Document:

exv10w5

Exhibit 10.5

 

NISSAN AUTO LEASE TRUST 2011-B,

NISSAN MOTOR ACCEPTANCE CORPORATION,

as Administrative Agent,

NISSAN AUTO LEASING LLC II,

as Depositor,

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

TRUST ADMINISTRATION AGREEMENT

Dated as of September 28, 2011

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 1.01
	 	Capitalized Terms; Interpretive Provisions	 	 	1	 
	Section 1.02
	 	Duties of the Administrative Agent	 	 	2	 
	Section 1.03
	 	Records	 	 	7	 
	Section 1.04
	 	Compensation	 	 	7	 
	Section 1.05
	 	Additional Information to be Furnished to the Issuing Entity	 	 	7	 
	Section 1.06
	 	Independence of the Administrative Agent	 	 	7	 
	Section 1.07
	 	No Joint Venture	 	 	7	 
	Section 1.08
	 	Other Activities of Administrative Agent	 	 	7	 
	Section 1.09
	 	Term of Agreement; Resignation and Removal of Administrative Agent	 	 	8	 
	Section 1.10
	 	Action Upon Termination, Resignation or Removal	 	 	9	 
	Section 1.11
	 	Notices	 	 	9	 
	Section 1.12
	 	Amendments	 	 	10	 
	Section 1.13
	 	Successors and Assigns	 	 	10	 
	Section 1.14
	 	Governing Law	 	 	10	 
	Section 1.15
	 	Headings	 	 	11	 
	Section 1.16
	 	Counterparts	 	 	11	 
	Section 1.17
	 	Severability	 	 	11	 
	Section 1.18
	 	Limitation of Liability of Owner Trustee and Indenture Trustee	 	 	11	 
	Section 1.19
	 	Third-Party Beneficiary	 	 	11	 
	Section 1.20
	 	No Petition	 	 	11	 

-i-

 

TRUST ADMINISTRATION AGREEMENT

     This Trust Administration Agreement, dated as of September 28, 2011 (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), is among Nissan Auto Lease
Trust 2011-B, a Delaware statutory trust (the “Issuing Entity”), Nissan Motor Acceptance
Corporation, a California corporation (“NMAC”), as administrative agent (in such capacity,
the “Administrative Agent”), Nissan Auto Leasing LLC II, a Delaware limited liability
company (“NALL II”), as depositor (the “Depositor”), and U.S. Bank National
Association, a national banking association (“U.S. Bank”), as indenture trustee (the
“Indenture Trustee”).

RECITALS

     WHEREAS, the Issuing Entity was formed pursuant to a trust agreement, dated as of August 31,
2011, as amended and restated by the amended and restated trust agreement, dated as of September
28, 2011 (the “Trust Agreement”), between the Depositor and Wilmington Trust, National
Association, as trustee (the “Owner Trustee”); and

     WHEREAS, the parties desire to enter into this agreement to provide for, among other things,
the Administrative Agent’s provision of certain services to the Issuing Entity and the Owner
Trustee.

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

          Section 1.01 Capitalized Terms; Interpretive Provisions.

     (a) Capitalized terms used herein that are not otherwise defined shall have the respective
meanings ascribed thereto in the Agreement of Definitions, dated as of September 28, 2011, by and
among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial
beneficiary (in such capacity, the “Grantor” and the “UTI Beneficiary,”
respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), NMAC,
in its individual capacity, as Administrative Agent and as servicer (in such capacity, the
“Servicer”), NALL II, NILT, Inc., a Delaware corporation, as trustee to the Titling Trust
(the “Titling Trustee”), the Owner Trustee, Wilmington Trust Company, a Delaware
corporation, as Delaware trustee (the “Delaware Trustee”), U.S. Bank, as trust agent (in
such capacity, the “Trust Agent”) and the Indenture Trustee.

     (b) For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires, (i) terms used herein include, as appropriate, all genders and the
plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the like
shall refer to this Agreement as a whole and not to any particular part, Article or Section within
this Agreement, (iii) references to an Article or Section such as “Article One” or “Section
1.01” shall refer to the applicable Article or Section of this Agreement, (iv) the term
“include” and all variations thereof shall mean “include without limitation,” (v) the term “or”
shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC, (vii) references to Persons include their permitted successors and assigns, (viii)
references to agreements and other contractual instruments include all subsequent amendments,
amendments

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and restatements and supplements thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Agreement, except that references to the SUBI
Trust Agreement include only such items as related to the 2011-B SUBI and the Titling Trust, (ix)
references to laws include their amendments and supplements, the rules and regulations thereunder
and any successors thereto, (x) references to this Agreement include all Exhibits hereto, (xi) the
phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent
required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement,
be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the Titling Trust, and (xii) in
the computation of a period of time from a specified date to a later specified date, the word
“from” shall mean “from and including” and the words “to” and “until” shall mean “to but
excluding.”

          Section 1.02 Duties of the Administrative Agent.

