Document:

Purchase Agreement

 Exhibit 10.1 
 PURCHASE AGREEMENT 
 between 

NISSAN MOTOR ACCEPTANCE CORPORATION 
 as Seller, 
 and 

NISSAN AUTO RECEIVABLES CORPORATION II, 
 as Purchaser 
 Dated as of November 17, 2011 

(Nissan 2011-B Purchase Agreement) 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I CERTAIN DEFINITIONS
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	 	3	  
		
	 2.1 Purchase and Sale of Receivables
	  	 	3	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	4	  
		
	 3.1 Warranties of the Purchaser
	  	 	4	  
		
	 3.2 Representations and Warranties of the Seller
	  	 	5	  
		
	 ARTICLE IV CONDITIONS
	  	 	10	  
		
	 4.1 Conditions to Obligation of the Purchaser
	  	 	10	  
		
	 4.2 Conditions to Obligation of the Seller
	  	 	11	  
		
	 ARTICLE V COVENANTS OF THE SELLER
	  	 	11	  
		
	 5.1 Protection of Right, Title and Interest
	  	 	11	  
		
	 5.2 Other Liens or Interests
	  	 	12	  
		
	 5.3 Costs and Expenses
	  	 	12	  
		
	 5.4 Indemnification
	  	 	12	  
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	14	  
		
	 6.1 Obligations of Seller
	  	 	14	  
		
	 6.2 Repurchase Events
	  	 	14	  
		
	 6.3 Seller’s Assignment of Purchased Receivables
	  	 	14	  
		
	 6.4 Trust
	  	 	14	  
		
	 6.5 Amendment
	  	 	14	  
		
	 6.6 Accountants’ Letters
	  	 	15	  
		
	 6.7 Waivers
	  	 	15	  
		
	 6.8 Notices
	  	 	15	  
		
	 6.9 Costs and Expenses
	  	 	15	  
		
	 6.10 Survival
	  	 	15	  
		
	 6.11 Headings and Cross-References
	  	 	15	  
		
	 6.12 Governing Law
	  	 	15	  
		
	 6.13 Counterparts
	  	 	16	  
		
	 6.14 Sale
	  	 	16	  

  

			
	 -i-
	  	(Nissan 2011-B Purchase Agreement)

 PURCHASE AGREEMENT 

This PURCHASE AGREEMENT is made as of November 17, 2011, by and between NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation
(the “Seller”), having its principal executive office at One Nissan Way, Franklin, Tennessee 37067, and NISSAN AUTO RECEIVABLES CORPORATION II, a Delaware corporation (the “Purchaser”), having its principal executive office at
One Nissan Way, Franklin, Tennessee 37067. 
 WHEREAS, in the regular course of its business, the Seller purchases certain motor
vehicle retail installment sale contracts secured by new, near-new and used automobiles and light duty trucks from motor vehicle dealers. 
 WHEREAS, the Seller and the Purchaser wish to set forth the terms pursuant to which the Receivables (as hereinafter defined) and certain other property are to be sold by the Seller to the Purchaser, which
Receivables will be transferred by the Purchaser pursuant to the Sale and Servicing Agreement (as hereinafter defined), to the NISSAN AUTO RECEIVABLES 2011-B OWNER TRUST, a Delaware statutory trust (the “Trust”), which will issue notes
backed by such Receivables and the other property of the Trust (the “Notes”) and certificates representing fractional undivided interests in such Receivables and the other property of the Trust (the “Certificates”). 

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and covenants contained
herein, the parties hereto agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS 
 Terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Sale and Servicing Agreement, the Indenture or the Trust Agreement, as the case may be. As used
in this Agreement, the following terms shall, unless the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and plural forms of the terms defined): 

“Agreement” means this Purchase Agreement and all amendments hereof and supplements hereto. 

“Assignment” means the document of assignment attached to this Agreement as Exhibit A. 

“Certificates” shall have the meaning specified in the introductory paragraphs of this Agreement. 

“Closing” shall have the meaning specified in Section 2.1(c). 

  

			
		  	(Nissan 2011-B Purchase Agreement)

 “Closing Date” means November 17, 2011. 

“Damages” shall have the meaning specified in Section 5.4(a). 

“Indenture” means the Indenture dated as of the Closing Date, between the Trust and Citibank, N.A., as Indenture
Trustee. 
 “Notes” shall have the meaning specified in the introductory paragraphs of this Agreement.

 “Prospectus” shall have the meaning assigned to such term in the Underwriting Agreement. 

“Purchaser” means Nissan Auto Receivables Corporation II, a Delaware corporation, and its successors and assigns.

 “Receivable” means any retail installment sale contract that appears on the Schedule of Receivables.

 “Receivables Purchase Price” means $1,316,312,783.81. 

“Repurchase Event” shall have the meaning specified in Section 6.2. 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement by and among Nissan Auto Receivables Corporation
II, as seller, Nissan Motor Acceptance Corporation, as servicer, and the Trust dated as of the Closing Date. 

“Schedule of Receivables” means the schedule of receivables on file with the Indenture Trustee, as it may be amended
from time to time. 
 “Securities” means the Notes and the Certificates. 

“Seller” means Nissan Motor Acceptance Corporation, a California corporation, and its successors and assigns.

 “Trust” means the Nissan Auto Receivables 2011-B Owner Trust, a Delaware statutory trust. 

“Trust Agreement” means the Trust Agreement dated as of October 20, 2011, as amended by the Amended and Restated
Trust Agreement dated as of November 17, 2011, by and between Nissan Auto Receivables Corporation II, as seller, and Wilmington Trust, National Association, as owner trustee, dated as of the Closing Date. 

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

“Underwriting Agreement” means the Underwriting Agreement by and among Citigroup Global Markets Inc., as representative
of the several underwriters, the Purchaser and the Seller dated November 9, 2011. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 With respect to all terms in this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other
contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons
include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without
limitation;” and the term “or” is not exclusive. 
 ARTICLE II 

PURCHASE AND SALE OF RECEIVABLES 
 2.1 Purchase and Sale of Receivables. 
 On the Closing Date, subject to the terms
and conditions of this Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Receivables and the other property relating thereto (as defined below). 

(a) Transfer of Receivables. On the Closing Date and simultaneously with the transactions pursuant to the Sale and Servicing
Agreement, the Seller shall sell, transfer, assign and otherwise convey to the Purchaser, without recourse: 

(i) all right, title and interest of the Seller in and to the Receivables (including all related Receivable Files) and all
monies due thereon or paid thereunder or in respect thereof after the Cutoff Date; 
 (ii) the right of the
Seller in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any related property; 
 (iii) the right of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering the Financed Vehicles or the Obligors; 

(iv) the right of the Seller to receive payments in respect of any Dealer Recourse with respect to the Receivables;

 (v) the right of the Seller to realize upon any property (including the right to receive future Net
Liquidation Proceeds) that shall have secured a Receivable; 
 (vi) the right of the Seller in rebates of
premiums and other amounts relating to insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; and 
 (vii) all proceeds of the foregoing; 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 provided that the Seller shall not be required to deliver to the Purchaser on the
Closing Date monies received in respect of the Receivables after the Cut-off Date and before the Closing Date but shall or shall cause the Servicer to deposit such monies into the Collection Account no later than the first Record Date after the
Closing Date. 
 (b) Receivables Purchase Price. In consideration for the Receivables and other properties described in
Section 2.1(a), the Purchaser shall, on the Closing Date, pay to the Seller the Receivables Purchase Price. An amount equal to approximately 94.52% of the Receivables Purchase Price shall be paid to the Seller in cash by federal wire transfer
(same day) funds. The remaining approximately 5.48% of the Receivables Purchase Price shall constitute a capital contribution by the Purchaser to the Seller. 
 (c) The Closing. The sale and purchase of the Receivables shall take place at a closing (the “Closing”) at the offices of Winston & Strawn LLP, 333 South Grand Avenue, Los
Angeles, CA 90071-1543 on the Closing Date, simultaneously with the closings under: (a) the Sale and Servicing Agreement pursuant to which (i) the Purchaser will assign all of its right, title and interests in and to the Receivables and
other property conveyed pursuant to Section 2.1(a) to the Trust for the benefit of the Securityholders; and (ii) the Purchaser will deposit the foregoing into the Trust in exchange for the Securities; and (b) the Underwriting
Agreement, pursuant to which the Purchaser will sell to the underwriters named therein the Notes. 
 ARTICLE III

 REPRESENTATIONS AND WARRANTIES 
 3.1 Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Seller as of the date hereof and as of the Closing Date: 

(a) Organization, etc. The Purchaser has been duly organized and is validly existing as a corporation in good standing under the
laws of the State of Delaware, with corporate power and authority to execute and deliver this Agreement and to perform the terms and provisions hereof. 
 (b) Due Authorization and No Violation. This Agreement has been duly authorized, executed and delivered by the Purchaser, and constitutes a legal, valid and binding obligation of the Purchaser,
enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and to general equitable principles. The consummation of the
transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in a breach of any of the terms or provisions of, nor constitute (with or without notice or lapse of time) a default under, or result in
the creation or imposition of any Lien upon any of the property or assets of the Purchaser pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument
under which the Purchaser is a debtor or guarantor, nor will such action result in any violation of the provisions of the Certificate of Incorporation or the By-laws of the Purchaser; which breach, default, conflict, Lien or violation in any case
would have a material adverse effect on the ability of the Purchaser to perform its obligations under this Agreement. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 (c) No Litigation. There are no proceedings or investigations pending to which the
Purchaser is a party or of which any property of the Purchaser is the subject, and, to the best of the Purchaser’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others; other than
such proceedings that would not have a material adverse effect upon the ability of the Purchaser to perform its obligations under, or the validity and enforceability of, this Agreement. 

3.2 Representations and Warranties of the Seller. (a) The Seller hereby represents and warrants to the Purchaser as of the
date hereof and as of the Closing Date: 
 (i) Organization, etc. The Seller has been duly organized and
is validly existing as a corporation in good standing under the laws of the State of California and is in good standing in each jurisdiction in the United States of America in which the conduct of its business or the ownership of its property
requires such qualification and where the failure to so qualify would have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement. 

(ii) Power and Authority. The Seller has the corporate power and authority to sell and assign the property sold and
assigned to the Purchaser hereunder and has duly authorized such sale and assignment to the Purchaser by all necessary corporate action. This Agreement has been duly authorized, executed and delivered by the Seller and constitutes a legal, valid and
binding obligation of the Seller, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable
principles. 
 (iii) No Violation. The consummation of the transaction contemplated by this Agreement, and
the fulfillment of the terms hereof, do not conflict with, or result in a breach of any of the terms or provisions of, nor constitute (with or without notice or lapse of time) a default under, or result in the creation or imposition of any Lien upon
any of the property or assets of the Seller pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument under which the Seller is a debtor or guarantor,
nor will such action result in any violation of the provisions of the Articles of Incorporation or the By-Laws of the Seller; which breach, default, conflict, Lien or violation in any case would have a material adverse effect on the ability of the
Seller to perform its obligations under this Agreement. 
 (iv) No Proceedings. There are no proceedings
or investigations pending to which the Seller is a party or of which any property of the Seller is the subject, and, to the best of the Seller’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or
threatened by others, other than such proceedings that would not have a material adverse effect upon the ability of the Seller to perform its obligations under, or the validity and enforceability of, this Agreement. 

(b) The Seller makes the following representations and warranties as to the Receivables on which the Purchaser relies in accepting the
Receivables. Such representations 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 
and warranties speak as of the execution and delivery of this Agreement, but shall survive the sale, transfer, and assignment of the Receivables to the Purchaser hereunder and the subsequent
assignment and transfer pursuant to the Sale and Servicing Agreement: 
 (i) Characteristics of
Receivables. Each Receivable (a) has been originated in the United States of America by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or
authenticated by the parties thereto, has been purchased by the Seller from such Dealer under an existing dealer agreement with the Seller, and has been validly assigned by such Dealer to the Seller, (b) created a valid, subsisting and
enforceable security interest in favor of the Seller in such Financed Vehicle, (c) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the
benefits of the security, (d) provides for level monthly payments (provided that the payment in the first or last month in the life of the Receivable may be minimally different from the level payment) that fully amortize the Amount
Financed over an original term of no greater than 72 payments (some Receivables provide for a deferral of initial payments of up to 90 days; however, all Obligors have made the initial payment on the related Receivables), and (e) provides for
interest at the related Annual Percentage Rate. 
 (ii) Schedule of Receivables. The information set forth
in the Schedule of Receivables was true and correct in all material respects as of the opening of business on the Cut-off Date; the Receivables were selected from the Seller’s retail installment sale contracts meeting the criteria of the Trust
set forth in the Sale and Servicing Agreement; and no selection procedures believed to be adverse to the Securityholders were utilized in selecting the Receivables. 

(iii) Compliance with Law. Each Receivable, the origination of such Receivable, and the sale of the Financed
Vehicle complied at the time it was originated or made and at the execution of this Agreement complies in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder, including usury laws,
the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, the
Federal Reserve Board’s Regulations B and Z, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer Credit Protection Act and of the Uniform Consumer Credit Code, state “Lemon Laws” designed to prevent fraud in the
sale of automobiles and other consumer credit laws and equal credit opportunity and disclosure laws. 
 (iv)
Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in accordance with its terms, subject to (i) the effect of bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally, (ii) the effect of general equitable principles and (iii) the potential unenforceability of waivers of jury trial provisions in
certain states. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 (v) Security Interest in Financed Vehicle. (a) Immediately prior
to the sale, assignment and transfer thereof to the Purchaser, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary or all appropriate
actions shall have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party, and (b) as of the Cut-off Date, according to the records of the
Seller, no Financed Vehicle has been repossessed and the possession thereof not reinstated. 
 (vi)
Receivables in Force. No Receivable has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. 

(vii) No Waiver. No provision of a Receivable has been waived in such a manner that is prohibited by the provisions
of the Sale and Servicing Agreement or that would cause such Receivable to fail to meet all of the other requirements and warranties made by the Seller herein with respect thereto. 

(viii) No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or defense, including
the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part or subject such Receivable to any right of rescission, setoff,
counterclaim or defense, including the defense of usury, and no such right of rescission, setoff, counterclaim or defense has been asserted with respect thereto. 

(ix) No Liens. To the Seller’s knowledge, no liens have been filed for work, labor or materials relating to a
Financed Vehicle that shall be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by the Receivable. 
 (x) No Default. Except for payment defaults continuing for a period of not more than 29 days as of the Cut-off Date, no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred; and no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen (other than deferrals and
waivers of late payment charges or fees permitted under the Sale and Servicing Agreement). 
 (xi)
Insurance. The Seller, in accordance with its customary procedures, has determined at the time of origination of each Receivable that the related Obligor has agreed to obtain physical damage insurance covering the Financed Vehicle and the
Obligor is required under the terms of the related Receivable to maintain such insurance. 
 (xii) Title.
It is the intention of the Seller that the transfer and assignment herein contemplated constitute a sale of the Receivables from the Seller to the Purchaser and that the beneficial interest in and title to the Receivables not be part of the

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 
Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. Immediately prior to the transfer and assignment herein contemplated,
the Seller had good and marketable title to each Receivable free and clear of all Liens and, immediately upon the transfer thereof, the Purchaser shall have good and marketable title to each Receivable, free and clear of all Liens and rights of
others. Each Receivable File contains the original certificate of title (or a photocopy or image thereof) or evidence that an application for a certificate of title has been filed. To the extent that the transfer and assignment contemplated by this
Agreement is deemed to be other than a sale, this Agreement and all filings described under this Agreement create a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Purchaser, which
security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. 
 (xiii) Lawful Assignment. No Receivable has been originated in, or shall be subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this
Agreement or pursuant to the Sale and Servicing Agreement are unlawful, void or voidable. 
 (xiv) All Filings
Made. All actions have been taken, and all filings (including, without limitation, UCC filings) necessary in any jurisdiction have been made or have been delivered in form suitable for filing to the Purchaser to give the Purchaser a first
priority perfected ownership interest in the Receivables. 
 (xv) Chattel Paper. Each Receivable
constitutes either a “tangible chattel paper” or “electronic chattel paper”, as such terms are defined in the UCC. 
 (xvi) Simple Interest Receivables. All of the Receivables are Simple Interest Receivables. 
 (xvii) One Original or Authoritative Copy. There is only one original executed copy of each “tangible record” constituting or forming a part of each Receivable that is tangible chattel
paper and a single “authoritative copy” (as such terms are used in Section 9-105 of the UCC) of each electronic record constituting or forming a part of each Receivable that is electronic chattel paper. 

(xviii) No Amendments. No Receivable has been amended such that the amount of the Obligor’s Scheduled Payments
has been increased. 
 (xix) APR. The Annual Percentage Rate of each Receivable ranges from 0.00% to
16.14%. 
 (xx) Maturity. As of the Cut-off Date, each Receivable had a remaining term to maturity of not
less than 3 payments and not greater than 69 payments. 
 (xxi) Balance. Each Receivable had an original
principal balance of not more than $64,569.41 and, as of the Cut-off Date, had a principal balance of not less than $2,000.80 or not more than $59,954.78. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 (xxii) Delinquency. No Receivable was more than 29 days past due as
of the Cut-off Date and no Receivable has been extended by more than two months. 
 (xxiii) Payment Date.
Each Receivable has a first scheduled payment date on or prior to the end of the first Collection Period. 

(xxiv) Bankruptcy. No Obligor was the subject of a bankruptcy proceeding (according to the records of the Seller)
as of the Cut-off Date. 
 (xxv) Transfer. Each Receivable prohibits the sale or transfer of the Financed
Vehicle without the consent of the Seller. 
 (xxvi) New, Near-New and Used Vehicles. Each Financed
Vehicle was a new, near-new or used automobile or light-duty truck at the time the related Obligor executed or authenticated the retail installment sale contract. 

(xxvii) Origination. Each Receivable has an origination date on or after September 24, 2005. 

(xxviii) Prepayment. Each Receivable provides that a prepayment by the related Obligor will fully pay the principal
balance and accrued interest through the date of prepayment based on the Receivable’s Annual Percentage Rate. 
 (xxix) Forced-Placed Insurance Premiums. No contract relating to any Receivable has had forced-placed insurance premiums added to the amount financed. 

(xxx) No Fraud or Misrepresentation. To the knowledge of the Seller, no Receivable was originated by a Dealer and
sold by such Dealer to the Seller with any conduct constituting fraud or misrepresentation on the part of such Dealer. 
 (xxxi) No Further Amounts Owed on the Receivables. No further amounts are owed by the Seller to any Obligor under the Receivables. 

(xxxii) No Pledge. Other than the security interest granted to the Purchaser pursuant to this Agreement, the Seller
has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables (except that certain Receivables were conveyed to Nissan Warehouse LLC and reconveyed by Nissan Warehouse LLC to the Seller in connection
with the transactions contemplated under the Note Purchase, Security and Administration Agreement (Retail Installment Receivables), dated as of August 9, 2001, as amended, by and among Nissan Warehouse LLC, NMAC, JPMorgan Chase Bank, N.A.,
formerly known as Morgan Guaranty Trust Company of New York, and certain purchasers and funding agents specified therein). The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a
description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Purchaser hereunder or a financing statement as to which the security interest covering the Receivables has been
released. The Seller is not aware of any judgment or tax lien filings against the Seller. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 (xxxiii) Receivable Files. There is no more than one original of each
tangible record or authoritative copy of each electronic record constituting or forming a part of the Receivable Files, and to the extent that more than one original copy has been, or a tangible record has been, maintained, and where permitted by
law, the Seller has in its possession all such original copies that constitute or evidence the Receivables. The Seller is identified as the “owner of record” on all electronic chattel paper, and the Seller has “control,” as
defined in Section 9-105 of the UCC, of all electronic chattel paper. The Receivable Files that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by
the Seller to any Person other than the Purchaser. All financing statements filed or to be filed against the Seller in favor of the Purchaser in connection herewith describing the Receivables contain a statement to the following effect: “A
purchase of or security interest in any collateral described in this financing statement, except as provided in the Purchase Agreement, will violate the rights of the Purchaser.” 

(xxxiv) No Government Obligors. None of the Receivables shall be due from the United States or any state, or from
any agency, department subdivision or instrumentality thereof. 
 (xxxv) Electronic Chattel Paper. The
representations and warranties set forth in the Officer’s Certificate of the Servicer delivered to Winston & Strawn LLP, as special counsel to the Servicer, in support of the opinion of Winston & Strawn LLP, dated
September 22, 2010 with respect to certain matters regarding electronic chattel paper, are true and correct in all material respects. 
 ARTICLE IV 
 CONDITIONS 

4.1 Conditions to Obligation of the Purchaser. The obligation of the Purchaser to purchase the Receivables and the related property
described in Section 2.1(a) is subject to the satisfaction of the following conditions: 
 (a) Representations and
Warranties True. The representations and warranties of the Seller hereunder shall be true and correct in all material respects on the Closing Date with the same effect as if then made, and the Seller shall have performed in all material respects
all obligations to be performed by it hereunder on or prior to the Closing Date. 
 (b) Computer Files Marked. The Seller
shall, at its own expense, on or prior to the Closing Date, indicate in its computer files that the Receivables have been sold to the Purchaser pursuant to this Agreement and shall deliver to the Purchaser the Schedule of Receivables certified by an
officer of the Seller to be true, correct and complete in all material respects. 
 (c) Documents to be delivered by the
Seller at the Closing. 
 (i) The Assignment. At the Closing, the Seller shall execute and deliver the
Assignment. 

  

			
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	  	(Nissan 2011-B Purchase Agreement)

 (ii) Evidence of UCC Filing. On or within ten days after the Closing
Date, the Seller shall record and file, or deliver in a form suitable for filing to the Purchaser, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, executed by the Seller, as seller or debtor,
and naming the Purchaser, as purchaser or secured party, and the Trust, as assignee of the Purchaser, naming the Receivables and the other property conveyed hereunder as collateral, meeting the requirements of the laws of each such jurisdiction and
in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Receivables and other property conveyed hereunder to the Purchaser. 

(iii) Other Documents. At the Closing, the Seller shall deliver such other documents as the Purchaser may
reasonably request. 
 (d) Other Transactions. The transactions contemplated by the Sale and Servicing Agreement shall be
consummated on the Closing Date. 
 4.2 Conditions to Obligation of the Seller. The obligation of the Seller to sell the
Receivables and other property conveyed hereunder to the Purchaser is subject to the satisfaction of the following conditions: 

(a) Representations and Warranties True. The representations and warranties of the Purchaser hereunder shall be true and correct in
all material respects on the Closing Date with the same effect as if then made, and the Purchaser shall have performed in all material respects all obligations to be performed by it hereunder on or prior to the Closing Date. 

