Document:

exv4w1

EXHIBIT 4.1

 

NISSAN AUTO LEASE TRUST 2011-A

$128,000,000

0.22795% Asset Backed Notes, Class A-1

$100,000,000

0.70% Asset Backed Notes, Class A-2a

$250,000,000

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

$339,000,000

1.04% Asset Backed Notes, Class A-3

$58,000,000

1.24% Asset Backed Notes, Class A-4

NISSAN AUTO LEASE TRUST 2011-A

and

CITIBANK, N.A.,

as Indenture Trustee

 

INDENTURE

Dated as of July 25, 2011

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE
 DEFINITIONS	 	 	 	 
	 
	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	 	 	 	 
	 
	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
	 	 	7	 
	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
	 	 	10	 
	SECTION 2.14 Calculation Agent
	 	 	10	 
	 
	ARTICLE THREE
 COVENANTS	 	 	 	 
	 
	SECTION 3.01 Payments to Noteholders, Trust Certificateholders and Depositor
	 	 	10	 
	SECTION 3.02 Maintenance of Office or Agency
	 	 	11	 
	SECTION 3.03 Money for Payments to be Held in Trust
	 	 	11	 
	SECTION 3.04 Existence
	 	 	13	 
	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-A 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-A SUBI Certificate
	 	 	17	 
	SECTION 3.14 Compliance with Laws
	 	 	17	 
	SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms
	 	 	17	 

i

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 3.16 Successor or Transferee
	 	 	19	 
	SECTION 3.17 Removal of the Administrative Agent
	 	 	19	 
	SECTION 3.18 Perfection Representations
	 	 	19	 
	SECTION 3.19 Securities Exchange Act Filings
	 	 	19	 
	SECTION 3.20 Regulation AB Representations, Warranties and Covenants
	 	 	20	 
	 
	ARTICLE FOUR
 SATISFACTION AND DISCHARGE	 	 	 	 
	 
	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	 	 	 	 
	 
	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 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
	 	 	28	 
	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
	 	 	30	 
	SECTION 5.17 Sale of Collateral
	 	 	30	 
	 
	ARTICLE SIX
 THE INDENTURE TRUSTEE	 	 	 	 
	 
	SECTION 6.01 Duties of Indenture Trustee
	 	 	31	 
	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
	 	 	34	 
	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	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	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-A SUBI Certificate
	 	 	38	 
	SECTION 6.13 Representations and Warranties of Indenture Trustee
	 	 	39	 
	SECTION 6.14 Furnishing of Documents
	 	 	39	 
	SECTION 6.15 Preferred Collection of Claims Against Issuer
	 	 	39	 
	 
	ARTICLE SEVEN
 NOTEHOLDERS’ LISTS AND REPORTS	 	 	 	 
	 
	SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses
	 	 	39	 
	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	 	 	 	 
	 
	SECTION 8.01 Collection of Money
	 	 	42	 
	SECTION 8.02 Accounts
	 	 	42	 
	SECTION 8.03 Payment Date Certificate
	 	 	43	 
	SECTION 8.04 Disbursement of Funds
	 	 	45	 
	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-A Leases and 2011-A Vehicles Upon Purchase or Reallocation
by the Servicer 
	 	 	50	 
	
SECTION 8.08 Opinion of Counsel
	 	 	50	 
	 
	ARTICLE NINE
 SUPPLEMENTAL INDENTURES	 	 	 	 
	 
	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
	 	 	54	 
	 
	ARTICLE TEN
 REDEMPTION OF NOTES	 	 	 	 
	 
	SECTION 10.01 Redemption
	 	 	54	 
	SECTION 10.02 Form of Redemption Notice
	 	 	55	 
	SECTION 10.03 Notes Payable on Redemption Date
	 	 	55	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ELEVEN
 MISCELLANEOUS	 	 	 	 
	 
	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
	 	 	60	 
	SECTION 11.08 Severability
	 	 	60	 
	SECTION 11.09 Benefits of Indenture
	 	 	60	 
	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
	 	 	61	 
	SECTION 11.16 No Recourse
	 	 	61	 
	SECTION 11.17 Inspection
	 	 	61	 
	SECTION 11.18 Limitation of Liability of Owner Trustee
	 	 	62	 
	SECTION 11.19 Conflict with Trust Indenture Act
	 	 	62	 
	SECTION 11.20 Intent of the Parties; Reasonableness
	 	 	62	 
	 
	SCHEDULES	 	 	 	 
	 
	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 July 25, 2011 (as amended, supplemented or otherwise modified from
time to time, this “Indenture”), is between the Nissan Auto Lease Trust 2011-A, a Delaware
statutory trust (the “Issuing Entity”), and Citibank, N.A., a national banking association
(“Citibank”), 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 0.22795% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 0.70%
Asset Backed Notes, Class A-2a (the “Class A-2a Notes”), LIBOR + 0.18% Asset Backed Notes,
Class A-2b (the “Class A-2b Notes”, and, together with the Class A-2a Notes, the “Class A-2
Notes”), 1.04% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), and 1.24% 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 July 25, 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

(NALT
2011-A Indenture)

 

 

company (“NALL II”), NILT, Inc., a Delaware corporation, as trustee to
the Titling Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust Company, a
Delaware corporation with trust powers, as owner trustee and Delaware trustee (in such capacity,
the “Owner Trustee” and the “Delaware Trustee,” respectively), 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-A 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-A Indenture)

2

 

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

ARTICLE 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) $128,000,000 of
Class A-1 Notes, (ii) $100,000,000 of Class A-2a Notes, (iii) $250,000,000 of Class A-2b Notes,
(iv) $339,000,000 of Class A-3 Notes, and (v) $58,000,000 of Class A-4 Notes. The aggregate
principal amount of Class A-1 Notes, Class A-2a Notes, Class A-2b 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

(NALT
2011-A Indenture)

3

 

form provided for herein executed by the Indenture Trustee by the manual signature of one of
its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered hereunder.

     SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the 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

(NALT
2011-A Indenture)

4

 

Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing
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. Each purchaser and transferee acknowledges that the Notes are not
eligible for acquisition by Benefit Plan Investors at any time that the ratings on the Notes are
below investment grade or the Notes have been characterized as other than Indebtedness for
applicable local law purposes.

     (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.

(NALT
2011-A Indenture)

5

 

     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.

     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.

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     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 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

(NALT 2011-A Indenture)

7

 

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;

     (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

(NALT 2011-A Indenture)

8

 

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
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,

(NALT 2011-A Indenture)

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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, 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. Citibank 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., 9.8765445% (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

(NALT 2011-A Indenture)

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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 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

(NALT 2011-A Indenture)

11

 

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;

     (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.

(NALT 2011-A Indenture)

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     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.

     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.

(NALT 2011-A Indenture)

13

 

     (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.

     SECTION 3.07 Performance of Obligations; Servicing of the 2011-A 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-A 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-A 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-A SUBI or the Trust Assets allocated
thereto, the Indenture Trustee may terminate all of the rights and obligations of

(NALT 2011-A Indenture)

14

 

the Servicer with respect to the 2011-A 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.

     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-A 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-A 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-A Servicing
Supplement. In addition, on the same date annually upon which such annual statement

(NALT 2011-A Indenture)

15

 

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

     (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-A 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.

(NALT 2011-A Indenture)

16

 

     SECTION 3.13 Delivery of the 2011-A 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-A SUBI Certificate. The Indenture Trustee shall take possession of
the 2011-A 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-A SUBI Certificate in the
Borough of Manhattan in the City of New York.

     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

(NALT 2011-A Indenture)

17

 

     (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).

     (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;

(NALT 2011-A Indenture)

18

 

     (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 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-A 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-A 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

(NALT 2011-A Indenture)

19

 

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.

     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-A 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;

(NALT 2011-A Indenture)

20

 

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

     (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

(NALT 2011-A Indenture)

21

 

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
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

(NALT 2011-A Indenture)

22

 

proceeding or any remedy available to the Indenture Trustee or exercising any trust power
conferred on the Indenture Trustee.

     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,

(NALT 2011-A Indenture)

23

 

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 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;

(NALT 2011-A Indenture)

24

 

     (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;

     (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):

(NALT 2011-A Indenture)

25

 

     (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;

     (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-A SUBI Certificate (acting in accordance with
instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2011-A
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-A 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).

(NALT 2011-A Indenture)

26

 

     (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.

     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.

(NALT 2011-A Indenture)

27

 

     (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 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;

(NALT 2011-A Indenture)

28

 

     (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.

     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

(NALT 2011-A Indenture)

29

 

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
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-A SUBI
Collection Account.

(NALT 2011-A Indenture)

30

 

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:

     (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.

(NALT 2011-A Indenture)

31

 

     (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.

     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.

(NALT 2011-A Indenture)

32

 

     (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, 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

(NALT 2011-A Indenture)

33

 

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.

     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

(NALT 2011-A Indenture)

34

 

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.

     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

(NALT 2011-A Indenture)

35

 

     (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.

     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

(NALT 2011-A Indenture)

36

 

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.

     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

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     (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.

     (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-A SUBI Certificate. So long as any Notes
are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2011-A 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-A 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

(NALT 2011-A Indenture)

38

 

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

     (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

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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.

     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

(NALT 2011-A Indenture)

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     (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.

     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 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.sf.citidirect.com
or at such other address as shall be specified by the Indenture Trustee from time to time in
writing to the parties hereto. In connection with providing access to the Trustee’s internet
website, the Indenture Trustee may require registration and the acceptance of a disclaimer.

     SECTION 7.06 Information to be Provided by the Indenture Trustee. The Indenture
Trustee shall provide the 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 five Business Days, of all demands communicated to the Indenture Trustee for the repurchase
or replacement of any Receivable pursuant to Section 8.02 of the 2011-A Servicing
Supplement and (ii) promptly upon 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

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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 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-A SUBI Supplement, there has been
established and there shall be maintained an Eligible Account (initially at Citibank) 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-A SUBI Collection Account.” The
2011-A 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-A 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 Citibank) 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.

(NALT 2011-A Indenture)

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     (d) All monies deposited from time to time in the Accounts pursuant to this Indenture or the
2011-A 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.

     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-A 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-2a Note Balance, the Class A-2b 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;

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     (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;

     (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-A Servicing Supplement.

(NALT 2011-A Indenture)

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     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.

     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-A 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 (pro rata among the
Class A-2a Notes and the Class A-2b 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;

(NALT 2011-A Indenture)

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     (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];

     (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-A 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-A 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:

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	 	(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 (pro rata
among the Class A-2a Notes and the Class A-2b Notes), 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];

     (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-A 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-A 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-A 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

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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 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.

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     (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.

     (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-A 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

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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-A Leases and 2011-A Vehicles Upon Purchase or
Reallocation by the Servicer.

     (a) Upon the reallocation or purchase of any 2011-A Lease and related 2011-A 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-A Lease and related 2011-A Vehicle and all proceeds thereof and the
other property with respect to such 2011-A Lease and related 2011-A Vehicle, and all security and
any documents relating thereto, and such 2011-A Lease and related 2011-A 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-A Lease and related 2011-A Vehicle pursuant hereto and the assignment of such
2011-A Lease and 2011-A 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

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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 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

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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 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

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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

     (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

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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 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-A 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-A 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-A 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-A 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.

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     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;

     (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

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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;

     (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

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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 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.

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57

 

     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
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,

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58

 

Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com and
matt.zimmerman@nissan-usa.com), Attention: Treasurer; (ii) if to the Indenture Trustee, at 388
Greenwich Street, 14th Floor, New York, New York 10013 (telecopier no. (212) 816-5527)
(email: NATL_notices@citi.com), Attention: Nissan Auto Lease Trust 2011-A; (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, notice or communication hereunder 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.