     (a) The Administrative Agent agrees to perform all its duties as Administrative Agent and the
duties of the Issuing Entity and the Owner Trustee under the Related Documents. In addition, the
Administrative Agent shall consult with the Owner Trustee regarding the duties of the Issuing
Entity or the Owner Trustee under the Related Documents. The Administrative Agent shall monitor
the performance of the Issuing Entity and shall advise the Owner Trustee when action is necessary
to comply with the respective duties of the Issuing Entity and the Owner Trustee under the Related
Documents. The Administrative Agent shall prepare for execution by the Issuing Entity, or shall
cause the preparation by other appropriate persons of, all such documents, reports, notices,
filings, instruments, certificates and opinions that it shall be the duty of the Issuing Entity or
the Owner Trustee to prepare, file or deliver pursuant to the Related Documents. In addition, the
Administrative Agent or the Depositor shall execute and deliver any filings, certificates,
affidavits or other instruments required under the Sarbanes-Oxley Act of 2002, to the extent
permitted by applicable law. In furtherance of the foregoing, the Administrative Agent shall take
(or, in the case of the immediately preceding sentence, cause to be taken) all appropriate action
that the Issuing Entity or the Owner Trustee is required to take pursuant to the Indenture,
including, without limitation, such of the foregoing as are required with respect to the following
matters under the Indenture (references are to Sections of the Indenture):

          (i) the preparation of or obtaining of the documents and instruments required for execution
and authentication of the Notes and delivery of the same to the Indenture Trustee (Section
2.02);

          (ii) the duty to cause the Note Register to be kept and to give the Indenture Trustee notice
of any appointment of a new Note Registrar and the location, or change in location, of the Note
Register (Section 2.04);

          (iii) preparation of, obtaining of or filing of all instruments, opinions and certificates or
other documents required for the release of Collateral (Section 2.08);

          (iv) the maintenance of an office in the Borough of Manhattan, The City of New York, for
registration of transfer or exchange of Notes (Section 3.02);

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          (v) the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture
Trustee the instrument specified in the Indenture regarding funds held in trust (Section
3.03);

          (vi) the direction to the Indenture Trustee to deposit monies with Paying Agents, if any,
other than the Indenture Trustee (Section 3.03);

          (vii) the obtaining and preservation of the Issuing Entity’s qualifications to do business
(Section 3.04);

          (viii) the preparation of all supplements and amendments to the Indenture and all financing
statements, continuation statements, instruments of further assurance and other instruments and the
taking of such other action as are necessary or advisable to protect the Owner Trust Estate
(Section 3.05);

          (ix) the delivery of the Opinion of Counsel on the Closing Date and the annual delivery of
Opinions of Counsel, as to the Owner Trust Estate, and the annual delivery of the Officer’s
Certificate and certain other statements as to compliance with the Indenture (Sections 3.06
and 3.09);

          (x) the identification to the Indenture Trustee in an Officer’s Certificate of any Person with
whom the Issuing Entity has contracted to perform its duties under the Indenture (Section
3.07(b));

          (xi) the notification of the Indenture Trustee and each Rating Agency of a Servicer Default
under the Servicing Agreement and, if such Servicer Default arises from the failure of the Servicer
to perform any of its duties or obligations under the Servicing Agreement with respect to the
2011-B SUBI Assets, the taking of all reasonable steps available to remedy such failure
(Section 3.07(d));

          (xii) the delivery of written notice to the Indenture Trustee and each Rating Agency of each
Indenture Default (Section 3.11);

          (xiii) the delivery of prior written notice to each Rating Agency of the Issuing Entity ‘s
consolidation or merger with or into any other Person (Section 3.15(a));

          (xiv) the delivery of prior written notice to each Rating Agency of the Issuing Entity ‘s
conveyance or transfer of any of its properties or assets to any Person (Section 3.15(b));

          (xv) the preparation and obtaining of documents and instruments required for the release of
the Issuing Entity from its obligations under the Indenture (Section 4.01);

          (xvi) the monitoring of the Issuing Entity’s obligations as to the satisfaction and discharge
of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion
of Counsel and the Independent Certificate relating thereto (Section 4.01);

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          (xvii) the preparation and delivery of notice to the Rating Agencies of the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee (Section 6.08);

          (xviii) the preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments necessary in connection
with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee
(Sections 6.08 and 6.10);

          (xix) the furnishing of the Indenture Trustee with the names and addresses of Noteholders
during any period when the Indenture Trustee is not the Note Registrar (Section 7.01);

          (xx) the furnishing of certain reports with the Indenture Trustee (Section 7.03);

          (xxi) the taking of all other actions necessary with respect to the investment of funds in the
Note Distribution Account (Sections 8.02 and 8.05);

          (xxii) [Reserved];

          (xxiii) the preparation of Issuing Entity Requests and the obtaining of Opinions of Counsel
with respect to the execution of supplemental indentures, and the mailing of notices to the
Noteholders with respect thereto (Sections 9.01 and 9.02);

          (xxiv) the execution of new Notes conforming to any supplemental indenture (Section
9.05);

          (xxv) the duty to notify each Rating Agency of redemption of the Notes (Section
10.02);

          (xxvi) the preparation and delivery of all Officer’s Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuing Entity to the Indenture
Trustee to take any action under the Indenture (Section 11.01(a), (b));

          (xxvii) the preparation and delivery of Officer’s Certificates and the obtaining of
Independent Certificates, if necessary, for the release of property from the Lien of the Indenture
(Section 11.01(b));

          (xxviii) [Reserved]; and

          (xxix) the preparation of Definitive Notes in accordance with the instructions of the Clearing
Agency (Section 2.11).