(b) Receivables Purchase Price. On the Closing Date, the Purchaser shall deliver to the Seller the Receivables Purchase Price, as
provided in Section 2.1(b). 
 ARTICLE V 
 COVENANTS OF THE SELLER 
 The Seller agrees with the Purchaser as follows;
provided, however, that, to the extent that any provision of this ARTICLE V conflicts with any provision of the Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern: 

5.1 Protection of Right, Title and Interest. 
 (a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to
preserve, maintain and protect the interest of the Purchaser in the Receivables, the other property conveyed hereunder and the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) The Seller shall notify
the Purchaser within 30 days after any change of its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed by the Seller in accordance with paragraph

  

			
	 11
	  	(Nissan 2011-B Purchase Agreement)

 
(a) above seriously misleading within the meaning of Sections 9-506 and 9-507 of the UCC, and shall promptly file appropriate amendments to all previously filed financing statements or
continuation statements. 
 (c) The Seller shall notify the Purchaser of any relocation of its principal executive office or
state of incorporation within 30 days after such relocation, if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new
financing statement and shall promptly file any such amendment. The Seller shall at all times maintain its principal executive office within the United States of America. 
 (d) The Seller shall maintain its computer systems so that, from and after the time of sale hereunder of the Receivables to the Purchaser, the Seller’s master computer records that refer to a
Receivable shall indicate clearly the interest of the Purchaser in such Receivable and that such Receivable is owned by the Purchaser. The Seller shall at all times maintain (i) control of all electronic records constituting or forming a part
of a Receivable that is electronic chattel paper and (ii) possession of all tangible records constituting or forming a part of a Receivable that is tangible chattel paper. 
 (e) If at any time the Seller shall propose to sell, grant a security interest in, or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee,
the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or print-outs that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Purchaser. 
 (f) The Seller shall permit the Purchaser and its agents at any time during normal business hours
upon reasonable advance notice to inspect, audit and make copies of and abstracts from the Seller’s records regarding any Receivable. 
 5.2 Other Liens or Interests. Except for the conveyances hereunder and contemplated pursuant to the Sale and Servicing Agreement, the Seller shall not sell, pledge, assign or transfer to any other
Person, or grant, create, incur, assume or suffer to exist any Lien on any interest therein, and the Seller shall defend the right, title and interest of the Purchaser in, to and under such Receivables against all claims of third parties claiming
through or under the Seller; provided, however, that the Seller’s obligations under this Section 5.2 shall terminate upon the termination of the Trust pursuant to the Sale and Servicing Agreement. 

5.3 Costs and Expenses. The Seller agrees to pay all reasonable costs and disbursements in connection with the perfection, as
against all third parties, of the Purchaser’s right, title and interest in and to the Receivables. 
 5.4
Indemnification. 
 (a) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any and all
costs, expenses, losses, damages, claims and liabilities (collectively, “Damages”), arising out of or resulting from the failure of a Receivable to be originated in compliance with all requirements of law and for any breach of any of the
Seller’s representations and warranties contained herein. 

  

			
	 12
	  	(Nissan 2011-B Purchase Agreement)

 (b) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any
and all Damages arising out of or resulting from the use, ownership or operation by the Seller or any affiliate thereof of a Financed Vehicle. 
 (c) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any and all taxes that may at any time be asserted against the Purchaser with respect to the transactions
contemplated herein, including, without limitation, any sales, gross receipts, general corporation, tangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to ownership of the Receivables or federal
or other taxes arising out of the transactions contemplated by this Agreement and any related documents) and costs and expenses in defending against the same. 
 (d) The Seller shall defend, indemnify and hold harmless the Purchaser from and against any and all Damages to the extent that such Damage arose out of, or was imposed upon the Purchaser through, the
negligence, willful misfeasance or bad faith of the Seller in the performance of its duties under this Agreement or by reason of reckless disregard of the Seller’s obligations and duties under this Agreement. 

(e) The Seller shall defend, indemnify and hold harmless the Purchaser from and against all Damages arising out of or incurred in
connection with the acceptance or performance of the Seller’s trusts and duties as Servicer under the Sale and Servicing Agreement, except to the extent that such Damages shall be due to the willful misfeasance, bad faith or negligence of the
Purchaser. 
 These indemnity obligations shall be in addition to any obligation that the Seller may otherwise have. 

(f) Promptly after receipt by a party indemnified under this Section 5.4 (an “Indemnified Party”) of notice of the
commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the Seller under this Section 5.4, notify the Seller of the commencement thereof. If any such action is brought against any Indemnified
Party under this Section 5.4 and it notifies the Seller of the commencement thereof, the Seller will assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Party (who may, unless there is, as evidenced by an
opinion of counsel to the Indemnified Party stating that there is an unwaivable conflict of interest, be counsel to the Indemnifying Party), and the Seller will not be liable to such Indemnified Party under this Section 5.4 for any legal or
other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation. The obligations set forth in this Section 5.4 shall survive the termination of this Agreement
and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this Section 5.4 and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest (except to the extent received by such Person). 

  

			
	 13
	  	(Nissan 2011-B Purchase Agreement)

 ARTICLE VI 
 MISCELLANEOUS PROVISIONS 
 6.1 Obligations of Seller. The obligations
of the Seller under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity of any Receivable. 
 6.2 Repurchase Events. The Seller hereby covenants and agrees with the Purchaser for the benefit of the Purchaser, the Trust, the Indenture Trustee and the holders of the Securities, that the
occurrence of a breach of any of the Seller’s representations and warranties contained in Section 3.2(b) shall constitute events obligating the Seller to repurchase Receivables hereunder (“Repurchase Events”) if the Purchaser is
required to repurchase such Receivables pursuant to Section 3.02 of the Sale and Servicing Agreement, at the amount of the Warranty Purchase Payment (or, with respect to a breach of Section 3.2(b)(i)(e), at an amount equal to the Warranty
Purchase Payment plus such additional amount as shall be necessary to provide the full amount of interest contemplated therein to the date of repurchase) from the Purchaser or, as described in Section 6.4 below, from the Trust. The repurchase
obligation of the Seller shall constitute the sole remedy of the holders of the Securities, the Trust, the Indenture Trustee and the Purchaser against the Seller with respect to any Repurchase Event. 

6.3 Seller’s Assignment of Purchased Receivables. With respect to all Receivables repurchased by the Seller pursuant to this
Agreement, the Purchaser (without the need of any further written assignment) shall assign hereby, without recourse, representation or warranty (other than that it has good and marketable title to such Receivables), to the Seller all the
Purchaser’s right, title and interest in and to such Receivables, and all security and documents relating thereto. 
 6.4
Trust. The Seller acknowledges that the Purchaser will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement to the Trust and that the Trust will assign such rights to the
Indenture Trustee for the benefit of the holders of the Notes, and that the representations and warranties contained in this Agreement and the rights of the Purchaser under Section 6.2 and the obligations under Section 6.3 are intended to
benefit the Trust and the holders of the Securities. The Seller hereby consents to such sales and assignments. 
 6.5
Amendment. This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Seller and the Purchaser; provided, however, that any such amendment must be consented to by the Holders of
Notes representing a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially owned by the Trust, NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Trust, NARC II, NMAC or any of their Affiliates), or, in the case of any amendment that does not adversely affect the Indenture Trustee or the
Noteholders (as evidenced by an Officer’s Certificate of the Servicer and an external Opinion of Counsel indicating that such amendment will not adversely affect the Indenture Trustee or the Noteholders), the Holders of a majority of the
Certificate Balance. 

  

			
	 14
	  	(Nissan 2011-B Purchase Agreement)

 6.6 Accountants’ Letters. 

(a) The Seller will cause Ernst & Young LLP to review the characteristics of the Receivables described in the Schedule of
Receivables and to compare those characteristics to the information with respect to the Receivables contained in the Prospectus. 

(b) The Seller will cooperate with the Purchaser and Ernst & Young LLP in making available all information and taking all steps
reasonably necessary to permit such accountants to complete the review set forth in Section 6.6(a) and to deliver the letters required of them under the Underwriting Agreement. 

6.7 Waivers. No failure or delay on the part of the Purchaser in exercising any power, right or remedy under this Agreement or the
Assignment shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy.
Notwithstanding anything to the contrary, the Purchaser shall not waive any breach of representations and warranties set forth in Sections 3.2(b)(v),(xii), (xiv), (xv), (xxx) or (xxxi). 

6.8 Notices. All communications and notices pursuant hereto to either party shall be in writing (including via telecopy or e-mail)
and addressed or delivered to it at its address (or in the case of telecopy, at its telecopy number at such address or in the case of e-mail, to the e-mail address of the intended recipient) shown in the opening portion of this Agreement or at such
other address as may be designated by it by notice to the other party and, if mailed or delivered, shall be deemed given when mailed or delivered, or transmitted by telecopy or e-mail. 

6.9 Costs and Expenses. The Seller agrees to pay all expenses incident to the performance of its obligations under this Agreement
and the Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Purchaser, excluding fees and expenses of counsel, in connection with the perfection as against third parties of the Purchaser’s right, title and interest in
and to the Receivables and the enforcement of any obligation of the Seller hereunder. 
 6.10 Survival. The respective
agreements, representations, warranties and other statements by the Seller and the Purchaser set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the Closing. 

6.11 Headings and Cross-References. The various headings in this Agreement are included for convenience only and shall not affect
the meaning or interpretation of any provision of this Agreement. References in this Agreement to Section names or numbers are to such Sections of this Agreement. 
 6.12 Governing Law. This Agreement and the Assignment shall be governed by and construed in accordance with the internal laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties under this Agreement shall be determined in accordance with such laws. 

  

			
	 15
	  	(Nissan 2011-B Purchase Agreement)

 6.13 Counterparts. This Agreement may be executed in multiple counterparts and by
different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 
 6.14 Sale. Each party hereto agrees to treat the conveyance under this Agreement as a sale of the Receivables on all of its relevant books, records, financial statements and other applicable
documents, except to the extent otherwise required by generally accepted accounting principles. Although the parties hereto intend that the transfer and assignment contemplated by this Agreement be a sale, in the event such transfer and assignment
is deemed to be other than a sale, the parties intend that all filings described in this Agreement shall give the Purchaser a first priority perfected security interest in, to and under the Receivables and other property conveyed hereunder and all
proceeds of any of the foregoing. This Agreement shall be deemed to be the grant of a security interest from the Seller to the Purchaser, and the Purchaser shall have all the rights, powers and privileges of a secured party under the UCC.

  

			
	 16
	  	(Nissan 2011-B Purchase Agreement)

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

			
	NISSAN MOTOR ACCEPTANCE CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	NISSAN AUTO RECEIVABLES CORPORATION II
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 S-1
	  	(Nissan 2011-B Purchase Agreement)

 Exhibit A 
 ASSIGNMENT 
 November 17, 2011 

For value received, in accordance with the Purchase Agreement, dated as of November 17, 2011 (the “Purchase Agreement”),
between the undersigned (the “Seller”) and Nissan Auto Receivables Corporation II (the “Purchaser”), the undersigned does hereby sell, assign, transfer and otherwise convey unto the Purchaser, without recourse, the following:

 (i) all right, title and interest of the Seller in and to the Receivables listed on the Schedule of
Receivables (including all related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof after the Cut-off Date; 
 (ii) the right of the Seller in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any related property; 

(iii) the right of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering the Financed Vehicles or the Obligors; 
 (iv) the right of the Seller to receive
payments in respect of any Dealer Recourse with respect to the Receivables; 
 (v) the right of the Seller to
realize upon any property (including the right to receive future Net Liquidation Proceeds) that shall have secured a Receivable; 
 (vi) the right of the Seller in rebates of premiums and other amounts relating to insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; and 

(vii) all proceeds of the foregoing. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of the undersigned to the Obligors, insurers or any other person in connection
with the Receivables, Receivable Files, any insurance policies or any agreement or instrument relating to any of them. 
 This
Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Purchase Agreement and is to be governed by the Purchase Agreement. 

Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to such terms in the Purchase
Agreement. 

  

			
	 A-1
	  	(Nissan 2011-B Purchase Agreement)

 IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of
the day first above written. 
  

			
	NISSAN MOTOR ACCEPTANCE CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 A-2
	  	(Nissan 2011-B Purchase Agreement)Sale and Servicing Agreement

 Exhibit 10.2 
 SALE AND SERVICING AGREEMENT 
 among 

NISSAN AUTO RECEIVABLES 2011-B OWNER TRUST, 
 as Issuer, 
 NISSAN AUTO RECEIVABLES CORPORATION II, 

as Seller, 
 and

 NISSAN MOTOR ACCEPTANCE CORPORATION, 
 as Servicer 
 Dated as of November 17, 2011 

 TABLE OF CONTENTS 

 

					
		
	 ARTICLE I Definitions
	  	 	1	  
		
	 Section 1.01 Definitions
	  	 	1	  
		
	 Section 1.02 Usage of Terms
	  	 	18	  
		
	 ARTICLE II Conveyance of Receivables
	  	 	19	  
		
	 Section 2.01 Conveyance of Receivables
	  	 	19	  
		
	 Section 2.02 Custody of Receivable Files
	  	 	20	  
		
	 Section 2.03 Acceptance by Issuer
	  	 	21	  
		
	 ARTICLE III The Receivables
	  	 	21	  
		
	 Section 3.01 Representations and Warranties of the Seller with Respect to the Receivables
	  	 	21	  
		
	 Section 3.02 Repurchase upon Breach
	  	 	25	  
		
	 Section 3.03 Duties of Servicer as Custodian
	  	 	26	  
		
	 Section 3.04 Instructions; Authority To Act
	  	 	27	  
		
	 Section 3.05 Custodian’s Indemnification
	  	 	27	  
		
	 Section 3.06 Effective Period and Termination
	  	 	27	  
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	 	28	  
		
	 Section 4.01 Duties of Servicer
	  	 	28	  
		
	 Section 4.02 Collection of Receivable Payments
	  	 	29	  
		
	 Section 4.03 Realization upon Receivables
	  	 	30	  
		
	 Section 4.04 Maintenance of Security Interests in Financed Vehicles
	  	 	30	  
		
	 Section 4.05 Covenants of Servicer
	  	 	30	  
		
	 Section 4.06 Purchase of Receivables upon Breach
	  	 	31	  
		
	 Section 4.07 Servicing Fee and Expenses
	  	 	31	  
		
	 Section 4.08 Servicer’s Certificate
	  	 	31	  
		
	 Section 4.09 Annual Statement as to Compliance; Notice of Default
	  	 	32	  
		
	 Section 4.10 [Reserved]
	  	 	33	  
		
	 Section 4.11 Access to Certain Records and Information Regarding Receivables
	  	 	33	  
		
	 Section 4.12 Appointment of Subservicer
	  	 	33	  
		
	 Section 4.13 Amendments to Schedule of Receivables
	  	 	33	  

  

			
	 i
	  	(Nissan 2011-B Sale and Servicing Agreement)

 TABLE OF CONTENTS 

(continued) 

					
		
	 Section 4.14 Acknowledgement by Servicer of its Obligations under the Indenture
	  	 	33	  
		
	 Section 4.15 Compliance with Regulation AB
	  	 	33	  
		
	 Section 4.16 Fidelity Bond
	  	 	34	  
		
	 ARTICLE V Distributions; Accounts; Statements to the Certificateholders and the Noteholders
	  	 	34	  
		
	 Section 5.01 Establishment of Accounts
	  	 	34	  
		
	 Section 5.02 Collections
	  	 	36	  
		
	 Section 5.03 Application of Collections
	  	 	37	  
		
	 Section 5.04 Advances
	  	 	38	  
		
	 Section 5.05 Additional Deposits
	  	 	39	  
		
	 Section 5.06 Payments and Distributions
	  	 	39	  
		
	 Section 5.07 Reserve Account
	  	 	43	  
		
	 Section 5.08 Statements to Certificateholders and Noteholders
	  	 	45	  
		
	 Section 5.09 Net Deposits
	  	 	47	  
		
	 Section 5.10 Currency Swap Agreement
	  	 	47	  
		
	 ARTICLE VI The Seller
	  	 	47	  
		
	 Section 6.01 Representations of Seller
	  	 	47	  
		
	 Section 6.02 Additional Covenants of the Seller
	  	 	49	  
		
	 Section 6.03 Liability of Seller; Indemnities
	  	 	51	  
		
	 Section 6.04 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	 	52	  
		
	 Section 6.05 Limitation on Liability of Seller and Others
	  	 	53	  
		
	 Section 6.06 Seller May Own Certificates or Notes
	  	 	53	  
		
	 ARTICLE VII The Servicer
	  	 	53	  
		
	 Section 7.01 Representations of Servicer
	  	 	53	  
		
	 Section 7.02 Indemnities of Servicer
	  	 	55	  
		
	 Section 7.03 Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	  	 	56	  
		
	 Section 7.04 Limitation on Liability of Servicer and Others
	  	 	56	  
		
	 Section 7.05 NMAC Not To Resign as Servicer
	  	 	57	  

  

			
	 ii
	  	(Nissan 2011-B Sale and Servicing Agreement)

 TABLE OF CONTENTS 

(continued) 
  

					
		
	 ARTICLE VIII Default
	  	 	57	  
		
	 Section 8.01 Servicer Default
	  	 	57	  
		
	 Section 8.02 Appointment of Successor
	  	 	59	  
		
	 Section 8.03 Repayment of Advances
	  	 	60	  
		
	 Section 8.04 Notification
	  	 	60	  
		
	 Section 8.05 Waiver of Past Defaults
	  	 	60	  
		
	 ARTICLE IX Termination; Release of Receivables
	  	 	60	  
		
	 Section 9.01 Optional Purchase of All Receivables
	  	 	60	  
		
	 Section 9.02 Release of Receivables
	  	 	61	  
		
	 Section 9.03 Termination
	  	 	62	  
		
	 ARTICLE X Miscellaneous
	  	 	62	  
		
	 Section 10.01 Amendment
	  	 	62	  
		
	 Section 10.02 Protection of Title to Trust
	  	 	65	  
		
	 Section 10.03 Notices
	  	 	67	  
		
	 Section 10.04 Assignment by the Seller or the Servicer
	  	 	67	  
		
	 Section 10.05 Limitations on Rights of Others
	  	 	68	  
		
	 Section 10.06 Severability
	  	 	68	  
		
	 Section 10.07 Separate Counterparts
	  	 	68	  
		
	 Section 10.08 Headings
	  	 	68	  
		
	 Section 10.09 Governing Law
	  	 	68	  
		
	 Section 10.10 Assignment by Issuer
	  	 	68	  
		
	 Section 10.11 Nonpetition Covenants
	  	 	68	  
		
	 Section 10.12 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	 	69	  
		
	 Section 10.13 Waivers
	  	 	69	  
		
	APPENDIX A Regulation AB Covenants	  			

  

			
	 iii
	  	(Nissan 2011-B Sale and Servicing Agreement)

 SALE AND SERVICING AGREEMENT, dated as of November 17, 2011, among NISSAN AUTO
RECEIVABLES 2011-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), NISSAN AUTO RECEIVABLES CORPORATION II, a Delaware corporation (the “Seller”), and NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation in its
individual capacity (in such capacity, “NMAC”) and as Servicer (in such capacity, the “Servicer”). Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in Article I.

 WHEREAS, the Issuer desires to purchase a portfolio of receivables arising in connection with retail installment sales
contracts secured by new, near-new or used automobiles and light-duty trucks generated by NMAC in the ordinary course of business and sold to the Seller; 
 WHEREAS, the Seller is willing to sell such receivables to the Issuer; and 

WHEREAS, the Servicer is willing to service such receivables. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01 Definitions. Except as otherwise provided in this Agreement, whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following
respective meanings: 
 “Accounts” means the Collection Account and the Reserve Account. 

“Adjusted Pool Balance” means, at any time, an amount equal to the Pool Balance minus the YSOC Amount. 

“Administration Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator,
the Issuer, the Indenture Trustee and the Owner Trustee. 
 “Administrative Purchase Payment” for any
Administrative Receivable as of the last day of any Collection Period, means the sum of the Principal Balance thereof as of the beginning of such Collection Period plus interest accrued thereon through the due date for the Obligor’s payment in
such Collection Period at the related APR, after giving effect to the receipt of monies collected (from whatever source other than the Advances) on such Administrative Receivable, if any, during such Collection Period. 

“Administrative Receivable” means a Receivable purchased as of the close of business on the last day of a Collection
Period by the Servicer pursuant to Section 4.06 or Section 9.01. 
 “Administrator” means NMAC, or
any successor Administrator under the Administration Agreement. 

  

			
	 1
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Advance” means the amount, as of the last day of a Collection Period, that
the Servicer is required to advance on the respective Receivable pursuant to Section 5.04. 
 “Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person,
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the term “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Aggregate Noteholders’ Interest Distributable Amount” means, with
respect to any Distribution Date, the sum of the Noteholders’ Interest Distributable Amount for all Classes of Notes with respect to such Distribution Date. 
 “Agreement” means this Sale and Servicing Agreement among Nissan Auto Receivables 2011-B Owner Trust, as Issuer, NARC II, as Seller, and NMAC, as Servicer. 

“Amount Financed” with respect to any Receivable, means the amount advanced under the Receivable toward the purchase
price of the related Financed Vehicle and any related costs, including but not limited to accessories, insurance premiums, service and warranty contracts and other items customarily financed as part of retail automobile and light-duty truck
installment sale contracts. 
 “Annual Percentage Rate” or “APR” of a Receivable means the
annual rate of finance charges stated in such Receivable. 
 “Assignment” shall have the meaning assigned to
such term in the Purchase Agreement. 
 “Available Amounts” means, with respect to any Distribution Date, the
sum of (i) Available Interest for such Distribution Date, and (ii) Available Principal for such Distribution Date. 

“Available Interest” means, for any Distribution Date, the sum of the following amounts received during the related
Collection Period: (i) that portion of all collections on Receivables allocable to interest, (ii) without duplication of amounts described in clause (i), Net Liquidation Proceeds to the extent allocable to interest due on a Liquidated
Receivable in accordance with the Servicer’s customary servicing procedures, (iii) all Advances made by the Servicer pursuant to Section 5.04, (iv) without duplication of any amounts described above in clauses (i) and (ii),
the Administrative Purchase Payment of each Receivable that became an Administrative Receivable during the related Collection Period to the extent allocable to interest thereon, (v) without duplication of any amounts described above in clauses
(i) and (ii), the Warranty Purchase Payment of each Receivable that became a Warranty Receivable during the related Collection Period to the extent allocable to interest thereon, (vi) in the case of an Optional Purchase, that portion of
the Optional Purchase Price allocable to interest and (vii) the amount, if any, deposited into the Collection Account from the Reserve Account; provided, however, that in calculating Available Interest, amounts to be paid to the
Servicer as reimbursement for Advances pursuant to Sections 5.06(c)(i), 5.06(c)(ii) and 5.06(d)(ii) on such Distribution Date shall be excluded. 

  

			
	 2
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Available Principal” means, for any Distribution Date, the sum of the
following amounts received during the related Collection Period: (i) that portion of all collections on Receivables allocable to principal, (ii) without duplication of amounts described in clause (i), Net Liquidation Proceeds allocable to
principal due on a Liquidated Receivable in accordance with the Servicer’s customary servicing procedures, (iii) without duplication of any amounts described above in clauses (i) and (ii), the Administrative Purchase Payment of each
Receivable that became an Administrative Receivable during the related Collection Period to the extent allocable to principal, and (iv) without duplication of any amounts described above in clauses (i) and (ii), the Warranty Purchase
Payment of each Receivable that became a Warranty Receivable during the related Collection Period to the extent allocable to principal; and (v) without duplication of any amounts described in clauses (i) and (ii), that portion of the
Optional Purchase Price in the case of an Optional Purchase allocable to Principal. 
 “Bankruptcy Code” means
the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. 
 “Base Servicing Fee” means the
fee payable to the Servicer on each Distribution Date for services rendered during the related Collection Period, which shall be equal to one-twelfth of the Servicing Rate multiplied by the Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period or, with respect to the first Distribution Date, the Original Pool Balance. 