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59

 

     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 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
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

(NALT 2011-A Indenture)

60

 

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 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

(NALT 2011-A Indenture)

61

 

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
Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing
Entity and in no event shall Wilmington Trust Company in its individual capacity or any beneficial
owner of the Issuing Entity have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuing Entity hereunder, as to all of which recourse shall
be had solely to the assets of the Issuing Entity. For all purposes of this 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.

     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-A 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-A

 

 	 
	 	By:  	
Wilmington Trust Company,

not in its individual capacity, but solely as

Owner Trustee

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CITIBANK, N.A.,

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-A 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-A 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-A SUBI
Certificate to the extent the 2011-A 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-A 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-A 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-A 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-A 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-A SUBI and the 2011-A SUBI Certificate from NILT Trust to the
Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 2011-A SUBI and the
2011-A 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-A Indenture)

 

 

EXHIBIT A

FORM OF CLASS [A-1] [A-2a] [A-2b] [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-A 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. EACH PURCHASER AND TRANSFEREE ACKNOWLEDGES AND AGREES THAT THIS NOTE
IS NOT ELIGIBLE FOR PURCHASE BY A BENEFIT PLAN INVESTOR AT ANY TIME THAT THE RATINGS ON THE NOTE
ARE BELOW INVESTMENT GRADE OR THE NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR
APPLICABLE LOCAL LAW PURPOSES.

(NALT 2011-A Indenture)

A-2

 

NISSAN AUTO LEASE TRUST 2011-A

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

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

			
	REGISTERED
	 	$                     
	No. R-___
	 	CUSIP NO._________

     Nissan Auto Lease Trust 2011-A, 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
August, 15, 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-2a] [A-2b] [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-2b] 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-2a], [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 0.18%] (the “Interest Rate”), in each case
as and to the extent described below; provided, however, that the entire Class
[A-1] [A-2a] [A-2b] [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-A Indenture)

A-3

 

	 	 	 	 	 
	 	NISSAN AUTO LEASE TRUST 2011-A,

 	 
	 	By:  	WILMINGTON TRUST COMPANY,
 	 
	 	 	as Owner Trustee 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-A 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

	 	 	 	 	 
	 	CITIBANK, N.A.,

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-A 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-2a] [A-2b] [A-3] [A-4]” (herein called the
“Notes”) issued under an Indenture, dated as of July 25, 2011 (such indenture, as
supplemented or amended, is herein called the “Indenture”), between the Issuing Entity and
Citibank, N.A., 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-A 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-A 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-A 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-A 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-A Indenture)

A-9

 

EXHIBIT B

FORM OF DEPOSITORY AGREEMENT

(NALT 2011-A 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-A Indenture)

C-1exv10w1

EXHIBIT 10.1

 

AGREEMENT OF DEFINITIONS

by and among

NISSAN MOTOR ACCEPTANCE CORPORATION

NISSAN AUTO LEASING LLC II

NISSAN AUTO LEASE TRUST 2011-A

NISSAN-INFINITI LT

NILT TRUST

NILT, INC.

WILMINGTON TRUST COMPANY

U.S. BANK NATIONAL ASSOCIATION

CITIBANK, N.A.

Dated as of July 25, 2011

 

 

 

AGREEMENT OF DEFINITIONS

     This Agreement of Definitions (as amended, supplemented or otherwise modified, this
“Agreement of Definitions”), dated as of July 25, 2011, is by and among Nissan Auto Lease
Trust 2011-A, as issuer (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 Trust (the “Titling Trustee”), Wilmington Trust Company, a
Delaware corporation with trust powers, as owner trustee and Delaware trustee (in such capacity,
the “Owner Trustee” and the “Delaware Trustee,” respectively), U.S. Bank National
Association, a national banking association (“U.S. Bank”), as trust agent (in such
capacity, the “Trust Agent”), and Citibank, N.A., a national banking association
(“Citibank”), as indenture trustee (in such capacity, the “Indenture Trustee,”).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August 26,
1998 (the “Titling Trust Agreement”), among the Grantor and the UTI Beneficiary, the
Servicer, the Delaware Trustee, the Titling Trustee, and the Trust Agent, the Titling Trust was
formed to take assignments and conveyances of and hold in trust various assets (the “Trust
Assets”);

     B. The UTI Beneficiary, the Servicer, and the Titling Trust have entered into the SUBI
Servicing Agreement, dated as of March 1, 1999 as amended by the First Amendment to Servicing
Agreement, dated as of January 3, 2001 (the “Basic Servicing Agreement”) which provides
for, among other things, the servicing of the Trust Assets by the Servicer;

     C. Pursuant to the Titling Trust Agreement, from time to time the Trustee, on behalf of the
Titling Trust and at the direction of the UTI Beneficiary, will identify and allocate on the books
and records of the Titling Trust certain Trust Assets and create and issue one or more special
units of beneficial interest (each, a “SUBI”), the beneficiaries of which generally will be
entitled to the net cash flows arising from such Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented by
the 2011-A SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the “2011-A
SUBI”);

     E. The parties hereto desire to identify and allocate to the 2011-A SUBI a separate portfolio
of Trust Assets consisting of leases (the “2011-A Leases”) and certain other related Trust
Assets and the vehicles that are leased under the 2011-A Leases (the “2011-A Vehicles”);

     F. The parties hereto also desire that the Titling Trust issue to NILT Trust a certificate
evidencing a 100% beneficial interest in the 2011-A SUBI (the “2011-A SUBI Certificate”);

(NALT 2011-A Agreement of Definitions)

1

 

     G. NILT Trust will sell, transfer and assign the 2011-A SUBI Certificate and the 2011-A SUBI
Assets evidenced thereby to NALL II pursuant to the SUBI Certificate Transfer Agreement, dated as
of July 25, 2011 (the “SUBI Certificate Transfer Agreement”). NALL II will further transfer
the 2011-A SUBI Certificate and the 2011-A SUBI Assets evidenced thereby to the Issuing Entity
pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of July 25, 2011 (the
“Trust SUBI Certificate Transfer Agreement”);

     H. Pursuant to the Indenture, dated as of July 25, 2011 (the “Indenture”), by and
between the Issuing Entity and the Indenture Trustee, the Issuing Entity will (i) issue
$128,000,000 aggregate principal amount of 0.22795% Asset Backed Notes, Class A-1 (the “Class
A-1 Notes”), $100,000,000 aggregate principal amount of 0.70% Asset Backed Notes, Class A-2a
(the “Class A-2a Notes”), $250,000,000 aggregate principal amount of LIBOR + 0.18% Asset
Backed Notes, Class A-2b (the “Class A-2b Notes” and, together with the Class A-2a Notes,
the “Class A-2 Notes”), $339,000,000 aggregate principal amount of 1.04% Asset Backed
Notes, Class A-3 (the “Class A-3 Notes”) and $58,000,000 aggregate principal amount of
1.24% 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”); and (ii) pledge the 2011-A SUBI Certificate and the 2011-A SUBI Assets
evidenced thereby to the Indenture Trustee for the benefit of the holders of the Notes;

     I. The parties hereto also desire to register a pledge of the 2011-A SUBI Certificate to the
Indenture Trustee for the benefit of the holders of the Notes; and

     J. The parties hereto have agreed to enter into this Agreement of Definitions in an effort to
establish and agree upon a single set of definitions for any capitalized term used and not
otherwise defined in any documents executed in connection with the 2011-A SUBI if such document
references this Agreement of Definitions.

     NOW, THEREFORE, in consideration of the parties’ mutual agreement to rely upon the definitions
contained herein in the interpretation of certain of the Basic Documents (as defined herein), the
parties hereto agree as follows:

          Section 1.01 Definitions. In the event of any conflict or inconsistency between a
definition set forth both herein and in any of the Basic Documents, the definitions set forth in
each such Basic Document shall prevail with respect to such Basic Document

     Whenever any agreement relates to the Basic Documents or to the transactions contemplated by
the Basic Documents, subject to the preceding paragraph, the capitalized terms used without
definition in such agreement shall have the following meanings:

     “Accountant” means a firm of public accountants of nationally recognized standing.

     “Accounts” means the Note Distribution Account and the Reserve Account.

     “Accrual Period” means (i) with respect to any Payment Date and the Class A-1 Notes
and each Class of Floating Rate Notes, the period from and including the immediately preceding
Payment Date to but excluding the current Payment Date, or, in the case of the first Payment Date
or if no interest has yet been paid, from and including the Closing Date to, but excluding,

(NALT 2011-A Agreement of Definitions)

2

 

the first Payment Date and (ii) with respect to any Payment Date and each Class of Fixed Rate
Notes (other than the Class A-1 Notes), the period from and including the 15th day of the preceding
calendar month to but excluding the 15th day of the month of such Payment Date, or with respect to
the first Payment Date, from and including the Closing Date, to but excluding August 15, 2011.

     “Act” has the meaning set forth in Section 11.03(a) of the Indenture.

     “Administrative Agent” means NMAC, as Administrative Agent under the Trust
Administration Agreement.

     “Administrative Charge” means, with respect to any Lease, any payment (whether or not
part of the fixed monthly payment) payable to the related Lessor representing a disposition fee, a
late payment fee, an Extension Fee, an allocation to the related Lessee of insurance premiums,
sales, personal property or excise taxes or any other similar charge.

     “Administrative Lien” means a first lien upon any Certificate of Title deemed
necessary and useful by the Servicer or by the UTI Beneficiary and the Servicer solely to provide
for delivery of title documentation to the Titling Trustee or its designee.

     “Advance” means a Sales Proceeds Advance or a Monthly Payment Advance, as the context
may require.

     “Affiliate” of any Person means any other Person that (i) directly or indirectly
controls, is controlled by or is under common control with such Person (excluding any trustee
under, or any committee with responsibility for administering, any employee benefit plan) or (ii)
is an officer, director, member or partner of such Person. For purposes of this definition, a
Person shall be deemed to be “controlled by” another Person if such Person possesses, directly or
indirectly, the power (i) to vote 5% or more of the securities (on a fully diluted basis, having
ordinary voting power for the election of directors, members or managing partners of such Person)
or (ii) to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise.

     “Agreement of Definitions” means this Agreement of Definitions.

     “ALG Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in June 2011 as a “mark-to-market” value (assuming that the vehicle is in
“average” rather than “clean” condition) based on the total MSRP of the vehicle and all NMAC
authorized options, without making a distinction between value adding options and non-value adding
options.

     “Assets” has the meaning set forth in Section 2.01 to the SUBI Certificate
Transfer Agreement.

     “Auction Proceeds” means, with respect to a Collection Period, all amounts received by
the Servicer in connection with the sale or disposition of any vehicle which is sold at auction or

(NALT 2011-A Agreement of Definitions)

3

 

otherwise disposed of by the Servicer during such Collection Period, other than Insurance
Proceeds.

     “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on
behalf of the Indenture Trustee to authenticate and deliver the Notes or any Person authorized by
the Owner Trustee to act on behalf of the Owner Trustee to authenticate and deliver the Trust
Certificates, as the context may require.

     “Authorized Newspaper” means a newspaper of general circulation in The City of New
York, printed in the English language and customarily published on each Business Day, whether or
not published on Saturdays, Sundays, and holidays.

     “Authorized Officer” means (a) with respect to the Issuing Entity, (i) any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing
Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to
the Indenture Trustee on the Closing Date and (ii) so long as the Trust Administration Agreement is
in effect, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary, and any Assistant Secretary of the Administrative Agent, and (b) with respect to the
Servicer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary,
and any Assistant Secretary of the Servicer.

     “Automotive Lease Guide” means the publication of such name, which includes residual
factors, or any successor publication.