     (b) The Administrative Agent shall (a) pay the Indenture Trustee from time to time the
reasonable compensation provided for in the Indenture with respect to services rendered by the
Indenture Trustee, (b) pay the Owner Trustee, the Certificate Registrar and the Paying Agent from
time to time reasonable compensation provided for in the Trust Agreement for all services rendered
by the Owner Trustee, the Certificate Registrar and the Paying Agent (which

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compensation shall not be limited by any provision of law in regard to the compensation for a
trustee of an express trust); (c) provide the indemnification specified in Section 8.01 of
the Trust Agreement, and Section 6.07 of the Indenture, and (d) cause the Servicer to
provide the indemnification specified in Section 8.02(e) of the Servicing Agreement.

     (c) In addition to the duties set forth above in Sections 1.02(a) and (b), the
Administrative Agent shall perform such calculations and shall prepare or shall cause the
preparation by other appropriate Persons of, and shall execute on behalf of the Issuing Entity or
the Owner Trustee, all such documents, notices, reports, filings, instruments, certificates and
opinions that the Issuing Entity or the Owner Trustee is required to prepare, file or deliver
pursuant to the Related Documents, and at the request of the Owner Trustee shall take all
appropriate action that the Issuing Entity or the Owner Trustee is required to take pursuant to the
Related Documents. Subject to Section 1.06 of this Agreement, and in accordance with the
directions of the Owner Trustee, the Administrative Agent shall administer, perform or supervise
the performance of such other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the Administrative Agent.

     (d) Notwithstanding anything in this Agreement or the Related Documents to the contrary, the
Administrative Agent shall be responsible for promptly notifying the Owner Trustee if any
withholding tax is imposed on the Issuing Entity’s payments (or allocations of income) to a Trust
Certificateholder as contemplated in Section 5.02(d) of the Trust Agreement. Any such
notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee
pursuant to such provision.

     (e) Notwithstanding anything in this Agreement or the Related Documents to the contrary, the
Administrative Agent shall be responsible for performance of the duties of the Owner Trustee set
forth in Sections 5.03 and 9.01(c) of the Trust Agreement with respect to notifying
the Trust Certificateholders of the Payment Date on which their Trust Certificates will be repaid
and Section 5.04(a) of the Trust Agreement with respect to accounting and reports to Trust
Certificateholders; provided, however, that the Owner Trustee shall retain
responsibility for the distribution of the documentation necessary to enable each Trust
Certificateholder to prepare its federal and state income tax returns.

     (f) The Administrative Agent shall satisfy its obligations with respect to clauses (d) and (e)
above by retaining, at the expense of the Administrative Agent, Accountants acceptable to the Owner
Trustee, which shall perform the obligations of the Administrative Agent thereunder.

     (g) The Administrative Agent shall perform any duties expressly required to be performed by
the Administrative Agent under the Trust Agreement. The Administrative Agent shall perform all
duties and obligations applicable to or required of the Issuing Entity set forth in Schedule A to
the 2011-B Servicing Supplement in accordance with the terms and conditions thereof.

     (h) The Administrative Agent shall advise the Owner Trustee in all regards with respect to its
duties pursuant to any Currency Swap Agreement into which the Issuing Entity

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enters pursuant to Section 5.02(f) of the Trust Agreement, including the recommendation of and
retention, at its expense, of any such agents or advisors that are deemed by the Owner Trustee to
be reasonably necessary to undertake its duties pursuant to any such Currency Swap Agreement.
Pursuant to Section 5.02(f) of the Trust Agreement, if the Trust Certificateholders notify the
Administrative Agent with respect to the Issuing Entity’s election to enter into such a Currency
Swap Agreement, the Administrative Agent will prepare all necessary and appropriate documentation
and take all of the necessary and appropriate actions to cause the Issuing Entity to enter into
such a Currency Swap Agreement on behalf of the Issuing Entity.

     (i) In carrying out the foregoing duties or any of its other obligations under this Agreement,
the Administrative Agent may enter into transactions or otherwise deal with any of its Affiliates;
provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuing Entity and shall be, in the Administrative
Agent’s opinion, no less favorable to the Issuing Entity than would be available from unaffiliated
parties.