“Basic Documents” means the Purchase Agreement, the Trust Agreement, the Certificate of Trust, this Agreement, the
Indenture, the Administration Agreement, the Securities Account Control Agreement, the Note Depository Agreement and the other documents and certificates delivered in connection herewith and therewith. 

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

“Certificate Balance” means, as of any Distribution Date, the Original Certificate Balance, reduced by all amounts
distributed to the Certificateholders pursuant to Section 5.06(c), (d) and/or (e) hereof (but in no event less than zero). For the purposes of determining whether the vote of the requisite percentage of Certificateholders necessary to
effect any consent, waiver, request or demand shall have been obtained, the Certificate Balance shall be deemed to be reduced by the amount equal to the balance (without giving effect to this provision) evidenced by any Certificate registered in the
name of the Seller, the Servicer or any Person actually known to a Trust Officer of the Owner Trustee or the Indenture Trustee, as the case may be, to be the Seller or the Servicer or any of their Affiliates. 

“Certificate Factor” means, with respect to any Distribution Date, a seven-digit decimal figure obtained by dividing the
Certificate Balance as of the close of business on the last day of the related Collection Period by the Original Certificate Balance. 
 “Certificate of Trust” shall have the meaning assigned to such term in the Trust Agreement. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Certificate Pool Factor” means, with respect to any Distribution Date, a
seven-digit decimal figure obtained by dividing the Certificate Balance as of the close of business on the last day of the related Collection Period by the Original Pool Balance. 

“Certificate Register” means the register maintained by the Certificate Registrar pursuant to the Trust Agreement
recording the names of the Certificateholders. 
 “Certificateholder” shall have the meaning assigned to such
term in the Trust Agreement. 
 “Certificateholders’ Principal Distributable Amount” means, with respect
to any Distribution Date, an amount equal to zero until the outstanding principal amount of each Class of Notes has been reduced to zero, and thereafter, an amount equal to the Principal Distribution Amount (as reduced by the Noteholders’
Principal Distributable Amount, if any for such Distribution Date) for such Distribution Date. 

“Certificates” shall have the meaning assigned to such term in the Trust Agreement. 

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

“Class A-1 Final Scheduled Distribution Date” means November 15, 2012. 

“Class A-1 Interest Rate” means 0.40817% per annum. 

“Class A-1 Note” means any of the 0.40817% Asset Backed Notes, Class A-1, issued under the Indenture, substantially
in the form of Exhibit A to the Indenture. 
 “Class A-1 Noteholder” means the Person in whose name a
Class A-1 Note is registered in the Note Register. 
 “Class A-2 Final Scheduled Distribution Date” means
September 15, 2014. 
 “Class A-2 Interest Rate” means 0.74% per annum. 

“Class A-2 Note” means any of the 0.74% Asset Backed Notes, Class A-2, issued under the Indenture, substantially in
the form of Exhibit A to the Indenture. 
 “Class A-2 Noteholder” means the Person in whose name a
Class A-2 Note is registered in the Note Register. 
 “Class A-3 Final Scheduled Distribution Date” means
February 16, 2016. 
 “Class A-3 Interest Rate” means 0.95% per annum. 

“Class A-3 Note” means any of the 0.95% Asset Backed Notes, Class A-3, issued under the Indenture, substantially in
the form of Exhibit A to the Indenture. 
 “Class A-3 Noteholder” means the Person in whose name a
Class A-3 Note is registered in the Note Register. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Class A-4 Final Scheduled Distribution Date” means January 16, 2018.

 “Class A-4 Interest Rate” means 1.24% per annum. 

“Class A-4 Note” means any of the 1.24% Asset Backed Notes, Class A-4, issued under the Indenture, substantially in
the form of Exhibit A to the Indenture. 
 “Class A-4 Noteholder” means the Person in whose name a
Class A-4 Note is registered in the Note Register. 
 “Clearing Agency” means an organization registered
as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Closing Date” means
November 17, 2011. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations promulgated thereunder. 
 “Collection Account” means the account designated as such, established
and maintained pursuant to Section 5.01. 
 “Collection Period” means, with respect to any Distribution
Date, the preceding calendar month. Any amount stated “as of the close of business of the last day of a Collection Period” shall give effect to the following calculations as determined as of the end of the day on such last day:
(i) all applications of collections, (ii) all Advances and reductions of Outstanding Advances and (iii) all distributions. 
 “Corporate Trust Office” shall have the meaning assigned to such term in the Indenture. 
 “Currency Swap Agreement” shall mean any currency swap agreement, including all schedules and confirmations thereto, entered into by the Issuer 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 servicing practices of the Servicer with respect to all comparable motor vehicle receivables that the Servicer services for itself and others, as such practices may be changed from time to time.

 “Cut-off Date” means October 31, 2011. 

“Damages” shall have the meaning assigned to such term in Section 7.02. 

“Dealer” means the dealer who sold a Financed Vehicle and who originated and assigned the related Receivable to NMAC
under an existing agreement between such dealer and NMAC. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Dealer Recourse” means, with respect to a Receivable, all recourse rights
against the Dealer which originated the Receivable, and any successor Dealer. 
 “Default” shall have the
meaning assigned to such term in the Indenture. 
 “Defaulted Receivable” means (a) a Receivable (other
than an Administrative Receivable or a Warranty Receivable), which, by its terms, is delinquent for 120 or more days, (b) with respect to Receivables that are delinquent for less than 120 days, the Servicer has (i) determined, in
accordance with its customary servicing procedures, that eventual payment in full is unlikely or (ii) repossessed the Financed Vehicle, or (c) a Receivable with respect to which the Servicer has received notification that the related
Obligor is subject to proceedings under Chapter 13 of the Bankruptcy Code. 
 “Definitive Notes” shall have the
meaning ascribed thereto in the Indenture. 
 “Determination Date” means the tenth calendar day of each
calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. 
 “Distribution
Date” means, for each Collection Period, the 15th calendar day of the following calendar month, or if the 15th day is not a Business Day, the next succeeding Business Day, commencing December 15, 2011. 

“DTC” means The Depository Trust Company. 
 “Eligible Deposit Account” means (a) an account maintained with a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank) (i) which at all times has either (A) a long-term
senior unsecured debt rating of “Aa2” or better by Moody’s, “AA-” or better by Standard & Poor’s and “AA” or better by Fitch or such other rating that is acceptable to each Rating Agency, as evidenced
by satisfaction of the Rating Agency Condition, (B) a certificate of deposit rating of “Prime-1” by Moody’s, “A-1+ by Standard & Poor’s and “F1+” by Fitch or (C) such other rating that is
acceptable to each Rating Agency, as evidenced by satisfaction of the Rating Agency Condition (each of (A), (B) or (C), the “Required Deposit Ratings”) and (ii) whose deposits are insured by the Federal Deposit Insurance
Corporation; provided, that a foreign financial institution shall be deemed to satisfy clause (ii) if such foreign financial institution meets the requirements of Rule 13k-1(b)(1) under the Exchange Act (17 CFR
§240.13k-1(b)(1)) or (b) a segregated trust account in the trust department of the Indenture Trustee or the Owner Trustee, as the case may be. 
 “Eligible Investments” means, at any time, any one or more of the following obligations and securities: 

(i) direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United
States of America; 
 (ii) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or State banking or depository institution authorities;
provided, however, that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a Person other than such depository institution or trust company) thereof shall have a credit rating from each of the Rating Agencies in the highest investment category granted thereby (including applicable plus signs); 

(iii) commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from
each of the Rating Agencies in the highest investment category granted thereby; 
 (iv) investments in money
market funds having a rating from each of the Rating Agencies in the highest investment category granted thereby (including funds for which the Owner Trustee, the Indenture Trustee or any of their respective Affiliates is investment manager or
advisor); 
 (v) bankers’ acceptances issued by any depository institution or trust company referred to in
clause (ii) above; 
 (vi) repurchase obligations with respect to any security that is a direct obligation
of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository
institution or trust company (acting as principal) described in clause (ii); 
 (vii) repurchase obligations with
respect to any security or whole loan, entered into with (a) a depository institution or trust company (acting as principal) described in clause (ii) above (except that the rating referred to in the proviso in such clause (ii) shall
be “A-1” or higher in the case of Standard & Poor’s) (such depository institution or trust company being referred to in this definition as a “financial institution”), (b) a broker/dealer (acting as principal)
registered as a broker or dealer under Section 15 of the Exchange Act (a “broker/dealer”), the unsecured short-term debt obligations of which are rated “Prime-1” by Moody’s, at least “A-1” by
Standard & Poor’s and “F1+” by Fitch at the time of entering into such repurchase obligation (a “rated broker/dealer”), (c) an unrated broker/dealer (an “unrated broker/dealer”), acting as principal
that is a wholly-owned subsidiary of a non-bank holding company the unsecured short-term debt obligations of which are rated “Prime-1” by Moody’s, at least “A-1” by Standard & Poor’s and “F1+” by
Fitch at the time of entering into such repurchase obligation (a “Rated Holding Company”), or (d) an unrated wholly-owned subsidiary of a direct or indirect parent Rated Holding Company, which guarantees such subsidiary’s
obligations under such repurchase agreement (a “Guaranteed Counterparty”); provided that the following conditions are satisfied: 
 (A) the aggregate amount of funds invested in repurchase obligations of a financial institution, a rated broker/dealer, an unrated broker/dealer or a

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
Guaranteed Counterparty in respect of which the unsecured short-term ratings of Standard & Poor’s are “A-1” (in the case of an unrated broker/dealer or Guaranteed
Counterparty, such rating being that of the related Rated Holding Company) shall not exceed 20% of the outstanding Pool Balance (there being no limit on the amount of funds that may be invested in repurchase obligations in respect of which such
Standard & Poor’s rating is “A-1+” (in the case of an unrated broker/dealer or Guaranteed Counterparty, such rating being that of the related Rated Holding Company)); 

(B) in the case of the Reserve Account, the rating from Standard & Poor’s in respect of the unsecured short
term debt obligations of the financial institution, rated broker/dealer, unrated broker/dealer or Guaranteed Counterparty (in the case of an unrated broker/dealer or Guaranteed Counterparty, such rating being that of the related Rated Holding
Company) shall be “A-1+”; 
 (C) the repurchase obligation must mature within 30 days of the date on
which the Indenture Trustee or the Owner Trustee, as applicable, enters into such repurchase obligation; 
 (D)
the repurchase obligation shall not be subordinated to any other obligation of the related financial institution, rated broker/dealer, unrated broker/dealer or Guaranteed Counterparty; 

(E) the collateral subject to the repurchase obligation is held, in the appropriate form, by a custodial bank on behalf of
the Indenture Trustee or the Owner Trustee, as applicable; 
 (F) the repurchase obligation shall require that
the collateral subject thereto shall be marked to market daily; 
 (G) in the case of a repurchase obligation of
a Guaranteed Counterparty, the following conditions shall also be satisfied: 
 (1) the Indenture Trustee or the
Owner Trustee, as applicable, shall have received an Opinion of Counsel to the effect that the guarantee of the related Rated Holding Company is a legal, valid and binding agreement of the Rated Holding Company, enforceable in accordance with its
terms, subject to the effect of bankruptcy, insolvency, reorganization and moratorium or other similar laws affecting creditors’ rights generally and to general equitable principles; 

(2) the Indenture Trustee or the Owner Trustee, as applicable, shall have received (x) an incumbency certificate for
the signer of such guarantee, certified by an officer of such Rated Holding Company, and (y) a resolution, certified by an officer of the Rated Holding Company, of the board of directors (or applicable committee thereof) of the Rated Holding
Company authorizing the execution, delivery and performance of such guarantee by the Rated Holding Company; 

  

			
	 8
	  	(Nissan 2011-B Sale and Servicing Agreement)

 (3) the only conditions to the obligation of such Rated Holding Company to
pay on behalf of the Guaranteed Counterparty shall be that the Guaranteed Counterparty shall not have paid under such repurchase obligation when required (it being understood that no notice to, demand on or other action in respect of the Guaranteed
Counterparty is necessary) and that the Indenture Trustee or the Owner Trustee, as applicable, shall make a demand on the Rated Holding Company to make the payment due under such guarantee; 

(4) the guarantee of the Rated Holding Company shall be irrevocable with respect to such repurchase obligation and shall
not be subordinated to any other obligation of the Rated Holding Company; and 
 (5) the Rating Agency Condition
with respect to the issuance of such guarantee shall have been satisfied; and 
 (H) the repurchase obligation
shall require that the repurchase obligation be overcollateralized and shall provide that, upon any failure to maintain such overcollateralization, the repurchase obligation shall become due and payable, and unless the repurchase obligation is
satisfied immediately, the collateral subject to the repurchase agreement shall be liquidated and the proceeds applied to satisfy the unsatisfied portion of the repurchase obligation; and 

(viii) any other investment with respect to which the acquisition of such investment as an Eligible Investment will
satisfy the Rating Agency Condition; 
 provided that, unless otherwise expressly stated herein, each of the foregoing investments shall
be denominated in U.S. dollars, shall not be purchased at a premium, shall mature no later than the Business Day prior to the Distribution Date immediately following the date of purchase, and shall be required to be held to such maturity; and
provided, further, that, notwithstanding clauses (i) through (viii) above, “Eligible Investments” shall not include any security having an “r” subscript attached to its Standard & Poor’s
rating. 
 For purposes of this definition, any reference to the highest available credit rating of an obligation shall mean the
highest available credit rating for such obligation (excluding any “+” signs associated with such rating), or such lower credit rating (as approved in writing by each Rating Agency) as will not result in the qualification, downgrading or
withdrawal of the rating then assigned by such Rating Agency to any of the Notes. 
 “Event of Default” shall
have the meaning assigned to such term in the Indenture. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Final Scheduled Distribution Date” means, the Class A-1 Final Scheduled Distribution
Date, the Class A-2 Final Scheduled Distribution Date, the Class A-3 Final Scheduled Distribution Date and the Class A-4 Final Scheduled Distribution Date, as applicable. 

  

			
	 9
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Financed Vehicle” means a new, near-new or used automobile or light-duty
truck, together with all accessions thereto, securing an Obligor’s indebtedness under the related Receivable. 

“Fitch” means Fitch Ratings. 
 “Fixed Rate Note” means any Class A-1 Note, Class A-2 Note, Class A-3 Note or Class A-4 Note. 
 “HB3” shall mean House Bill No. 3 (signed by the Governor of the State of Texas on May 19, 2006) and the corresponding sections of Title 2 of the Texas Tax Code implementing
House Bill No. 3 and the rules and regulations promulgated thereunder implementing House Bill No. 3. 

“Holder” or “Securityholder” means the registered holder of any Certificate or Note as evidenced by the
Certificate Register (as defined in the Trust Agreement) or Note Register (as defined in the Indenture) except that, solely for the purposes of giving certain consents, waivers, requests or demands pursuant to the Trust Agreement or the Indenture,
the interest evidenced by any Certificate or Note registered in the name of NARC II or NMAC, or any Person actually known to a Trust Officer to be an Affiliate of NARC II or NMAC, shall not be taken into account in determining whether the requisite
percentage necessary to effect any such consent, waiver, request or demand shall have been obtained unless NARC II or NMAC are the only holders. 
 “Indenture” means the Indenture dated as of the Closing Date, between the Issuer and Citibank, N.A., as Indenture Trustee. 

“Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture, its successors in interest and any
successor trustee under the Indenture. 
 “Insolvency Event” means, with respect to a specified Person,
(a) 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 such Person or all or substantially all of its property in an involuntary case under any applicable federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for all or substantially all of its property, or
ordering the winding-up or liquidation of such Person’s affairs, and such petition shall remain unstayed and in effect for a period of 90 consecutive days; or (b) the commencement by such Person 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 such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of
or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for all or substantially all of its property, or the making by such Person of any general assignment for the benefit of
creditors. 
 “Interest Period” means, with respect to any Distribution Date and the Class A-1 Notes, the
period from (and including) the preceding Distribution Date to (but excluding) such Distribution Date, except that the initial Interest Period will be from (and including) the Closing 

  

			
	 10
	  	(Nissan 2011-B Sale and Servicing Agreement)

 
Date to (but excluding) December 15, 2011, and, with respect to any Distribution Date and the Fixed Rate Notes, other than the Class A-1 Notes, the period from (and including) the 15th
day of the preceding calendar month to (but excluding) the 15th day of the month in which such Distribution Date occurs, except that the initial Interest Period will be from (and including) the Closing Date to (but excluding) December 15, 2011.

 “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3
Interest Rate or the Class A-4 Interest Rate, as the case may be. 
 “Issuer” means Nissan Auto
Receivables 2011-B Owner Trust unless and until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 

“Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any kind, other than, in the case of
a Financed Vehicle, tax liens, mechanics’ liens and any liens that attach to such Financed Vehicle by operation of law. 

“Liquidated Receivable” means a Defaulted Receivable as to which the related Financed Vehicle has been liquidated by the
Servicer. 
 “Monthly Remittance Conditions” shall have the meaning assigned to such term in Section 5.02.

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

“NARC II” means Nissan Auto Receivables Corporation II, a Delaware corporation. 

“Net Liquidation Proceeds” means the monies collected from whatever source on a Liquidated Receivable, net of the sum of
any amounts expended by the Servicer for the account of the Obligor, plus any amounts required by law to be remitted to the Obligor. 
 “Nissan” means Nissan Motor Co., Ltd. 
 “NMAC”
means Nissan Motor Acceptance Corporation, a California corporation. 
 “Nonrecoverable Advance” means any
Outstanding Advance with respect to (i) any Defaulted Receivable or (ii) any Receivable as to which the Servicer determines that any recovery from payments made on or with respect to such Receivable is unlikely. 

“Note” means any one of the notes issued under the Indenture. 

“Note Depository Agreement” shall have the meaning assigned to such term in the Indenture. 

“Note Factor” means, with respect to any Class of Notes and any Distribution Date, a seven-digit decimal figure obtained
by dividing the Outstanding Amount of such Class of Notes, as of the close of business on the last day of the related Collection Period, by the initial Outstanding Amount of that Class of Notes. 

  

			
	 11
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Noteholder” shall mean any of the Class A-1 Noteholders, the
Class A-2 Noteholders, the Class A-3 Noteholders or the Class A-4 Noteholders. 
 “Noteholders’
Interest Carryover Shortfall” means, with respect to any Distribution Date and a Class of Notes, the excess, if any, of the sum of the Noteholders’ Monthly Interest Distributable Amount for such Class for the preceding Distribution
Date plus any outstanding Noteholders’ Interest Carryover Shortfall for such Class on such preceding Distribution Date, over the amount in respect of interest that is actually paid on the Notes of such Class on such preceding Distribution Date,
plus, to the extent permitted by applicable law, interest on the Noteholders’ Interest Carryover Shortfall at the related Interest Rate for the related Interest Period (calculated on the same basis as interest on that Class of Notes for the
same period). 
 “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date
and a Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Class plus any outstanding Noteholders’ Interest Carryover Shortfall for such Class as of the close of the immediately preceding Distribution
Date. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date
and a Class of Notes, interest accrued for the related Interest Period (calculated on the basis of, in the case of the Class A-1 Notes, the actual number of days in such Interest Period and a year assumed to consist of 360 days, and in the case
of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, such Interest Period being assumed to consist of 30 days and a year assumed to consist of 360 days) at the related Interest Rate for such Class of Notes on the
Outstanding Amount of the Notes of such Class on the immediately preceding Distribution Date, after giving effect to all payments of principal to Noteholders of such Class on or prior to such Distribution Date (or, in the case of the first
Distribution Date, on the original principal amount of such Class of Notes). 
 “Noteholders’ Principal Carryover
Shortfall” means, with respect to any Distribution Date, the excess, if any, of the Noteholders’ Principal Distributable Amount for the preceding Distribution Date over the amount in respect of principal that is actually paid as
principal on the Notes on such previous Distribution Date. Noteholders’ Principal Carryover Shortfall is not used to determine the amount of principal due on the Notes on any Distribution Date, but is used solely for reporting purposes.

 “Noteholders’ Principal Distributable Amount” means, with respect to any Distribution Date, an
amount equal to the Principal Distribution Amount for such Distribution Date until the outstanding principal amount of each Class of Notes has been reduced to zero, and for any Distribution Date thereafter, an amount equal to zero. 

“Note Owner” shall have the meaning assigned to such term in the Indenture. 

“Note Pool Factor” means, with respect to any Class of Notes and any Distribution Date, a seven-digit decimal figure
obtained by dividing the Outstanding Amount of such Class of Notes as of the close of business on the last day of the related Collection Period by the Original Pool Balance. 

  

			
	 12
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Note Register” means the register maintained by the Indenture Trustee
pursuant to the Indenture recording the name of each Noteholder. 
 “Notes” means the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes. 
 “Obligor” on a Receivable
means the purchaser or co-purchasers of the Financed Vehicle or any other Person who owes payments under the Receivable (but excluding any Dealer in respect of Dealer Recourse). 

“Officer’s Certificate” means a certificate signed by the chairman of the board, the president, any executive vice
president, any vice president, the treasurer, any assistant treasurer or the controller of the Seller or the Servicer, as the case may be. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise provided herein, be an employee of or counsel to the Issuer, the Seller or the Servicer,
which counsel shall be reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as the case may be. 
 “Optional Purchase” shall have the meaning assigned to such term in Section 9.01(a). 
 “Optional Purchase Percentage” means 5.00%. 
 “Optional
Purchase Price” means, an amount equal to the aggregate Administrative Purchase Payments for the Receivables (including Receivables that became Defaulted Receivables in the Collection Period preceding the Distribution Date on which a
purchase pursuant to Section 9.01 is effected), plus the appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer and the Indenture Trustee (less liquidation
expenses); provided, however, that the Optional Purchase Price shall be equal to or greater than the sum of (i) the Outstanding Amount of all Classes of Notes, (ii) the Noteholders’ Interest Distributable Amount for all
Classes of Notes for such Distribution Date and, (iii) the Certificate Balance. 
 “Original Certificate
Balance” means $52,083,350.29. 
 “Original Pool Balance” means the aggregate Principal Balance of the
Receivables on the Cut-off Date. 
 “Original Principal Amount” means $293,000,000 for the Class A-1
Notes, $487,000,000 for the Class A-2 Notes, $370,000,000 for the Class A-3 Notes and $100,000,000 for the Class A-4 Notes. 
 “Outstanding” shall have the meaning assigned to that term in the Indenture. 
 “Outstanding Advances” means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus all payments or
collections as of or prior to such date that are specified in Sections 5.04(b) and 5.04(d) as applied to reimburse all unpaid Advances with respect to such Receivable. 

  

			
	 13
	  	(Nissan 2011-B Sale and Servicing Agreement)

 “Outstanding Amount” means the aggregate principal amount of all Notes, or,
if indicated by the context, all Notes of any Class, Outstanding at the date of determination. 
 “Owner Trust
Estate” means all right, title and interest of the Trust in and to the Receivables (other than the Warranty Receivables for which the Seller has paid the Warranty Purchase Payment in accordance with Section 3.02 and Administrative
Receivables for which the Servicer has paid the Administrative Purchase Payment in accordance with Section 4.06), and all monies paid thereon, and all monies accrued thereon, after the Cut-off Date; security interests in the Financed Vehicles
and any accessions thereto; the Collection Account and all funds deposited in the Collection Account; all property (including the right to receive Net Liquidation Proceeds) that shall have secured a Receivable and that shall have been acquired by or
on behalf of the Owner Trustee; proceeds from claims on any physical damage, credit life or disability insurance policies covering the Financed Vehicles or the Obligors; all right to receive payments in respect of any Dealer Recourse with respect to
the Receivables; all right, title and interest of the Seller in and to the Purchase Agreement and the Assignment; all right, title and interest of the Owner Trustee and the Trust pursuant to this Agreement and the Administration Agreement; certain
rebates of premiums and other amounts relating to certain insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; and the proceeds of any and all of the foregoing. 