     “Available Funds” means, for any Payment Date and the related Collection Period, the
sum of the following amounts: (i) SUBI Collections, (ii) Advances and (iii) in the case of an
Optional Purchase, the Optional Purchase Price.

     “Available Funds Shortfall Amount” means, for any Payment Date and the related
Collection Period, the amount, if any, by which Available Funds are less than the sum of (a) the
Servicer Monthly Payment and (b) the amount necessary to make the distributions in clauses
(ii) and (iii) of Section 8.04(a) of the Indenture, except that the Optimal
Principal Distributable Amount rather than the Monthly Principal Distributable Amount shall be used
for purposes of clause (ii).

     “Available Principal Distribution Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the amount of (i) Available Funds remaining after
the Servicer has been paid the Payment Date Advance Reimbursement and the Servicing Fee (together
with any unpaid Servicing Fees in respect of one or more prior Collection Periods) and (ii) the
Reserve Account Draw Amount remaining after accrued interest has been paid on the Notes.

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Section 101 et
seq.

     “Base Residual” means the lowest of (i) the Contract Residual, (ii) the ALG Residual,
and (iii) the MRM Residual.

(NALT 2011-A Agreement of Definitions)

4

 

     “Basic Documents” means the Servicing Agreement, the SUBI Trust Agreement, the Trust
Agreement, the Trust Administration Agreement, the Indenture, the SUBI Certificate Transfer
Agreement, the Trust SUBI Certificate Transfer Agreement, the Control Agreement, the Underwriting
Agreement, this Agreement of Definitions, the 2011-A SUBI Certificate and the Securities.

     “Basic Servicing Agreement” means the servicing agreement, dated as of March 1, 1999,
as amended by the First Amendment to Servicing Agreement, among the Titling Trust, as UTI
Beneficiary, and the Servicer.

     “Beneficiaries” means, collectively, the Related Beneficiaries of all Sub-Trusts, and
“Beneficiary” means any of such Beneficiaries.

     “Benefit Plan” means (i) an “employee benefit plan” as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975(e)(1) of the
Code, that is subject to Section 4975 of the Code, or (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 foregoing.

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

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

     “Calculation Agent” means, with respect to the determination of the Interest Rate of
the Floating Rate Notes, Citibank, acting in such capacity under the Indenture (including any
permitted successor or replacement calculation agent designated from time to time pursuant to the
Indenture).

     “Casualty Termination” as of any date means any Lease that has been terminated prior
to its Maturity Date if the related Leased Vehicle has been lost, stolen or damaged beyond economic
repair.

     “Certificate Balance” means, as of any date, the aggregate principal amount of the
Trust Certificates as of such date.

     “Certificate Distribution Account” means the account established pursuant to
Section 5.01(a) to the Trust Agreement.

     “Certificate Distribution Amount” means, as of any Payment Date, the amount being
distributed to the Trust Certificateholders on such Payment Date.

     “Certificate Factor” means, with respect to the Trust Certificates on any Payment
Date, the seven digit decimal equivalent of a fraction, the numerator of which is the Certificate
Balance

(NALT 2011-A Agreement of Definitions)

5

 

on such Payment Date (after giving effect to any payment of principal on such Payment Date),
and the denominator of which is the Certificate Balance on the Closing Date.

     “Certificate of Title” has the meaning set forth in the Titling Trust Agreement.

     “Certificate of Trust” means the Certificate of Trust filed for the Issuing Entity
pursuant to Section 3810(a) of the Statutory Trust Statute.

     “Certificate Register” and “Certificate Registrar” mean the register mentioned
in and the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

     “Citibank” means Citibank, N.A., a national banking association.

     “Claims” means all liabilities, claims and expenses (including reasonable legal and
other professional fees and expenses).

     “Class” means a group of Notes the form of which is identical except for variation in
denomination, principal amount or owner, and references to “each Class” means each of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes.

     “Class A-1 Interest Rate” means 0.22795% per annum (computed on the basis of the
actual number of days elapsed, but assuming a 360-day year).

     “Class A-1 Note Balance” means, as of any date, the Initial Class A-1 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1 Notes.

     “Class A-1 Noteholder” means, as of any date, the Person in whose name a Class A-1
Note is registered on the Note Register on such date.

     “Class A-1 Notes” has the meaning set forth in Recital H hereof.

     “Class A-2a Interest Rate” means 0.70% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-2a Note Balance” means, as of any date, the Initial Class A-2a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2a Notes.

     “Class A-2a Noteholder” means, as of any date, the Person in whose name a Class A-2a
Note is registered on the Note Register on such date.

     “Class A-2a Notes” has the meaning set forth in Recital H hereof.

     “Class A-2b Interest Rate” means LIBOR + 0.18% per annum (computed on the basis of the
actual number of days elapsed, but assuming a 360-day year).

     “Class A-2b Note Balance” means, as of any date, the Initial Class A-2b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2b Notes.

(NALT 2011-A Agreement of Definitions)

6

 

     “Class A-2b Noteholder” means, as of any date, the Person in whose name a Class A-2b
Note is registered on the Note Register on such date.

     “Class A-2b Notes” has the meaning set forth in Recital H hereof.

     “Class A-3 Interest Rate” means 1.04% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-3 Note Balance” means, as of any date, the Initial Class A-3 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-3 Notes.

     “Class A-3 Noteholder” means, as of any date, the Person in whose name a Class A-3
Note is registered on the Note Register on such date.

     “Class A-3 Notes” has the meaning set forth in Recital H hereof.

     “Class A-4 Interest Rate” means 1.24% per annum (computed on the basis of a 360-day
year of twelve 30-day months).

     “Class A-4 Note Balance” means, as of any date, the Initial Class A-4 Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-4 Notes.

     “Class A-4 Noteholder” means, as of any date, the Person in whose name a Class A-4
Note is registered on the Note Register on such date.

     “Class A-4 Notes” has the meaning set forth in Recital H hereof.

     “Class Balance” means, as of any date, the Class A-1 Note Balance, the Class A-2a Note
Balance, the Class A-2b Note Balance, the Class A-3 Note Balance, or the Class A-4 Note Balance, as
applicable.

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

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

     “Closing Date” means July 25, 2011.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” has the meaning set forth in the Granting Clause of the Indenture.

     “Collection Account” means, with respect to any Sub-Trust, the account created,
designated and maintained as such pursuant to Section 4.02 of the Titling Trust Agreement.

     “Collection Period” has the meaning set forth in the Basic Servicing Agreement.

(NALT 2011-A Agreement of Definitions)

7

 

     “Commission” means the Securities and Exchange Commission.

     “Contingent and Excess Liability Insurance Policy” has the meaning set forth in the
Basic Servicing Agreement.

     “Contract Residual” means, with respect to any Lease, the residual value of the
related Leased Vehicle at the Maturity Date as established or assigned by the Servicer at the time
of origination of such Lease in accordance with its Customary Servicing Practices for the purpose
of determining the Monthly Payment.

     “Control Agreement” means the control agreement, dated as of July 25, 2011, among the
Issuing Entity and Citibank, in its capacities as Securities Intermediary, Indenture Trustee and
Secured Party.

     “Corporate Trust Office” means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the
execution of the Indenture is located (a) for note transfer/surrender purposes at Citibank, N.A.,
111 Wall Street, 15th Floor, New York, New York 10005, Attention 15th Floor
Window/NALT 2011-A and (b) for all other purposes, Citibank, N.A., 388 Greenwich Street,
14th Floor, New York, New York 10013, Attention: Agency & Trust—NALT 2011-A; or at such
other address as the Indenture Trustee may designate from time to time by notice to the Noteholders
and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee
(the address of which the successor Indenture Trustee shall notify the Noteholders and the Issuing
Entity).

     “Co-Trustee” has the meaning set forth in the Basic Servicing Agreement.

     “Credit and Collection Policy” has the meaning set forth in the Basic Servicing
Agreement.

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

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

     “Customary Servicing Practices” means the customary practices of the Servicer with
respect to Leased Vehicles and Leases held by the Titling Trust, without regard to whether such
Leased Vehicles and Leases have been identified and allocated into a portfolio of Trust Assets
allocated to the 2011-A SUBI or any Other SUBI, as such practices may be changed from time to time.

     “Cutoff Date” means the close of business on June 30, 2011.

     “Dealer” has the meaning set forth in the Titling Trust Agreement.

(NALT 2011-A Agreement of Definitions)

8

 

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

     “Defaulted Lease” means any Lease that (a) by its terms, is delinquent more than 120
days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in
accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii)
repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s
failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely
or properly perform any obligation under the Lease, or any other act by the Lessee constituting a
default under applicable law), or (c) the Servicer has received notification that the related
Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

     “Defaulted Vehicle” means the Leased Vehicle related to a Defaulted Lease.

     “Definitive Note” means a definitive fully registered Note.

     “Delaware Trustee” has the meaning set forth in the preamble to this Agreement of
Definitions.

     “Deposit Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Depositor” means NALL II.

     “Depositor’s Formation Documents” means the Certificate of Formation of Nissan Auto
Leasing LLC II, dated as of October 24, 2001 and the Limited Liability Company Agreement of Nissan
Auto Leasing LLC II, dated as of October 29, 2001.

     “Depository Agreement” means the agreement among the Issuing Entity, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially in the
form of Exhibit B to the Indenture.

     “Designated LIBOR Page” means the display on Reuters Screen LIBOR01 Page or any
successor service or any page as may replace the designated page on that service or any successor
service that displays London interbank rates of major banks for U.S. dollars.

     “Disposition Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the sale at auction or other disposition of a Leased Vehicle by the
Servicer.

     “Distribution Account” means either the Note Distribution Account or the Certificate
Distribution Account, as the context may require.

     “Distribution Statement” has the meaning set forth in Section 5.02(c) of the
Trust Agreement.

     “DTC” means The Depository Trust Company.

(NALT 2011-A Agreement of Definitions)

9

 

     “Early Termination Charge” means, with respect to any 2011-A Lease that is terminated
prior to its Maturity Date, an amount equal to the difference, if any, between (a) the present
value (discounted at the implicit rate of such 2011-A Lease) of all remaining Monthly Payments and
(b) the difference, if any, between the adjusted lease balance and the vehicle’s fair market
wholesale value in accordance with accepted practices in the automobile industry (or by written
agreement between the Servicer, on behalf of the Titling Trust, and the Lessee).

     “Early Termination Purchase Option Price” means, with respect to any 2011-A Lease that
is terminated prior to its Maturity Date, the amount paid by the related Lessee or a Dealer to
purchase the related 2011-A Vehicle.

     “Eligible Account” means an account maintained with a depository institution or trust
company having the Required Deposit Rating.

     “Employee Benefit Plan” means any “employee benefit plan,” as such term is defined in
Section 3(3) of ERISA subject to Title IV of ERISA, maintained or sponsored by the Servicer or any
of its ERISA Affiliates.

     “Entitlement Holder” means, with respect to any financial asset, a Person identified
in the records of the Securities Intermediary as the Person having a Security Entitlement against
the Securities Intermediary with respect to such financial asset.

     “Entitlement Order” means a notification directing the Securities Intermediary to
transfer or redeem a financial asset.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Servicer within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “Excess Amounts” means, as of any Payment Date, the amount remaining in the 2011-A
SUBI Collection Account after the distributions provided for in clauses (i) and
(ii) of Section 8.04(a) of the Indenture have been made.

     “Excess Mileage and Excess Wear and Tear Charges” or “Excess Mileage Fee”
means, with respect to any 2011-A Lease or 2011-A Vehicle, any applicable charge for excess mileage
or excess wear and tear.

     “Exchange Act” means the Securities Exchange Act of 1934.

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

(NALT 2011-A Agreement of Definitions)

10

 

     “Expenses” means all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses, and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever.

