Document:

EX-10.8

 Exhibit 10.8 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 NISSAN AUTO LEASE TRUST 2017-B, 
 as Issuer 

NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 

Dated as of October 10, 2017 

 TABLE OF CONTENTS 

 
  

					
	 	  	Page	 
	 ARTICLE I USAGE AND DEFINITIONS
	  	 	1	 
		
	 Section 1.1. Usage and Definitions
	  	 	1	 
	 Section 1.2. Additional Definitions
	  	 	2	 
		
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	3	 
		
	 Section 2.1. Engagement; Acceptance
	  	 	3	 
	 Section 2.2. Confirmation of Scope
	  	 	3	 
		
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
		
	 Section 3.1. Review Notices
	  	 	3	 
		
	 Section 3.2. Identification of Subject Leases
	  	 	3	 
		
	 Section 3.3. Review Materials
	  	 	3	 
		
	 Section 3.4. Performance of Reviews
	  	 	4	 
		
	 Section 3.5. Review Reports
	  	 	4	 
		
	 Section 3.6. Dispute Resolution
	  	 	5	 
		
	 Section 3.7. Limitations on Review Obligations
	  	 	5	 
		
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	 
		
	 Section 4.1. Representations and Warranties
	  	 	6	 
		
	 Section 4.2. Covenants
	  	 	7	 
		
	 Section 4.3. Fees, Expenses and Indemnities
	  	 	7	 
		
	 Section 4.4. Limitation on Liability
	  	 	8	 
		
	 Section 4.5. Indemnification by Asset Representations Reviewer
	  	 	8	 
		
	 Section 4.6. Inspections of Asset Representations Reviewer
	  	 	9	 
		
	 Section 4.7. Delegation of Obligations
	  	 	9	 
		
	 Section 4.8. Confidential Information
	  	 	9	 
		
	 Section 4.9. Personally Identifiable Information
	  	 	11	 
		
	 ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	  	 	13	 
		
	 Section 5.1. Eligibility Requirements for Asset Representations Reviewer
	  	 	13	 
		
	 Section 5.2. Resignation and Removal of Asset Representations Reviewer
	  	 	13	 
		
	 Section 5.3. Successor Asset Representations Reviewer
	  	 	14	 
		
	 Section 5.4. Merger, Consolidation or Succession
	  	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	14	 
		
	 Section 6.1. Independence of Asset Representations Reviewer
	  	 	14	 
		
	 Section 6.2. No Petition
	  	 	15	 
		
	 Section 6.3. Limitation of Liability of Owner Trustee
	  	 	15	 
		
	 Section 6.4. Termination of Agreement
	  	 	15	 
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	15	 
		
	 Section 7.1. Amendments
	  	 	15	 
		
	 Section 7.2. Notices
	  	 	16	 
		
	 Section 7.3. Limitations on Rights of Others
	  	 	17	 
		
	 Section 7.4. Severability
	  	 	17	 
		
	 Section 7.5. Separate Counterparts
	  	 	17	 
		
	 Section 7.6. Headings
	  	 	17	 
		
	 Section 7.7. Governing Law
	  	 	17	 
		
	 Section 7.8. Waivers
	  	 	17	 
		
	 Schedule A        Representations and Warranties, Review
Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of October 10, 2017 (this
“Agreement”), among NISSAN AUTO LEASE TRUST 2017-B, a Delaware statutory trust, as Issuer (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California Corporation
(“NMAC”), as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 WHEREAS, in the
regular course of business, motor vehicle dealers in the NMAC network of dealers assign certain retail closed-end motor vehicle lease contracts to Nissan-Infiniti LT, as titling trust (the “Titling
Trust”). 
 WHEREAS, in connection with a securitization transaction sponsored by NMAC, the Titling Trust established a special
unit of beneficial interest (the “SUBI”) and allocated to the SUBI certain leases and related leased vehicles owned by the Titling Trust, which are represented by a SUBI certificate representing a beneficial interest in that SUBI
(the “SUBI Certificate”). 
 WHEREAS, the Titling Trust issued the 2017-B SUBI
Certificate to NILT Trust, as UTI Beneficiary, and NILT Trust sold the 2017-B SUBI Certificate to Nissan Auto Leasing LLC II (the “Depositor”), which in turn resold the SUBI Certificate to the
Issuer pursuant to a Trust SUBI Certificate Transfer Agreement, in exchange for the notes and certificates issued by the Issuer. 
 WHEREAS,
the Issuer has granted a security interest in the 2017-B SUBI Certificate to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the Issuer under the Indenture.

 WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the
representations and warranties made by NMAC and the Depositor about the Leases in the pool. 
 NOW, THEREFORE, in consideration of the
foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows. 

ARTICLE I 
 USAGE AND DEFINITIONS

 Section 1.1. Usage and Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized
terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in the Agreement of Definitions, dated as of the date hereof (the “Agreement of Definitions”), by and among NMAC, the Titling
Trust, NILT, Inc., as titling trustee (the “Titling Trustee”), NILT Trust, as grantor (the “Grantor”), the Depositor, the Issuer, Wilmington Trust, National Association, as owner trustee (the “Owner
Trustee”) and U.S. Bank National Association, as trust agent (the “Trust Agent”). 

 With respect to all terms in this Agreement, the singular includes the plural and the plural the
singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 
 Section 1.2. Additional Definitions. The following terms have the meanings given below:

 “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and
each Subject Lease according to Section 3.4. 
 “Confidential Information” has the meaning stated
in Section 4.8(b). 
 “Information Recipients” has the meaning stated in
Section 4.8(a). 
 “Issuer PII” has the meaning stated in
Section 4.9(a). 
 “Personally Identifiable Information” or “PII” has the
meaning stated in Section 4.9(a). 
 “Review Fee” has the meaning stated in
Section 4.3(b). 
 “Review Materials” means, for an Asset Review and a Subject Lease , the
documents and other materials for each Test listed under “Review Materials” in Schedule A. 
 “Review
Report” means, for an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5. 

“Test” has the meaning stated in Section 3.4(a). 

“Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

“Underwriter” means, any of Citigroup Global Markets Inc., HSBC Securities (USA) Inc., MUFG Securities Americas Inc., SMBC
Nikko Securities America, Inc., BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, in its capacity as underwriter or representative of the underwriters
pursuant to the underwriting agreement, dated as of October 3, 2017, among Citigroup Global Markets Inc., NMAC and the Depositor. 

  
 2 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1. Engagement; Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations
Reviewer for the Issuer. Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement. 

Section 2.2. Confirmation of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for
(a) reviewing the Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties
constitutes a breach of the Transaction Documents. 
 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Review Notices. On receipt of a Review Notice from the Indenture Trustee according to
Section 7.08 of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review until a Review Notice is received. 

