. Upon such declaration, the Indenture Trustee shall promptly provide written notice
to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with
notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). Such declaration
may be rescinded by Noteholders holding a Majority Interest voting as a single class before a
judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if (a)
the Issuing Entity has deposited with the Indenture Trustee an amount sufficient to pay (i) all
interest on and principal of the Notes and all other amounts that would then be due hereunder as if
the Indenture Default giving rise to such declaration had not occurred and (ii) all amounts
advanced by the Indenture Trustee and its costs and expenses; and (b) all Indenture Defaults (other
than the nonpayment of principal of the Notes that has become due solely by such acceleration) have
been cured or waived.

     Prior to the acceleration of the maturity of the Notes as provided in this Section
5.02, Noteholders holding not less than a Majority Interest of the Notes voting as a single
class may waive any past Indenture Default and its consequences except an Indenture Default (i) in
payment of principal of or interest on the Notes or (ii) in respect of a covenant or provision
hereof that cannot be modified or amended without the consent of each Noteholder. In the case of
any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to
their former positions and rights hereunder, respectively, but no such waiver shall extend to any
subsequent or other Indenture Default or impair any right consequent thereto.

     Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Indenture 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 Indenture Default or impair any right consequent thereto.

     If the Notes have been declared due and payable following an Indenture Default, the Indenture
Trustee may institute proceedings to collect amounts due, exercise remedies as a secured party
(including foreclosure or sale of the Owner Trust Estate) or elect to maintain the Owner Trust
Estate and continue to apply the proceeds from the Owner Trust Estate as if there had been no
declaration of acceleration. Any sale of the Owner Trust Estate by the Indenture Trustee will be
subject to the terms and conditions of Section 5.04.

     SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

     (a) The Issuing Entity covenants that if there is a default in the payment of (i) any interest
on the Notes when the same becomes due and payable, and such default continues for a period of five
days or (ii) the principal of any Notes at the related Note Final Scheduled Payment Date or the
Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the
Indenture Trustee, for the benefit of such Noteholders, the entire amount then due and payable on
such Notes for principal and interest, with interest on the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue installments

(NALT 2011-B Indenture)

23

 

of interest, at the Overdue Interest Rate 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,
attorneys and counsel.

     (b) In case the Issuing Entity shall fail forthwith to pay amounts described in Section
5.03(a) upon 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 Issuing Entity or
other obligor upon such Notes and collect in the manner provided by law out of the property of the
Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed
to be payable.

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

     (d) In case there shall be pending, relative to the Issuing Entity or any other obligor upon
the Notes or any Person having or claiming an ownership interest in the Owner Trust Estate,
Proceedings under the Bankruptcy 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 Issuing Entity or its property or such other obligor or Person, or in case of any
other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the
Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture
Trustee, 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, shall be entitled and
empowered, by intervention in such Proceedings or otherwise:

     (i) 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 and disbursements 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;

     (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person performing similar
functions in any such Proceedings;

(NALT 2011-B Indenture)

24

 

     (iii) to collect and receive any monies 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 the Indenture Trustee on their behalf; and

     (iv) 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 Noteholders allowed in
any judicial proceedings relative to the Issuing Entity, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each Noteholder to make payments to the Indenture Trustee and, if 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 and disbursements made by
the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or
bad faith, and any other amounts due the Indenture Trustee under Section 6.07.

     (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
Noteholder or 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 the Notes, may
be enforced by the Indenture Trustee without the possession 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, advances, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of
which such judgment has been recovered.

     (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 Indenture Default shall have occurred and be continuing, the Indenture Trustee may
do one or more of the following (subject to Sections 5.02 and 5.05):

     (i) 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 Issuing Entity and any other obligor upon such Notes monies adjudged due;

(NALT 2011-B Indenture)

25

 

     (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Collateral;

     (iii) 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

     (iv) subject to Section 5.17, and, if applicable, giving effect to any
direction of the Holder of the 2011-B SUBI Certificate (acting in accordance with
instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2011-B
SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to Section
5.02, sell the Collateral or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by law;
provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Collateral following an Indenture Default, other than an Indenture Default
described in Section 5.01(a) or (b), unless (A) Noteholders holding 100% of
the Outstanding Amount of Notes consent thereto, (B) the proceeds of such sale are
sufficient to discharge in full all amounts then due and unpaid upon all outstanding Notes,
(C) the Indenture Trustee determines that the Owner Trust Estate will not continue to
provide sufficient funds for the payment 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 Noteholders holding not less than
662⁄3% of the Outstanding
Amount of Notes, voting together as a single class or (D) the Servicer elects to exercise
its right to purchase the 2011-B SUBI Certificate pursuant to Section 9.03(a) of the
Trust Agreement; and provided further, that the Indenture Trustee may not sell the
Collateral, other than a sale resulting from the bankruptcy, insolvency or termination of
the Issuing Entity, unless it shall first have obtained an Opinion of Counsel that such sale
will not cause the Titling Trust or an interest therein or portion thereof to be classified
as an association (or a publicly traded partnership) taxable as a corporation for federal
income tax purposes. In determining such sufficiency or insufficiency with respect to
clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need not obtain
(at the expense of the Issuing Entity) 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 Owner Trust Estate for such purpose.

     (b) After an acceleration of the maturity of the Notes pursuant to Section 5.02, the
Indenture Trustee shall pay out money or property held as Collateral (including available monies on
deposit in the Reserve Account and any money or property collected pursuant to this Article Five
upon sale of all or part of the Collateral) and deposited in the Note Distribution Account in
accordance with Section 8.04(b).

     (c) 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 Issuing Entity
shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the
payment date and the amount to be paid.

(NALT 2011-B Indenture)

26

 

     SECTION 5.05 Optional Preservation of the Collateral. If the Notes have been declared
to be due and payable under Section 5.02 following an Indenture Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Collateral and continue to apply the proceeds
thereof in accordance with Sections 3.01 and 8.04. It is the intent of the parties
hereto and the Noteholders that there be at all times sufficient funds for the payment of principal
and interest on the Notes, and the Indenture Trustee shall take such intent into account when
determining whether or not to maintain possession of the Collateral. In determining whether to
maintain possession of the Collateral, the Indenture Trustee may but need not obtain (at the
expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Collateral for such purpose.

     SECTION 5.06 Limitation of Suits.

     (i) No Holder of any Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless: (i) such Noteholder previously has given to the
Indenture Trustee written notice of a continuing Indenture Default, (ii) Noteholders holding
not less than 25% of the Outstanding Amount of Notes, voting together as a single class,
have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Indenture Default in its own name as Indenture Trustee, (iii) such Noteholder has
offered the Indenture Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has
for 60 days after receipt of such notice failed to institute such Proceedings and (v) no
direction inconsistent with such written request has been given to the Indenture Trustee
during such 60-day period by Noteholders holding at least a Majority Interest, voting
together as a single class.

     No Noteholder or group of Noteholders 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 Noteholders or to obtain or to seek to obtain priority or preference over any other
Noteholder 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 Noteholders, each representing less than a Majority Interest
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.

     (ii) No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and
management of the Issuing Entity.

     SECTION 5.07 Rights of Noteholders to Receive Principal and Interest. Notwithstanding
any other provision in this Indenture, any Noteholder shall have the right to receive payment of
the principal of and interest on, if any, such Note on or after the respective

(NALT 2011-B Indenture)

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due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on
or after the Redemption Date) and to institute suit for the enforcement of any such payment, and
such right shall not be impaired without the consent of such Noteholder.

     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 such Noteholder, then and in every such case the Issuing Entity, 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, 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 Noteholder to exercise any right or remedy accruing upon any Default or Indenture
Default shall impair any such right or remedy or constitute a waiver of any such Default or
Indenture Default or an acquiescence therein. Every right and remedy given by this Article 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 by the Noteholders, as the case may be.

     SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections
5.04, 5.06, 6.02(d) and 6.02(e), Noteholders holding at least a
Majority Interest voting as a single class shall have the right to direct the time, method and
place of conducting any Proceeding or any remedy available to the Indenture Trustee with respect to
the Notes or with respect to the exercise of 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 this Indenture;

     (b) subject to Section 5.04, any direction to the Indenture Trustee to, sell or
liquidate the Collateral shall be made by Noteholders holding not less than 100% of the Outstanding
Amount;

     (c) if the conditions set forth in Section 5.05 have been satisfied and the Indenture
Trustee elects to retain the Collateral pursuant to such Section, then any direction to the
Indenture Trustee by Noteholders holding less than 100% of the Outstanding Amount to sell or
liquidate the Collateral shall be of no force and effect; and

     (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction.

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     Notwithstanding the rights of Noteholders set forth in this Section, subject to Section
6.01, the Indenture Trustee need not take any action it determines might expose it to personal
liability or might materially adversely affect or unduly prejudice the rights of any Noteholders
not consenting to such action.

     SECTION 5.12 [Reserved].

     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance thereof 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 group of Noteholders, in each case holding Notes evidencing more
than 10% of the Outstanding Amount of Notes, voting together as a single class 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 related due dates expressed in such Note and in this Indenture (or, in the
case of redemption, on or after the Redemption Date).