“Owner Trustee” means the Person acting as Owner Trustee under the Trust Agreement, its successors in interest and any
successor owner trustee under the Trust Agreement. 
 “Paying Agent” shall have the meaning assigned to such
term in the Indenture. 
 “Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Pool Balance” as of the close of business on the last day of a Collection Period means the aggregate Principal Balance of the Receivables (reduced by the principal balance of any
Administrative Receivables, Warranty Receivables and Defaulted Receivables) as of the close of business on such day. 

“Pool Factor” for a particular Class of Notes or Certificates on any Distribution Date means a seven-digit decimal
figure indicating the principal amount of such Class of Notes or the Certificate Balance, as the case may be, as of the close of business on the last day of the related Collection Period as a fraction of the Original Pool Balance. 

“Prepayment” means, with respect to any Receivable, any prepayment, whether in part or in full, in respect of such
Receivable. 
 “Principal Balance” of a Receivable, as of any date of determination, means the Amount Financed
minus the sum of (i) all payments on such Receivable allocable to principal, (ii) any refunded portion of extended warranty protection plan or service contract costs, or of physical damage, credit life or disability insurance premiums
included in the Amount Financed, (iii) any payment of the Administrative Purchase Payment or the Warranty Purchase Payment with respect to the Receivable allocable to principal, (iv) any Net Liquidation Proceeds allocable to principal, and
(v) any Prepayments or other payments applied to reduce the unpaid principal balance of that Receivable (to the extent not included in clauses (i) or (iii) of this definition). 

  

			
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 “Principal Distribution Amount” means, with respect to any Distribution
Date, an amount equal to the excess, if any, of the sum of the aggregate outstanding principal balance of (a) the Notes and (b) the Certificates as of the preceding Distribution Date (after giving effect to any principal payments made
on the Notes and Certificates on such preceding Distribution Date), or as of the Closing Date, in the case of the first Distribution Date, over the Adjusted Pool Balance as of the end of the related Collection Period; provided,
however, that the Principal Distribution Amount on the Final Scheduled Distribution Date for any Class of Notes shall not be less than the amount necessary to reduce the outstanding principal amount of such Class to zero. 

“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 clause (ii), for which the Seller, or any United States Affiliate thereof, acts as a depositor. 
 “Purchase Agreement” means that certain agreement, dated as of the Closing Date, between NMAC and the Seller, relating to the purchase by the Seller from NMAC of the Receivables.

 “Rating Agency” means, as of any date, any of the nationally recognized statistical rating organizations
that has been requested by the Seller 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” shall have the meaning assigned to such term in the Indenture. 
 “Receivable” means any retail installment sale contract that appears on the Schedule of Receivables and that has not been released by the Owner Trustee from the Trust. 

“Receivable File” means the records (whether tangible or electronic) specified in Section 2.02 pertaining to a
particular Receivable. 
 “Record Date” means, with respect to the Notes of any Class and each Distribution
Date, the Business Day immediately preceding such Distribution Date, and, with respect to the Certificates or if Definitive Notes, representing any Class of Notes, have been issued, the last day of the Collection Period preceding the related
Distribution Date. Any amount stated “as of a Record Date” or “on a Record Date” shall give effect to (i) all applications of collections, and (ii) all distributions to any party under this Agreement, the Indenture and
the Trust Agreement or to the related Obligor, as the case may be, in each case as determined as of the opening of business on the related Record Date. 
 “Relevant Trustee” means (i) with respect to the control over or appropriate designation denoting ownership or control over any property comprising a portion of the Owner Trust
Estate that either is not conveyed or pledged to the Indenture Trustee for the benefit of the Noteholders pursuant to the Granting Clause of the Indenture or that has been released from the lien of the

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
Indenture, the Owner Trustee, and (ii) with respect to any property comprising a portion of the Trust Estate (as defined in the Indenture) that has not been released from the lien of the
Indenture, the Indenture Trustee; provided, however, that with respect to any property that is under the joint or separate control of a co-trustee or separate trustee under the Trust Agreement or the Indenture, respectively,
“Relevant Trustee” shall refer to either or both of the Owner Trustee and such co-trustee or separate trustee or to either or both of the Indenture Trustee and such co-trustee or separate trustee, as the case may be. 

“Required Deposit Rating” shall have the meaning assigned to such term in the definition of “Eligible Deposit
Account.” 
 “Required Rate” means, with respect to any Distribution Date, 2.85%. 

“Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.07.

 “Reserve Account Initial Deposit” means $3,255,208.38. 

“Schedule of Receivables” means the schedule of receivables on file with the Indenture Trustee, as it may be amended
from time to time. 
 “Scheduled Payment” on a Receivable means the payment required to be made by the Obligor
during each Collection Period that is sufficient to amortize the related Principal Balance under the Simple Interest Method over the term of the Receivable and to provide interest at the related APR. 

“Securities Account Control Agreement” means the Securities Account Control Agreement dated as of the Closing Date,
among the Seller, Citibank, N.A., as Securities Intermediary thereunder and Citibank, N.A., as Indenture Trustee pursuant to which the Reserve Account will be established and maintained. 

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

 “Securityholders” has the meaning set forth in this Section 1.01 under the definition of
“Holder.” 
 “Seller” means NARC II, as the seller of the Receivables under this Agreement, and each
successor to NARC II (in the same capacity) pursuant to Section 6.04. 
 “Servicer” means NMAC, as the
servicer of the Receivables, and each successor to NMAC (in the same capacity) pursuant to Section 7.03 or 8.02. 

“Servicer Default” means an event specified in Section 8.01. 

“Servicer’s Certificate” means a certificate completed and executed on behalf of the Servicer by the president, any
executive vice president, any vice president, the treasurer, any assistant treasurer, the controller or any assistant controller of the Servicer pursuant to Section 4.08. 

  

			
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 “Servicing Rate” means 1.00% per annum. 

“Simple Interest Method” means the method of allocating a fixed level payment to principal and interest pursuant to
which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the quotient obtained by calculating the period of time elapsed since the
preceding payment of interest was made and dividing such period of time by 365 or 366, as appropriate. 
 “Simple
Interest Receivable” means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Simple Interest Method. 

“Specified Reserve Account Balance” means with respect to any Distribution Date, an amount equal to not less than 0.25%
of the Adjusted Pool Balance as of the Cut-off Date. 
 “Standard & Poor’s” means
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 “Successor Servicer” means
any entity appointed as a successor to the Servicer pursuant to Section 8.02. 
 “Supplemental Servicing
Fee” means, with respect to any Distribution Date, all late fees, prepayment charges and other administrative fees and expenses or similar charges allowed by applicable law with respect to the Receivables received by the Servicer during the
related Collection Period and any interest earned from the investment of monies in the Accounts during the related Collection Period. 
 “Total Servicing Fee” means the sum of the Base Servicing Fee and the Supplemental Servicing Fee. 
 “Trust” means the Issuer. 
 “Trust Agreement”
means the Trust Agreement, dated as of October 20, 2011, as amended by the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Seller and Wilmington Trust, National Association, as Owner Trustee. 

“Trust Collection Account” shall have the meaning assigned to such term in Section 5.01(c). 

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

  

			
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 “Trust Indenture Act” or “TIA” means the Trust Indenture
Act of 1939 as in force on the date hereof, unless otherwise specifically provided. 
 “Trust Officer” means,
in the case of the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject and, with respect to the Owner Trustee, any officer in the Corporate Trust Administration Department of the Owner Trustee with direct responsibility for the administration of the Trust Agreement and the Basic
Documents on behalf of the Owner Trustee. 
 “UCC” means the Uniform Commercial Code as in effect in the
relevant jurisdiction. 
 “Warranty Purchase Payment,” for any Warranty Receivable as of the last day of any
Collection Period, means the sum of the Principal Balance thereof as of the beginning of such Collection Period plus interest accrued thereon through the due date for the Obligor’s payment in such Collection Period, at the related APR, after
giving effect to the receipt of monies collected (from whatever source other than Advances) on such Warranty Receivable, if any, during such Collection Period. 
 “Warranty Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Seller pursuant to Section 3.02. 

“YSOC Amount” means, with respect to any Collection Period and the related Distribution Date, the aggregate amount by
which the principal balance as of the last day of such Collection Period of each Receivable (other than a Receivable that is a non-collectible or a Defaulted Receivable, an Administrative Receivable or a Warranty Receivable), exceeds the present
value of each scheduled payment of each such Receivable assuming the discount rate of such Receivable is the greater of the Required Rate or the Receivable’s contract rate and that such scheduled payments (assumed to be equal monthly payments
that amortize the principal balance of the Receivable to zero, using its contract rate, over the remaining term of the contract) are made on the last day of each month and each month has 30 days. 

SECTION 1.02 Usage of Terms. With respect to all terms in this Agreement, the singular includes the plural and the plural the
singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 ARTICLE II 
 Conveyance of Receivables 
 SECTION 2.01 Conveyance of Receivables. 

(a) In consideration of the promises and the agreements, provisions and covenants herein contained and other good and valuable
consideration to be delivered to the Seller hereunder, on behalf of the Issuer, the Seller does hereby sell, transfer, assign and otherwise convey to the Issuer, without recourse (but subject to the Seller’s obligations in this Agreement):

 (i) all right, title and interest of the Seller in and to the Receivables (including all related Receivable Files) listed in
the Schedule of Receivables and all monies due thereon or paid thereunder or in respect thereof (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 or the purchase of Receivables by the Servicer pursuant
to Section 4.06 or 9.01) after the Cut-off Date; 
 (ii) the right of the Seller in the security interests in the Financed
Vehicles granted by the Obligors pursuant to the Receivables and any related property; 
 (iii) the right of the Seller in any
proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering the Financed Vehicles or the Obligors; 
 (iv) the right of the Seller through NMAC to receive payments in respect of any Dealer Recourse with respect to the Receivables; 
 (v) the rights of the Seller under the Purchase Agreement and the Assignment; 

(vi) the right of the Seller to realize upon any property (including the right to receive future Net Liquidation Proceeds) that shall have
secured a Receivable; 
 (vii) the right of the Seller in rebates of premiums and other amounts relating to insurance policies
and other items financed under the Receivables in effect as of the Cut-off Date; 
 (viii) all other assets comprising the Owner
Trust Estate; and 
 (ix) all proceeds of the foregoing. 
 On the Closing Date, the Seller shall deliver to, or to the order of, the Issuer all property conveyed pursuant to this Section 2.01(a), except for monies received in respect of the Receivables after
the Cut-off Date and before the Closing Date which shall be deposited by NMAC (in its individual capacity or as the Servicer) into the Collection Account no later than the first Record Date after the Closing Date. Concurrently therewith and in
exchange therefor, the Issuer shall deliver to, or to the order of, the Seller the Notes and the Certificates. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (b) It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables from the Seller to the Issuer and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in the event of the filing of a
bankruptcy petition by or against the Seller under any bankruptcy law. The Seller agrees to execute and file all filings (including filings under the UCC) necessary in any jurisdiction to provide third parties with notice of the sale of the
Receivables pursuant to this Agreement and to perfect such sale under the UCC. 
 (c) Although the parties hereto
intend that the transfer and assignment contemplated by this Agreement be a sale, if such transfer and assignment is deemed to be other than a sale, the parties intend that all filings described in the foregoing paragraph shall give the Issuer a
first priority perfected security interest in, to and under the Receivables, and other property conveyed hereunder and all proceeds of any of the foregoing. This Agreement shall be deemed to be the grant of a security interest from the Seller to the
Issuer, and the Issuer shall have all the rights, powers and privileges of a secured party under the UCC. 
 (d)
In connection with the foregoing conveyance, the Servicer shall maintain its computer system so that, from and after the time of sale of the Receivables to the Issuer under this Agreement, the Servicer’s master computer records that refer to
any Receivable indicate clearly the interest of the Issuer in such Receivables and that such Receivable is owned by the Issuer and under the control of the Issuer. Indication of the Issuer’s ownership of a Receivable shall be deleted from or
modified on the Servicer’s computer systems when, and only when, the Receivable has been paid in full, repurchased or assigned pursuant to this Agreement. 
 (e) Ownership and control of the Receivables, as between the Issuer and the Indenture Trustee (on behalf of the Noteholders and the Certificateholders), shall be governed by the Indenture. 

SECTION 2.02 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative
costs, the Issuer, upon the execution and delivery of this Agreement, appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments that are hereby
constructively delivered to the Issuer with respect to each Receivable: 
 (a) the original of each tangible
record constituting or forming a part of such Receivable that is tangible chattel paper (as such term is used in Section 9-105 of the UCC) (or a photocopy or other image thereof that the Servicer shall keep on file in accordance with its
customary procedures) 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 Receivable, fully executed by the Obligor; 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (b) the original credit application executed by the related Obligor (or a
photocopy or other image thereof that the Servicer shall keep on file in accordance with its customary procedures); 
 (c) the original certificate of title (or a photocopy or other image thereof or such documents that the Servicer shall keep on file in accordance with its customary procedures), evidencing the security
interest of the Servicer in the related Financed Vehicle; and 
 (d) any and all other records (whether tangible
or electronic) that the Servicer shall keep on file, in accordance with its customary procedures, relating to such Receivable, the related Obligor or Financed Vehicle. 
 SECTION 2.03 Acceptance by Issuer. The Issuer acknowledges its acceptance pursuant to this Agreement, of all right, title and interest in and to the Receivables and other property conveyed by the
Seller pursuant to this Agreement and declares and shall declare from and after the date hereof that the Issuer holds and shall hold such right, title and interest, upon the terms and conditions set forth in this Agreement. 

ARTICLE III 

The Receivables 
 SECTION 3.01 Representations and Warranties of the Seller with Respect to the Receivables. The Seller makes the following representations and warranties as to the Receivables on which the Issuer is
deemed to have relied in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to
the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
 (a) Characteristics
of Receivables. Each Receivable (i) has been originated in the United States of America by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or
authenticated by the parties thereto, has been purchased by the Seller from NMAC pursuant to the Purchase Agreement, which in turn has purchased such Receivables from such Dealer under an existing dealer agreement with NMAC, and has been validly
assigned by such Dealer to NMAC, which in turn has been validly assigned pursuant to the Purchase Agreement by NMAC to the Seller in accordance with its terms, (ii) created a valid, subsisting and enforceable security interest in favor of NMAC
in such Financed Vehicle, which security interest has been validly assigned pursuant to the Purchase Agreement by NMAC to the Seller, which in turn has been validly assigned by the Seller to the Issuer in accordance with the terms hereof,
(iii) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, (iv) provides for level monthly payments
(provided that the payment in the first or last month in the life of the Receivable may be minimally different from the level payment) that fully 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
amortize the Amount Financed over an original term of no greater than 72 payments (some Receivables provide for a deferral of initial payments of up to 90 days; however, all Obligors have made
the initial payment on the related Receivables), and (v) provides for interest at the related APR. 
 (b)
Schedule of Receivables. The information set forth in the Schedule of Receivables was true and correct in all material respects as of the opening of business on the Cut-off Date; the Receivables were selected from NMAC’s retail
installment sale contracts meeting the criteria of the Trust set forth in this Agreement; and no selection procedures believed to be adverse to the Securityholders were utilized in selecting the Receivables. 

(c) Compliance with Law. Each Receivable, the origination of such Receivable, and the sale of the Financed Vehicle
complied at the time it was originated or made and at the execution of this Agreement complies in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder, including usury laws, the Federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Servicemembers Civil Relief Act, the Federal Reserve
Board’s Regulations B and Z, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer Credit Protection Act and of the Uniform Consumer Credit Code, state “Lemon Laws” designed to prevent fraud in the sale of
automobiles and other consumer credit laws and equal credit opportunity and disclosure laws. 
 (d) Binding
Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in accordance with its terms subject to (i) the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, (ii) the effect of general equitable principles and (iii) the potential unenforceability of waivers of jury trial provisions in certain states.

 (e) Security Interest in Financed Vehicle. (i) Immediately prior to the sale, assignment and
transfer thereof to the Issuer, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of NMAC as secured party or all necessary and appropriate actions shall have been commenced that
would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of NMAC as secured party, and (ii) as of the Cut-off Date, according to the records of NMAC, no Financed Vehicle has been repossessed
and the possession thereof not reinstated. 
 (f) Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. 
 (g) No Waiver. No provision of a Receivable has been waived in a manner that is prohibited by the provisions of Section 4.01 or that would cause such Receivable to fail to meet all of the
other requirements and warranties made by the Seller herein with respect thereto. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (h) No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part or subject such
Receivable to any right of rescission, setoff, counterclaim or defense, including the defense of usury, and no such right of rescission, setoff, counterclaim or defense has been asserted with respect thereto. 

(i) No Liens. To the Seller’s knowledge, no liens have been filed for work, labor or materials relating to a
Financed Vehicle that shall be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by the Receivable. 
 (j) No Default. Except for payment defaults continuing for a period of not more than 29 days as of the Cut-off Date, no default, breach, violation or event permitting acceleration under the terms
of any Receivable has occurred; and no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen (other than deferrals and
waivers of late payment charges or fees permitted hereunder). 
 (k) Insurance. NMAC, in accordance with
its customary procedures, has determined at the time of origination of each Receivable that the related Obligor has agreed to obtain physical damage insurance covering the Financed Vehicle and the Obligor is required under the terms of the related
Receivable to maintain such insurance. 
 (l) Title. It is the intention of the Seller that the transfer
and assignment herein contemplated constitute a sale of the Receivables from the Seller to the Trust and that the beneficial interest in and title to the Receivables not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. Immediately prior to the transfer and assignment herein contemplated, the Seller had good and marketable title to each Receivable free and clear of all Liens, and immediately upon the
transfer thereof, the Issuer, for the benefit of the Noteholders and the Certificateholders, shall have good and marketable title to each Receivable, free and clear of all Liens and rights of others. Each Receivable File contains the original
certificate of title (or a photocopy or image thereof) or evidence that an application for a certificate of title has been filed. To the extent the transfer and assignment contemplated under this Agreement is deemed to be other than a sale, this
Agreement and all filings described under this Agreement create a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Issuer, which security interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Seller. 
 (m) Lawful Assignment. No
Receivable has been originated in, or shall be subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement are unlawful, void or voidable. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (n) All Filings Made. All actions have been taken, and all filings
(including, without limitation, UCC filings) in any jurisdiction have been made or have been delivered to the Relevant Trustee in a form suitable for filing to give the Relevant Trustee a first priority perfected ownership interest in the
Receivables. 
 (o) Chattel Paper. Each Receivable constitutes either “tangible chattel paper”
or “electronic chattel paper” as such terms are defined in the UCC. 
 (p) Simple Interest
Receivables. All of the Receivables are Simple Interest Receivables. 
 (q) One Original or Authoritative
Copy. There is only one original executed copy of each “tangible record” constituting or forming a part of each Receivable that is tangible chattel paper and a single “authoritative copy” (as such terms are used in
Section 9-105 of the UCC) of each electronic record constituting or forming a part of each Receivable that is electronic chattel paper. 
 (r) No Amendments. No Receivable has been amended such that the amount of the Obligor’s Scheduled Payments has been increased. 

(s) APR. The APR of each Receivable ranges from 0.00% to 16.14%. 

(t) Maturity. As of the Cut-off Date, each Receivable had a remaining term to maturity of not less than 3 payments
and not greater than 69 payments. 
 (u) Balance. Each Receivable had an original Principal Balance of not
more than $64,569.41 and, as of the Cut-off Date, had a principal balance of not less than $2,000.80 and not more than $59,954.78. 
 (v) Delinquency. No Receivable was more than 29 days past due as of the Cut-off Date, and no Receivable has been extended by more than two months. 

(w) Payment Date. Each Receivable has a first scheduled payment date on or prior to the end of the first Collection
Period. 
 (x) Bankruptcy. No Obligor was the subject of a bankruptcy proceeding (according to the records
of NMAC) as of the Cut-off Date. 
 (y) Transfer. Each Receivable prohibits the sale or transfer of the
Financed Vehicle without the consent of NMAC. 
 (z) New, Near-New and Used Vehicles. Each Financed
Vehicle was a new, near-new or used automobile or light-duty truck at the time the related Obligor executed or authenticated the retail installment sale contract. 

(aa) Origination. Each Receivable has an origination date on or after September 24, 2005. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (bb) Prepayment. Each Receivable provides that a prepayment by the
related Obligor will fully pay the principal balance and accrued interest through the date of prepayment based on the Receivable’s APR. 
 (cc) Receivable Files. The Receivable Files shall be kept in the continental United States. The Receivable Files that constitute or evidence the Receivables do not have any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed by the Seller to any Person other than the Issuer. All financing statements filed or to be filed against the Seller in favor of the Issuer in connection herewith describing the
Receivables contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement, except as permitted in the Sale and Servicing Agreement, will violate the rights of the
Issuer.” 
 (dd) Forced-Placed Insurance Premiums. No contract relating to any Receivable has had
forced-placed insurance premiums added to the amount financed. 
 (ee) No Fraud or Misrepresentation. To
the knowledge of the Seller, no Receivable was originated by a Dealer and sold by such Dealer to the Seller with any conduct constituting fraud or misrepresentation on the part of such Dealer. 

(ff) No Further Amounts Owed on the Receivables. No further amounts are owed by the Seller to any Obligor under the
Receivables. 
 (gg) No Pledge or Assignment of Receivables. Other than the security interest granted to
the Issuer pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of and is not aware of any financing statements
against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Issuer hereunder or a financing statement as to which the security interest
covering the Receivables has been released. The Seller is not aware of any judgment or tax lien filings against the Seller. 
 (hh) No Government Obligors. None of the Receivables shall be due from the United States or any state, or from any agency, department subdivision or instrumentality thereof. 