Section 3.2. Identification of Subject Leases. Within ten (10) Business Days after receipt of a Review Notice, the
Servicer will deliver to the Asset Representations Reviewer, with a copy to the Indenture Trustee, a list of the Subject Leases. 

Section 3.3. Review Materials. 

(a) Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations Reviewer to facilitate the
Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Leases within ten (10) days after receipt of the Review Notice in one or more of the following ways in the
Servicer’s reasonable discretion: (i) by providing access to the Servicer’s lease systems, either remotely or at one of the properties of the Servicer, (ii) by electronic posting of Review Materials to a password-protected
website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at one of the properties of the Servicer where the Lease Documents are located or (iv) in another manner agreed by the Servicer and
the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and
unchanged. 
 (b) Missing or Insufficient Review Materials. If any of the Review Materials are missing or insufficient for the Asset
Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review, and the Servicer will have 15 days to provide the Asset
Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Review Materials have not been provided by the Servicer within 15 days, the parties agree
that the Subject Lease will have a Test Fail for the related Test(s) and the Test(s) will be considered a Test Complete and the Review Report will indicate the reason for the Test Fail. 

  
 3 

 Section 3.4. Performance of Reviews. 

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Lease the procedures listed
under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Lease, the Asset
Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b) Review Period. The Asset Representations Reviewer will complete the Review of all of the Subject Leases within sixty (60) days
after receiving access to the Review Materials under Section 3.3(a). However, if additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review
period will be extended for an additional thirty (30) days. 
 (c) Completion of Review for Certain Subject Leases. Following the
delivery of the list of the Subject Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Lease is
pre-paid in full by the Obligor or reallocated from the SUBI by the Servicer according to the Basic Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of
such Leases and the Review of such Leases will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Leases and the related reason. 

(d) Previously Reviewed Lease. If any Subject Lease was included in a prior Asset Review (the “Prior Review”), the
Asset Representations Reviewer will perform Tests on such Subject Lease only if the Asset Representations Reviewer has reason to believe that the Prior Review was conducted in a manner that would not have ascertained compliance with one or more of
the representations and warranties set forth on Schedule A hereto; otherwise, the Asset Representations Reviewer will include in the Review Report for the Asset Review the results of the Tests with respect to such Subject Lease from the Prior
Review. 
 (e) Termination of Review. If an Asset Review is in process and the Notes will be paid in full on the next Payment Date,
the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and
will have no obligation to deliver a Review Report. 
 Section 3.5. Review Reports. (a) Within five (5) days after the
end of the Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Lease whether there was
a Test Pass or a Test Fail for each Test, or whether the Subject Lease was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the
Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report
does not contain any Issuer PII. 

  
 4 

 (b) Questions About Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) payment in full of the Notes and (ii) one year after the
delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Indenture Trustee or the Servicer and will direct such
Persons to submit written questions or requests to the Servicer. 
 Section 3.6. Dispute Resolution. If a Lease that was
reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 7.07 of the Indenture, the Asset Representations Reviewer will participate in the dispute resolution proceeding
on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer together with reasonable compensation for the time
it incurs in connection with its participation in any dispute resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or
arbitrator for the dispute resolution according to Section 7.07 of the Indenture. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(a). 

Section 3.7. Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii) to determine which Leases are subject to an Asset Review, and may rely on the lists of Subject Leases provided by the
Servicer; 
 (iii) to obtain or confirm the validity of the Review Materials and no liability for any errors in the Review
Materials and may rely on the accuracy and completeness of the Review Materials; 
 (iv) to obtain missing or insufficient
Review Materials from any party or any other source; 
 (v) to take any action or cause any other party to take any action
under any of the Basic Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Leases; or 

(vi) to establish cause, materiality or recourse for any failed Test. 

  
 5 

 (b) Testing Procedure Limitations. The Asset Representations Reviewer will only be
required to perform the testing procedures listed under “Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Lease or to provide any information other than a Review Report indicating for
each Subject Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Lease was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information about any Subject
Lease that it determines in good faith to be material to the Review. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the
Closing Date: 
 (a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a
limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions
in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)
Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution,
delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,
reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No Conflicts
and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default
under, any indenture, agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations
Reviewer under the terms of any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations
Reviewer’s knowledge, any order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer that applies to the Asset
Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

  
 6 

 (d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no
proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e) Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section 5.1. 

Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in
Section 5.1. 
 (b) Review Systems; Personnel. It will maintain business process management and/or other
systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Subject Lease and the related
Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

(c) Maintenance of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an
Asset Review, including internal correspondence and work papers, for a period of two (2) years after the termination of this Agreement. 

Section 4.3. Fees, Expenses and Indemnities. 

(a) Annual Fee. The Sponsor shall pay to the Asset Representations Reviewer, as reasonable compensation for its services, an annual fee
in the amount of $5,000 (the “Annual Fee”). The Annual Fee shall be payable on the Closing Date and on each anniversary thereof until this Agreement is terminated in accordance with Section 6.4. The Sponsor
shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 

(b) Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee of the Review Report, or the
termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor and the Servicer of a detailed invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200 for each Subject
Lease for which the Asset Review was started (the “Review Fee”). However, no Review Fee will be charged for any Subject Lease which was included in a prior Asset Review or for which no Tests were completed prior to the Asset
Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). To the extent not paid by the Sponsor and outstanding for at least 60 days, the Review Fee shall be paid by the
Issuer pursuant to Section 8.04 of the Indenture. 

  
 7 

 (c) Indemnification. The Sponsor shall indemnify the Asset Representations Reviewer
against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by the Asset Representations Reviewer in connection with the administration of this Agreement and the performance of its duties hereunder. The Asset
Representations Reviewer shall notify the Sponsor promptly of any claim for which it may seek indemnity. Failure by the Asset Representations Reviewer to so notify the Sponsor shall not relieve the Sponsor of its obligations hereunder. The Sponsor
shall defend any such claim, and the Asset Representations Reviewer may have separate counsel and the Sponsor shall pay the fees and expenses of such counsel. The Sponsor shall not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Asset Representations Reviewer through the Asset Representations Reviewer’s own bad faith, willful misfeasance, negligence in performing its obligations under this Agreement or breach of this Agreement. The
indemnification provided in this Section 4.3(c) shall survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. The Sponsor acknowledges
and agrees that amounts owing to the Asset Representations Reviewer in respect of the indemnification provided hereunder shall not be limited to or reduced by the amount of Available Amounts on deposit in the Collection Account, except to the extent
that such Available Amounts have been allocated to make a payment to the Asset Representations Reviewer on the next-occurring Payment Date pursuant to Section 8.04 of the Indenture. 

(d) Payment of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for any
amounts owed to it under this Agreement. To the extent not paid by the Sponsor and outstanding for at least 60 days, the fees and indemnities provided for in this Section 4.3 shall be paid by the Issuer pursuant to
Section 8.04 of the Indenture; provided, that prior to such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Sponsor in writing that such fees and indemnities have been outstanding for
at least 60 days. If such fees and indemnities are paid pursuant to Section 8.04 of the Indenture, the Sponsor shall reimburse the Issuer in full for such payments. 