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity 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 Issuing Entity (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 Issuing Entity or by the levy
of any execution under such judgment upon any portion of the Owner Trust Estate or upon any of the
assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be
applied in accordance with Section 5.04(b).

     SECTION 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so, the Issuing Entity shall
take all such lawful action as the Indenture Trustee may request to compel or secure the
performance and observance by the Depositor and the Servicer, as applicable, of each of their
obligations to the Issuing Entity under or in connection with the Servicing Agreement, in

(NALT 2011-B Indenture)

29

 

accordance with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuing Entity 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 Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the Servicer of its
obligations under the Servicing Agreement.

     (b) If an Indenture 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 Noteholders holding not less than a Majority Interest of the Notes voting as a
single class, shall, exercise all rights, remedies, powers, privileges and claims of the Issuing
Entity against the Depositor, the Titling Trustee and the Servicer under or in connection with the
Servicing Agreement, including the right or power to take any action to compel or secure
performance or observance by the Servicer of its obligations to the Issuing Entity thereunder and
to give any consent, request, notice, direction, approval, extension or waiver under the Servicing
Agreement, and any right of the Issuing Entity to take such action shall be suspended.

     SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral
or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall effect such a
sale at one or more public or private sales called and conducted in any manner permitted by law in
a commercially reasonable manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Unless otherwise prohibited by applicable law from any such
action, the Indenture Trustee shall sell the Collateral or any part thereof, in such manner to the
highest bidder; provided, however, that the Indenture Trustee may from time to time
postpone any sale. The Indenture Trustee shall give notice to the Depositor and Servicer of any
proposed sale, and the Depositor and Servicer shall be permitted to bid for the Collateral at any
such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or
trustee in bankruptcy of the Issuing Entity that the terms and manner of any proposed sale are
commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to
Section 5.04 and this Section shall not be exhausted by any one or more sales as to any
portion of the Collateral remaining unsold, but shall continue unimpaired until the entire
Collateral shall has been sold or all amounts payable on the Notes shall have been paid. The
Indenture Trustee shall cause the proceeds of any such sale to be deposited into the 2011-B SUBI
Collection Account.

ARTICLE SIX

THE INDENTURE TRUSTEE

     SECTION 6.01 Duties of Indenture Trustee.

     (a) If an Indenture Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and in the same degree of care and
skill in their exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs.

     (b) Except during the continuance of an Indenture Default:

(NALT 2011-B Indenture)

30

 

     (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Indenture Trustee; and

     (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of
this Indenture and the other Basic Documents to which the Indenture Trustee is a party.

     (c) The Indenture Trustee shall not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b);

     (ii) the Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent
in ascertaining the pertinent facts; and

     (iii) the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to
Section 5.11.

     (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to paragraphs (a), (b) and (c).

     (e) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuing Entity.

     (f) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Servicing Agreement.

     (g) No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section.

     (i) The Indenture Trustee shall not be deemed to have knowledge of any Indenture Default or
other event unless a Responsible Officer has actual knowledge thereof or has received written
notice thereof in accordance with the provisions of this Indenture.

(NALT 2011-B Indenture)

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     SECTION 6.02 Rights of Indenture Trustee.

     (a) Except as provided by the second succeeding sentence, the Indenture Trustee may
conclusively rely and shall be protected in acting upon or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
note, direction, demand, election or other paper or document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any
fact or matter stated in the document. Notwithstanding the foregoing, 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 comply as
to form to the requirements of this Indenture.

     (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel.

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee,
and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of,
or for the supervision of, the Administrative Agent, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10 or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder.

     (d) The Indenture Trustee will be liable for any loss, liability or expense incurred by it
through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee
shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action it
takes or omits to take in good faith in accordance with a direction received by it from the
Noteholders in accordance with the terms of the Indenture or (iii) interest on any money received
by it except as the Indenture Trustee and the Issuing Entity may agree in writing.

     (e) The Indenture Trustee may consult with counsel, and the advice of such counsel or any
Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel.

     (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to institute, conduct or defend any litigation under this
Indenture or in relation to this Indenture or to honor the request or direction of any of the
Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture
Trustee reasonable security or indemnity against the reasonable costs, expenses, disbursements,
advances and liabilities that might be incurred by it, its agents and its counsel in compliance
with such request or direction; provided, however, that the Indenture Trustee
shall,

(NALT 2011-B Indenture)

32

 

upon the occurrence of an Indenture Default (that has not been cured), exercise the rights and
powers vested in it by this Indenture with reasonable care and skill.

     (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
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 the holders of Notes evidencing not less than 25% of the Outstanding Amount of Notes
voting together as a single class; 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 each such investigation shall
be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be
reimbursed by the Person making such request upon demand.

     (h) Any request or direction of the Issuing Entity mentioned herein shall be sufficiently
evidenced by an Issuing Entity Request.

     (i) The Indenture Trustee shall, for so long as any Notes are outstanding, be entitled to
exercise all of the rights and powers of a Beneficiary under the Basic Documents.

     SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuing Entity or its Affiliates with the same rights it would have if it were not
Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or
separate trustee may do the same with like rights. The Indenture Trustee must, however, comply with
Section 6.11.

     SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, the
Owner Trust Estate or the Notes (other than the certificate of authentication on the Notes), shall
not be accountable for the Issuing Entity’s use of the proceeds from the Notes and shall not be
responsible for any statement in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuing
Entity, other than the Indenture Trustee’s certificate of authentication.

     SECTION 6.05 Notice of Defaults. If a Default occurs and is continuing, and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of
such Indenture Default within 60 days after it occurs to each Noteholder and to the Administrative
Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement). Except in the case of a Default with
respect to payment of principal of or interest on any Note (including payments pursuant to the
redemption of Notes), the Indenture Trustee may withhold such notice if and so long as a committee
of its Responsible Officers in good faith determines that withholding such notice is in the
interests of the Noteholders; provided, however, that in the case
of any Indenture Default of the character specified in Section 5.01(d), no such notice
shall be given until at least 30 days after the occurrence thereof.

(NALT 2011-B Indenture)

33

 

     SECTION 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at
the expense of the Issuing Entity, shall deliver to each Noteholder, not later than the latest date
permitted by law, such information as may be reasonably requested (and reasonably available to the
Indenture Trustee) to enable such holder 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 the Indenture Trustee, in its individual
capacity, the property and funds physically held by the 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 Administrative Agent shall pay to the
Indenture Trustee from time to time reasonable compensation for its services as have been
separately agreed upon between the Administrative Agent 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 Administrative Agent shall indemnify the Indenture Trustee for, and hold it harmless
against, any and all Expenses incurred by it in connection with the performance of its duties. The
Indenture Trustee shall notify the Issuing Entity and the Administrative Agent promptly of any
claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing
Entity and the Administrative Agent shall not relieve the Issuing Entity or the Administrative
Agent of its obligations hereunder. The Administrative Agent shall defend any such claim, and the
Indenture Trustee may have separate counsel and the fees and expenses of such counsel shall be paid
as provided above. The Indenture Trustee shall not be indemnified by the Issuing Entity or the
Administrative Agent against any loss, liability or expense incurred by it (a) through its own
willful misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable
(i) for any error of judgment made by it in good faith unless it is proved that the Indenture
Trustee was negligent in ascertaining the pertinent facts, (ii) with respect to any action it takes
or omits to take in good faith in accordance with a direction received by it from the Noteholders
in accordance with the terms of this Indenture and (iii) for interest on any money received by it
except as the Indenture Trustee and the Issuing Entity may agree in writing; (b) relating to any
income or similar taxes on any fees payable to the Indenture Trustee; (c) arising from the breach
by the Indenture Trustee of any of its representations or warranties set forth in the Basic
Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties
of a successor servicer under the Servicing Agreement. The Indenture Trustee shall not be deemed
to have knowledge of any event unless an officer of the Indenture Trustee has actual knowledge
thereof or has received written notice thereof. To the extent not paid by the Administrative Agent
and outstanding for at least 60 days, such fees and indemnities shall be paid by the Issuing Entity
pursuant to Sections 8.04(a) or 8.04(b) of the Indenture, provided, that
prior to such payment pursuant to the Indenture, the Indenture Trustee shall notify the
Administrative Agent in writing that such fees and indemnities have been outstanding for at least
60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or
8.04(b) of the Indenture, the Administrative Agent shall reimburse the Issuing Entity in
full for such payments.

(NALT 2011-B Indenture)

34

 

     The Administrative Agent’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 an Indenture Default set forth in Section 5.01(d) or (e)
with respect to the Issuing Entity, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

     SECTION 6.08 Replacement of Indenture Trustee. Noteholders holding not less than a
Majority Interest of the Notes, voting together as a single class, may remove the Indenture Trustee
without cause by so notifying the Indenture Trustee and the Issuing Entity, and following such
removal may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written
notice to each Rating Agency of such removal. The Indenture Trustee may resign at any time by so
notifying the Issuing Entity and the Servicer and the Servicer will thereafter deliver a copy of
such notice to each Rating Agency. The Issuing Entity shall remove the Indenture Trustee if:

     (i) the Indenture Trustee fails to comply with Section 6.11;

     (ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in
an involuntary case or proceeding under federal or state banking or bankruptcy laws, as now
or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, shall have entered a decree or order granting relief or appointing a
receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar
official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s
property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs,
provided any such decree or order shall have continued unstayed and in effect for a period
of 30 consecutive days;

     (iii) the Indenture Trustee commences a voluntary case under any federal or state
banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal
or state bankruptcy, insolvency or other similar law, or consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator or other similar official for the Indenture Trustee or for any substantial part
of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or
fails generally to pay its debts as such debts become due or takes any corporate action in
furtherance of any of the foregoing; or

     (iv) the Indenture Trustee otherwise becomes incapable of acting.