     (j) With respect to matters that in the reasonable judgment of the Administrative Agent are
non-ministerial, the Administrative Agent shall not take any action unless within a reasonable time
before the taking of such action the Administrative Agent shall have notified the Owner Trustee of
the proposed action and the Owner Trustee shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall
include:

          (i) amendment of or any supplement to the Indenture;

          (ii) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any
action, claim or lawsuit brought by or against the Issuing Entity (other than in connection with
the collection of the Leases);

          (iii) the amendment, change or modification of the Related Documents;

          (iv) the appointment of successor Note Registrars, successor Paying Agents and successor
Indenture Trustees pursuant to the Indenture or the appointment of successor Administrative Agents
or successor Servicers, or the consent to the assignment by the Note Registrar, any Paying Agent or
Indenture Trustee of its obligations under the Indenture; and

          (v) the removal of the Indenture Trustee.

     Notwithstanding anything to the contrary in this Agreement, the Administrative Agent shall not
be obligated to, and shall not, (i) make any payments to the Noteholders under the Related
Documents, (ii) sell the Owner Trust Estate pursuant to Section 5.02 of the Indenture,
(iii) take any other action that the Issuing Entity directs the Administrative Agent not to take on
its behalf or (iv) take any other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.

     (k) The Administrative Agent will deliver to each Rating Agency notice (which shall be deemed
to be delivered if a copy of such notice has been posted on any web site maintained by NMAC
pursuant to a commitment to any Rating Agency relating to the Notes in accordance

(NALT 2011-B Trust Administration Agreement)

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with 17 C.F.R. 240.17g-5(a)(3)) of (i) any Servicer Default pursuant to Section
3.07(d) of the Indenture; (ii) any breach of perfection representations pursuant to Section
3.18(c) of the Indenture; (iii) any declaration that the principal of the Notes has been
accelerated pursuant to Section 5.02 of the Indenture; (iv) any Indenture Default of which
it has been provided notice pursuant to Section 6.05 of the Indenture; (v) any merger or
consolidation of the Indenture Trustee pursuant to Section 6.09 of the Indenture; (vi)
unaudited report it has been provided pursuant to Section 8.04(f) of the Indenture; (vii)
any final payment of Trust Certificates pursuant to Section 9.01(c) of the Trust Agreement;
(viii) any resignation of the Owner Trustee of which it has been provided notice pursuant to
Section 10.02 of the Trust Agreement; (ix) any resignation or removal of the Owner Trustee
pursuant to Section 10.02 of the Trust Agreement; (x) any merger or consolidation of the
Owner Trustee pursuant to Section 10.04 of the Trust Agreement; (xi) any Servicer Default
of which it has been provided notice pursuant to Section 8.12(c) of the 2011-B Servicing
Supplement; and (xii) any amendment to the Agreement of Definitions pursuant to Section
1.04(g) of the Agreement of Definitions.

          Section 1.03 Records. The Administrative Agent shall maintain appropriate books of
account and records relating to services performed hereunder, which books of account and records
shall be accessible for inspection by the Issuing Entity and the Depositor at any time during
normal business hours upon reasonable prior written notice.

          Section 1.04 Compensation. As compensation for the performance of the Administrative
Agent’s obligations under this Agreement and as reimbursement for its expenses related thereto, the
Administrative Agent shall be entitled to an annual payment of compensation in an amount to be
agreed to between the Administrative Agent and the Servicer which shall be solely an obligation of
the Servicer.

          Section 1.05 Additional Information to be Furnished to the Issuing Entity. The
Administrative Agent shall furnish to the Issuing Entity from time to time such additional
information regarding the Collateral as the Issuing Entity shall reasonably request.

          Section 1.06 Independence of the Administrative Agent. For all purposes of this
Agreement, the Administrative Agent shall be an independent contractor and shall not be subject to
the supervision of the Issuing Entity or the Owner Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by the
Issuing Entity, the Administrative Agent shall have no authority to act for or represent the
Issuing Entity or the Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuing Entity or the Owner Trustee.

          Section 1.07 No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrative Agent and either of the Issuing Entity or the Owner Trustee as
members of any partnership, joint venture, association, syndicate, unincorporated business or other
separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii)
shall be deemed to confer on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

          Section 1.08 Other Activities of Administrative Agent. Nothing herein shall prevent
the Administrative Agent or its Affiliates from engaging in other businesses or, in its

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sole discretion, from acting in a similar capacity as an Administrative Agent for any other
Person or entity, even though such person or entity may engage in business activities similar to
those of the Issuing Entity, the Owner Trustee or the Indenture Trustee.

          Section 1.09 Term of Agreement; Resignation and Removal of Administrative Agent. This
Agreement shall continue in force until the dissolution of the Issuing Entity, upon which event
this Agreement shall automatically terminate.

     (a) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, the
Administrative Agent may resign its duties hereunder by providing the Issuing Entity with at least
60 days’ prior written notice.

     (b) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, the Issuing
Entity may remove the Administrative Agent without cause by providing the Administrative Agent with
at least 60 days’ prior written notice.