(ii) Electronic Chattel Paper. The representations and warranties set forth in the Officer’s Certificate
delivered to Winston & Strawn LLP, as special counsel to the Servicer, in support of the opinion of Winston & Strawn LLP, dated September 22, 2010 with respect to certain matters regarding electronic chattel paper, are true
and correct in all material respects. 
 SECTION 3.02 Repurchase upon Breach. The Seller, the Servicer or the Issuer, as
the case may be, shall inform the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of the Seller’s representations and warranties pursuant to Section 3.01 that materially and
adversely affects the interests of the 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
Securityholders in any Receivable. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery (or, at the Seller’s election, the last
day of the first Collection Period following such discovery), the Seller shall be obligated (whether or not such breach was known to the Seller on the Closing Date), and the Issuer shall enforce the obligation of the Seller under this Agreement and,
if necessary, the Seller shall enforce the obligation of NMAC under the Purchase Agreement, to repurchase any Receivable the Securityholders’ interest in which was materially and adversely affected by the breach as of such last day. A breach of
the representation in Section 3.01(a)(iv), (t) or (u) shall be deemed to affect materially and adversely the related Receivable. In consideration of the purchase of the Receivables, the Seller or NMAC, as applicable, shall remit the
Warranty Purchase Payment in the manner specified in Section 5.05. For purposes of this Section 3.02, the Warranty Purchase Payment of a Receivable that is not consistent with the Seller’s warranty pursuant to Section 3.01(a)(v)
shall include such additional amount as shall be necessary to provide the full amount of interest as contemplated therein to the date of repurchase. The sole remedy of the Trust, the Indenture Trustee (by operation of the assignment of the
Issuer’s rights hereunder pursuant to the Indenture), or any Securityholder with respect to a breach of the Seller’s representations and warranties pursuant to Section 3.01, shall be to require the Seller to repurchase Receivables
pursuant to this Section and to enforce the obligation of NMAC to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. 
 SECTION 3.03 Duties of Servicer as Custodian. 
 (a)
Safekeeping. The Servicer shall hold the Receivable Files as custodian for the benefit of the Issuer and maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuer
to comply with this Agreement. In performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable
automotive receivables that the Servicer services for itself or others. In accordance with its customary practices with respect to its retail installment sale contracts, the Servicer shall conduct, or cause to be conducted, periodic audits of the
Receivable Files held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall enable the Issuer, the Owner Trustee or the Indenture Trustee to verify the accuracy of the Servicer’s record
keeping. The Servicer shall promptly report to the Issuer and the Indenture Trustee any material failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided in all material respects and
shall promptly take appropriate action to remedy any such material failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Owner Trustee or the Indenture Trustee of the Receivable Files.

 (b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File in the
continental United States. The Servicer shall make available to the Owner Trustee and the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors the Receivable Files and the related accounts, records and
computer systems maintained by the Servicer at such times during normal business hours upon reasonable prior written notice as the Owner Trustee or the Indenture Trustee shall instruct. The Servicer shall permit the Owner Trustee, the

  

			
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Indenture Trustee and their respective agents at any time during normal business hours upon reasonable prior written notice to inspect, audit and make copies of and abstracts from the
Servicer’s records regarding any Receivable. 
 (c) Release of Receivable Files. Upon the occurrence
and during the continuation of a Servicer Default or to the extent necessary for the Indenture Trustee to comply with its obligations under this Agreement, the Servicer shall, upon instruction from the Indenture Trustee, release any Receivable File
to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such place or places as the Indenture Trustee may designate, as soon as commercially practicable. 

SECTION 3.04 Instructions; Authority To Act. The Servicer shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Trust Officer of the Owner Trustee or the Indenture Trustee. 
 SECTION 3.05 Custodian’s Indemnification. The Servicer, as custodian, shall indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any and all liabilities, obligations, losses,
compensatory damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against any of them as the result of any improper act or omission in any way relating to the maintenance and custody by the
Servicer as custodian of the Receivable Files; provided, however, that the Servicer shall not be liable to the Owner Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the
Owner Trustee, and the Servicer shall not be liable to the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture Trustee. 

SECTION 3.06 Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the
Cut-off Date, and shall continue in full force and effect until terminated pursuant to this Section. If NMAC shall resign as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall
have been terminated under Section 8.01, the appointment of NMAC as custodian may be terminated by the Indenture Trustee or by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes (but excluding for purposes
of such calculation and action all Notes held or beneficially owned by the Issuer, the Servicer, the Seller or any of their Affiliates unless all of the Notes are held or beneficially owned by the Issuer, the Servicer, the Seller or any of their
Affiliates) or, with the consent of Holders of the Notes evidencing not less than 25% of the Outstanding Amount of the Notes, by the Owner Trustee or by the Certificateholders evidencing not less than 25% of the Certificate Balance (but excluding
for purposes of such calculation and action all Certificates held or beneficially owned by the Issuer, the Seller, the Servicer or any of their Affiliates unless all of the Certificates are held or beneficially owned by the Issuer, the Seller, the
Servicer or any of their Affiliates), in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under Section 8.01. The Indenture Trustee or, with the consent of the Indenture Trustee,
the Issuer may terminate the Servicer’s appointment as custodian, with cause, at any time upon written notification to the Servicer, and without cause upon 30 days’ prior written notification to the Servicer. As soon as practicable after
any termination of such appointment, 

  

			
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the Servicer shall deliver the Receivable Files and the related accounts and records maintained by the Servicer to the Relevant Trustee or the agent thereof at such place or places as the
Relevant Trustee may reasonably designate. 
 ARTICLE IV 
 Administration and Servicing of Receivables 
 SECTION 4.01 Duties of
Servicer. 
 (a) The Servicer shall manage, service, administer and make collections on the Receivables with
reasonable care, using that degree of skill and attention that the Servicer exercises with respect to all comparable receivables that it services for itself or others. There are no requirements under the Basic Documents to maintain a back-up
servicer. Except with respect to Defaulted Receivables, Administrative Receivables or Warranty Receivables or to the extent required by state or federal law, the Servicer shall not change the amount of or reschedule the due date of any Scheduled
Payment beyond the Final Scheduled Distribution Date for the Class A-4 Notes, change the APR of, or extend the due date of any Receivable beyond the Final Scheduled Distribution Date for the Class A-4 Notes except as provided herein or
change any material term of a Receivable; provided, however, that: 
 (1) if a default, breach,
violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be
acceptable to the Servicer with respect to comparable new, near-new or used automobile or light-duty truck receivables that it services for itself, but only if (i) the final scheduled payment date of such Receivable as extended would not be
later than the last day of the Collection Period preceding the Final Scheduled Distribution Date for the Class A-4 Notes, and (ii) the rescheduling or extension would not modify the terms of such Receivable in a manner that would
constitute a cancellation of such Receivable and the creation of a new receivable for federal income tax purposes; or (B) reduce an Obligor’s monthly payment amount in the event of a prepayment resulting from refunds of credit life and
disability insurance premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; 
 (2) if at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled
payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to
the last day of the Collection Period preceding the Final Scheduled Distribution Date for the Class A-4 Notes; and 

  

			
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 (3) the Servicer may in its discretion waive any late payment charge or any
other fees that may be collected in the ordinary course of servicing a Receivable. 
 (b) The Servicer’s
duties shall include collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending remittance advises to Obligors, reporting tax information to Obligors, accounting for
collections, furnishing monthly and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions and making Advances pursuant to Section 5.04. The Servicer is not required under the Basic Documents to make any
disbursements via wire transfer or otherwise on behalf of an Obligor. There are no requirements under the Receivables or the Basic Documents for funds to be, and funds shall not be, held in trust for an Obligor. The Servicer is not required to make
any payments or distributions on behalf of an Obligor. In addition, if and to the extent applicable, the Servicer’s duties shall include the execution and delivery of any filings, certificates, affidavits or other instruments required under the
Sarbanes-Oxley Act of 2002. 
 (c) Without limiting the generality of the foregoing, the Servicer is authorized
and empowered to execute and deliver, on behalf of itself, the Trust, the Owner Trustee, the Indenture Trustee and the Securityholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge,
and all other comparable instruments, with respect to the Receivables or to the Financed Vehicles securing the Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Issuer (in the case of a Receivable other than
an Administrative Receivable or a Warranty Receivable) shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement suit or legal proceeding it shall be held
that the Servicer may not enforce a Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the Issuer shall, at the Servicer’s expense and direction, take steps to enforce the
Receivable, including bringing suit in its name or the name of the Indenture Trustee or the Securityholders. The Issuer shall furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder. 
 (d) Nothing in any section of this
Agreement shall be construed to prevent the Servicer from implementing new programs, whether on an intermediate, pilot or permanent basis, or on a regional or nationwide basis, or from modifying its standards, policies and procedures as long as, in
each case, the Servicer does or would implement such programs or modify its standards, policies and procedures in respect of comparable assets serviced for itself in the ordinary course of business. 

SECTION 4.02 Collection of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for
under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable receivables that it services for itself or others. Except for Advances
made pursuant to Section 5.04, there are no requirements under the Basic Documents for 

  

			
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advances of funds or guarantees regarding collections, cash flows or distributions. Except for the requirements set forth in Section 5.04 relating to Advances, there are no requirements
under the Basic Documents for the making, review or approval of Advances. 
 SECTION 4.03 Realization upon Receivables.
On behalf of the Trust, the Servicer shall use commercially reasonable efforts, consistent with its customary servicing procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the
Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of comparable receivables, which may include
reasonable efforts to realize upon any Dealer Recourse and selling the related Financed Vehicle at public or private sale. The foregoing shall be subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage,
the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession will increase the Net Liquidation Proceeds. 

SECTION 4.04 Maintenance of Security Interests in Financed Vehicles. The Servicer shall, in accordance with its customary
servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect
such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason. If the assignment of a Receivable to the Trust is insufficient, without a notation on the related
Financed Vehicle’s certificate of title, to grant to the Trust a first priority perfected security interest in the related Financed Vehicle, the Servicer hereby agrees to serve as the agent of the Trust for the purpose of perfecting the
security interest of the Trust in such Financed Vehicle and agrees that the Servicer’s listing as the secured party on the certificate of title is in this capacity as agent of the Trust. The provisions set forth in this Section are the sole
requirements under the Basic Documents with respect to the maintenance of collateral or security on the Receivables. It is understood that the Financed Vehicles are the collateral and security for the Receivables, but that the certificate of title
with respect to a Financed Vehicle does not constitute collateral and merely evidences such security interest. 
 SECTION 4.05
Covenants of Servicer. 
 (a) The Servicer shall not release the Financed Vehicle securing any Receivable
from the security interest granted by such Receivable in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or repossession. 

(b) The Servicer shall not do anything to impair the rights of the Securityholders in the Receivables. 

(c) Except with respect to Defaulted Receivables, Administrative Receivables or Warranty Receivables or to the extent
required by law, the Servicer shall not alter the APR of any Receivable or forgive payments on a Receivable. Except as provided in Section 4.01, the Servicer shall not modify the number of payments under a Receivable, increase the amount
financed under a Receivable, or extend the due date for any payment on a Receivable beyond the Final Scheduled Distribution Date for the Class A-4 Notes. 

  

			
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 (d) If the Servicer shall determine not to make an Advance related to
delinquency or non-payment of any Receivable pursuant to Section 5.04 because it determines that such Advance would not be recoverable from subsequent collections on such Receivable, such Receivable shall be designated by the Servicer to be a
Defaulted Receivable, provided that such Receivable otherwise meets the definition of a Defaulted Receivable. 

(e) If the Seller is required to pay tax under the second sentence of Section 6.03(a) and if such tax is not paid by
the Seller, then the Servicer shall pay such tax (or cause such tax to be paid) to the applicable taxing authority on behalf of the Issuer. 
 SECTION 4.06 Purchase of Receivables upon Breach. The Servicer or the Issuer shall inform the other party and the Indenture Trustee promptly, in writing, upon the discovery of any breach by the
Servicer of its obligations under the third sentence of Section 4.01(a) or under Section 4.02, 4.04 or 4.05 that would materially and adversely affect any Receivable. Unless the breach shall have been cured by the last day of the second
Collection Period following such discovery (or, at the Servicer’s election, the last day of the first Collection Period following discovery), the Servicer shall (whether or not such breach was known to the Servicer on the Closing Date) purchase
any Receivable materially and adversely affected by such breach as of such last day. In consideration of such Receivable, the Servicer shall remit the Administrative Purchase Payment (as reduced by any Outstanding Advances with respect to such
Receivable) in the manner specified in Section 5.05. For the purposes of this Section 4.06, the Administrative Purchase Payment shall consist in part of a release by the Servicer of all rights of reimbursement with respect to Outstanding
Advances with respect to the purchased Receivable. The sole remedy of the Indenture Trustee, the Owner Trustee, the Trust or the Securityholders against the Servicer with respect to a breach by the Servicer of its obligations under the third
sentence of Section 4.01(a) or under Section 4.02, 4.04 or 4.05 shall be to require the Servicer to purchase Receivables pursuant to this Section 4.06. 
 SECTION 4.07 Servicing Fee and Expenses. As compensation for the performance of its obligations hereunder, the Servicer shall be entitled to receive on each Distribution Date the Total Servicing
Fee. Except to the extent otherwise provided herein, the Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including fees and disbursements of independent accountants, taxes imposed
on the Servicer, expenses incurred in connection with distributions and reports to Securityholders and all other fees and expenses not expressly stated under this Agreement to be for the account of the Securityholders). If the Rating Agency
Condition shall have been satisfied, the Base Servicing Fee in respect of a Collection Period (together with any portion of the Base Servicing Fee that remains unpaid from the prior Distribution Dates) will be paid at the beginning of that
Collection Period out of collections of interest on the related Receivables. 
 SECTION 4.08 Servicer’s Certificate.

 (a) On or before each Determination Date, the Servicer shall deliver to the Owner Trustee, each Paying Agent
and the Indenture Trustee, with a copy to each Rating Agency, a Servicer’s Certificate containing all information necessary to make the distributions pursuant to Sections 5.06, 5.07 and 5.08 (including the amount of the aggregate collections on
the Receivables; the aggregate Advances to be made by the 

  

			
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Servicer, if any, the aggregate Administrative Purchase Payments for any Administrative Receivables to be purchased by the Servicer, and the aggregate Warranty Purchase Payments for any Warranty
Receivables to be purchased by the Seller) for the Collection Period preceding the date of such Servicer’s Certificate, all information necessary for the Owner Trustee to send statements to the Certificateholders and the Indenture Trustee to
send statements to the Noteholders pursuant to the Trust Agreement or Indenture, as the case may be. Each of the Owner Trustee and the Indenture Trustee may conclusively rely on the information in any Servicer’s Certificate and shall have no
duty to confirm or verify the contents thereof. 
 (b) Concurrently with delivery of the Servicer’s
Certificate in each month, the Servicer shall deliver to the underwriters of the Notes the Note Factor for each Class of Notes, the Certificate Factor, and the Pool Factor for each Class of Notes and for the Certificates, in each case as of
the close of business on the Distribution Date occurring in such month. 
 SECTION 4.09 Annual Statement as to
Compliance; Notice of Default. 
 (a) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee
and each Rating Agency, within 90 days after the end of each fiscal year of the Servicer, beginning June 30, 2012, an Officer’s Certificate with respect to the prior fiscal year of the Servicer ended such calendar year (or with respect to
the initial Officer’s Certificate, the period from the date of the initial issuance of the Notes to March 31, 2012), stating that (i) a review of the activities of the Servicer during the preceding 12-month (or shorter) period and of
its performance under this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled its obligations in all material respects under this
Agreement throughout such twelve-month (or shorter) period, or, if there has been a failure to fulfill of any such obligation, specifying each such failure known to such officer and the nature and status thereof. A copy of such Officer’s
Certificate may be obtained by any Certificateholder or Noteholder by a request in writing to the Owner Trustee or the Indenture Trustee addressed as set forth in Section 10.03 hereof. 

(b) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency, promptly after having
obtained knowledge thereof, but in no event later than five Business Days thereafter, written notice (in the form of an Officer’s Certificate) of any event that with the giving of notice or lapse of time, or both, would become a Servicer
Default under Section 8.01 or would result in any lowering of the ratings described in Section 5.02(a)(ii)(A). 
 (c) Except to the extent set forth in Section 4.09(b) of this Agreement and Section 5.01 of the Indenture, the Basic Documents do not require any policies or procedures to monitor any
performance or other triggers and events of default. 
 SECTION 4.10 [RESERVED] 

  

			
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 SECTION 4.11 Access to Certain Records and Information Regarding Receivables.

 (a) The Servicer shall provide to the Owner Trustee and the Indenture Trustee access to the Receivable Files
in such cases where the Securityholders shall be required by applicable statutes or regulations to review such records or information. In each case, such access shall be afforded without charge, but only upon reasonable prior written request and
during the normal business hours at the respective offices of the Servicer. 
 (b) The Servicer shall provide to
each Rating Agency any information regarding the Receivables that is reasonably requested by such Rating Agency. 

(c) Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 

SECTION 4.12 Appointment of Subservicer. So long as NMAC acts as the Servicer, the Servicer may at any time without notice or
consent subcontract substantially all its duties under this Agreement to any corporation more than 50% of the voting stock of which is owned, directly or indirectly, by Nissan. The Servicer may at any time perform specific duties as servicer under
this Agreement through other subcontractors; provided, however, that no such delegation or subcontracting shall relieve the Servicer of its responsibilities with respect to such duties as to which the Servicer shall remain primarily
responsible with respect thereto. For any servicing activities delegated to third parties in accordance with this Section 4.12, the Servicer shall follow such policies and procedures to monitor the performance of such third parties and
compliance with such servicing activities as the Servicer follows with respect to comparable motor vehicle receivables serviced by the Servicer for its own account. 
 SECTION 4.13 Amendments to Schedule of Receivables. If the Servicer, during any Collection Period, assigns to a Receivable an account number that differs from the original account number
identifying such Receivable on the Schedule of Receivables, the Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the Distribution Date relating to such Collection Period, an amendment to the Schedule of Receivables
reporting the newly assigned account number, together with the old account number of each such Receivable. The first such delivery of amendments to the Schedule of Receivables shall include monthly amendments reporting account numbers appearing on
the Schedule of Receivables with the new account numbers assigned to such Receivables during any prior Collection Period. 

SECTION 4.14 Acknowledgement by Servicer of its Obligations under the Indenture. The Servicer hereby agrees and consents to the
provisions of the Indenture applicable to it (including, without limitation, Sections 8.03(a) and 8.03(b) thereof) and agrees to be bound by such provisions. 
 SECTION 4.15 Compliance with Regulation AB. So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Servicer agrees to perform all duties and
obligations applicable to or required of the Issuer set forth in Appendix A attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it. 

  

			
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 SECTION 4.16 Fidelity Bond. The Servicer shall not be required to maintain a fidelity
bond or error and omissions policy. 
 SECTION 4.17 Administrator Compensation. The Servicer shall pay the Administrative
Agent a monthly payment of compensation pursuant to Section 3 of the Administration Agreement. 
 ARTICLE V 

Distributions; Accounts; 
 Statements to the Certificateholders and the Noteholders 
 SECTION 5.01
Establishment of Accounts. 
 (a) The Servicer, on behalf of the Owner Trustee and the Indenture Trustee,
shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and shall be maintained,
at the Servicer’s election, with the Indenture Trustee or the Owner Trustee as long as (i) the deposits of such Person have the Required Deposit Rating and such Person satisfies clause (a)(ii) of the definition of Eligible Deposit Account
or (ii) the Collection Account is maintained in a segregated trust account in the trust department of such Person; provided, however, that all amounts held in the Collection Account shall, to the extent permitted by applicable
laws, rules and regulations and as directed by the Servicer, be invested by the Indenture Trustee in Eligible Investments; otherwise, such amounts shall be maintained in cash; provided that if (x) the Servicer shall have failed to give
investment directions for any funds on deposit in the Collection Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and the Indenture Trustee) on any Business Day, or (y) a Default or
Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to the Indenture, or (z) if the Notes shall have been declared due and payable following an
Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 of the Indenture as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Collection Account in one or more Eligible Investments specified in clauses (i), (iv) or (vi) of the definition of Eligible Investments. All such Eligible Investments shall mature not later
than the Business Day preceding the next Distribution Date, in such manner that such amounts invested shall be available to make the required distributions on the Distribution Date; provided, that if permitted by the Rating Agencies, monies on
deposit therein may be invested in Eligible Investments that mature later than the Business Day preceding the next Distribution Date; provided, however, that such investment shall be sold not later than the Business Day preceding the next
Distribution Date. The Servicer will not direct the Indenture Trustee, and the Issuer 

  

			
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shall cause the Servicer not to make any investment of any funds or to sell any investment held in the Collection Account unless the security interest granted and perfected in such account will
continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. If the Servicer, in its sole discretion and for any reason, notifies the Indenture Trustee and the
Owner Trustee in writing that the Collection Account should be moved or the short-term unsecured debt obligations of the Indenture Trustee or the Owner Trustee, as applicable, no longer have the Required Deposit Rating, then, unless the Collection
Account is maintained in segregated trust accounts in the trust department of the Indenture Trustee or the Owner Trustee, as applicable, the Servicer shall, with the Indenture Trustee’s or the Owner Trustee’s assistance, as applicable, as
necessary and within ten Business Days of receipt of notice from the Indenture Trustee or the Owner Trustee, as applicable, that the Indenture Trustee or the Owner Trustee, as applicable, no longer has the Required Deposit Rating, cause the
Collection Account (i) to be moved to segregated trust accounts in a bank or trust company selected by the Servicer, the short-term unsecured debt obligations of which shall have the Required Deposit Rating, or (ii) to be moved to the
trust department of the Indenture Trustee or the Owner Trustee, as applicable. 
 (b) Earnings on investment of
funds in the Collection Account shall be paid to the Servicer as servicing compensation, and any losses and investment expenses shall be charged against the funds on deposit in the Collection Account. 

(c) Subject to the foregoing, the Servicer, on behalf of the Owner Trustee and the Indenture Trustee, shall establish and
maintain the Collection Account as an Eligible Deposit Account in the name of and under the exclusive control of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Securityholders. The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection Account on the Distribution Date on which the Notes of all Classes have been paid in full (or when substantially all of the Trust Estate is
otherwise released from the lien of the Indenture) to another Eligible Deposit Account established pursuant to the Trust Agreement for the benefit of the Certificateholders (the “Trust Collection Account”), and take all necessary or
appropriate actions to transfer all of its right, title and interest in the Collection Account, all funds or investments held therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the Owner Trustee for the benefit of
the Certificateholders, subject to the limitations set forth in the Indenture with respect to amounts held for payment to Noteholders that do not promptly deliver a Note for payment on such Distribution Date. After the transfer to the Trust
Collection Account described in the immediately preceding sentence, references in this Agreement to “Collection Account” shall be deemed to be references to the “Trust Collection Account.” 

(d) With respect to the Collection Account and all property held therein, the Owner Trustee agrees, by its acceptance
hereof that, on the terms and conditions set forth in the Indenture, for so long as Notes of any Class remain outstanding, the Indenture 

  

			
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Trustee shall possess all right, title and interest therein (excluding interest or investment income thereon payable to the Servicer or the Seller, as the case may be), and the Accounts shall be
under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholders, as the case may be, as set forth in the Indenture. The parties hereto agree that the Issuer, the Owner Trustee and the
Holders of the Certificates have no right, title or interest in the Reserve Account or any amounts on deposit therein at any time. The parties hereto agree that the Servicer shall have the power, revocable by the Indenture Trustee or by the Owner
Trustee with the consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Collection Account for the purpose of permitting the Servicer, Indenture Trustee or the Owner Trustee to carry out its
respective duties hereunder or under the Indenture or the Trust Agreement, as the case may be. 
 Notwithstanding the foregoing,
the Servicer shall be entitled to withhold, or to be reimbursed from amounts otherwise payable into or on deposit in the Collection Account, as the case may be, amounts previously deposited in the Collection Account but later determined to have
resulted from mistaken deposits or posting. 
 (e) No checks shall be issued, printed, or honored with respect to
the Collection Account, the Reserve Account, or the Trust Collection Account. 
 SECTION 5.02 Collections. 

