Document:

EX-10.11

 Exhibit 10.11 

(Multicurrency—Cross Border) 
  

 
 International Swap Dealers Association, Inc. 

MASTER AGREEMENT 
 dated as
of [•] 
 [•] and NISSAN AUTO LEASE TRUST 20[ ]–[ ]  

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement,
which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 

Accordingly, the parties agree as follows:— 
  

	1.	 Interpretation 

(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master
Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this
Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction.

 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a
single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
  

	2.	 Obligations 

(a) General Conditions. 
 (i) Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or
Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other applicable condition precedent specified in this Agreement. 
 (b) Change of Account. Either party may change its account
for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a
reasonable objection to such change. 

  
 Copyright © 1992 by
International Swap Dealers Association, Inc. 

 (c) Netting. If on any date amounts would otherwise be payable:— 

 

	 	(i)	 in the same currency; and 

 

	 	(ii)	 in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged
and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount
would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in
respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same
Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case
subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the
parties make and receive payments or deliveries. 
 (d) Deduction or Withholding for Tax. 

(i) Gross-Up. All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or
withhold, then that party (“X”) will:— 
 (1) promptly notify the other party (“Y”) of such requirement; 

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or
withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment
to such authorities; and 
 (4) if such Tax is an lndemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled
under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such
deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (II) a Change in Tax Law. 
 (ii) Liability. If:— 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or
withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so
deduct or withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 

  

					
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 then, except to the extent Y has satisfied or then satisfies the liability resulting from
such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after
judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the
performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

 

	3.	 Representations 

Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 
 (a) Basic
Representations. 
 (i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its
organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement
or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b)
Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (c) Absence of
Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 

  

					
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 (d) Accuracy of Specified Information. All applicable information that is furnished in writing
by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is
accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this
Section 3(f) is accurate and true. 
  

	4.	 Agreements 

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to
which it is a party:— 
 (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph
(iii) below, to such government or taxing authority as the other party reasonably directs:— 
 (i) any forms, documents or
certificates relating to taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any
Confirmation; and 
 (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in
writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be
accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

(c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to
comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d)
Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located
(“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	 Events of Default and Termination Events 

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

  

					
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 (ii) Breach of Agreement. Failure by the party to comply with or perform any
agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 

(iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with
or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force
and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written
consent of the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in
part, or challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a
representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default under Specified
Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace
period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or
existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more
agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified
Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or
such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors;
(4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented
for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy
or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not 

  

					
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dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator,
conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes
any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:— 
 (1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the
performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The
occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a
Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or
an Additional Termination Event if the event is specified pursuant to (v) below:— 
 (i) Illegality. Due to the
adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction
of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 

(1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform, or for any
Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or
after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a
substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

  

					
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 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the
next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of
Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where
such action does not constitute an event described in Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If
“Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or
into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially
weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

(v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any
Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 

(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also
constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 
  

	6.	 Early Termination 

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”)
has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a
day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8),
and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the
extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination Event. 

(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party,
specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 

(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there
is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in
respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the
Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under
Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior
written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

  

					
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 (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or
a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event, 

(iv) Right to Terminate. If:— 

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect
to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under
Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax
Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by
not more than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected
Transactions. 
 (c) Effect of Designation. 

(i) If notice designating an Early Termination Date is given under Section 6(a) or (h), the Early Termination Date will occur on the date
so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 
 (d) Calculations.

 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party
will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount
payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation.
the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 
 (ii)
Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of
a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to
(but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election
in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment
method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this
Section will be subject to any Set-off. 

  

					
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 (i) Events of Default. If the Early Termination Date results from an Event of
Default:— 
 (1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay
to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the
Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party. 
 (2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 

(3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the
sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the
Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it
is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(ii) Termination Events. If the Early Termination Date results from a Termination Event:— 

(1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed
to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions.

