Document:

Lease

 Exhibit 10.14 
 SALMON BAY CENTER LEASE 
 C. D. STIMSON COMPANY, 

LANDLORD 

AMERICAN PET INSURANCE COMPANY, 
 TENANT 
 August 29, 2011 

  
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 LEASE 
 (Salmon Bay Center) 
 THIS LEASE (“Lease”) is
made and entered into as of the 29th day of August, 2011,
by C. D. STIMSON COMPANY, a Washington corporation (“Landlord”), and American Pet Insurance Company, a New York corporation (“Tenant”). In consideration of this Lease, Landlord and Tenant covenant and agree
as follows: 
 SECTION 1: BASIC PROVISIONS 
 This Section contains the basic lease provisions between Landlord and Tenant. 
 A.
Building, Property, and Center: Salmon Bay Center, 5245 Shilshole Ave. NW, Seattle, WA (the “Building”) located on the property legally described on Exhibit A (the “Property”), which is part of the
Salmon Bay Center, legally described on Exhibit A-1 (the “Center”). 
 B. Premises: Office space
comprised of 12,048 square feet of rentable area as depicted on the floor plan attached hereto as Exhibit B (the “Premises”), comprising the entire Building. 

C. Commencement Date: The date Landlord delivers possession of the Premises to Tenant in the condition required by this Lease,
estimated to be October 15, 2011, subject to the terms of Section 3. 
 D. Expiration Date: Thirty-six
(36) full calendar months following the Commencement Date, subject to the terms of Section 3. 
 E: Rentable
Area: The rentable area of the Premises shall be confirmed by P2 Design Group as set out in Section 2 (C) hereof. 

F. Tenant’s Share: 6.24% 
 G. Base Rent: From the Commencement Date through the Expiration Date, as further described in Section 4, as follows: 

 
  

					
	 MONTH(S)
	  	
            MONTHLY BASE RENT FOR    
        
 PREMISES
	  	 ANNUAL RENT PER RENTABLE

SQUARE FOOT

	 Month One (1)*
	  	$-0- (Tenant will pay Tenant’s Share of Additional Rent during this month)	  	NA
	 Months Two (2) through Twelve (12)
	  	$14,056.00	  	$14.00
	 Months Thirteen (13) through Twenty-four (24)
	  	$14,477.68	  	$14.42
	 Months Twenty-five (25) through Thirty-six (36)
	  	$14,909.40	  	$14.85
	 Months Thirty-seven (37) through Forty-eight (48) (First Option Term)
	  	$15,361.20	  	$15.30
	 Months Forty-nine (49) through Sixty (60) (Second Option Term)
	  	$15,823.04	  	$15.76

  
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	*	 “Month One” means the first thirty (30) days beginning on the Commencement Date and ending on the 30th day after the Commencement Date. If the Commencement Date is not the
first day of a calendar month, any partial month will be pro-rated on a per diem basis at the rental rate effective for month two. 

 H. Additional Rent: Tenant’s Share of Taxes and Expenses, pursuant to Section 4(C). 
 I. Parking: Thirty-six (36) parking spaces which shall be reserved for Tenant at the locations shown on Exhibit D, at no cost to Tenant. 

J. Permitted Use: General office use for pet insurance company and no other uses. 

K. Security Deposit: $28,112.00 
 L. Guarantors: None. 
 M. Broker (if any): Yates, Wood &
MacDonald, Inc. and Ellen Mohl thereof for Landlord; Washington Partners and Larry Almeleh thereof for Tenant. 
 N. Option
Terms: Two (2) options to extend the term of this Lease for an additional period of one (1) year each, pursuant to Section 3(D). 
 O. Riders/Exhibits: In addition to Exhibit A (Legal Description of Property), Exhibit A-1 (Legal Description of Center), Exhibit B (Drawing of Premises), Exhibit C
(Parking), Exhibit D (Work Letter), Exhibit E (Existing Rights), and Rider One (Rules), this Lease includes: No other Exhibits or Riders. 
 P. Landlord’s Notice Address (subject to Section 24): 
 C. D.
Stimson Company 
 1411 Fourth Avenue 
 Suite 730 
 Seattle, WA 98101 

Q. Tenant’s Notice Address (subject to Section 24): 

Before Commencement Date: 
 American Pet Insurance Company 
 1148 N.W. Leary Way 

Seattle, WA 98107 

  
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 After Commencement Date: 

American Pet Insurance Company 
 5245 Shilshole Ave. NW 
 Seattle, WA 98107 

R. Rent Payments: Rent shall be paid to: 
 C. D. Stimson Company 
 1411 Fourth Avenue 

Suite 730 

Seattle, WA 98101 
 or to such
other parties and addresses as to which Landlord shall provide advance notice. 
 SECTION 2: PREMISES AND PREPARATION OF
PREMISES 
 A. Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises subject
to the provisions herein contained. Tenant has inspected the Premises (and portions of the Property and Center providing access to or serving the Premises) or has had an opportunity to do so, and agreed to accept the same “AS IS”
without any agreements, representations, understandings or obligations on the part of Landlord to perform any Alterations, repairs or improvements unless expressly provided under this Lease. Tenant further acknowledges that Landlord has not made any
representation or warranty (express or implied) with respect to the habitability, condition or suitability of the Premises or Property for Tenant’s purposes or any particular purpose. Notwithstanding anything to the contrary contained in this
Lease and without reducing any other obligations of Landlord hereunder, Landlord represents and warrants to Tenant that, as of the Commencement Date, (i) the Premises shall be free and clear of occupants and third party occupancy rights,
(ii) the Building and the Premises and every part thereof, shall be in compliance with all applicable codes, laws, ordinances and regulations, (iii) all Landlord’s Work shall be substantially completed in a good and workmanlike manner
and free from defects with the exception of “punch list” items which shall be agreed between the parties and completed by Landlord as provided in Exhibit D, Work Letter, and (iv) the structural elements of the Building, the electrical
and lighting systems serving and within the Premises, the life safety systems servicing the Premises, if any, the sprinkler system serving the Premises, if any, the HVAC systems serving the Premises, the roof (including the roof membrane), the
plumbing and sewer systems serving the Premises and the window coverings on the Premises are all in good working order and condition. 
 B. Preparation of Premises. If no “Work Letter” is referenced in Section 1 as an Exhibit and attached hereto, Tenant agrees to accept the Premises on the Commencement Date in its
existing “As Is” condition as described in Section A above without any agreement, representation or obligation on the part of Landlord to perform or provide any alterations, improvements, repairs or allowance of any kind, except as
set out explicitly in this Section 2.B. Otherwise, the obligations of Landlord and Tenant to perform work and supply materials and labor to prepare the Premises for Tenant’s occupancy shall be as set forth in the Work Letter attached
hereto and incorporated herein. Landlord’s obligation, if any, for completion of the Premises (“Landlord’s Work”) shall be defined and limited by said Work Letter, and Landlord shall not be required to furnish or install
any item not indicated thereon. Any additional alterations or improvements to the Premises beyond those set forth on the Work Letter shall be at Tenant’s sole cost and expense and subject to all provisions of Section 10, including without
limitation the prior approval of Landlord. This Lease and Landlord’s performance of its obligations hereunder shall be contingent upon the availability of all required permits for Landlord’s Work and Tenant’s occupancy for the uses
set out in Section 1 (J) above, under terms and conditions reasonably satisfactory to Landlord, in its sole discretion. Taking possession of the Premises by Tenant shall be conclusive evidence the Premises were, on that date, in good,
clean, and tenantable condition and delivered in accordance with this Lease, unless set forth otherwise in a mutually agreed upon written “punch list.” 
 C. Usable and Rentable Area. Within thirty (30) days after the delivery of the Premises to Tenant, Landlord shall deliver to Tenant its measurement and calculation of the usable and rentable
area of the Premises, measured and calculated by P2 Design Group according to the methods and standards of ANSI/BOMA Z65.1 — 

  
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1996. The measurements of P2 Design Group shall be conclusive and binding upon the parties for all purposes under this Lease. If P2 Design Group’s determination of rentable area is different
from those set out in Section 1 hereof, the parties will execute an amendment to this Lease setting out the revised areas and recalculating Monthly Base Rent and Tenant’s Share (for purposes of Additional Rent). If the revised rentable
area indicates that Tenant has overpaid Monthly Base Rent and Additional Rent under this Lease, then Landlord will apply the amount of the overcharge to the next amounts due from Tenant under this Lease. If the revised rentable area indicates that
Tenant has underpaid Monthly Base Rent and Additional Rent under this Lease, then Tenant will pay to Landlord the amount of the underpayment within thirty (30) days after receipt of demand therefor. 

D. Right of First Offer for Additional Space. Subject to the existing rights of first offer, options, and practices between
Landlord and Pacific Studio, Inc., as set forth on Exhibit E hereto, if additional leasable office space becomes available at the Center (“Additional Space”), then Landlord shall offer the Additional Space to Tenant before Landlord
generally markets the Additional Space for rent. Landlord shall give Tenant written notice describing the location, square footage, date available, and terms under which Landlord is willing to lease the space to Tenant. Tenant shall have ten
(10) business days in which to accept the Additional Space upon the terms set out in Landlord’s notice to Tenant or to propose different terms under which Tenant would be willing to lease the Additional Space. If Tenant declines to lease
the Additional Space under the terms set out in Landlord’s notice or fails to respond within the period set out above, then Landlord shall be free to market the Additional Space for rent to the general public and to lease it to any party under
such terms as Landlord is willing to accept, provided, however, if Landlord has not leased such Additional Space within one hundred eighty (180) days after Tenant elects not to lease the same, any further transaction shall be deemed a new
determination by Landlord to lease such Additional Space and the provisions of this paragraph shall again be applicable. If Tenant makes a timely counterproposal to Landlord, then the parties agree to negotiate in good faith to attempt to reach
agreement on the terms of a lease for the Additional Space, provided, that if the parties have failed to reach such agreement within fifteen (15) days of Tenant’s counterproposal, then neither party shall have any further obligations to
the other under this Section 2.D. and Landlord may proceed to market and lease the Additional Space in its discretion, subject to the proviso of the immediately preceding sentence. 

SECTION 3: TERM AND COMMENCEMENT 
 A. Term and Confirmation. The term (“Term”) of this Lease shall commence on the Commencement Date and end on the Expiration Date as specified in Section 1 above, unless sooner
terminated as provided herein, subject to adjustment as provided below and the other provisions hereof. If the Commencement Date is advanced or postponed as provided below, the Expiration Date set forth in Section 1 shall be advanced or
postponed for the same length of time. Tenant shall execute a confirmation of the Commencement Date and other matters in such form as Landlord may reasonably request within ten (10) days after requested (but nothing herein shall require
Landlord to so request); any failure to respond within such time shall be deemed an acceptance of the matters as set forth in Landlord’s confirmation. If Tenant disagrees with Landlord’s adjustment of the Commencement Date, Tenant shall
pay Rent and perform all other obligations commencing on the date determined by Landlord, subject to refund or credit when the matter is resolved. 
 B. Adjustments to Commencement. It is acknowledged that the Commencement Date specified in Section 1 is an estimated date. This Lease shall commence on the Commencement Date specified in
Section 1 if Landlord’s Work, if any, is “substantially completed” (as that term is used in the construction industry) and a Certificate of Occupancy has been issued for the Premises by such date but otherwise the Commencement
Date shall be adjusted to be the first to occur of the following events: (i) the date Landlord provides Tenant notice that Landlord’s Work is substantially complete and that a Certificate of Occupancy has been issued for the Premises;
(ii) the date on which Tenant commences beneficial occupancy of the Premises; or (iii) if substantial completion of Landlord’s Work is delayed due to Tenant’s Delay (defined in the attached Work Letter), then the date determined
by Landlord as the date upon which Landlord’s Work would have been substantially completed, but for such Tenant’s Delay. In no event shall Landlord have any liability for loss or damage to Tenant resulting in any delay in the Commencement
Date, and Tenant’s sole recourse shall be the postponement of Rent and other obligations until the Commencement Date is established as set forth above; provided, however, that such date shall be extended by a period equal to any delays caused
by force majeure or by any delays in space planning or preparation and approval of working drawings (“Planning Delays”); provided, further, however, that the Commencement Date shall not be extended due to Planning Delays caused by the
party seeking the extension of the Commencement Date. The term 

  
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“Force Majeure” means and includes strikes, lockouts, labor disputes, shortages of labor or materials, fire or other casualty, Acts of God or any other cause beyond the reasonable
control of Landlord. If Landlord does not deliver possession of the Premises with Landlord’s Work substantially completed to Tenant on or before November 15, 2011 (which date shall be extended by one day for each day of Tenant Delay, the
“Initial Delivery Deadline”) then Tenant shall be entitled to abatement of one day of Rent for each day after the Initial Delivery Deadline until the Premises are so delivered and such abatement of Rent shall be Tenant’s
exclusive remedy for such delay, subject to the remedy provided below for Landlord’s failure to deliver the Premises by the Outside Delivery Date. If Landlord does not deliver possession of the Premises with Landlord’s Work substantially
completed to Tenant on or before December 15, 2011 (which date shall be extended by one day for each day of Tenant Delay, the “Outside Delivery Deadline”) then Tenant shall be entitled to terminate this Lease by giving written
notice to Landlord within ten (10) business days following the Outside Delivery Deadline and, in the event of such termination, such termination shall be Tenant’s exclusive remedy for Landlord’s failure to deliver the Premises as
required by the Outside Delivery Date. 
 C. Entry. Upon reasonable notice from Tenant to Landlord, Tenant shall be
entitled to enter the Premises for fixturing, cabling and move-in purposes provided (i) Tenant shall not interfere with or cause delay to Landlord’s completion of Landlord’s Work and shall coordinate its activities and comply with
Landlord’s reasonable directives, (ii) all provisions of this Lease other than those relating to payment of Rent shall apply to any such pre-commencement entry (including without limitation all insurance, indemnity and freedom from lien
provisions), and (iii) if Tenant beneficially occupies the Premises (or any part thereof) or commences business operations from the Premises (or any part thereof) during such period, then the Commencement Date (and obligation to pay Rent) shall
be deemed advanced to the date Tenant so occupies the premises, provided, the mere moving of furniture and equipment into the Premises, and the installation of fixtures and cabling, shall not be deemed commencement of business operations or other
beneficial occupancy as those terms are used in this Section 3(C). Provided the current tenant has vacated the Premises and prior thereto only with the consent of the current tenant, Landlord shall allow Tenant, upon reasonable prior notice, to
tour the Premises with prospective customers of Tenant prior to the Commencement Date; provided, further, that Tenant and Tenant’s customers shall not interfere with or delay Landlord’s Work; and provided, further, that the indemnification
provisions of Section 21 shall apply to such entry. 
 D. Option Terms. Provided that Tenant is not in default under
this Lease at the time of exercising the option granted herein or at any time thereafter through commencement of the Option Term, Tenant shall have the option to lease the Premises for the additional periods set forth in Section 1.N. of this Lease,
if any, (“Option Terms”), the first of which commencing upon expiration of the Term of this Lease (“Initial Term”), and each subsequent Option Term, if any, commencing upon expiration of the immediately preceding
Option Term, under the same terms and conditions as set out in this Lease, except for Monthly Base Rent. Tenant shall exercise an option by delivering written notice thereof to Landlord not more than nine (9) months prior to, and not less than
six (6) months prior to, expiration of the immediately preceding term of this Lease. Monthly Base Rent during an Option Term shall be as set forth in Section 1.G. for that Option Term. 

E. Tenant’s Early Termination Right. Tenant shall have the right to terminate this Lease with such
termination effective at any time on or after the second
(2nd) anniversary of the Commencement Date by
delivering written notice of termination to Landlord. Such notice shall be effective only if it specifies the termination date for the Lease, which must be not less than three (3) months following Landlord’s receipt of such notice and is
accompanied by Tenant’s payment of one-half of the Termination Payment (as defined below). The remaining one-half of the Termination Payment shall be paid on or before the termination date. As used herein, “Termination Payment”
means: (i) the unamortized portion of the Tenant Improvement Cost and the Brokerage Commission, each of which shall be amortized monthly over the Initial Term of the Lease, together with interest on the amounts thereof at the rate of eight
percent (8%) per annum; plus (ii) the amount of $14,056.00 representing the free rent granted to Tenant under Section 1(G) hereof. 
 SECTION 4. BASE RENT 
 A. Base Rent. Tenant shall pay Landlord the
monthly Base Rent set forth in Section 1 in advance on or before the first day of each calendar month during the Term, without offset or deduction of any kind, except as expressly set forth herein. 

  
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 B. Adjustments to Base Rent. The monthly Base Rent shall be adjusted as provided in
Section 1. 
 C. Additional Rent. In addition to Base Rent, Tenant shall pay Landlord “Tenant’s Share of
Taxes, and Expenses” in the manner described below. All such charges shall be deemed to constitute “Additional Rent” which shall be deemed to accrue uniformly during the calendar year in which the payment is due. Tenant
agrees to pay as “Additional Rent” for the Premises, “Tenant’s Share” (defined below) of all Taxes and Expenses incurred by Landlord in the operation of the Building, Property, and Center. For purposes of this Lease,
“Tenant’s Share” shall mean the ratio between the rentable area of the Premises and the rentable area of the Center. Tenant’s Share, calculated based on the initial square foot area of the Premises, is set forth in
Section 1(F) above, and is subject to adjustment as set forth in Section 31(N). 
 1. Prior to or promptly after the
commencement of each calendar year following the year in which the Lease commences, Landlord shall give Tenant a written estimate of the anticipated Taxes and Expenses for the calendar year and Tenant’s Share thereof. Tenant shall pay such
estimated amount to Landlord in equal monthly installments, in advance, without deduction or offset, on or before the first day of each calendar month, with the monthly installment of Base Rent payable according to Section 4(A) above. Within
ninety (90) days after the end of each calendar year, Landlord shall furnish to Tenant a statement showing in reasonable detail the actual amount of Taxes and Expenses incurred by Landlord during the applicable calendar year and Tenant’s
Share thereof. If the statement shows Tenant’s Share of the actual amount exceeds the amount of Tenant’s estimated payments, within thirty (30) days after receiving the statement, Tenant shall pay the amount of the deficiency to
Landlord. If the statement shows Tenant has overpaid, the amount of the excess shall be credited against installments next coming due under this Section 4; provided, however upon the expiration or earlier termination of the Lease Term, if
Tenant is not then in default under this Lease, Landlord shall refund the excess to Tenant. During the first year of the Lease, Tenant’s Share of estimated Taxes and Expenses shall be not more than $2.00 per rentable square foot of the Premises
per year, regardless of an actual share in excess of that amount. Notwithstanding the amount actually incurred by Landlord, the amount payable by Tenant hereunder in respect of Tenant’s Share of estimated Taxes and Expenses for any calendar
year shall not increase by more than $.12 (on a non-cumulative basis) over the amount payable by Tenant hereunder for the immediately preceding calendar year, as limited by this Section C.1. For purposes of the cap in the preceding sentence, any
partial year shall be annualized. 
 2. If at any time during any calendar year of the Lease Term the Taxes and Expenses
applicable to the Building, Property, or Center change, Tenant’s estimated share of such Taxes, and Expenses, as applicable, may be adjusted accordingly effective as of the month in which such changes become effective, by written notice from
Landlord to Tenant of the amount or estimated amount of the change, the month in which effective, and Tenant’s Share thereof, provided, that Tenant’s Share of Taxes and Expenses shall not be adjusted in excess of the limits imposed under
Section C.1. Tenant shall pay such increase to Landlord as a part of Tenant’s monthly payments of estimated Taxes or Expenses as provided above, commencing with the month following the month in which Tenant is notified of the adjustment.

 3. For purposes of this Lease, the term “Expenses” means all costs of and expenses paid or incurred by
Landlord for maintaining, operating, managing, insuring, repairing, and administering the Building, Common Areas, Property, and Center, including all common areas and facilities and Systems and Equipment, and shall include the following costs by way
of illustration but not limitation: water and sewer charges; storm drainage charges and retention facility charges; insurance premiums; insurance deductibles actually paid not to exceed $50,000 per claim; license, permit, and inspection fees; heat;
light; power; steam; janitorial, cleaning, and security services; labor; salaries; air conditioning; landscaping; maintenance, repair, repaving and repainting or restriping of driveways, sidewalks, curbs, , and surface areas; painting of building
exteriors; traffic and directional signs; an administrative fee of ten percent (10%) of total Expenses payable to Landlord or, in the alternative, if Landlord employs professional property managers for the Center, professional management fees
not to exceed three percent (3%) of gross rents; supplies; materials; equipment; tools; the cost of any capital improvements or modifications made to the Building, Property, or Center by Landlord that reduce Expenses or are required under any
Laws not applicable to the Building, Property, or Center or not in effect at the time the Building was constructed; trash removal; all property management costs, including office rent for any property management office and professional property
management fees; legal and accounting expenses; and all other expenses or charges which, in accordance with generally accepted management practices would be considered an expense of maintaining, operating, repairing,

  
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replacing or administering the Building, Property, or Center. Capital costs included in Expenses shall be amortized over such reasonable period as Landlord shall determine with a return on
capital at the current market rate per annum on the unamortized balance or at such higher rate as may have been paid by Landlord on funds borrowed for the purpose of constructing such capital replacements or improvements. 

4. For purposes of this Lease, the term “Taxes” means all real estate taxes or personal property taxes and other taxes,
surcharges and assessments, unforeseen as well as foreseen, which are levied with respect to the Building, Property, or Center and any improvements, fixtures and equipment and other property of Landlord, real or personal, located in the Building,
Property, or Center and used in connection with the operation of the Building, Property, or Center and any tax, surcharge or assessment which shall be levied in addition to or in lieu of real estate or personal property taxes, other than taxes
covered in Section 15. The term “Taxes” shall also include any rental, excise, sales, transaction, privilege, or other tax or levy, however denominated, imposed upon or measured by the rental reserved hereunder or on Landlord’s
business of leasing the Premises, excepting only net income, inheritance, gift, business and occupation, and franchise taxes. 

5. Notwithstanding anything to the contrary contained above, as to each specific category of expense which one or more tenants of the
Building , Property, or Center, at Landlord’s sole discretion, either pays directly to third parties or specifically reimburses to Landlord (e.g., separately metered utilities, separately contracted janitorial service, property taxes directly
reimbursed to Landlord, etc.) such tenant(s) payments with respect thereto shall not be included in Expenses for purposes of this Section 4, but Tenant’s Share of each of such category of expense shall be adjusted by excluding from the
denominator thereof the rentable area of all such tenants paying such category of expense directly to third parties or reimbursing the same directly to Landlord. Tenant shall not enter into separate contracts to provide any specific utility or
service normally provided by the Building, without Landlord’s prior written consent in Landlord’s sole discretion. Moreover, if Tenant pays or directly reimburses Landlord for any such category of expense (which shall only be
Landlord’s prior consent), such category of expense shall be excluded from the determination of Expenses for Tenant to the extent such expense was incurred with respect to space in the Building, Property, or Center actually leased to or
occupied by other Tenants. 
 6. Tenant’s obligations to pay its share of Taxes and Expenses (or any other amounts) as
provided in this Lease accruing during, or relating to, the period prior to expiration or earlier termination of this Lease, shall survive such expiration or termination. Landlord may reasonably estimate all or any of such obligations within a
reasonable time before, or anytime after, such expiration or termination. Tenant shall pay the full amount of such estimate and any additional amount due after the actual amounts are determined, in each case within thirty (30) days after
Landlord sends a statement therefore. If the actual amount is less than the amount Tenant pays as an estimate, Landlord shall refund the difference within thirty (30) days after such determination is made. Within ninety (90) days following
the end of the calendar year in which the Lease terminates, Landlord shall deliver to Tenant its final statement of Taxes and Expenses. 
 7. Unless Tenant takes exception by notice to Landlord within ninety (90) days after Landlord provides any statement to Tenant for any item of Additional Rent, such statement shall be considered
final and binding on Tenant (except as to additional Expenses or Taxes not then known or omitted by error). If Tenant takes exception by notice within such time, Landlord may seek confirmation from an independent certified public accountant as to
the proper amount of Taxes and Expenses determined in accordance with sound accounting practices. In such case: (i) such confirmation shall be considered final and binding on both parties (except as to additional Expenses or Taxes not then
known or omitted by error), and (ii) Tenant shall pay Landlord for the cost of such confirmation, unless it shows that Taxes and Expenses were overstated by at least five percent (5%). Pending resolution of any such exceptions, Tenant shall pay
all amounts shown on such Landlord’s statement, subject to credit, refund or additional payment after any such exceptions are resolved. 
 D. Prorations. If the Term commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the Base Rent, Additional Rent, and any
other amounts payable on a monthly basis shall be prorated on a per diem basis for such partial calendar months. If the Base Rent is scheduled to increase under Section 1 other than on the first day of a calendar month, the amount for such
month shall be prorated on a per diem basis to reflect the number of days of such month at the then current and increased rates, respectively. If the Term commences other than on January 1, or ends other than on December 31, Tenant’s
obligations to pay amounts under this Section 4 towards Taxes and Expenses for such first or final calendar years shall be prorated on a per diem basis to reflect the portion of such years included in the Term. 

  
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 E. General Payment Matters. Base Rent and Additional Rent, which includes without
limitation any other amounts which Tenant is or becomes obligated to pay Landlord under this Lease or other agreement entered in connection herewith, are sometimes herein referred to collectively as “Rent,” and all remedies
applicable to the non-payment of Rent shall be applicable thereto. Rent shall be paid in good funds and legal tender of the United States of America without prior demand, offset, deduction, recoupment, set-off, or counterclaim, and without relief
from any valuation or appraisement laws. Rent obligations hereunder are independent covenants. In addition to all other Landlord remedies, if any portion of Rent is not received within five (5) business days after written notice to Tenant,
(i) any Rent not paid by Tenant when due shall accrue interest from the due date at the Default Rate until payment is received by Landlord and (ii) in addition to such interest, Tenant shall pay Landlord a service charge of two hundred
fifty dollars ($250.00) or five percent (5%) of the delinquent amount, whichever is greater. No delay by Landlord in providing any Rent statement to Tenant shall be deemed a default by Landlord or a waiver of Landlord’s right to require
payment of Tenant’s obligations hereunder including those for actual or estimated taxes, expenses or capital expenditures. In no event shall a decrease in Taxes or Expenses ever decrease the monthly Base Rent or give rise to a credit in favor
of Tenant. Landlord may apply payments received from Tenant to any obligations of Tenant then accrued, in Landlord’s discretion, without regard to such obligations as Tenant may have designated. 

SECTION 5: QUIET ENJOYMENT 
 Landlord agrees that if Tenant timely pays the Rent and performs the terms and provisions hereunder, while not in Default under this Lease Tenant shall hold the Premises during the Term, free of lawful
claims by any party acting by or through Landlord, subject to the rights of mortgagees and to all other terms and provisions of this Lease. 
 SECTION 6: UTILITIES AND SERVICES 
 A. Utilities and Services.

 1. Utilities. When a utility service is separately metered to the Premises, Tenant shall be solely responsible for
contracting with the appropriate utility companies and shall promptly pay all usage charges and taxes for such utility services, which may include heating, ventilation, and air conditioning (“HVAC”), water, gas, sewage, electricity or any
other utility used, consumed or provided in, furnished to or attributable to the Premises at the rates charged by the supplying utility companies and/or Landlord. Tenant shall pay directly to the utility provider, before due, all charges for utility
services separately metered to the Premises. If a particular utility is not separately metered, or if a particular utility is metered through a deduct-meter for an account for which Landlord is responsible, Tenant shall pay Landlord monthly for such
utility based upon the deduct-meter, if any, or otherwise based upon Tenant’s pro rata share of the monthly charges for such utilities based upon Tenant’s Share if utility usage is ratable among all tenants of the Building or Center based
upon square footage occupied by each tenant or based upon actual utility usage by the tenants of the Building or Center as reasonably determined by Landlord if such usage is not ratable based upon square footage occupied. Should Landlord elect to
supply any or all of such utilities, Tenant agrees to purchase and pay for the same as Additional Rent as apportioned by Landlord. The rate to be charged by Landlord to Tenant shall not exceed the rate charged to Landlord by any supplying utility.
Tenant shall reimburse Landlord within ten (10) days of billing for fixture charges and/or water tariffs, if applicable, which are charged to Landlord by local utility companies. Landlord will notify Tenant of this charge as soon as it becomes
known. This charge will increase or decrease with current charges being levied against Landlord, the Premises, Building, or Center by the local utility company, and will be due as Additional Rent. 

2. Services. In addition to the repair and maintenance obligations of each party under Section 9 of this Lease, each party
shall provide the following services: 
 (a) Janitorial Service. Tenant shall provide its own janitorial service within the
Premises. 

  
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 (b) Light Bulbs. Landlord will provide fluorescent tubes in light fixtures which are
standard for the Premises, for Tenant’s use in replacing burned out tubes. Burned out bulbs, tubes or other light sources in fixtures which are not standard for the Premises will be provided and replaced by Tenant, at Tenant’s expense.