(a) Except as otherwise provided in this Agreement, the Servicer shall remit to the Collection Account all payments
received by or on behalf of the Obligors on or in respect of the Receivables (excluding payments on the Warranty Receivables or the Administrative Receivables) and all Net Liquidation Proceeds not later than the second Business Day after
identification thereof. For purposes of this Article V, the phrase “payments received by or on behalf of the Obligors” shall mean payments made by Persons other than the Servicer. Notwithstanding the foregoing, for so long as (i) NMAC
is the Servicer, (ii) (A) NMAC’s short-term unsecured debt obligations are rated at least “Prime-1” by Moody’s and at least “F1” by Fitch (so long as Moody’s and Fitch are Rating Agencies), (B) NMAC
maintains a letter of credit or other form of enhancement acceptable to each Rating Agency to support NMAC’s obligation to deposit collections into the Collection Account, or (C) NMAC otherwise satisfies each Rating Agency’s
requirements, and (iii) no Event of Default or Servicer Default shall have occurred and be continuing (unless waived by the appropriate Securityholders) (collectively, the “Monthly Remittance Conditions”), the Servicer shall not be
required to remit such collections to the Collection Account on the foregoing basis but shall be entitled to retain such collections, without segregation from its other funds, until the Business Day before each Distribution Date at which time the
Servicer shall remit all such collections in respect of the related Collection Period to the Collection Account in immediately available funds. Commencing with the first day of the first Collection Period that begins at least two Business Days after
the day on which any Monthly Remittance Condition ceases to be satisfied and for so long as any Monthly Remittance Condition is not satisfied, all collections then held by the Servicer shall be immediately deposited into the Collection Account and
all future collections on or in respect of the Receivables (other than 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
payments on Warranty Receivables and the Administrative Receivables) and all Net Liquidation Proceeds shall be remitted by the Servicer to the Collection Account not later than the second
Business Day after identification thereof. Notwithstanding anything herein to the contrary, if a subsequent Public ABS Transaction calls for changes in making monthly deposits to the related collection account, then, if the Rating Agency Condition
shall have been satisfied, the Servicer will no longer be bound by the Monthly Remittance Condition hereunder, and will instead be subject to the conditions to making monthly deposits as required by the subsequent Public ABS Transaction. 

(b) The Indenture Trustee or the Owner Trustee shall not be deemed to have knowledge of any event or circumstances under
clause (iii) of the definition of the Monthly Remittance Condition unless the Indenture Trustee or the Owner Trustee has received notice of such event or circumstance from the Seller or the Servicer in an Officer’s Certificate or from the
Holders of Notes evidencing not less than 25% in principal amount of the Outstanding Amount of the Notes, or a Trust Officer of the Indenture Trustee or the Owner Trustee with knowledge hereof or familiarity herewith has actual knowledge of such
event or circumstances. 
 (c) The Servicer shall give (i) the Owner Trustee, the Indenture Trustee and each
Rating Agency written notice, as soon as practical after the occurrence thereof but in no event later than 10 Business Days after obtaining knowledge thereof, of the failure of any Monthly Remittance Condition (and any subsequent curing of a failed
Monthly Remittance Condition) (it being understood that if the Monthly Remittance Condition is not satisfied as of the Closing Date, no such notice shall be required in connection therewith). 

(d) Notwithstanding the foregoing, if a Monthly Remittance Condition is not satisfied, the Servicer may utilize an
alternative remittance schedule (which may include the remittance schedule utilized by the Servicer before the Monthly Remittance Condition became unsatisfied), if the Rating Agency Condition shall have been satisfied with respect to such
alternative remittance schedule. 
 SECTION 5.03 Application of Collections. All collections for the related Collection
Period with respect to each Receivable (including any payoff) shall be posted to the Servicer’s Obligor records in accordance with the Servicer’s customary servicing practices, and shall be allocated by the Servicer as follows: 

(a) First, to interest accrued to date on such Receivable; 

(b) Second, to principal until the Principal Balance of such Receivable is brought current; 

(c) Third, to reduce the unpaid late charges (if any) as provided in such Receivable; and 

(d) Fourth, to prepay principal of such Receivable. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 SECTION 5.04 Advances. 

(a) The Servicer shall make a payment with respect to each Receivable (other than an Administrative Receivable, a Warranty
Receivable or a Liquidated Receivable) (each, an “Advance”) equal to the excess if any, of (x) the product of the Principal Balance of such Receivable as of the first day of the related Collection Period and one-twelfth of its APR
(calculated on the basis of a 360-day year comprised of twelve 30-day months), over (y) the interest actually received by the Servicer with respect to such Receivable from the Obligor or from payments of the Administrative Purchase Payment or
the Warranty Purchase Payment, as the case may be, during such Collection Period. The Servicer will not be obligated to make an Advance in respect of a Receivable (other than an Advance in respect of an interest shortfall arising from the Prepayment
of a Receivable) to the extent that the Servicer, in its sole discretion, shall determine that the Advance constitutes a Nonrecoverable Advance. With respect to each Receivable, the Advance shall increase the Outstanding Advances. No Advances will
be made with respect to the Principal Balance of the Receivables. The Servicer shall deposit all such Advances into the Collection Account in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day immediately
preceding the related Distribution Date. To the extent that the amount set forth in clause (y) above with respect to a Receivable is greater than the amount set forth in clause (x) above with respect thereto, such amount shall be
distributed to the Servicer pursuant to Section 5.06; provided, however, that, notwithstanding anything else herein, the Servicer shall not be reimbursed for any amounts representing an Advance, or any portion thereof, made in
respect of an interest shortfall arising from the Prepayment of a Receivable. 
 (b) The Servicer shall be
entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from the following sources with respect to such Receivable pursuant to Section 5.06(c)(i) or Section 5.06(d)(ii): (i) subsequent
payments made by or on behalf of the related Obligor, (ii) Net Liquidation Proceeds, and (iii) the Warranty Purchase Payments. 
 (c) To the extent that the Servicer has determined that any Outstanding Advance is a Nonrecoverable Advance, the Servicer may provide to the Owner Trustee and the Indenture Trustee an Officer’s
Certificate setting forth the amount of such Nonrecoverable Advance, and on the related Distribution Date, the Relevant Trustee shall remit to the Servicer from funds on deposit in the Collection Account an amount equal to the amount of such
Nonrecoverable Advance pursuant to Section 5.06(c)(ii) or Section 5.06(d)(ii). 
 (d) Notwithstanding
anything to the contrary in this Agreement, for so long as NMAC is the Servicer, in lieu of causing the Servicer first to deposit and then the Relevant Trustee to remit to the Servicer the amounts described in clauses (i) through (iii) in
Section 5.04(b) reimbursable in respect on Outstanding Advances, or the amounts described in Section 5.04(c) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such amounts from deposits otherwise to be made into the
Collection Account. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (e) Notwithstanding the provisions of Section 5.04(a), no Successor
Servicer, including the Indenture Trustee, shall be obligated to make Advances unless it has expressly agreed to do so in writing. 
 SECTION 5.05 Additional Deposits. 
 (a) The following
additional deposits shall be made to the Collection Account: (i) the Seller shall remit the aggregate Warranty Purchase Payments with respect to Warranty Receivables pursuant to Section 3.02; (ii) the Servicer shall remit (A) the
aggregate Advances pursuant to Section 5.04(a), (B) the aggregate Administrative Purchase Payments with respect to Administrative Receivables pursuant to Section 4.06, and (C) the cash amount required upon any optional purchase
of the Receivables by the Servicer, or any Successor Servicer, pursuant to Section 9.01; and (iii) the Indenture Trustee shall transfer the amounts described in Sections 5.06 and 5.07 from the Reserve Account to the Collection Account
pursuant to Section 5.07. 
 (b) All deposits required to be made pursuant to Section 5.05(a) by the
Seller or the Servicer, as the case may be, may be made in the form of a single deposit and shall be made in immediately available funds, no later than 5:00 P.M., New York City time, on the Business Day immediately preceding the related Distribution
Date. At the direction of the Servicer, the Relevant Trustee shall invest such amounts in Eligible Investments maturing not later than 12:00 P.M. New York City Time, on the related Distribution Date. 

SECTION 5.06 Payments and Distributions. 
 (a) The rights of the Certificateholders to receive distributions in respect of the Certificates shall be and hereby are subordinated to the rights of the Noteholders to receive distributions in respect
of the Notes, to the extent provided in this Section 5.06. 
 (b) On each Determination Date, the Servicer
shall calculate the Available Interest, the Available Principal, the Noteholders’ Principal Distributable Amount, the Certificateholders’ Principal Distributable Amount, the amount to be distributed to Noteholders of each Class and to
Certificateholders pursuant to Section 5.06(c), (d) or (e), and all other distributions, deposits and withdrawals to be made on the related Distribution Date. 

(c) Subject to Sections 5.06(d) and (e), on each Distribution Date, the Relevant Trustee shall make the following payments
and distributions from the Collection Account (after payment of the Supplemental Servicing Fee to the extent not previously retained by the Servicer) in the following order of priority and in the amounts set forth in the Servicer’s Certificate
for such Distribution Date; provided, however, that such payments and distributions shall be made only from those funds deposited in the Collection Account for the related Collection Period: 

(i) to the Servicer, from amounts on deposit in the Collection Account, any payments in respect of Advances required to be
reimbursed and to the extent set forth in Section 5.04(b); 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (ii) to the Servicer, from amounts on deposit in the Collection Account, any
payments in respect of Nonrecoverable Advances required to be reimbursed and to the extent set forth in Section 5.04(c); 
 (iii) to the Servicer, from Available Amounts, the Base Servicing Fee (including any unpaid Base Servicing Fees from one or more prior Collection Periods); 

(iv) on a pro rata basis (based on the amounts distributable pursuant to this clause to each Class of Noteholders), to the
Class A-1 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-2 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-3 Noteholders, the
Noteholders’ Interest Distributable Amount for such Class, and to the Class A-4 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, such amounts to be paid from Available Amounts (after giving effect to any
reduction in Available Amounts described in clause (iii) above); 
 (v) to the Class A-1 Noteholders
until the principal amount of the Class A-1 Notes is reduced to zero, an amount equal to the Noteholders’ Principal Distributable Amount for such Distribution Date, such amounts to be paid from Available Amounts (after giving effect to any
reduction in Available Amounts described in clauses (iii) and (iv) above); 
 (vi) after the principal
amount of the Class A-1 Notes is reduced to zero, to the Class A-2 Noteholders, until the principal amount of the Class A-2 Notes is reduced to zero, then to the Class A-3 Noteholders, until the principal amount of the
Class A-3 Notes is reduced to zero, and then to the Class A-4 Noteholders, until the principal amount of the Class A-4 Notes is reduced to zero, an amount equal to the Noteholders’ Principal Distributable Amount for each such
Class for such Distribution Date (after giving effect to any reduction in Noteholders’ Principal Distributable Amount described in clause (v) above), such amounts to be paid from Available Amounts (after giving effect to any reduction in
Available Amounts described in clauses (iii) through (v) above); 
 (vii) to the Reserve Account, the
amount, if any, necessary to cause the balance of funds therein to equal the Specified Reserve Account Balance with respect to such Distribution Date, such amounts to be paid from Available Amounts (after giving effect to any reduction in Available
Amounts described in clauses (iii) through (vi) above); 
 (viii) 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 not been paid by the Administrator and have been outstanding for at least sixty
(60) days, such amounts to be paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (iii) through (vii) above); 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (ix) 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 not been paid by the Administrator and have been outstanding for at least sixty (60) days, such amounts to be
paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (iii) through (viii) above); 
 (x) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.10, to such Currency Swap Counterparty, except on any
Distribution Date that occurs after the Notes are accelerated, such amounts to be paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (iii) through (ix) above); 

(xi) on the Distribution Date on which the Notes have been paid in full and on each Distribution Date thereafter, to the
Certificateholders, any remaining Available Amounts until the Certificateholders’ Principal Distributable Amount is reduced to zero (after giving effect to any reduction in Available Amounts described in clauses (iii) through
(x) above); and 
 (xii) any Available Amounts remaining after giving effect to the foregoing, to the
Certificateholders. 
 (d) Notwithstanding the provisions of Section 5.06(c), after the occurrence of an
Event of Default that results in the acceleration of any Notes and unless and until such acceleration has been rescinded, on each Distribution Date, the Relevant Trustee shall make the following payments and distributions from the Collection Account
(after payment of the Supplemental Servicing Fee to the extent not previously retained by the Servicer) in the following order of priority and in the amounts set forth in the Servicer’s Certificate for such Distribution Date; provided,
however, that such payments and distributions shall be made only from those funds deposited in the Collection Account for the related Collection Period: 
 (i) pro rata, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Indenture and the Trust Agreement, respectively, but only to
the extent that such fees, expenses or indemnity payments have not been paid by the Administrator and have been outstanding for at least sixty (60) days, such amounts to be paid from Available Amounts; 

(ii) to the Servicer, from amounts on deposit in the Collection Account, any payments in respect of Outstanding Advances;

 (iii) [Reserved]; 
 (iv) to the Servicer, from Available Amounts, the Base Servicing Fee (including any unpaid Base Servicing Fees from one or more prior Collection Periods) (after giving effect to any reduction in Available
Amounts described in clause (i) above); 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (v) on a pro rata basis (based on the amounts distributable pursuant to this
clause to each Class of Noteholders), to the Class A-1 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-2 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to
the Class A-3 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, and to the Class A-4 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, such amounts to be paid from Available
Amounts (after giving effect to any reduction in Available Amounts described in clauses (i) and (iv) above); 
 (vi) to the Class A-1 Noteholders, until the total amount paid to such Noteholders in respect of principal from the Closing Date is equal to the Original Principal Amount for such Class of Notes,
such amounts to be paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (i), (iv) and (v) above); 

(vii) to the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders on a pro rata
basis (based on the Outstanding Amount of each Class), until the total amount paid to such Noteholders in respect of principal from the Closing Date is equal to the Original Principal Amount for such Class of Notes, such amounts to be paid from
Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (i) and (iv) through (vi) above); 
 (viii) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.10, to such Currency Swap Counterparty, such amounts to be
paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (i) and (iv) through (vii) above); 
 (ix) on the Distribution Date on which the Notes have been paid in full and on each Distribution Date thereafter, to the Certificateholders, until the total amount paid to the Certificateholders in
respect of principal from the Closing Date is equal to the Original Certificate Balance, such amount to be paid from Available Amounts (after giving effect to any reduction in Available Amounts described in clauses (i) and (iv) through
(viii) above); and 
 (x) any Available Amounts remaining after giving effect to the foregoing, to the
Certificateholders. 
 (e) Notwithstanding the provisions of Section 5.06(d), after the occurrence of an
Event of Default that results in the acceleration of any Notes, on and after the date on which such acceleration has been rescinded, on each Distribution Date, the Relevant Trustee shall make payments and distributions from the Collection Account in
accordance with Section 5.06(c). 
 (f) For purposes of determining whether an Event of Default pursuant to
Section 5.01(b) of the Indenture has occurred, the amount of principal required to be paid to the Holders of any Class of Notes on any Distribution Date is the amount available to be paid

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
thereto pursuant to Section 5.06(c); provided, however, that (i) the Class A-1 Notes are required to be paid in full on or before the Final Scheduled Distribution
Date for such Class, meaning that the Class A-1 Noteholders are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Original Principal Amount for such Class, together with all
interest accrued thereon through such date; (ii) the Class A-2 Notes are required to be paid in full on or before the Final Scheduled Distribution Date for such Class, meaning that the Class A-2 Noteholders are entitled to have
received on or before such date payments in respect of principal in an aggregate amount equal to the Original Principal Amount for such Class, together with all interest accrued thereon through such date; (iii) the Class A-3 Notes are
required to be paid in full on or before the Final Scheduled Distribution Date for such Class, meaning that the Class A-3 Noteholders are entitled to have received on or before such date payments in respect of principal in an aggregate amount
equal to the Original Principal Amount for such Class, together with all interest accrued thereon through such date; and (iv) the Class A-4 Notes are required to be paid in full on or before the Final Scheduled Distribution Date for such
Class, meaning that the Class A-4 Noteholders are entitled to have received on or before such date payments in respect of principal in an aggregate amount equal to the Original Principal Amount for such Class, together with all interest accrued
thereon through such date. 
 (g) Except with respect to the final payment upon retirement of a Note or
Certificate, the Servicer shall on each Distribution Date instruct the Relevant Trustee to pay or distribute to each Securityholder of record on the related Record Date by check mailed to such Securityholder at the address of such Holder appearing
in the Certificate Register or Note Register, as the case may be (or, if DTC, its nominee or a Clearing Agency is the relevant Holder, by wire transfer of immediately available funds or pursuant to other arrangements), the amount to be paid or
distributed to such Securityholder pursuant to such Holder’s Note or Certificate. With respect to the final payment upon retirement of a Note or Certificate, the Servicer shall on the relevant final Distribution Date instruct the Relevant
Trustee to pay or distribute the amounts due thereon only upon delivery for cancellation of the certificate representing such Note or Certificate in accordance with the Indenture or the Trust Agreement, as the case may be. 

SECTION 5.07 Reserve Account. 
 (a) In order to assure that certain amounts will be available to make required payments to Noteholders, the Seller will, pursuant to the Securities Account Control Agreement, establish and maintain with
the Securities Intermediary a segregated trust account (the “Reserve Account”) in the name of the Indenture Trustee which will include the money and other property deposited and held therein pursuant to Section 5.06 and this
Section 5.07. On or prior to the Closing Date, the Seller shall deposit an amount equal to the Reserve Account Initial Deposit into the Reserve Account. As, and to the extent, set forth in Section 5.06(c), the Relevant Trustee will deposit
Available Amounts into the Reserve Account on each Distribution Date as provided in the Servicer’s Certificate, until the amount on deposit therein equals the Specified Reserve Account Balance. On each Distribution Date, to the extent that
amounts in the Collection Account and/or Available Amounts, as the case may be, are insufficient to fully fund the payments and distributions 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
described in clauses (i) through (vi) of Section 5.06(c) or clauses (i) through (vii) of Section 5.06(d), the Relevant Trustee will withdraw amounts then on deposit
in the Reserve Account, up to the amounts of any such deficiencies, and deposit such amounts into the Collection Account for application pursuant to such clauses. On each Distribution Date, as provided in the Servicer’s Certificate, the
Relevant Trustee will release to the Certificateholders any amounts remaining on deposit in the Reserve Account in excess of the Specified Reserve Account Balance. Upon the payment in full of the Notes under the Indenture, as directed in writing by
the Servicer, the Relevant Trustee will release to the Certificateholders any amounts remaining on deposit in the Reserve Account and all rights to the Reserve Account and all other collateral registered or held therein shall vest in the
Certificateholders in accordance with the Securities Account Control Agreement. Upon any such distribution to the Certificateholders, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Relevant Trustee will have no further
rights in, or claims to, such amounts. 
 (b) All amounts held in the Reserve Account shall be invested by the
Relevant Trustee, as directed in writing by the Servicer, in Eligible Investments; provided that if (x) the Servicer shall have failed to give investment directions for any funds on deposit in the Reserve Account to the Indenture Trustee
by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and the Indenture Trustee) on any Business Day, or (y) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to the Indenture, or (z) the Notes shall have been declared due and payable following an Event of Default, but amounts collected or receivable from the Trust Estate are being applied
pursuant to Section 5.05 of the Indenture as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Reserve Account in one or more Eligible Investments
specified in clauses (i), (iv) or (vi) of the definition of Eligible Investments. All such Eligible Investments shall mature not later than the Business Day preceding the next Distribution Date, in such manner that such amounts invested
shall be available to make the required deposits on the Distribution Date; provided that if permitted by the Rating Agencies, monies on deposit therein may be invested in Eligible Investments that mature later than the Business Day preceding the
next Distribution Date. The Servicer will not direct the Relevant Trustee to make any investment of any funds or to sell any investment held in the Reserve Account unless the security interest granted and perfected in such account will continue to
be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Relevant Trustee to make any such investment or sale, if requested by the Relevant
Trustee, the Servicer shall deliver to the Relevant Trustee an Opinion of Counsel, acceptable to the Relevant Trustee, to such effect. Earnings, if any, on investment of funds in the Reserve Account shall be paid to the Seller, and losses and any
investment expenses shall be charged against the funds on deposit therein. The Relevant Trustee shall incur no liability for the selection of investments or for losses thereon absent its own negligence or willful misfeasance. The Relevant Trustee
shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity date or the failure of the Servicer to provide timely written investment directions. 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (c) Subject to the right of the Relevant Trustee to make withdrawals
therefrom, as directed by the Servicer, for the purposes and in the amounts set forth in Section 5.06 and 5.07(a), the Reserve Account and all funds held therein shall be the property of the Seller and not the property of the Issuer, the Owner
Trustee or the Indenture Trustee. The Issuer, the Owner Trustee, the Seller and the Indenture Trustee will treat the Reserve Account, all funds therein and all net investment income with respect thereto as assets of the Seller for federal income tax
and all other purposes. 
 (d) The Seller hereby grants to the Owner Trustee and the Indenture Trustee for the
benefit of the Noteholders a security interest in the Reserve Account and all funds (including Eligible Investments) in the Reserve Account (including the Reserve Account Initial Deposit) and the proceeds thereof to secure the payment of interest on
and principal of the Notes, and the Owner Trustee and the Indenture Trustee shall have all of the rights of a secured party under the UCC with respect thereto; provided that all income from the investment of funds in the Reserve Account, and the
right to receive such income are retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder. If the Servicer, in its sole discretion and for any reason, notifies the Relevant Trustee in writing that the Reserve Account
should be moved or the Reserve Account is no longer an Eligible Deposit Account, the Relevant Trustee shall promptly cause the Reserve Account to be moved to another institution selected by the Servicer or otherwise changed so that the Reserve
Account becomes an Eligible Deposit Account. 
 (e) Neither the Owner Trustee nor the Indenture Trustee shall
enter into any subordination or intercreditor agreement with respect to the Reserve Account. 
 SECTION 5.08 Statements to
Certificateholders and Noteholders. 
 (a) On each Distribution Date, the Indenture Trustee shall include
with each distribution to each Noteholder and the Owner Trustee shall include with each distribution to each Certificateholder a statement (which statement shall also be provided to the Servicer and the Servicer will thereafter deliver or otherwise
make available a copy of such statement to each Rating Agency) based on information in the Servicer’s Certificate furnished pursuant to Section 4.08, setting forth for the Collection Period relating to such Distribution Date the following
information: 
 (i) the amount of the payment allocable to the principal amount of each Class of Notes and to the
Certificate Balance; 
 (ii) the amount of the payment allocable to interest on or with respect to each Class of
Notes; 
 (iii) the YSOC Amount; 

(iv) the Pool Balance as of the close of business on the last day of the related Collection Period; 

(v) the Adjusted Pool Balance as of the close of business on the last day of the related Collection Period; 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (vi) the amount of the Base Servicing Fee paid to the Servicer with respect
to the related Collection Period, the amount of any unpaid Base Servicing Fees and the change in such amount from that of the prior Distribution Date and the amount of the Supplemental Servicing Fee, if any, paid to the Servicer with respect to the
related Collection Period; 
 (vii) the Noteholders’ Interest Carryover Shortfall and the Noteholders’
Principal Carryover Shortfall, if any, with respect to each Class of Notes, and the change in such amounts from the preceding Distribution Date; 
 (viii) the Outstanding Amount, the Note Factor and the Note Pool Factor with respect to each Class of Notes, and the Certificate Balance, the Certificate Factor and the Certificate Pool Factor with
respect to the Certificates, in each case after giving effect to all payments in respect of principal on such Distribution Date; 
 (ix) the amount of Advances made in respect of the Receivables during the related Collection Period and the amount of unreimbursed Advances on such Distribution Date; 

(x) the balance of the Reserve Account on such Distribution Date, after giving effect to changes thereto on such
Distribution Date and the amount of such changes; 
 (xi) the amount of defaults and net losses on the
Receivables for the related Collection Period; 
 (xii) the number of delinquencies on the Receivables as a
percentage of the number of Receivables; 
 (xiii) 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 5.10; 
 (xiv) any material change in practices with respect to charge-offs, collection and management of delinquent Receivables, and the effect of any grace period, re-aging, re-structuring, partial payments or
other practices on delinquency and loss experience; 
 (xv) any material modifications, extensions or waivers to
Receivables terms, fees, penalties or payments during the Collection Period; 
 (xvi) any material breaches of
representations, warranties or covenants contained in the Receivables; 
 (xvii) any new issuance of notes or
other securities backed by the Receivables; and 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 (xviii) any material change in the underwriting, origination or acquisition
of Receivables. 
 (b) Copies of such statements may be obtained by the Certificateholders or the Note Owners
from the Owner Trustee or the Indenture Trustee, as the case may be, by a request in writing. The Owner Trustee or the Indenture Trustee, as the case may be, shall provide such copies promptly after such requests. 