     “Extended Lease” means any Lease that has had its original Maturity Date extended by
the Servicer.

     “Extension Fee” means, with respect to any Extended Lease, any payment required to be
made by the Lessee in connection with the extension of such Lease.

     “Financial Asset” has the meaning set forth in Section 8-102(a)(9) of the New York
UCC.

     “Fitch” means Fitch Ratings, Ltd.

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

     “Floating Rate Note” means any Class A-2b Note.

     “Force Majeure Event” has the meaning set forth in the Basic Servicing Agreement.

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

     “Grantor” has the meaning set forth in the preamble to the Titling Trust Agreement.

     “Holder” has the meaning set forth in the Titling Trust Agreement.

     “Indemnified Parties” has the meaning set forth in Section 8.01(a) to the
Trust Agreement.

     “Indenture” means the indenture, dated as of July 25, 2011 between the Issuing Entity
and the Indenture Trustee.

     “Indenture Default” has the meaning set forth in Section 5.01 of the
Indenture.

     “Indenture Trustee” means Citibank, as Indenture Trustee under the Indenture.

(NALT 2011-A Agreement of Definitions)

11

 

     “Independent” means, when used with respect to any specified Person, that such Person
(i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the
Administrative Agent and any Affiliate of any of the foregoing Persons, (ii) does not have any
direct financial interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Administrative Agent or any Affiliate of any of the foregoing Persons and
(iii) is not connected with the Issuing Entity, any such other obligor, the Administrative Agent or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director, or Person performing similar functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01(b) of the Indenture, made by an Independent
appraiser or other expert appointed by a Trust Order, and such opinion or certificate shall state
that the signer has read the definition of “Independent” in this Indenture and that the signer is
Independent within the meaning thereof.

     “Independent Manager” means an individual who was not at any time during the preceding
five years (i) a director (other than during his tenure as an Independent Manager of the Depositor
or for one or more affiliates of the Depositor), officer, employee or affiliate of the Depositor or
any of its affiliates (other than any limited purpose or special purpose corporation or limited
liability company similar to the Depositor), (ii) a person related to any officer or director of
any affiliate of the Depositor (other than any limited purpose or special purpose corporation or
limited liability company similar to the Depositor), (iii) a direct or indirect holder of one or
more than 5% of any voting securities of any affiliate of the Depositor, (iv) a person related to a
direct or indirect holder of 5% or more of the any voting securities of any Affiliate of the
Depositor, (v) a material creditor, material supplier, family member, manager, or contractor of the
Depositor, or (vi) a person who controls (whether directly, indirectly, or otherwise) the Depositor
or its affiliates or any material creditor, material supplier, employee, officer, director (other
than during his tenure as an Independent Manager of the Depositor or for one or more affiliates of
the Depositor), manager or material contractor of the Depositor or its affiliates.

     “Initial Class A-1 Note Balance” means $128,000,000.

     “Initial Class A-2a Note Balance” means $100,000,000.

     “Initial Class A-2b Note Balance” means $250,000,000.

     “Initial Class A-3 Note Balance” means $339,000,000.

     “Initial Class A-4 Note Balance” means $58,000,000.

     “Initial Class Balance” means the Initial Class A-1 Note Balance, the Initial Class
A-2a Note Balance, the Initial Class A-2b Note Balance, the Initial Class A-3 Note Balance or the
Initial Class A-4 Note Balance, as applicable.

     “Initial Deposit Amount” means the Issuing Entity’s deposit to the Reserve Account, on
or before the Closing Date, of $5,271,084.34.

(NALT 2011-A Agreement of Definitions)

12

 

     “Initial Note Balance” means the sum of the Initial Class A-1 Note Balance, the
Initial Class A-2a Note Balance, the Initial Class A-2b Note Balance, the Initial Class A-3 Note
Balance and the Initial Class A-4 Note Balance.

     “Initial Securities Balance” means the initial principal amount of the Notes and the
Trust Certificates.

     “Initial Trust Certificate Balance” means $179,216,867.47.

     “Insurance Expenses” with respect to any 2011-A Vehicle, 2011-A Lease or Lessee, means
any Insurance Proceeds (i) applied to the repair of the related Leased Vehicle, (ii) released to
the related Lessee in accordance with applicable law or the Customary Servicing Practices of the
Servicer, or (iii) representing other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses or Disposition Expenses and recoverable by the Servicer under the
SUBI Trust Agreement.

     “Insurance Policy” means any insurance policy (including any self-insurance),
including any residual value insurance policy, guaranteed automobile protection policy,
comprehensive, collision, public liability, physical damage, personal liability, contingent and
excess liability, accident, health, credit, life, or unemployment insurance or any other form of
insurance or self-insurance, to the extent such insurance policy relates to the 2011-A Vehicles or
the ability of a Lessee to make required payments with respect to the related 2011-A Lease.

     “Insurance Proceeds” means, with respect to any 2011-A Vehicle, 2011-A Lease or
Lessee, recoveries paid to the Servicer, the Titling Trust or the Titling Trustee on behalf of the
Titling Trust under an Insurance Policy and any rights thereunder or proceeds therefrom (including
any self-insurance and amounts collected from a Lessee for amounts of deductibles not covered by
Insurance Policies).

     “Interest” means, as of any date, the ownership interest of a Trust Certificateholder
(including the interest of the Depositor as holder of the Trust Certificate) in the Issuing Entity
as of such date, including the right of such Trust Certificateholder to any and all benefits to
which such Trust Certificateholder may be entitled as provided in the Trust Agreement and any other
Basic Document, together with the obligations of such Trust Certificateholder to comply with all
the terms and provisions of the Trust Agreement and the other Basic Documents.

     “Interest Determination Date” means, with respect to any Interest Period with respect
to the Floating Rate Notes, the day that is two London Business Days prior to the related Interest
Reset Date.

     “Interest Period” means the Accrual Period with respect to each Class of Floating Rate
Notes, respectively.

     “Interest Rate” means the Class A-1 Interest Rate, the Class A-2a Interest Rate, the
Class A-2b Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate or the Overdue
Interest Rate, as applicable.

(NALT 2011-A Agreement of Definitions)

13

 

     “Interest Reset Date” means, with respect to any Interest Period with respect to the
Floating Rate Notes, the first day of such Interest Period; provided that if any Interest Reset
Date would otherwise be a day that is not a Business Day, that Interest Reset Date will be
postponed to the next succeeding day that is a Business Day, except that if that Business Day falls
in the next succeeding calendar month, such Interest Reset Date will be the immediately preceding
Business Day.

     “Investment Company Act” means the Investment Company Act of 1940.

     “Issuing Entity” means Nissan Auto Lease Trust 2011-A, until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes.

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

     “Lease” means any lease contract for a Leased Vehicle assigned.

     “Lease Documents” has the meaning set forth in the Basic Servicing Agreement; provided
that such definition shall refer only to lease documents related to Leases allocated to the 2011-A
Lease SUBI.

     “Lease Pull-Forward” means, as of any date, any Lease that has been terminated by the
related Lessee before the related Maturity Date under NMAC’s pull-forward program in order to allow
such Lessee, among other things, (i) to enter into a new lease contract for a new Nissan or
Infiniti vehicle, or (ii) to purchase a new Nissan or Infiniti vehicle, provided that the Lessee is
not in default on any of its obligations under the related Lease and the financing of the related
vehicle is provided by NMAC.

     “Leased Vehicle” means a new or used Nissan or Infiniti automobile, sport utility
vehicle, minivan or light-duty truck, together with all accessories, parts and additions
constituting a part thereof, and all accessions thereto, leased to a Lessee pursuant to a Lease.

     “Lessee” means each Person that is a lessee under a Lease, including any Person that
executes a guarantee on behalf of such lessee; provided that such definition shall refer only to
Lessees of Leases allocated to the 2011-A SUBI.

     “Lessee Initiated Early Termination” as of any date means any Lease that has been
terminated by the related Lessee before the related Maturity Date, provided that the Lessee is not
in default.

     “Lessee Partial Monthly Payment” means, in connection with the payment by a Lessee of
less than 100% of the Monthly Payment due with respect to a 2011-A Lease, the actual amount paid by
the Lessee toward such Monthly Payment.

     “Lessor” means each Person that is a lessor under a Lease or assignee thereof,
including the Issuing Entity.

(NALT 2011-A Agreement of Definitions)

14

 

     “Liability” means any liability or expense, including any indemnification obligation.

     “LIBOR” means, for any Interest Period, the rate for deposits in U.S. Dollars having a
maturity of one month (commencing on the related Interest Reset Date) that appears on the
Designated LIBOR Page as of 11:00 a.m. London time, on the applicable Interest Determination Date.
With respect to an Interest Determination Date on which no rate appears on the Designated LIBOR
Page, LIBOR for the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of at least two quotations obtained by the Calculation
Agent after requesting the principal London offices of each of four major reference banks in the
London interbank market, which may include the Calculation Agent and its affiliates, as selected by
the Calculation Agent, to provide the Calculation Agent with its offered quotations for deposits in
U.S. Dollars for the period of one month, commencing on the second London Business Day immediately
following the applicable Interest Determination Date, to prime banks in the London interbank market
at approximately 11:00 a.m., London time, on such Interest Determination Date and in a principal
amount that is representative of a single transaction in U.S. Dollars in that market at that time.
If at least two such quotations are provided, LIBOR determined on the applicable Interest
Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations
referred to in this paragraph are provided, LIBOR determined on the applicable Interest
Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of
the rates quoted at approximately 11:00 a.m., in New York, New York, on the applicable Interest
Determination Date by three major banks, which may include the Calculation Agent and its
affiliates, in New York, New York selected by the Calculation Agent for loans in U.S. Dollars to
leading European banks in a principal amount that is representative of a single transaction in U.S.
Dollars in that market at that time. If the banks so selected by the Calculation Agent are not
quoting as mentioned in this paragraph, LIBOR for the applicable Interest Determination Date will
be LIBOR in effect on the applicable Interest Determination Date.

     “Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens, mechanics’ liens, any liens that attach to property by operation of law
and statutory purchase liens to the extent not past due.

     “Liquidated Lease” means a 2011-A Lease that is terminated and charged off by the
Servicer prior to its Maturity Date following a default thereunder.

     “Liquidated Vehicle” means the 2011-A Vehicle related to a Liquidated Lease.

     “Liquidation Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the attempted realization of the full amounts due or to become due
under any Liquidated Lease, including expenses of any collection effort (whether or not resulting
in a lawsuit against the Lessee under such Lease) or other expenses incurred prior to repossession,
recovery or return of the Liquidated Vehicle, expenses incurred in connection with the sale or
other disposition of a Liquidated Vehicle that has been repossessed or recovered or has reached its
Maturity Date, expenses incurred in connection with making claims under any related Insurance
Policy and expenses incurred in connection with making claims for any Liquidation Expenses.

(NALT 2011-A Agreement of Definitions)

15

 

     “Liquidation Proceeds” will mean the gross amount received by the Servicer in
connection with the attempted realization of the full amounts due or to become due under any Lease
and of the Base Residual of the Leased Vehicle, whether from the sale or other disposition of the
related Leased Vehicle (irrespective of whether or not such proceeds exceed the related Base
Residual), the proceeds of any repossession, recovery or collection effort, the proceeds of
recourse or similar payments payable under the related dealer agreement, receipt of insurance
proceeds and application of the related security deposit and the proceeds of any disposition fees
or other related proceeds.

     “London Business Day” means any day on which dealings in deposits in U.S. Dollars are
transacted in the London interbank market.