     (c) Subject to Sections 1.09(d) and 1.09(e) of this Agreement, at the sole
option of the Issuing Entity, the Administrative Agent may be removed immediately upon written
notice of termination from the Issuing Entity to the Administrative Agent if any of the following
events shall occur:

          (i) the Administrative Agent shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within ten days (or, if
such default cannot be cured in such time, shall not give within ten days such assurance of cure as
shall be reasonably satisfactory to the Issuing Entity);

          (ii) the existence of any proceeding or action, or the entry of a decree or order for relief
by a court or regulatory authority having jurisdiction over the Administrative Agent in an
involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Administrative Agent or of any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Administrative Agent and the continuance of any such action,
proceeding, decree or order unstayed and, in the case of any such order or decree, in effect for a
period of 90 consecutive days; or

          (iii) the commencement by the Administrative Agent of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or the consent by the Administrative Agent to the
appointment of or taking of possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Administrative Agent or of any substantial part of
its property or the making by the Administrative Agent of an assignment for the benefit of
creditors or the failure by the Administrative Agent generally to pay its debts as such debts
become due or the taking of corporate action by the Administrative Agent in furtherance of any of
the foregoing.

     The Administrative Agent agrees that if any of the events specified in clauses (ii) or (iii)
above shall occur, it shall give written notice thereof to the Issuing Entity and the Indenture
Trustee within seven days after the occurrence of such event.

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     (d) No resignation or removal of the Administrative Agent pursuant to this Section shall be
effective until (i) a successor Administrative Agent shall have been appointed by the Issuing
Entity and (ii) such successor Administrative Agent shall have agreed in writing to be bound by the
terms of this Agreement in the same manner as the Administrative Agent is bound hereunder.

     (e) The appointment of any successor Administrative Agent shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed appointment.

     (f) Subject to Sections 1.09(d) and 1.09(e), the Administrative Agent
acknowledges that upon the appointment of a successor Servicer pursuant to the Servicing Agreement,
the Administrative Agent shall immediately resign and such successor Servicer shall automatically
become the Administrative Agent under this Agreement.

          Section 1.10 Action Upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to the first sentence of Section
1.09 or the resignation or removal of the Administrative Agent pursuant to Section
1.09(a), (b) or (c), respectively, the Administrative Agent shall be entitled
to be paid all fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrative Agent shall forthwith upon such termination pursuant to
the first sentence of Section 1.09 deliver to the Issuing Entity all property and documents
representing or relating to the Collateral then in the custody of the Administrative Agent. In the
event of the resignation or removal of the Administrative Agent pursuant to Section
1.09(a), (b) or (c), respectively, the Administrative Agent shall cooperate
with the Issuing Entity and take all reasonable steps requested to assist the Issuing Entity in
making an orderly transfer of the duties of the Administrative Agent.

          Section 1.11 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered, sent electronically by telecopier or email (if an email address is
provided), or mailed by registered or certified first-class United States mail, postage prepaid,
hand delivery, prepaid courier service, and addressed in each case as follows: (i) if to the
Issuing Entity or the Administrative Agent, at One Nissan Way, Franklin, Tennessee 37067
(telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com), Attention:
Treasurer; (ii) if to the Owner Trustee, at Wilmington Trust, National Association, Rodney Square
North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882),
Attention: Corporate Trust Administration; (iii) if to the Indenture Trustee, at U.S. Bank National
Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no. (312) 332-7996)
(email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2011-B; (iv) if to
Moody’s, to Moody’s Investors Service, 7 World Trade Center, 250 Greenwich Street, New York, New
York 10007 (telecopier no. (212) 553-7820), Attention: ABS Monitoring Group; (v) if to Fitch, to
Fitch Ratings, Ltd., One State Street Plaza, New York, New York 10004 (email:
abs.surveillance@fitchratings.com) Attention: ABS Surveillance; or (vi) if to the Depositor, at One
Nissan Way, Franklin 37067 (telecopier no. (615) 725-8530) (email: mike.robinson@nissan-usa.com),
Attention: Treasurer; or at such other address as shall be designated by any of the foregoing in a
written notice to the other parties hereto. Delivery shall occur only when delivered by hand or,
in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such
communication by an officer of the intended recipient entitled

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to receive such notices located at the address of such recipient for notices hereunder;
provided, however, any demand, notice or communication to be delivered pursuant to
this Trust Administration Agreement to any Rating Agency shall be deemed to be delivered if a copy
of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant
to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240
17g-5(a)(3).

          Section 1.12 Amendments. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the parties hereto, with the written consent of the Owner
Trustee but without the consent of the Securityholders, 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 the Securityholders; provided, that such amendment will not, as evidenced
by an Officer’s Certificate of the Administrative Agent or the Depositor delivered to the Indenture
Trustee, materially and adversely affect the interest of any Noteholder, Trust Certificateholder.
This Agreement may also be amended by the parties hereto with the written consent of the Owner
Trustee and the holders of Notes evidencing at least a majority of the Outstanding Amount and the
holders of Trust Certificates evidencing at least a majority of the Certificate Balance 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 Securityholders; provided however,
that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on the 2011-B Leases or distributions that are
required to be made for the benefit of the Securityholders or (ii) reduce the aforesaid percentage
of the holders of Notes and Trust Certificates which are required to consent to any such amendment,
without the consent of the holders of all outstanding Notes and Trust Certificates.
Notwithstanding the foregoing, the Administrative Agent may not amend this Agreement without the
permission of the Depositor, which permission shall not be unreasonably withheld.