(c) No disbursements shall be made directly by the Servicer to a Noteholder, and the Servicer shall not be required to
maintain any investor record relating to the posting of disbursements or otherwise. 
 SECTION 5.09 Net Deposits. So long
as NMAC is the Servicer, the Servicer (in whatever capacity) may make the remittances pursuant to Sections 5.02 and 5.05 above net of amounts to be distributed to the Servicer (in whatever capacity) pursuant to Section 5.06. Accounts
between the Seller and the Servicer will be adjusted accordingly. Nonetheless, the Servicer shall account for all of the above described remittances and distributions (except for the Supplemental Servicing Fee to the extent that the Servicer is
entitled to retain such amounts) in the Servicer’s Certificate as if the amounts were deposited and/or transferred separately. 
 SECTION 5.10 Currency Swap Agreement. Pursuant to the Trust Agreement, the Issuer may, from time to time, as directed by the Certificateholders by means of notice to the Administrator, enter into a
Currency Swap Agreement with a Currency Swap Counterparty to swap amounts payable to Certificateholders from U.S. dollars to Japanese yen; provided, that (1) at the time the Issuer enters into the Currency Swap Agreement, the Rating Agencies
have confirmed the then-existing ratings of the Notes, and (2) any payments to the Currency Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Certificateholders. Any payments
received by the Issuer from the Currency Swap Counterparty under such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture Trustee directly to or to the order of the Certificateholders on the
related Distribution Date. In connection with executing any such Currency Swap Agreement, the Issuer, Indenture Trustee, Owner Trustee, Seller and Servicer will enter into an amendment to this Sale and Servicing Agreement, subject to
Section 10.01 in a form approved by the Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions hereof to the extent necessary or appropriate to effectuate the intention of such Currency
Swap Agreement. 
 ARTICLE VI 
 The Seller 
 SECTION 6.01 Representations of Seller. The Seller makes
the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

  

			
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 (a) Organization and Good Standing. The Seller has been duly
organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties and to conduct its business as such properties are currently owned and such
business is presently conducted, and had at all relevant times, and has, corporate power, authority and legal right to acquire and own the Receivables. The location of the Seller’s chief executive office is in Franklin, Tennessee. 

(b) Due Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing, and
has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications and where the failure to so qualify would have a material adverse
effect on the ability of the Seller to perform its obligations under this Agreement. 
 (c) Power and
Authority. The Seller has the corporate power and authority to execute and deliver this Agreement and to carry out its terms. The Seller has full power and authority to sell and assign the property to be sold and assigned to and deposited as
part of the Owner Trust Estate, and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Seller by all necessary
corporate action. 
 (d) Valid Sale; Binding Obligations. This Agreement evidences a valid sale, transfer
and assignment of the Receivables, enforceable against creditors of and purchasers from the Seller (other than a good faith purchaser for value in the ordinary course of business who takes actual possession of one or more Receivables); and this
Agreement is a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally
and by general equitable principles. 
 (e) No Violation. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of
incorporation or by-laws of the Seller, or any indenture, agreement or other instrument to which the Seller is a party or by which it shall be bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement or other instrument (other than the Basic Documents); nor violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or
state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or its properties; which breach, default, conflict, Lien or violation in any case would have a material adverse effect on the
ability of the Seller to perform its obligations under this Agreement. 
 (f) No Proceedings. There are no
proceedings or investigations pending, or, to the best of the Seller’s knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the

  

			
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Seller or its properties: (i) asserting the invalidity of this Agreement, the Trust Agreement, the Indenture, the Securities Account Control Agreement, the Certificates or the Notes;
(ii) seeking to prevent the issuance of the Certificates, or the Notes or the consummation of any of the transactions contemplated by this Agreement, the Trust Agreement, the Indenture, the Securities Account Control Agreement;
(iii) seeking any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement, the Trust Agreement, the Indenture, the
Securities Account Control Agreement, the Certificates or the Notes; or (iv) relating to the Seller and that would adversely affect the federal or any state income tax attributes of the Issuer, the Certificates or the Notes. 

SECTION 6.02 Additional Covenants of the Seller. 

(a) The Seller agrees with the Certificateholders, the Note Owners and each Rating Agency that the Seller shall not issue
any securities or deposit assets into a trust that issues any securities, the issuance of which could reasonably be expected to materially and adversely affect the rating of any Class of Notes, unless the Rating Agency Condition with respect to such
issuance shall have been satisfied; provided that, the issuance of another series of certificates or notes pursuant to agreements with terms substantially similar to the terms of the Basic Documents shall not be deemed to materially and adversely
affect the ratings on the Notes. 
 (b) The Seller shall not do any of the following actions unless the Rating
Agency Condition with respect to such action shall have been satisfied: 
 (1) engage in any business or activity
other than those set forth in Article Three of the Seller’s Certificate of Incorporation, as amended; 
 (2)
incur any indebtedness, or assume or guaranty any indebtedness of any other entity, other than (A) any indebtedness incurred in connection with the issuance of any certificates or notes (as defined in the Seller’s Certificate of
Incorporation), provided that any such future indebtedness incurred in connection with the issuance of any certificates or notes must be rated at least with the same ratings given the outstanding certificates or notes secured or supported by assets
acquired by the Seller from NMAC by each nationally recognized statistical rating organization that has rated such outstanding certificates or notes or, prior to the issuing of such future indebtedness incurred in connection with such certificates
or notes, the Rating Agency Condition with respect to the issuance of such future indebtedness shall have been satisfied; and (B) (i) any indebtedness to NMAC or any of its Affiliates incurred in connection with the acquisition of
receivables, which indebtedness shall be fully subordinated (and which shall provide for payment only after payment in respect of all outstanding rated debt) and nonrecourse against any assets of the Seller other than the assets pledged to secure
such indebtedness, (ii) such indebtedness does not constitute a claim against the Seller in the event the assets pledged to secure such indebtedness are insufficient to pay such indebtedness, (iii) holders of such indebtedness agree that
they have no rights in any assets of the Seller other than the assets pledged to 

  

			
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secure such indebtedness, and (iv) to the extent that any holder of such indebtedness is deemed to have any interest in any assets of the Seller other than the assets pledged to secure such
indebtedness, holders of such indebtedness agree that their interest is subordinate to claims or rights of holders of other indebtedness issued by the Seller, and that such agreement constitutes a subordination agreement for purposes of
Section 510(a) of the Bankruptcy Code; 
 (3) dissolve or liquidate, in whole or in part, consolidate or
merge with or into any other entity or convey or transfer its properties and assets substantially as an entirety to any entity, unless: 
 (i) the entity (if other than the Seller) formed or surviving the consolidation or merger or which acquires the properties and assets of the Seller is organized and existing under the laws of the State of
Delaware, expressly assumes the due and punctual payment of all obligations of the Seller, including those obligations of the Seller under this Agreement and the Basic Documents, and has a Certificate of Incorporation containing provisions identical
to the provisions of Article Three, Article Four and Article Fifteen of the Seller’s Certificate of Incorporation, as amended; 
 (ii) immediately after giving effect to the transaction, no default or event of default has occurred and is continuing under any indebtedness of the Seller or any agreements relating to such indebtedness;

 (iii) the entity (if other than the Seller) formed or surviving the consolidation or merger or which acquires
the properties and assets of the Seller agrees that (i) it shall maintain its funds or assets as identifiable and not commingle its funds or assets with those of any direct or ultimate parent of such entity and pay from its assets all
obligations and indebtedness of any kind incurred by it, (ii) it shall maintain bank accounts, corporate records and books of account separate from those of any direct or ultimate parent of such entity and (iii) the business affairs of
such entity will be managed by or under the direction of its board of directors and it will conduct its business from an office space separate from any direct or ultimate parent of such entity; and 

(iv) the Rating Agency Condition with respect to any such transaction shall have been satisfied; 

(4) without the affirmative vote of 100% of the members of the board of directors of the Seller, institute proceedings to
be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the corporation or all or substantially all of its property, or make any assignment for the benefit of creditors;

  

			
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 (5) cease to have an “Independent Director,” as defined in the
Seller’s charter; 
 (6) without the affirmative vote of at least one “Independent Director,” as
defined in the Seller’s charter, enter into any transactions with the Servicer not in the ordinary course of business; or 
 (7) modify any provision of the “Restricted Articles,” as defined in the Seller’s Certificate of Incorporation, of the Seller’s Certificate of Incorporation, as amended, in any
material respect. 
 SECTION 6.03 Liability of Seller; Indemnities. The Seller shall be liable in accordance herewith only
to the extent of the obligations specifically undertaken by the Seller under this Agreement. 
 (a) The Seller
shall indemnify, defend and hold harmless the Trust, the Owner Trustee, the Indenture Trustee from and against any taxes that may at any time be asserted against any such Person with respect to, as of the date hereof, the sale of the Receivables to
the Trust or the issuance and original sale of the Notes and the Certificates, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes and any and all other taxes levied or assessed upon the
Issuer or upon all or any part of the Trust Estate (but, in the case of the Trust, not including any taxes asserted with respect to ownership of the Receivables or federal or other income taxes arising out of the transactions contemplated by this
Agreement and the Basic Documents) and costs and expenses in defending against the same. Without limiting the generality of the foregoing, if a tax is levied or assessed upon the Issuer or upon all or any part of the Trust Estate under HB3, which
tax becomes due and payable after the Closing Date, the Seller shall pay such tax (or cause such tax to be paid) to the applicable taxing authority on behalf of the Issuer. Notwithstanding anything to the contrary contained herein, nothing in this
Agreement should be read to imply that the Issuer is doing business in Texas, has sufficient nexus with Texas in order for HB3 to apply to the Issuer or is otherwise subject to the tax described in HB3. 

(b) The Seller shall indemnify, defend and hold harmless the Owner Trustee and the Indenture Trustee, the Trust, the
Certificateholders and the Noteholders from and against any loss, liability or reasonable expense incurred by reason of (i) the Seller’s willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or
by reason of reckless disregard of its obligations and duties under this Agreement, and (ii) the Seller’s or the Issuer’s violation of federal or state securities laws in connection with the registration or the sale of the
Certificates and the Notes. 
 Indemnification under this Section 6.03 shall survive the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of litigation. If the Seller shall have made any indemnity payment to any Person entitled thereto pursuant to this Section 6.03 and such Person thereafter shall collect any of
such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest (except to the extent the recipient collects interest from others). 

  

			
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 Promptly after receipt by a party indemnified under this Section 6.03 (for purposes of
this paragraph, an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party will, if a claim is to be made in respect thereof against the Seller under this Section 6.03, notify the Seller of the
commencement thereof. If any such action is brought against any Indemnified Party under this Section 6.03 and it notifies the Seller of the commencement thereof, the Seller will assume the defense thereof, with counsel reasonably satisfactory
to such Indemnified Party (who may, unless there is, as evidenced by an Opinion of Counsel to the Indemnified Party stating that there is, a conflict of interest, be counsel to the Seller), and the Seller will not be liable to such Indemnified Party
under this Section 6.03 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation. The obligations set forth in this Section 6.03
shall survive the termination of this Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Seller shall have made any
indemnity payments pursuant to this Section 6.03 and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest
(except to the extent received by such Person). 
 The Seller is only required to pay any indemnity payments pursuant to this
Section 6.03 to the extent funds are available after making the required monthly distributions in connection with any Public ABS Transaction for which the Seller, or any United States Affiliate thereof, acts as a depositor or to the extent it
receives additional funds designated for such purposes. Additionally, no indemnity payments pursuant to this Section 6.03 shall constitute a claim (as defined by the Bankruptcy Code) against the Seller or recourse to the Seller except to the
extent funds are available to the Seller as described herein. 
 SECTION 6.04 Merger or Consolidation of, or Assumption of
the Obligations of, Seller. Subject to Section 6.02, any Person (i) into which the Seller may be merged or consolidated, (ii) resulting from any merger, conversion or consolidation to which the Seller shall be a party,
(iii) succeeding to the business of the Seller or (iv) that is a corporation more than 50% of the voting stock of which is owned directly or indirectly by Nissan, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of the Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this
Agreement; provided, however, that (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 6.01 shall have been breached and no Servicer Default, and no event that,
after notice or lapse of time, or both, would become a Servicer Default, shall have occurred and be continuing, (y) the Seller shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate stating that such
consolidation, merger or succession and such agreement or assumption comply with this Section 6.04 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with and (z) the
Seller shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, based on customary qualifications and assumptions, all financing statements and
continuation statements and amendments thereto have been executed and filed that are necessary fully to perfect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings, or
(B) stating that, in the opinion of such counsel, no such 

  

			
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action shall be necessary to preserve and protect such interest. The Seller shall provide notice of any merger, consolidation or succession pursuant to this Section 6.04 to the Servicer and
the Servicer shall provide notice thereof to each Rating Agency. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (x), (y) and (z) above shall be conditions
to the consummation of the transactions referred to in clauses (i), (ii), (iii) or (iv) above. 
 SECTION 6.05
Limitation on Liability of Seller and Others. 
 (a) Neither the Seller nor any of the directors,
officers, employees or agents of the Seller shall be under any liability to the Trust, the Certificateholders or the Noteholders, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant
to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Seller or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Seller and any director, officer, employee or agent of the Seller may rely in good faith on the advice of counsel or on
any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
 (b) The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may cause
it to incur any expense or liability; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this
Agreement and the interests of the Certificateholders and the Noteholders under this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the
Servicer, and the Servicer will not be entitled to be reimbursed therefor. 
 SECTION 6.06 Seller May Own Certificates or
Notes. The Seller and any Affiliate of the Seller may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as
otherwise provided in the Basic Documents. Certificates or Notes so owned by or pledged to the Seller or such controlling or commonly controlled Person shall have an equal and proportionate benefit under the provisions of this Agreement, without
preference, priority or distinction as among all of the Certificates or the Notes, as the case may be, except as otherwise expressly provided in the Basic Documents. 
 ARTICLE VII 
 The Servicer 

SECTION 7.01 Representations of Servicer. The Servicer makes the following representations on which the Issuer is deemed to have
relied in acquiring the Receivables. The 

  

			
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representations speak as of the execution and delivery of this Agreement and as of the Closing Date and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture. 
 (a) Organization and Good Standing. The Servicer is duly
organized and is validly existing as a corporation in good standing under the laws of the state of its incorporation, with corporate power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is presently conducted, and had at all relevant times, and has, corporate power, authority and legal right to acquire, own, sell and service the Receivables and to hold the Receivable Files as custodian on behalf of the Trust and the
Indenture Trustee. The location of the Servicer’s chief executive office is in Franklin, Tennessee. 
 (b)
Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct
of its business relating to the servicing of the Receivables as required by this Agreement shall require such qualifications and where the failure to so qualify would have a material adverse effect on the ability of the Servicer to perform its
obligations under this Agreement. 
 (c) Power and Authority. The Servicer has the power and authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary corporate action. 

(d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer
enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles. 

(e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the
terms hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles of incorporation or by-laws of the Servicer, or any indenture,
agreement or other instrument to which the Servicer is a party or by which it shall be bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument
(other than the Basic Documents); nor violate any law or any order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties; which breach, default, conflict, Lien or violation in any case would have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement. 

(f) No Proceedings. There are no proceedings or investigations pending, or, to the best of the Servicer’s
knowledge, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the 

  

			
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Servicer or its properties: (i) asserting the invalidity of this Agreement, the Trust Agreement, the Indenture, the Purchase Agreement, the Certificates or the Notes; (ii) seeking to
prevent the issuance of the Certificates or the Notes or the consummation of any of the transactions contemplated by this Agreement, the Trust Agreement, the Indenture or the Purchase Agreement; (iii) seeking any determination or ruling that
would materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement, the Trust Agreement, the Indenture, the Purchase Agreement, the Certificates or the Notes; or
(iv) relating to the Servicer and that would adversely affect the federal or any state income tax attributes of the Certificates or the Notes. 
 SECTION 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement:

 (a) The Servicer shall defend, indemnify and hold harmless the Owner Trustee, the Indenture Trustee, the
Trust, the Certificateholders and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities (collectively, “Damages”) arising out of or resulting from the use, ownership or operation by the
Servicer or any of its Affiliates (other than the Trust) of a Financed Vehicle. 
 (b) The Servicer shall
indemnify, defend and hold harmless the Owner Trustee, the Indenture Trustee, the Trust, the Certificateholders and the Noteholders from and against any and all Damages to the extent that such Damage arose out of, or was imposed upon, the Owner
Trustee, the Indenture Trustee, the Trust, the Certificateholders or the Noteholders through the negligence, willful misfeasance or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of
its obligations and duties under this Agreement. 
 Promptly after receipt by a party indemnified under this Section 7.02
(for purposes of this paragraph, an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the Servicer under this Section 7.02, notify the
Servicer of the commencement thereof. If any such action is brought against any Indemnified Party under this Section 7.02 and it notifies the Servicer of the commencement thereof, the Servicer will assume the defense thereof, with counsel
reasonably satisfactory to such Indemnified Party (who may, unless there is, as evidenced by an Opinion of Counsel to the Indemnified Party stating that there is, a conflict of interest, be counsel to the Servicer), and the Servicer will not be
liable to such Indemnified Party under this Section 7.02 for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation. The obligations set
forth in this Section 7.02 shall survive the termination of this Agreement or the resignation or removal of the Servicer, the Owner Trustee or the Indenture Trustee and shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer shall have made any indemnity payments pursuant to this Section 7.02 and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay
such amounts to the Servicer, without interest (except to the extent received by such Person). 

  

			
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 Indemnification under this Section 7.02 by NMAC (or any successor thereto pursuant to
Section 7.03) as Servicer, with respect to the period such Person was the Servicer, shall survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement and shall
include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer shall have made any indemnity payments pursuant to this Section 7.02 and the recipient thereafter collects any of such amounts from others, the
recipient shall promptly repay such amounts to the Servicer, without interest (except to the extent the recipient collects interest from others). 
 SECTION 7.03 Merger or Consolidation of, or Assumption of the Obligations of, Servicer. Any Person (i) into which the Servicer may be merged or consolidated, (ii) resulting from any
merger, conversion or consolidation to which the Servicer shall be a party, (iii) succeeding to the business of the Servicer, or (iv) so long as NMAC acts as Servicer, that is a corporation more than 50% of the voting stock of which is
owned directly or indirectly by Nissan, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer under this Agreement, will be the successor to the Servicer under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement; provided, however, that (x) immediately after giving effect to such transaction, no Servicer Default, and no
event which, after notice or lapse of time, or both, would become a Servicer Default, shall have occurred and be continuing, (y) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate
stating that such consolidation, merger or succession and such agreement of assumption comply with this Section 7.03 and that all conditions precedent provided for in this Agreement relating to such transaction have been complied with and
(z) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, based on customary qualifications and assumptions, all financing statements
and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Issuer and the Indenture Trustee in the Receivables, and reciting the details of such filings, or
(B) stating that, in the opinion of such counsel, no such action shall be necessary to perfect such interest. The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 7.03 to each Rating Agency.
Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (x), (y) and (z) above shall be conditions to the consummation of the transactions referred to in clauses
(i), (ii), (iii) or (iv) above. 
 SECTION 7.04 Limitation on Liability of Servicer and Others. 

(a) Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any
liability to the Trust, the Certificateholders or the Noteholders, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of
reckless disregard of obligations and duties under this Agreement. The Servicer and any director, officer, employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising under this Agreement. 

  

			
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 (b) Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may cause it to incur any expense or liability;
provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of the Basic Documents and the rights and duties of the parties to the Basic Documents and the interests of the
Certificateholders under this Agreement and the Noteholders under the Indenture. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Servicer, and the
Servicer will not be entitled to be reimbursed therefor. 
 SECTION 7.05 NMAC Not To Resign as Servicer. Subject to the
provisions of Section 7.03, NMAC shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be
permissible under applicable law. Notice of any such determination permitting the resignation of NMAC shall be communicated to the Owner Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in
writing, shall be confirmed in writing at the earliest practicable time), and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee concurrently with or promptly
after such notice. No such resignation shall become effective until the Indenture Trustee or a Successor Servicer shall (i) have taken the actions required by Section 8.01 of this Agreement to effect the termination of the responsibilities
and rights of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be
received with respect to a Receivable and the delivery of the Receivable Files, and the related accounts and records maintained by the Servicer, (ii) have assumed the responsibilities and obligations of NMAC as Servicer under this Agreement in
accordance with Section 8.02 of this Agreement (other than the initial Servicer’s obligation to make Advances), and (iii) become the Administrator under the Administration Agreement in accordance with Section 8 of such Agreement.

 ARTICLE VIII 
 Default 
 SECTION 8.01 Servicer Default. If any one of the following
events (a “Servicer Default”) shall occur and be continuing: 
 (a) any failure by the Servicer (or the
Seller, so long as NMAC is the Servicer) to deliver to the Relevant Trustee for deposit in any of the Accounts any required payment or to direct the Relevant Trustee to make any required distributions therefrom, which failure continues unremedied
for a period of three Business Days after (i) receipt by the Servicer (or the Seller, so long as NMAC is the Servicer) of written notice of such failure 

  

			
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given by the Owner Trustee or the Indenture Trustee, (ii) receipt by the Servicer (or the Seller, so long as NMAC is the Servicer), the Owner Trustee or the Indenture Trustee of written
notice of such failure given by Holders of Notes evidencing not less than 25% of the Outstanding Amount, or (iii) discovery of such failure by any officer of the Servicer; 

(b) any failure by the Servicer (or the Seller, as long as NMAC is the Servicer) to duly observe or perform in any
material respect any other covenants or agreements of the Servicer (or the Seller, as long as NMAC is the Servicer) set forth in this Agreement (including its obligation to purchase Receivables pursuant to Section 4.06), which failure shall
materially and adversely affect the rights of the Certificateholders or the Noteholders and shall continue unremedied for a period of 90 days after giving of written notice of the failure to (i) the Servicer (or the Seller, as long as NMAC is
the Servicer) by the Owner Trustee or the Indenture Trustee, or (ii) the Servicer (or the Seller, as long as NMAC is the Servicer) and the Owner Trustee or the Indenture Trustee by Holders of Notes evidencing not less than 25% of the
Outstanding Amount or Holders of Certificates evidencing not less than 25% of the Certificate Balance; or 
 (c)
the occurrence of an Insolvency Event with respect to the Servicer; 
 then, and in each and every case, so long as the Servicer Default shall
not have been remedied, either the Indenture Trustee or the Holders of Notes evidencing a majority of the Outstanding Amount of the Notes (but excluding for purposes of such calculation and action all Notes held or beneficially owned by the Issuer,
the Seller, the Servicer or any of their Affiliates unless all of the Notes are held or beneficially owned by the Issuer, the Seller, the Servicer or any of their Affiliates), acting together as a single Class, by notice then given in writing to the
Servicer (and to the Indenture Trustee and the Owner Trustee if given by the Noteholders) and the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(a)(i)(L) and Section 1(e) of the
Administration Agreement) may terminate all of the rights and obligations (other than the obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Receivables or otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such Successor Servicer
as may be appointed under Section 8.02; and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the Successor Servicer and the Owner Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this
Agreement, including, without limitation, the transfer to the Successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or have been deposited by the predecessor Servicer,
in the Accounts or thereafter received with respect to the Receivables that shall at that time be held by the predecessor Servicer and the delivery of the Receivable Files and the related accounts and records maintained by the predecessor Servicer.
All reasonable costs and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable Files to the Successor Servicer and 

  

			
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amending this Agreement to reflect such succession as Servicer pursuant to this Section 8.01 shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such
costs and expenses. Notwithstanding the foregoing, in the event the predecessor Servicer is the Indenture Trustee, the original Servicer hereunder shall reimburse the Indenture Trustee for all reasonable costs and expenses as described in the
immediately preceding sentence. 
 SECTION 8.02 Appointment of Successor. 