 B. Interruptions. Landlord shall use reasonable diligence to remedy an interruption in the furnishing of such services
and utilities required to be furnished by Landlord. If (i) any utilities or services to the Premises are interrupted or discontinued due to a cause within Landlord’s reasonable control, (ii) Tenant is unable to, and does not, use the
Premises as a result of such interruption or discontinuance, (iii) Tenant shall have given notice respecting such interruption or discontinuance to Landlord, and (iv) Landlord fails to cure such interruption or discontinuance within ten
(10) consecutive business days after receiving such notice, then Rent hereunder shall thereafter be abated until such time as such services or utilities are restored or Tenant begins using the Premises again, whichever shall first occur. Such
abatement of Rent shall be Tenant’s sole remedy in the event of a discontinuance or interruption of services or utilities required to be provided by Landlord hereunder. Interruption of services and utilities shall not be deemed an eviction or
disturbance of Tenant’s use and possession of the Premises or any part thereof or render Landlord liable to Tenant for damages or loss of any kind, or relieve Tenant from performance of Tenant’s obligations under this Lease, except as
expressly provided herein. If, however, any governmental authority imposes regulations, controls, or other restrictions upon Landlord or the Building which would require a change in the services provided by Landlord under this Lease, Landlord may
comply with such regulations, controls, or other restrictions, including without limitation, curtailment, rationing or restrictions on the use of electricity or any other form of energy serving the Premises. Tenant will cooperate and do such things
as are reasonably necessary to enable Landlord to comply with such regulations, controls, or other restrictions. 
 C.
Non-Standard Usage. Whenever heat generating machines or equipment or lighting other than building standard lights are used in the Premises by Tenant which affect the temperature otherwise maintained by the air cooling system, Landlord shall
have the right to install supplementary air cooling units in the Premises, and the cost thereof, including the cost of installation and the cost of operation and maintenance thereof, shall be paid by Tenant. Landlord may impose a reasonable charge
for utilities, to the extent not separately metered to the Premises, and services, including without limitation, the installation and operation of air cooling equipment, electric current and water, required to be provided the Premises by reason of,
(a) any use beyond what Landlord agrees to furnish as described above, (b) electricity used by equipment other than low power usage office machines or by equipment reasonably designated by Landlord as high power usage equipment, or
(c) the installation, maintenance, repair, replacement, or operation of supplementary air cooling equipment, additional electrical systems, or other equipment required by reason of special electrical, heating, cooling or ventilating
requirements of equipment used by Tenant at the Premises. High power usage equipment includes without limitation, mainframe or mini-computers, multiple servers, and any machines which operate on 220-volt circuits. Tenant shall not install or operate
high power usage equipment on the Premises without Landlord’s prior written consent, which may be refused unless (i) Tenant confirms in writing its obligation to pay the additional charges necessitated by such equipment and such equipment
does not adversely affect operation of the Building, and (ii) the Building electrical capacity will not be exceeded. In no event shall Tenant allow the use of any space heaters or other portable heating unit at the Premises. 

D. Utility Providers. Notwithstanding anything to the contrary in this Lease, Landlord shall have the sole, exclusive, and absolute
right to determine, select, change, and contract with utility company or companies that will provide electricity and other basic utility service, except for telecommunication services, to the Building, , Property, Center, and Premises. If permitted
by law, during the Term of this Lease, Landlord shall have the right at any time, and from time to time, to either contract for services from a different company or companies providing electricity or other basic utility service (each such company
hereinafter an “Alternative Service Provider”) or continue to contract for service from the service provider(s) that is providing such utility service to the Building,, Property, Center, or Premises at the Commencement Date (each
the “Existing Service Provider”). Tenant shall cooperate with Landlord, the Existing Service Provider, and any alternate Service Provider at all times and, as reasonably necessary, shall allow Landlord, the Existing Service
Provider, and any Alternate Service Provider access to the Building’s utility lines, plumbing, feeders, risers, wiring, and any other machinery or utility access ways within the Premises. 

  
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 SECTION 7: DEPOSITS 

Prior to execution of this Lease, Tenant has deposited with Landlord the Deposit in the amount set forth in Section 1(K). This money
represents a security deposit (“Security Deposit”) for the performance by the Tenant of the provisions of this Lease, in the amount identified in Section 1(K). Tenant acknowledges that the Security Deposit has been paid to
Landlord, in substantial part because of Tenant’s intention to allow its employees to bring pet dogs and cats to work with them to the Premises. As such, the Security Deposit may be applied to Landlord for customary cleaning purposes and for
the purpose of ridding the Premises of offensive odors, stains, and other undesirable effects of the occupancy of the Premises by dogs and cats, including, to the extent reasonably necessary and without limitation, cleaning or replacing carpet and
flooring, repainting and/or re-drywalling, and odor removal or treatment. If Tenant is in default, Landlord may use the Security Deposit or any portion of them to cure the default or compensate Landlord for any damage resulting from Tenant’s
default. On demand, Tenant shall immediately pay to Landlord the sum necessary to restore the Security Deposit to the amount initially deposited with Landlord. If Tenant is not in default at the expiration or termination of the Lease, or any
extension thereof, Landlord shall return the Security Deposit to Tenant within thirty (30) days. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord may maintain such sums separate
and apart from Landlord’s general funds or may commingle them with Landlord’s general or other funds. Landlord is not required to pay Tenant interest on such sums, or any portion thereof. In the event this Lease is terminated before its
normal expiration date, any rent paid for any period beyond the expiration date will be considered an additional Security Deposit. The Security Deposit and any required replenishment thereof shall be Additional Rent. 

SECTION 8: USE, COMPLIANCE WITH LAWS AND RULES, PETS 
 A. Use of Premises and Compliance With Laws. Tenant shall use the Premises solely for the purposes set forth in Section 1 and for no other purpose without obtaining the prior written consent
of Landlord, which shall not be unreasonably withheld for uses consistent with Landlord’s then existing use criteria for the Building. Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty
with respect to the Premises or with respect to the suitability of the Premises or the Building for the conduct of Tenant’s business, nor has Landlord agreed to undertake any modification, alteration, or improvement to the Premises or the
Building, except as provided in writing in this Lease. Tenant acknowledges that Landlord may from time to time, at its sole discretion, make such modifications, alterations, repairs, deletions, or improvements to the Building, Property, or Center as
Landlord may deem necessary or desirable, without compensation or notice to Tenant, provided that such alterations, repairs, deletions, or improvements shall not materially adversely affect Tenant’s use of the Premises or common areas of the
Building or Tenant’s ingress and egress to and use of the parking area utilized by Tenant and in no event shall Landlord be liable for any consequential damages. Tenant shall promptly comply with all Laws affecting the Premises and the
Building, as well as the Rules (defined below), and to any reasonable modifications to the Rules as Landlord may adopt from time to time. Tenant acknowledges that, except for Landlord’s obligations pursuant to Sections 9 and 30, Tenant is
solely responsible for ensuring that the Premises comply with any and all Laws applicable to Tenant’s specialized use of and conduct of business on the Premises (as compared to general office use), and that Tenant is solely responsible for any
alterations or improvements that may be required by such Laws, now existing or hereafter adopted, provided, however, that in no event shall Tenant be required to make or reimburse Landlord for any structural changes to the Building or any changes to
the unexposed portions of the Systems and Equipment. Tenant shall not do or permit anything to be done in or about the Premises or bring or keep anything in the Premises that will in any way increase the premiums paid by Landlord on its insurance
related to the Building or which will in any way increase the premiums for fire or casualty insurance carried by other tenants in the Building. Tenant will not perform any act or carry on any practices that may injure the Premises or the Building
that may be a nuisance or menace to other tenants in the Building or that shall in any way interfere with the quiet enjoyment of such other tenants. Tenant shall not do anything on the Premises which will overload any existing parking or service to
the Premises. Tenant shall promptly give notice to Landlord of any violation of Laws pertaining to the Premises or the Building of which Tenant becomes aware. Tenant shall not resell any telecommunications services, satellite capacity, electricity,
or other utility or service. 

  
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 B. Rules. Tenant shall comply with the rules set forth in Rider One attached hereto
(the “Rules”) in addition to all other terms of this Lease. Landlord shall have the right, by written notice to Tenant or by posting at the Building, to reasonably amend such Rules and supplement the same with other reasonable
non-discriminatory Rules relating to the Building, Property, or Center, or the promotion of safety, care, efficiency, cleanliness or good order therein. Nothing herein shall be construed to give Tenant or any other Person any claim, demand or cause
of action against Landlord arising out of the violation of such Rules by any other tenant or visitor of the Building , Property, or Center, or out of the enforcement, modification or waiver of the Rules by Landlord in any particular instance.

 C. Pets. Tenant has requested Landlord to allow Tenant’s employees to bring dogs and cats to the Premises,
Property, and Center. In connection with that request, Tenant has provided Landlord with its internal standards for allowing pets at its workplace, entitled “Guidelines for Pets in Our Workplace” (the “Tenant’s Pet
Guidelines”). Tenant represents and warrants to Landlord that Tenant’s Pet Guidelines shall remain in full force and effect in their form as of the date of this Lease throughout the Initial Term and any Option Term, without material
change. Landlord is willing to grant its permission to Tenant to allow only its employees to bring dogs and cats to the Premises, Property, and Center, subject to the following conditions, which shall be in addition to and not in derogation of
Tenant’s Pet Guidelines: 
 (a) Tenant and Tenant’s employees shall at all times follow the Tenant’s Pet
Guidelines; 
 (b) Tenant and Tenant’s employees shall at all times contain all pets within the Premises or, if not in the
Premises, on a leash and under control of the owner; 
 (c) Tenant and Tenant’s employees shall properly and immediately
pick up, clean up, and dispose of all pet waste at the Premises, Property, or Center; 
 (d) Tenant and Tenant’s employees
shall not permit any pet to enter the premises of Landlord or of any other Tenant; 
 (e) Only pets with all vaccinations and
flea treatments up-to-date shall be permitted at the Premises, Property, and Center; 
 (f) Tenant and Tenant’s employees
shall not permit any violations of any applicable laws or regulations concerning animals, including without limitation Seattle Municipal Code, Title 9, Animals; 
 (g) Tenant and Tenant’s employees shall not allow any “dangerous animal,” as that term is defined in Seattle Municipal Code 9.25.02.G, or any animal that displays aggression to or threatens
any person or other animal on the Premises, Property, or Center; 
 (h) Tenant shall at all times maintain the Premises free of
any pet damage; 
 (i) Tenant and Tenant’s employees shall not allow any pet to become a nuisance or to annoy any other
tenants of Landlord or neighbors to the Center, whether through barking, whining, other noise, behavior, or otherwise; 
 (j)
Landlord shall have at all times the right to designate portions of the Property and Center in which pets shall be prohibited or within which pets must be confined; 
 (k) In addition to an not in derogation of all other indemnities contained herein, Tenant shall indemnify, defend, and hold harmless Landlord, its directors, officers, agents, employees, and contractors,
from and against any claim, loss, damage, suit or other proceeding, settlement, cost, or other expense of any nature whatsoever, including without limitation attorneys’ and other experts’ fees and costs (“Claims”), arising from
or related to the presence or behavior of any pet that Tenant or any Tenant’s employee or agent has permitted at the Premises, Property, or Center or which has escaped from the Premises, Property, or Center. The foregoing indemnity covers
actions brought by Tenant’s own employees and it is specifically and expressly intended to constitute a waiver of Tenant’s immunity under Washington’s Industrial Insurance Act, RCW Title 51, to the extent necessary to provide Landlord
with a full and complete indemnity from claims made by Tenant and its employees, to the extent provided herein. 

  
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 SECTION 9: MAINTENANCE AND REPAIRS 

Unless expressly provided otherwise in this Lease, and in addition to the provisions of Section 6(A)(vi), Landlord shall maintain,
in good condition, the common areas of the Building, if any, the structural parts of the Building which shall include only the foundations, bearing and exterior walls, exterior windows, exterior doors, subflooring, gutters, downspouts, and the roof
of the Building and the Building Systems and Equipment; provided, in the event any such replacements, repairs or maintenance are caused by or result from Tenant’s excessive or improper use or occupation thereof or which are caused by or result
from the negligence or improper conduct of Tenant, its agents, employees or invitees, the cost of such repairs shall be paid solely by Tenant and Tenant shall pay the cost thereof within ten (10) days of notice from Landlord, subject to the
waiver of claims and waiver of subrogation provisions of Section 11 hereof. Except as provided above, and subject to Section 10 of this Lease, Tenant shall maintain and repair the Premises in neat, clean, sanitary and good condition,
including, without limitation, maintaining and repairing all interior walls, ceilings, interior doors, interior windows and fixtures, Premises’ specific systems and equipment, and accessible interior plumbing serving the Premises (not including
plumbing within walls, ceiling, or floor) as well as any damage to the Building,, Center or Premises caused by Tenant, its agents, employees or invitees, the latter subject to the waiver of claims and waiver of subrogation provisions of
Section 11. If Tenant shall fail to keep and preserve the Premises in said condition and state or repair, Landlord may, at its option (but with no obligation) put or cause the same to be put into the condition and state of repair agreed upon,
and in such case Tenant, on demand, shall pay the cost thereof. 
 SECTION 10: ALTERATIONS AND LIENS 

A. Alterations. Subsequent to the completion of any Landlord’s Work pursuant to Section 2, if any, Tenant shall not
attach any fixtures, equipment or other items to the Premises, or paint or make any other additions, changes, alterations, repairs or improvements (collectively hereinafter “Alterations”) to the Premises, Building , Property, or
Center without Landlord’s prior written consent, which with respect to Alterations to the Premises will not be unreasonably withheld so long as Tenant is not then in default of this Lease (beyond any applicable cure period). For any proposed
work in excess of $5,000 or that involves any Alterations to the structure of the Building or the Systems and Equipment, Landlord may condition its consent on Tenant’s delivery to Landlord of a letter of credit or completion bond in the amount
of 50% of the estimated cost of the Alterations, conditioned upon Tenant’s timely completion of the work and payment of all persons having lien rights on account of the work. If Landlord consents to any Alterations, Landlord may post notices of
nonresponsibility in accordance with law. Any Alterations so made shall remain on and be surrendered with the Premises upon expiration or earlier termination of this Lease, except that Landlord may, within thirty (30) days before expiration of
this Lease or within thirty (30) days after earlier termination of this Lease elect to require Tenant to remove any or all Alterations at Tenant’s sole cost and expense; provided, however, at the time Tenant submits plans for requested
Alterations to Landlord for Landlord’s approval, Tenant may request Landlord to identify which Alterations Landlord may require Tenant to remove at the termination of or expiration of this Lease, and Landlord shall make such identification
simultaneous with its approval (if any) of the Alterations. If Landlord elects to require removal of Alterations, then at its own and sole cost Tenant shall restore the Premises to the condition prior to the installation of the alteration
(reasonable wear and tear, condemnation and casualty damage excepted), before the last day of the term or within thirty (30) days after notice of its election is given, whichever is later. If after receiving Landlord’s consent to any
alteration, Tenant changes or modifies its planned alteration, Tenant shall obtain Landlord’s consent to all such changes and modifications. Landlord consents to all of Tenant’s Alterations to the Premises in existence on the date of this
Lease. 
 B. Performance. In the event Landlord consents in writing to Tenant’s requested alteration of the Premises,
Tenant shall only contract with a contractor approved by Landlord for the construction of such Alterations, shall secure all appropriate governmental approvals, and permits, and shall complete such Alterations with due diligence, in a neat, clean,
good and workmanlike manner and in strict compliance with the plans and specifications approved by Landlord. All such construction shall be performed in a manner which shall not interfere with the occupancy of the other tenants of the Building. All
cost, expenses and fees related to or arising from construction of any alteration shall be paid by Tenant prior to delinquency. Landlord may impose additional reasonable conditions and rules respecting the manner and times in which such alteration
work may be performed. Upon termination of the Lease or surrender of all or a portion of the Premises, Tenant shall assign to Landlord any warranties that Tenant has received for any space or equipment surrendered. Tenant shall maintain records of
the cost of its improvements and Alterations for at least six (6) years and shall provide them to Landlord upon request. 

  
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 C. Liens. Tenant shall pay all costs for Alterations when due. Tenant shall keep the
Property, Center, Building, Premises and this Lease free from any mechanic’s, materialman’s, architect’s, engineer’s or similar liens or encumbrances, and any claims therefore, or stop or violation notices, in connection with any
alteration. Tenant shall remove any such claim, lien or encumbrance, or stop or violation notices of record, by bond or otherwise within ten (10) days after notice by Landlord. If Tenant fails to do so, such failure shall constitute a default
by Tenant, and Landlord may, in addition to any other remedy, pay the amount (or any portion thereof) or take such other action as Landlord deems necessary to remove such claim, lien or encumbrance, or stop or violation notices, without being
responsible for investigating the validity thereof. The amount so paid and costs incurred by Landlord shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord. Nothing
contained in this Lease shall authorize Tenant to do any act which shall subject Landlord’s title to, or any Lender’s interest in, the Building, Property, Center or Premises to any such claims, liens or encumbrances, or stop or violation
notices, whether claimed pursuant to statute or other Law or express or implied contract. 
 SECTION 11: INSURANCE AND WAIVER
OF SUBROGATION 
 A. Insurance. During the term of this Lease, Tenant at its sole cost and expense shall continuously
maintain the following types of insurance coverages: (i) Property Damage Insurance for the protection of Tenant and Landlord, as their interests may appear, covering all of Tenant’s improvements and Alterations to the premises,
Tenant’s personal property, business records, fixtures and equipment, and other insurable risks in an amount not less than the full insurance replacement cost of such property and the full insurable value of such other interests of Tenant, with
coverages that also include “Building and Personal Property”, and (ii) Worker’s Compensation Insurance (if applicable) in the amounts required by statute together with Employer Liability Insurance with bodily injury by each
accident with limits of at least $2,000,000, bodily injury by disease with limits of at least $2,000,000, and an aggregate bodily injury limit of at least $2,000,000; and (iii) Commercial General Liability Insurance with limits of $2,000,000
each occurrence, and in the aggregate, with coverage for death and bodily injury, property damage or destruction (including loss of use), product liability and completed operations, and contractually assumed liabilities. All insurance required to be
carried by Tenant hereunder shall name Landlord and Landlord’s Lender (if any) as additional insureds (provided as to Landlord’s Lender only that Tenant is given advance notice of the name and address of Landlord’s Lender).
Additionally, all insurance required to be provided by Tenant under this Lease: shall be issued by insurance companies authorized to do business in the State of Washington with a financial rating of at least an “A-” status as rated in the
most recent edition of Best’s Key Rating guide; shall be issued as a primary policy; shall be on an occurrence basis; and shall contain an endorsement requiring at least thirty (30) days prior written notice of cancellation to Landlord and
Landlord’s Lender (if any), before cancellation or change in coverage, scope, or amount of any policy. Tenant shall deliver evidence of insurance in the form of an ACORD Form or equivalent of or copy of such policy together with evidence of
payment of all current premiums to Landlord within thirty(30) days of execution of this Lease. Any evidence of insurance shall designate Tenant as the insured, specify the Premises location, list Landlord (and its Lender, if any) as additional
insureds, and list Landlord with Landlord’s current address as “Certificate Holder.” If Tenant fails to provide the required evidence of insurance within the time required, Landlord shall have the right, but not the obligation, to
obtain the evidence directly from the Tenant’s insurance broker. Tenant shall take all necessary steps to renew all insurance at least thirty (30) days prior to such insurance expiration dates and shall provide Landlord a copy of the
renewed policy or evidence thereof, prior to said policy’s expiration date. If Tenant fails at any time to maintain the insurance required by this Lease, and fails to cure such default within five (5) business days of written notice from
Landlord then, in addition to all other remedies available under this Lease and applicable law, Landlord may purchase such insurance on Tenant’s behalf and the cost of such insurance shall be Additional Rent due within ten (10) days of
written invoice from Landlord to Tenant. Notwithstanding the foregoing, Tenant may comply with its insurance obligations hereunder by endorsement to any blanket policy of insurance carried by Tenant. Landlord may change the requirements of this
Section 11 upon written notice to Tenant to conform to any requirements of any Landlord’s Lender or insurance provider. 

  
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 During the term of this Lease, Landlord shall maintain a policy or policies of
“all-risk” or “special causes of loss” property insurance covering all improvements on the Property including the Building in an amount of not less than one hundred percent (100%) of the full insurable replacement cost of
the Building. Such insurance shall contain an agreed valuation provision in lieu of any co-insurance clause. 
 B. Waiver of
Claims and Subrogation. Landlord and Tenant release and relieve the other, and waive the entire right of recovery for loss or damage to property located within or constituting a part or all of the Premises, the Building, Property, or Center to
the extent that the loss or damage is actually covered by insurance carried by either party and in force at the time of such loss or damage or would have been covered under a typical “all risk” or “special causes of loss”
casualty policy of insurance had the damaged party maintained such coverage, excluding from such waiver only deductibles under such policies in the maximum amount of $10,000. This waiver applies whether or not the loss is due to the negligent acts
or omissions of Landlord or Tenant, or their respective officers, directors, employees, agents, contractors, or invitees. Each of Landlord and Tenant shall have their respective property insurers endorse the applicable insurance policies to reflect
the foregoing waiver of claims, provided, however, that the endorsement shall not be required if the applicable policy of insurance permits the named insured to waive rights of subrogation on a blanket basis, in which case the blanket waiver shall
be acceptable. 
 SECTION 12: CASUALTY DAMAGE 
 In the event twenty-five percent (25%) or less of the Building shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, and the Premises shall be unaffected,
then Landlord shall restore the Building to as near its previous condition as is reasonably possible, provided that sufficient insurance proceeds are available to Landlord to pay the cost of restoration, and provided further that if the Premises are
unaffected by the fire or other casualty, Landlord shall have no right to terminate this Lease. In the event more than twenty-five percent (25%) of the Building or any portion of the Premises shall be destroyed or rendered untenantable, either
wholly or in part, by fire or other casualty, Landlord may, at its option, restore the Building or Premises to as near their previous condition as is reasonably possible and in the meantime the Rent shall be abated in the same proportion as the
untenantable portion of the Premises bears to the whole thereof, provided, such abatement shall apply only to the extent the Premises are untenantable for the purposes permitted under this Lease and not used by Tenant as a result thereof. Except as
provided above, unless Landlord, within twenty (20) days after the receipt of insurance proceeds on account of the casualty, shall notify Tenant of its election to so restore, this Lease shall thereupon terminate and end, provided, if in
Landlord’s reasonable estimation the Premises cannot be restored within one hundred eighty (180) days following such destruction, Landlord shall notify Tenant and Tenant may terminate this Lease (regardless of Landlord’s intent to
restore) by delivery of notice to Landlord within thirty (30) days of Landlord’s notice. Such restoration by Landlord shall not include replacement of furniture, equipment, or other items that do not become part of the Building or any
improvements to the Premises in excess of those provided for in the allowance for building standard items. Tenant agrees that the abatement of Rent as provided above shall be Tenant’s sole and exclusive recourse in the event of such damage, and
Tenant waives any other rights Tenant may have under applicable Law to perform repairs or terminate the Lease by reason of damage to the Building or Premises. 
 SECTION 13: CONDEMNATION 
 If twenty-five percent (25%) or more of the
rentable area of the Premises shall be taken by power of eminent domain or condemned by a competent authority or by conveyance in lieu thereof for public or quasi-public use (“Condemnation”), including any temporary taking for a
period of one year or longer, then either Landlord or Tenant may elect to terminate this Lease on the date possession for such use is so taken. If: (i) less than twenty-five percent (25%) of the Premises is taken, but the taking includes
or affects a material portion of the Building, Property, or Center, or the economical operation thereof; (ii) less than twenty-five percent (25%) of the Premises is taken and in the reasonable judgment of Landlord the remaining Premises
are not usable for the business of Tenant, or (iii) the taking is temporary but will be in effect for more than ninety (90) days, then in either such event, Landlord may elect to terminate this Lease upon at least thirty
(30) days’ prior notice to Tenant. The parties further agree that: (a) if this Lease is terminated, all Rent shall be apportioned as of the date of such termination or the date of such taking, whichever shall first occur, (b) if
the taking is temporary, Rent shall not be abated for the period of the taking, but Tenant may seek a condemnation award therefore (and the Term shall not be extended thereby), and (c) if this Lease is not terminated but any part of the
Premises is permanently taken, the Rent shall be proportionately abated based on the square footage of the Premises so taken. Landlord shall be entitled to receive 

  
 15 

 
the entire award or payment in connection with such Condemnation and Tenant hereby assigns to Landlord any interest therein for the value of Tenant’s unexpired leasehold estate or any other
claim and waives any right to participate therein, and Tenant shall make no claim against Landlord for termination of the leasehold interest or interference with Tenant’s business. Tenant, however, shall have the right to claim damages from the
condemning authority for a temporary taking of the leasehold as described above, for moving expenses and any taking of Tenant’s personal property and for the interruption to Tenant’s business, but only if such damages are awarded
separately in the eminent domain proceeding and not as part of the damages recovered by Landlord. 
 SECTION 14: ASSIGNMENT
AND SUBLETTING 
 A. Consent Required. Except as otherwise provided in this Lease, Tenant shall not, without the
prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned, or delayed, subject to the provisions of Section 14(E), assign this Lease or any interest therein, or sublet the Premises or any part thereof, or
hypothecate or otherwise encumber the leasehold interest, or permit the use of the Premises by any party other than Tenant or otherwise transfer this Lease (collectively “transfer”). Subject to the other provisions of this
Section 14, such consent shall be entirely discretionary with Landlord. Consent to one such transfer shall not destroy or waive this provision, and all subsequent transfers shall likewise be made only upon obtaining prior written consent of
Landlord. Subtenants or assignees shall become directly liable to Landlord for all obligations of Tenant hereunder, without relieving Tenant of any liability. 
 B. Intentionally Omitted. 
 C. Costs. Whether or not Landlord
consents to a proposed transfer (or exercises its right to recapture), Tenant shall reimburse Landlord on demand for any and all actual reasonable out-of-pocket costs, not to exceed $1,500, that may be incurred by Landlord in connection with any
proposed transfer including, without limitation, the cost of investigating the acceptability of the proposed transferee and Landlord’s reasonable attorneys’ fees incurred in connection with each proposed transfer. 

D. Notice. Any notice or request to Landlord with respect to a proposed assignment or sublease shall contain the name of the
proposed assignee or subtenant (collectively “transferee”), the nature of the proposed transferee’s business to be conducted at the Premises, and the terms and provisions of the proposed transfer. Tenant shall also provide
Landlord with a copy of the proposed transfer documents when available and such financial and other information with respect to the proposed transferee and transfer that Landlord may reasonably require. 

E. Consent. In the event of a proposed transfer, Landlord will not unreasonably withhold its consent thereto if (a) Tenant is
not then in default of this Lease (beyond any applicable cure period), (b) the proposed transferee will continuously occupy and use the Premises for the term of the transfer, (c) the use by the proposed transferee will be general office
use, (d) the proposed transferee is reputable and of sound financial condition, (e) the transfer will not directly or indirectly cause Landlord to be in breach of any contractual obligation, and (f) the proposed transferee is not an
existing tenant or subtenant of any other premises located on the Property or Center, provided, however, in the event that no comparable space to that which Tenant seeks to assign or sublet is otherwise available at the Center, as determined by
Landlord in its reasonable discretion, then this condition (f) shall not apply. In all other cases, Landlord may withhold consent in its sole discretion. Landlord shall respond to any written request for consent to assignment, subletting or
other transfer requiring Landlord’s consent under this Lease as soon as reasonably possible and in any case within ten (10) business days after Tenant’s request. If Landlord requires additional documents or information to facilitate
Landlord’s evaluation of the proposed transfer, Landlord shall so notify Tenant within such ten (10) business day period, specifying in reasonable detail the additional documents or information requested, and Landlord shall have ten
(10) business days following receipt of all of the information so requested in which to respond to Tenant’s request for Landlord’s consent. If Landlord disapproves of any proposed transfer, Landlord shall so notify Tenant in writing
within such ten (10) business day period, setting forth in reasonable detail the basis for Landlord’s disapproval. 

F. Terms. Any option(s) granted to Tenant in this Lease or any option(s) granted to Tenant in any amendments to this Lease, to the
extent that said option(s) have not been exercised, shall terminate and be voided in the event this Lease is assigned, or any part of the Premises is sublet, or Tenant’s interest in the Premises is otherwise transferred (other than pursuant to
a Permitted Transfer), unless otherwise agreed to by Landlord. 

  
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 G. Permitted Transfers. Notwithstanding anything to the contrary in this
Section 14, Tenant shall have the right, without Landlord’s consent, but upon ten (10) days prior notice to Landlord, to assign this Lease or sublet all or any part of the Premises to any parent, subsidiary, or affiliate of Tenant or
to any person, firm, corporation, or other entity which shall be controlled by, under the control of, or under common control with Tenant, or any entity into which Tenant may be merged or consolidated or which purchases all or substantially all of
the assets of Tenant (“Permitted Transfer”). Control as used in the preceding sentence means the direct or indirect ownership or right to vote of more than fifty percent (50%) of the voting securities of an entity, or
possession of the ownership or control of the management rights and duties of the entity’s affairs. 
 H. Subletting or
Assignment of Other Tenant’s Leases. Without the prior written consent of Landlord, which shall not be unreasonably withheld, Tenant shall not accept an assignment of another tenant’s lease of premises in the Building, Property, or
Center and shall not sublet any premises from another tenant in the Building, Property, or Center. 
 I. Breach of
Section 14. In the event that Tenant is in breach of its obligation to obtain Landlord’s consent to any assignment or subletting, Tenant shall be in immediate default under this Lease without the requirement of notice from Landlord or
any opportunity to cure the default. 
 J. Confidentiality of Assignment and Sublease. Tenant shall keep confidential the
terms of any assignment or sublease to which Landlord consents and shall cause and direct its directors, officers, shareholders, partners, members, principals, employees, attorneys and other professionals, and agents to keep such terms confidential.