     Upon the resignation or required removal of the Indenture Trustee, or the failure of the
Noteholders to appoint a successor Indenture Trustee following the removal without cause of the
Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring
Indenture Trustee), the Issuing Entity shall be required promptly to appoint a successor Indenture
Trustee. Any successor Indenture Trustee shall at all times satisfy the requirements of Section
310(a) of the TIA and shall in addition have (a) a combined capital and surplus of at least
$50,000,000 (as set forth in its most recent published annual report of condition) and (b) a
long-term debt rating of “Baa3” or its equivalent by each Rating Agency or otherwise satisfy the
Rating Agency Condition.

(NALT 2011-B Indenture)

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     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the
retiring Indenture Trustee shall become effective and the successor Indenture Trustee, without any
further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture, subject to satisfaction of the Rating Agency Condition. 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 Issuing Entity or
Noteholders holding not less than a Majority Interest of the Notes, voting together as a single
class, 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
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee.

     Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture
Trustee pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment
of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of
the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to
payment or reimbursement of such amounts as such Person is entitled pursuant to Section
6.07. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in
connection with transferring the predecessor Indenture Trustee’s duties and obligations to the
successor Indenture Trustee.

     SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to another corporation or depository institution the resulting, surviving
or transferee corporation, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or depository institution shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide prior written notice of any such
transaction to the Administrative Agent (and the Administrative Agent will provide each Rating
Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement).

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture, 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 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 that it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

(NALT 2011-B Indenture)

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     SECTION 6.10 Appointment of Co-Trustee or Separate 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 Owner Trust Estate may
at the time be located, the Indenture Trustee and the Administrative Agent acting jointly 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
Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Owner 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 and the Administrative Agent may consider necessary or desirable. If the Administrative
Agent shall not have joined in such appointment within 15 days after it received a request that it
so join, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
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.

     (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:

     (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture
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 intended that such
separate trustee or co-trustee is not authorized to act separately without the Indenture
Trustee joining in 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 Collateral or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee;

     (ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and

     (iii) the Indenture Trustee and the Administrative Agent 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. Each separate trustee and co-trustee, upon its
acceptance of the trusts 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 and specifically 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 and a copy thereof given to the Administrative Agent.

(NALT 2011-B Indenture)

37

 

     (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, then 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.
Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee
or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this
Indenture.

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of Section 310(a) of the TIA and shall in addition 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 a long-term debt rating of at least “Baa3” or its equivalent by the Rating Agencies
or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements
of Section 310(b) of the TIA, 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
Issuing Entity are outstanding if the requirements for such exclusions set forth in TIA Section
310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and their respective
Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its
Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as
Indenture Trustee.

     SECTION 6.12 Trustee as Holder of the 2011-B SUBI Certificate. So long as any Notes
are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2011-B SUBI
Certificate, including rights to distributions and notice, or is entitled to consent to any actions
taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with
consent of the Indenture Trustee. To the extent that the Indenture Trustee has rights as a Holder
of the 2011-B SUBI Certificate or has the right to consent or withhold consent with respect to
actions taken by the Depositor, the Servicer or the Issuing Entity, such rights shall be exercised
or consent granted (or withheld) upon the written direction of Holders not less than a Majority
Interest of the Notes voting together as a single class; provided, however, that
subject to Section 3.07, any direction to the Indenture Trustee to remove or replace the
Servicer upon a Servicer Default shall be made by Noteholders holding
not less than 662⁄3% of the
Outstanding Amount, voting together as a single class, and with respect to Section 11.15,
such direction shall require the written direction of Noteholders holding 100% of the Outstanding
Amount.

     SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture
Trustee hereby makes the following representations and warranties on which the Issuing Entity and
Noteholders shall rely:

     (i) the Indenture Trustee is a national banking association duly organized, validly
existing and in good standing under the laws of the United States; and

(NALT 2011-B Indenture)

38

 

     (ii) the Indenture Trustee has full power, authority and legal right to execute,
deliver, and, perform this Indenture and shall have taken all necessary action to authorize
the execution, delivery and performance by it of this Indenture.

     SECTION 6.14 Furnishing of Documents. The Indenture Trustee shall furnish to any
Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the
requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands,
certificates and any other instruments furnished to the Indenture Trustee under the Basic
Documents.

     SECTION 6.15 Preferred 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.

ARTICLE SEVEN

NOTEHOLDERS’ LISTS AND REPORTS

     SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses. The Note
Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the
Servicer or the Administrative Agent, 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. The 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 Issuing Entity that none of the Indenture Trustee, the Owner Trustee, the Issuing Entity,
the Servicer or the Administrative Agent 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 Issuing
Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days
after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any
such request, a list of similar form and content as of a date not more than ten days prior to the
time such list is furnished.

(NALT 2011-B Indenture)

39

 

     Notwithstanding the foregoing, so long as the Indenture Trustee is the Note Registrar no such
list shall be required to be furnished to the Indenture Trustee, and so long as the Notes are
issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture
Trustee, Owner Trustee, Servicer or Administrative Agent.

     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 Noteholders contained in the most recent list furnished to the Indenture
Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by
the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in 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 Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection
of TIA Section 312(c).

     SECTION 7.03 Reports by Issuing Entity.

     (a) The Issuing Entity shall:

     (i) file with the Indenture Trustee, within 15 days after the Issuing Entity 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 the rules and regulations prescribe) that the
Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act;

     (ii) 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 Issuing Entity with the conditions
and covenants of this Indenture as may be required from time to time by such rules and
regulations; and

     (iii) 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 Issuing Entity 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 Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
shall end on March 31 of each year, unless the fiscal year of the Servicer ends on some other date,
in which case, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the
Servicer.

(NALT 2011-B Indenture)

40

 

     SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after each fiscal year of the Issuing Entity, beginning with the fiscal year ending March
31, 2012, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a
brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee
also shall comply with TIA Section 313(b).

     A copy of each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are
listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on
any stock exchange.

     SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to
the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be
provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the
direction of the Servicer, such other information regarding the Notes as the Indenture Trustee may
have in its possession. 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 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.

     SECTION 7.06 Information to be Provided by the Indenture Trustee. The Indenture
Trustee shall provide the Issuing Entity and the Servicer (each, a “Nissan Party,” and
collectively, the “Nissan Parties”) with (i) notification, as soon as practicable and in any event
within ten Business Days, of all demands communicated to a Responsible Officer of the Indenture
Trustee for the repurchase or replacement of any Receivable pursuant to Section 8.02 of the
2011-B Servicing Supplement, and (ii) promptly upon the request by a Nissan Party, any other
information in its possession reasonably requested by a Nissan Party to facilitate compliance by
the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of
Regulation AB. In no event shall the Indenture Trustee have any responsibility or liability in
connection with any filing required to be made by a securitizer under the Exchange Act or
Regulation AB.

ARTICLE EIGHT

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

(NALT 2011-B Indenture)

41

 

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 Owner
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 an Indenture Default under this
Indenture and any right to proceed thereafter as provided in Article Five.

     SECTION 8.02 Accounts.

     (a) Pursuant to Section 14.01 of the 2011-B SUBI Supplement, there has been
established and there shall be maintained an Eligible Account (initially at U.S. Bank) in the name
of the Indenture Trustee until the outstanding amount of the Notes is zero, and thereafter, in the
name of the Issuing Entity, which is designated as the “2011-B SUBI Collection Account.” The
2011-B SUBI Collection Account shall be held for the benefit of the Securityholders, and shall bear
a designation clearly indicating that the funds on deposit therein are held for the benefit of the
Securityholders. The 2011-B Collection Account shall be under the sole dominion and control of the
Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and
thereafter under the sole dominion and control of the Owner Trustee.

     (b) Pursuant to Section 5.01 of the Trust Agreement, there has been established and
there shall be maintained an Eligible Account (initially at U.S. Bank) in the name of the Indenture
Trustee until the Outstanding Amount of Notes is reduced to zero, and thereafter, in the name of
the Issuing Entity, which is designated as the “Reserve Account.” The Reserve Account
shall be held for the benefit of the Securityholders, and shall bear a designation clearly
indicating that the funds on deposit therein are held for the benefit of the Securityholders. The
Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the
Outstanding Amount of Notes has been reduced to zero, and thereafter under the sole dominion and
control of the Owner Trustee.

     (c) The Issuing Entity shall cause the Depositor, prior to the Closing Date, to establish and
maintain an Eligible Account in the name of the Indenture Trustee on behalf of the Noteholders,
which shall be designated as the “Note Distribution Account.” The Note Distribution Account
shall be held in trust for the benefit of the Noteholders. The Note Distribution Account shall be
under the sole dominion and control of the Indenture Trustee.