Section 4.4. Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or
not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith, or negligence in performing its obligations under this Agreement. In no event
will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of
the form of action. 
 Section 4.5. Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Depositor, the Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs, expenses (including reasonable attorneys’ fees and
expenses), losses, damages and liabilities, including legal fees and expenses incurred in connection with the enforcement by such Person of an indemnification or other obligation of the Asset Representations Reviewer, resulting from (a) the
willful misconduct, bad faith or negligence of 

  
 8 

 
the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in
this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset
Representations Reviewer. 
 Section 4.6. Inspections of Asset Representations Reviewer. The Asset Representations Reviewer
agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer, the Sponsor or the Administrator, during the Asset Representations Reviewer’s normal business
hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this
Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will
permit the Issuer’s, the Servicer’s, the Sponsor’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and
employees. Each of the Issuer, the Servicer, the Sponsor and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer, the
Sponsor or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other
documents and materials for a period of at least two years after the termination of its obligations under this Agreement. 

Section 4.7. Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under
this Agreement to any Person without the consent of the Issuer, the Sponsor and the Servicer. 
 Section 4.8. Confidential
Information. 
 (a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it
under this Agreement in confidence and under the terms and conditions of this Section 4.8, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential
Information will not, without the prior consent of the Issuer, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal
counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Reviews of Subject Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it
will not, and will cause its Affiliates to not (i) purchase or sell securities issued by NMAC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 

  
 9 

 (b) Definition. “Confidential Information” means oral, written and
electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i) lists of Subject Leases and any related Review Materials; 

(ii) origination and servicing guidelines, policies and procedures and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Sponsor or the Servicer, which
contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives. 
 However, Confidential Information will not include
information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound
by a confidentiality agreement with the Issuer, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of
the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the Sponsor or the Servicer provides permission to the applicable
Information Recipients to release. 
 (c) Protection. The Asset Representations Reviewer will take reasonable measures to protect the
secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer
acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.9. 

(d) Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an
administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by
law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor’s expense, in the Issuer’s and the Sponsor’s pursuit
of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed,
the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this
Section 4.8 by its Information Recipients. 
 (f) Violation. The Asset Representations Reviewer agrees that
a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or
the Servicer to enforce this Section 4.8, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorney’s fees and expenses, incurred by it for the enforcement. 

  
 10 

 Section 4.9. Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or “PII” means information in any format about
an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or “VIN”, any other actual or assigned
attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer PII” means PII furnished by the Issuer, the
Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this
Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these
purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy,
security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this
Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and
integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations
under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures. 
 (c) Additional Limitations. In addition to the use and protection requirements
described in Section 4.9(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer
PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or
access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in
this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 

  
 11 

 (ii) The Asset Representations Reviewer will not sell, disclose, provide or
exchange Issuer PII with or to any third party without the prior consent of the Issuer. 
 (d) Notice of Breach. The Asset
Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and,
where applicable, immediately take action to prevent any further breach. 
 (e) Return or Disposal of Issuer PII. Except where return
or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be
(i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without
charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

 (f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer
regarding the Asset Representations Reviewer’s compliance with this Section 4.9. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.9 as necessary from time to
time for either party to comply with applicable law. 
 (g) Audit of Asset Representations Reviewer. The Asset Representations
Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.9 during the Asset Representations Reviewer’s normal business hours
on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this
Section 4.9 with the inspections described in Section 4.6. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on
reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 

(h) Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third
party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.9, and
this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section 4.9 against the Asset Representations Reviewer as if each
were a signatory to this Agreement. 

  
 12 

 ARTICLE V 

RESIGNATION AND REMOVAL; 
 SUCCESSOR
ASSET REPRESENTATIONS REVIEWER 
 Section 5.1. Eligibility Requirements for Asset Representations Reviewer. The Asset
Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person
that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date. 

Section 5.2. Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is merged into or becomes an Affiliate of the Sponsor, the Servicer, the Indenture Trustee, the Owner Trustee, (ii) the Asset Representations Reviewer no longer meets the
eligibility requirements in Section 5.1, or (iii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable law and there is no reasonable action that it could take to make the
performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations Reviewer shall promptly resign and the Sponsor shall appoint a successor Asset
Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Sponsor and the Servicer, and if the Asset Representation Reviewer resigns pursuant to clause (b) above, an Opinion of
Counsel supporting its determination. 
 (b) Removal of Asset Representations Reviewer. If any of the following events occur, the
Indenture Trustee, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes, by notice to the Asset Representations Reviewer, shall remove the Asset Representations Reviewer and terminate its rights and
obligations under this Agreement: 
 (i) the Asset Representations Reviewer no longer meets the eligibility requirements in
Section 5.1; 
 (ii) the Asset Representations Reviewer breaches of any of its representations,
warranties, covenants or obligations in this Agreement; or 
 (iii) an Insolvency Event of the Asset Representations Reviewer
occurs. 
 (c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee, the Depositor and the
Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. The Depositor will report any resignation or removal of the Asset Representations Reviewer, or any appointment of a successor Asset Representations Reviewer, in
the Issuer’s Form 10-D report related to the Collection Period in which such resignation, removal or appointment took place. 

  
 13 

 Section 5.3. Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
the Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the
successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered
into a new agreement with the Issuer on substantially the same terms as this Agreement. 
 (c) Transition and Expenses. If the Asset
Representations Review resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations
under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 5.4. Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or
consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements
in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations
Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VI 

OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor
and will not be subject to the supervision of, or deemed to be the agent of, the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer,
the Indenture Trustee or the Owner Trustee shall be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder.
Unless authorized by the Issuer, the Indenture Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be
considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership,
joint venture or other separate entity or impose any liability as such on any of them. 

  
 14 

 Section 6.2. No Petition. Each party hereto, by entering into this Agreement, 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 (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 Issuer, 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 6.3. Limitation of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by Wilmington Trust,
National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will Wilmington Trust, National Association in its individual capacity or a beneficial owner of the Issuer have any liability
for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes under this Agreement, the Owner Trustee
will be subject to, and entitled to the benefits of, the Trust Agreement. 
 Section 6.4. Termination of Agreement. This
Agreement will terminate, except for the obligations under Section 4.5, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the
Issuer is terminated under the Trust Agreement. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendments. 

(a) Any term or provision of this Agreement may be amended by the parties hereto, without the consent of any other Person subject to the
satisfaction of one of the following conditions: 
 (i) the Seller or the Servicer delivers an Officer’s Certificate or
Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii) the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 7.1 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person, (which consent shall not be unreasonably withheld or delayed); provided, further, that in the event that any
Certificates are held by anyone other than the Administrator or any of its Affiliates, this Agreement may only be amended by the parties hereto if, in addition, (i) the Holders of the Certificates evidencing a majority of the Certificate
Balance of the Certificates consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect
the interests of the Certificateholders. 