 SECTION 15: PERSONAL PROPERTY, RENT AND OTHER TAXES 

Tenant shall pay prior to delinquency all taxes, charges or other governmental impositions assessed against, levied upon or otherwise
imposed upon or with respect to all fixtures, furnishings, personal property, systems and, equipment owned or installed exclusively by or for Tenant and located in or exclusively serving the Premises. Whenever possible, Tenant shall cause all such
items to be assessed and billed separately from the other property of Landlord. In the event any such items shall be assessed and billed with the other property of Landlord, Tenant shall pay Landlord its share of such taxes, charges or other
governmental impositions within ten (10) days after Landlord delivers a statement and a copy of the assessment or other documentation showing the amount of impositions applicable to Tenant’s property. Tenant shall pay any rent tax, sales
tax, service tax, transfer tax, value added tax, or any other applicable tax on the Rent, utilities, or services herein, the privilege of renting, using, or occupying the Premises, or collecting Rent therefrom, or otherwise respecting this Lease or
any other document entered into by the parties in connection herewith, excluding, however, any excess profits taxes, business and occupation taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, estate taxes,
federal and state income taxes, and other taxes applied or measured by Landlord’s general or net income (as opposed to rents, receipts, or income attributable to operations at the Building). 

SECTION 16: LANDLORD’S REMEDIES 
 A. Default. The occurrence of any one or more of the following events shall constitute a “Default” by Tenant and shall give rise to Landlord’s remedies set forth in
Section 16(B) below: (i) failure to make when due any payment of Rent, unless such failure is cured within five (5) business days after written notice from Landlord; (ii) failure to observe or perform any term or condition of
this Lease other than the payment of Rent (or the other matters expressly described herein), unless such failure is cured within any period of time following notice expressly provided with respect thereto in other Sections hereof, or otherwise
within a reasonable time, but in no event more than thirty (30) days following notice from Landlord (provided, if the nature of Tenant’s failure is such that more time is reasonably required in order to cure, Tenant shall not be in Default
if Tenant commences to cure promptly within such period and thereafter diligently pursues its completion); (iii) abandonment and vacation of the Premises (failure to occupy and operate the Premises for fifteen (15) consecutive business
days while in monetary default 

  
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under this Lease shall conclusively be deemed an abandonment and vacation); (iv) (a) Tenant, or any guarantor or any unreleased assignor of this Lease (“Guarantor”),
filing by or for reorganization or arrangement under any Law relating to bankruptcy or insolvency (unless, in the case of a petition filed against Tenant or such Guarantor, the same is dismissed within thirty (30) days; or
(b) Tenant’s or any Guarantor’s insolvency or failure, or admission of an inability, to pay debts as they mature; or (v) Tenant’s failure to obtain Landlord’s consent before assigning the Lease or subletting all or a
portion of the Premises. Additionally, if Tenant violates the same term or condition of this Lease on three (3) occasions during any twelve (12) month period, Landlord shall have the right to exercise all remedies for any violations of the
same term or condition during the next twelve (12) months without providing further notice or an opportunity to cure. The notice and cure periods provided herein are intended to satisfy any and all notice requirements imposed by Law on Landlord
and are in lieu of, and not in addition to, any notice and cure periods provided by Law; provided, Landlord may elect to comply with such notice and cure periods provided by Law. In the event of Tenant’s default hereunder, and in addition to
any other amounts or remedies Landlord may be entitled to, Landlord shall be entitled to recover from Tenant all of Landlord’s costs and reasonable attorneys’ fees incurred in enforcing this Lease or otherwise arising from Tenant’s
default. 
 B. Remedies. If a Default occurs, Landlord shall have the rights and remedies hereinafter set forth to the
extent permitted by Law, which shall be distinct, separate and cumulative with and in addition to any other right or remedy allowed under any Law or other provision of this Lease: 

1. Landlord may terminate Tenant’s right to possession without termination of this Lease, or Landlord may terminate this Lease and
Tenant’s right to possession, at any time following a Default; provided, no act of Landlord other than giving notice to Tenant with express statement of termination shall terminate this Lease or Tenant’s right to possession. Acts of
maintenance, efforts to relet the premises, or the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease shall not constitute a termination of tenant’s right to possession. Upon termination
of Tenant’s right to possession, Landlord shall have the right to reenter the Premises and recover from Tenant in addition to any other monies provided herein or at Law; (a) the Worth of the unpaid Rent that had been earned by Landlord at
the time of termination of Tenant’s right to possession; (b) the Worth of the amount of the unpaid Rent that had been earned after the date of termination of Tenant’s right to possession through the expiration of the Lease Term;
(c) the unamortized portion of the cost to the Landlord of Landlord’s Work which shall be amortized over the Initial Term of the Lease at an interest rate equal to the prime rate (as published by the Wall Street Journal) plus two percent
(2%) per annum adjusted as of the first day of each calendar quarter during the Lease Term; and (d) all other expenses incurred by Landlord on account of Tenant’s Default, including without limitation any Costs of Reletting (defined
below) and Landlord’s reasonable attorneys’ fees and collection costs. The “Worth” as used for item (a) above is to be computed by allowing interest at the rate of twelve percent (12%) to accrue on all such
unpaid Rent (or such lesser rate required by Law, if any). The Worth as used for item (b) above is to be computed by discounting the amount of Rent at the discount rate of the Federal Reserve Bank of San Francisco at the time of termination of
Tenant’s right of possession. 
 2. In the event of any such reentry by Landlord, Landlord may, at Landlord’s option,
require Tenant to remove from the Premises any of Tenant’s property located thereon. If Tenant fails to do so, Landlord shall not be responsible for the care or safekeeping thereof and may remove any of the same from the Premises and place the
same elsewhere in the Building or in storage in a public warehouse at the cost, expense, and risk of Tenant with authority to the warehouseman to sell the same in the event that Tenant shall fail to pay the cost of transportation and storage, all in
accordance with the rules and regulations applicable to the operation of a public warehouseman’s business. In any and all such cases of reentry Landlord may make any repairs in, to, or upon the Premises which may be necessary, desirable, or
convenient, and Tenant hereby waives any and all claims for damages which may be caused or occasioned by such reentry or to any property in or about the Premises or any part thereof. 

3. Landlord may bring suits for amounts owed by Tenant hereunder or any portions thereof, as the same accrue or after the same have
accrued, and no suit or recovery of any portion due hereunder shall be deemed a waiver of Landlord’s right to collect all amounts to which Landlord is entitled hereunder, nor shall the same serve as any defense to any subsequent suit brought
for any amount not theretofore reduced to judgment. Landlord may pursue one or more remedies against Tenant and need not make an election of remedies. All rent and other consideration paid by any replacement tenants shall be applied at
Landlord’s option; (i) first, to the Costs of Reletting (defined below), (ii) second, to the payment of all costs and reasonable attorneys’ fees of enforcing this 

  
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Lease against Tenant or any Guarantor, (iii) third, to the payment of all interest and service charges accruing hereunder, (iv) fourth, to the payment of Rent theretofore accrued, and
(v) with the residue, if any, to be held by Landlord and applied to the payment of Rent and other obligations of Tenant as the same become due (and with any remaining residue to be retained by Landlord). “Costs of Reletting”
shall include without limitation, all reasonable costs and expenses incurred by Landlord for any repairs, or other matters necessary to prepare the Premises for another tenant, brokerage commissions, advertising costs, attorneys’ fees, and
any economic incentives given to enter leases with replacement tenants; provided, however, Costs of Reletting related to alterations in connection with reletting shall be limited to the amount that would be reasonably necessary to restore the
Premises to the condition required by Section 22 of this Lease and provided further that any brokerage commissions or other concessions shall be amortized over the entire term of any replacement lease and the amount included in the Costs of
Reletting shall be limited to the amount attributable to the period beginning on the date of the applicable Default and ending on the expiration date of the initial term of this Lease. With respect to reletting the Premises, Landlord shall only be
required to use reasonable efforts that do not exceed such efforts Landlord generally uses to lease other space in the Building, Landlord may continue to lease other portions of the Building or other projects owned or managed by Landlord in the same
vicinity before reletting all or a portion of the Premises, and Landlord shall not be required to relet at rental rates less than Landlord’s then-existing rates for new leases or terms less favorable to Landlord than those contained herein. The
times set forth herein for the curing of Defaults by Tenant are of the essence of this Lease. 
 SECTION 17: SUBORDINATION,
ATTORNMENT AND LENDER PROTECTION 
 A. Subject to subsection 2 of this Section, this Lease is subject and subordinate to all
Mortgages now or hereafter placed upon the Center, Property, Building, Premises, or any interest of Landlord therein, and all other recorded encumbrances, and matters of public record applicable to the Center, Property, Building, or, Premises as of
the date of this Lease. Whether before or after any foreclosure or power of sale proceedings are initiated or completed by any Lender or a deed in lieu thereof is granted (or any ground lease is terminated), Tenant agrees upon written request of any
such Lender or any purchaser at such sale, to attorn and pay Rent to such party, and recognize such party as Landlord (provided such Lender or purchaser shall agree not to disturb Tenant’s occupancy so long as Tenant does not Default hereunder,
on a form customarily used by, or otherwise reasonably acceptable to, such party). However, in the event of attornment, no Lender shall be: (i) liable for any act or omission of Landlord (arising prior to such Lender becoming Landlord under
such attornment) or (ii) liable for any security deposit or bound by any prepaid Rent not actually received by such Lender. Any Lender may elect to make this Lease prior to the lien of its Mortgage by written notice to Tenant, and if the Lender
of any prior Mortgage shall require, this Lease shall be prior to any subordinate Mortgage; such elections shall be effective upon written notice to Tenant, or shall be effective as of such earlier or later date set forth in such notice. Tenant
agrees to give any Lender by certified mail, return receipt requested, a copy of any notice of default served by Tenant upon Landlord, provided that prior to such notice Tenant has been notified in writing (by way of service on Tenant of a copy of
an assignment of leases, or otherwise) of the address of such Lender. Tenant further agrees that if Landlord shall have failed to cure such default within the time permitted Landlord for cure under this Lease, any such Lender whose address has been
provided to Tenant shall have an additional period of thirty (30) days in which to cure (or such additional time as may be required due to causes beyond such Lender’s control, including time to obtain possession of the Property by
appointment of receiver, power of sale or judicial action). Should any current or prospective Lender require a modification or modifications to this Lease which will not cause an increased cost or otherwise change the rights, obligations, or
remedies of Tenant hereunder, Tenant agrees that this Lease shall be so modified. Except as expressly provided to the contrary herein, the provisions of this Section shall be self-operative; however Tenant shall execute and deliver, within fifteen
(15) days after requested, such commercially reasonable documentation as Landlord or any Lender may request from time to time, whether prior to or after a foreclosure or power of sale proceeding is initiated or completed, a deed in lieu thereof
is delivered, or a ground lease is terminated, in order to further confirm or effectuate the matters set forth in this Section in recordable form. Tenant hereby waives the provisions of any Law (now or hereafter adopted) which may give or purport to
give Tenant any right or election to terminate or otherwise adversely affect this Lease or Tenant’s obligations hereunder if foreclosure or power of sale proceedings are initiated, prosecuted, or completed. 

B. Landlord shall cause the lender under any Mortgage upon the Center, Property, Building or Premises existing as of the date of this
Lease to execute and deliver to Tenant a commercially reasonable non-disturbance agreement within 30 days after the date of this Lease. As a condition to Tenant’s agreement hereunder 

  
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 SECTION 18: ESTOPPEL CERTIFICATES 

Tenant shall from time to time, within fifteen (15) days after written request from Landlord, execute, acknowledge, and deliver a
statement certifying: (i) that this Lease is unmodified and in full force and effect or, if modified, stating the nature of such modification and certifying that this Lease as so modified, is in full force and effect (or specifying the ground
for claiming that this Lease is not in force and effect), (ii) the dates to which the Rent has been paid, and the amount of any Security Deposit, (iii) that Tenant is in possession of the Premises, and paying Rent on a current basis with
no offsets, defenses or claims, or specifying the same if any are claimed, (iv) that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord or Tenant which are pertinent to the request, or specifying the same if
any are claimed, and (v) certifying such other matters as Landlord may reasonably request, or as may be requested by Landlord’s current or prospective Lenders, insurance carriers, auditors, and prospective purchasers (and including a
comparable certification statement from any subtenant respecting its sublease). Tenant and any subtenant shall make these certifications on any form reasonably requested by Landlord’s current or prospective Lenders, insurance carriers,
auditors, and prospective purchasers. Any such statement may be relied upon by any such parties. If Tenant shall fail to execute and return such statement or object within the time required herein, then Tenant shall be conclusively deemed to have
agreed with the matters set forth in such statement if Tenant has failed to execute and return such statement or object thereto within three (3) business days after one (1) additional written notice from Landlord requesting such response.

 SECTION 19: RIGHTS RESERVED BY LANDLORD 
 Except to the extent expressly limited herein, Landlord reserves full rights to control the Property and Center (which rights may be exercised without subjecting Landlord to claims for constructive
eviction, abatement of Rent, damages or other claims of any kind), including more particularly, but without limitation, the following rights: 
 A. General Matters. To (i) upon reasonable prior notice to Tenant, change the name or street address of the Building, Property, or Center or street address designation of the Premises,
provided Landlord reimburses Tenant for costs Tenant incurs in connection therewith for reprinting business cards, stationery, etc., (ii) install and maintain signs on the exterior and interior of the Building, Property, or Center, and grant
any other person the right to do so, (iii) retain at all times, and use in appropriate instances, keys to all doors within and into the Premises, (iv) grant to any person the right to conduct any business or render any service at the
Property or Center, whether or not the same are similar to the use permitted Tenant by this Lease, (v) grant any person the right to use separate security personnel and systems respecting access to their premises, (vi) have access for
Landlord and other tenants of the Building to any mail chutes located on the exterior of the Premises according to the rules of the United States Postal Service (and to install or remove such chutes), and (vii) in case of fire, invasion,
insurrection, riot, civil disorder, emergency or other dangerous condition, or threat thereof, and upon reasonable prior notice to Tenant (or upon no notice in the event of emergency): (a) limit access to the Building, Property, Center, or
Premises, (b) shut down elevator service, (c) activate elevator emergency controls, and (d) otherwise take such action or preventative measures deemed necessary by Landlord for the safety of tenants of the Building , Property, or
Center or the protection of the Building, Property, or Center and other property located thereon or therein (but this provision shall impose no duty on Landlord to take such actions, and no liability for actions taken in good faith). 

B. Access to Premises. To enter the Premises, without such entry constituting an actual or constructive eviction, in order to:
(i) inspect, (ii) supply services to be provided Tenant hereunder, (iii) show the Premises to current and prospective Lenders, insurers, purchasers, brokers, and governmental authorities at any time during the Term and to show the
Premises to prospective tenants at any time during the last six (6) months of the Term, (iv) decorate, remodel, or alter the Premises if Tenant shall abandon the Premises at any time, or shall vacate the same during the last one hundred
twenty (120) days of the Term (without thereby terminating this Lease), and (v) perform any work or take any other actions under Section 19(C) below, or exercise other rights of Landlord under this Lease or applicable Laws. However,
Landlord shall: (a) provide reasonable advance written or oral notice of at least twenty-four (24) hours to Tenant’s on-site manager or other appropriate person for matters which will

  
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involve a significant disruption to Tenant’s business (except in emergencies, in which case Landlord shall have the right to enter at any time without prior notice to Tenant), (b) take
reasonable steps to minimize disruption to Tenant’s business, and following completion of any work, return Tenant’s leasehold improvements, fixtures, property and equipment to the original locations and condition to the fullest extent
reasonably possible, and (c) not materially change the configuration or reducing the square footage of the Premises, unless required by Laws or other causes beyond Landlord’s reasonable control (and in the event of any permanent material
reduction, the Rent and other rights and obligations of the parties based on the square footage of the Premises shall be proportionately reduced). Tenant shall not place partitions, furniture, or other obstructions in the Premises which may prevent
or impair Landlord’s access to the Systems and Equipment for the Property or the systems and equipment for the Premises. If Tenant requests that any such access occur before or after Landlord’s regular business hours and Landlord approves,
Tenant shall pay all overtime and other additional costs in connection therewith. 
 C. Changes To The Property, or
Center. To: (i) paint and decorate, (ii) perform repairs or maintenance, (iii) make replacements, restorations, renovations, Alterations, additions, and improvements, structural or otherwise, in and to the Building , Property, or
Center or any part thereof, including any adjacent building, structure, facility, land, street, or alley, or change the uses thereof (including changes, reductions, or additions of corridors, entrances, doors, lobbies, parking facilities, and other
areas, structural support columns and shear walls, elevators, stairs, escalators, mezzanines, solar tint windows or film, kiosks, planters, sculptures, displays, and other amenities and features therein, and changes relating to the connection with
or entrance into or use of the Building , Property, or Center or any other adjoining or adjacent building or buildings, now existing or hereinafter constructed), and (iv) to change Building standard specifications. In connection with such
matters, Landlord may among other things erect scaffolding, barricades and other structures, open ceilings, close entry ways, restrooms, elevators, stairways, corridors, parking, and other areas and facilities, and take such other actions as
Landlord deems appropriate. However, Landlord shall (a) take reasonable steps to minimize or avoid any denial of or interference with access to the Premises except when necessary on a temporary basis, and (b) in connection with entering
the Premises shall comply with Section 19(B) above. 
 SECTION 20: LANDLORD’S RIGHT TO CURE 

If Landlord shall fail to perform any obligation under this Lease required to be performed by Landlord, Landlord shall not be deemed to
be in default hereunder nor subject to any claims for damages of any kind, unless such failure shall have continued for a period of thirty (30) days after notice thereof by Tenant (provided, if the nature of Landlord’s failure is such that
more time is reasonably required in order to cure, Landlord shall not be in default if Landlord commences to cure within such period and thereafter diligently proceeds to cure such failure to completion). If Landlord shall default and fail to cure
as provided herein, Tenant shall have such rights and remedies as may be available to Tenant under applicable Laws, subject to the other provisions of this Lease; provided, Tenant shall have no right of self-help to perform repairs or any other
obligation of Landlord, and shall have no right to withhold, set-off, or abate Rent, or terminate this Lease, except as expressly provided herein, and Tenant hereby expressly waives the benefit of any Law to the contrary. 

SECTION 21: RELEASE AND INDEMNITY 
 A. Indemnity. Except as otherwise provided in this Lease and except to the extent caused by the negligence or willful misconduct of, Tenant shall indemnify, defend (using legal counsel reasonably
acceptable to Landlord) and save Landlord and its property manager (if any) harmless from all claims, suits, losses, damages, fines, penalties, liabilities, and expenses (including Landlord’s reasonable attorneys’ fees and other costs
incurred in connection with claims, regardless of whether such claims involve litigation) resulting from any actual or alleged injury (including death) of any person or from any actual or alleged loss of or damage to any property arising out of or
in connection with (i) Tenant’s occupation, use, or improvement of the Premises, or that of its employees, agents or contractors, provided, however, that Tenant shall have no obligation to indemnify Landlord for and Tenant shall have no
liability for the acts or omissions of any co-tenants, their licensees, or other persons or occupants of the Building, Property, or Center, (ii) Tenant’s breach of its obligations hereunder, or (iii) any act or omission of Tenant or
any subtenant, licensee, assignee or concessionaire of Tenant, or of any officer, agent, employee, guest, or invitee of Tenant, or of any such entity in or about the Premises. This indemnity with respect to acts or omissions during the term of this
Lease shall survive termination or expiration of this Lease. The foregoing indemnity covers 

  
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actions brought by Tenant’s own employees and it is specifically and expressly intended to constitute a waiver of Tenant’s immunity under Washington’s Industrial Insurance Act,
RCW Title 51, to the extent necessary to provide Landlord with a full and complete indemnity from claims made by Tenant and its employees, to the extent provided herein. Tenant shall promptly notify Landlord of casualties or accidents occurring
in or about the Premises. LANDLORD AND TENANT ACKNOWLEDGE THAT THE INDEMNIFICATION PROVISIONS OF THIS SECTION 21 AND OF SECTIONS 8 AND 21 WERE SPECIFICALLY NEGOTIATED AND AGREED UPON BY THEM. 

B. Release. Tenant hereby full and completely waives and releases all claims against Landlord for any losses or other damages
sustained by Tenant or any person claiming through Tenant resulting from any accident or occurrence in or upon the Premises, including but not limited to: any defect in or failure of Building equipment; any failure to make repairs; any defect,
failure, surge in, or interruption of project facilities or services; any defect in or failure of Common Areas; broken glass; water leakage; the collapse of any Building component; any claim or damage resulting from Landlord’s repair,
maintenance, or improvements to any portion of the Building, Property, or Center; or any act, omission, or negligence of co-tenants, licensees or any other persons or occupants of the Building, Property, or Center; provided only, that the release
contained in this Section 21(B) shall not apply to claims for actual damage to persons or property (excluding consequential damages such as lost profits) resulting directly and solely from: (i) Landlord’s negligence or willful
misconduct; or (ii) Landlord’s breach of its express obligations under this Lease which Landlord has not cured within a reasonable time after receipt of written notice of such breach from Tenant. 

C. Limitation on Indemnity. In compliance with RCW 4.24.115 as in effect on the date of this Lease, to the extent that and only to
the extent that this Lease constitutes a contract for construction of improvements to real property, all provisions of this Lease pursuant to which Tenant (the “Indemnitor”) agrees to indemnify Landlord (the
“Indemnitee”) against liability for damages arising out of bodily injury to persons or damage to property relative to the construction, alteration, repair, addition to, subtraction from, improvement to, or maintenance of, any
building, road, or other structure, project development, or improvement attached to real estate, including the Premises, (i) shall not apply to damages caused by or resulting from the sole negligence of the Indemnitee, its agents or employees,
and (ii) to the extent caused by or resulting from the concurrent negligence of (a) the Indemnitee or the Indemnitee’s agents or employees, and (b) the Indemnitor or the Indemnitor’s agents or employees shall apply only to
the extent of the Indemnitor’s negligence; provided, however, the limitations on indemnity set forth in this Section 21 shall automatically and without further act by either Landlord or Tenant be deemed amended so as to remove any of the
restrictions contained in this Section 21 no longer required by then-applicable Law. 
 D. Definitions. As used in
any Section of this Lease establishing indemnity or release of Landlord, “Landlord” shall include Landlord, its shareholders, partners, members, directors, officers, agents, employees, and contractors, and “Tenant” shall include
Tenant and any person or entity claiming through Tenant. 
 E. Landlord Indemnity. Landlord shall indemnify, defend (using
legal counsel reasonably acceptable to Tenant) and save Tenant and its agents, employees and contractors harmless from all claims, suits, losses, damages, fines, penalties, liabilities, and expenses (including Landlord’s reasonable
attorneys’ fees and other costs incurred in connection with claims, regardless of whether such claims involve litigation) resulting from any actual or alleged injury (including death) of any person or from any actual or alleged loss of or
damage to any property to the extent arising out of or in connection with any breach of Landlord’s obligations under this Lease or any negligence or willful misconduct of Landlord, its agents contractors or employees. This indemnity with
respect to acts or omissions during the term of this Lease shall survive termination or expiration of this Lease. The foregoing indemnity covers actions brought by Landlord’s own employees and it is specifically and expressly intended to
constitute a waiver of Landlord’s immunity under Washington’s Industrial Insurance Act, RCW Title 51, to the extent necessary to provide Tenant with a full and complete indemnity from claims made by Landlord and its employees, to the
extent provided herein. 

  
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 SECTION 22: RETURN OF POSSESSION 

At the expiration or earlier termination of this Lease or Tenant’s right of possession, Tenant shall vacate and surrender possession
of the entire Premises in the same condition as delivered to Tenant, ordinary wear and tear, condemnation, and casualty damage excepted, shall surrender all keys and key cards, and any parking transmitters, stickers, or cards, to Landlord, and shall
remove all personal property and office trade fixtures that may be readily removed without damage to the Premises or Property. “Ordinary wear and tear” shall not include the undesirable effects of the occupancy of the Premises by dogs and
cats. Accordingly, Tenant shall take reasonable measures to rid the Premises of pet damage, including without limitation offensive odors and stains, including, to the extent reasonably necessary and without limitation, cleaning or replacing carpet
and flooring, repainting and/or re-drywalling, and odor removal or treatment and shall return the Premises to Landlord free of such effects. All improvements, fixtures (other than Tenant’s trade fixtures) and other items installed by Tenant or
Landlord under or with respect to this Lease, shall be the property of Tenant during the Term of this Lease, but at the expiration or earlier termination of this Lease all such improvements, fixtures, and other items shall become Landlord’s
property, and shall remain upon the Premises (unless Landlord timely elects otherwise in accordance with the applicable provisions of this Lease as to Alterations other than the initial tenant improvements in which event Tenant shall remove the same
at its sole cost as described below), all without compensation, allowance, or credit to Tenant. If prior to such termination or within three (3) months thereafter Landlord by notice directs Tenant to remove such items, and subject to the terms
of Section 10(A). of this Lease, Tenant shall promptly remove such of the foregoing items as are designated in such notice and restore the Premises to the condition prior to the installation of such items in a good and workmanlike manner. If
Tenant shall fail to perform any repairs or restoration, or fail to remove any items from the Premises required hereunder, Landlord may do so, but shall not be required to do so, and Tenant shall pay Landlord’s charges therefore upon demand. If
Tenant has failed to perform required restoration within thirty (30) days after notice thereof from Landlord or the expiration date of the term of the Lease, if later, then Tenant shall be considered to be holding over and shall pay to Landlord
holdover rent as prescribed in Section 23. All property removed from the Premises by Landlord pursuant to any provisions of this Lease or any Law may be handled or stored by Landlord at Tenant’s expense, and Landlord shall in no event be
responsible for the value, preservation or safekeeping thereof. All property not removed from the Premises or retaken from storage by Tenant within thirty (30) days after expiration or earlier termination of this Lease or Tenant’s right to
possession, shall at Landlord’s option be conclusively deemed to have been conveyed by Tenant to Landlord as if by bill of sale without payment by Landlord. Unless prohibited by applicable Law, Landlord shall have a lien against such property
for the costs incurred in removing and storing the same. Tenant hereby waives any statutory notices to vacate or quit the Premises upon expiration of this Lease. 
 SECTION 23: HOLDING OVER 
 Time is of the essence of the Tenant’s
obligation to vacate the Premises upon the termination of the Lease. Unless Landlord expressly agrees otherwise in writing, Tenant shall pay Landlord one hundred fifty percent (150%) of the amount of Rent payable by Tenant during the last month
of the Lease Term prorated on a per diem basis for each day Tenant shall fail to vacate or surrender possession of the Premises or any part thereof after expiration or earlier termination of this Lease, together with all damages sustained by
Landlord on account thereof. Tenant shall pay such amounts on demand, and, in the absence of demand, monthly in advance. The foregoing provisions, and Landlord’s acceptance of any such amounts, shall not serve as permission for Tenant to
hold-over, nor serve to extend the Term (although Tenant shall remain a tenant-at-sufferance bound to comply with all provisions of this Lease). Landlord shall have the right at any time after expiration or earlier termination of this Lease, or
Tenant’s right to possession, to reenter and possess the Premises and remove all property and persons therefrom, and Landlord shall have such other remedies for holdover as may be available to Landlord under other provisions of this Lease or
applicable Laws. The foregoing provisions of this Section 23 notwithstanding, Tenant shall have the right to holdover for two (2) months beyond the end of the Lease Term at its then current Rent upon written notice to Landlord given at
least three (3) months prior to the end of the Lease Term; provided, however, that thereafter Tenant shall have no right to occupy the Premises and the other provisions of this Section 23 shall then apply. 