     (d) All monies deposited from time to time in the Accounts pursuant to this Indenture or the
2011-B Servicing Supplement shall be held by the Indenture Trustee as part of the Collateral and
shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible
Account or if the Servicer, in its sole discretion, notifies the Indenture Trustee in writing that
an Account should be moved, then, the Indenture Trustee, until the Outstanding Amount of Notes has
been reduced to zero, and thereafter with respect to the Reserve Account, the Issuing Entity shall,
as necessary, assist the Servicer in causing each Account to be moved to an institution selected by
the Servicer at which it shall be an Eligible Account.

(NALT 2011-B Indenture)

42

 

     SECTION 8.03 Payment Date Certificate.

     (a) The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee,
the Owner Trustee and each Paying Agent hereunder or under the Trust Agreement, a certificate (the
“Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth
calendar day of each month or, if the 10th day is not a Business Day, the next
succeeding Business Day, including, among other things, the following information with respect to
the Payment Date in such month and the related Collection Period and Accrual Period:

     (i) the amount of SUBI Collections allocable to the 2011-B SUBI Certificate;

     (ii) Available Funds, including amounts with respect to each of items (i) through (iv)
of the definition thereof;

     (iii) the amount of interest accrued during such Accrual Period on each Class of the
Notes, and, for any Classes of Floating Rate Notes, the applicable Note Rate for the related
Accrual Period for such Payment Date for such classes of Floating Rate Notes, respectively,
if any;

     (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note
Balance, the Class A-4 Note Balance and the Certificate Balance, in each case on the day
immediately preceding such Payment Date;

     (v) (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if
any, (C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve
Account on such Payment Date after giving effect to withdrawals therefrom and deposits
thereto in respect of such Payment Date and (E) the change in such balance from the
immediately preceding Payment Date;

     (vi) the Note Distribution Amount for each Class of Notes and the Certificate
Distribution Amount;

     (vii) the amount of the Note Distribution Amount allocable to interest on and principal
of the Notes and any Principal Carryover Shortfall for each Class of the Notes;

     (viii) the amount of any principal paid on, and Principal Carryover Shortfall for, the
Trust Certificates;

     (ix) the Monthly Principal Distributable Amount and the Optimal Principal Distributable
Amount;

     (x) the Note Factor for each Class of the Notes and the Certificate Factor for the
Trust Certificates after giving effect to the distribution of the Note Distribution Amount
and the Certificate Distribution Amount, respectively;

     (xi) the aggregate amount of Residual Value Losses and Residual Value Surplus for such
Collection Period;

(NALT 2011-B Indenture)

43

 

     (xii) the amount of Sales Proceeds Advances and Monthly Payment Advances included
in Available Funds;

     (xiii) the amount of any Payment Date Advance Reimbursement for such Collection Period;

     (xiv) [Reserved];

     (xv) [Reserved];

     (xvi) the Servicing Fee for such Collection Period;

     (xvii) delinquency and loss information for the Collection Period;

     (xviii) any material change in practices with respect to charge-offs, collection and
management of delinquent Leases, and the effect of any grade period, re-aging, re-structure,
partial payments or other practices on delinquency and loss experience;

     (xix) any material modifications, extensions or waivers to Lease terms, fees, penalties
or payments during the Collection Period;

     (xx) any material breaches of representations, warranties or covenants contained in the
Leases;

     (xxi) any new issuance of notes or other securities backed by the SUBI Assets (if
applicable);

     (xxii) any material additions, removals or substitutions of SUBI Assets, repurchases of
SUBI Assets;

     (xxiii) any material change in the underwriting, origination or acquisition of Leases;
and

     (xxiv) the amount of the currency swap payments and the currency swap termination
payments, if any, due to the Currency Swap Counterparty under the Currency Swap Agreement
described in Section 8.16 of the 2011-B Servicing Supplement.

     Each amount set forth pursuant to clauses (iii), (iv), (vi), (vii) and (viii) above shall be
expressed in the aggregate and as a dollar amount per $1,000 of original principal balance of a
Note or Trust Certificate, as applicable.

     (b) The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy
of any of the information or numbers set forth in the Payment Date Certificate delivered to the
Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully
protected in relying upon such Payment Date Certificate.

(NALT 2011-B Indenture)

44

 

     SECTION 8.04 Disbursement of Funds.

     (a) Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the Notes has
not been accelerated pursuant to Section 5.02), prior to 11:00 a.m., New York City time, or
such other time as may be agreed to by the applicable Noteholder, the Indenture Trustee shall, in
accordance with the related Payment Date Certificate and pursuant to the instructions of the
Servicer, transfer from the 2011-B SUBI Collection Account all Securityholder Available Funds and
apply such amount in accordance with the following priorities:

	 	(i)	 	[Reserved];

     (ii) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount
distributable to each class of Notes, an amount equal to the interest accrued at the
applicable Interest Rate for such Class of Notes during the related Accrual Period on the
applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with respect to
any prior Accrual Period) for such Class (and, to the extent permitted by applicable law,
interest on any overdue interest at the applicable Overdue Interest Rate);

     (iii) to the Note Distribution Account, the Monthly Principal Distributable Amount
distributable to each Class of Notes, in the following order of priority:

	 	(A)	 	to the Class A-1 Notes until the Class A-1
Notes have been paid in full;

	 	(B)	 	after the principal amount of the Class A-1
Notes is reduced to zero, to the Class A-2 Notes until the Class A-2
Notes have been paid in full;

	 	(C)	 	after the principal amount of the Class A-2
Notes is reduced to zero, to the Class A-3 Notes until the Class A-3
Notes have been paid in full; and

	 	(D)	 	after the principal amount of the Class A-3
Notes is reduced to zero, to the Class A-4 Notes until the Class A-4
Notes have been paid in full;

     (iv) until all Classes of Notes have been paid in full, to the Reserve Account, any
remaining funds, until the Reserve Account Requirement has been satisfied;

     (v) to the Indenture Trustee, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Indenture but only to the extent that such fees, expenses or
indemnity payments have been outstanding for at least 60 days;

     (vi) to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments
due pursuant to the Trust Agreement but only to the extent that such fees, expenses or
indemnity payments have been outstanding for at least 60 days;

	 	(vii)	 	[Reserved];

(NALT 2011-B Indenture)

45

 

     (viii) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a
Currency Swap Agreement as described in Section 8.16 of the 2011-B Servicing Supplement, to
such Currency Swap Counterparty;

     (ix) if all Classes of Notes have been paid in full, to the Certificate Distribution
Account, any remaining funds for distribution to the Trust Certificateholders until the
Certificate Balance is reduced to zero; and

     (x) to the Certificate Distribution Account for distribution to the Trust
Certificateholders, as beneficial owners of the Issuing Entity.

     (b) Notwithstanding the provisions of Section 8.04(a), and subject to the provisions of
Section 5.04(b), after the occurrence of an Indenture Default that results in the acceleration of
any Notes and unless and until such acceleration has been rescinded, on each Payment Date, prior to
11:00 a.m., New York City time, or such other time as may be agreed to by the applicable
Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate
and pursuant to the instructions of the Servicer, transfer from the 2011-B SUBI Collection Account
all Available Funds and apply such amount in accordance with the following priorities:

     (i) pro rata, to the Indenture Trustee, all amounts required to be paid under
Section 6.07 of the Indenture, and to the Owner Trustee, all amounts required to be
paid under Section 8.01 of the Trust Agreement, as the case may be;

     (ii) to the Servicer, any Payment Date Advance Reimbursement;

     (iii) to the Servicer, the Servicing Fee and any amounts due in respect of unpaid
Servicing Fees;

     (iv) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount
distributable to each class of Notes, an amount equal to the interest accrued at the
applicable Interest Rate for such Class of Notes during the related Accrual Period on the
applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with respect to
any prior Accrual Period) for such Class (and, to the extent permitted by applicable law,
interest on any overdue interest at the applicable Overdue Interest Rate);

     (v) to the Note Distribution Account, the Monthly Principal Distributable Amount
distributable to each Class of Notes, in the following order of priority:

	 	(A)	 	first, to the Class A-1 Noteholders (until the
Class A-1 Notes have been paid in full); and

	 	(B)	 	second, to the Class A-2 Noteholders, the Class
A-3 Notes and the Class A-4 Notes, pro rata (based on the Outstanding
Amount of Notes of each such Class on such Payment Date), until all
such Notes have been paid in full;

	 	(vi)	 	[Reserved];

(NALT 2011-B Indenture)

46

 

     (vii) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a
Currency Swap Agreement as described in Section 8.16 of the 2011-B Servicing Supplement, to
such Currency Swap Counterparty;

     (viii) if all Classes of Notes have been paid in full, to the Certificate Distribution
Account, any remaining funds for distribution to the Trust Certificateholders until the
Certificate Balance is reduced to zero; and

     (ix) to the Certificate Distribution Account for distribution to the Trust
Certificateholders, as beneficial owners of the Issuing Entity.