          Section 1.13 Successors and Assigns. This Agreement may not be assigned by the
Administrative Agent unless such assignment is previously consented to in writing by the Issuing
Entity and the Owner Trustee and subject to the satisfaction of the Rating Agency Condition in
respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrative Agent is bound
hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrative
Agent without the consent of the Issuing Entity or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of assets) to the
Administrative Agent; provided, that such successor organization executes and delivers to the
Issuing Entity, the Owner Trustee and the Indenture Trustee an agreement, in form and substance
reasonably satisfactory to the Owner Trustee and the Indenture Trustee, in which such corporation
or other organization agrees to be bound hereunder by the terms of said assignment in the same
manner as the Administrative Agent is bound hereunder. Subject to the foregoing, this Agreement
shall bind any successors or assigns of the parties hereto.

          Section 1.14 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law of the State of New York).

(NALT 2011-B Trust Administration Agreement)

10

 

          Section 1.15 Headings. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

          Section 1.16 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 1.17 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 1.18 Limitation of Liability of Owner Trustee and Indenture Trustee.

     (a) Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by Wilmington Trust, National Association in its capacity as Owner Trustee of the
Issuing Entity and in no event shall Wilmington Trust, National Association in its individual
capacity or any beneficial owner of the Issuing Entity have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuing Entity hereunder, as to all
of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of
this Agreement, in the performance of any duties or obligations of the Issuing Entity hereunder,
the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this Agreement has been
executed by U.S. Bank as Indenture Trustee and in no event shall U.S. Bank have any liability for
the representations, warranties, covenants, agreements or other obligations of the Issuing Entity
hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all
of which recourse shall be had solely to the assets of the Issuing Entity.

          Section 1.19 Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary
to this Agreement and is entitled to the rights and benefits hereunder and may enforce the
provisions hereof as if it were a party hereto.

          Section 1.20 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust,
the Issuing Entity , any other Special Purpose Affiliate or any Beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law.

[Signature Page to Follow]

     (NALT 2011-B Trust Administration Agreement)

11

 

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

	 	 	 	 	 
	 	NISSAN AUTO LEASE TRUST 2011-B,

as Issuing Entity

 	 
	 	By:  	WILMINGTON TRUST, NATIONAL ASSOCIATION,
 	 
	 	 	not in its individual capacity, 	 
	 	 	but solely as Owner Trustee 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN AUTO LEASING LLC II,

as Depositor

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

as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NISSAN MOTOR ACCEPTANCE

CORPORATION,

as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

					
	 	 	 	 	 
	 
	 	S-1
	 	(NALT 2011-B Trust Administration Agreement)exv10w6

Exhibit 10.6

 

NISSAN AUTO LEASE TRUST 2011-B,

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee and

as Secured Party,

and

U.S. BANK NATIONAL ASSOCIATION,

as Securities Intermediary

 

CONTROL AGREEMENT

Dated as of September 28, 2011

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	 
	1.01 General Definitions
	 	 	1	 
	1.02 Incorporation of UCC by Reference
	 	 	2	 
	1.03 Interpretive Provisions
	 	 	2	 
	 
	ARTICLE TWO ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS
	 	 	2	 
	 
	2.01 Establishment of Reserve Account
	 	 	2	 
	2.02 “Financial Assets” Election
	 	 	3	 
	2.03 Entitlement Orders
	 	 	3	 
	2.04 Subordination of Lien; Waiver of Set-Off
	 	 	3	 
	2.05 Notice of Adverse Claims
	 	 	3	 
	 
	ARTICLE THREE REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY
	 	 	3	 
	 
	3.01 Representations, Warranties and Covenants of the Securities Intermediary
	 	 	3	 
	 
	ARTICLE FOUR MISCELLANEOUS
	 	 	4	 
	 
	4.01 Choice of Law
	 	 	4	 
	4.02 Conflict with Other Agreements
	 	 	4	 
	4.03 Amendments
	 	 	4	 
	4.04 Successors
	 	 	4	 
	4.05 Notices
	 	 	4	 
	4.06 Termination
	 	 	5	 
	4.07 Counterparts
	 	 	5	 
	4.08 No Petition
	 	 	5	 
	4.09 Limitation of Liability of Owner Trustee
	 	 	5	 

 -i-

 

CONTROL AGREEMENT

          This Control Agreement, dated as of September 28, 2011 (as amended, supplemented or otherwise
modified from time to time, this “Agreement”) is among Nissan Auto Lease Trust 2011-B, a
statutory trust formed pursuant to the laws of the State of Delaware (the “Issuing
Entity”), U.S. Bank National Association, a national banking association (“U.S. Bank”),
in its capacity as securities intermediary (the “Securities Intermediary”), and in its capacity as
indenture trustee (the “Indenture Trustee”) on behalf of the holders of the Notes (the
“Secured Party”) under the Indenture, dated as of September 28, 2011 (the
“Indenture”), by and between the Issuing Entity and the Indenture Trustee.