SECTION 24: NOTICES 
 Except as expressly provided to the contrary in this Lease, every notice or other communication to be given by either party to the other with respect hereto or to the Premises, Building, , Property, or
Center, shall be in writing and shall not be effective for any purpose unless the same shall be served personally, or by national air courier service, or United States certified mail, return receipt requested, postage prepaid, to the parties at the
addresses set forth in Section 1, or such other address or addresses as Tenant or Landlord may from time to time designate by 

  
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notice given as provided above. Every notice or other communication hereunder shall be deemed to have been given as of the third business day following the date of such mailing (or as of any
earlier date evidenced by a receipt from such national air courier service or the United States Postal Service) or immediately if personally delivered. Notices not sent in accordance with the foregoing shall be of no force or effect until received
by the foregoing parties at such addresses required herein. Landlord’s counsel or Landlord’s agent may give any notice on behalf of Landlord. 
 SECTION 25: REAL ESTATE BROKERS 
 Tenant represents that Tenant has dealt
only with the Broker designated in Section 1 (whose commission, if any, shall be paid by Landlord pursuant to the terms set out below) or, if no person is designated in Section 1, with no person or entity, as broker, agent, or finder in
connection with this Lease, and agrees to indemnify and hold Landlord harmless from all damages, judgments, liabilities, and expenses (including reasonable attorneys’ fees) arising from any claims or demands of any other broker, agent, or
finder with whom Tenant has dealt for any commission or fee alleged to be due in connection with its participation in the procurement of Tenant or the negotiation with Tenant of this Lease. Landlord agrees to indemnify and hold Tenant harmless from
all damages, judgments, liabilities, and expenses (including reasonable attorneys’ fees) arising from any claims or demands of any broker, agent, or finder (other than the Broker) with whom Landlord has dealt for any commission or fee alleged
to be due in connection with this Lease or in the representation of Landlord in connection with this Lease. Landlord and Tenant recognize that it is possible that they may hereafter make additional agreements regarding further extension or renewal
of this Lease or a new lease or leases for all or one or more parts of the Premises or other space in the Building (or other portions of the Property, or Center or other buildings managed by Landlord) for a term or terms commencing after the
Commencement Date of this Lease. It is also possible that Landlord and Tenant may hereafter modify this Lease to add additional space or to substitute other space for all or a portion of the Premises. In the event any such additional agreements,
modifications to this Lease, or new leases are made, Landlord shall have no obligation to pay any commission or other compensation to any broker or other party engaged by Tenant (including the brokers designated in Section 1) with respect to
negotiating or representing Tenant in such matters, regardless of whether under the circumstances such person is or is not regarded by law as an agent of Landlord, and Tenant shall indemnify and hold Landlord harmless from any claim for such
compensation. Nothing in this Section 25 shall be construed to require or otherwise obligate Landlord to consider or make any of the above-described additional agreements, modifications to this Lease, or new lease. Landlord shall pay
Tenant’s Broker a total commission (“Commission”) in the amount of five percent (5.0%) of the Base Rent payable by tenant over the Initial Term of this Lease. One-half of said Commission shall be paid in full within ten
(10) days of the execution by Landlord and Tenant of this Lease and Tenant’s payment to Landlord of all Deposits due under this Lease, and the balance shall be paid in full upon Landlord’s receipt of Tenant’s first payment of
Base Rent (other than any deposit) in good funds, without further invoice or notice by Tenant’s Broker. The parties agree, and Landlord hereby acknowledges, that in the event Landlord fails to pay all or any portion of the Commission amount due
Tenant’s Broker as provided herein within thirty (30) days of when the same is due pursuant to this Section 25, Tenant shall have the right but not the obligation, upon ten (10) days prior written notice to Landlord, and without
penalty or being deemed in breach of this Lease, to pay the amount of Commission due by Landlord to Tenant’s Broker, and in the event Tenant does pay all or any portion of the Commission, Tenant shall be entitled to an abatement of Base Rent
and any Additional Rent under this Lease for the amount of Commission it pays to Tenant’s Broker until said Commission payment is fully accounted for by abated rent hereunder. Landlord shall pay Landlord’s broker a commission pursuant to
the terms of a separate agreement between them. 
 SECTION 26: NO WAIVER 

No provision of this Lease will be deemed waived by either party unless expressly waived in writing and signed by the waiving party. No
waiver shall be implied by delay or any other act or omission of either party. No waiver by either party of any provision of this Lease shall be deemed a waiver of such provision with respect to any subsequent matter relating to such provision, and
Landlord’s consent or approval respecting any action by Tenant shall not constitute a waiver of the requirement for obtaining Landlord’s consent or approval respecting any subsequent action. Acceptance of Rent by Landlord directly or
through any agent or lock-box arrangement shall not constitute a waiver of any breach by Tenant of any term or provision of this Lease (and Landlord reserves the right to return or refund any untimely payments if necessary to preserve
Landlord’s remedies). No acceptance of a lesser 

  
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amount of Rent shall be deemed a waiver of Landlord’s right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any letter accompanying such
check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the full amount due. The acceptance of Rent or of the performance of any other term or
provision from, or providing directory listings or services for, any person or entity other than Tenant shall not constitute a waiver of Landlord’s right to approve any Transfer. No delivery to, or acceptance by, Landlord or its agents or
employees of keys, nor any other act or omission of Tenant or Landlord or their agents or employees, shall be deemed a surrender, or acceptance of a surrender, of the Premises or a termination of this Lease, unless stated expressly in writing by
Landlord. 
 SECTION 27: SAFETY AND SECURITY DEVICES, SERVICES, AND PROGRAMS 

The parties acknowledge that safety and security devices, services, and programs provided by Landlord, if any, while intended to deter
crime and ensure safety, may not in given instances prevent theft or other criminal acts, or ensure safety of persons or property. The risk that any safety or security device, service or program may not be effective, or may malfunction, or be
circumvented by a criminal, is assumed by Tenant with respect to Tenant’s property and interests, and Tenant shall obtain insurance coverage to the extent Tenant desires protection against such criminal acts and other losses. Tenant agrees to
cooperate in any reasonable safety or security program developed by Landlord or required by Law. 
 SECTION 28:
TELECOMMUNICATION LINES 
 A. Telecommunication Lines. No telecommunication or computer lines shall be installed
within or without the Premises without Landlord’s prior consent in accordance with Section 10, which consent shall not be unreasonably withheld or delayed. Landlord disclaims any representations, warranties, or understandings concerning
Landlord’s Building computer systems, if any, or the capacity, design, or suitability of Landlord’s riser lines, Landlord’s main distribution frame (“MDF”) or related equipment. If there is, or will be, more than one
tenant on any floor, at any time, Landlord may allocate, and periodically reallocate, connections to the terminal block based on the proportion of square feet each tenant occupies on such floor, or in the type of business operations or requirements
of such tenants, in Landlord’s reasonable discretion. Landlord may arrange for an independent contractor to review Tenant’s requests for approval to install any telecommunication or computer lines, monitor, or supervise Tenant’s
installation, connection, and disconnection of any such lines, and provide other such services, or Landlord may provide the same. In each case, all such work shall be performed in accordance with Section 10. Tenant shall be permitted to utilize
the DSL, ISDN, Tier 1, and Tier 3 cabling and wireless fiber available within or to the Building, if any, upon entering into any user agreement with the provider(s) thereof. 
 B. Limitation of Liability. Unless due to Landlord’s intentional misconduct or negligent acts, Landlord shall have no liability for damages arising, and Landlord does not warrant that the
Tenant’s use of any telecommunication or computer lines or systems (“Lines”) will be free, from the following (collectively called “Line Problems”): (i) any eavesdropping, wire-tapping, or theft of long
distance access codes by unauthorized parties, (ii) any failure of the Lines to satisfy Tenant’s requirements, or (iii) any capacitance, attenuation, cross-talk, or other problems with the Lines, any misdesignation of the Lines in the
MDF room or wire closets, or any shortages, failures, variations, interruptions, disconnections, loss, or damage caused by or in connection with the installation, maintenance, replacement, use, or removal of any other Lines or equipment at the
Building, Property, or Center by or for other tenants at the Property, Center, or Building, by any failure of the environmental conditions at or the power supply for the Building to conform to any requirements of the Lines or any other problems
associated with any Lines or by any other cause. Under no circumstances shall any Line Problems be deemed an actual or constructive eviction of Tenant, render Landlord liable to Tenant for abatement of any Rent or other charges under the Lease, or
relieve Tenant from performance of Tenant’s obligations under the Lease as amended herein. Landlord in no event shall be liable for any loss of profits, business interruption, or other consequential damage arising from any Line Problems.

  
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 SECTION 29: HAZARDOUS SUBSTANCES, DISRUPTIVE ACTIVITIES 

A. Hazardous Substances, Presence and Use of Hazardous Substances. Tenant shall not, without Landlord’s prior written
consent at Landlord’s sole discretion, keep on or around the Premises, Building,, Property, or Center, for use, disposal, treatment, generation, storage, or sale, any substances designed as, or containing components designated as, a
“hazardous substance,” “hazardous material,” “hazardous waste,” regulated substance” or “toxic substance,” other than commonly used office supplies, such as toner, and household or office cleaning
supplies (collectively referred to as “Hazardous Substances”). With respect to any such Hazardous Substances, Tenant shall: (i) comply promptly, timely, and completely with all Laws for reporting, keeping, and submitted
manifests, and obtaining and keeping current identification numbers; (ii) submit to Landlord true and correct copies of all reports, manifests, and identification numbers at the same time as they are required to be and/or are submitted to the
appropriate governmental authorities; (iii) within five (5) days of Landlord’s request, submit written reports to Landlord regarding Tenant’s use, storage, treatment, transportation, generation, disposal, or sale of Hazardous
Substances and provide evidence satisfactory to Landlord of Tenant’s compliance with all applicable Laws; (iv) allow Landlord or Landlord’s agent or representative to come on the Premises at all times to check Tenant’s compliance
with all applicable Laws; (v) comply with minimum levels, standards, or other performance standards or requirements which may be set forth or established for certain Hazardous Substances (if minimum standards or levels are applicable to
Hazardous Substances present on the Premises, such levels or standards shall be established by an on-site inspection by the appropriate governmental authorities and shall be set forth in an addendum to this Lease); and (vi) comply with all
applicable Laws regarding the proper and lawful use, sale, transportation, generation, treatment, and disposal of Hazardous Substances. 
 B. Cleanup Costs, Default and Indemnification. 
 1. Tenant shall be fully
and completely liable to Landlord for any and all cleanup costs, and any and all other charges, fees, penalties (civil and criminal) imposed by any governmental authority with respect to Tenant’s use, disposal, transportation, generation,
and/or sale of Hazardous Substances, in or about the Premises, Building, , Property, or Center. 
 2. Tenant shall fully
indemnify, defend and, save harmless Landlord and Landlord’s Lender, if any, from any and all of the costs, fees, penalties, and charges assessed against or imposed upon Landlord (as well as Landlord’s and Landlord’s Lender’s
attorneys’ fees and costs) as a result of Tenant’s use, disposal, transportation, generation, and/or sale of Hazardous Substances. 
 3. Upon Tenant’s default under this Section 29, in addition to the rights and remedies set forth elsewhere in this Lease, Landlord shall be entitled to the following rights and remedies:
(i) at Landlord’s option, to terminate this lease immediately; and/or (ii) to recover any and all damages associated with the default, including, but not limited to cleanup costs and charges, civil and criminal penalties and fees,
loss of business and sales by Landlord and other tenants of the Building, Property, or Center, any and all damages and claims asserted by third parties, and Landlord’s attorneys’ fees and costs. 

C. Disruptive Activities. Tenant shall not: (1) produce, or permit to be produced, any intense glare, light, or heat except
within an enclosed or screened area and then only in such manner that the glare, light, or heat shall not, outside the Premises, be materially different than the light or heat from other sources outside the Premises; (2) create, or permit to be
created, any sound pressure level which will interfere with the quiet enjoyment of any real property outside the Premises, or which will create a nuisance or violate any governmental law, rule, regulation, or requirement; (3) create, or permit
to be created, any floor or ground vibration that is materially discernable outside the Premises; (4) transmit, receive, or permit to be transmitted or received, any electromagnetic, microwave, or other radiation which is harmful or hazardous
to any person or property in or about the Premises, Building, , Property, or Center; or (5) create, or permit to be created, any noxious odor that is disruptive to the business operations of any other tenant in the Building, Property, or
Center. 
 D. Interior Air and Building Quality. Landlord shall have no liability whatsoever for the quality of interior
air in the Building, for any “sick building syndrome” or other similar conditions affecting or claimed to be affecting the health or working conditions of Tenant or any persons in the Building, or from any claim of damage to person or
property relating to or concerning the presence of mold in the Building. Tenant 

  
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acknowledges that it is necessary for Tenant to keep the Premises clean and free of moisture and to take other measures to prevent mold and mildew from accumulating within the Premises. Tenant
shall regularly clean and dust the Premises, including without limitation vacuuming and cleaning any carpeting in the Premises as necessary, shall remove visible moisture accumulation on windows, walls, and other surfaces as soon as reasonably
possible, and shall remove from the Premises Tenant’s personal property that may be sources of mold or mildew. Tenant shall not block or cover any of the heating, ventilation, or air conditioning ducts in the Premises. Tenant shall immediately
report to the Landlord: (i) any evidence of a water leak or excessive moisture in the Premises; (ii) any evidence of mold- or mildew-like growth in the Premises that cannot be removed by simply applying a common household cleaner and
wiping the area (which Tenant shall perform); (iii) any failure or malfunction in the heating, ventilation, or air conditioning system in the Premises; (iv) any inoperable doors or windows; (v) repeated complaints of respiratory
ailments or eye irritation by persons occupying the Premises; or (vi) any notice from a governmental authority of complaints of indoor air quality at the Premises. If Tenant discovers the existence of any mold or conditions referred to above,
Tenant will notify Landlord and Landlord shall retain an industrial hygienist or other professional mold consultant to conduct an inspection and prepare a report for Tenant and Landlord. Any remediation plan shall be subject to the approval of
Landlord, which approval will not be unreasonably withheld or delayed. If the inspection report concludes that mold is present in the Premises and such presence is not due to actions, omissions or negligence of Tenant, Landlord will be responsible
for the cost of such inspection and the cost of remediation. If the inspection report concludes that mold is present in the Premises due to actions, omissions or negligence of Tenant, Tenant will be responsible for the cost of such inspection and
the cost of remediation to the extent of Tenant’s responsibility for the presence of mold at or within the Premises. If the inspection report concludes that mold is present in the Premises, Landlord will hire a contractor that specializes in
mold remediation to prepare a remediation plan for the Premises and upon Landlord’s approval of the plan, the contractor will promptly carry out the work contemplated in the plan in accordance with applicable Laws. To the extent required by
applicable state or local health or safety requirements, occupants and visitors to the Premises will be notified of the conditions and the schedule for the remediation. The contractor performing the remediation will provide a written certification
to Landlord and Tenant that the remediation has been completed in accordance with applicable Laws. 
 SECTION 30: DISABILITIES
ACTS 
 Tenant, at its sole cost, shall be responsible for compliance with the Americans With Disabilities Act of 1990 (42
U.S.C. §12101 et seq.) and regulations and guidelines promulgated thereunder (“ADA”), and any similarly motivated state and local Laws, as the same may have been amended and supplemented from time to time (collectively referred
to herein as the “Disabilities Acts”) with respect to (1) all Alterations made to the Premises or any other acts of Tenant after the Commencement Date, (2) all requirements of Disability Laws that relate to the
employer-employee relationship or that are necessitated by the special needs of any employee, agent, visitor or invitee of Tenant and that are not required to be provided generally, including, without limitation, requirements related to auxiliary
aids and graphics installed by or on behalf of Tenant (other than Base Building Signage), and (3) all requirements of Disability Laws that relate to private restrooms constructed by or at the special request of Tenant. Landlord, at its sole
cost, shall be responsible for compliance with Disability Laws with respect to the Premises and the work contemplated in the Tenant Improvement Agreement and the Common Areas (including restrooms located upon full floors leased by Tenant). Neither
party shall be in default under this Section 16(b) for its failure to comply with Disability Laws so long as the responsible party is either contesting in good faith, and by legal means, the enforcement of Disability Laws, or is
undertaking diligent efforts to comply with Disability Laws. 
 SECTION 31: DEFINITIONS 

(A) “Building” shall mean the structure (or the portion thereof operated by Landlord) identified in Section 1
within which the Premises are located. 
 (B) “Center” shall mean the real property legally described in Exhibit
A-1 of this Lease together with all landscaping, improvements and personal property located thereon and related to the Building and other buildings and improvements or their operation or maintenance. 

  
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 (C) “Default Rate” shall mean twelve percent (12%) per annum, or the
highest rate permitted by applicable Law, whichever shall be less. 
 (D) “Holidays” shall mean all federal
holidays, and holidays observed by the State of Washington, including New Year’s Day, President’s Day, Memorial Day, Independence Day, Labor Day, Veterans’ Day, Thanksgiving Day, Christmas Day, and to the extent of utilities or
services provided by union members engaged at the Property or Center, such other holidays observed by such unions. 
 (E)
“Landlord” shall mean only the landlord from time to time, except for purposes of any provisions defending, indemnifying and holding Landlord harmless hereunder, “Landlord” shall include past, present, and future landlords
and their respective partners, beneficiaries, trustee, officers, directors, employees, shareholders, principals, agents, affiliates, successors and assigns. 
 (F) “Law” or “Laws” shall mean all federal, state, county and local governmental and municipal laws (including without limitation Disabilities Acts), statutes,
ordinances, rules, regulations, codes, decrees, orders and other such requirements, applicable equitable remedies and decisions by courts in cases where such decisions are considered binding precedents in the State of Washington, and decisions of
federal courts applying the Laws of such State, at the time in question. “Laws” also shall include the requirements of any insurance company regulations or requirements, utility company requirements, and recorded declarations. This Lease
shall be interpreted and governed by the Laws of the State of Washington. 
 (G) “Lender” shall mean the holder
of any Mortgage at the time in question, and where such Mortgage is a ground lease, such term shall refer to the ground Landlord (and the term “ground lease” although not separately capitalized is intended throughout this Lease to include
any superior or master lease). 
 (H) “Mortgage” shall mean all mortgages, deeds of trust, ground leases or
other such encumbrances now or hereafter placed upon the Property, Center, Building or Premises, or any part thereof or interest therein, and all renewals, modifications, consolidations, replacements or extensions thereof, and all indebtedness now
or hereafter secured thereby and all interest thereon. 
 (I) “Premises” shall mean the area within the Building
identified in Section 1 and Exhibit B. Possession of areas necessary for utilities, services, safety and operation of the Building, including the Systems and Equipment, fire stairways, perimeter walls, space between the finished ceiling of the
Premises and the slab of the floor or roof of the Building thereabove, and the use thereof together with the right to install, maintain, operate, repair and replace the Systems and Equipment, including any of the same in, through, under or above the
Premises in locations that will not materially interfere with Tenant’s use of the Premises, are hereby excepted and reserved by Landlord, and not demised to Tenant. 
 (J) “Property” shall mean the real property legally described in Exhibit A of this Lease together with all landscaping, improvements and personal property located thereon and related to
the Building and other buildings and improvements or their operation or maintenance. 
 (K) “Rent” shall have
the meaning specified therefore in Section 4. 
 (L) “Systems and Equipment” shall mean any plant,
machinery, transformers, duct work, cable, wires, and other equipment, facilities, and systems designed to supply light, heat, ventilation, air conditioning and humidity, or any other services or utilities, or comprising or serving as any component
or portion of the electrical, gas, steam, plumbing, sprinkler, communications, alarm, security, or fire/life/safety systems or equipment, or any elevators, escalators or other mechanical, electrical, electronic, computer or other systems or
equipment for the, Property or Center, except to the extent that any of the same serves particular tenants exclusively (and “systems and equipment” without capitalization shall refer to such of the foregoing items serving particular
tenants exclusively). 
 (M) “Tenant” shall be applicable to one or more persons or entities as the case may be,
the singular shall include the plural, and if there be more than one Tenant, the obligations thereof shall be joint and several. When used in the lower case, “tenant” shall mean any other tenant, subtenant or occupant of the Building,
Property, or Center. 

  
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 (N) If applicable to this Lease, “Tenant’s Share” of Expenses and
Taxes pursuant to Section 4 shall be the percentage set forth in Section 1, but if the rentable area of the Premises or Center shall change, Tenant’s Share shall thereupon become the rentable area of the Premises divided by the
rentable area of the Center, excluding any parking facilities, subject at all times to adjustment under Section 4. Tenant acknowledges that the “rentable area of the Premises” under this Lease includes the usable area, without
deduction for columns or projections, multiplied by a load or convention factor, to reflect a share of certain areas, which may include lobbies, corridors, mechanical, utility, janitorial, boiler, and service rooms and closets, restrooms, and other
public, common, and service areas, all as reasonably determined by Landlord. Except as provided expressly to the contrary herein, the “rentable area of the Center” shall include all rentable area of all space leased or available for lease
at the buildings comprising the Center which Landlord may reasonable re-determine from time to time, to reflect re-configurations, additions, or modifications, to the Center, but in no event shall Tenant’s Share increase. 

SECTION 32: EFFECTIVENESS OF LEASE 
 This Lease shall be effective and binding upon Landlord and Tenant upon execution and delivery of this Lease by both Landlord and Tenant. 

SECTION 33: MISCELLANEOUS 
 A. Captions and Interpretation. The captions of the Sections and Paragraphs of this Lease are for convenience of reference only and shall not be considered or referred to in resolving questions of
interpretation. Tenant acknowledges that it has read this Lease and that it has had the opportunity to confer with counsel in negotiating this Lease; accordingly, this Lease shall be construed neither for nor against Landlord or Tenant, but shall be
given a fair and reasonable interpretation in accordance with the meaning of its terms. The neuter shall include the masculine and feminine, and the singular shall include the plural. The term “including” shall be interpreted to mean
“including, but not limited to.” 
 B. Survival of Provisions. All obligations (including indemnity, Rent, and
other payment obligations) or rights of either party arising during or attributable to the period prior to expiration or earlier termination of this Lease shall survive such expiration or earlier termination. 

C. Severability. If any term or provision of this Lease or portion thereof shall be found invalid, void, illegal, or unenforceable
generally or with respect to any particular party, by a court of competent jurisdiction, it shall not affect, impair or invalidate any other terms or provisions of the remaining portion thereof, or its enforceability with respect to any other party.

 D. Short Form Lease. Neither this Lease nor any memorandum of lease or short form lease shall be recorded by Tenant,
but Landlord or any Lender may elect to record a short form of this Lease, in which case Tenant shall promptly execute, acknowledge and deliver the same on a form prepared by Landlord or such Lender. In the event any short form of this Lease or
other document evidencing this Lease is recorded, upon or any time after the expiration or early termination of this Lease and request of either Landlord or Tenant, the other party shall execute a release or other appropriate document in recordable
form, evidencing that this Lease has expired or terminated. 
 E. Light, Air and Other Interests. This Lease does not
grant any legal rights to “light and air” outside the Premises nor any particular view visible from the Premises, nor any easements, licenses or other interests unless expressly contained in this Lease. 

F. Authority. If Tenant is any form of corporation, partnership, limited liability company or partnership, association or other
organization, Tenant and all persons signing for Tenant below hereby represent that this Lease has been fully authorized and no further approvals are required, and Tenant is duly organized, in good standing, and legally qualified to do business in
the Premises (and has any required certificates, licenses, permits and other such items). 

  
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 G. Partnership Tenant. If Tenant is a partnership, all current and new general
partners shall be jointly and severally liable for all obligations of Tenant hereunder and as this Lease may hereafter be modified, whether such obligations accrue before or after admission of future partners or after any partners die or leave the
partnership. Tenant shall cause each new partner to sign and deliver to Landlord written confirmation of such liability, in form and content satisfactory to Landlord, but failure to do so shall not avoid such liability. 

H. Financial Statements. Tenant shall, within ten (10) days after requested from time-to-time (not more than once per calendar
year), deliver to Landlord Tenant’s most current standard annual financial statements (including balance sheets and income/expense statements). 
 I. Successors and Assigns; Transfer of Property and Security Deposit. Each of the terms and provisions of this Lease shall be binding upon and inure to the benefit of the parties’ respective
heirs, executors, administrator, guardians, custodians, successors, and assigns, subject to Section 14 respecting Transfers and Section 17 respecting rights of Lenders. Subject to Section 17, if Landlord shall convey or transfer the
Property or Center or any portion thereof in which the Premises are contained to another party, such party shall thereupon be and become landlord hereunder and shall be deemed to have fully assumed all of Landlord’s obligations under this Lease
accruing during such party’s ownership, including the return of any Security Deposit (provided Landlord shall have turned over such Security Deposit to such party), and Landlord shall be free of all such obligations accruing from and after the
date of conveyance or transfer. 
 J. Rent and Taxes. In addition to the provisions of Section 15, all rent due
Landlord herein is exclusive of any sales or tax based on rents or tax upon this Lease or tax measured by the number of employees of Tenant or the area of the Premises or any similar tax or charge. If any such tax or charge be hereafter enacted,
Tenant shall reimburse to Landlord the amount thereof with each monthly Base Rent payment. If it shall not be lawful for Tenant to so reimburse Landlord, the monthly Base Rent payable to Landlord under this Lease shall be revised to net Landlord the
same net rental after imposition of any such tax or charge upon Landlord as would have been payable to Landlord prior to the imposition of such tax or charge. Tenant shall not be liable to reimburse Landlord any federal income tax or other income
tax of a general nature applicable to Landlord’s income. 
 K. Limitation of Landlord’s Liability. Tenant agrees
to look solely to Landlord’s interest in the Building and any rents, issues or profits therefrom for the enforcement of any judgment, award, order, or other remedy under or in connection with this Lease or any related agreement, instrument, or
document or for any other matter whatsoever relating thereto or to the Premises, Building, Property, or Premises. This limitation of Landlord’s liability shall apply not only to claims arising from the express terms of the Lease, but also to
claims of any kind whatsoever arising from the relationship between the parties or any rights and obligations they may have relating to the Property, the Center, the Lease, or anything related to either. Under no circumstances shall any present or
future, direct or indirect, principals or investors, general or limited partners, officers, directors, shareholders, trustees, beneficiaries, participants, advisors, managers, employees, agents or affiliates of Landlord, or of any of the other
foregoing parties, or any of their heirs, successors, or assigns have any liability for any of the foregoing matters. 
 L.
Signage. Landlord agrees to provide Tenant, at Landlord’s sole cost, Building standard signage in a manner consistent with other tenants in the Building on the Building directory board and at the entrance to Tenant’s suite.

 M. Confidentiality. Tenant shall keep the content and all copies of this Lease, related documents, or amendments now or
hereafter entered, and all proposals, materials, information, and matters relating thereto strictly confidential, and shall not disclose, disseminate, or distribute any of the same, or permit the same to occur, except to the extent reasonably
required for proper business purposes by Tenant’s employees, attorneys, insurers, auditors, lenders, real estate consultants, brokers, and transferees (and Tenant shall obligate any such parties to whom disclosure is permitted to honor the
confidentiality provisions hereof), and except as may be required by Law or court proceedings. 
 N. Attorneys’ and Other
Professionals’ Fees. In any litigation or other proceeding arising under, concerning, or related to this Lease, the prevailing party, as determined by the tribunal, shall be entitled to recover from the other its attorneys’ actual and
reasonable fees and costs, its accountants’ actual and reasonable fees and costs, and any its other professionals’ actual and reasonable fees and costs, in the amount determined by the tribunal, at trial, in arbitration, on appeal, or in
bankruptcy. 

  
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 O. Further Assurances. Tenant agrees to execute such other documents that Landlord
reasonably requests to correct errors in this Lease or to otherwise achieve the intent of the parties. 
 P. Tenant’s
Cooperation. Tenant agrees to cooperate with Landlord in any governmental proceeding in which Tenant’s assistance is necessary or desirable for Landlord, the Building, Property, or Center to qualify for any governmental benefit, including
without limitation any property tax abatement program or property tax protest, reduction, or refund action. 
 Q.
Landlord’s Representations. Tenant acknowledges that Landlord has made no covenants, representations, or warranties concerning the Premises, the Building, Property, or Center not expressly set forth in this Lease. Landlord shall not be
liable under any theory of implied warranty, representation, or covenant. 
 R. Waiver of Liens; Landlord Liens. Landlord
expressly waives and relinquishes any landlord’s lien, rights of levy or distraint, claim, security interest or other interest Landlord may now or hereafter have in or with respect to any of the improvements, trade fixtures, furnishings or
personal property of Tenant, and agrees to execute and deliver such commercially reasonable waiver documents as Tenant’s lender(s) may request from time to time. 
 SECTION 34: GUARANTY 
 If a guarantor is named in Section 1.L. of this
Lease, then Landlord’s performance of its obligations hereunder, including without limitation the delivery of the Premises to Tenant, shall be conditioned upon Tenant’s delivery to Landlord, upon execution of this Lease, of the Guaranty
attached hereto as Exhibit D, fully executed by Guarantor. 
 SECTION 35: ENTIRE AGREEMENT 

This Lease, together with the Riders, Exhibits, and other documents listed in Section 1 (which collectively are hereby incorporated
where referred to herein and made a part hereof as though fully set forth), contains all the terms and provisions between Landlord and Tenant relating to the matters set forth herein and no prior or contemporaneous agreement or understanding
pertaining to the same shall be of any force or effect, except any such contemporaneous agreement specifically referring to and modifying this Lease, signed by both parties. Neither this Lease, nor any Riders or Exhibits referred to above may be
modified, except in writing signed by both parties. 
 IN WITNESS WHEREOF, the parties have executed this Lease as of the
date first set forth above. 
  

							
	LANDLORD:	  	TENANT:
		
	C. D. STIMSON COMPANY, a Washington corporation	  	AMERICAN PET INSURANCE COMPANY, a New York corporation
				
	By:	  	 /s/ Thomas S. Bayley
	  	By:	  	 /s/ Howard E. Rubin

		  	Thomas S. Bayley, President	  		  	

  
 31 

 LANDLORD ACKNOWLEDGEMENT 

 

					
	STATE OF WASHINGTON	  	)	  	
		  	)	  	ss.
	 County of King
	  	)	  	

 I, the undersigned, a Notary Public, in and for the County and State aforesaid, do hereby certify that
THOMAS S. BAYLEY, personally known to me to be the PRESIDENT of C. D. STIMSON COMPANY, a Washington corporation, and personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared
before me this day in person and acknowledged that in such capacity of said corporation being authorized so to do, he executed the foregoing instrument on behalf of said corporation, by subscribing the name of such corporation by himself as such
officer, as a free and voluntary act, and as the free and voluntary act and deed of said corporation, as partner or agent for the Landlord designated in the foregoing instrument, for the uses and purposes therein set forth. 