     Notwithstanding the provisions of this Section 8.04(b), in accordance with Section 5.02, after
the occurrence of an Indenture Default that results in the acceleration of any Notes, on and after
the date on which such acceleration has been rescinded, on each Payment Date, the Indenture Trustee
shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of
the Servicer, transfer from the 2011-B SUBI Collection Account all Securityholder Available Funds
and apply such amount in accordance with the provisions of Section 8.04(a).

     (c) On each Payment Date, after taking into account amounts to be distributed to
Securityholders from the 2011-B SUBI Collection Account, the Servicer will allocate the Reserve
Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related
Collection Period and will instruct the Indenture Trustee to make the following deposits and
distributions from the Reserve Account in the following amounts (but not to exceed the Reserve
Account Draw Amount) and order of priority:

     (i) to the Note Distribution Account, to pay, on a pro rata basis, based on the amount
distributable to each class of Notes, any remaining interest due on the outstanding Notes on
that Payment Date and, to the extent permitted under applicable law, interest on any overdue
interest at the applicable Overdue Interest Rate; and

     (ii) to the Note Distribution Account, to pay any remaining Monthly Principal
Distributable Amount of the Notes in the amounts and order of priority set forth in
Section 8.04(a)(iii).

     (d) If on any Payment Date, after giving effect to all deposits to and withdrawals from the
Reserve Account, the amount on deposit in the Reserve Account exceeds the Reserve Account
Requirement, the Indenture Trustee shall distribute any such excess amounts to the
Certificateholder. Upon any such distributions, the Noteholders will have no further rights in, or
claims to, such amounts.

     (e) On each Payment Date or Redemption Date, from the amounts on deposit in the Note
Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of
principal and interest on the Notes due and by check mailed to the Person whose name appears as the
registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close
of business on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a
Person (other than the nominee of DTC) that holds Notes with original

(NALT 2011-B Indenture)

47

 

denominations aggregating at least $1 million and has given the Indenture Trustee appropriate
written instructions at least five (5) Business Days prior to the related Record Date (which
instructions, until revised, shall remain operative for all Payment Dates thereafter), payments
will be made by wire transfer in immediately available funds to the account designated by such
nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the related Record Date without requiring that
the Note be submitted for notation of payment. Any reduction in the principal amount of any Note
(or any one or more Predecessor Notes) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future holders of any Note issued upon the registration
of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts
properly withheld under the Code by any Person from payment to any Noteholder of interest or
principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for
purposes of this Indenture. If funds are expected to be available for payment in full of the
remaining unpaid principal amount of the Notes on a Payment Date or Redemption Date, then the
Issuing Entity or the Administrative Agent shall give notice thereof to the Indenture Trustee not
less than 10 but no more than 30 days prior to such Payment Date or Redemption Date and, within two
(2) Business Days following receipt of such notice, the Indenture Trustee, in the name of and on
behalf of the Issuing Entity, will notify each Person who was the registered holder of a Note as of
the Record Date preceding the most recent Payment Date or Redemption Date and the amount then due
and payable shall be payable only upon presentation and surrender of the Note at the Corporate
Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed
for such purposes located in The Borough of Manhattan in The City of New York.

     (f) On each Payment Date, the Indenture Trustee shall include with each distribution an
unaudited report (which may be based upon the Payment Date Certificate prepared by the Servicer) to
each Person that was a Noteholder as of the close of business on the related Record Date (which
shall be Cede & Co. as the nominee of DTC unless Definitive Notes are issued under the limited
circumstances described herein) and the Administrative Agent (and the Administrative Agent will
provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust
Administration Agreement) setting forth the information provided in the Payment Date Certificate to
be delivered in accordance with Section 8.03(a), with respect to such Payment Date or the
related Record Date or Collection Period, as the case may be.

     SECTION 8.05 General Provisions Regarding Accounts.

     (a) For so long as no Default or Indenture Default shall have occurred and be continuing, all
of the funds in the Reserve Account shall be invested and reinvested by the Indenture Trustee,
until the Outstanding Amount of the Notes has been reduced to zero, and thereafter by the Owner
Trustee, at the direction of the Administrative Agent in Permitted Investments as set forth in
Section 4.02(a) of the Titling Trust Agreement, which mature no later than the Deposit Date
succeeding the date of such investment, including those offered by the Indenture Trustee or an
Affiliate thereof. No such investment shall be sold prior to maturity. Any investment earnings on
the Reserve Account will be taxable to the Trust Certificateholder. On each Payment Date, net
investment earnings on the Reserve Account shall be deposited in the Reserve Account.

(NALT 2011-B Indenture)

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     (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in the Reserve Account resulting from any loss on any
Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s
failure to make payments on any such Permitted Investments issued by the Indenture Trustee in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms.

     (c) If (i) the Administrative Agent shall have failed to give investment directions for any
funds on deposit in the Reserve Account to the Indenture Trustee by 3:00 p.m., New York City time
(or such other time as may be agreed by the Administrative Agent and Indenture Trustee), on any
Business Day or (ii) a Default or Indenture 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 the Notes shall have been declared due and payable following an
Indenture Default, amounts collected or receivable from the Owner 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
investments that are Permitted Investments as set forth in paragraph (vi) of the definition
thereof.

     SECTION 8.06 Release of Owner 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 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 monies.

     (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due the Indenture Trustee have been paid pursuant to Section 6.07, release any remaining
portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture and
release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the
Trust Accounts. Such release shall include delivery to the Issuing Entity or its designee of the
2011-B SUBI Certificate and delivery to the Securities Intermediary under the Control Agreement of
a certificate evidencing the release of the lien of this Indenture and transfer of dominion and
control over the Reserve Account to the Issuing Entity. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section only upon receipt of the
Officer’s Certificate delivered pursuant to Section 4.01(iii) hereof.

     SECTION 8.07 Release of Interest In 2011-B Leases and 2011-B Vehicles Upon Purchase or
Reallocation by the Servicer.

     (a) Upon the reallocation or purchase of any 2011-B Lease and related 2011-B Vehicle by the
Servicer pursuant to Section 8.02 of the Servicing Agreement, the Indenture Trustee, on
behalf of the Noteholders, shall, without further action, be deemed to release from the lien of
this Indenture any and all rights to receive monies due or to become due with respect to such
purchased or reallocated 2011-B Lease and related 2011-B Vehicle and all proceeds thereof and the
other property with respect to such 2011-B Lease and related 2011-B Vehicle,

(NALT 2011-B Indenture)

49

 

and all security and any documents relating thereto, and such 2011-B Lease and related 2011-B
Vehicle and all such related security and documents shall be free of any further obligation to the
Issuing Entity, the Indenture Trustee or the Noteholders.

     (b) The Indenture Trustee shall execute such documents and instruments and take such other
actions as shall be reasonably requested by the Servicer to effect the release of such rights with
respect to such 2011-B Lease and related 2011-B Vehicle pursuant hereto and the assignment of such
2011-B Lease and 2011-B Vehicle by the Issuing Entity.

     SECTION 8.08 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days notice when requested by the Issuing Entity to take any action pursuant to Section
8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice),
accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and
shall require, to the extent required by the TIA), except in connection with any action
contemplated by Section 8.06(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 Owner 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 NINE

SUPPLEMENTAL INDENTURES

     SECTION 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Except as provided in Section 9.02, without the consent of any other Person, the
Issuing Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter
into one or more amendments 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
for the purpose of modifying in any manner the rights of the Noteholders under this Indenture;
provided that (i) either (A) any amendment or supplemental indenture that materially and adversely
affects the interests of the Noteholders shall require the consent of Noteholders holding not less
than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or
supplemental indenture shall not, as evidenced by an Officer’s Certificate of the Depositor
delivered to the Indenture Trustee, materially and adversely affect the interests of the
Noteholders and (ii) any amendment or supplemental indenture that adversely affects the interests
of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the
Administrative Agent shall require the prior consent of the Persons whose interests are adversely
affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee
or the Administrative Agent, as the case may be, shall be deemed to have been given if the
Depositor does not receive a written objection from such Person within 10 Business

(NALT 2011-B Indenture)

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Days after a written request for such consent shall have been given. A supplement shall be
deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency
Condition is satisfied with respect to such supplement and the Officer’s Certificate described in
the preceding sentence is provided to the Indenture Trustee.

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

     (c) Notwithstanding anything herein to the contrary, any term or provision of this Indenture
may be amended or supplemented by the Issuing Entity and the Indenture Trustee (when so directed by
an Issuing Entity Request) without the consent of any of the Noteholders or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or
obtain more favorable treatment under or with respect to any law or regulation or any accounting
rule or principle (whether now or in the future in effect); it being a condition to any such
amendment that the Rating Agency Condition shall have been satisfied and the Officer’s Certificate
described in Section 9.01(a)(i)(B) is delivered to the Indenture Trustee.

     (d) Prior to the execution of any amendment or supplemental indenture pursuant to this section
or Section 9.02, the Issuing Entity shall provide each Rating Agency, the Trust
Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice
of the substance of such supplement. No later than 10 Business Days after the execution of any
supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating
Agency, the Servicer, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee.

     (e) 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 as may be
therein contained.