(a) Upon the Servicer’s receipt of notice of termination pursuant to Section 8.01 or the Servicer’s
resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, in the case of termination, only until the date specified in such termination notice or,
if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the earlier of (i) the date 45 days from the delivery to the Owner Trustee and the Indenture Trustee of written notice
of such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (ii) the date upon which the predecessor Servicer shall become unable to act as Servicer, as specified in the notice of resignation
and accompanying Opinion of Counsel. In the event of the Servicer’s resignation or termination hereunder, the Indenture Trustee shall appoint a Successor Servicer, and the Successor Servicer shall accept its appointment (including its
appointment as Administrator under the Administration Agreement as set forth in Section 8.02(b)) by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee and shall provide in writing the information reasonably
required by the Seller to comply with its reporting obligations under the Exchange Act with respect to a replacement servicer. If a Successor Servicer has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in
accordance with this Section 8.02, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer and the Indenture Trustee shall be entitled to the Total Servicing Fee. Notwithstanding the above, the
Indenture Trustee shall, if it is unwilling or legally unable so to act, appoint or petition a court of competent jurisdiction to appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the predecessor Servicer
has ceased to act, may petition a court of competent jurisdiction to appoint any established institution having a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automobile and/or light-duty truck
receivables, as the successor to the Servicer under this Agreement. 
 (b) Upon appointment, the Successor
Servicer (including the Indenture Trustee acting as Successor Servicer) shall (i) be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating
thereto placed on the predecessor Servicer (except the initial Servicer’s obligation to make Advances) and shall be entitled, subject to the arrangements referred to in paragraph (c) below, to the servicing fee and all the rights granted
to the predecessor Servicer by the terms and provisions of this Agreement and (ii) become the Administrator under the Administration Agreement in accordance with Section 8 of such Agreement. 

  

			
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 (c) In connection with such appointment, the Issuer may make such
arrangements for the compensation of such Successor Servicer out of payments on Receivables as it and such Successor Servicer shall agree; provided, however, that no such compensation shall be in excess of that permitted the
predecessor Servicer under this Agreement. The Issuer, the Indenture Trustee and such Successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. 

SECTION 8.03 Repayment of Advances. If the Servicer shall resign or be terminated, the Servicer shall continue to be entitled to
receive, to the extent of available funds, reimbursement for Outstanding Advances pursuant to Sections 5.03 and 5.04 with respect to all Advances previously made thereby. 
 SECTION 8.04 Notification . Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Owner Trustee shall give prompt written notice thereof to the
Certificateholders and the Indenture Trustee shall give prompt written notice thereof to the Noteholders and the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(e) of the
Administration Agreement). 
 SECTION 8.05 Waiver of Past Defaults. The Holders of Notes evidencing a majority of the
Outstanding Amount of the Notes, or, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, the Holders of Certificates evidencing a majority of the Certificate Balance, in each case excluding
for purposes of such calculation and action all Securities held or beneficially owned by the Issuer, the Servicer, the Seller or any of their Affiliates (unless all of the Notes or the Certificates, as the case may be, are held by the Issuer, the
Servicer, the Seller or any of their Affiliates), may, on behalf of all the Noteholders and the Certificateholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from the Collection Account in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
 ARTICLE IX 
 Termination; Release of Receivables 

SECTION 9.01 Optional Purchase of All Receivables. 

(a) On each Distribution Date following the last day of a Collection Period as of which the Pool Balance shall be less
than or equal to the Optional Purchase Percentage multiplied by the Original Pool Balance, the Servicer or any successor to the Servicer shall have the option to purchase, or cause to be purchased, the corpus of the Owner Trust Estate (whether or
not such assets then comprise all or a portion of the Trust Estate) for an amount equal to the Optional Purchase Price (the “Optional Purchase”). To exercise such option, the Servicer or any successor to the Servicer shall notify the Owner
Trustee 

  

			
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and the Indenture Trustee of its intention to do so in writing, no later than the first Business Day of the month in which such purchase is to be effected and shall, on or before the Distribution
Date on which such purchase is to occur, deposit pursuant to Section 5.05 in the Collection Account an amount equal to the Optional Purchase Price (or the deposit in cash of such lesser amount as provided in Section 9.01(b)), and shall
succeed to all interests in and to the Trust Estate and the Owner Trust Estate; provided, however, that the Servicer shall not effect any such purchase so long as the rating of NMAC by Moody’s is less than “Ba1” unless
the Owner Trustee and the Indenture Trustee shall have received an Opinion of Counsel to the effect that such purchase shall not constitute a fraudulent conveyance, subject to such assumptions as to factual matters as may be contained therein.
Amounts so deposited will be paid and distributed as set forth in Section 5.06 of this Agreement. Upon such deposit of the amount necessary to purchase the corpus of the Owner Trust Estate, the Servicer shall for all purposes of this Agreement
be deemed to have released all claims for reimbursement of Outstanding Advances made in respect of the Receivables. 
 (b) The Servicer, at its option, may pay all or a portion of the Optional Purchase Price by issuing a demand note in favor of the Trust, the terms of which, on the whole, shall be commercially reasonable
and substantially similar to terms that would prevail in an arms-length negotiation between unaffiliated parties; provided, however, that (i) the Servicer shall pay in cash the portion of the Optional Purchase Price that is equal
to or greater than the sum of (x) the Outstanding Amount of all Classes of Notes and (y) the Noteholders’ Interest Distributable Amount for all Classes of Notes for such Distribution Date, and (ii) the Servicer may issue a demand
note to a Certificateholder pursuant to this Section 9.01 only if such Certificateholder consents to the receipt of such demand note. 
 (c) Notice of any such purchase of the Owner Trust Estate shall be given by the Owner Trustee and the Indenture Trustee to each Securityholder as soon as practicable after their receipt of notice thereof
from the Servicer. The Servicer shall also deliver a copy of such notice to each Rating Agency. 
 (d) Following
the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder other than under Section 5.06 and the Issuer
will succeed to the rights of the Indenture Trustee provided for in this Agreement. 
 SECTION 9.02 Release of
Receivables. 
 (a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 or by the
Servicer pursuant to Section 4.06 or Section 9.01, the Issuer and the Indenture Trustee on behalf of the Noteholders, shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to the Seller or the
Servicer, as the case may be, all right, title and interest of the Issuer in, to and under such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property conveyed to the Issuer
hereunder pursuant to Section 2.01 with respect to such Receivable, and all security and any records relating thereto, such assignment being an assignment outright and not for security; and the Seller or the Servicer, as applicable,

  

			
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shall thereupon own each such Receivable, and all such related security and records, free of any further obligation to the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee
or the Noteholders with respect thereto. 
 (b) The Issuer and Indenture Trustee shall execute such documents and
instruments of transfer and assignment and take such other actions as shall be reasonably requested by the Seller or the Servicer, as the case may be, to effect the conveyance of such Receivable pursuant to Sections 3.02, 4.06 and 9.02. 

(c) If in any enforcement suit or legal proceeding it is held that the Seller or the Servicer may not enforce a
repurchased Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer, and the Indenture Trustee on behalf of the Noteholders, shall, at the written direction and expense of the
Seller or Servicer, as the case may be, take such reasonable steps as the Seller or the Servicer deems necessary to enforce the Receivable, including bringing suit in the name or names of the Issuer, the Certificateholders or the Noteholders.

 SECTION 9.03 Termination. 
 (a) The respective obligations of the Seller, the Servicer, NMAC (so long as NMAC has rights or obligations hereunder), the Owner Trustee, and the Indenture Trustee, as the case may be, pursuant to this
Agreement shall terminate upon the earliest of (i) the maturity or other liquidation of the last Receivable and the final disposition of all amounts received upon liquidation of any remaining Receivables, or (ii) the election by the
Servicer to purchase the corpus of the Trust as described in Section 9.01 and the payment or distribution to Securityholders of all amounts required to be paid to them under the Indenture or the Trust Agreement, as the case may be. 

(b) Notice of any such termination under this Section 9.03 shall be given by the Indenture Trustee or the Owner
Trustee to each Securityholder of record as specified in the Indenture or the Trust Agreement, as appropriate. 
 ARTICLE X

 Miscellaneous 
 SECTION 10.01 Amendment. 
 (a) This Agreement may be amended
by the Seller, the Servicer and the Issuer, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholders: 

(1) to cure any ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision
herein, or make any other provisions with respect to matters or questions arising hereunder that are not inconsistent with the provisions herein; provided that (i) the amendment will not materially and adversely affect the interest of any
Noteholder or Certificateholder and (ii) the 

  

			
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Servicer shall have delivered an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect the interest of any
Noteholder or Certificateholder; and 
 (2) to (A) change the formula for determining the required amount
for the Specified Reserve Account Balance or (B) add a supplemental specified Reserve Account balance and amend Section 5.06(c) to require payments and distributions to the Reserve Account up to an amount equal to the sum of the Specified
Reserve Account Balance and such supplemental specified Reserve Account balance immediately following any payments and distributions made pursuant to Section 5.06(c)(ix) upon (i) satisfaction of the Rating Agency Condition with respect to
such amendment, or (ii) delivery by the Servicer to the Indenture Trustee and the Owner Trustee of an Officer’s Certificate stating that such amendment will not materially and adversely affect the interest of any Noteholder. If the
proposed amendment or supplement described in the foregoing clause (a)(2) would materially and adversely affect any of the rights or obligations of any Certificateholder, the Owner Trustee shall obtain the consent of each Certificateholder prior to
the adoption of such amendment or supplement; provided, that no Certificateholder’s consent to any such amendment or supplement shall be unreasonably withheld or delayed, and provided, further, that each Certificateholder’s consent will be
deemed to have been given if such Certificateholder does not object in writing within 10 days of receipt of a written request for such consent. Upon receipt of the consent, or deemed consent, of each Certificateholder, the Owner Trustee shall notify
the Indenture Trustee of such consent or deemed consent. 
 An amendment will be deemed not to materially and adversely affect
the interests of any Noteholder or Certificateholder of any Class if (x) the amendment does not adversely affect the Trust’s status as a partnership (or, for any period during which there is not more than one beneficial owner of a
Certificate, the Trust’s status as an entity that is disregarded as an entity separate from the Certificateholder) for federal income tax purposes, (y) the Rating Agency Condition shall have been satisfied with respect to such amendment,
and (z) the Servicer has delivered the Officer’s Certificate described in this Section 10.01(a). 

(b) This Agreement may also be amended from time to time by the Seller, the Servicer and the Issuer, with the consent of
the Indenture Trustee and the consent of: 
 (1) the Holders of Notes evidencing a majority of the Outstanding
Amount of the Notes; or 
 (2) in the case of any amendment that does not adversely affect the Indenture Trustee
or the Noteholders, the Holders of the Certificates evidencing a majority of the outstanding Certificate Balance (but excluding for purposes of calculation and action all Certificates held by the Issuer, the Seller, the Servicer or any of their
Affiliates, unless all of the Certificates are held by the Issuer, the Seller, the Servicer or any of their Affiliates); 

  

			
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 for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of those Noteholders or Certificateholders; provided, however, that no amendment shall: 
 (1) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of those
Noteholders or Certificateholders or change the Interest Rate or the Specified Reserve Account Balance (except as described above under clause (2) of subsection (a) above) without the consent of each “adversely affected”
Noteholder or Certificateholder; or 
 (2) reduce the aforesaid percentage of the Outstanding Amount of the Notes
or Certificate Balance of the Certificates which is required to consent to any amendment, without the consent of the Holders of all the then outstanding Notes or Certificates. 
 An amendment referred to above will be deemed not to “adversely affect” a Noteholder of any Class only if the Rating Agency Condition with respect to such amendment shall have been satisfied. In
connection with any amendment referred to in clause (x) above, the Servicer shall deliver an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that those Noteholders and Certificateholders whose consents were not
obtained were not adversely affected by such amendment. 
 Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and the Servicer. The Servicer will thereafter deliver a copy of such notice to each Rating Agency.

 It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to this Section 10.01 to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
 Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 10.02(h)(A). The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects
the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
 (c) The Indenture Trustee shall notify the Owner Trustee of any proposed amendment or supplement to this Agreement pursuant to Section 10.01(a)(2). If such proposed amendment or supplement would
materially and adversely affect any of the rights or obligations of any Certificateholder, the Indenture Trustee shall obtain a notice from the Owner Trustee confirming the consent or deemed consent of each Certificateholder prior to the adoption of
such amendment or supplement; provided, that no Certificateholder’s consent to any such amendment or supplement shall be 

  

			
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unreasonably withheld or delayed, and provided, further, that each Certificateholder’s consent will be deemed to have been given if such Certificateholder does not object in writing within
10 days of receipt of a written request for such consent. 
 SECTION 10.02 Protection of Title to Trust. 

(a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation
statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and of the Indenture Trustee in the Receivables and in the proceeds thereof. The Seller shall deliver (or
cause to be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) The Seller and the Servicer shall notify the Owner Trustee and the Indenture Trustee within 30 days after any change
of its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of
Section 9-507(c) of the UCC, and shall promptly file appropriate amendments to all previously filed financing statements or continuation statements. 
 (c) Each of the Seller and the Servicer shall notify the Owner Trustee and the Indenture Trustee of any relocation of its principal executive office or state of incorporation within 30 days after such
relocation, if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any
such amendment or new financing statement. The Servicer shall at all times maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 

(d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit
(i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each), and (ii) reconciliation between payments or recoveries on (or with respect to)
each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Trust, the Servicer’s master computer records that refer
to any Receivable shall indicate clearly the interest of the Issuer and the Indenture Trustee in such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee. The Servicer shall at all times maintain
control of the Receivables constituting electronic chattel paper. Indication of these respective interests in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall
have become a Liquidated Receivable or been repurchased. 

  

			
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 (f) If at any time the Seller or the Servicer shall propose to sell, grant a
security interest in, or otherwise transfer any interest in automotive receivables to, any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records
or printouts that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee. 

(g) Upon receipt of a written request from the Owner Trustee or the Indenture Trustee, which request shall be made no more
frequently than annually, the Servicer shall furnish to the Owner Trustee or the Indenture Trustee, as the case may be, within 20 Business Days after receipt of such request, a list of all Receivables (by contract number and name of Obligor) then
held as part of the Trust, together with a reconciliation of the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust. The Servicer shall permit the
Indenture Trustee and its agents at any time during normal business hours upon reasonable prior notice to inspect, audit and make copies of and abstracts from the Servicer’s records regarding any Receivable. 

(h) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee: 

(A) upon the execution and delivery of this Agreement and of each amendment hereto, an Opinion of Counsel, based on
customary assumptions and qualifications, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary to perfect the interest of the Trust and the
Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest;

 (B) if requested by the Indenture Trustee or the Owner Trustee, not more frequently than annually, an Opinion
of Counsel, dated as of a date during such 90-day period, either (A) stating that, in the opinion of such counsel, based on customary assumptions and qualifications, all financing statements and continuation statements have been executed and
filed that are necessary to perfect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such
action shall be necessary to preserve and protect such interest; and 
 (C) (i) within twelve months after the
date of this Agreement, with a copy to each Rating Agency, an Opinion of Counsel either addressed to the Indenture Trustee and the Owner Trustee or upon which the Indenture Trustee and the Owner Trustee may rely as to the Servicer’s control of
the Receivables evidenced by electronic contracts, or as to the Servicer’s control of other automobile receivables evidenced by electronic contracts sold and serviced by the Servicer, and (ii) if requested by a Rating Agency, with a copy
to each Rating 

  

			
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Agency, no less frequently than every twelve months (commencing after delivery of the Opinion of Counsel referred to in clause (i) above), a copy of an Opinion of Counsel (which need not be
addressed to or relied upon by the Owner Trustee or the Indenture Trustee), either as to the Servicer’s control of the Receivables evidenced by electronic contracts, or as to the Servicer’s control of other automobile receivables evidenced
by electronic contracts sold and serviced by the Servicer. 
 (i) Each Opinion of Counsel referred to in clause
(h)(A) or (h)(B) above shall specify any action necessary (as of the date of such Opinion of Counsel) to be taken in the following year to preserve and protect such interest. 

SECTION 10.03 Notices. All demands, notices, communications and instructions upon or to the Seller, the
Servicer, the Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt
(a) in the case of the Seller, to Nissan Auto Receivables Corporation II, One Nissan Way, Franklin, Tennessee, 37067, Attention: Treasurer, (b) in the case of the Servicer, to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin,
Tennessee, 37067, Attention: Treasurer, (c) in the case of the Issuer or the Owner Trustee, to Nissan Auto Receivables 2011-B Owner Trust, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Nissan Auto Receivables 2011-B Owner Trust, (d) in the case of the Indenture Trustee, to Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Agency & Trust – NAROT 2011-B, (e) in the case of
Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, (f) in the case of Fitch, to Fitch Ratings, One State Street Plaza, New York, New York,
10004, Attention: Asset-Backed Securities Group; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 All notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies by the Servicer hereunder shall be delivered by the Servicer to each Rating Agency then
rating the Notes; provided, however, that all notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies hereunder or under any other Basic Document shall be deemed to be delivered if a copy of such
notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

SECTION 10.04 Assignment by the Seller or the Servicer. Notwithstanding anything to the contrary contained herein, except as
provided in Sections 6.04 and 7.03 of this Agreement and as provided in the provisions of this Agreement concerning the resignation or termination of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior
written consent of the Indenture Trustee, the Owner Trustee, the Holders of Notes evidencing not less than 66 2/3% of the Outstanding Amount and the Holders of Certificates evidencing not less than 66 2/3% of the Certificate Balance. 

  

			
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 SECTION 10.05 Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Seller, the Servicer, the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 10.06 Severability. Any provision of this Agreement 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 10.07 Separate Counterparts. This Agreement 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 10.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 10.09 Governing Law. This Agreement shall be
construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws. 
 SECTION 10.10 Assignment by Issuer. The Seller
hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer
in, to and under the Receivables and the related property acquired hereunder and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee. 

SECTION 10.11 Nonpetition Covenants. 
 (a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to
the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy,
insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of
the Issuer. 
 (b) Notwithstanding any prior termination of this Agreement, each of the Servicer and the Owner
Trustee (not in its individual capacity but solely as Owner Trustee), prior to the date which is one year and one day after the Notes are paid in full, 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 
covenants and agrees that it will not at any time file, join in any filing of, or cooperate with or encourage others to file any bankruptcy, reorganization arrangement, insolvency or liquidation
proceeding or other proceeding against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
 SECTION 10.12
Limitation of Liability of Owner Trustee and Indenture Trustee. Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wilmington Trust, National Association, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Issuer, and by Citibank, N.A., not in its individual capacity, but solely in its capacity as Indenture Trustee under the Indenture. In no event shall Wilmington Trust, National Association or Citibank,
N.A. have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered by the Seller or the Servicer, or prepared by the Seller
or the Servicer for delivery by the Owner Trustee on behalf of the Issuer, pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or
obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 SECTION 10.13 Waivers. No failure or delay on the part of the Issuer in exercising any power, right or remedy under
this Agreement or the Assignment shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any such power,
right or remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy. Notwithstanding anything to the contrary, the Issuer shall not waive any breach of representations and warranties as set
forth in Sections 3.01(e), (l), (n), (o), (aa) or (ee) without the written consent of at least a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding principal amount of any Notes
held of record or beneficially owned by the Issuer, the Servicer, the Seller or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, the Servicer, the Seller, or any of their
Affiliates). 
 [Signature Page Follows] 

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

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

					
	 NISSAN AUTO RECEIVABLES 2011-B
 OWNER TRUST

		
	By:	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual
 capacity but solely as Owner Trustee on
 behalf of the Trust

			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	NISSAN AUTO RECEIVABLES CORPORATION II, as Seller
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	NISSAN MOTOR ACCEPTANCE CORPORATION, individually and as Servicer
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

  

			
	 ACKNOWLEDGED AND ACCEPTED AS OF
 THE DAY AND YEAR FIRST ABOVE WRITTEN:

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

  

			
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	  	(Nissan 2011-B Sale and Servicing Agreement)

 APPENDIX A 
 REGULATION AB COVENANTS 
 PART I 

DEFINED TERMS 
 Section 1.01. As used in this Appendix A, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined);
unless otherwise defined herein, terms used in this Appendix A that are defined in the Agreement to which this Appendix A is attached shall have the same meanings herein as in the Agreement: 

“Commission”: The United States Securities and Exchange Commission. 

“Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such 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 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Securities Act”: The Securities Act of 1933, as amended. 

PART II 

COMPLIANCE WITH REGULATION AB 
 Section 2.01. Intent of the Parties; Reasonableness. 
 Each of the
Issuer, the Indenture Trustee, the Seller and the Servicer acknowledges and agrees that the purpose of Part II of this Appendix A is to facilitate compliance by the Issuer, the Indenture Trustee, the Seller, and the Servicer with the provisions of
Regulation AB and related rules and regulations of the Commission. 
 Neither the Issuer nor the Seller shall exercise its right
to request delivery of information, reports or other performance under these provisions for purposes other than compliance with Regulation AB. Each of the Issuer, the Indenture Trustee, the Seller and the Servicer acknowledges that interpretations
of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and the
Servicer hereby agrees to reasonably comply with all reasonable requests made by the Issuer (including any of its assignees or designees), the Indenture Trustee or the Seller, as the case may be, in good faith for delivery of such information or
reports, including, without limitation, any Servicer compliance statements and reports, and assessments of compliance and attestation, as may be required under the then-current interpretations of Regulation AB. 

 Notwithstanding the foregoing, each of the Issuer, the Indenture Trustee, the Seller and the
Servicer hereby agree to comply with all applicable sections of Regulation AB, including, without limitation, Item 1122 of Regulation AB, which includes the delivery by the Servicer of compliance statements and assessment and attestation
reports, and the Servicer shall obtain from each party participating in the servicing function the reports required by Item 1122 of Regulation AB.

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