Given under my hand and official seal this 30th day of August, 2011. 
  

							
	

	 		 	 /s/ Ellen Mohl Barouh

	 		 	NOTARY PUBLIC
	 		 		 	
	 		 	 Ellen Mohl Barouh

	 		 	[Printed Name]
	 		 	Residing at     Seattle, WA
	 		 	My commission expires:     July 31, 2014
	 		 		 	
	 		 		 	

 TENANT ACKNOWLEDGEMENT 

 

					
	STATE OF WASHINGTON	  	)	  	
		  	)	  	ss.
	 County of King
	  	)	  	

 On this 30th day of August, 2011, before me a Notary Public duly authorized in and for the said County in the State aforesaid to
take acknowledgements personally appeared Howard Rubin, known to me to be the COO of AMERICAN PET INSURANCE COMPANY, a New York corporation, being the entity described in the foregoing instrument, and acknowledged that as such officer, being
authorized so to do, (s)he executed the foregoing instrument on behalf of said limited liability company by subscribing the name of such limited liability by himself/herself as such officer and caused the seal, if any, of said limited liability
company to be affixed thereof, as his free and voluntary act, and as the free and voluntary act of said limited liability company, for the uses and purposes therein set forth. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

							
	

	 		 	 /s/ Kelsey K. Miyoshi

	 		 	NOTARY PUBLIC
	 		 		 	
	 		 	 Kelsey K. Miyoshi

	 		 	[Printed Name]
	 		 	Residing at     Seattle, WA
	 		 	My commission expires:     May 25, 2014
	 		 		 	
	 		 		 	
		 		 		 	

  
 32 

 EXHIBIT A 

(LEGAL DESCRIPTION OF PROPERTY) 
 Lot W of Short Subdivision No. 3008464, Recorded July 16, 2009, at Book 264, pages 219-226, under King County Recorder’s No. 20090716900015. 

  
 33 

 EXHIBIT A-1 

(LEGAL DESCRIPTION OF CENTER) 
 Lots R, S, T, V, W, X, Y, and Z of Short Subdivision No. 3008464, Recorded July 16, 2009, at Book 264, pages 219-226, under King County Recorder’s No. 20090716900015. 

  
 34 

 EXHIBIT B 

(DRAWING OF PREMISES) 
  

 

  
 35 

 EXHIBIT C 

(PARKING) 
  

 

  
 36 

 EXHIBIT D 

(WORK LETTER) 
 American
Pet Insurance Company 
 REFERENCE: Work Letter Agreement 

In accordance with the provisions of Section 2 of your Lease dated as of August 29th, 2011 (the “Lease”), with the undersigned Landlord,
the “Tenant Improvement Work” (as hereinafter defined) to the Premises shall be completed substantially in accordance with the following: 
  

	1.	GENERAL INTENT AND PROCEDURE 

 1.1 It is the intent of this Work Letter Agreement that Tenant shall be permitted reasonable freedom in the interior design and layout of Tenant’s Premises so long as the same is (a) consistent
with Landlord’s policies; (b) comparable to, and reasonably consistent with, Building Standard materials and finishes or otherwise approved by Landlord, (c) consistent with Landlord’s structural requirements, (d) complies
with all applicable Laws (as defined in the Lease) including applicable City of Seattle building codes and other governmental rules, regulations, and policies, and (e) complies with sound architectural and construction practice, and provided
further that no material interference is caused to the operation of the Building’s mechanical, heating, cooling, electrical systems, or structure or other Building operations or functions. Capitalized terms used herein, and not otherwise
defined herein, shall have the meaning defined in the Lease which definitions are incorporated herein by reference. 
 1.2 All
improvements and alterations (including without limitation all finishes) proposed to be made to the Premises, and all contractors and subcontractors proposed to be used with respect to such improvements or alterations, must be approved in advance by
Landlord. All improvements and alterations so approved by Landlord are referred to as the “Tenant Improvement Work.” Except as expressly provided otherwise herein (or in the Lease), all provisions of the Lease respecting alterations
or improvements to the Premises shall apply to the Tenant Improvement Work and are incorporated herein by reference. 
  

	2.	COST OF TENANT IMPROVEMENT WORK 

 2.1 Landlord TurnKey Improvements (Landlord’s Work). Landlord shall construct the improvements to the office space, as such improvements are identified on the final space plan approved by
Landlord and Tenant and attached hereto as Schedule 1, including therein the Scope of Work dated
August 29th, 2011 (the “Final Space
Plan”) at Landlord’s sole cost and expense (such work “Landlord’s Work.” Costs to be paid by Landlord as part of Landlord’s Work shall include: all actual construction costs related to Landlord’s Work;
architectural fees and permit fees related to Landlord’s Work; Landlord’s space planning expenses related to the Final Space Plan as the same may be amended from time-to-time; Landlord’s project management expenses; and all taxes
related to Landlord’s Work. Provided, Landlord shall not be required to incur expenses for any improvements or alterations not expressly set forth on the Final Space Plan. The cost of (i) any improvements or alterations not
expressly set forth on the Final Space Plan and (ii) any changes requested by or arising by or through Tenant to the work set out on the Final Space Plan shall be subject to Section 2.2 of this Agreement and shall be at Tenant’s sole
cost and expense. Landlord shall, at Landlord’s sole cost and expense, repair any defects in Landlord’s Work for a period of one year following substantial completion thereof. Landlord hereby assigns, or agrees to assign as necessary, on a
non-exclusive basis, to Tenant all warranties and guaranties by all contractors, subcontractors and vendors performing or supplying materials for Landlord’s Work from and after the date that is one year after substantial completion of
Landlord’s Work. Landlord shall notify Tenant upon substantial completion of Landlord’s Work. Upon such notice, Landlord and Tenant shall inspect the Premises and prepare an agreed punchlist of any items remaining for completion
(“Punchlist Items”). Landlord shall use commercially reasonable efforts to complete any Punchlist Items within thirty (30) days after preparation of the agreed list and in any case all such Punchlist Items shall be completed
within ninety (90) days after preparation of the agreed list. 

  
 37 

 2.2 Other Improvements and Excess Costs. Any other Tenant Improvement Work not set
forth on the Final Space Plan and all changes required by Tenant to the Tenant Improvement Work set out on the Final Space Plan, shall be at Tenant’s sole cost and expense and shall be subject to all other provisions of this Work Letter
Agreement. Any and all costs (without exception) owed by Tenant shall be paid by Tenant within thirty (30) business days after receipt of an invoice therefore. Costs of such Tenant Improvement Work shall include all design, administration, and
construction costs incurred in approving and constructing such Tenant Improvement Work including without limitation the following: the actual construction cost of the work charged by the TI Contractor; any and all costs of space planning, design,
and Landlord review and approval thereof (including any architectural and engineering fees incurred by Landlord); Landlord’s costs of contract administration and project management; any and all operation, insurance premium, maintenance, tax,
utility or other fees and costs arising from the work charged by the TI Contractor or any other vendor; any costs resulting from modifications required by governmental agencies to meet building or environmental codes charged by the TI Contractor;
and any costs resulting from modifications to Building Systems and Equipment resulting from such Tenant Improvement Work charged by the TI Contractor, excluding costs necessary to bring Building Systems and Equipment into compliance with applicable
City of Seattle building codes. 
 2.3 Plan Schedule. After mutual execution of this Lease, Landlord shall proceed to
prepare construction plans and specifications (the “Working Drawings and Specifications”), which shall be consistent with the Final Space Plan. Upon completion, Landlord shall present the Working Drawings and Specifications to
Tenant for approval, which approval shall not be unreasonably withheld or delayed. Landlord shall then construct Landlord’s Work in substantial accordance with the Working Drawings and Specifications, and the cost of Landlord’s Work and
any other Tenant Improvement Work, shall be paid in accordance with Sections 2.1 and 2.2 above. Any changes requested by Tenant to the Final Space Plan, or to the Working Drawings and Specifications, shall be at Tenant’s sole cost and shall be
paid in accordance with Section 2.2 above. If completion of Landlord’s Work (including preparation of final plans and specifications) is delayed due to Tenant’s Delay, then the date reasonably determined by Landlord as the date upon
which Landlord’s Work should have been substantially complete shall be extended by the number of days caused by Tenant’s Delay as reasonably determined by Landlord, without change to the Commencement Date of this Lease. As used herein,
“Tenant Delay” means (i) Tenant’s failure to approve, within the time periods specified herein, any matter requiring Tenant’s approval under this Work Letter or if no time periods are specified herein, within a
reasonable time period considering the nature of the matter requiring Tenant’s approval or within the time period specified in any written notice from Landlord concerning the matter; (ii) Tenant’s request for changes in the Working
Drawings and Specifications, Final Space Plan, or Scope of Work, provided that Landlord shall provide Tenant with Landlord’s good faith estimate of the length of any delay which may be caused by such changes requested by Tenant; (iii) any
postponement of construction at Tenant’s request; or (iv) any intentional interference by Tenant or Tenant’s employees, agents, or contractors. 
 2.4 Tenant’s Work. Subject to the requirements of Section 10 of the Lease, Tenant acknowledges that it will be responsible for performing, at its sole cost and expense and independently
of Landlord’s Work and the Improvement Allowance any other work not specifically called out in this Work Letter as Landlord’s Work (“Tenant’s Work”): Installation of Tenant’s telephone and computer cabling and
systems; installation of Tenant’s security system; installation of cubicles or office partitions; and all other work. 
  

	3.	COMPLETION, TERM AND RENTAL COMMENCEMENT DATE 

 Subject to the provisions of Section 3 of this Lease, the Term and Tenant’s obligations for the payment of rent under the Lease commences on the Commencement Date set forth in Section 1 of
the Lease. 
  

	4.	CONSTRUCTION BY LANDLORD’S APPROVED CONTRACTOR 

 Tenant agrees that, unless otherwise set forth in this Work Letter Agreement, all construction work in the Premises shall be performed by a Tenant Improvement Contractor (“TI Contractor”)
designated by Landlord. The TI Contractor shall perform such work in a good and workmanlike manner and shall construct the improvements in the Premises substantially in accordance with the applicable code requirements and the approved Working
Drawings and Specifications. Landlord shall cause the TI Contractor to diligently pursue completion of the construction work in the Premises. 

  
 38 

	5.	ADMINISTRATION BY LANDLORD’S ARCHITECT 

 Tenant agrees that all plans, specifications, or design criteria shall be approved in advance by Landlord’s designated architect or other representative (“Landlord’s architect”).
Tenant, at Tenant’s expense, may utilize an alternative architect for Tenant’s design purposes, provided that all designs and plans are reviewed and approved by Landlord’s architect, and Tenant provides Landlord’s architect
with all drawings and specifications in a format designated by Landlord’s architect. 
  

	6.	PROJECT MANAGER 

Landlord has designated a “Project Manager” who shall be responsible for the implementation of all Tenant Improvement
Work to be performed by Landlord in the Premises. With regard to all matters involving such Tenant Improvement Work, Tenant shall communicate with the Project Manager rather than with the TI Contractor or any subcontractor. Landlord shall not be
responsible for any statement, representation or agreement made between Tenant and the TI Contractor or any subcontractor. It is hereby expressly acknowledged by Tenant that such TI Contractor is not Landlord’s agent and has no authority
whatsoever to enter into agreements on Landlord’s behalf or otherwise bind Landlord. The Project Manager will furnish Tenant with notices of substantial completion, cost estimates for Tenant Improvement Work, Landlord’s approvals or
disapprovals of all plans and drawings and changes thereto. 
 Tenant shall designate a representative (“Tenant’s
Representative”) who shall have authority to act for Tenant in all matters relating to the Tenant Improvement Work and who shall be available continuously during the construction project. 

 

	7.	NOTICES; DEFAULT 

Any notice, statement advice, approval, consent or other communication required or permitted to be given by either party to the other
pursuant to this Work Letter Agreement shall be given in the manner set forth in Section 1 and 24 of the Lease. A default by Tenant of any obligation hereunder shall constitute a default by Tenant under the Lease, and upon default of Tenant in
payment of any sum to be paid by Tenant pursuant to this Work Letter Agreement, Landlord shall (in addition to all other remedies) have all the rights as in the case of default by Tenant in payment of Rent under the Lease. 

The foregoing Work Letter Agreement correctly sets forth our understanding as of the date first hereinabove set forth. 

 

									
	 LANDLORD:
  

C. D. STIMSON COMPANY, a Washington corporation
	 		 	 TENANT:
  

AMERICAN PET INSURANCE COMPANY, a New York corporation

					
	By:	 	 /s/ Thomas S. Bayley
	 		 	By:	 	 /s/ Howard E. Rubin

		 	Thomas S. Bayley, President	 		 		 	C.O.O.
		 		 		 		 	

  
 39 

 SCHEDULE 1 TO WORK LETTER – FINAL SPACE PLAN 

(FINAL FLOOR PLAN) 

  
 40 

  
 

 

  
 41 

  
 

 

  
 42 

 SCHEDULE 1 TO WORK LETTER 

(SCOPE OF WORK – LANDLORD’S WORK –
August 29th, 2011) 
  

	1.	Develop and define project scope and specifications; 

  

	2.	Develop project schedule, select contractor, obtain permits as required; 

  

	3.	Protect existing surfaces and finishes during construction, including floor coverings; 

 

	4.	Demolish existing walls as per the Final Space Plan, including removal of interior trim, wallboard, and framing, and dispose of all demolition debris;

  

	5.	Frame new walls, soffits, door openings, and architectural details as per the Final Space Plan; 

 

	6.	Replace interior trim as needed to match existing trim 

  

	7.	Patch wallboard as needed; 

  

	8.	Interior painting of new walls to match paint on existing walls; 

  

	9.	Replace flooring as needed to tie in with existing flooring; 

  

	10.	Modify drop ceiling as needed per Final Space Plan; 

  

	11.	Adjust venting to match new spaces, per Final Space Plan; 

  

	12.	Demolish existing electrical as required per Final Space Plan; 

  

	13.	Provide new lighting, electrical circuits for new space as per Final Space Plan; and 

 

	14.	Provide electrical service and connection to Tenant provided workstations per Final Space Plan. 

  
 43 

 EXHIBIT E 

EXISTING RIGHTS TO SPACE AT SALMON BAY CENTER 
 1. Pacific Studio, Inc. has the option to acquire the warehouse space adjacent to its current premises upon expiration of current tenant’s lease. 

  
 44 

 RIDER ONE 

RULES 

(1) Access to Property. On Saturdays, Sundays and Holidays, and on other days between the hours of 6:00 P.M. and 5:00 A.M. the
following day, or such other hours as Landlord shall reasonably determine from time to time, access to and within the Property and Center may be restricted and access gained pursuant to such security procedures Landlord may impose, provided,
however, Tenant and its employees shall have access to the Premises 24 hours per day, 7 days per week, 365 days per year. Landlord retains the right to control and prevent access to the Property and Center by persons engaged in activities which are
illegal or violate these Rules, or whose presence in the judgment of Landlord shall be prejudicial to the safety, character, reputation, and interests of the Property and Center and its tenants (and Landlord shall have no liability in damages for
such actions taken in good faith). No Tenant and no employee or invitee of Tenant shall enter areas reserved for the exclusive use of Landlord, its employees, or invitees or other persons. Tenant shall keep doors to corridors and lobbies closed
except when persons are entering or leaving. 
 (2) Signs. Tenant shall not paint or display any sign or other matter on
any part of the outside or inside of the Building, or on the Property or Center, or on any part of the inside of the Premises which can be seen from the outside of the Premises without the prior consent of Landlord. Landlord shall prescribe the
suite number and identification sign for the Premises (which shall be prepared and installed by Landlord). Landlord reserves the right to remove at Tenant’s expense all matter not so installed or approved without notice to Tenant. 

(3) Window and Door Treatments. Tenant shall not place anything near the glass of any door, partition, wall, or window which may be
unsightly from outside the Premises, and Tenant shall not place or permit to be placed any item of any kind on any window ledge or on the exterior walls. Blinds, shades, awnings, or other forms of inside or outside window ventilators or similar
devices, shall not be placed in or about the outside windows or doors in the Premises except to the extent they are first approved by Landlord. Tenant shall not install or remove any solar tint film from the windows. 

(4) Lighting and General Appearance of Premises. Landlord reserves the right to approve in writing all internal lighting that may
be visible from outside the Premises. The appearance of the portion of the Premises visible from outside the Premises shall at all times have a neat, professional, attractive, first class office appearance. 

(5) Property, Trade Names, Likeness, Trademarks. Tenant shall not in any manner use the name of the Center for any purpose, or use
any trade names or trademarks used by Landlord, any other tenant, or its affiliates, or (except when marketing the Premises for sublease or assignment) any picture or likeness of the Building or Center for any purpose other than that of the business
address of Tenant, in any letterheads, envelopes, circulars, notices, advertisements, containers, wrapping, or other material. 

(6) Deliveries and Removals. Furniture, freight, and other large or heavy items, and all other deliveries may be brought into the
Properly and Center only at times and in the manner designated by Landlord, and always at the Tenant’s sole responsibility and risk. Any hand-carts used at the Property or Center shall have rubber wheels and side guards, and no other material
handling equipment may be brought upon the Property or Center without Landlord’s prior written approval. 
 (7) Outside
Vendors. Vendors must use service entrances, upon reasonable request of Landlord. 
 (8) Overloading Floors; Vaults.
Tenant shall not overload any floor or part thereof in the Premises or Building, including any public corridors or elevators therein bringing in or removing any large or heavy items, and Landlord may prohibit, or direct and control the location
and size of, safes and all other heavy items and require at Tenant’s expense supplementary supports of such material and dimensions as Landlord may deem necessary to properly distribute the weight. 

  
 45 

 (9) Locks and Keys. Tenant shall use such standard key system designated by Landlord
on all keyed doors to and within the Premises, excluding any permitted vaults or safes (but Landlord’s designation shall not be deemed a representation of adequacy to prevent unlawful entry or criminal acts, and Tenant shall maintain such
additional insurance as Tenant deems advisable for such events). Tenant shall not attach or permit to be attached additional locks or similar devices to any door or window, change existing locks or the mechanism thereof, or make or permit to be made
any keys for any door other than those provided by Landlord. If more than two keys for one lock are desired, Landlord will provide them without charge. In the event of loss of any keys furnished by Landlord, Tenant shall pay Landlord’s
reasonable charges therefore. The term “key” shall include mechanical, electronic or other keys, cards, and passes. Landlord shall not be liable for the consequences of admitting by pass key or refusing to admit to the Premises the Tenant,
Tenant’s agent or employees or other persons claiming the right of entrance. 
 (10) Utility Closets and Connections.
Landlord reserves the right to control access to and use of, and monitor and supervise any work in or affecting, the “wire” or telephone, electrical, plumbing or other utility closets, the Systems and Equipment, and any changes,
connections, new installations, and wiring work relating thereto (or Landlord may engage or designate an independent contractor to provide such services). Tenant shall obtain Landlord’s prior written consent for any such access, use, and work
in each instance. Tenant shall have no right to use any broom closets, storage closets, janitorial closets, or other such closets, rooms and areas whatsoever. Tenant shall not install in or for the Premises any equipment which requires more electric
current than Landlord is required to provide under this Lease, without Landlord’s prior written approval, and Tenant shall ascertain from Landlord the maximum amount of load or demand for or use of electrical current which can safety be
permitted in and for the Premises, taking into account the capacity of electric wiring in the Property and the Premises and the needs of tenants of the Property and Center, and shall not in any event connect a greater load than such safe capacity.

 (11) Plumbing Equipment. The toilet rooms, urinals, wash bowls, drains, sewers and other plumbing fixtures, equipment
and lines shall not be misused or used for any purpose other than that for which they were constructed and no foreign substance of any kind whatsoever shall be thrown therein. 
 (12) Trash. All garbage, refuse, trash, and other waste shall be kept in the kind of container, placed in the areas, and prepared for collection in the manner and at the times and places specified
by Landlord, subject to Lease provisions respecting Hazardous Materials. Landlord reserves the right to require that Tenant participate in any recycling program designated by Landlord. 

(13) Alcohol, Drugs, Food, and Smoking. Landlord reserves the right to exclude or expel from the Property or Center any person who,
in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules. Tenant shall not at any time manufacture or sell any spirituous, fermented,
intoxicating, or alcoholic liquors on the Premises, nor permit the same to occur. Tenant and its employees shall not smoke tobacco on any part of the Property or Center (including exterior areas) except those areas, if any, that are designated or
approved as smoking areas by Landlord. One or more designated areas shall be adjacent to the Premises. Landlord shall inform Tenant upon request of the location of the designated areas. 

(14) Use of Common Areas; No Soliciting. Tenant shall not use the common areas, including areas adjacent to the Premises, for any
purpose other than ingress and egress, and any such use thereof shall be subject to the other provisions of this Lease, including these Rules. Without limiting the generality of the foregoing, Tenant shall not allow anything to remain in any
passageway, sidewalk, court, corridor, stairway, entrance, exit, elevator, parking or shipping area, or other area outside the Premises. Tenant shall not use the common areas to canvass, solicit business or information from, or distribute any item
or material to, other tenants or invitees of the Property or Center. Tenant shall not make any room-to-room canvass to solicit business or information or to distribute any item or material to or from other tenants of the Property or Center and shall
not exhibit, sell or offer to sell, use, rent or exchange any products or services in or from the Premises unless ordinarily embraced within the Tenant’s use of the Premises expressly permitted in the Lease. 

(15) Energy and Utility Conservation. Tenant shall not waste electricity, water, heat or air conditioning, or other utilities or
services, and agrees to cooperate fully with Landlord to assure the most effective and energy efficient operation of the Property and Center and shall not allow the adjustment (except by Landlord’s authorized Property personnel) of any
controls. Tenant shall not obstruct, alter, or impair the efficient operation of 

  
 46 

 
the Systems and Equipment, and shall not place any item so as to interfere with air flow. Tenant shall keep corridor doors closed. If reasonably requested by Landlord (and as a condition to
claiming any deficiency in the air-conditioning or ventilation services provided by Landlord), Tenant shall on extreme sun days use blinds or drapes in the Premises to reduce direct sunlight. 

(16) Unattended Premises. Before leaving the Premises unattended, Tenant shall close and security lock all doors or other means of
entry to the Premises and shut off all lights and water faucets in the Premises (except heat to the extent necessary to prevent the freezing or bursting of pipes). 
 (17) Going-Out-Of Business Sales and Auctions. Tenant shall not use, or permit any other party to use, the Premises for any distress, fire, bankruptcy, close-out, “lost our lease”, or
going-out-of-business sale or auction. Tenant shall not display any signs advertising the foregoing anywhere in or about the Premises. This prohibition shall also apply to Tenant’s creditors. 

(18) Labor Harmony. Tenant shall not use (and upon notice from Landlord shall cease using) contractors, services, workmen, labor,
materials or equipment, or labor and employment practices that, in Landlord’s good faith judgment, may cause strikes, picketing, or boycotts or disturb labor harmony with the workforce or trades engaged in performing other work, labor, or
services in or about the Property or Center. 
 (19) Prohibited Activities. Tenant shall not: (i) use strobe or
flashing lights in or on the Premises, (ii) install or operate any internal combustion engine, boiler, machinery, refrigerating, heating or air conditioning equipment in or about the Premises, (iii) use the Premises for housing, lodging,
or sleeping purposes or for the washing of clothes, (iv) place any radio or television antennae other than inside of the Premises, (v) operate or permit to be operated any musical or sound producing instrument or device which may be heard
outside the Premises, (vi) use any source of power other than electricity, (vii) operate any electrical or other device from which may emanate electrical, electromagnetic, energy, microwave, radiation, or other waves or fields which may
interfere with or impair radio, television, microwave, or other broadcasting or reception from or in the Property, Center, or elsewhere, or impair or interfere with computers, faxes or telecommunication lines or equipment at the Property, Center, or
elsewhere, or create a health hazard, (viii) bring or permit any vehicle, or dog (except in the company of a blind person or except where specifically permitted) or other animal or bird in the Premises or Building, (ix) make or permit
objectionable noise, vibration, or odor to emanate from the Premises, (x) do anything in or about the Premises, Property, or Center that is illegal, immoral, obscene, pornographic, or anything that may in Landlord’s good faith opinion
create or maintain a nuisance, cause physical damage to the Premises, Property, or Center, interfere with the normal operation of the Systems and Equipment, impair the appearance, character or reputation of the Premises, Property, or Center, create
waste to the Premises, Property, or Center cause demonstrations, protests, loitering, bomb threats, or other events which may require evacuation of the Building, Property, or Center, (xi) advertise or engage in any activities which violate any
code of ethics or licensing requirements of any professional or business organization, (xii) throw or permit to be thrown or dropped any item from any window or other opening in the Premises or Building, (xiii) use the Premises for any
purpose, or permit upon the Premises, Property, or Center anything, that may be dangerous to persons or property (including firearms or other weapons (whether or not licensed or used by security guards) or any explosive or combustible items or
materials) (xiv) place vending or game machines in the Premises, except vending machines for employees which shall be at Tenant’s sole cost and expense and only upon prior notice to and consent of Landlord, (xv) adversely affect the
indoor air quality of the Premises, Building, Property, or Center, (xvi) use the Premises for cooking or food preparation other than preparation of coffee, tea, and similar beverages, or customary microwave use, for Tenant and its employees, or
(xvii) do or permit anything to be done upon the Premises, Property, or Center in any way tending to disturb, bother, annoy, or interfere with Landlord or any other tenant at the Property or Center or the tenants of neighboring property, or
otherwise disrupt orderly and quiet use and occupancy of the Property or Center. 
 (20) Transportation Management. Tenant
shall comply with all present or future programs intended to manage parking, transportation or traffic in and around the Property and Center, and in connection therewith, Tenant shall take responsible action for the transportation planning and
management of all employees located at the Premises by working directly with Landlord, any governmental transportation management organization, or any other transportation-related committees or entities. 

  
 47 

 (21) Parking. The following Rules shall apply to the parking area at the Property and
Center (“Parking Area”): 
 (i) Except as otherwise provided in this Lease, parking shall be available in areas
designated by Landlord from time to time. Except for parking spaces specifically reserved, parking for Tenant and its employees and visitors shall be on a “first come, first served,” unassigned basis, in common with Landlord and other
tenants at the Property and Center, and their employees and visitors, and other Persons to whom Landlord shall grant the right or who shall otherwise have the right to use the same. Landlord reserves the right to reserve specific spaces for small
and other size cars, disabled persons, and other tenants, customers of tenants, or other parties. 
 (ii) In case of any
violation of these rules, Landlord may refuse to permit the violator to park, and may remove the vehicle owned or driven by the violator from the Property or Center without liability whatsoever, at such violator’s risk and expense. Landlord
reserves the right to temporarily close all or a portion of the Parking Area in order to make repairs or perform maintenance services, or to alter, modify, restripe, or renovate the same, or any other reason beyond Landlord’s reasonable
control. In the event access is denied other than temporarily for any reason, Landlord will make reasonable efforts to provide alternate parking. 
 (iii) Tenant shall have access to the parking lot twenty-four hours per day, seven days per week. Cars must be parked entirely within the stall lines, and only small or other qualifying cars may be parked
in areas reserved for such cars; all directional signs, arrows and speed limits must be observed; spaces reserved for disabled persons must be used only by vehicles properly designated; washing, waxing, cleaning or servicing of any vehicle is
prohibited; every parker is required to park and lock his own car, except to the extent that Landlord adopts a valet parking system; parking is prohibited in areas: (a) not striped or designated for parking, (b) aisles, (c) where
“no parking” signs are posted, (d) on ramps, and (e) loading areas and other specially designated areas. Delivery trucks and vehicles shall use only those areas designated therefore. 

(22) Responsibility for Compliance. Tenant shall be responsible for ensuring compliance with these Rules, as they may be reasonably
amended, by Tenant’s employees and as applicable, by Tenant’s agents, invitees, contractors, subcontractors, and suppliers. Tenant shall cooperate with any reasonable program or requests by Landlord to monitor and enforce the Rules,
including providing vehicle numbers and taking appropriate action against such of the foregoing parties who violate these provisions. 