     “Majority Interest” means Notes, Trust Certificates or Securities, as the case may be,
evidencing a majority of the Outstanding Amount of the related Notes, Trust Certificates or
Securities, except that, except as otherwise provided in the Basic Documents, Securities owned by
the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer)
or any of their respective Affiliates will not be included in such determination for the purpose of
making requests, demands, authorizations, directions, notices, consents or other action under the
Basic Documents.

     “Material Adverse Effect” means, with respect to any Person, a material adverse effect
on (i) the financial condition or operations of such Person and its Affiliates, taken as one
enterprise, (ii) the ability of such Person to perform its material obligations under any of the
Basic Documents to which such Person is a party, (iii) the legality, validity or enforceability of
any material provision of the Basic Documents to which such Person is a party, (iv) the 2011-A SUBI
Certificate’s beneficial interest in all or any significant portion of the 2011-A SUBI Assets or
the Indenture Trustee’s security interest in the 2011-A SUBI Certificate and all or any significant
portion of the 2011-A SUBI Assets, or (v) the collectibility or the credit worthiness of all or any
significant portion of the 2011-A Leases and the 2011-A Vehicles, other than, in the case of
clauses (i) through (v), such Material Adverse Effect which are the direct result
of actions or omissions of the party seeking relief under any of the Basic Documents in connection
therewith.

     “Matured Vehicle” as of any date means any Leased Vehicle the related Lease of which
has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early
Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty
Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust,
if applicable.

     “Maturity Date” means, with respect to any Lease, the date on which such Lease is
scheduled to terminate as set forth in the such Lease at its date of origination or, in the case of
an Extended Lease, the revised termination date.

     “Monthly Early Termination Sale Proceeds” means, with respect to a Collection Period,
all (i) amounts paid by Lessees or Dealers with respect to Early Termination Purchase Option Price
payments during such Collection Period and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 2011-A Vehicles with respect to which the related 2011-A

(NALT 2011-A Agreement of Definitions)

16

 

Lease was terminated and which were sold in such Collection Period on or after the termination
of the related 2011-A Leases prior to their respective Maturity Dates, reduced by amounts required
to be remitted to the related Lessees under applicable law.

     “Monthly Payment Advance” means, with respect to any 2011-A Lease and any Collection
Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial
Monthly Payment.

     “Monthly Payment” means, with respect to any Lease, the amount of each fixed monthly
payment payable to the Lessor in accordance with the terms thereof, net of any portion of such
fixed monthly payment that represents an Administrative Charge.

     “Monthly Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to (a) the lesser of (i) the Principal Distribution Amount and
(ii) the Available Principal Distribution Amount or (b) after the occurrence of an Indenture
Default that results in acceleration of the Notes, unless and until such acceleration has been
rescinded, the aggregate Outstanding Amount of the Notes.

     “Monthly Remittance Condition” has the meaning set forth in Section 8.03(c) of
the 2011-A Servicing Supplement.

     “Monthly Scheduled Termination Sale Proceeds” means, with respect to a Collection
Period, all (i) amounts paid by Lessees or Dealers in the event that either the Lessee or a Dealer
elects to purchase a 2011-A Vehicle for its Contract Residual following a termination of the
related 2011-A Lease at its Maturity Date and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 2011-A Vehicles which matured and were sold in such Collection Period on
or after the termination of the related 2011-A Leases at their respective Maturity Dates plus all
Net Insurance Proceeds, reduced by amounts required to be remitted to the related Lessees under
applicable law.

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

     “MRM Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in June, 2011 as a “mark-to-market” value (assuming that the vehicle is
in “average” condition rather than “clean” condition) based on the “Maximum Residualizable MSRP,”
which consists of the MSRP of the typically equipped vehicle and value adding options, giving only
partial credit or no credit for those options that add little or no value to the resale price of
the vehicle.

     “MSRP” means, with respect to any Leased Vehicle, the Manufacturer’s Suggested Retail
Price.

     “NALL II” means Nissan Auto Leasing LLC II, a Delaware limited liability company.

     “Net Auction Proceeds” means Auction Proceeds net of related Disposition Expenses and,
in the case of a Matured Vehicle, any outstanding Sales Proceeds Advance.

(NALT 2011-A Agreement of Definitions)

17

 

     “Net Insurance Proceeds” means Insurance Proceeds net of related Insurance Expenses.

     “Net Liquidation Proceeds” means the Liquidation Proceeds net of related Liquidation
Expenses.

     “NILT, Inc.” means NILT, Inc., a Delaware corporation.

     “NILT Trust” means NILT Trust, a Delaware statutory trust.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

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

     “Note Balance” means the sum of the Class A-1 Note Balance, the Class A-2a Note
Balance, the Class A-2b Note Balance, the Class A-3 Note Balance and the Class A-4 Note Balance.

     “Note Distribution Account” means the trust account established by the Depositor, on
behalf of the Issuing Entity pursuant to Section 8.02(c) of the Indenture, into which
amounts released from the 2011-A SUBI Collection Account and the Reserve Account for distribution
to Noteholders shall be deposited and from which all distributions to Noteholders shall be made.

     “Note Distribution Amount” means, as of any Payment Date, the amount being distributed
to the Noteholders on such Payment Date.

     “Note Factor” means, with respect to any Class on any Payment Date, the seven digit
decimal equivalent of a fraction the numerator of which is the Class Balance for such Class on such
Payment Date (after giving effect to any payment of principal on such Payment Date) and the
denominator of which is the related Initial Class Balance.

     “Note Final Scheduled Payment Date” means, with respect to (i) a Class A-1 Note, July
16, 2012, (ii) a Class A-2 Note, January 15, 2014, (iii) a Class A-3 Note, August 15, 2014, and
(iv) a Class A-4 Note, April 17, 2017.

     “Noteholder” means, as of any date, the Person in whose name a Class A-1 Note, Class
A-2 Note, Class A-3 or a Class A-4 Note is registered on the Note Register on such date, as the
context may require.

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

     “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.04 of the Indenture.

(NALT 2011-A Agreement of Definitions)

18

 

     “Officer’s Certificate” means (a) with respect to the Issuing Entity, a certificate
signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01 of the Indenture,
and delivered to, the Indenture Trustee, and (b) with respect to the Servicer, a certificate signed
by an Authorized Officer or the Servicer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Sections 8.09 and 8.11 of the 2011-A
Servicing Supplement.

     “Opinion of Counsel” in relation to the Trust Agreement, means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Trust Agreement, be
employees of or counsel to the Depositor, the Administrative Agent, or any of their respective
Affiliates, and which opinion shall be addressed to and in form and substance satisfactory to the
Owner Trustee. In relation to the Indenture, “Opinion of Counsel” means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Indenture, be employees
of or counsel to the Issuing Entity or the Administrative Agent, and who shall be satisfactory to
the Indenture Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee,
comply with any applicable requirements of Section 11.01 of the Indenture, and be in form
and substance satisfactory to the Indenture Trustee.

     “Optimal Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the following amounts:

          (i) for each 2011-A Vehicle for which the related 2011-A Lease did not
terminate during such Collection Period, the difference between the Securitization
Value of such 2011-A Lease at the beginning and at the end of such Collection
Period;

          (ii) for each 2011-A Vehicle for which the related 2011-A Lease reached its
Maturity Date during such Collection Period, the Securitization Value of such 2011-A
Lease as of such Maturity Date;

          (iii) for each 2011-A Vehicle purchased by the Servicer before its Maturity
Date during such Collection Period, the Repurchase Payment with respect to the
related 2011-A Lease; and

          (iv) for each 2011-A Lease terminated prior to its Maturity Date that becomes a
Defaulted Lease during such Collection Period or is terminated by the related Lessee
or the Servicer during such Collection Period pursuant to a Lessee Initiated Early
Termination or a Casualty Termination, the Securitization Value of the related
2011-A Lease as of the effective date of termination of such 2011-A Lease.

     “Optional Purchase” has the meaning set forth in Section 9.03(a) of the Trust
Agreement.

     “Optional Purchase Price” has the meaning set forth in Section 9.03(a) of the
Trust Agreement.

     “Other SUBI” means any SUBI other than a 2011-A SUBI.

(NALT 2011-A Agreement of Definitions)

19

 

     “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class),
all Trust Certificates or all Securities, as the case may be, theretofore authenticated and
delivered under the Indenture and/or the Trust Agreement, as applicable, except:

          (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation or Trust Certificates
theretofore cancelled by the Certificate Registrar or delivered to the Certificate
Registrar for cancellation;

          (ii) Notes (or Notes of an applicable Class) or portions thereof the payment
for which money in the necessary amount has been theretofore deposited with the
Indenture Trustee or any Paying Agent in trust for the related Noteholders
(provided, however, that if such Notes are to be redeemed pursuant
to an Optional Purchase, notice of such redemption has been duly given pursuant to
the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been
made) or Trust Certificates or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee, the
Owner Trustee or any Paying Agent in trust for the related Trust Certificateholders
(provided, however, that if the principal with respect to such Trust
Certificates will be paid pursuant to an Optional Purchase, notice of such payment
has been duly given pursuant to the Trust Agreement or provision therefor,
satisfactory to the Owner Trustee); and

          (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of
other Notes (or Notes of such Class) that have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a bona fide purchaser or Trust
Certificates in exchange for or in lieu of other Trust Certificates that have been
authenticated and delivered pursuant to the Trust Agreement unless proof
satisfactory to the Owner Trustee is presented that any such Trust Certificates are
held by a bona fide purchaser, to the extent that the Trust Certificates are
transferable;

provided, that, unless otherwise specified in the Indenture, with respect to the Notes, or
the Trust Agreement, with respect to the Trust Certificates, or in another Basic Document, in
determining whether Noteholders or Trust Certificateholders holding the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice, consent, or waiver
hereunder or under any Basic Document, Notes or Trust Certificates owned by the Issuing Entity, the
Depositor, the Servicer (so long as NMAC or an Affiliate thereof is the Servicer) or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding, unless all such Notes
or Trust Certificates Outstanding are owned by the Issuing Entity, the Depositor, the Servicer (so
long as NMAC or an Affiliate thereof is the Servicer), or any of their respective Affiliates;
provided, further, that, in determining whether the Indenture Trustee or the Owner
Trustee, as applicable, shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Notes or Trust Certificates, as applicable, that a
Responsible Officer knows to be so owned shall be so disregarded. Notes or Trust Certificates so
owned that have been pledged in good faith may be regarded as Outstanding

(NALT 2011-A Agreement of Definitions)

20

 

if the pledgee thereof establishes to the satisfaction of the Indenture Trustee or the Owner
Trustee, as the case may be, such pledgee’s right so to act with respect to such Notes or such
Trust Certificates and that such pledgee is not the Issuing Entity, the Depositor, the
Administrative Agent, or any of their respective Affiliates.

     “Outstanding Amount” means, as of any date, the aggregate principal amount of the
applicable Notes or Certificates Outstanding on the Closing, as applicable, reduced by all payments
of principal made in respect thereof on or prior to such date.

     “Overdue Interest Rate” means, with respect to any Class, the Interest Rate applicable
to such Class.

     “Owner Corporate Trust Office” means the principal office of the Owner Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of the execution of this Agreement of Definitions is located at Wilmington Trust Company,
Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890; or at such other address as
the Owner Trustee may designate from time to time by notice to the Trust Certificateholders and the
Indenture Trustee, or the principal corporate trust office of any successor Owner Trustee (the
address of which the successor Owner Trustee shall notify the Trust Certificateholders and the
Indenture Trustee).