     (f) Prior to the execution of any amendment or supplemental indenture the Indenture Trustee
shall receive an Opinion of Counsel to the effect that such action shall not (A) affect the
treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable
exchange of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the
Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership)
taxable as a corporation for federal income tax purposes.

     (g) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the
Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by
the Issuing Entity) 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.

     (h) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment or supplemental indenture. When the
Rating Agency Condition is satisfied with respect to such amendment or supplemental

(NALT 2011-B Indenture)

51

 

indenture, the Servicer shall deliver to the Indenture Trustee an Officer’s Certificate to
that effect, and the Indenture Trustee may conclusively rely upon the Officer’s Certificate from
the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment or
supplemental indenture.

     SECTION 9.02 Supplemental Indentures With Consent of Noteholders. The Issuing Entity
and the Indenture Trustee, when requested by an Issuing Entity Request, also may, with the consent
of Noteholders holding not less than a Majority Interest of the Notes voting together as a single
class, by Act of such Noteholders delivered to the Issuing Entity and the Indenture Trustee, enter
into one or more amendments 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 Noteholders under this Indenture, subject to prior
notice to the Rating Agencies and provided that no such supplemental indenture shall, without the
consent of the Noteholder of each Outstanding Note affected thereby:

     (a) change the Note Final Scheduled Payment Date of or the date of payment of any installment
of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate
thereon or the Redemption Price with respect thereto;

     (b) reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which
is required for any such amendment or supplemental indenture or the consent of the Noteholders of
which is required for any waiver of compliance with provisions of this Indenture or Indenture
Defaults hereunder and their consequences provided for in this Indenture;

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

     (d) reduce the percentage of the Outstanding Amount required to direct the Indenture Trustee
to direct the Issuing Entity to sell the Owner Trust Estate pursuant to Section 5.04, if
the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but
unpaid interest on the Notes;

     (e) modify any provision of this Section, except to increase any percentage specified herein
or to provide that certain additional provisions of this Indenture or the other Basic Documents
cannot be modified or waived without the consent of the Noteholder of each Outstanding Note
affected thereby;

     (f) modify any of the provisions of this Indenture in such manner as to affect the calculation
of the amount of any payment of interest or principal due on any Note on any Payment Date
(including the calculation of any of the individual components of such calculation);

     (g) 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 Owner 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 any Noteholder of the security provided by the lien of this Indenture; or

(NALT 2011-B Indenture)

52

 

     (h) impair the right to institute suit for the enforcement of payment as provided in
Section 5.07.

     Any such amendment or supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel to the same effect as in Section 9.01(f). The Indenture Trustee may in
its discretion determine whether or not any Notes would be affected by any amendment or
supplemental indenture and any such determination shall be conclusive upon all Noteholders, whether
theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be
liable for any such determination made in good faith.

     It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

     Promptly after the execution by the Issuing Entity and the Indenture Trustee of any amendment
or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the
Noteholders to which such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such amendment or 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 amendment or supplemental indenture.

     SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of 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 indemnities under this Indenture or otherwise.

     SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any amendment or
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 affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuing Entity, the Owner Trustee and the Noteholders
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

     SECTION 9.05 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article 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 Issuing Entity or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the
Indenture Trustee and the Issuing Entity, to any such supplemental indenture may

(NALT 2011-B Indenture)

53

 

be prepared and executed by the Issuing Entity and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

ARTICLE TEN

REDEMPTION OF NOTES

     SECTION 10.01 Redemption.

     (a) Pursuant to Section 9.03 of the Trust Agreement, the Servicer shall be permitted
at its option to purchase the 2011-B SUBI Certificate from the Issuing Entity on any Payment Date
if, either before or after giving effect to any payment of principal required to be made on such
Payment Date, (a) the Securities Balance is less than or equal to 10% of the Initial Securities
Balance, or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of
the outstanding Trust Certificates consent thereto. In connection with the exercise of an Optional
Purchase, the Servicer will deposit the Optional Purchase Price into the 2011-B SUBI Collection
Account on the Deposit Date relating to the Redemption Date. In connection with an Optional
Purchase, all outstanding Notes shall be redeemed on the related Payment Date in whole, but not in
part, for the Redemption Price and the 2011-B SUBI Certificate shall be delivered to or upon the
order of the Servicer.

     (b) In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to
11:00 a.m., New York City time, the Indenture Trustee shall apply the Optional Purchase Price as
part of the Available Funds from the 2011-B SUBI Collection Account as follows: (i) to the Note
Distribution Account, the Redemption Price, (ii) to the Servicer, unpaid portions of any
outstanding Sales Proceeds Advances and Monthly Payment Advances, and the Servicing Fee in respect
of the related Collection Period, together with any unpaid Servicing Fees in respect of one or more
prior Collection Periods; and (iii) any remaining funds to the Certificate Distribution Account.

     (c) If Notes are to be redeemed pursuant to this Section, the Administrative Agent or the
Issuing Entity shall provide at least 10 days’ prior notice (or such longer time period as required
by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee and the Owner
Trustee, and the Indenture Trustee shall provide at least 10 days’ (but no more than 30 days’)
notice thereof to the Noteholders.

     SECTION 10.02 Form of Redemption Notice. Notice of redemption under Section
10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to
each Holder of Notes as of the close of business on the Record Date of the month preceding the
month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In
addition, the Administrative Agent shall notify each Rating Agency upon the redemption of the
Notes, pursuant to the Trust Administration Agreement.

     All notices of redemption shall state:

	 	(a)	 	the Redemption Date;
	 
	 	(b)	 	the Redemption Price;

(NALT 2011-B Indenture)

54

 

     (c) the place where the Notes to be redeemed are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuing Entity to be maintained as
provided in Section 3.02); and

     (d) that on the Redemption Date, the Redemption Price will become due and payable upon each
such Note and that interest thereon shall cease to accrue from and after the Redemption Date.

     Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuing Entity. Failure to give notice of redemption (or any defect therein) to
any Noteholder shall not impair or affect the validity of the redemption of any other Note.

     SECTION 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption as required by Section 10.02, become due and payable on the
Redemption Date at the Redemption Price and (unless the Issuing Entity shall default in the payment
of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the
date to which accrued interest is calculated for purposes of calculating the Redemption Price.

ARTICLE ELEVEN

MISCELLANEOUS

     SECTION 11.01 Compliance Certificates and Opinions.

     (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee and each Rating Agency (i) an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with (ii)
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) if required by the TIA, an Independent Certificate from a
firm of certified public accountants meeting the applicable requirements of this Section, except
that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no additional certificate or opinion
need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

     (i) a statement that each signatory of such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (ii) 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;

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55

 

     (iii) 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

     (iv) a statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

     (b) In addition to any obligation imposed in Section 11.01(a) or elsewhere in this
Indenture:

     (i) 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 Issuing Entity shall 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 Issuing Entity of the Collateral or
other property or securities to be so deposited.

     (ii) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (i) above if such an Officer’s Certificate had been required by
the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s
Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture
Trustee an Independent Certificate as to the same matters, if the fair value of the property
or 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
Issuing Entity, as set forth in the Officer’s Certificate delivered pursuant to clause (i)
above, is 10% or more of the Outstanding Amount; provided, however, such
Independent Certificate need not be furnished with respect to any securities so deposited,
if the fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is less than $25,000 or less than 1% of the Outstanding Amount.

     (iii) Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(v), whenever any property or securities are to be released from the
lien of this Indenture, the Issuing Entity shall also 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 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.

     (iv) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii) above if such an Officer’s Certificate had been required
by the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s
Certificate was so requested or required, the Issuing Entity shall furnish to the

(NALT 2011-B Indenture)

56

 

Indenture Trustee an Independent Certificate as to the same matters, if the fair value
of the property or securities and of all other property, or securities (other than property
described in clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of
this Indenture since the commencement of the then current calendar year, as set forth in the
Officer’s Certificates required by clause (iii) above and this clause, equals 10% or more of
the Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of
any release of property or securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount.

     (v) Notwithstanding Section 2.08 or any other provision of this Section, the
Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Collateral as
and to the extent permitted or required by the Basic Documents and (B) make cash payments
out of the Accounts as and to the extent permitted or required by the Basic Documents.

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

     Any certificate or opinion of an Authorized Officer 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 his 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 Administrative Agent, the Depositor or the Issuing Entity, stating that
the information with respect to such factual matters is in the possession of the Administrative
Agent, the Depositor or the Issuing Entity, unless such officer or 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 Issuing Entity shall deliver any document as a condition
of the granting of such application, or as evidence of the Issuing Entity’s compliance with any
terms 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 Issuing Entity to have such application granted or to the sufficiency of such certificate or
report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to

(NALT 2011-B Indenture)

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rely upon the truth and accuracy of any statement or opinion contained in any such document as
provided in Article Six.

     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 Issuing Entity. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” 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 Issuing Entity, 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 Note 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 Issuing Entity in reliance thereon, whether or not notation of
such action is made upon such Note.