  
 15 

 (b) This Agreement may also be amended by the parties hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders with the consent of: 

(i) the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes; and 

(ii) the Holders of the Certificates evidencing a majority of the Certificate Balance. 

It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. 
 (c) Promptly after the execution of any such amendment
or consent, the Servicer shall furnish written notification of the substance of such amendment or consent to each Rating Agency. 
 (d) Prior
to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this
Agreement. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or
immunities under this Agreement. 
 Section 7.2. 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: (a) in the case of the Seller, to Nissan Leasing LLC II, One Nissan Way, Franklin, Tennessee, 37067, Attention: Treasurer, (b) in the case of the Servicer, to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin,
Tennessee, 37067, Attention: Treasurer, (c) in the case of the Issuer or the Owner Trustee, to Nissan Auto Lease Trust 2017-B, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Lease Trust 2017-B, (d) in the case of the Indenture Trustee, to U.S. Bank National Association, 190 South LaSalle Street, 7th Floor,
Chicago, IL 60603, Attention: NALT 2017-B, (e) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New
York 10007, (f) in the case of Fitch, to Fitch Ratings, 33 Whitehall Street, New York, New York, 10004, Attention: Asset-Backed Securities Group, (g) in the case of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 1700
Lincoln Street, Suite 2600, Denver, CO 80203, Attention: SVP Surveillance, with a copy to Clayton Fixed Income Services LLC, 100 Beard Sawmill Road, Suite 200, Shelton, CT 06484, Attention: General Counsel; or, at such other address as shall be
designated by any of the foregoing in a written notice to the other parties hereto. 

  
 16 

 (a) All notices, requests, reports, consents or other communications required to be delivered to
the Rating Agencies by the Servicer hereunder shall be delivered by the Servicer to each Rating Agency then rating the Notes; provided, however, any demand, notice or communication to be delivered hereunder or under any other Basic
Document 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 7.3. Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the Sponsor, the Servicer, the Issuer and the Asset Representations Reviewer. The Indenture Trustee (for the benefit of itself and the Noteholders) will be an express third-party beneficiary
of this Agreement and entitled to enforce this agreement against the parties hereto. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 Section 7.4.
Severability. If any one or more of the covenants, agreement, provisions or terms of this Agreement shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 7.5. Separate Counterparts. This Agreement 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 7.6.
Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 7.7. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 7.8. Waivers. No failure or delay on the part of any party hereto in
exercising any power, right or remedy under this Agreement shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the
exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy. 

  
 17 

 [Remainder of Page Left Blank] 

  
 18 

 EXECUTED BY: 
  

			
	NISSAN AUTO LEASE TRUST 2017-B,
	        as Issuer
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity,
		 	but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	NISSAN MOTOR ACCEPTANCE CORPORATION,
	        as Servicer
		
	By:	 	  

		 	Name:
		 	Title:
	
	CLAYTON FIXED INCOME SERVICES LLC,
	        as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 

Representation and Warranty 
 (a)
Such Lease relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport utility vehicle, of a model year of 2013 or later; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lease Agreement indicates the Leased Vehicle is a Nissan or Infinity automobile, light duty truck, minivan or sport utility vehicle 

 

	 	ii)	Confirm the Lease Agreement indicates the Leased Vehicle is a model year 2013 or later 

  

	 	iii)	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-1 

 Representation and Warranty 

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

Lease Agreement 
 Tests 

 

	 	i)	Confirm the Leased Vehicle is identified in the Lease Agreement as a new Nissan or Infinity motor vehicle at the time of origination 

 

	 	ii)	If confirmed, then Test Pass 

  
 A-2 

 Representation and Warranty 

(c) Such Lease was originated in the United States on or after October 1, 2013, by a Dealer for a Lessee with a United States address;

 Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lease Agreement was executed on or after the oldest allowable date of execution 

  

	 	ii)	Confirm the Lessee’s address as stated on the Lease Agreement is located within the United States 

  

	 	iii)	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-3 

 Representation and Warranty 

(d) Such Lease is payable solely in United States dollars; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lease Agreement is payable in U.S. Dollars 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-4 

 Representation and Warranty 

(e) Such Lease and the related Leased Vehicle are owned by the Titling Trust, free of all liens, other than any lien placed upon a Certificate
of Title in connection with the delivery of title documentation to the Titling Trustee in accordance with Customary Servicing Practices in effect at the time of origination; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Vehicle Identification Number (VIN) on the Lease Agreement matches the VIN on the Title Documents 

  

	 	ii)	Confirm the Title Documents designate the Titling Trust as the owner of the Leased Vehicle 

  

	 	iii)	Confirm the Title Documents do not report any additional security parties or liens tied to the Leased Vehicle 

  

	 	iv)	If Steps (i) through (iii) are confirmed, the Test Pass 

  
 A-5 

 Representation and Warranty 

(f) Such Lease has a remaining term to maturity, of not less than 13 months and not greater than 44 months; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	Confirm the remaining number of payments is within the allowable limits 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-6 

 Representation and Warranty 

(g) Such Lease provides for level payments (exclusive of taxes) that fully amortize the adjusted capitalized cost of the Lease to the related
Contract Residual over the lease term at a rate implicit in the Lease and corresponding to the disclosed rent charge and, in the event of a Lessee initiated early termination, provides for payment of the Early Termination Charge; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm that all lease payments are equal 

  

	 	ii)	Confirm the total of the number of payments and amount of payments, with any first and last payment (if applicable) is equal to the Adjusted Capitalized cost minus the residual value of the Leased Vehicle plus the rent
charge 

  

	 	iii)	Confirm the Lease Agreement requires an Early Termination Charge be paid in the event that the Lessee initiates early termination of the Lease 

 

	 	iv)	If Steps (i) through (iii) are confirmed, then Test Pass 

  
 A-7 

 Representation and Warranty 

(h) Such Lease was originated in compliance with, and complies in all material respects with, all material applicable legal requirements; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lease Agreement form number and revision date are on the List of Approved Forms 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-8 

 Representation and Warranty 

(i) Such Lease is not more than 29 days past due; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	Confirm the Lease was not more than 29 days past due 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-9 

 Representation and Warranty 

(j) Such Lease (A) is the valid, legal and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee
in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’
rights in general or (ii) general principles of equity; 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	Confirm the Lease Agreement form number and revision date are on the List of Approved Forms 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-10 

 Representation and Warranty 

(k) the records of the Servicer do not reflect that such Lease has been satisfied, subordinated, rescinded, canceled or terminated 