     “Owner Trust Estate” means the property of the Issuing Entity, including (i) the
2011-A SUBI Certificate, evidencing a 100% beneficial interest in the 2011-A SUBI Assets, including
the right to payments thereunder after the Cutoff Date from certain amounts in respect of the
2011-A Leases and received from the sale or other disposition of the 2011-A Vehicles, including the
2011-A SUBI Collection Account and amounts on deposit in the 2011-A SUBI Collection Account (but
excluding amounts retained by the Servicer in the form of Liquidation Expenses, Disposition
Expenses, Insurance Expenses, and other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses, Disposition Expenses or Insurance Expenses and permitted to be
retained by the Servicer under the Basic Documents), and investment earnings, net of losses and
investment expenses, on amounts on deposit in the 2011-A SUBI Collection Account, (ii) the Reserve
Account and any amounts deposited therein, including investment earnings, net of losses and
investment expenses, on amounts on deposit therein, (iii) the rights of the Issuing Entity to the
funds on deposit from time to time in the Note Distribution Account and any other account or
accounts established pursuant to the Indenture and all cash, investment property and other property
from time to time deposited therein or credited thereto and all proceeds thereof, (iv) the rights
of the Depositor, as transferee, under the SUBI Certificate Transfer Agreement, (v) the rights of
the Issuing Entity, as transferee, under the Trust SUBI Certificate Transfer Agreement, (vi) the
rights of the Issuing Entity as a third-party beneficiary of the Servicing Agreement, to the extent
relating to the 2011-A SUBI Assets, including rights to certain Advances, and the SUBI Trust
Agreement, (vii) the rights of the Issuing Entity under any Currency Swap Agreement, and (viii) all
proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment
property, securities, deposit accounts and other property consisting of, arising from or relating
to the foregoing.

     “Owner Trustee” means Wilmington Trust Company, a Delaware corporation with trust
powers, as trustee of the Issuing Entity under the Trust Agreement.

(NALT 2011-A Agreement of Definitions)

21

 

     “Paying Agent” means, (i) under the Indenture, Citibank, as Indenture Trustee, or any
other Person that meets the eligibility standards for the Indenture Trustee set forth in
Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments
to and distributions from the Note Distribution Account, including the payment of principal of or
interest on the Notes on behalf of the Issuing Entity, and (ii) under the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.09 of the of the Trust
Agreement and shall initially be Citibank.

     “Payment Ahead” means any payment of all or a part of one or more Monthly Payments
remitted by a Lessee with respect to a 2011-A Lease in excess of the Monthly Payment due with
respect to such 2011-A Lease, which amount the Lessee has instructed the Servicer to apply to
Monthly Payments due in one or more subsequent Collection Periods, provided,
however, such payment ahead shall exclude Lease Pull-Forward Payments.

     “Payment Date” means the 15th day of each month, or if such day is not a Business Day,
then the next succeeding Business Day, beginning on August 15, 2011.

     “Payment Date Advance Reimbursement” has the meaning set forth in Section
8.03(a)(iii)(A) of the 2011-A Servicing Supplement.

     “Payment Date Certificate” has the meaning set forth in Section 8.03(a) of the
Indenture.

     “Payoff” means amounts paid to the Servicer to purchase a 2011-A Vehicle.

     “Permitted Investments” has the meaning set forth in the Titling Trust Agreement.

     “Person” means any individual, corporation, limited liability company, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization, or government, or any agency or political subdivision
thereof.

     “Plan” means a Benefit Plan Investor, a “governmental plan” (as defined in Section
3(32) of ERISA or any other employee benefit plan that is subject to Similar Law.

     “Pledgors” means NMAC, the Titling Trust, NILT Trust, the Depositor, and the Issuing
Entity.

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

     “Principal Carryover Shortfall” means, as of the close of business on any Payment
Date, the excess, if any, of the Principal Distribution Amount over the Monthly Principal
Distributable Amount.

(NALT 2011-A Agreement of Definitions)

22

 

     “Principal Distribution Amount” means, for any Payment Date, the aggregate amount of
principal payable on the Securities, equal to the sum of (i) the Optimal Principal Distributable
Amount and (ii) any Principal Carryover Shortfall as of the preceding Payment Date;
provided, however, that on or after the Note Final Scheduled Payment Date for any
Class of Notes and so long as no Indenture Default has been declared, the Principal Distribution
Amount shall equal, until the Class Balance of such Class is reduced to zero, the greater of (i)
such Class Balance and (ii) the sum of (A) the Optimal Principal Distributable Amount and (B) any
Principal Carryover Shortfall as of the preceding Payment Date. Notwithstanding the foregoing, the
Principal Distribution Amount shall not exceed the outstanding Securities Balance and the aggregate
amount of principal paid in respect of a Class shall not exceed the related Initial Class Balance.

     “Proceeding” has the meaning set forth in the Titling Trust Agreement.

     “Prospectus” means the Prospectus Supplement, dated July 14, 2011, together with the
Ratings Free Writing Prospectus, dated July 11, 2011, and the Prospectus, dated July 11, 2011,
relating to the offering of the Notes.

     “Public ABS Transaction” means any publicly registered issuance of securities backed
by (i) a certificate representing the beneficial interest in a pool of vehicle leases originated in
the United States for a lessee with a United States address and the related leased vehicles or (ii)
motor vehicle retail installment contracts originated in the United States and, for both clause
(i) and (ii), for which NALL II, or any United States Affiliate thereof, acts as a
depositor.

     “Pull-Forward Payment” means, with respect to any Lease Pull-Forward, the Monthly
Payments not yet due with respect to that Lease.

     “Rated Securities” has the meaning set forth in the Titling Trust Agreement.

     “Rating Agency” means, with respect to the 2011-A SUBI, as of any date, any of the
nationally recognized statistical rating organizations that has been requested by NMAC or one of
its Affiliates to rate any Class of Notes and that is rating such Class of Notes on such date.

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

(NALT 2011-A Agreement of Definitions)

23

 

respect to an event or action had been previously satisfied pursuant to clause (a) or
clause (b) above.

     “Rating Event” means the qualification, reduction or withdrawal by any Rating Agency
of its then-current rating of any Class of Notes.

     “Reallocation Payment” means the proceeds allocated from the UTI to the 2011-A SUBI in
connection with any reallocation of a Matured Vehicle or a Defaulted Vehicle from the 2011-A SUBI
to the UTI pursuant to Section 8.02(c) of the 2011-A Servicing Supplement in an amount
equal to the Net Liquidation Proceeds for such Matured Vehicle or Defaulted Vehicle.

     “Record Date” means, with respect to any Payment Date, the close of business on the
day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Recoveries” means, with respect to a Collection Period, the sum of all amounts
received (net of taxes) with respect to all 2011-A Leases which (i) became Liquidated Leases before
such Collection Period and (ii) have reached or were terminated prior to their respective Maturity
Dates before such Collection Period and with respect to which the proceeds from the sale of the
related 2011-A Vehicles were received before such Collection Period, minus any amounts remitted to
the related Lessees as required by law.

     “Redemption Date” means in the case of a redemption of the Notes pursuant to
Section 10.01 of the Indenture, the Payment Date specified by the Administrative Agent or
the Issuing Entity pursuant to Section 10.01 of the Indenture.

     “Redemption Price” means an amount equal to the Note Balance plus accrued and unpaid
interest thereon at the applicable Interest Rate for the Notes being so redeemed (including, to the
extent allowed by law, interest on overdue interest, if applicable), up to but excluding the
Redemption Date.

     “Registered Pledgee” has the meaning set forth in the Titling Trust Agreement.

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

     “Regulation AB” means Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such regulation may be amended from time to time and subject to such
clarification and interpretation as have been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7,
2005)) or by the staff of the Commission, or as may be provided in writing by the Commission or its
staff from time to time.

     “Related Beneficiary” means each of NILT Trust and NALL II.

     “Related Documents” shall mean all of the Basic Documents to which the Issuing Entity
or the Owner Trustee is a party.

(NALT 2011-A Agreement of Definitions)

24

 

     “Remaining Net Auction Proceeds” means Net Auction Proceeds, less amounts
included in Monthly Scheduled Termination Sale Proceeds, Monthly Early Termination Sale Proceeds
and Liquidation Proceeds.

     “Remaining Payoffs” means Payoffs, less amounts included in Monthly Scheduled
Termination Sale Proceeds and Monthly Early Termination Sale Proceeds.

     “Repurchase Payment” means, with respect to a 2011-A Lease and the related 2011-A
Vehicle required to be purchased by the Servicer pursuant to Section 8.02(a) and
Section 8.02(b) of the 2011-A Servicing Supplement, the sum of (i) the Securitization Value
of the 2011-A Lease as of the end of the Collection Period preceding the Collection Period in which
the Servicer granted an extension with respect to such 2011-A Lease or discovers or receives notice
of the change in domicile with respect to Section 8.02(a) of the 2011-A Servicing
Supplement or discovers a breach of representations or warranties pursuant to Section
8.02(b) of the 2011-A Servicing Supplement and (ii) any delinquent Monthly Payments which have
not been paid by the related Lessee by the end of the Collection Period relating to the Deposit
Date on which the Repurchase Payment will be made.

     “Required Deposit Rating” has the meaning set forth in the Titling Trust Agreement.

     “Required Percentage” means the holders of not less than 662⁄3% of the (i) Outstanding
Amount in the case of the Notes or (ii) Certificate Balance in the case of the Trust Certificates.

     “Required Related Holders” has the meaning set forth in the Basic Servicing Agreement.

     “Reserve Account” means the account established pursuant to Section 5.01(b) of
the Trust Agreement, which shall be account number 109249 in the name “Citibank, N.A., as Indenture
Trustee, Nissan Auto Lease Trust 2011-A Reserve Account” established with the Securities
Intermediary pursuant to the Trust Agreement, together with any successor accounts established
pursuant to the Indenture, or after release of the lien of the Indenture, the Trust Agreement.

     “Reserve Account Deposit Amount” means, (i) on the Closing Date, the Initial Deposit
Amount and (ii) thereafter, for any Payment Date and the related Collection Period to the extent
the amounts on deposit in the Reserve Account are less than the Reserve Account Requirement, an
amount equal to the sum of (a) any Excess Amounts with respect to the related Collection Period and
(b) net income realized on the investment of funds on deposit in the 2011-A SUBI Collection Account
and the Reserve Account in respect of such Collection Period.

     “Reserve Account Draw Amount” means, for any Payment Date, the amount withdrawn from
the Reserve Account, equal to (i) the lesser of (a) the Available Funds Shortfall Amount, if any,
or (b) the amount on deposit in the Reserve Account after giving effect to all deposits thereto on
the related Deposit Date or such Payment Date or (ii) after the occurrence of an Indenture Default
that results in the acceleration of any Notes, unless and until the date on which such acceleration
has been rescinded, the entire amount on deposit in the Reserve Account. In addition, except in the
circumstances described in clause (ii) of this definition, the sum of the amounts in the
Reserve Account and the remaining Available Funds after the payments under clauses (ii) and
(iii) of Section 8.04(a) of the Indenture would be sufficient to pay in full the

(NALT 2011-A Agreement of Definitions)

25

 

aggregate unpaid Note Balance of all of the outstanding Notes, then the Reserve Account Draw
Amount will, if so specified by the Servicer in the Payment Date Certificate, include such
additional amounts as may be necessary to pay all Outstanding Notes in full.

     “Reserve Account Property” means the Reserve Account and all cash, investment property
and other property from time to time deposited or credited to the Reserve Account and all proceeds
thereof, including, without limitation, the Initial Deposit.

     “Reserve Account Requirement” means on any Payment Date, an amount equal to
$15,813,253.01; provided, however, that on any Payment Date (after taking into
account all distributions from the 2011-A SUBI Collection Account on such date) on which the Note
Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

     “Residual Value Loss” means, with respect to any Matured Vehicle or Defaulted Vehicle,
the positive difference, if any, between (a) the Base Residual of the related 2011-A Vehicle, and
(b) the sum of (without duplication) all related Net Auction Proceeds or Net Liquidation Proceeds,
as the case may be, and all Net Insurance Proceeds.