     SECTION 11.04 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, by telecopier or electronically by email
(if an email address is provided), and addressed in each case as follows: (i) if to the Issuing
Entity c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware
19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust Administration with a copy to the
Administrative Agent, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530)
(email: mike.robinson@nissan-usa.com), Attention: Treasurer; (ii) if to the Indenture Trustee, at
190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no. (312) 332-7996) (email:
patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2011-B; (iii) if to Moody’s, to
Moody’s Investors Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York
10007 (telecopier no. (212) 553-7820), Attention: ABS Monitoring Department; (iv) if to Fitch, to
Fitch Ratings, Ltd., One State Street Plaza, New York, New York 10004 (email:
abs.surveillance@fitchratings.com), Attention: ABS Surveillance; or (v) at such other address as
shall be designated by any of the foregoing in a written notice to the other parties hereto.
Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile
notice, upon actual receipt or reported tender of such communication by an officer of the intended
recipient entitled to receive such notices located at the address of such recipient for notices
hereunder; provided, however, any demand,

(NALT 2011-B Indenture)

58

 

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

     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 its address as it appears on the Note Register, not later
than the latest 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 of 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 each Rating Agency, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute an Indenture Default.

     SECTION 11.06 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 11.07 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuing Entity shall bind its successors and assigns, whether so express or
not. All agreements of the Indenture Trustee in this Indenture shall bind its successors.

     SECTION 11.08 Severability. If any one or more of the covenants, agreement,
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 Trust Certificates or the rights of the Holders thereof.

     SECTION 11.09 Benefits of Indenture. Nothing in this Indenture or the Notes, express
or implied, shall give to any Person, other than the parties hereto and their successors

(NALT 2011-B Indenture)

59

 

hereunder, the Noteholders (and, with respect to Sections 8.03 and 8.04, the
Trust Certificateholders), any other party secured hereunder, and any other Person with an
ownership interest in any part of the Owner Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

     SECTION 11.10 Legal Holidays. In any case where the date on which any payment is due
shall not be a Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

     SECTION 11.11 Governing Law. THIS 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 SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     SECTION 11.13 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuing Entity
accompanied by an Opinion of Counsel (who 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 11.14 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee
on the Notes 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) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing
Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any Trust Certificateholder, the
Owner Trustee or of the Indenture Trustee or 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.

     SECTION 11.15 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder or Note Owner, by accepting a Note or in the case of a Note Owner, a beneficial
interest in a Note, hereby covenant and agree that prior to the date that is one year and one day
after the date upon which all obligations under each Securitized Financing have

(NALT 2011-B Indenture)

60

 

been paid in full, they will not (and, to the fullest extent permitted by applicable law, the
Indenture Trustee shall not have the power to) institute against, or join any other Person in
instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the
Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law.

     SECTION 11.16 No Recourse. 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 Issuing Entity, the
Owner Trustee, the Titling Trustee, the Trust Agent 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, the Titling Trustee, the Trust Agent or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Titling
Trustee, the Trust Agent or the Owner Trustee in its individual capacity or any holder of a
beneficial interest in the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent
or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Titling
Trustee, the Trust Agent or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed 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.

     SECTION 11.17 Inspection. The Issuing Entity agrees that on reasonable prior notice
it will permit any representative of the Indenture Trustee, during the Issuing Entity’s normal
business hours, to examine all the books of account, records, reports and other papers of the
Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by
Independent certified public accountants and to discuss the Issuing Entity’s affairs, finances and
accounts with the Issuing Entity’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 the Indenture
Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

     SECTION 11.18 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by Wilmington Trust,
National Association not in its individual capacity but solely in its capacity as Owner Trustee of
the Issuing Entity and in no event shall Wilmington Trust, National Association in its individual
capacity or any beneficial owner of the Issuing Entity have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuing Entity hereunder, as to all
of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Ten of the Trust Agreement.

(NALT 2011-B Indenture)

61

 

     SECTION 11.19 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.

     SECTION 11.20 Intent of the Parties; Reasonableness. The Indenture Trustee and
Issuing Entity acknowledge and agree that the purpose of Section 3.09 and this Section
11.20 of this Agreement is to facilitate compliance by the Issuing Entity and the Depositor
with the provisions of Regulation AB and related rules and regulations of the Commission.

     Neither the Issuing Entity nor the Administrative Agent (acting on behalf of the Issuing
Entity) shall exercise its right to request delivery of information or other performance under
these provisions other than in good faith, or for purposes other than compliance with the
Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. Each
of the parties hereto agrees that (a) the obligations of the parties hereunder shall be interpreted
in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations
hereunder will be supplemented and modified as necessary to be consistent with any such amendments,
interpretive advice or guidance from the Securities and Exchange Commission, convention or
consensus among active participants in the asset-backed securities markets, or otherwise in respect
of the requirements of Regulation AB as they may be applied by the Securities and Exchange
Commission to the Issuing Entity in connection with the Notes and (c) the parties shall comply with
reasonable requests made by or on behalf of the Issuing Entity or the Indenture Trustee for
delivery of additional or different information, to the extent such information is available, as
the person requesting such information may determine in good faith is necessary for it to comply
with the provisions of Regulation AB.

     The Issuing Entity (or the Administrative Agent, acting on behalf of the Issuing Entity) shall
cooperate with the Indenture Trustee by providing timely notice of requests for information under
these provisions and by reasonably limiting such requests to information required, in the
reasonable judgment of the Issuing Entity to comply with Regulation AB.

[Signature Page to Follow]

(NALT 2011-B Indenture)

62

 

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

NISSAN AUTO LEASE TRUST 2011-B

	 	 	 	 	 
	 	By:  	                       Wilmington Trust, National Association,
 	 
	 	 	not in its individual capacity, but solely as 	 
	 	 	Owner Trustee 	 
	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Indenture)

S- 1

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in this Indenture, the
Issuing Entity hereby represents, warrants, and covenants to the Indenture Trustee as follows on
the Closing Date:

(1) The 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 and purchasers from the Issuing
Entity.

(2) The 2011-B SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and
all subaccounts thereof, constitute either deposit accounts or securities accounts.

(3) All of the Collateral that constitutes securities entitlements (other than the 2011-B SUBI
Certificate to the extent the 2011-B SUBI Certificate constitutes a certificated security) has been
or will have been credited to one of the Accounts. The securities intermediary for each Account
has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of
the applicable UCC.

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

(5) The Issuing Entity has received all consents and approvals to the grant of the security
interest in the Collateral hereunder to the Indenture Trustee required by the terms of the
Collateral that constitutes instruments or payment intangibles.

(6) The Issuing Entity has received all consents and approvals required by the terms of the
Collateral that constitutes securities entitlements, certificated securities or uncertificated
securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral
hereunder.

(7) The Issuing Entity has caused or will have caused, within ten days after the effective date of
the Indenture, 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.

(8) With respect to Collateral that constitutes an instrument or tangible chattel paper, either:

(NALT 2011-B Indenture)

 

 

a. All original executed copies of each such instrument or tangible chattel paper have been
delivered to the Indenture Trustee; or

b. Such instruments or tangible chattel paper are in the possession of a custodian and the
Indenture Trustee has received a written acknowledgment from such custodian that such
custodian is holding such instruments or tangible chattel paper solely on behalf and for the
benefit of the Indenture Trustee; or

c. A custodian received possession of such instruments or tangible chattel paper after the
Indenture Trustee received a written acknowledgment from such custodian that such custodian
is acting solely as agent of the Indenture Trustee.

(9) With respect to Collateral that constitutes electronic chattel paper, the Servicer, as an agent
of the Issuing Entity, and to the extent allowed by law:

a. Has in its possession the “authoritative copy” (as such term is used in the UCC) of the
2011-B Lease; and

b. Maintains “control,” as defined in Section 9-105 of the UCC, of all electronic records
constituting or forming part of a 2011-B Lease that is electronic chattel paper.

(10) With respect to the Accounts and all subaccounts thereof that constitute deposit accounts,
either:

a. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the bank maintaining the deposit accounts has agreed to comply with all
instructions originated by the Indenture Trustee directing disposition of the funds in the
Accounts without further consent by the Issuing Entity; or

b. The Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become
the account holder of the Accounts.

(11) With respect to Collateral or Accounts or subaccounts thereof that constitute securities
accounts or securities entitlements, either:

a. The Issuing Entity has caused or will have caused, within ten days after the effective
date of the Indenture, 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 granted in the Collateral to the Indenture Trustee; or

b. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the securities intermediary has agreed to comply with all instructions
originated by the Indenture Trustee relating to the Accounts without further consent by the
Issuing Entity; or

c. The Issuing Entity has taken all steps necessary to cause the securities intermediary to
identify in its records the Indenture Trustee as the person having a security entitlement
against the securities intermediary in the Accounts.

(12) With respect to Collateral that constitutes certificated securities (other than securities
entitlements), all original executed copies of each security certificate that constitutes or
evidences the Collateral have been delivered to the Indenture Trustee, and each such security

(NALT 2011-B Indenture)

 

 

certificate either (i) is in bearer form, (ii) has been indorsed by an effective endorsement to the
Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee.