RECITALS

          WHEREAS, pursuant to the Indenture, the Issuing Entity has granted to the Secured Party a
security interest in investment property consisting of the Reserve Account, related Security
Entitlements and the financial assets and other investment property from time to time included
therein to secure payment of the Notes;

          WHEREAS, pursuant to the Indenture, on the date on which the lien of the Indenture is
released, rights with respect to the Reserve Account shall be transferred back to the Issuing
Entity; and

          WHEREAS, the parties hereto desire that the security interest of the Secured Party be a first
priority security interest perfected by “control” pursuant to Articles Eight and Nine of the UCC.

          NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS

          1.01 General Definitions. Capitalized terms used herein that are not otherwise
defined shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated
as of September 28, 2011, by and among the Issuing Entity, as issuer, NILT Trust, a Delaware
statutory trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and
the “UTI Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the
“Titling Trust”), Nissan Motor Acceptance Corporation, a California corporation
(“NMAC”), in its individual capacity, as servicer and as administrative agent (in such
capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto
Leasing LLC II, a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware
corporation, as trustee to the Titling Trust (the “Titling Trustee”), Wilmington Trust,
National Association, a national banking association with trust powers, as owner trustee (the
“Owner Trustee”), Wilmington Trust Company, a Delaware corporation with trust powers, as
Delaware trustee (the “Delaware Trustee”), U.S. Bank, as trust agent (in such capacity, the
“Trust Agent”) and the Indenture Trustee.

(NALT 2011-B Control Agreement)

1

 

          1.02 Incorporation of UCC by Reference. Except as otherwise specified herein or as
the context may otherwise require, all terms used in this Agreement not otherwise defined herein
which are defined in the UCC shall have the meanings assigned to them in the UCC.

          1.03 Interpretive Provisions. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as
appropriate, all genders and the plural as well as the singular, (ii) references to words such as
“herein,” “hereof” and the like shall refer to this Agreement as a whole and not to any particular
part, Article or Section within this Agreement, (iii) references to an Article or Section such as
“Article One” or “Section 1.01” shall refer to the applicable Article or Section of this
Agreement, (iv) the term “include” and all variations thereof shall mean “include without
limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have the
meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted
successors and assigns, (viii) references to agreements and other contractual instruments include
all subsequent amendments, amendments and restatements and supplements thereto or changes therein
entered into in accordance with their respective terms and not prohibited by this Agreement, except
that references to the SUBI Trust Agreement include only such items as related to the 2011-B SUBI
and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules
and regulations thereunder and any successors thereto, (x) references to this Agreement include all
Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar
import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to
the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of
the Titling Trust, and (xii) in the computation of a period of time from a specified date to a
later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

ARTICLE TWO

ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

          2.01 Establishment of Reserve Account. The Securities Intermediary hereby confirms
that (i) the Servicer, on behalf of the Issuing Entity, has established the Reserve Account with
the Securities Intermediary, (ii) the Reserve Account is an account to which financial assets are
or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement
and the Indenture, treat the Secured Party as entitled to exercise the rights with respect to any
financial asset credited to the Reserve Account, (iv) all property delivered to the Securities
Intermediary by or on behalf of the Secured Party for deposit to the Reserve Account will promptly
be credited to the Reserve Account and (v) all securities or other property underlying any
financial assets credited to the Reserve Account shall be registered in the name of the Securities
Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities
account maintained in the name of the Securities Intermediary and in no case will any financial
asset credited to the Reserve Account be registered in the name of the Issuing Entity, payable to
the order of the Issuing Entity or specially endorsed to the Issuing Entity except to the extent
the foregoing have been specially endorsed to the Securities Intermediary or in blank.

(NALT 2011-B Control Agreement)

2

 

          2.02 “Financial Assets” Election. The Securities Intermediary hereby agrees that each
item of property (whether investment property, financial asset, security, instrument or cash)
credited to the Reserve Account shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC.

          2.03 Entitlement Orders. If at any time the Securities Intermediary shall receive any
Entitlement Order from the Secured Party with respect to the Reserve Account, the Securities
Intermediary shall comply with such Entitlement Order without further consent by the Issuing
Entity, the Secured Party or any other Person. If at any time the Secured Party notifies the
Securities Intermediary in writing that the Lien of the Indenture has been released, the Securities
Intermediary shall thereafter comply with Entitlement Orders with respect to the Reserve Account
from the Issuing Entity without further consent by the Secured Party or any other Person.

          2.04 Subordination of Lien; Waiver of Set-Off. If the Securities Intermediary has or
subsequently obtains by agreement, operation of law or otherwise a security interest in the Reserve
Account or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees
that such security interest shall be subordinate to the security interests of the Secured Party.
The financial assets and other items deposited to the Reserve Account will not be subject to
deduction, set-off, banker’s lien or any other right in favor of any Person or entity other than
the Secured Party (except that the Securities Intermediary may set off against amounts on deposit
in the Reserve Account (i) all amounts due to it in respect of its customary fees and expenses for
the routine maintenance and operation of the Reserve Account and (ii) the face amount of any checks
that have been credited to the Reserve Account but are subsequently returned unpaid because of
uncollected or insufficient funds).