     “Residual Value Surplus” means, with respect to any Matured Vehicle or Defaulted
Vehicle, the positive difference, if any, between (i) the sum (without duplication) of all related
Net Auction Proceeds and Net Insurance Proceeds, and (ii) the Securitization Value of the related
2011-A Vehicle at (a) the Maturity Date of the related 2011-A Lease, or (b) the date the related
2011-A Lease was terminated by the Lessee.

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Department (or any successor group of the Indenture Trustee), including any
Vice President, Assistant Secretary, or other officer or assistant officer of the Indenture Trustee
customarily performing functions similar to those performed by the people who at such time shall be
officers, or to whom any corporate trust matter is referred within Corporate Trust Department
because of his knowledge of and familiarity with the particular subject.

     “Restricted Jurisdiction” means any jurisdiction in which the Titling Trust is not
qualified and licensed to do business, other than any jurisdiction where the failure to be so
qualified and licensed will not have a material adverse effect on the Issuing Entity.

     “Retained Notes” if any, means any Notes retained in the initial offering thereof by
the Depositor or NMAC or conveyed to an Affiliate.

     “Rule 144A” means Rule 144A promulgated by the Commission under the Securities Act.

     “Rule 144A Information” means information requested of the Depositor, in connection
with the proposed transfer of a Trust Certificate, to satisfy the requirements of paragraph (d)(4)
of Rule 144A.

     “Sales Proceeds Advance” means the amount advanced by the Servicer to the Issuing
Entity on a Deposit Date equal to the Securitization Value of each 2011-A Lease relating to a
2011-A Vehicle that terminated early (but was not a Lease in default) and the amount equal to

(NALT 2011-A Agreement of Definitions)

26

 

the Base Residual of each 2011-A Lease relating to a 2011-A Vehicle that matured on its
scheduled termination date.

     “Schedule of 2011-A Leases and 2011-A Vehicles” means the schedule of 2011-A Leases
and 2011-A Vehicles on file with the Indenture Trustee, as it may be amended from time to time
(which may be supplied in CD-Rom form) which shall set forth as to each 2011-A Lease or 2011-A
Vehicle, as the case may be, (i) the identification number of the 2011-A Lease, (ii) the
identification number of the 2011-A Vehicle, (iii) the related Maturity Date and (iv) the value of
the 2011-A Lease and the related 2011-A Vehicle on the Servicer’s books as of the Cutoff Date.

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Secured Party” has the meaning set forth in the preamble to the Control Agreement.

     “Securities” means the Trust Certificates and the Notes, collectively.

     “Securities Act” means the Securities Act of 1933.

     “Securities Balance” means, as of any date, the unpaid principal amount of the
Securities as of such date.

     “Securities Intermediary” means Citibank.

     “Securitization Rate” means, with respect to a 2011-A Lease, an annualized rate that
is equal to 7.00%.

     “Securitization Value” means, with respect to any 2011-A Lease, the value calculated
by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date
other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate,
of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.

     “Securitized Financing” has the meaning set forth in the Titling Trust Agreement.

     “Security” means either a Note or a Trust Certificate, as the context may require.

     “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the New
York UCC.

     “Securityholder” means each registered holder of a Note or a Trust Certificate.

     “Securityholder Available Funds” means, for any Payment Date, all remaining Available
Funds after giving effect to the payment to the Servicer of the Servicer Monthly Payment, if any.

     “Servicer” means NMAC, as Servicer under the Servicing Agreement.

     “Servicer Default” has the meaning set forth in Section 4.01 to the Basic
Servicing Agreement and under Section 8.12 of the 2011-A Servicing Supplement.

(NALT 2011-A Agreement of Definitions)

27

 

     “Servicer Letter of Credit” means a letter of credit, surety bond or insurance policy
issued by a depository institution, insurance company, or financial institution having a short-term
credit rating at least equal to the Required Deposit Rating and providing that the Indenture
Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies
the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2011-A SUBI
Collection Account by the related Deposit Date.

     “Servicer Monthly Payment” means, with respect to a Payment Date and the related
Collection Period, the amount to be paid to the Servicer pursuant to Section 8.03(a)(iii)
of the 2011-A Servicing Supplement in respect of (i) the Payment Date Advance Reimbursement and
(ii) the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior
Collection Periods.

     “Servicing Agreement” means the Basic Servicing Agreement, as supplemented by the
2011-A Servicing Supplement.

     “Servicing Fee” means, with respect to the 2011-A SUBI Assets, the fee payable on each
Payment Date equal to, for the related Collection Period, one-twelfth of the product of (i) 1.00%
and (ii) the aggregate Securitization Value of all 2011-A Leases as of the first day of such
Collection Period.

     “Settlement Statement” means a statement substantially in the form of Exhibit
A to the 2011-A Servicing Supplement.

     “Similar Law” means any state, local or other law that is similar to Section 406 of
ERISA or Section 4975 of the Code.

     “Special Purpose Affiliate” means a special purpose entity that is an Affiliate of a
Beneficiary and was created for the purposes of one or more Securitized Financings.

     “State” means any state of the United Sates, Puerto Rico, or the District of Columbia.

     “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. Section 3801 et seq.

     “SUBI” has the meaning set forth in the Recitals to the 2011-A SUBI Supplement.

     “SUBI Certificate” has the meaning set forth in Section 3.02(a) of the Titling
Trust Agreement.

     “SUBI Certificate Transfer Agreement” means the SUBI Certificate Transfer Agreement,
dated as of July 25, 2011, between NILT Trust, as transferor, and NALL II, as transferee.

     “SUBI Collection Account” means, with respect to a SUBI, the related Collection
Account created, designated and maintained as such pursuant Section 4.02(a) of the Titling
Trust Agreement.

(NALT 2011-A Agreement of Definitions)

28

 

     “SUBI Collections” means, with respect to any Collection Period, the net amount
collected or received by the Servicer in respect of the 2011-A SUBI Assets during the Collection
Period, including: (i) Monthly Payments (including Payments Ahead and Pull-Forward Payments, when
received), Payoffs, and any other payments under the 2011-A Leases (excluding any Administrative
Charges); (ii) Reallocation Payments and Repurchase Payments made by the Servicer; (iii) Monthly
Scheduled Termination Sale Proceeds; (iv) Monthly Early Termination Sale Proceeds (which includes
Early Termination Charges); (v) Net Liquidation Proceeds; (vi) Net Insurance Proceeds; (vii)
Remaining Net Auctions Proceeds; (viii) Remaining Payoffs; (ix) Excess Mileage and Excess Wear and
Tear Charges; (x) Recoveries; and (xi) Residual Value Surplus; in each case to the extent not
duplicative with any other clause of this definition.

     “SUBI Trust Agreement” means the Titling Trust Agreement, as supplemented by a 2011-A
SUBI Supplement.

     “Sub-Trust” has the meaning set forth in Section 3.01(b) of the Titling Trust
Agreement.

     “Tax Retained Notes” if any, means any Notes retained by the issuer of the Notes for
federal income tax purposes or an entity which for U.S. federal income tax purposes is considered
the same Person as such issuer, until such time as such Notes are the subject of an opinion
pursuant to Section 2.04(g) of the Indenture with respect to their classification as debt
for federal income tax purposes.

     “Titling Trust” means Nissan-Infiniti LT, a Delaware statutory trust.

     “Titling Trust Agreement” means the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998, among NILT Trust, as the Grantor and the UTI Beneficiary,
the Servicer, the Delaware Trustee, the Titling Trustee and the Trust Agent.

     “Titling Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “TIA” means the Trust Indenture Act of 1939.

     “Transfer Price” has the meaning set forth in Section 2.01 to the SUBI
Certificate Transfer Agreement and the Trust SUBI Certificate Transfer Agreement, as the context
may require.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust Account” has the meaning set forth in the Titling Trust Agreement.

     “Trust Administration Agreement” means the Trust Administration Agreement, dated as of
July 25, 2011, among the Administrative Agent, the Issuing Entity, the Depositor and the Indenture
Trustee.

     “Trust Agent” means U.S. Bank, as Trust Agent under the Titling Trust Agreement.

(NALT 2011-A Agreement of Definitions)

29

 

     “Trust Agreement” means the trust agreement, dated as of June 27, 2011, as amended and
restated by the Amended and Restated Trust Agreement, dated as of July 25, 2011, between the
Depositor and the Owner Trustee.

     “Trust Assets” has the meaning set forth in the Titling Trust Agreement.

     “Trust Certificateholder” means the Person in whose name a Trust Certificate is
registered on the Certificate Register.

     “Trust Certificates” means the asset backed certificates issued pursuant to the Trust
Agreement, substantially in the form of Exhibit A to the Trust Agreement.

     “Trust Documents” has the meaning set forth in the Titling Trust Agreement.

     “Trust SUBI Certificate Transfer Agreement” means the Trust SUBI Certificate Transfer
Agreement, dated as of July 25, 2011, between the Depositor, and the Issuing Entity, as transferee.

     “Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “2011-A Eligible Lease” means a Lease as to which the following are true as of the
Cutoff Date:

          (a) relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport utility
vehicle, of a model year of 2008 or later;

          (b) is written with respect to a Leased Vehicle that was at the time of the origination of the
related Lease a new Nissan or Infiniti motor vehicle;

          (c) was originated in the United States on or after April 7, 2008 by a Dealer (i) for a Lessee
with a United States address, (ii) in the ordinary course of such Dealer’s business, (iii) pursuant
to a Dealer agreement that provides for recourse to the dealer in the event of certain defects in
the Lease, but not for default by the Lessee, and (iv) in compliance with procedures set forth in
the Credit and Collection Policy;

          (d) is payable solely in United States dollars;

          (e) is owned, and the related Leased Vehicle is owned by the Titling Trust, free of all liens
(including tax liens, mechanics’ liens, and other liens that arise by operation of law), other than
any lien placed upon a Certificate of Title in connection with the delivery of title documentation
to the Titling Trustee in accordance with Customary Servicing Practices;

          (f) has a remaining term to maturity, as of the Cutoff Date, of not less than 16 months and
not greater than 56 months;

          (g) provides for level payments (exclusive of taxes) that fully amortize the adjusted
capitalized cost of the Lease to the related Contract Residual over the lease term at a

(NALT 2011-A Agreement of Definitions)

30

 

rate implicit in the Lease and corresponding to the disclosed rent charge and, in the event of
a Lessee initiated early termination, provides for payment of the Early Termination Charge;

          (h) was originated in compliance with, and complies in all material respects with, all
material applicable legal requirements, including, to the extent applicable, the Federal Consumer
Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all state
leasing and consumer protection laws and all state and federal usury laws;

          (i) is not more than 29 days past due as of the Cutoff Date;

          (j) (A) is the valid, legal and binding full-recourse payment obligation of the related
Lessee, enforceable against such Lessee in accordance with its terms, except as such enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other
similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general
or (ii) general principles of equity, (B) has not been satisfied, subordinated, rescinded, canceled
or terminated, (C) is a Lease as to which no right of rescission, setoff, counterclaim or defense
shall have been asserted or threatened in writing, (D) is a Lease as to which no default (other
than payment defaults continuing for a period of no more than 29 days as of the Cutoff Date),
breach or violation shall have occurred and no continuing condition that with notice or lapse of
time or both would constitute a default, breach or violation shall have occurred and (E) is a Lease
as to which none of the foregoing shall have been waived (other than deferrals and waivers of late
payment charges or fees permitted under the Servicing Agreement);

          (k) is a Lease which has not been deemed to be uncollectible;

          (l) the related Lessee of which is a person located in one or more of the 50 states of the
United States or the District of Columbia and is not (i) NMAC or any of its Affiliates, or (ii) the
United States or any State or any agency or potential subdivision thereof;

          (m) is a Lease for which there is only one executed original;

          (n) there is only one original executed copy of each tangible “record” constituting or forming
a part of each 2011-A Lease that is tangible chattel paper and a single “authoritative copy” (as
such term is used in Section 9-105 of the UCC) of each electronic “record” constituting or forming
a part of each 2011-A Lease that is electronic chattel paper.