Review Materials 
 Lease Agreement 

Data Tape 
 Lease File 

Tests 
  

	 	i)	Confirm there is no indication within the Lease File that the Lease has been subordinated, rescinded, cancelled or terminated 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-11 

 Representation and Warranty 

(l) the records of the Servicer do not reflect that such Lease is subject to any asserted or threatened right of rescission, setoff,
counterclaim or defense; 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	Confirm there is no indication within the Lease File that the Lease is subject to any asserted or threatened right of rescission, setoff counterclaim or defense 

 

	 	ii)	If confirmed, then Test Pass 

  
 A-12 

 Representation and Warranty 

(m) the records of the Servicer reflect that, other than payment defaults continuing for a period of no more than 29 days as of the Cutoff
Date, no default, breach or violation of such Lease occurred 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	Confirm there is no indication within the Lease File of any past or current default, breach or violation other than a payment default of no more than 29 days 

 

	 	ii)	If confirmed, then Test Pass 

  
 A-13 

 Representation and Warranty 

(n) the records of the Servicer do not reflect that any default, breach or violation of such Lease has been waived (other than deferrals and
waivers of late payment charges or fees permitted under the Servicing Agreement); 
 Review Materials 

Lease Agreement 
 Data Tape 

Lease File 
 Tests 

 

	 	i)	Confirm there is no indication within the Lease File of any waiver or deferrals of any breach or violation of the Lease other than deferrals and waivers of late payment charges or fee permitted under the Servicing
Agreement 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-14 

 Representation and Warranty 

(o) Such Lease is not a Defaulted Lease; 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	Confirm the Lease is not a defaulted Lease 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-15 

 Representation and Warranty 

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

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lessee’s physical address is located within the United States 

  

	 	ii)	Confirm the Lessee is a natural person, and not NMAC or any of its Affiliates, the United States or any State or any agency or potential subdivision thereof 

 

	 	iii)	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-16 

 Representation and Warranty 

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

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	If the Lease Agreement is considered tangible chattel paper, confirm there is one original executed copy 

  

	 	ii)	If the Lease Agreement is considered electronic chattel paper, confirm it was completed electronically and is identified as being held in NMAC’s electronic vault at Dealertrack 

 

	 	iii)	Confirm the Lease Agreement was manually executed or completed electronically, as applicable, by the Lessee and Lessor. 

  

	 	iv)	If Steps (i) or (ii) and (iii) are confirmed, then Test Pass 

  
 A-17 

 Representation and Warranty 

(r) in the case of each 2017-B Lease that constitutes tangible chattel paper, there is only one
original executed copy of each tangible “record” constituting or forming a part of such Lease; and in the case of each 2017-B Lease that constitutes electronic chattel paper, there is only a single
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of each electronic “record” constituting or forming a part of such Lease; 

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	If the Lease Agreement is considered tangible chattel paper, confirm there is one original copy 

  

	 	ii)	If the Lease Agreement is considered electronic chattel paper, confirm it was completed electronically and is identified as being held in NMAC’s electronic vault at Dealertrack 

 

	 	iii)	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 A-18 

 Representation and Warranty 

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

Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Number of Payments on the Lease Agreement is within the allowable limits 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-19 

 Representation and Warranty 

(t) under the terms of such Lease, the related Lessee is required to maintain physical damage insurance covering the related Leased Vehicle;
and 
 Review Materials 
 Lease Agreement 

Tests 
  

	 	i)	Confirm the Lease Agreement requires the Lessee to obtain and maintain physical damage insurance covering the related Leased Vehicle 

 

	 	ii)	If confirmed, then Test Pass 

  
 A-20 

 Representation and Warranty 

(u) has a Securitization Value, as of the Cutoff Date, of no greater than $102,834.04. 

Review Materials 
 Data Tape 

Tests 
  

	 	i)	Confirm the Securitization Value of the Leased Vehicle within the Data Tape is below the maximum allowable limit 

  

	 	ii)	If confirmed, then Test Pass 

  
 A-21vkin_ex101.htm

EXHIBIT 10.1
  
 PURCHASE AND SALE AGREEMENT
   
  
   
  	 SELLER:
	 Mormeg, LLC 
	 BUYER: 
	 Mid-Con Drilling, LLC, or its assigns

	 
	 a Kansas limited liability company 
	 
	 a Kansas limited liability company

	 
	 10551 Barkley St # 307
	 
	 1330 Avenue of the Americas, Suite 23A

	 
	 Overland Park, KS 66212 
	 
	 New York, NY 10019

	 
	 
	    
	 

	 
	 
	 
	 Coal Creek Energy, LLC
 a Kansas limited liability company
 32195 West 135th Street
 Olathe, KS 66061
  

  
 
 
  	 PURCHASE PRICE:            $450,000.00 
	 CLOSING DATE:                September 1, 2017

      
  
 
  
 
1) SALE AND PURCHASE: For and in consideration of the mutual benefits to be derived here from, and subject to the terms and conditions hereinafter set forth, Seller shall sell, transfer, convey and deliver to Buyer at closing, and Buyer shall purchase and acquire at closing an undivided 90% of all right, title, interest and estate of Seller in, to and under the oil and gas leases set forth in Exhibit “A” attached hereto and incorporated herein by reference and other leasehold and mineral interests on the lands covered thereby together with an undivided 90% of all: oil and gas wells thereon, oil and gas equipment and fixtures thereon or used in the operation thereof, equipment and other personal property used in connection with oil and gas operations upon the above described oil and gas leases, (including but not limited to the items described on Exhibit “B” attached hereto and incorporated herein by reference and pipe, pumps, tanks, motors, pump jacks, gathering lines, electric lines, and associated materials and related parts and supplies), easements, permits, rights of way, surface leases, servitudes and agreements insofar as they pertain to the Leases or are related thereto, tenements, hereditaments and appurtenances to said leases, drilling data, electric logs, lease files, land files, well files, division order files, geophysical data/reports, maps, regulatory files, title opinions and records drillers logs, reserve reports, appraisals, evaluations, studies, or any other documents or files prepared for or in any way relating to said oil and gas leases (collectively, the “Leases”). 
  
 2) SELLER’S INTEREST: Seller covenants and warrants that it will convey to Buyer at closing an undivided Ninety percent (90%) of the entire working interest in Leases together with outstanding overriding royalty interest burdening said working interest, which interests shall collectively represent not less than the Net Revenue Interest (“NRI”) in each of the Leases set forth on Exhibit “A.” An undivided Ninety percent (90%) of any overriding royalty interests, production payments, net revenue interest or other right, title or interest in and to the Leases (except landowner royalty interests) which are owned by Seller or any affiliate, or representative of Seller shall be transferred to Buyer on the Effective Date and said interest shall be merged into the working interest and become a part thereof on the Effective Date. 
  