  
 48EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
 NISSAN AUTO LEASE TRUST 2014-A 

$128,000,000 
 0.18000% Asset
Backed Notes, Class A-1 
 $182,500,000 

0.48% Asset Backed Notes, Class A-2a 

$182,500,000 
 LIBOR + 0.16% Asset
Backed Notes, Class A-2b 
 $242,000,000 

0.80% Asset Backed Notes, Class A-3 

$115,000,000 
 1.04% Asset Backed
Notes, Class A-4 
 NISSAN AUTO LEASE TRUST 2014-A 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Indenture Trustee 
  

 
 INDENTURE 

Dated as of June 18, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE ONE
	 	 DEFINITIONS
	  	 	1	  
			
	 SECTION 1.01
	 	 Capitalized Terms
	  	 	1	  
	 SECTION 1.02
	 	 Interpretation
	  	 	2	  
	 SECTION 1.03
	 	 Incorporation by Reference Trust Indenture Act
	  	 	2	  
			
	 ARTICLE TWO
	 	 THE NOTES
	  	 	3	  
			
	 SECTION 2.01
	 	 Form
	  	 	3	  
	 SECTION 2.02
	 	 Execution, Authentication and Delivery
	  	 	3	  
	 SECTION 2.03
	 	 Temporary Notes
	  	 	4	  
	 SECTION 2.04
	 	 Registration; Registration of Transfer and Exchange
	  	 	4	  
	 SECTION 2.05
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	  
	 SECTION 2.06
	 	 Persons Deemed Owners
	  	 	7	  
	 SECTION 2.07
	 	 Cancellation
	  	 	7	  
	 SECTION 2.08
	 	 Release of Collateral
	  	 	7	  
	 SECTION 2.09
	 	 Book-Entry Notes
	  	 	7	  
	 SECTION 2.10
	 	 Notices to Clearing Agency
	  	 	8	  
	 SECTION 2.11
	 	 Definitive Notes
	  	 	8	  
	 SECTION 2.12
	 	 Authenticating Agents
	  	 	9	  
	 SECTION 2.13
	 	 Tax Treatment
	  	 	10	  
	 SECTION 2.14
	 	 Tax Forms
	  	 	10	  
	 SECTION 2.15
	 	 Retained Notes
	  	 	10	  
	 SECTION 2.16
	 	 Calculation Agent
	  	 	12	  
			
	 ARTICLE THREE
	 	 COVENANTS
	  	 	12	  
			
	 SECTION 3.01
	 	 Payments to Noteholders, Trust Certificateholders and Depositor
	  	 	12	  
	 SECTION 3.02
	 	 Maintenance of Office or Agency
	  	 	12	  
	 SECTION 3.03
	 	 Money for Payments to be Held in Trust
	  	 	13	  
	 SECTION 3.04
	 	 Existence
	  	 	14	  
	 SECTION 3.05
	 	 Protection of Owner Trust Estate
	  	 	15	  
	 SECTION 3.06
	 	 Opinions as to Owner Trust Estate
	  	 	15	  
	 SECTION 3.07
	 	 Performance of Obligations; Servicing of the 2014-A SUBI Assets
	  	 	16	  
	 SECTION 3.08
	 	 Negative Covenants
	  	 	17	  
	 SECTION 3.09
	 	 Annual Statement as to Compliance
	  	 	17	  
	 SECTION 3.10
	 	 Restrictions on Certain Other Activities
	  	 	18	  
	 SECTION 3.11
	 	 Notice of Defaults
	  	 	18	  
	 SECTION 3.12
	 	 Further Instruments and Acts
	  	 	18	  
	 SECTION 3.13
	 	 Delivery of the 2014-A SUBI Certificate
	  	 	18	  
	 SECTION 3.14
	 	 Compliance with Laws
	  	 	19	  
	 SECTION 3.15
	 	 Issuing Entity May Consolidate, etc., Only on Certain Terms
	  	 	19	  
	 SECTION 3.16
	 	 Successor or Transferee
	  	 	21	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 3.17
	 	 Removal of the Administrative Agent
	  	 	21	  
	 SECTION 3.18
	 	 Perfection Representations
	  	 	21	  
	 SECTION 3.19
	 	 Securities Exchange Act Filings
	  	 	21	  
	 SECTION 3.20
	 	 Regulation AB Representations, Warranties and Covenants
	  	 	21	  
			
	 ARTICLE FOUR
	 	 SATISFACTION AND DISCHARGE
	  	 	22	  
			
	 SECTION 4.01
	 	 Satisfaction and Discharge of Indenture
	  	 	22	  
	 SECTION 4.02
	 	 Application of Trust Money
	  	 	23	  
	 SECTION 4.03
	 	 Repayment of Monies Held by Paying Agent
	  	 	23	  
			
	 ARTICLE FIVE
	 	 INDENTURE DEFAULT
	  	 	23	  
			
	 SECTION 5.01
	 	 Indenture Defaults
	  	 	23	  
	 SECTION 5.02
	 	 Acceleration of Maturity; Waiver of Indenture Default
	  	 	25	  
	 SECTION 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	25	  
	 SECTION 5.04
	 	 Remedies; Priorities
	  	 	27	  
	 SECTION 5.05
	 	 Optional Preservation of the Collateral
	  	 	28	  
	 SECTION 5.06
	 	 Limitation of Suits
	  	 	29	  
	 SECTION 5.07
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	29	  
	 SECTION 5.08
	 	 Restoration of Rights and Remedies
	  	 	30	  
	 SECTION 5.09
	 	 Rights and Remedies Cumulative
	  	 	30	  
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	30	  
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	30	  
	 SECTION 5.12
	 	 [Reserved]
	  	 	31	  
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	31	  
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	31	  
	 SECTION 5.15
	 	 Action on Notes
	  	 	31	  
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	31	  
	 SECTION 5.17
	 	 Sale of Collateral
	  	 	32	  
			
	 ARTICLE SIX
	 	 THE INDENTURE TRUSTEE
	  	 	32	  
			
	 SECTION 6.01
	 	 Duties of Indenture Trustee
	  	 	32	  
	 SECTION 6.02
	 	 Rights of Indenture Trustee
	  	 	34	  
	 SECTION 6.03
	 	 Individual Rights of Indenture Trustee
	  	 	35	  
	 SECTION 6.04
	 	 Indenture Trustee’s Disclaimer
	  	 	35	  
	 SECTION 6.05
	 	 Notice of Defaults
	  	 	35	  
	 SECTION 6.06
	 	 Reports by Indenture Trustee to Noteholders
	  	 	36	  
	 SECTION 6.07
	 	 Compensation and Indemnity
	  	 	36	  
	 SECTION 6.08
	 	 Replacement of Indenture Trustee
	  	 	37	  
	 SECTION 6.09
	 	 Successor Indenture Trustee by Merger
	  	 	38	  
	 SECTION 6.10
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	39	  
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	40	  
	 SECTION 6.12
	 	 Trustee as Holder of the 2014-A SUBI Certificate
	  	 	40	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 6.13
	 	 Representations and Warranties of Indenture Trustee
	  	 	41	  
	 SECTION 6.14
	 	 Furnishing of Documents
	  	 	41	  
	 SECTION 6.15
	 	 Preferred Collection of Claims Against Issuing Entity
	  	 	41	  
			
	 ARTICLE SEVEN
	 	 NOTEHOLDERS’ LISTS AND REPORTS
	  	 	41	  
			
	 SECTION 7.01
	 	 Note Registrar to Furnish Noteholder Names and Addresses
	  	 	41	  
	 SECTION 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	 	42	  
	 SECTION 7.03
	 	 Reports by Issuing Entity
	  	 	42	  
	 SECTION 7.04
	 	 Reports by Indenture Trustee
	  	 	43	  
	 SECTION 7.05
	 	 Indenture Trustee Website
	  	 	43	  
	 SECTION 7.06
	 	 Information to be Provided by the Indenture Trustee
	  	 	43	  
			
	 ARTICLE EIGHT
	 	 ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	44	  
			
	 SECTION 8.01
	 	 Collection of Money
	  	 	44	  
	 SECTION 8.02
	 	 Accounts
	  	 	44	  
	 SECTION 8.03
	 	 Payment Date Certificate
	  	 	46	  
	 SECTION 8.04
	 	 Disbursement of Funds
	  	 	48	  
	 SECTION 8.05
	 	 General Provisions Regarding Accounts
	  	 	51	  
	 SECTION 8.06
	 	 Release of Owner Trust Estate
	  	 	52	  
	 SECTION 8.07
	 	 Release of Interest In 2014-A Leases and 2014-A Vehicles Upon Purchase or Reallocation by the Servicer
	  	 	53	  
	 SECTION 8.08
	 	 Opinion of Counsel
	  	 	53	  
			
	 ARTICLE NINE
	 	 SUPPLEMENTAL INDENTURES
	  	 	53	  
			
	 SECTION 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	53	  
	 SECTION 9.02
	 	 Supplemental Indentures With Consent of Noteholders
	  	 	55	  
	 SECTION 9.03
	 	 Execution of Supplemental Indentures
	  	 	56	  
	 SECTION 9.04
	 	 Effect of Supplemental Indenture
	  	 	56	  
	 SECTION 9.05
	 	 Reference in Notes to Supplemental Indentures
	  	 	56	  
			
	 ARTICLE TEN
	 	 REDEMPTION OF NOTES
	  	 	57	  
			
	 SECTION 10.01
	 	 Redemption
	  	 	57	  
	 SECTION 10.02
	 	 Form of Redemption Notice
	  	 	57	  
	 SECTION 10.03
	 	 Notes Payable on Redemption Date
	  	 	58	  
			
	 ARTICLE ELEVEN
	 	 MISCELLANEOUS
	  	 	58	  
			
	 SECTION 11.01
	 	 Compliance Certificates and Opinions
	  	 	58	  
	 SECTION 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	60	  
	 SECTION 11.03
	 	 Acts of Noteholders
	  	 	61	  
	 SECTION 11.04
	 	 Notices
	  	 	61	  
	 SECTION 11.05
	 	 Notices to Noteholders; Waiver
	  	 	62	  
	 SECTION 11.06
	 	 Effect of Headings and Table of Contents
	  	 	62	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 11.07
	 	 Successors and Assigns
	  	 	62	  
	 SECTION 11.08
	 	 Severability
	  	 	62	  
	 SECTION 11.09
	 	 Benefits of Indenture
	  	 	63	  
	 SECTION 11.10
	 	 Legal Holidays
	  	 	63	  
	 SECTION 11.11
	 	 Governing Law
	  	 	63	  
	 SECTION 11.12
	 	 Counterparts
	  	 	63	  
	 SECTION 11.13
	 	 Recording of Indenture
	  	 	63	  
	 SECTION 11.14
	 	 Trust Obligation
	  	 	63	  
	 SECTION 11.15
	 	 No Petition
	  	 	64	  
	 SECTION 11.16
	 	 No Recourse
	  	 	64	  
	 SECTION 11.17
	 	 Inspection
	  	 	64	  
	 SECTION 11.18
	 	 Limitation of Liability of Owner Trustee
	  	 	64	  
	 SECTION 11.19
	 	 Conflict with Trust Indenture Act
	  	 	65	  
	 SECTION 11.20
	 	 Intent of the Parties; Reasonableness
	  	 	65	  
	 SCHEDULE
	 		  			
	 Schedule I        Perfection Representations, Warranties and Covenants
	  			
			
	 EXHIBITS
	 		  			
		
	 Exhibit A – Form of Notes
	  	 	A-1	  
	 Exhibit B – Form of Depository Agreement
	  	 	B-1	  
	 Exhibit C – Applicable Servicing Criteria
	  	 	C-1	  
	 Exhibit D – Asset Repurchase Demand Activity Report
	  	 	D-1	  

  
 iv 

 Reconciliation and Tie between the Trust Indenture Act 

of 1939 and Indenture 
  

							
	 TIA
Section
	 	 	  	 	  	 Indenture

Section

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

  

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

	(2)	N.A. means not applicable. 

  
 v 

 INDENTURE 

This Indenture, dated as of June 18, 2014 (this “Indenture”), is between the Nissan Auto Lease Trust 2014-A, a Delaware
statutory trust (the “Issuing Entity”), and U.S. Bank National Association, a national banking association (“U.S. Bank”), as trustee (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other parties and the holders of the Issuing Entity’s Notes: 

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

The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders may be adequately and effectively protected. 

ARTICLE ONE 
 DEFINITIONS 

SECTION 1.01 Capitalized Terms. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed
thereto in the Agreement of Definitions, dated as of June 18, 2014, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and the
“UTI Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its individual
capacity, as servicer and as administrative agent (in such capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC II, a Delaware limited liability company (“NALL
II”), NILT, Inc., a Delaware corporation, as trustee to the Titling Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust, National Association, a national banking association with trust powers, as
owner trustee (the “Owner Trustee”) and Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), the Indenture Trustee and U.S. Bank, as trust agent (in such
capacity, the “Trust Agent”). 

  
 (NALT 2014-A Indenture)

 SECTION 1.02 Interpretation. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein,” “hereof” and the
like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article or Section such as “Article Twelve” or “Section 12.01” shall refer
to the applicable Article or Section of this Indenture, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the term “or” shall include “and/or,”
(vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted successors and assigns, (viii) references to agreements and other contractual instruments
include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture, except that references to the SUBI Trust Agreement
include only such items as related to the 2014-A SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto, (x) references to this
Indenture include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust
Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from
and including” and the words “to” and “until” shall mean “to but excluding.” 
 SECTION 1.03
Incorporation by Reference Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the
following meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities. 

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

  

					
		  	2	  	(NALT 2014-A Indenture)

 ARTICLE TWO 

THE NOTES 
 SECTION 2.01
Form. The Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such
Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 

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

SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf of the Issuing Entity.
The signature of any authorized officer of the Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time authorized officers of the Owner Trustee shall bind the
Issuing Entity, notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate
principal amounts of the Notes: (i) $128,000,000 of Class A-1 Notes, (ii) $182,500,000 of Class A-2a Notes, (iii) $182,500,000 of Class A-2b Notes, (iv) $242,000,000 of Class A-3 Notes, and
(v) $115,000,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective amounts, except as
provided in Section 2.05. 
 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered
notes in book-entry form in minimum denominations of $25,000 and in integral multiples of $1,000 in excess thereof; provided, that the Retained Notes, if any, shall be issued as Definitive Notes and the holder of such Retained Notes shall be
a Note Owner and a Noteholder for all purposes of this Indenture. 
 No Note may be sold, pledged or otherwise transferred to any Person
except in accordance with Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall be null and void. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 

  

					
		  	3	  	(NALT 2014-A Indenture)

 SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Owner
Trustee may execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of
such Notes. 
 If temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay.
After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency of the Issuing Entity to be maintained as provided in Section 3.02,
without charge to the related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Owner Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.04 Registration; Registration of Transfer and Exchange. 

(a) The Issuing Entity shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The Indenture Trustee is hereby initially appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event, subsequent to the Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note Registrar, the
Issuing Entity shall appoint another bank or trust company, having an office located in the Borough of Manhattan, The City of New York, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to
the Indenture Trustee, to act as successor Note Registrar under this Indenture. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of
Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity
shall give the Indenture Trustee prompt written notice of such appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times
and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer as to the names and addresses of the Noteholders and the principal amounts and
number of such Notes. 
 (b) Upon the proper surrender for registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee shall authenticate and the
related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any authorized denominations, of a like aggregate principal amount. 

  

					
		  	4	  	(NALT 2014-A Indenture)

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

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

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

(f) Each Noteholder shall be deemed to represent, warrant and covenant (on the date of acquisition of a Note (or any interest therein) and
throughout the period of holding such Note (or interest therein)) that either (i) it is not, and is not acting on behalf of, a Plan, or (ii) (a) the Note is rated at least “investment grade” by a nationally recognized
statistical rating organization at the time of acquisition, and (b) the Noteholder’s acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, or a violation of any Similar Law. Benefit Plan Investors may not acquire the Notes at any time that the rating on the Notes are below “investment grade.” 

(g) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified in the definition of Tax Retained Notes) unless
a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the effect that either (A) such Notes will be debt for United States federal income tax purposes or
(B) the transfer of such Notes will not cause (i) the Issuer to be treated as an association or publicly traded partnership taxable as a corporation (ii) any Outstanding Notes (other than any Tax Retained Notes) that were
characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel) to be treated as other than debt for United States federal income tax purposes or (iii) an event in which gain or loss would be
recognized by any holder in respect of any Outstanding Notes (other than any Tax Retained Notes) that were characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel). With respect to any
transfer of the Tax Retained Notes (other than to a Person specified in the definition of Tax Retained Notes) for which no written opinion of counsel is provided pursuant to the preceding sentence as described in clause (A), the transfer of such
Notes must be to a “United States person” as defined in Section 7701(a)(30) of the Code. 

  

					
		  	5	  	(NALT 2014-A Indenture)

 
If there are other Notes of the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, such transfer will not be effective unless (i) the Tax Retained
Notes are part of the same issue (as described in United States Treasury Regulation Section 1.1275-2(k)) as the other Notes from the same Class, (ii) neither the Tax Retained Notes nor such other Notes from the same Class will be treated
as issued with original issue discount for U.S. federal income tax purposes or (iii) the Tax Retained Notes and such other Notes from the same Class can be tracked in a manner that will allow each holder of any such Note to identify the
information described in United States Treasury Regulation Section 1.1275-3(b)(1)(i) with respect to each such Note. 
 The preceding
provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption, or (ii) for a period of 15 days
preceding the due date for any payment with respect to such Note. 
 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuing Entity, the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner Trustee, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, and upon receipt
of an Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed,
lost or stolen Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such destroyed, lost or
stolen Note when so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled
to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a
“protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the
Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuing Entity or the
Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the
Indenture Trustee or the Note Registrar) connected therewith. 

  

					
		  	6	  	(NALT 2014-A Indenture)

 Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.06 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the
Indenture Trustee and their respective agents shall treat the Person in whose name any Note is registered (as of the date of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such
Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

SECTION 2.07 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to
any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at
the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is timely and that such Notes have not been previously disposed of by the Indenture
Trustee. 
 SECTION 2.08 Release of Collateral. Subject to Section 11.01 and the terms of the other Basic Documents, the
Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuing Entity Request, accompanied by (i) an Officer’s Certificate, (ii) an Opinion of Counsel and (iii) unless such release is in
connection with a redemption of the Notes in accordance with Section 10.01, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates. 
 SECTION 2.09 Book-Entry Notes. Unless otherwise specified, the
Notes, (other than the Retained Notes, if any), upon original issuance, will be issued in the form of one or more typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing
Agency, or a custodian therefor, by, or on behalf of, the Issuing Entity. For each Class of Book-Entry Notes, one fully registered Note shall be issued with respect to each $500 million in principal amount of each Class of Notes or such

  

					
		  	7	  	(NALT 2014-A Indenture)

 
lesser amount as necessary. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall
receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of the Retained Notes, if any), except as provided in Section 2.11. Except with respect to the Retained Notes, if any, and
otherwise, unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11: 
 (a) the provisions of
this Section shall be in full force and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the
Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners; 

(c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the
initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 

(e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a
specified percentage of the Outstanding Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or
representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.10 Notices to Clearing Agency. Whenever a notice or other communication to Noteholders is required under this Indenture,
except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all such notices and communications
specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.11
Definitive Notes. Except with respect to the Retained Notes, if any (which shall be originally issued as Definitive Notes), if (i) (A) the Depositor, the Owner Trustee or the Administrative Agent advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as described in the Depository Agreement and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to locate a
qualified successor (and if the Administrative Agent has made such determination, the Administrative Agent has given written notice thereof to the Indenture Trustee), (ii) the Depositor, the Indenture Trustee or the Administrative Agent, to the
extent permitted by 

  

					
		  	8	  	(NALT 2014-A Indenture)

 
applicable law, at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note
Owners representing in the aggregate not less than 51% of the Outstanding Amount, voting as a single class, advise the Indenture Trustee through the Clearing Agency and Clearing Agency Participants in writing that the continuation of a book-entry
system through the Clearing Agency or its successor is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event and the
availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions
for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become Noteholders for all purposes of this Indenture. None of the Issuing Entity, Owner Trustee, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. 

The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable if the Indenture Trustee or the Administrative
Agent is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved borders), all as determined
by the officers executing such Notes, as evidenced by their execution of such Notes. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders shall be mailed to their addresses of record in the Note Register as
of the relevant Deposit Date. Such notices shall be deemed to have been given as of the date of mailing. 
 If Definitive Notes are issued
and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Deposit Date, within five days
thereafter and (ii) as of not more than ten days prior to the time such list is furnished, within 30 days after receipt by the Owner Trustee of a written request therefor. 

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

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

  

					
		  	9	  	(NALT 2014-A Indenture)

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

The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services and reimbursement
for its reasonable expenses relating thereto, and the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to Section 6.07. The provisions of Sections 2.07 and 6.04 shall be applicable to
any Authenticating Agent. 
 SECTION 2.13 Tax Treatment. The Issuing Entity has entered into this Indenture, and the Notes (other
than the Tax Retained Notes, if any), will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness. The Issuing Entity, by entering into this
Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agrees to treat the Notes (other than the Tax Retained Notes, if any), for federal, state and local
income, single business and franchise tax purposes as indebtedness. 
 SECTION 2.14 Tax Forms. Promptly upon request, each Noteholder
shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with the Tax Information. 

SECTION 2.15 Retained Notes. 

(a) No Retained Note has been or will be registered under the Securities Act or any other applicable securities or “blue sky” laws
of any state or other jurisdiction, and no Retained Note or any interest therein may be resold, assigned, pledged or otherwise transferred except in compliance with the registration requirements of the Securities Act or any other applicable
Securities or “blue sky” laws, pursuant to an exemption therefrom or in a transaction not subject thereto. 
 (b) Each Retained
Note will bear a legend to the following effect: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 

  

					
		  	10	  	(NALT 2014-A Indenture)

 (c) Prior to any sale or transfer of any Tax Retained Note (or interest therein) that did not
receive the written opinion of counsel described in clause (A) of Section 2.04(g), each prospective transferee of such Tax Retained Note (or interest therein) (except for transfers to a Person specified in the definition of Tax Retained
Notes) shall provide a written representation letter to the Depositor and Indenture Trustee in a form that substantially provides the representations set forth in this Section 2.15(c) and will hereby be deemed to have represented and agreed as
follows: 
 (i) The interests in the Tax Retained Notes and any interests in the Issuing Entity treated as equity for U.S.
federal income tax purposes together may at no time be held by more than 95 Persons. No transfer of Tax Retained Notes (or any interest therein) will be permitted to the extent that such transfer would cause the number of direct or indirect holders
of an interest in the Tax Retained Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes to exceed a number equal to 95 Persons and any such transfers shall be void ab initio. The Depositor shall have
the duty and obligation to ascertain the number of direct or indirect holders of an interest in the Tax Retained Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes. 

(ii) No holder of a Tax Retained Note (or interest therein) shall acquire or transfer any Tax Retained Note (or any interest
therein) or cause any Tax Retained Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter
market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 
 (iii) Each holder of a
Tax Retained Note (or any interest therein) shall represent and warrant that it (i) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or a grantor trust (or disregarded entity the single owner of
which is any of the foregoing) for U.S. federal income tax purposes, or (ii) is such an entity and at no time will more than 50% of the value of any interest in such entity (or the single owner in the case of a disregarded entity described
above) be attributable to such entity’s interest in the Tax Retained Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes that it holds or beneficially owns. 

(iv) The provisions of this Section of the Indenture generally are intended to prevent the Issuing Entity from being
characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, and the Indenture Trustee shall take such intent into account in determining whether or not the requirements of this Section 2.15
have been complied with in connection with any proposed transfer of any Tax Retained Note (or interest therein). 
 (v) Each
holder of a Tax Retained Note (i) is a “United States person” as defined in Section 7701(a)(30) of the Code and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Depositor or
the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or Opinion of Counsel as may be requested in this regard by the Depositor or the Indenture Trustee). 

  

					
		  	11	  	(NALT 2014-A Indenture)

 SECTION 2.16 Calculation Agent. U.S. Bank is hereby designated calculation agent with
respect to each Floating Rate Note (including any successor or replacement calculation agent designated from time to time by agreement of the parties hereto, the “Calculation Agent”), and in such capacity, on each Interest
Determination Date, will (a) calculate the Interest Rate with respect to each Class of the Floating Rate Notes if the Floating Rate Note Balance is greater than zero on such Interest Determination Date and (b) deliver to the Servicer
written notice on such Interest Determination Date of such Interest Rate. All determinations of interest by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Noteholders of the Floating
Rate Notes. All percentages resulting from any calculation on the Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five millionths of a percentage point rounded upwards (e.g., 9.876545% (or
0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Floating Rate Note will be rounded to the nearest cent (with one-half cent being rounded upwards). The Calculation
Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, the Issuing Entity will promptly appoint as a replacement Calculation Agent a leading bank
which is engaged in transactions in Eurodollar deposits and which does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties without a successor having
been duly appointed. 
 ARTICLE THREE 

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

SECTION 3.02 Maintenance of Office or Agency. The Note Registrar, on behalf of the Issuing Entity, shall maintain at the Corporate
Trust Office or at such other location in the Borough of Manhattan, The City of New York, chosen by the Note Registrar, acting for the Issuing Entity, an office or agency where Notes may be surrendered for registration of transfer or

  

					
		  	12	  	(NALT 2014-A Indenture)

 
exchange, and where notices to and demands upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee as
its agent to receive all such surrenders, notices and demands. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuing
Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby
appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.03 Money for Payments to be
Held in Trust. As provided in Sections 5.04(b) and 8.04, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account or the Reserve Account,
if any, shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity except as provided in this Section. All
payments of amounts due and payable with respect to any Notes or Trust Certificates that are to be made from amounts withdrawn from the Note Distribution Account or Reserve Account pursuant to Sections 3.01, 4.02 and 4.03
shall be made on behalf of the Issuing Entity by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes or Trust Certificates shall be paid over to the Issuing Entity or the Owner Trustee,
except as provided by this Section. 
 On each Payment Date and Redemption Date, the Issuing Entity shall deposit or cause to be deposited
(including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account) into the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the
Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing Entity to effect such deposit.

 The Indenture Trustee, as Paying Agent, hereby agrees with the Issuing Entity that it will, and the Issuing Entity will cause each Paying
Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to
the provisions of this Section, that such Paying Agent shall: 
 (a) hold all sums held by it for the payment of amounts due with respect to
the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

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

  

					
		  	13	  	(NALT 2014-A Indenture)

 (c) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as a
Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuing Entity
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent,
such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further
liability with respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph
shall be discharged from such trust and be paid to Second Harvest Food Bank of Middle Tennessee upon presentation thereto of an Issuing Entity Order, and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease. If any Noteholder shall not surrender its Notes for retirement within six months after the
date specified in the written notice of final payment described in Section 8.04(e), the Indenture Trustee will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and
retirement. If within one year after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction of the Issuing Entity, cause to be published once, in an Authorized Newspaper, notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle
Tennessee. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuing Entity, any other reasonable means of notification of such repayment specified by the Issuing Entity or the Administrative Agent. 

SECTION 3.04 Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a trust under the laws of
the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other state or of the United States, in which case the Issuing Entity shall keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement included in the Owner Trust Estate. 

  

					
		  	14	  	(NALT 2014-A Indenture)

 SECTION 3.05 Protection of Owner Trust Estate. The Issuing Entity intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other liens in respect of the Owner Trust Estate, and the Issuing Entity shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Owner Trust Estate. The Issuing Entity shall from time to time execute and deliver all such
supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrative Agent and delivered to the Issuing Entity, and shall take
such other action necessary or advisable to: 
 (a) Grant more effectively all or any portion of the Collateral; 

(b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(d) enforce any of the Collateral; 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons; or 
 (f) pay all taxes or assessments levied or assessed upon the Collateral when due. 

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

SECTION 3.06 Opinions as to Owner Trust Estate. 

(a) On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the
effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions), the provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in
the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and upon filing of the applicable financing statement, the Indenture Trustee’s security interest in the Issuing Entity’s rights in the Collateral and
in identifiable proceeds thereof will be perfected. 
 (b) On or before June 30 of each calendar year, beginning with June 30,
2015, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel stating either (i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security
interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

  

					
		  	15	  	(NALT 2014-A Indenture)

 SECTION 3.07 Performance of Obligations; Servicing of the 2014-A SUBI Assets. 

(a) The Issuing Entity shall not take any action and shall use its best efforts not to permit any action to be taken by others, including the
Administrative Agent, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Owner Trust Estate or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents or such other instrument or agreement. 

(b) The Issuing Entity may contract with other Persons, to assist it in performing its duties under this Indenture, and any performance of
such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrative Agent,
and the Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this Indenture. 
 (c) The Issuing
Entity shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and the instruments and agreements included in the Owner Trust Estate, including filing or causing to be filed
all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. The Issuing Entity, as a party
to the Basic Documents and as Holder of the 2014-A SUBI Certificate, shall not modify, amend, supplement, waive or terminate any Basic Document or any provision thereof other than in accordance with the applicable amendment provisions set forth in
such Basic Document. 
 (d) If the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have knowledge of the occurrence
of a Servicer Default, such entity shall promptly notify the other entity and the Administrative Agent thereof (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust
Administration Agreement), and shall specify in such notice the action, if any, the other entity is taking in respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations
under the Servicing Agreement with respect to the 2014-A SUBI Assets, the Issuing Entity shall take all reasonable steps available to it to remedy such failure. Upon the occurrence of a Servicer Default with respect to the 2014-A SUBI or the Trust
Assets allocated thereto, the Indenture Trustee may terminate all of the rights and obligations of the Servicer with respect to the 2014-A SUBI and the Trust Assets allocated thereto only, and a successor Servicer shall be appointed pursuant to the
Servicing Agreement. 
 (e) Upon any termination of the Servicer’s rights and powers or resignation of the Servicer pursuant to the
Servicing Agreement, the Issuing Entity or the Indenture Trustee shall promptly notify the other entity thereof. As soon as a successor Servicer is appointed pursuant to the Servicing Agreement, the Issuing Entity or the Indenture Trustee shall
notify the other entity of such appointment, specifying in such notice the name and address of such successor Servicer. 