          (o) has an original term of not less than 36 months and not greater than 60 months;

          (p) is a Lease for which the related Lease Documents are located in the United States;

          (q) constitutes either “tangible chattel paper” or “electronic chattel paper,” as defined in
the UCC;

          (r) is not recourse to the Dealer;

(NALT 2011-A Agreement of Definitions)

31

 

          (s) with respect thereto, NMAC, in accordance with its Customary Practices, has determined at
the time of origination of such Lease that the related Lessee has agreed to obtain physical damage
insurance covering the related Leased Vehicle and is required under the terms of such Lease to
maintain such insurance; and

          (t) has a Securitization Value, as of its origination date, of no greater than $86,873.99.

     “2011-A Lease” has the meaning set forth in Section 8.01 of the 2011-A
Servicing Supplement.

     “2011-A Servicing Supplement” means the 2011-A SUBI Servicing Supplement to the Basic
Servicing Agreement, dated as of July 25, 2011, among the parties to the Basic Servicing Agreement.

     “2011-A SUBI” has the meaning set forth in Section 12.01(a) of the 2011-A SUBI
Supplement.

     “2011-A SUBI Assets” has the meaning set forth in Section 12.01(b) to the
2011-A SUBI Supplement.

     “2011-A SUBI Account” means the 2011-A SUBI Collection Account, and any other Trust
Account established with respect to the 2011-A SUBI, as the context may require.

     “2011-A SUBI Certificate” has the meaning set forth in the recitals of the 2011-A SUBI
Supplement.

     “2011-A SUBI Collection Account” means the trust account established pursuant to
Section 14.01(a) of the 2011-A SUBI Supplement.

     “2011-A SUBI Supplement” means the 2011-A SUBI Supplement to the Titling Trust
Agreement, dated as of July 25, 2011, among the parties to the Titling Trust Agreement.

     “2011-A Vehicle” has the meaning set forth in Section 8.01 to the 2011-A
Servicing Supplement.

     “UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

     “Underwriting Agreement” means the underwriting agreement relating to the Notes dated
July 14, 2011, among J.P. Morgan Securities LLC, as Representative, on behalf of the several
underwriters, NMAC and the Depositor.

     “United States” means the United States of America, its territories and possessions
and areas subject to its jurisdiction.

     “U.S. Bank” mean U.S. Bank National Association, a national banking association.

     “UTI” has the meaning set forth in Section 3.01(a) of the Titling Trust
Agreement.

(NALT 2011-A Agreement of Definitions)

32

 

     “UTI Beneficiary” means NILT Trust, in its capacity as the initial beneficiary of the
Titling Trust.

     “UTI Certificate” has the meaning set forth in Section 3.03 of the Titling
Trust Agreement.

     “Vehicle Representation Date” has the meaning set forth in the Basic Servicing
Agreement.

          Section 1.02 Interpretative Provisions. For all purposes of this Agreement of
Definitions, except as otherwise expressly provided or unless the context otherwise requires, (i)
terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii)
references to words such as “herein,” “hereof” and the like shall refer to this Agreement of
Definitions as a whole and not to any particular part, Recital or Section within this Agreement of
Definitions, (iii) references to a Recital or Section such as “Recital A” or “Section 1.01”
shall refer to the applicable Recital or Section of this Agreement of Definitions, (iv) the term
“include” and all variations thereof shall mean “include without limitation,” (v) the term “or”
shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC, (vii) references to Persons include their permitted successors and assigns, (viii)
references to agreements and other contractual instruments include all subsequent amendments,
amendments and restatements and supplements thereto or changes therein entered into in accordance
with their respective terms and not prohibited by this Agreement of Definitions, except that
references to the SUBI Trust Agreement include only such items as related to the 2011-A SUBI and
the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and
regulations thereunder and any successors thereto, (x) references to this Agreement of Definitions
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 Notices. All demands, notices, and communications hereunder shall be in
writing and shall be delivered, sent electronically by email (if an email address is provided) or
telecopier, or mailed by registered or certified first-class United States mail, postage prepaid,
hand delivery, prepaid courier service, and addressed in each case as follows: the Issuing Entity,
at c/o Wilmington Trust Company, as Owner Trustee, Rodney Square North, 1100 North 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 and
matt.zimmerman@nissan-usa.com), Attention: Treasurer; NILT Trust, at One Nissan Way, Franklin,
Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com and
matt.zimmerman@nissan-usa.com), Attention: Treasurer; Nissan-Infiniti LT, at One Nissan Way,
Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com and
matt.zimmerman@nissan-usa.com), Attention: Treasurer; NMAC, at One Nissan Way, Franklin, Tennessee
37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com and

(NALT 2011-A Agreement of Definitions)

33

 

matt.zimmerman@nissan-usa.com), Attention: Treasurer; the Depositor, at One Nissan Way,
Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com and
matt.zimmerman@nissan-usa.com), Attention: Treasurer; NILT, Inc., U.S. Bank National Association,
209 South LaSalle Street, Suite 300, Chicago, Illinois 60604 (telecopier no. (312) 325-8905)
(email: patricia.child@usbank.com) Attention: NILT Inc.; Wilmington Trust Company, as Owner Trustee
and Delaware Trustee, at Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust
Administration; Citibank, N.A., as Indenture Trustee, at 388 Greenwich Street, 14th
Floor, New York, New York 10013(telecopier no. (212) 816-5527) (email: NALT_notices@citi.com),
Attention: Nissan Auto Lease Trust 2011-A; U.S. Bank, as Trust Agent, at U.S. Bank National
Association, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604 (telecopier no. (312)
325-8905) (email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2011-A; or at such
other address as shall be designated by any of the foregoing in written notice to the other parties
hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or
facsimile notice, upon actual receipt or reported tender of such communication by an officer of the
intended recipient entitled to receive such notices located at the address of such recipient for
notices hereunder; provided, however, any demand, notice or communication hereunder
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 1.04 Amendment.

     (a) Any term or provision of this Agreement of Definitions may be amended by the parties
hereto, without the consent of any other Person; provided that (i) either (A) any amendment
that materially and adversely affects the interests of the Noteholders or the Trust
Certificateholders shall require the consent, respectively, of Noteholders evidencing not less than
a Majority Interest of the Notes voting together as a single class, or the Trust Certificateholders
evidencing not less than a Majority Interest of the Trust Certificates voting together as a single
class, as applicable (provided that if the Depositor and its Affiliates do not hold all of
the Trust Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall
not be deemed Outstanding for purposes of this provision), or (B) such amendment shall not, as
evidenced by an Officer’s Certificate of the Servicer or the Depositor delivered to the Indenture
Trustee (with respect to the Noteholders) or the Trust Certificateholders, as applicable,
materially and adversely affect the interests of the Noteholders or the Trust Certificateholders,
and (ii) any amendment that adversely affects the interests of the Trust, the Certificateholder,
the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Person
whose interests are adversely affected. An amendment shall be deemed not to materially and
adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with
respect to such amendment and the Officer’s Certificate described in the preceding sentence is
provided to the Indenture Trustee. The consent of the Trust, the Certificateholder or the Owner
Trustee shall be deemed to have been given if the Servicer does not receive a written objection
from such Person within 10 Business Days after a written request for such consent shall have been
given. The Indenture Trustee may, but shall not be obligated to, enter into or consent to any such
amendment that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under
this Agreement or otherwise.

(NALT 2011-A Agreement of Definitions)

34

 

     (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, but it shall be sufficient if such
Person consents to the substance thereof.

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

     (d) Prior to the execution of any amendment to this Agreement of Definitions, the Servicer
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 amendment. No later than 10
Business Days after the execution of any amendment to this Agreement of Definitions, the Servicer
shall furnish a copy of such amendment to each Rating Agency.

     (e) [Reserved]

     (f) None of U.S. Bank National Association, as trustee of NILT Trust and as Trust Agent, NILT,
Inc., nor the Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. U.S. Bank, as trustee of NILT Trust
and as Trust Agent, NILT, Inc., and the Indenture Trustee may conclusively assume, in the absence
of written notice to the contrary from the Servicer to a Responsible Officer of the Indenture
Trustee, that a Rating Agency Condition has been satisfied with respect to such amendment.

     (g) The Indenture Trustee shall provide notice of any proposed amendment or supplement to this
Agreement of Definitions 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).

          Section 1.05 Severability of Provisions. Any provision of this Agreement of
Definitions that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

          Section 1.06 Counterparts. This Agreement of Definitions may be executed by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument.

          Section 1.07 Headings. The headings of the various Articles and Sections herein are
for convenience or reference only and shall not define or limit any of the terms or provisions
hereof.

(NALT 2011-A Agreement of Definitions)

35

 

          Section 1.08 Governing Law. THIS AGREEMENT OF DEFINITIONS SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATION LAW).

          Section 1.09 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust,
the Issuing Entity, any 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 1.10 No Recourse.

          (a) It is expressly understood and agreed by the parties hereto that with respect to U.S.
Bank’s role as trustee of NILT Trust only, and not with respect to its role as Trust Agent, (i)
this Agreement is executed and delivered by U.S. Bank, not individually or personally, but solely
as trustee of NILT Trust, in the exercise of the powers and authority conferred and vested in it,
(ii) each of the representations, undertakings, and agreements herein made on the part of NILT
Trust, is made and intended not as personal representations, undertakings, and agreements by U.S.
Bank, but is made and intended for the purpose of binding only NILT Trust, (iii) nothing herein
contained shall be construed as creating any liability on U.S. Bank, individually or personally, to
perform any covenant, either expressed or implied, contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, and (iv) under no circumstances shall U.S. Bank be personally liable for the
payment of any indebtedness or expenses of NILT Trust under this Agreement or any other related
documents.

          (b) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by NILT, Inc., not individually or personally, but solely as Titling
Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings, and agreements herein made on the part of the Titling Trust, is made
and intended not as personal representations, undertakings, and agreements by NILT Inc., but is
made and intended for the purpose of binding only the Titling Trust, (iii) nothing herein contained
shall be construed as creating any liability on NILT, Inc., individually or personally, to perform
any covenant, either expressed or implied, contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, and (iv) under no circumstances shall NILT, Inc. be personally liable for the payment of
any indebtedness or expenses of the Titling Trust under this Agreement or any other related
documents.

[Signature Pages to Follow]

(NALT 2011-A Agreement of Definitions)

36

 

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

	 	 	 	 	 
	 	NISSAN MOTOR ACCEPTANCE CORPORATION

Individually, as Servicer, and as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	NISSAN-INFINITI LT

 	 
	 	By:  	NILT, INC.,
 as Titling Trustee for Nissan-Infiniti LT
 	 
	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	NILT TRUST

as UTI Beneficiary, Grantor, and Transferor

 	 
	 	By:  	U.S. BANK NATIONAL ASSOCIATION, as Trustee for NILT Trust
 	 
	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	NILT, INC.

as Titling Trustee for Nissan-Infiniti LT

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-A Agreement of Definitions)

S-1

 

	 	 	 	 	 
	 	NISSAN AUTO LEASING LLC II

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	NISSAN AUTO LEASE TRUST 2011-A

 	 
	 	By:  	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
 	 
	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY

as Owner Trustee and as Delaware Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

as Trust Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	CITIBANK, N.A.

as Indenture Trustee and as Secured Party

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-A Agreement of Definitions)

S-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]