 3) PURCHASE PRICE: The purchase price for the Leases shall be FOUR HUNDRED FIFTY THOUSAND DOLLARS ($450,000.00) (the “Purchase Price”). The Seller shall be responsible for all fees to Sales agents for this transaction. The Buyers shall be obligated for the following proportions of the Purchase Price and shall not be jointly and severally liable for the entire purchase price with each other: 
  
 Mid-Con Drilling, LLC, $400,000 (will receive an undivided 80% in the Leases) 
 Coal Creek Energy, LLC, $50,000 (will receive an undivided 10% in the Leases)
   	 
	1
	 
 
	 

  
 4) CLOSING: The parties shall use their best efforts to close the transaction contemplated by this Agreement on or before September __, 2017, however the transaction shall be made effective September 1, 2017. However, closing may be postponed if additional time is needed to obtain title opinions upon the Leases, or if any title defect is discovered during Buyer’s due diligence; provided however, closing shall not be postponed more than 30 days after September 1, 2017 without the consent of both parties. The closing shall take place at a location and on a date and at a time to be mutually agreed upon by the Parties. At closing Buyer shall tender the Purchase Price less any other adjustments of the Purchase Price specifically provided for herein, and Seller shall deliver the fully executed Assignment and Bill of Sale in the form attached hereto as Exhibit ‘C’ together with all files and records pertaining to the Leases, including but not limited to drilling data, electric logs, lease files, land files, well files, division order files, geophysical data, maps, regulatory files, title opinions and records drillers logs, reserve reports appraisals, evaluations, studies, or any other documents prepared for or in any way relating to the Leases, executed titles for vehicles which require a paper title and executed bills of sale for all vehicles, equipment and rolling stock which do not require a paper title, to Buyer at closing. 
  
 5) DUE DILIGENCE: Upon Seller’s written acceptance of this Agreement, Buyer and its attorneys, employees and consultants shall be entitled to examine and copy (at Buyer’s expense) Seller’s records pertaining to the Leases, including but not limited to all lease files, operating agreements, deeds and documents of title and all other property records and title opinions, all accounting, geological, geophysical and other records, and all other documents relating to the Leases including well logs and pumper reports. Buyer, at its sole risk and expense, shall also have access to the Wells and the right to observe operations and to inspect any and all equipment, improvements and fixtures related to the Leases. In the event Buyer discovers any unsatisfactory condition during its due diligence Buyer may terminate this Agreement by giving written notice to Seller on or before Closing. 
  
 6) CONFIDENTIALITY: Buyer agrees that all information obtained from the examination of Seller’s files and records shall remain confidential. In the event the transactions contemplated by this Agreement are not closed, Buyer will return to Seller all copies of such files and all other information relating to the Leases obtained pursuant to this Agreement, except as to that information obtained from records available to the public. This agreement and the transaction contemplated herein shall be kept confidential and shall not be disclosed to any other party without the written consent of all Parties. Prior to closing, neither party shall make or release any public statements or announcements, including those to the media, concerning this Agreement or any transactions contemplated by this Agreement without the prior written consent of the other. To the extent that either party has a legal obligation or duty to release any public statements or announcements, such announcements shall describe the transaction as one entered into with “an undisclosed Buyer.”
  
 7) TITLES: Prior to closing, Seller shall at its sole expense, provide title opinions prepared by attorneys of Seller’s choosing, covering each of the leases from the date of Patent to a date not earlier than the date this Agreement is executed. Buyer may at its sole cost and expense review such title opinions and conduct such examination of title relating to and the Leases as it sees fit and shall notify Seller in writing, on or before Closing, of any title defect which Buyer requests Seller to cure before closing. In the event Buyer notifies Seller of any defects, Seller shall attempt to cure same. In the event of a title defect which Seller is unable to cure, the parties shall use reasonable efforts to agree on an adjustment of the Purchase Price. In the event the parties are unable to reach such an agreement, Buyer or Seller may terminate this Agreement by giving written notice to the other Party on or before Closing. 
  
 8) ENVIRONMENTAL: If, as a result of Buyer’s pre-closing due diligence inspection of the Leases, Buyer objects to the condition of one or more of the Leases because of environmental concerns (“Environmental Defects”), Buyer shall notify Seller of the same on or before Closing. In the event Buyer notifies Seller of any Environmental Defects, Seller shall attempt to cure the same. In the event Seller is unable to cure any such Environmental Defect, the parties shall use reasonable efforts to reach an agreement to appropriately adjust the Purchase Price due to such Environmental Defects; in the event the parties are unable to reach such an agreement, Buyer or Seller may terminate this Agreement by giving written notice to the other Party on or before closing. 
   	 
	2
	 
 
	 

  
 9) CONDITIONS: Buyers obligations under this agreement are conditioned upon, Buyer obtaining financing under terms satisfactory to Buyer for the purchase of the Leases hereunder; Buyer entering into an operating agreement providing for the operation of the Leases with an operator chosen by Buyer under terms and conditions satisfactory to Buyer. 
  
 10) ADJUSTMENTS: Oil, gas and other production from or attributable to the Leases which was produced prior to the Effective Date shall belong to Seller. Buyer will assume all responsibility for notifying the buyer(s) of production of the change of ownership. Seller and Buyer shall execute such documents as may be reasonably required by any purchaser of production. After the Effective Date, Buyer and Seller will effect a cash adjustment to account for Saleable Oil in any oil storage tank on the Leases on the Effective Date. On the Effective Date the parties will (a) jointly measure the oil above the draw down valve in storage tanks on the Leases (the “Saleable Oil”) and when oil is next sold after the Closing Date the amount allocated to Seller and the landowners shall be divided at that time, and (b) read utility meters so that utility costs can be allocated pursuant to this Agreement with the adjustment for Seller’s share to be made when the utility bill is next received after the Closing Date.
    
 11) POSSESSION: Transfer of possession of the Leases shall occur at Closing, and Seller shall assume any risk of loss prior to said date. Nothing shall be removed from the leases prior the closing and Seller shall cause the Leases to be operated as a reasonable prudent operator until closing. 
  
 12) INDEMNIFICATION: Buyer shall protect, defend, indemnify and hold Seller harmless from the payment of any judgments, claims, costs, expenses and liabilities (“Damages”), whether direct, contingent or otherwise, assessed against Seller which are payable with respect to the ownership or operation of the Leases from and after the Closing Date. Seller shall protect, defend, indemnify and hold Buyer harmless from the payment of any and all Damages, whether direct, contingent or otherwise assessed against Buyer or Seller which are payable with respect to the ownership or operation of the Leases prior to the Closing Date.
  
 13) TAXES: Seller warrants that all ad valorem taxes, personal property, severance and similar taxes and fees for the year 2016 and all prior years has been paid, ad valorem taxes, personal property, severance and similar taxes and fees based upon 2017 production shall be prorated as of the Effective Date. Buyer will bear all applicable sales or similar taxes imposed by any state, county, municipal or other governmental entity as a result of this sale.
  