  

					
		  	16	  	(NALT 2014-A Indenture)

 SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity
shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the 2014-A SUBI Certificate as
contemplated by this Indenture and the other Basic Documents; 
 (b) except as expressly permitted herein and in the other Basic Documents,
sell, transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those assets included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

(c) claim any credit on or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Owner Trust Estate; 

(d) except as may be permitted expressly hereby (i) permit the validity or effectiveness of this Indenture to be impaired, permit the
lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted hereby, (ii) permit any
lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Owner Trust Estate, any part thereof or any interest therein or
the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any 2014-A SUBI Asset and arising solely as a result of an action or omission of the related Lessee) or
(iii) except as otherwise provided in the Basic Documents, permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Owner Trust
Estate; 
 (e) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Basic Documents; or 

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

SECTION 3.09 Annual Statement as to Compliance. The Issuing Entity will cause the Servicer to deliver to the Indenture Trustee
concurrently with its delivery thereof to the Issuing Entity the annual statement of compliance described in Section 8.11 of the 2014-A Servicing Supplement. In addition, on the same date annually upon which such annual statement of
compliance is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

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

  

					
		  	17	  	(NALT 2014-A Indenture)

 On or before June 15th of each calendar year in which a Form 10-K is required to be filed on
behalf of the Issuing Entity, commencing in 2015, the Indenture Trustee shall deliver to the Issuing Entity and the Servicer a report regarding the Indenture Trustee’s assessment of compliance with each of the Servicing Criteria specified on
Exhibit C hereto during the immediately preceding reporting year accompanied by an attestation report by a registered public accounting firm, in each case as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122
of Regulation AB. Such report shall be addressed to the Issuing Entity and signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on Exhibit C hereto. 

SECTION 3.10 Restrictions on Certain Other Activities. Except as otherwise provided in the Basic Documents, unless and until the
Issuing Entity shall have been released from its duties and obligations hereunder, the Issuing Entity shall not: (i) engage in any activities other than financing, acquiring, owning, leasing (subject to the lien of this Indenture), pledging and
managing the 2014-A SUBI Certificate in the manner contemplated by the Basic Documents and activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness;
(iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise
become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other
interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.11 Notice of Defaults. The Issuing Entity agrees to give the Indenture Trustee and each Rating Agency prompt written notice
of each Indenture Default hereunder. 
 SECTION 3.12 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuing
Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

SECTION 3.13 Delivery of the 2014-A SUBI Certificate. On the Closing Date, the Issuing Entity shall deliver or cause to be delivered to
the Indenture Trustee as security for its obligations hereunder, the 2014-A SUBI Certificate. The Indenture Trustee shall take possession of the 2014-A SUBI Certificate in the Borough of Manhattan in the City of New York and shall at all times
during the period of this Indenture maintain custody of the 2014-A SUBI Certificate in the Borough of Manhattan in the City of New York. 

  

					
		  	18	  	(NALT 2014-A Indenture)

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

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

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

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to
the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or
observed, all as provided herein; 
 (ii) immediately after giving effect to such transaction, no Default or Indenture
Default shall have occurred and be continuing; 
 (iii) the Issuing Entity shall have provided each Rating Agency 10
days’ prior written notice thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the rating then
assigned thereby to any Class of Notes; 
 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes (other than the Tax Retained Notes, if any) as debt for federal income tax purposes, (B) be deemed to
cause a taxable exchange of the Notes (other than the Tax Retained Notes, if any) for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes; 
 (v) any action that is necessary to maintain each
lien and security interest created by the Trust Agreement or this Indenture shall have been taken; and 
 (vi) the Issuing
Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions
precedent provided in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

  

					
		  	19	  	(NALT 2014-A Indenture)

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

(i) the Person that acquires by conveyance or transfer such properties and assets of the Issuing Entity shall (A) be a
United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the
Issuing Entity to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of
Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee and the Indenture Trustee against and from any loss, liability or
expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings that counsel
satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any state in which the
Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local taxing authorities
of any jurisdiction; 
 (ii) immediately after giving effect to such transaction, no Default or Indenture Default shall have
occurred and be continuing; 
 (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written
notice thereof, no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the rating then assigned thereby to any Class of
Notes; 
 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the
Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or
(C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes; 

(v) any action that is necessary to maintain each lien and security interest created by the Trust Agreement or this Indenture
shall have been taken; and 
 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such conveyance or 

  

					
		  	20	  	(NALT 2014-A Indenture)

 
transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act). 
 SECTION 3.16 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.15(a), the Person formed by or surviving
such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the
Issuing Entity herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.15(b), Nissan Auto Lease Trust 2014-A will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with respect to the Notes and the Trust Certificates
immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 2014-A is to be so released. 

SECTION 3.17 Removal of the Administrative Agent. So long as any Notes are Outstanding, the Issuing Entity shall not remove the
Administrative Agent without cause unless so instructed by the Owner Trustee or the Indenture Trustee or in accordance with Section 1.09 of the Trust Administration Agreement. 

SECTION 3.18 Perfection Representations. 

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

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

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

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

SECTION 3.20 Regulation AB Representations, Warranties and Covenants. The Issuing Entity agrees to perform all duties and obligations
applicable to or required of the Issuing Entity set forth in Schedule A to the 2014-A Servicing Supplement and makes the representations and warranties therein applicable to it. 

  

					
		  	21	  	(NALT 2014-A Indenture)

 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall discharge with respect to the Collateral securing the Notes
and cease to be of further effect with respect to the Notes, except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive
payments of principal thereof and interest thereon; (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10(i), 3.10(ii) and 3.15, (e) the rights, obligations and immunities of the Indenture Trustee
hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02) and (f) the rights of the Noteholders as beneficiaries hereof
with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of the Issuing Entity and at the expense and on behalf of the Issuing Entity, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when: 
 (i) either (A) all Notes theretofore authenticated
and delivered (other than (1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuing Entity and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or
(B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable on the applicable Note Final Scheduled Payment Date within one year or (3) are to
be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the
case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (that will mature prior to the
date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest and any fees due and payable to the Owner Trustee or the Indenture Trustee) not
theretofore delivered to the Indenture Trustee for cancellation, when due, to the applicable Note Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.01), as the case may be; 
 (ii) the Issuing Entity has paid or caused to be paid all other sums
payable hereunder by the Issuing Entity; and 
 (iii) the Issuing Entity has delivered to the Indenture Trustee an
Officer’s Certificate, an Opinion of Counsel and an Independent Certificate from a firm of certified public accountants (if required by the TIA and if such discharge is not related to a 

  

					
		  	22	  	(NALT 2014-A Indenture)

 
redemption of the Notes in accordance with Section 10.01), each meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with and, to the extent the Notes are still outstanding, stating that the Rating Agency Condition has been satisfied.

 SECTION 4.02 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.01
shall be held in trust and applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular
Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee of all sums due and to become due thereon for principal and interest. Such monies need not be segregated from other funds except to the extent
required herein or in the Servicing Agreement or as required by law. 
 SECTION 4.03 Repayment of Monies Held by Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon
demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and such Paying Agent shall thereupon be released from all further liability with respect to such monies. 

ARTICLE FIVE 
 INDENTURE DEFAULT

 SECTION 5.01 Indenture Defaults. Any one of the following events (whatever the reason for such Indenture Default and whether it
shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture
(each, an “Indenture Default”): 
 (a) default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days or more; 
 (b) default in the payment of principal of any Note on the
related Note Final Scheduled Payment Date or the Redemption Date; 
 (c) material default in the observance or performance of any covenant
or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the
Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material respect as of the time when the same shall have been made, which default
or inaccuracy materially and adversely affects the interests of the Noteholders and such default or inaccuracy shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was inaccurate
shall not have been eliminated or 

  

					
		  	23	  	(NALT 2014-A Indenture)

 
otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided that (1) such failure is capable
of remedy within 90 days or less and (2) a majority of the Outstanding Amount of Notes, voting as a single class, consent to such longer cure period) after there shall have been given, by registered or certified mail, to the Issuing Entity by
the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders representing at least the majority of the Outstanding Amount of Notes, voting as single class, a written notice specifying such default or inaccurate
representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (d)
the filing of a petition seeking entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Owner Trust Estate in an involuntary case under any applicable
federal or state bankruptcy, liquidation, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial
part of the Owner Trust Estate, or ordering the winding up or liquidation of the Issuing Entity’s affairs, and such proceeding shall remain unstayed, undismissed and in effect for a period of 90 consecutive days or immediately upon entry of any
such decree or order; or 
 (e) the commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the consent by the Issuing Entity to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Owner Trust Estate, the making by the Issuing Entity of any general assignment for the
benefit of creditors, the failure by the Issuing Entity generally to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency and each Noteholder, within five Business Days after obtaining
actual knowledge of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Indenture Default under clauses (c) or (d), its status and
what action the Issuing Entity is taking or proposes to take with respect thereto. 
 Subject to the provisions herein relating to the
duties of the Indenture Trustee, if an Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the
Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain
limitations contained herein, Noteholders holding not less than a Majority Interest of the Notes voting as a single class shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture
Trustee or exercising any trust power conferred on the Indenture Trustee. 

  

					
		  	24	  	(NALT 2014-A Indenture)

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

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

Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Indenture
Default arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Indenture Default or impair any right consequent thereto. 

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

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

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

  

					
		  	25	  	(NALT 2014-A Indenture)

 
of interest, at the Overdue Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents, attorneys and counsel. 
 (b) In case the Issuing Entity shall
fail forthwith to pay amounts described in Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may
prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon
such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Indenture Default occurs and is continuing, the
Indenture Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or
by law. 
 (d) In case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or
claiming an ownership interest in the Owner Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to
the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and
regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

  

					
		  	26	  	(NALT 2014-A Indenture)

 (iii) to collect and receive any monies or other property payable or deliverable
on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and the Indenture Trustee on their behalf; and 

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 
 and any
trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee and, if the Indenture Trustee shall consent to the making of payments
directly to such Noteholders to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee under
Section 6.07. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or
vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings
instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of which such judgment has been recovered. 

(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

SECTION 5.04 Remedies; Priorities. 

(a) If an Indenture Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to
Sections 5.02 and 5.05): 
 (i) institute Proceedings in its own name and as trustee of an express trust
for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes
monies adjudged due; 

  

					
		  	27	  	(NALT 2014-A Indenture)

 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, and, if applicable, giving effect to any direction of the Holder of the 2014-A SUBI
Certificate (acting in accordance with instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2014-A SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to Section 5.02, sell
the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Collateral following an Indenture Default, other than an Indenture Default described in Section 5.01(a) or (b), unless (A) Noteholders holding 100% of the Outstanding Amount of Notes consent thereto,
(B) the proceeds of such sale are sufficient to discharge in full all amounts then due and unpaid upon all outstanding Notes or (C) the Indenture Trustee determines that the Owner Trust Estate will not continue to provide sufficient funds
for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than 66 2⁄3% of the Outstanding Amount of Notes, voting together as a single class; and provided further, that the Indenture Trustee may not sell the
Collateral, other than a sale resulting from the bankruptcy, insolvency or termination of the Issuing Entity, unless it shall first have obtained an Opinion of Counsel that such sale will not cause the Titling Trust or an interest therein or portion
thereof to be classified as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding
sentence, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Owner Trust Estate for such purpose. 
 (b) After an acceleration of the maturity of the Notes pursuant to
Section 5.02, the Indenture Trustee shall pay out money or property held as Collateral (including available monies on deposit in the Reserve Account and any money or property collected pursuant to this Article Five upon sale of all or
part of the Collateral) and deposited in the Note Distribution Account in accordance with Section 8.04(b). 
 (c) The Indenture
Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the
record date, the payment date and the amount to be paid. 
 SECTION 5.05 Optional Preservation of the Collateral. If the Notes have
been declared to be due and payable under Section 5.02 following an Indenture Default and such 

  

					
		  	28	  	(NALT 2014-A Indenture)

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

SECTION 5.06 Limitation of Suits. 

(i) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing Indenture Default, (ii) Noteholders
holding not less than 25% of the Outstanding Amount of Notes, voting together as a single class, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Indenture Default in its own name as Indenture
Trustee, (iii) such Noteholder has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60 days after receipt of
such notice failed to institute such Proceedings and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by Noteholders holding at
least a Majority Interest, voting together as a single class. 
 No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right
under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing less than a Majority Interest of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
 (ii) No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuing Entity. 
 SECTION
5.07 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right to receive payment of the principal of and interest on, if any, such Note on or after the
respective due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Noteholder. 

  

					
		  	29	  	(NALT 2014-A Indenture)

 SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then and
in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.09
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law, in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No
delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Indenture Default shall impair any such right or remedy or constitute a waiver of any such Default or Indenture Default or an
acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.04, 5.06,
6.02(d) and 6.02(e), Noteholders holding at least a Majority Interest voting as a single class shall have the right to direct the time, method and place of conducting any Proceeding or any remedy available to the Indenture Trustee with
respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that: 
 (a) such
direction shall not be in conflict with any rule of law or this Indenture; 
 (b) subject to Section 5.04, any direction to the
Indenture Trustee to, sell or liquidate the Collateral shall be made by Noteholders holding not less than 100% of the Outstanding Amount; 

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

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

  

					
		  	30	  	(NALT 2014-A Indenture)

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

SECTION 5.12 [Reserved]. 

SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee,
(b) any suit instituted by any Noteholder or group of Noteholders, in each case holding Notes evidencing more than 10% of the Outstanding Amount of Notes, voting together as a single class or (c) any suit instituted by any Noteholder for
the enforcement of the payment of principal of or interest on any Note on or after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under
such judgment upon any portion of the Owner Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

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

  

					
		  	31	  	(NALT 2014-A Indenture)

 
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with each such agreement to
the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Servicer of its obligations under the Servicing Agreement. 
 (b) If an Indenture Default has occurred and is continuing,
the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Noteholders holding not less than a Majority Interest of the Notes voting as a single class, shall,
exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor, the Titling Trustee and the Servicer under or in connection with the Servicing Agreement, including the right or power to take any action to
compel or secure performance or observance by the Servicer of its obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, and any right of the
Issuing Entity to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall effect such a sale at one or more public or private sales called and conducted in any manner permitted by law in a commercially reasonable manner
and on commercially reasonable terms, which shall include the solicitation of competitive bids. Unless otherwise prohibited by applicable law from any such action, the Indenture Trustee shall sell the Collateral or any part thereof, in such manner
to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale. The Indenture Trustee shall give notice to the Depositor and Servicer of any proposed sale, and the Depositor and Servicer
shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuing Entity that the terms and manner of any proposed sale are
commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.04 and this Section shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but
shall continue unimpaired until the entire Collateral shall has been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee shall cause the proceeds of any such sale to be deposited into the 2014-A SUBI Collection
Account. 
 ARTICLE SIX
 THE
INDENTURE TRUSTEE 
 SECTION 6.01 Duties of Indenture Trustee. 

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

  

					
		  	32	  	(NALT 2014-A Indenture)

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

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

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

(c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b); 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith unless it is proved that the
Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable
with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

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

(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuing Entity. 
 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent
required by law or the terms of this Indenture or the Servicing Agreement. 
 (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of
such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section. 

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

  

					
		  	33	  	(NALT 2014-A Indenture)

 SECTION 6.02 Rights of Indenture Trustee. 

(a) Except as provided by the second succeeding sentence, the Indenture Trustee may conclusively rely and shall be protected in acting upon or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, note, direction, demand, election or other paper or document believed by it to be genuine and to have been signed or
presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the
requirements of this Indenture. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of
Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrative Agent, any co-trustee or separate trustee
appointed in accordance with the provisions of Section 6.10 or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d) The Indenture Trustee will be liable for any loss, liability or expense incurred by it through its own willful misconduct, negligence or
bad faith, except that the Indenture Trustee shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action it
takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture or (iii) interest on any money received by it except as the Indenture Trustee and the Issuing
Entity may agree in writing. 
 (e) The Indenture Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel
with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel. 
 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders
shall have offered to the Indenture Trustee reasonable security or indemnity against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or
direction; provided, however, that the Indenture Trustee shall, upon the occurrence of an Indenture Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill. 

  

					
		  	34	  	(NALT 2014-A Indenture)

 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the holders of Notes evidencing not less than 25% of
the Outstanding Amount of Notes voting together as a single class; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable indemnity against such
cost, expense or liability as a condition to so proceeding. The reasonable expense of each such investigation shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making such
request upon demand. 
 (h) Any request or direction of the Issuing Entity mentioned herein shall be sufficiently evidenced by an Issuing
Entity Request. 
 (i) The Indenture Trustee shall, for so long as any Notes are outstanding, be entitled to exercise all of the rights and
powers of a Beneficiary under the Basic Documents. 
 (j) The Indenture Trustee will not be responsible for special, indirect, punitive or
consequential damages. 
 SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar, co-paying agent,
co-trustee or separate trustee may do the same with like rights. The Indenture Trustee must, however, comply with Section 6.11. 

SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture, the Owner Trust Estate or the Notes (other than the certificate of authentication on the Notes), shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes and shall not be
responsible for any statement in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuing Entity, other than the Indenture Trustee’s
certificate of authentication. 
 SECTION 6.05 Notice of Defaults. If a Default occurs and is continuing, and if it is known to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of such Indenture Default within 60 days after it occurs to each Noteholder and to the Administrative Agent (and the Administrative Agent will provide each Rating
Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). Except in the case of a Default with respect to payment of principal of or interest on any Note (including payments pursuant to the redemption
of Notes), the Indenture Trustee may withhold such notice 

  

					
		  	35	  	(NALT 2014-A Indenture)

 
if and so long as a committee of its Responsible Officers in good faith determines that withholding such notice is in the interests of the Noteholders; provided, however, that in
the case of any Indenture Default of the character specified in Section 5.01(d), no such notice shall be given until at least 30 days after the occurrence thereof. 

SECTION 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of the Issuing Entity, shall deliver to
each Noteholder, not later than the latest date permitted by law, such information as may be reasonably requested (and reasonably available to the Indenture Trustee) to enable such holder to prepare its federal and state income tax returns. The
Indenture Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report relating to its eligibility and qualification to continue as Indenture Trustee under this Indenture, any amounts advanced by it under this
Indenture, the amount, interest rate and maturity date of certain indebtedness owed by the Trust to the Indenture Trustee, in its individual capacity, the property and funds physically held by the Indenture Trustee in its capacity as such, and any
action taken by it that materially affects the Notes and that has not been previously reported. 
 SECTION 6.07 Compensation and
Indemnity. The Administrative Agent shall pay to the Indenture Trustee from time to time reasonable compensation for its services as have been separately agreed upon between the Administrative Agent and the Indenture Trustee. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrative Agent shall indemnify the Indenture Trustee for, and hold it harmless against, any and all Expenses incurred by it in
connection with the performance of its duties. The Indenture Trustee shall notify the Issuing Entity and the Administrative Agent promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity
and the Administrative Agent shall not relieve the Issuing Entity or the Administrative Agent of its obligations hereunder. The Administrative Agent shall defend any such claim, and the Indenture Trustee may have separate counsel and the fees and
expenses of such counsel shall be paid as provided above. The Indenture Trustee shall not be indemnified by the Issuing Entity or the Administrative Agent against any loss, liability or expense incurred by it (a) through its own willful
misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable (i) for any error of judgment made by it in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts,
(ii) with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture and (iii) for interest on any money received by it
except as the Indenture Trustee and the Issuing Entity may agree in writing; (b) relating to any income or similar taxes on any fees payable to the Indenture Trustee; (c) arising from the breach by the Indenture Trustee of any of its
representations or warranties set forth in the Basic Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties of a successor servicer under the Servicing Agreement. The Indenture Trustee shall not be
deemed to have knowledge of any event unless an officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof. To the extent not paid by the Administrative Agent and outstanding for at least 60 days, such fees
and indemnities shall be paid by the Issuing Entity pursuant to Sections 8.04(a) or 8.04(b), provided, that prior to such payment pursuant to the Indenture, the Indenture Trustee shall notify the Administrative Agent in writing
that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or 8.04(b), the Administrative Agent shall reimburse the Issuing Entity in full for such
payments. 

  

					
		  	36	  	(NALT 2014-A Indenture)

 The Administrative Agent’s payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Indenture Default set forth in Section 5.01(d) or (e) with respect to the Issuing Entity, the
expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.08 Replacement of Indenture Trustee. Noteholders holding not less than a Majority Interest of the Notes, voting together as a
single class, may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuing Entity, and following such removal may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written notice to
each Rating Agency of such removal. The Indenture Trustee may resign at any time by so notifying the Issuing Entity and the Servicer and the Servicer will thereafter deliver a copy of such notice to each Rating Agency. The Issuing Entity shall
remove the Indenture Trustee if: 
 (i) the Indenture Trustee fails to comply with Section 6.11; 

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

(iii) the Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or
other similar official for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any
corporate action in furtherance of any of the foregoing; or 
 (iv) the Indenture Trustee otherwise becomes incapable of
acting. 
 Upon the resignation or required removal of the Indenture Trustee, or the failure of the Noteholders to appoint a successor
Indenture Trustee following the removal without cause of the Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall be required promptly to appoint a successor
Indenture Trustee. Any successor Indenture Trustee shall at all times satisfy the requirements of Section 310(a) 

  

					
		  	37	  	(NALT 2014-A Indenture)

 
of the TIA and shall in addition have (a) a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and (b) a
long-term debt rating of “Baa3” or its equivalent by each Rating Agency or otherwise satisfy the Rating Agency Condition. 
 A
successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the
successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee under this Indenture, subject to satisfaction of the Rating Agency Condition. The successor Indenture
Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuing Entity or Noteholders holding not less than a Majority Interest of the Notes, voting together as a single class, may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction
for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of the
Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment
of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such
Person is entitled pursuant to Section 6.07. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Indenture Trustee’s duties and obligations to the
successor Indenture Trustee. 
 SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to another corporation or depository institution the resulting, surviving or transferee corporation, without any further act, shall be the
successor Indenture Trustee; provided, that such corporation or depository institution shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide prior written notice of any such transaction to the
Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). 

In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts
created by this Indenture, the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated,

  

					
		  	38	  	(NALT 2014-A Indenture)

 
and in case at that time the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the
name of the successor to the Indenture Trustee, and in all such cases such certificates shall have the full force that it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrative Agent acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Owner Trust Estate or any
part hereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrative Agent may consider necessary or desirable. If the Administrative Agent shall not
have joined in such appointment within 15 days after it received a request that it so join, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and
conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be
conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Indenture Trustee; 
 (ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee and the Administrative Agent may at
any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then-separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee, 

  

					
		  	39	  	(NALT 2014-A Indenture)

 
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as
may be provided therein, subject to all the provisions of this Indenture and specifically including every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection to the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrative Agent. 
 (d) Any separate trustee or
co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, then all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee to the extent permitted by
law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under
this Indenture. 
 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and a long-term debt rating of at least “Baa3” or its
equivalent by the Rating Agencies or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements of Section 310(b) of the TIA, including the optional provision permitted by the second sentence of TIA
Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements
for such exclusions set forth in TIA Section 310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and their respective Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its
Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as Indenture Trustee. 
 SECTION 6.12
Trustee as Holder of the 2014-A SUBI Certificate. So long as any Notes are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2014-A SUBI Certificate, including rights to distributions and notice, or is entitled
to consent to any actions taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee. To the extent that the Indenture Trustee has rights as a Holder of the 2014-A SUBI
Certificate or has the right to consent or withhold consent with respect to actions taken by the Depositor, the Servicer or the Issuing Entity, such rights shall be exercised or consent granted (or withheld) upon the written direction of Holders not
less than a Majority Interest of the Notes voting together as a single class; provided, however, that subject to Section 3.07, any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Default
shall be made by Noteholders holding not less than 66 2⁄3% of the Outstanding Amount, voting together as a single class, and with respect to
Section 11.15, such direction shall require the written direction of Noteholders holding 100% of the Outstanding Amount. 

  

					
		  	40	  	(NALT 2014-A Indenture)

 SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee
hereby makes the following representations and warranties on which the Issuing Entity and Noteholders shall rely: 
 (i) the
Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States; and 

(ii) the Indenture Trustee has full power, authority and legal right to execute, deliver, and, perform this Indenture and shall
have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 
 SECTION 6.14 Furnishing
of Documents. The Indenture Trustee shall furnish to any Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests,
demands, certificates and any other instruments furnished to the Indenture Trustee under the Basic Documents. 
 SECTION 6.15 Preferred
Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be
subject to TIA Section 311(a) to the extent indicated. 
 ARTICLE SEVEN

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses. The Note Registrar shall furnish or cause to be furnished to the
Indenture Trustee, the Owner Trustee, the Servicer or the Administrative Agent, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and
such application states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants
propose to transmit, then the Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders. The Indenture Trustee may elect
not to afford the requesting Noteholders access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder, by receiving and
holding a Note, agrees with the Indenture Trustee and the Issuing Entity that none of the Indenture Trustee, the Owner Trustee, the Issuing Entity, the Servicer or the Administrative Agent shall be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Noteholders under this Indenture, regardless of the source from which such information was derived. 

  

					
		  	41	  	(NALT 2014-A Indenture)

 If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the Issuing Entity
shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such
Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten days prior to
the time such list is furnished. 
 Notwithstanding the foregoing, so long as the Indenture Trustee is the Note Registrar no such list shall
be required to be furnished to the Indenture Trustee, and so long as the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee, Owner Trustee, Servicer or Administrative Agent. 

SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
 (b) Noteholders may
communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

(c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 

SECTION 7.03 Reports by Issuing Entity. 

(a) The Issuing Entity shall: 

(i) file with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by the rules and regulations prescribe) that the Issuing Entity may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the
Indenture Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions
and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
 (iii) supply to
the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses
(i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission. 

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

  

					
		  	42	  	(NALT 2014-A Indenture)

 SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after each fiscal year of the Issuing Entity, beginning with the fiscal year ending March 31, 2015, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of each report at the
time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on
any stock exchange. 
 SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to the Noteholders, via the
Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other information regarding the Notes as the
Indenture Trustee may have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in any other form or manner. Except for documents prepared
by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

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

 SECTION 7.06 Information to be Provided by the Indenture Trustee. The Indenture Trustee shall provide the Issuing Entity and the
Servicer (each, a “Nissan Party” and collectively the “Nissan Parties”) with (i) notification as soon as practicable and in any event within ten Business Days, of all demands communicated to a Responsible
Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to Section 8.02 of the 2014-A Servicing Supplement, (ii) not later than the tenth day of each calendar month (or, if such day is not a
Business Day, the immediately following Business Day), beginning July 10, 2014, a report substantially in the Form of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar
month (or, in the case of the initial notice, since the Closing Date) and (iii) promptly upon receipt of a written request by a Nissan Party, any other information in its possession reasonably requested by a Nissan Party to facilitate
compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) 

  

					
		  	43	  	(NALT 2014-A Indenture)

 
and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any
responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 
 ARTICLE EIGHT

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is
part of the Owner Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice
to any right to claim an Indenture Default under this Indenture and any right to proceed thereafter as provided in Article Five. 

SECTION 8.02 Accounts. 

(a) Pursuant to Section 14.01 of the 2014-A SUBI Supplement, there has been established and there shall be maintained an Eligible
Account (initially at U.S. Bank) in the name of the Indenture Trustee until the outstanding amount of the Notes is zero, and thereafter, in the name of the Issuing Entity, which is designated as the “2014-A SUBI Collection Account.”
The 2014-A SUBI Collection Account shall be held for the benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The 2014-A Collection Account
shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and thereafter under the sole dominion and control of the Issuing Entity. 

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

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

  

					
		  	44	  	(NALT 2014-A Indenture)

 (d) All monies deposited from time to time in the Accounts pursuant to this Indenture or the
2014-A Servicing Supplement shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible Account or if the Servicer, in its sole discretion,
notifies the Indenture Trustee in writing that an Account should be moved, then, the Indenture Trustee, until the Outstanding Amount of Notes has been reduced to zero, and thereafter, the Issuing Entity shall, as necessary, assist the Servicer in
causing each Account to be moved to an institution selected by the Servicer at which it shall be an Eligible Account. 
 (e) The Securities
Intermediary 
 (i) The securities intermediary with respect to the 2014-A SUBI Collection Account, the Reserve Account and
the Note Distribution Account (the “Securities Intermediary”) shall, and U.S. Bank as initial Securities Intermediary does, agree with the parties hereto that the jurisdiction of the Securities Intermediary with respect to the
2014-A SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be the State of New York. The Securities Intermediary shall, and U.S. Bank as initial Securities Intermediary does, represent and covenant that it is not and
will not be (as long as it is the Securities Intermediary hereunder) a party to any agreement that is inconsistent with the provisions of this Indenture. The Securities Intermediary shall, and U.S. Bank as initial Securities Intermediary does,
covenant that it will not take any action inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary shall, and U.S. Bank as initial Securities Intermediary does, agree that any item of property credited to the
2014-A SUBI Collection Account, the Reserve Account or the Note Distribution Account shall not be subject to any security interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the
Securities Intermediary (other than the Indenture Trustee). 
 (ii) It is the intent of the Indenture Trustee and the Issuing
Entity that each of the 2014-A SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be a securities account of the Indenture Trustee and not an account of the Issuing Entity. Nonetheless, the Securities Intermediary
shall agree to comply with entitlement orders with respect to the 2014-A SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without further consent by the Issuing Entity or any other
person or entity, and U.S. Bank as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will comply with entitlement orders regarding the disposition of funds held in or credited to the 2014-A
SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without further consent by the Issuing Entity or any other person or entity. The Securities Intermediary shall covenant that it will
not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other than the Indenture Trustee, and U.S. Bank as initial Securities Intermediary hereby covenants
that, for so long as it is the Securities Intermediary hereunder, it will not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other than the Indenture
Trustee. 