Other than the transfer of the 2011-B SUBI and the 2011-B SUBI Certificate from NILT Trust to the
Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 2011-B SUBI and the
2011-B SUBI Certificate from the Depositor to the Issuing Entity under the Trust SUBI Certificate
Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee
pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the
Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, or is
aware of any financing statements against the Issuing Entity that include a description of
collateral covering the Collateral or the Accounts or any subaccount thereof other than any
financing statement relating to the security interest granted to the Indenture Trustee hereunder or
that has been terminated.

(13) None of the instruments, certificated securities or tangible chattel paper that constitute or
evidence the Collateral has any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee.

(14) Neither the Accounts nor any subaccounts thereof are in the name of any person other than the
Issuing Entity or the Indenture Trustee. The Issuing Entity has not consented to the securities
intermediary of any Account to comply with entitlement orders of any person other than the
Indenture Trustee.

     As used in this Schedule I, “Collateral” has the meaning set forth in the Granting
Clause of the Indenture.

(NALT 2011-B Indenture)

 

 

EXHIBIT A

FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE

SEE REVERSE FOR CERTAIN DEFINITIONS

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY 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 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.

     TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION
AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

     THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS
DEBT FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES.

     THIS NOTE IS SOLELY AN OBLIGATION OF THE ISSUING ENTITY AND IS NOT AN OBLIGATION OF, AND WILL
NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO LEASING LLC II, NISSAN
MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR
ANY OF THEIR AFFILIATES.

     BY ITS ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL
BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS NOTE (OR ANY
INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS NOTE (OR ANY INTEREST HEREIN)) THAT
EITHER (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS
SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY
DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OF ANY OF THE

(NALT 2011-B Indenture)

A-1

 

FOREGOING (EACH, A “BENEFIT PLAN INVESTOR”) OR (IV) A “GOVERNMENTAL PLAN” (AS DEFINED IN
SECTION 3(32) OF ERISA) OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR
OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(B) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SIMILAR LAW.

(NALT 2011-B Indenture)

A-2

 

NISSAN AUTO LEASE TRUST 2011-B

[LIBOR +] [____]% ASSET BACKED NOTE,

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

			
	 	 	 
	REGISTERED
	 	$_________
	No. R-___
	 	CUSIP NO._________

     Nissan Auto Lease Trust 2011-B, a statutory trust organized and existing under the laws of the
State of Delaware (including any permitted successors and assigns, the “Issuing Entity”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum
of _______________________ ($_____________) in monthly installments on the 15th day of each month,
or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on
October 17, 2011 (each, a “Payment Date”), until the principal of this Note is paid or made
available for payment, and to pay interest on each Payment Date on the Outstanding Class [A-1]
[A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date or if no interest has yet been paid, [for the Class [A-1] and [A-2] Notes,
during the period from and including the previous Payment Date on which interest was paid, or as of
the Closing Date if no interest has yet been paid, to but excluding the current Payment Date] [for
the Class [A-3] and [A-4] Notes, during the period from and including the 15th day of
the preceding calendar month, or as of the Closing Date if no interest has yet been paid, to but
excluding the 15th day of the month in which such Payment Date occurs] at the rate [per
annum shown above] [of one month LIBOR plus [_]%] (the “Interest Rate”), in each case as
and to the extent described below; provided, however, that the entire Class [A-1]
[A-2] [A-3] [A-4] Note Balance shall be due and payable on the earlier of [_________, 20__] (the
“Note Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. The Issuing Entity shall pay interest on overdue
installments of interest at the Interest Rate to the extent lawful. 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 as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuing Entity 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.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee the
name of which 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.

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

     Dated: _________________, 2011

(NALT 2011-B Indenture)

A-3

 

	 	 	 	 	 
	 	NISSAN AUTO LEASE TRUST 2011-B,

 	 
	 	By:  	                       WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity
 	 
	 	 	but solely as Owner Trustee 	 

	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Indenture)

A-4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: _________________, 2011

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Indenture)

A-5

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
“[LIBOR +] [____]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4]” (herein called the
“Notes”) issued under an Indenture, dated as of September 28, 2011 (such indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuing Entity and
U.S. Bank National Association, as trustee (the “Indenture Trustee”, which term includes
any successor Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

     The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in
the Indenture. However, to the extent provided in the Indenture, each Class will receive principal
payment sequentially so that, except as otherwise provided in the Indenture, no principal payments
shall be made in respect of (i) the Class A-2 Notes until the Class A-1 Notes have been paid in
full, (ii) the Class A-3 Notes until the Class A-2 Notes have been paid in full and (iii) the Class
A-4 Notes until the Class A-3 Notes have been paid in full.

     Principal payable on the Notes will be paid on each Payment Date in the amount specified in
the Indenture. As described above, the entire unpaid principal amount of this Note will be payable
on the earlier of the Note Final Scheduled Payment Date and the Redemption Date, if any, selected
pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire
unpaid principal amount of the Notes shall be due and payable following the occurrence and
continuance of an Indenture Default, as described in the Indenture. In such an event, first,
principal payments on the Class A-1 Notes shall be made, and second, principal payments on the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be made pro rata to the
Noteholders entitled thereto.

     Payments of principal and interest on this Note due and payable on each Payment Date or
Redemption Date shall be made by check mailed to the Person whose name appears as the registered
holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of
business on the related Record Date, except that with respect to Notes registered on the Deposit
Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a
Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at
least $1 million and has given the Indenture Trustee appropriate written instructions at least five
Business Days prior to the related Record Date (which instructions, until revised, shall remain
operative for all Payment Dates thereafter), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee or Person. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the related Record Date without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date or Redemption Date shall be binding upon all future holders
of this Note and of any Note issued

(NALT 2011-B Indenture)

A-6

 

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, pursuant to the notice delivered to the
Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the
Issuing Entity, will notify the Person who was the registered holder hereof as of the Record Date
preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date
or Redemption Date (or such longer time period as required by the Depository Agreement) and the
amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

     Pursuant to Section 9.03(a) of the Trust Agreement, the Servicer will be permitted at
its option to purchase the 2011-B SUBI Certificate from the Issuing Entity on any Payment Date if
the conditions set forth therein are satisfied.

     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 Issuing Entity pursuant to the
Indenture. 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 this Note or, in the case of this Note Owner,
a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, 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) any owner of a beneficial interest in the Issuing Entity 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 Issuing Entity, 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
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 Notes represent obligations of the Issuing Entity only and do not represent interests in,
recourse to or obligations of the Depositor, the UTI Beneficiary or any of their respective
Affiliates.

     Each Noteholder by acceptance of this Note, or in the case of this Note Owner, by acceptance
of a beneficial interest in the Notes, hereby covenants and agrees that prior to the date that is
one year and one day after the date upon which all obligations under each Securitized Financing
have been paid in full, it will not institute against, or join any other Person in instituting
against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and
any other Special Purpose Affiliate, any member of any Special Purpose Affiliate or

(NALT 2011-B Indenture)

A-7

 

any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation
Proceeding or other Proceeding under any federal or state bankruptcy or similar law.

     Prior to the due presentment for registration of transfer of this Note, the Issuing Entity,
the Indenture Trustee and their respective agents 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 whatsoever, whether or not this Note be overdue,
and none of the Issuing Entity, the Indenture Trustee or any of their respective agents 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 Issuing Entity and the rights of the
Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a Majority Interest of the Notes. The Indenture also contains provisions
permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of
all Noteholders, to waive compliance by the Issuing Entity with certain provisions of the Indenture
and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by
the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Noteholder and upon all future Noteholders 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 the
Noteholders.

     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, 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 the Indenture shall
alter or impair the obligation of the Issuing Entity, 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.

(NALT 2011-B Indenture)

A-8

 

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:

     ___________________________________

(NALT 2011-B Indenture)

A-9

 

EXHIBIT B

FORM OF DEPOSITORY AGREEMENT

(NALT 2011-B Indenture)

B-1

 

EXHIBIT C

Servicing Criteria To Be Addressed In Assessment Of Compliance

     The assessment of compliance to be delivered by the Indenture Trustee, shall address, and be
limited to, the criteria identified below as “Applicable Servicing Criteria”:

	 	 	 
	Reference	 	Criteria
	 

	 	Cash Collection and Administration
	 
	 	 
	1122(d)(2)(ii)

	 	Disbursements made via wire transfer on behalf of an
obligor or to an investor are made only by authorized
personnel.
	 
	 	 
	1122(d)(2)(iv)

	 	The related accounts for the transaction, such as cash
reserve accounts or accounts established as a form of
overcollateralization, are separately maintained (e.g.,
with respect to commingling of cash) as set forth in the
transaction agreements.
	 
	 	 
	 

	 	Investor Remittances and Reporting
	 
	 	 
	1122(d)(3)(ii)

	 	Amounts due to investors are allocated and remitted in
accordance with timeframes, distribution priority and
other terms set forth in the transaction agreements.
	 
	 	 
	1122(d)(3)(iii)

	 	Disbursements made to an investor are posted within two
business days to the Servicer’s investor records, or such
other number of days specified in the transaction
agreements.
	 
	 	 
	1122(d)(3)(iv)

	 	Amounts remitted to investors per the investor reports
agree with cancelled checks, or other form of payment, or
custodial bank statements.

(NALT 2011-B Indenture)

C-1

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