 14) REPRESENTATIONS AND OTHER WARRANTIES: The Parties represent and warrant to each other as applicable that, as of the Closing Date:
  
 (a) Seller has taken all necessary action to authorize the execution, delivery and performance of this Agreement and has adequate power, authority and the legal right to enter into, execute, deliver and perform the transactions contemplated by this Agreement; this Agreement constitutes a legal, valid and binding obligation of Buyer and Seller, enforceable against each in accordance with its terms.
  
 (b) Seller owns the Leases free and clear of all liens encumbrances, is the owner of all of the working interest, overriding royalty interest, NRI and net mineral acres represented herein, and has the full power and right to sell and convey the same, and Buyer has the full power and right to acquire and operate the same, all pursuant to the terms and conditions of this Agreement.
  
 (c) The Seller is the owner of all of the Leases and will at Closing, have good and merchantable title to the Leases free and clear of all security interests, liens, equities and claims and will have ensured that all operating costs and expenses have been timely paid. Seller is the owner of all personal property, real property, fixtures and improvements to be conveyed as provided herein free of any encumbrances, obligations or restrictions. The title to all personal property, real property, fixtures and improvements is such that upon purchase by Buyer, the title to all of the personal property and fixtures will be free of any encumbrances of any kind.
   	 
	3
	 
 
	 

  
 (d) All rentals, royalties, bonus payments, option payments, deposits and other payments due under the Leases have been fully and promptly paid and there has been no notice of default or forfeiture or demand that any Leases be released.
  
 (e) There are no claims (including claims for taxes), demands, suits, actions, arbitrations or governmental investigations or proceedings pending or threatened against either Seller or the Leases which would affect Buyer’s ownership or operation of the Leases.
  
 (f) All permits, licenses, orders and approvals of all federal, state and local governments or regulatory bodies required for the operation of the Leases as presently conducted have been obtained; all such permits, licenses, orders and approvals are in full force and effect and no suspension or cancellation of any of them is threatened or pending; and none of such permits, licenses, orders or approvals will be affected by the consummation of this Agreement except as any of the same may need to be transferred to Buyer.
  
 (g) Neither party has incurred any obligation or liability, contingent or otherwise, with respect to any broker’s or finder’s fee or commission related to this transaction for which the other party shall have any responsibility.
  
 (h). There are no material contracts related to the operation of the Leases except for ordinary service and supply agreements that are subject to termination on 60 days’ notice or less, and Seller is not in violation, breach or default of any such contracts, and all such contracts have been disclosed to Buyer.
  
 (i). This Agreement and the transaction contemplated hereunder does not require any court approval.
  
 (j). Seller has not violated any applicable law, ordinance, regulation, writ, judgment, decree or order of any court or government or governmental unit in connection with the Leases, the consequence of which, individually or in the aggregate, would have an adverse effect on the Leases, nor is Seller required to notify for, remediate or cure any environmental conditions on or about the Leases or the real estate being transferred to Buyer. 
  
 (k). No materials or labor have been provided to the Leases by any party that remains unpaid and could form the basis for a lien to be filed on the Leases or Lease property.
  
 (l). There are no consents or approvals, or waivers of preferential rights necessary to be obtained prior to the execution of this Agreement and the consummation of the transactions contemplated hereby.
  
 (m). The Leases are not subject to any security interests, judgments, liens or other encumbrances which will not be fully paid and discharged as part of closing with the Purchase Price paid by Buyer. Seller shall notify Buyer of the existence of any such lien, judgment, security interest or other encumbrance prior to closing so that prior arrangements can be made for said lien judgment, security interest or other encumbrance to be fully paid and discharged as part of closing. 
  
 (n) The Leases are valid, subsisting and continuing oil and gas lease and all of the terms, conditions, and covenants thereof have been fully and timely performed. No action or inaction by Seller or its predecessors in title could have given rise to a forfeiture, termination, or action for cancellation of the Leases; and no act or omission by Seller or any of its agents, employees or predecessors in interest could give rise to an action or claim of any kind relating to the Leases, the operator thereof, or to impair the title to the same. The terms "action or claim" as used in this paragraph shall include any action in tort, contract, regulatory agency claim, environmental claim by any person or entity, and all other claims arising out from any event occurring before closing.
   	 
	4
	 
 
	 

  
 If, on or before closing, it is discovered that either party is in default under any of the above representations and warranties applicable to it, the defaulting party shall use reasonable efforts to cure the same before closing, but if it is unable to do so, then the parties shall use reasonable efforts to adjust the Purchase Price on an equitable basis due such default. If the parties are unable to agree as to such adjustment on or before closing, then the party not in default may terminate this Agreement by giving written notice to the other on or before the Closing. 
  
 15) SURVIVAL AND FURTHER ACTION: The terms and conditions of this Agreement and the representations and warranties contained herein (except those as to which a default may have been discovered prior to Closing and for which an adjustment in the Purchase Price has been made) shall survive the Closing and shall not be merged into or superseded by the Assignment and Bill of Sale or Deed which are executed and delivered at closing. The Parties agree to execute such further documents or take such further actions after the Closing Date which may be necessary in order to effectuate the transactions contemplated hereunder.
  
 16) ASSIGNMENT: This Agreement shall not be assigned without the express written consent of the other party, provided however that Buyer intends to designate a related entity to acquire the Leases and therefore Buyer may assign its rights under this Agreement to said affiliated entity. 
  
 17) BINDING EFFECT: Upon execution hereof, this Agreement shall be binding on the Parties hereto, their respective heirs, devisees, personal representatives, successors and assigns.
  
 18) COUNTERPARTS: This Agreement may be executed by Seller and Buyer in counterparts, each of which shall be deemed to be an original and all of which shall be deemed to constitute one Agreement.
  
 19) DEFAULT: Time is of the essence of this Agreement. In the event either Party fails to comply with any of the terms of this Agreement, then this Agreement shall, at the option of the non-defaulting Party, be terminated. If the non-defaulting Party does not exercise the option to terminate this Agreement, the non-defaulting party may require specific performance and also exercise any other legal rights and remedies available under Kansas law. In the event that either party brings suit to enforce the terms of this Agreement or any representation or warranty contained herein, the non-breaching party shall be entitled to recover its cost, expenses and attorney fees incurred in bringing such action and enforcing and collecting any judgment obtained therein from the breaching party.
  
 20) GOVERNING LAW: This Agreement shall be governed, construed and enforced under the laws of the State of Kansas.
  
 21) ENTIRE AGREEMENT: This document sets forth the entire understanding and agreement of the parties on the matters described herein, and this Agreement cancels, supersedes and replaces all prior letters of intent, agreements, arrangements and understandings relating to the subject matter of this Agreement. This Agreement may not be amended, altered or modified, and no term or condition herein shall be deemed waived or released, except by written agreement signed by the parties, and no oral amendment, alteration, modification, waiver or release shall be effective or binding. There are no third party beneficiaries to this agreement. 
  