  

					
		  	45	  	(NALT 2014-A Indenture)

 (iii) Nothing herein shall imply or impose upon the Securities Intermediary any
duties or obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC (and the Securities Intermediary shall be entitled to all of the protections available to a securities intermediary
under the UCC). Without limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature (such as the fiduciary duties of the Indenture Trustee hereunder). 

(iv) The rights and powers granted herein to the Indenture Trustee, and the covenants and obligations of the Securities
Intermediary hereunder, have been granted in order to perfect the Indenture Trustee’s security interest in the 2014-A SUBI Collection Account, the Reserve Account and the Note Distribution Account, and such rights, powers, covenants and
obligations hereunder shall continue in effect with respect to the 2014-A SUBI Collection Account, the Reserve Account and the Note Distribution Account until the Outstanding Amount of the Notes has been reduced to zero. 

SECTION 8.03 Payment Date Certificate. 

(a) The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee, the Owner Trustee and each Paying Agent
hereunder or under the Trust Agreement, a certificate (the “Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth calendar day of each month or, if the 10th day is not a Business Day, the next succeeding Business Day, including, among other things, the following information with respect to the Payment Date in such month and the related Collection Period
and Accrual Period: 
 (i) the amount of SUBI Collections allocable to the 2014-A SUBI Certificate; 

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

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

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

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

  

					
		  	46	  	(NALT 2014-A Indenture)

 (vi) the Note Distribution Amount for each Class of Notes and the Certificate
Distribution Amount; 
 (vii) the amount of the Note Distribution Amount allocable to interest on and principal of the Notes
and any Principal Carryover Shortfall for each Class of the Notes; 
 (viii) the amount of any principal paid on, and
Principal Carryover Shortfall for, the Trust Certificates; 
 (ix) the Monthly Principal Distributable Amount and the Optimal
Principal Distributable Amount; 
 (x) the Note Factor for each Class of the Notes and the Certificate Factor for the Trust
Certificates after giving effect to the distribution of the Note Distribution Amount and the Certificate Distribution Amount, respectively; 

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

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

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

(xiv) [Reserved]; 

(xv) [Reserved]; 

(xvi) the Servicing Fee for such Collection Period; 

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

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

(xix) any material modifications, extensions or waivers to Lease terms, fees, penalties or payments during the Collection
Period; 
 (xx) any material breaches of representations, warranties or covenants contained in the Leases; 

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

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

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

  

					
		  	47	  	(NALT 2014-A Indenture)

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

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

SECTION 8.04 Disbursement of Funds. 

(a) Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the Notes has not been accelerated pursuant to
Section 5.02 or, if the maturity of the Notes has been accelerated and such acceleration has been rescinded), prior to 11:00 a.m., New York City time, or such other time as may be agreed to by the applicable Noteholder, the Indenture
Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2014-A SUBI Collection Account all Securityholder Available Funds and apply such amount in accordance with the
following priorities: 
 (i) [Reserved]; 

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

(iii) to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each Class of Notes, in the
following order of priority: 
 (A) to the Class A-1 Notes until the Class A-1 Notes have been paid in full; 

(B) after the principal amount of the Class A-1 Notes is reduced to zero, to the Class A-2 Notes (pro rata among the
Class A-2a Notes and the Class A-2b Notes) until the Class A-2 Notes have been paid in full; 
 (C) after the
principal amount of the Class A-2 Notes is reduced to zero, to the Class A-3 Notes until the Class A-3 Notes have been paid in full; and 

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

  

					
		  	48	  	(NALT 2014-A Indenture)

 (iv) until all Classes of Notes have been paid in full, to the Reserve Account,
any remaining funds, until the Reserve Account Requirement has been satisfied; 
 (v) to the Indenture Trustee, any accrued
and unpaid fees, expenses and indemnity payments due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(vi) to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Trust Agreement but
only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 
 (vii) if all
Classes of Notes have been paid in full, to the Certificate Distribution Account, any remaining funds for distribution to the Trust Certificateholders until the Certificate Balance is reduced to zero; and 

(viii) to the Certificate Distribution Account for distribution to the Trust Certificateholders, as beneficial owners of the
Issuing Entity. 
 (b) Notwithstanding the provisions of Section 8.04(a), and subject to the provisions of
Section 5.04(b), after the occurrence of an Indenture Default that results in the acceleration of any Notes and unless and until such acceleration has been rescinded, on each Payment Date, prior to 11:00 a.m., New York City time, or such
other time as may be agreed to by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2014-A SUBI Collection Account all
Securityholder Available Funds and apply such amount in accordance with the following priorities: 
 (i) pro rata, to the
Indenture Trustee, all amounts required to be paid under Section 6.07, and to the Owner Trustee, all amounts required to be paid under Section 8.01 of the Trust Agreement, as the case may be; 

(ii) [reserved]; 

(iii) [reserved]; 

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

(v) to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each Class of Notes, in the
following order of priority: 
 (A) first, to the Class A-1 Noteholders (until the Class A-1 Notes have been paid
in full); and 
 (B) second, to the Class A-2 Noteholders (pro rata among the Class A-2a Notes and the
Class A-2b Notes), the Class A-3 Notes and the Class A-4 Notes, pro rata (based on the Outstanding Amount of Notes of each such Class on such Payment Date), until all such Notes have been paid in full; 

  

					
		  	49	  	(NALT 2014-A Indenture)

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

(vii) to the Certificate Distribution Account for distribution to the Trust Certificateholders, as beneficial owners of the
Issuing Entity. 
 Notwithstanding the provisions of this Section 8.04(b), in accordance with Section 5.02, after
the occurrence of an Indenture Default that results in the acceleration of any Notes, on and after the date on which such acceleration has been rescinded, on each Payment Date, the Indenture Trustee shall, in accordance with the related Payment Date
Certificate and pursuant to the instructions of the Servicer, transfer from the 2014-A SUBI Collection Account all Securityholder Available Funds and apply such amount in accordance with the provisions of Section 8.04(a). 

(c) On each Payment Date, after taking into account amounts to be distributed to Securityholders from the 2014-A SUBI Collection Account, the
Servicer will allocate the Reserve Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related Collection Period and will instruct the Indenture Trustee to make the following deposits and distributions from the
Reserve Account in the following amounts (but not to exceed the Reserve Account Draw Amount) and order of priority: 
 (i) to
the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each class of Notes, any remaining interest due on the outstanding Notes on that Payment Date and, to the extent permitted under applicable law,
interest on any overdue interest at the applicable Overdue Interest Rate; and 
 (ii) to the Note Distribution Account, to
pay any remaining Monthly Principal Distributable Amount of the Notes in the amounts and order of priority set forth in Section 8.04(a)(iii). 

(d) If on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount on deposit in the
Reserve Account exceeds the Reserve Account Requirement, the Indenture Trustee shall distribute any such excess amounts to the Certificate Distribution Account for distribution to the Trust Certificateholder. Upon any such distributions, the
Noteholders will have no further rights in, or claims to, such amounts. 
 (e) On each Payment Date or Redemption Date, from the amounts on
deposit in the Note Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of principal and interest on the Notes due and by check mailed to the Person whose name appears as the registered holder of a Note (or one
or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of (i) the nominee of DTC (initially, such nominee to

  

					
		  	50	  	(NALT 2014-A Indenture)

 
be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given the Indenture Trustee
appropriate written instructions at least five (5) Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the related Record Date without
requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or
principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available for payment in full of the remaining unpaid principal amount of the Notes on a Payment
Date or Redemption Date, then the Issuing Entity or the Administrative Agent shall give notice thereof to the Indenture Trustee not less than 10 but no more than 30 days prior to such Payment Date or Redemption Date and, within two (2) Business
Days following receipt of such notice, the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify each Person who was the registered holder of a Note as of the Record Date preceding the most recent Payment Date or
Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The Borough of Manhattan in The City of New York. 
 (f) On each Payment Date, the Indenture Trustee shall include with
each distribution an unaudited report (which may be based upon the Payment Date Certificate prepared by the Servicer) to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co. as
the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement) setting forth the information provided in the Payment Date Certificate to be delivered in accordance with Section 8.03(a), with respect to such Payment Date or the
related Record Date or Collection Period, as the case may be. 
 SECTION 8.05 General Provisions Regarding Accounts. 

(a) For so long as no Default or Indenture Default shall have occurred and be continuing, all or a portion of the funds in the 2014-A SUBI
Trust Accounts shall be invested and reinvested by the Indenture Trustee, until the Outstanding Amount of the Notes has been reduced to zero, and thereafter by the Owner Trustee, at the direction of the Administrative Agent in Permitted Investments
as set forth in Section 4.02(a) of the Titling Trust Agreement, which mature no later than the Deposit Date succeeding the date of such investment, including those offered by the Indenture Trustee or an Affiliate thereof. No such
investment shall be sold prior to maturity. On each Payment Date, interest and investment earnings on the 2014-A SUBI Trust Accounts shall be deposited by the Indenture Trustee in the applicable 2014-A SUBI Trust Account and paid to the Servicer as
servicing compensation on any Business Day on or after which such amount is deposited in such account, and any investment expenses and losses resulting from such investment shall be charged to such account. 

  

					
		  	51	  	(NALT 2014-A Indenture)

 (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in the 2014-A SUBI Trust Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such
Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If (i) the Administrative Agent shall have failed to give investment directions for any funds on deposit in the Reserve Account to
the Indenture Trustee by 3:00 p.m., New York City time (or such other time as may be agreed by the Administrative Agent and Indenture Trustee), on any Business Day or (ii) a Default or Indenture Default shall have occurred and be continuing
with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an Indenture Default, amounts collected or
receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in
investments that are Permitted Investments as set forth in paragraph (vi) of the definition thereof. 
 (d) Except as otherwise
provided hereunder or agreed in writing among the parties hereto, the Administrative Agent shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer
of any securities held hereunder, and, in general, to exercise each and every other power or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power
to vote upon any securities. 
 SECTION 8.06 Release of Owner Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the
provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the
provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and
all sums due the Indenture Trustee have been paid pursuant to Section 6.07, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include delivery to the Issuing Entity or its designee of the 2014-A SUBI Certificate and transfer of dominion and control over the Reserve Account to the
Issuing Entity. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of the Officer’s Certificate delivered pursuant to Section 4.01(iii) hereof. 

  

					
		  	52	  	(NALT 2014-A Indenture)

 SECTION 8.07 Release of Interest In 2014-A Leases and 2014-A Vehicles Upon Purchase or
Reallocation by the Servicer. 
 (a) Upon the reallocation or purchase of any 2014-A Lease and related 2014-A Vehicle by the Servicer
pursuant to Section 8.02 of the Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the lien of this Indenture any and all rights to receive monies due or to
become due with respect to such purchased or reallocated 2014-A Lease and related 2014-A Vehicle and all proceeds thereof and the other property with respect to such 2014-A Lease and related 2014-A Vehicle, and all security and any documents
relating thereto, and such 2014-A Lease and related 2014-A Vehicle and all such related security and documents shall be free of any further obligation to the Issuing Entity, the Indenture Trustee or the Noteholders. 

(b) The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be reasonably requested by the
Servicer to effect the release of such rights with respect to such 2014-A Lease and related 2014-A Vehicle pursuant hereto and the assignment of such 2014-A Lease and 2014-A Vehicle by the Issuing Entity. 

SECTION 8.08 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuing
Entity to take any action pursuant to Section 8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and shall
require, to the extent required by the TIA), except in connection with any action contemplated by Section 8.06(b), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Owner
Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE NINE 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a) Except as provided in Section 9.02, without the consent of any other Person, the Issuing Entity and the Indenture Trustee
(when so directed by an Issuing Entity Request), may enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this

  

					
		  	53	  	(NALT 2014-A Indenture)

 
Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture
that materially and adversely affects the Noteholders shall require the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or supplemental indenture shall not
materially and adversely affect the Noteholders, and (ii) any amendment or supplemental indenture that adversely affects the interests of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the Administrative
Agent shall require the prior consent of the Persons whose interests are adversely affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee or the Administrative Agent, as the case may be, shall be deemed
to have been given if the Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and
adversely affect the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such
supplement or amendment will not materially and adversely affect the Noteholders. 
 (b) It shall not be necessary for the consent of any
Person pursuant to this Section for such Person to approve the particular form of any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 

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

(d) The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations as may be therein contained. 
 (e) Prior to the execution of any amendment or supplemental indenture the
Indenture Trustee shall receive an Opinion of Counsel to the effect that such action shall not (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for
federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes. 

(f) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section, the
Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental indenture. Any failure of the
Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  

					
		  	54	  	(NALT 2014-A Indenture)

 (g) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment or supplemental indenture. When the Rating Agency Condition is satisfied with respect to such amendment or supplemental indenture, the Servicer shall deliver to the Indenture Trustee an
Officer’s Certificate to that effect, and the Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment or supplemental
indenture. 
 SECTION 9.02 Supplemental Indentures With Consent of Noteholders. The Issuing Entity and the Indenture Trustee, when
requested by an Issuing Entity Request, also may, with the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, by Act of such Noteholders delivered to the Issuing Entity and the Indenture
Trustee, enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Noteholders under this Indenture, subject to prior notice to the Rating Agencies and provided that no such supplemental indenture entered into in accordance with this Section 9.02 shall, without the consent of the Noteholder of each
Outstanding Note affected thereby: 
 (a) change the Note Final Scheduled Payment Date of or the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto; 

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

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

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

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

(f) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation); 
 (g)
permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Owner Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any
property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 
 (h) impair the
right to institute suit for the enforcement of payment as provided in Section 5.07. 

  

					
		  	55	  	(NALT 2014-A Indenture)

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

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuing Entity and the
Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment or supplemental indenture.

 SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may but shall not be obligated to enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or indemnities under this Indenture or otherwise. 
 SECTION 9.04 Effect of
Supplemental Indenture. Upon the execution of any amendment or supplemental indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected
thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the Owner Trustee and the Noteholders shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture
for any and all purposes. 
 SECTION 9.05 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the

  

					
		  	56	  	(NALT 2014-A Indenture)

 
Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture
may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

ARTICLE TEN 
 REDEMPTION OF NOTES

 SECTION 10.01 Redemption. 

(a) Pursuant to Section 9.03 of the Trust Agreement, the Servicer shall be permitted at its option to purchase the 2014-A SUBI
Certificate from the Issuing Entity on any Payment Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, (a) the Securities Balance is less than or equal to 10% of the Initial
Securities Balance, or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent thereto. In connection with the exercise of an Optional Purchase, the Servicer will deposit,
subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the 2014-A SUBI Collection Account on the Deposit Date relating to the Redemption Date. In connection with an Optional Purchase, all outstanding Notes
shall be redeemed on the related Payment Date in whole, but not in part, for the Redemption Price and the 2014-A SUBI Certificate shall be delivered to or upon the order of the Servicer. 

(b) In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to 11:00 a.m., New York City time, the Indenture
Trustee shall apply the Optional Purchase Price as part of the Available Funds from the 2014-A SUBI Collection Account as follows: (i) to the Note Distribution Account, the Redemption Price, (ii) to the Servicer, unpaid portions of any
outstanding Sales Proceeds Advances and Monthly Payment Advances, and the Servicing Fee in respect of the related Collection Period, together with any unpaid Servicing Fees in respect of one or more prior Collection Periods; and (iii) any
remaining funds to the Certificate Distribution Account. 
 (c) If Notes are to be redeemed pursuant to this Section, the Administrative
Agent or the Issuing Entity shall provide at least 10 days’ prior notice (or such longer time period as required by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture
Trustee shall provide at least 10 days’ (but no more than 30 days’) notice thereof to the Noteholders. 
 SECTION 10.02 Form of
Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month
preceding the month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In addition, the Administrative Agent shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Trust
Administration Agreement. 

  

					
		  	57	  	(NALT 2014-A Indenture)

 All notices of redemption shall state: 

(a) the Redemption Date; 
 (b)
the Redemption Price; 
 (c) the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall
be the office or agency of the Issuing Entity to be maintained as provided in Section 3.02); and 
 (d) that on the Redemption
Date, the Redemption Price will become due and payable upon each such Note and that interest thereon shall cease to accrue from and after the Redemption Date. 

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

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

MISCELLANEOUS 
 SECTION 11.01
Compliance Certificates and Opinions. 
 (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take
any action under any provision of this Indenture, unless elsewhere specifically provided for herein, the Issuing Entity shall furnish to the Indenture Trustee and each Rating Agency (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and
(iii) if required by the TIA, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
 Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

  

					
		  	58	  	(NALT 2014-A Indenture)

 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 
 (b) In addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture: 

(i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the
basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (if so requested by the Indenture Trustee or required by the TIA) an Officer’s Certificate
certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of any signer thereof as to the matters described in clause (i) above if such an Officer’s Certificate had been required by the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s
Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all other such
securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuing Entity, as set forth in the Officer’s Certificate delivered pursuant to clause (i) above, is 10% or more of
the Outstanding Amount; provided, however, such Independent Certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 
 (iii) Other than with respect to any release
described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee (if so requested by
the Indenture Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be
released and stating that in the opinion of such Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

  

					
		  	59	  	(NALT 2014-A Indenture)

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

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

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

Any certificate or opinion of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of or representations by an officer or officers of the Administrative Agent, the Depositor or
the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrative Agent, the Depositor or the Issuing Entity, unless such officer or counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance 

  

					
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with any terms hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of
the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six. 

SECTION 11.03 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the holder of any Note shall bind the holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of
such action is made upon such Note. 
 SECTION 11.04 Notices. All demands, notices and communications hereunder shall be in writing
and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by telecopier or electronically by email (if an email address is provided), and addressed in each
case as follows: (i) if to the Issuing Entity c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140), Attention: Corporate Trust Administration with a copy to the
Administrative Agent, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer; (ii) if to the Indenture Trustee, at 190 South LaSalle Street, 7th Floor, Chicago,
IL 60603 (telecopier no. (312) 332-7996) (email: edwin.janis@usbank.com), Attention: Nissan Auto Lease Trust 2014-A; (iii) if to Moody’s, to Moody’s Investors Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York,
New York 10007 (telecopier no. (212) 553-7820), Attention: ABS Monitoring Department; (iv) if to Fitch, to Fitch Ratings, Inc., One State Street Plaza, New York, New York 10004 (email: abs.surveillance@fitchratings.com),

  

					
		  	61	  	(NALT 2014-A Indenture)

 
Attention: ABS Surveillance; or (v) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only when
delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication by an officer of the intended recipient entitled to receive such notices located at the address of such recipient for
notices hereunder; provided, however, any demand, notice or communication to be delivered pursuant to this Indenture to any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted
on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 

SECTION 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class, postage prepaid to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest and not
earlier than the earliest date prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage
or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to each Rating
Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Indenture Default. 

SECTION 11.06 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.07 Successors and Assigns. All covenants and agreements
in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so express or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.08 Severability. If any one or more of the covenants, agreement, provisions or terms of this Indenture shall be for any
reason whatsoever held invalid or 

  

					
		  	62	  	(NALT 2014-A Indenture)

 
unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements provisions or terms of this Indenture
and shall in no way affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Trust Certificates or the rights of the Holders thereof. 

SECTION 11.09 Benefits of Indenture. Nothing in this Indenture or the Notes, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, the Noteholders (and, with respect to Sections 8.03 and 8.04, the Trust Certificateholders), any other party secured hereunder, and any other Person with an ownership interest in any
part of the Owner Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.10 Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.11 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 SECTION 11.12 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.13 Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity accompanied by an Opinion of Counsel (who may be counsel to the Indenture Trustee or any
other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to
the Indenture Trustee under this Indenture. 
 SECTION 11.14 Trust Obligation. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture
Trustee or the Owner Trustee in its individual capacity, (ii) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any Trust Certificateholder, the Owner Trustee or of the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such 

  

					
		  	63	  	(NALT 2014-A Indenture)

 
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.15 No Petition. The
Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note or in the case of a Note Owner, a beneficial interest in a Note, hereby covenant and agree that prior to the date that is one year and one day
after the date upon which all obligations under each Securitized Financing have been paid in full, they will not (and, to the fullest extent permitted by applicable law, the Indenture Trustee shall not have the power to) institute against, or join
any other Person in instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or
liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 
 SECTION 11.16 No Recourse. Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity,
the Owner Trustee, the Titling Trustee, the Trust Agent or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee, the Titling Trustee,
the Trust Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the
Titling Trustee, the Trust Agent or the Owner Trustee in its individual capacity or any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent or the Indenture Trustee or of any successor or
assign of the Indenture Trustee, the Titling Trustee, the Trust Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable,
to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.17 Inspection. The Issuing Entity agrees that on reasonable prior notice it will permit any representative of the Indenture
Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent
certified public accountants and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be
reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information, except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

SECTION 11.18 Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner 

  

					
		  	64	  	(NALT 2014-A Indenture)

 
Trustee of the Issuing Entity and in no event shall Wilmington Trust, National Association in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the
representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Indenture, in the performance of
any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Ten of the Trust Agreement. 

SECTION 11.19 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

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

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

[Signature Page to Follow] 

  

					
		  	65	  	(NALT 2014-A Indenture)

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

			
	NISSAN AUTO LEASE TRUST 2014-A
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

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

as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	S-1	  	(NALT 2014-A Indenture)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and
covenants to the Indenture Trustee as follows on the Closing Date: 
 (1) The Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 

(2) The 2014-A SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated security” or “tangible
chattel paper,” within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or securities accounts. 

(3) All of the Collateral that constitutes securities entitlements (other than the 2014-A SUBI Certificate to the extent the 2014-A SUBI Certificate
constitutes a certificated security) has been or will have been credited to one of the Accounts. The securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning
of the applicable UCC. 
 (4) The Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Liens, claim or encumbrance
of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or
that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to which the Liens
attaches is not impaired during the pendency of such proceeding. 
 (5) The Issuing Entity has received all consents and approvals to the grant of the
security interest in the Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles. 

(6) The Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities entitlements, certificated
securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder. 
 (7) The Issuing
Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in the Collateral (to the extent such security interest can be perfected by the filing of a financing statement) granted to the Indenture Trustee hereunder. 

  
 (NALT 2014-A Indenture)

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

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

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

c. A custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment
from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 
 (9) With respect to Collateral that constitutes electronic
chattel paper, the Servicer, as an agent of the Issuing Entity, and to the extent allowed by law: 
 a. Maintains “control,” as
defined in Section 9-105 of the UCC, of all electronic chattel paper. 
 (10) With respect to the Accounts and all subaccounts thereof that constitute
deposit accounts, either: 
 a. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the
bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent by the Issuing Entity; or 

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

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

a. The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Collateral to the Indenture Trustee; or 

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

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

  
 (NALT 2014-A Indenture)

 (12) With respect to Collateral that constitutes certificated securities (other than securities entitlements),
all original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by
an effective endorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. 
 Other than the
transfer of the 2014-A SUBI and the 2014-A SUBI Certificate from NILT Trust to the Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 2014-A SUBI and the 2014-A SUBI Certificate from the Depositor to the Issuing Entity
under the Trust SUBI Certificate Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, or is aware of any financing statements against the Issuing Entity that include a
description of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. 

(13) None of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
 (14) Neither the Accounts nor any
subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee. The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than
the Indenture Trustee. 
 As used in this Schedule I, “Collateral” has the meaning set forth in the Granting Clause of the
Indenture. 

  
 (NALT 2014-A Indenture)

 EXHIBIT A 

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

SEE REVERSE FOR CERTAIN DEFINITIONS 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 TRANSFERS OF THE NOTES MUST GENERALLY BE
ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE. 
 THE HOLDER, BY
ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES. 

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

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

  

					
		 	A-1	 	(NALT 2014-A Indenture)

 
PLAN” (AS DEFINED IN SECTION 3(32) OF ERISA) OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE (“SIMILAR LAW”) OR (B) (I) THIS NOTE IS RATED AT LEAST “INVESTMENT GRADE” BY A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF ACQUISITION, AND (II) THE PURCHASER AND TRANSFEREE’S
ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. BENEFIT PLAN INVESTORS MAY
NOT ACQUIRE THE NOTES AT ANY TIME THAT THE RATING ON THE NOTES ARE BELOW “INVESTMENT GRADE.” 
 [THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.] 

  

					
		 	A-2	 	(NALT 2014-A Indenture)

 NISSAN AUTO LEASE TRUST 2014-A 

[LIBOR +] [    ]% ASSET BACKED NOTE, 

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

			
	 REGISTERED
 No.
R-    
	  	 $        

CUSIP NO.            

 Nissan Auto Lease Trust 2014-A, a statutory trust organized and existing under the laws of the State of
Delaware (including any permitted successors and assigns, the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                            ($        ) in monthly installments
on the 15th day of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on July 15, 2014 (each, a “Payment Date”), until the principal of this Note is paid or made available
for payment, and to pay interest on each Payment Date on the Outstanding Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as
of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, [for the Class [A-1] and [A-2b] Notes, during the period from and including the previous Payment Date on which interest was paid, or as of the Closing
Date if no interest has yet been paid, to but excluding the current Payment Date] [for the Class [A-2a] [A-3] and [A-4] Notes, during the period from and including the 15th day of the preceding calendar month, or as of the Closing Date if no
interest has yet been paid, to but excluding the 15th day of the month in which such Payment Date occurs] at the rate [per annum shown above] [of one month LIBOR plus [—]%] (the “Interest
Rate”), in each case as and to the extent described below; provided, however, that the entire Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Note Balance shall be due and payable on the earlier of
[            ], 20[    ] (the “Note Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of
which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		 	A-3	 	(NALT 2014-A Indenture)

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or by
facsimile, by its Authorized Officer as of the date set forth below. 
 Dated:
            , 2014 
  

							
	NISSAN AUTO LEASE TRUST 2014-A,
		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	 ASSOCIATION,
 not in its individual
capacity but solely as Owner Trustee

			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

					
		 	A-4	 	(NALT 2014-A Indenture)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:             , 2014 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

					
		 	A-5	 	(NALT 2014-A Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its “[LIBOR +] [    ]%
Asset Backed Notes, Class [A-1] [A-2a] [A-2b] [A-3] [A-4]” (herein called the “Notes”) issued under an Indenture, dated as of June 18, 2014 (such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuing Entity and U.S. Bank National Association, as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the Indenture. However, to the extent provided in the Indenture, each Class will receive principal payment sequentially so that, except as otherwise provided in the Indenture, no
principal payments shall be made in respect of (i) the Class A-2 Notes until the Class A-1 Notes have been paid in full, (ii) the Class A-3 Notes until the Class A-2 Notes have been paid in full and (iii) the
Class A-4 Notes until the Class A-3 Notes have been paid in full. 
 Principal payable on the Notes will be paid on each Payment
Date in the amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Note Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall be due and payable following the occurrence and continuance of an Indenture Default, as described in the Indenture. In such
an event, first, principal payments on the Class A-1 Notes shall be made, and second, principal payments on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be made pro rata to the Noteholders entitled
thereto. 
 Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check
mailed to the Person whose name appears as the registered holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Deposit
Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given
the Indenture Trustee appropriate written instructions at least five Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer
in immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the related Record Date without
requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of this Note and of any Note issued 

  

					
		 	A-6	 	(NALT 2014-A Indenture)

 
upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, pursuant to the notice delivered to the
Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the
registered holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date or Redemption Date (or such longer time period as required by the Depository Agreement) and the amount
then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of
New York. 
 Pursuant to Section 9.03(a) of the Trust Agreement, the Servicer will be permitted at its option to purchase the
2014-A SUBI Certificate from the Issuing Entity on any Payment Date if the conditions set forth therein are satisfied. 
 As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case
of this Note Owner, a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

The Notes represent obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the
UTI Beneficiary or any of their respective Affiliates. 
 Each Noteholder by acceptance of this Note, or in the case of this Note Owner, by
acceptance of a beneficial interest in the Notes, hereby covenants and agrees that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not
institute against, or join any other Person in instituting against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and any other Special Purpose Affiliate, any member of any Special Purpose Affiliate or any
Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

  

					
		 	A-7	 	(NALT 2014-A Indenture)

 Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the
Indenture Trustee and their respective agents may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whatsoever,
whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders representing not less than a Majority Interest of the Notes. The Indenture also contains provisions
permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of all Noteholders, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past Defaults under the Indenture and
their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of the Noteholders. 
 The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing
Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or currency herein prescribed. 

  

					
		 	A-8	 	(NALT 2014-A Indenture)

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  
  

 
  
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

			
		 	Dated:
		
		 	Signature Guaranteed:
		
		 	  

  

					
		 	A-9	 	(NALT 2014-A Indenture)

 EXHIBIT B 

FORM OF DEPOSITORY AGREEMENT 

  

					
		 	B-1	 	(NALT 2014-A Indenture)

 EXHIBIT C 

Servicing Criteria To Be Addressed In Assessment Of Compliance 

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

			
	Reference	  	Criteria
		
		  	Cash Collection and Administration
		
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
		
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.
		
		  	Investor Remittances and Reporting
		
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
		
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
		
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

  

					
		 	C-1	 	(NALT 2014-A Indenture)

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 

[    ] Check here if nothing to report. 
  

									
	 	  	 	  	 Activity During Period

	 Transaction
	  	 Loan No.
	  	 Date of Reputed Demand
	  	 Party Making Reputed Demand
	  	 Date of Withdrawal of Reputed Demand

					
	 NALT 2014-A
	  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	
					
		  		  		  		  	

  

					
		 	D-1	 	(NALT 2014-A Indenture)

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