          2.05 Notice of Adverse Claims. Except for the claims and interests of the Secured
Party and the Issuing Entity in the Reserve Account, the Securities Intermediary does not know of
any claim to, or interest in, the Reserve Account or in any financial asset credited thereto. If
any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Reserve Account or in
any financial asset credited thereto, the Securities Intermediary will promptly notify the Secured
Party and the Issuing Entity thereof.

ARTICLE THREE

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY

          3.01 Representations, Warranties and Covenants of the Securities Intermediary. The
Securities Intermediary hereby represents and warrants to each of the Secured Party and the Issuing
Entity, and covenants that:

               (a) The Reserve Account has been established as set forth in Section 2.01 and the
Reserve Account will be maintained in the manner set forth herein until termination of this
Agreement. The Securities Intermediary shall not change the name or account number of the Reserve
Account without the prior written consent of the Secured Party.

(NALT 2011-B Control Agreement)

3

 

               (b) No financial asset carried in the Reserve Account is or will be registered in the name of
the Issuing Entity, payable to the order of the Issuing Entity, or specially endorsed to the
Issuing Entity, except to the extent such financial asset has been endorsed to the Securities
Intermediary or in blank.

               (c) This Agreement is the valid and legally binding obligation of the Securities Intermediary,
enforceable against the Securities Intermediary in accordance with its terms.

               (d) The Securities Intermediary has not entered into, and until the termination of this
Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement
Orders of any Person other than the Secured Party to the extent provided in Section 2.03,
with respect to the Reserve Account.

               (e) The Securities Intermediary has not entered into any other agreement with the Issuing
Entity or the Secured Party purporting to limit or condition the obligation of the Securities
Intermediary to comply with Entitlement Orders as set forth in Section 2.03.

ARTICLE FOUR

MISCELLANEOUS

          4.01 Choice of Law. This Agreement and the Reserve Account shall be governed by 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). Regardless of any
provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the
Securities Intermediary’s jurisdiction and the Reserve Account (as well as the Security
Entitlements related thereto) shall be governed by the laws of the State of New York.

          4.02 Conflict with Other Agreements. There are no other agreements entered into
between the Securities Intermediary in such capacity and the Issuing Entity with respect to the
Reserve Account. In the event of any conflict between this Agreement (or any portion thereof) and
any other agreement now existing or hereafter entered into, the terms of this Agreement shall
prevail.

          4.03 Amendments. No amendment or modification of this Agreement or waiver of any
right hereunder shall be binding on any party hereto unless it is in writing and is signed by all
of the parties hereto.

          4.04 Successors. The terms of this Agreement shall be binding upon, and shall inure
to the benefit of, the parties hereto and their respective corporate successors.

          4.05 Notices. All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered by hand or, in the case of
mail, email (if an email address is provided) or facsimile notice, when actually received by the
intended recipient, addressed to the party to be notified, and sent to, in the case of (i) the

(NALT 2011-B Control Agreement)

4

 

Issuing Entity c/o Wilmington Trust, National Association, at Rodney Square North, 1100 N.
Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate
Trust Administration, with a copy to Nissan Motor Acceptance Corporation, as Administrative Agent,
at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email:
mike.robinson@nissan-usa.com), Attention: Treasurer, (ii) the Secured Party, at U.S. Bank
National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (telecopier no. (312)
332-7996) (email: patricia.child@usbank.com), Attention: Nissan Auto Lease Trust 2011-B,
and (iii) the Securities Intermediary, at U.S. Bank National Association, 190 South LaSalle, 7th
Floor, Chicago IL 60603 (telecopier no. (312) 332-7996) (email: patricia.child@usbank.com),
Attention: Nissan Auto Lease Trust 2011-B, or as to any of such parties, at such other address as
shall be designated by such party in a written notice to the other parties.

          4.06 Termination. The rights and powers granted herein to the Secured Party have been
granted in order to perfect its security interest in the Reserve Account, are powers coupled with
an interest and will neither be affected by the bankruptcy of the Issuing Entity nor by the lapse
of time. The obligations of the Securities Intermediary hereunder shall continue in effect with
respect to the Reserve Account until the Secured Party shall have notified the Securities
Intermediary in writing that its security interests under the Indenture have been terminated.

          4.07 Counterparts. This Agreement may be executed in any number of counterparts, all
of which shall constitute one and the same instrument, and any party hereto may execute this
Agreement by signing and delivering one or more counterparts.

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

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

[Signature Page to Follow]

(NALT 2011-B Control Agreement)

5

 

          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 LEASE TRUST 2011-B

 	 
	 	By:  	WILMINGTON TRUST, NATIONAL ASSOCIATION,
 	 
	 	 	not in its individual capacity, but 	 
	 	 	solely as Owner Trustee 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee and Secured Party

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

as Securities Intermediary

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(NALT 2011-B Control Agreement)

S-1

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