 22) CONSENT OR WAIVER: No consent or waiver, express or implied, by either Party to or of any breach or default by the other Party in the performance of this Agreement shall be construed as a consent or waiver to or of any subsequent breach or default in the performance by such other Party of the same or any other obligations hereunder.
  
 23) JOINT DRAFTING: The Parties shall be considered joint drafters of this Agreement so as not to construe this contract against one Party as drafter more than the other.
   	 
	5
	 
 
	 

  
 IN WITNESS WHEREOF, this Agreement for Purchase and Sale has been executed this _______ day of September, 2017.
  
  	 BUYER:
	  
	 SELLER:
	  

	  
	  
	  
	  
	  
	  

	 MID-CON DRILLING, LLC:
	  
	 MORMEG, LLC:
	  

	  
	  
	  
	  
	  
	  

	 By:
	 /s/ James Doris
	  
	 By:
	 /s/ Mark Haas
	  

	  
	 James Doris, President of Viking Energy Group, Inc.,
 Managing Member 
	  
	  
	 Mark Haas
 Managing Member
	  

	  
	 
	  
	  
	  
	  

	 COAL CREEK ENERGY, LLC: 
	  
	  
	  
	  

	  
	 
	  
	  
	  
	  

	 By:
	 /s/ John Loeffelbein 
	  
	  
	  
	  

	  
	 John Loeffelbein
 Managing Member
	  
	  
	  
	  

  
  	 
	6
	 
 
	 

  
 Exhibit “A” 
 Description of Leases
  
  
  
  
  
  
  
  
  
  
  
  
  
  	 
	7
	 
 
	 

 
 
 
 Exhibit “B” 
 Description of Specific Vehicles and Inventory
  
  
  
  
  
  
  
  
  
  
  
  	 
	8
	 
 
	 

  
  	 EXHIBIT ‘C’
	 ASSIGNMENT FORM

  
 Assignment of Oil and Gas Lease
 and Bill of Sale 
 
 
  
  
KNOW ALL MEN BY THESE PRESENTS, that Mormeg, LLC, a Kansas limited liability company hereinafter called "Assignor," for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does grant, bargain, sell convey, transfer, assign and deliver an undivided 90% of Assignor's right, title, working interest and overriding royalty interest to: 
  
 Mid-Con Drilling, LLC,                                         an undivided 80% of Assignor’s Interest
 a Kansas limited liability company 
 1330 Avenue of the Americas, Suite 23A
 New York, NY 10019 
  
 Coal Creek Energy, LLC                                       an undivided 10% of Assignor’s Interest
 a Kansas limited liability company
 8020 E. Central Ave., Ste 150
 Wichita, KS 67206
  
 hereinafter called "Assignee", its successors and assigns, in and to the following oil and gas leases and personal property:
  
  	  
	(A)	The Oil and Gas Leases described on Exhibit A and the leasehold estate and right, privileges and interests created by said leases subject to all the terms and conditions of said oil and gas lease and extensions thereof (collectively, the "Leases"); AND
	  
	  
	  

	  
	(B)	All equipment, wells, structures and personal property, to include fixtures and improvements, currently located on the Leases described above in paragraph (A), and used or useable in connection with oil and gas exploration, production, treatment, storage and marketing activities together with all rights incident thereto and all easements, permits, rights of way, surface fees, surface leases, servitudes and agreements related thereto, all tenements, hereditaments and appurtenances to the Leases, and all files and records pertaining to the same, including but not limited to drilling data, electric logs, lease files, land files, well files, division order files, geophysical data, studies, evaluations, projections, reports, appraisals, valuations, maps, regulatory files and records (collectively, the "Personal Property").

  
 The Leases and Personal Property are collectively referred to as the "Assigned Property."
  
 ASSIGNMENT TERMS:
  
 1. GENERAL WARRANTY. Assignor makes this Assignment with general warranty. Assignee accepts the Assigned Property with general warranty by Assignor that nothing has encumbered the title to the same and that any encumbrances held by Assignor are hereby assigned to Assignee. The Net Revenue Interest (N.R.I.) listed on Exhibit A are for the purpose of warranting certain ownership interests, this is an assignment of an undivided 90% of Assignor's right title and working and overriding royalty interest in said leases notwithstanding the N.R.I. interest listed in Exhibit A. Assignor warrants that it has good merchantable title to the Assigned Property free and clear of all liens and encumbrances
  
 2. MERGER OF OVERRIDING ROYALTY. In the event the interest assigned herein consists partly of overriding royalty interest and partly of working interest. It is the intention of the Parties that any overriding royalty interest in and to the Leases which burdens the working interest assigned hereon be merged back into the working interests and lose its status as an overriding royalty interest immediately upon the receipt of said interest by Assignee. Therefore, Assignee will be the owner of all of the working interest in and to the Leases, without any overriding royalty interest burdening said working interest. Provided however that all overriding royalty interests assigned hereto burdening any working interest which is not assigned herein shall not be merged with the working interest and shall retain its status as overriding royalty. 
   	 
	9
	 
 
	 

  
 3. TRANSFER OF RIGHTS. To the extent transferable, Assignee is hereby granted the right of full substitution and subrogation in and to any and all rights and warranties which Assignor has or may have with respect to the Assigned Property conveyed herein of which Assignor has or may have against any and all preceding owners, vendors or warrantors. The Assigned Property shall include all right, title and interest which Assignor may have in and to the Leases, including but not limited to, leasehold interests, rights of assignment or reassignment, overriding royalties, contractual rights, regulatory authorities and permits or licenses, easements and rights-of-way.
  
 4. FURTHER ASSURANCES. The parties agree to execute, acknowledge and deliver such other and further instruments or documents, and to take such other and further actions as may be reasonably necessary to carry out the provisions of this Assignment. 
  
 5. EFFECTIVE DATE. This Conveyance shall be effective as of September 1, 2017, at 12:01 a.m., Central Standard Time. 
  
 TO HAVE AND TO HOLD the above described property and easement with all and singular the rights, privileges, and appurtenances thereunto or in any wise belonging to the said Assignee herein, its successors, personal representatives, administrators, executors and assigns forever.
  
  	 	MORMEG, LLC: 	
	 	 	 	 
		By:		
	  
	  
	 Mark Haas
Managing Member
	 

  
 STATE OF KANSAS COUNTY OF ________________, ss:
  
 This instrument was acknowledged before me on the _____ day of _______________, 2017, by Mark Haas as managing member of Mormeg, LLC, a Kansas limited liability company.
  
  	  
	  
	  

	  
		  

	  
	 Notary Public
	  

  
 Appointment/Commission Expires: 
  
  
  	 10

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