 (2) Two Affected Parties. If there are two Affected Parties:— 

(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will
be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party
with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being
terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the
party with the lower Loss (“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X
will pay the absolute value of that amount to Y. 
 (iii) Adjustment for Bankruptcy. In circumstances where an Early
Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any
payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

  

					
		  	9	  	ISDA ® 1992

 (iv) Pre-Estimate. The parties agree
that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of
protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

 

	7.	 Transfer 

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:— 
 (a) a party may make such a transfer of
this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

(b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 

Any purported transfer that is not in compliance with this Section will be void. 
  

	8.	 Contractual Currency 

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for
that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other
than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in
respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any
reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency
is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another
court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the
judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the
Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the
purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any
payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made. 

  

					
		  	10	  	ISDA ® 1992

	9.	 Miscellaneous 

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or waiver in respect
of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.

 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will
survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e)
Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
 (ii) The parties
intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall he entered into as soon as practicable and may he executed and delivered in
counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding
supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 (g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be
taken into consideration in interpreting this Agreement. 
  

	10.	 Offices; Multibranch Parties 

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b) Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the other party. 

(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction
through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 

 

	11.	 Expenses 

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which
the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

  

					
		  	11	  	ISDA ® 1992

	12.	 Notices 

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a
notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is
delivered; 
 (ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form
(it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is
delivered or its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received,

 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
details at which notices or other communications are to be given to it. 
  

	13.	 Governing Law and Jurisdiction 

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 

(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party
irrevocably:— 
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or
to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed
by the laws of the State of New York; and 
 (ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over
such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed
to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being
in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c)
Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s
Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner
provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific
performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might

  

					
		  	12	  	ISDA ® 1992

 
otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any
Proceedings. 
  

	14.	 Definitions 

As used in this Agreement:— 
 “Additional
Termination Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the
meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination
Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by
the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the
voting power of the entity or person. 
 “Applicable Rate” means:— 

(a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable, the Default Rate; 
 (c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 

(d) in all other cases, the Termination Rate. 

“Burdened Party” has the meaning specified in Section 5(b). 

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to,
any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange
control consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. “Credit
Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to
the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

“Defaulting Party” has the meaning specified in Section 6(a). 

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(h)(iv). 

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

“Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document). 

  

					
		  	13	  	ISDA ® 1992

 “law” includes any treaty, law, rule or regulation (as modified, in
the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in
the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified
Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may
be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that
Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming
satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a
party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if
that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making
the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a
positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the
“Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required
after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination
Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference
Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under
Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the
highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest
value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be
determined. 
 “Non-default Rate” means a rate per annum equal to the cost
(without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

“Non-defaulting Party” has the meaning specified in Section 6(a). 

  

					
		  	14	  	ISDA ® 1992

 “Office” means a branch or office of a party, which may be such
party’s head or home office. 
 “Potential Event of Default” means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default. 
 “Reference Market-makers” means four leading
dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding
whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated,
organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to
any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment
or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset,
combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or
otherwise) that is exercised by, or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and
any Early Termination Date, the sum of:— 
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the
determination) produce a commercially reasonable result. 
 “Specified Entity” has the meanings specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration,
documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee
of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

“Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination
Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early
Termination” applies, immediately before that Early Termination Date). 
 “Termination Currency” has the meaning
specified in the Schedule. 

  

					
		  	15	  	ISDA ® 1992

 “Termination Currency Equivalent” means, in respect of any amount
denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined
by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later
date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m.
(in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The
foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a
Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the
arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date
for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or
performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with
effect from the date specified on the first page of this document. 
  

							
	[•]	 		 	[NISSAN AUTO LEASE TRUST 20[ ]–[ ]]
				
		 		 	    	 	 By: [•], not in its individual capacity but solely as Owner Trustee

  

			
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

  

					
		  	16	  	ISDA ® 1992

 

 
 International Swap Dealers Association, Inc. 

SCHEDULE 
 to the 

Master Agreement 
 dated as
of [•] 
 between 
 [•]
(“Party A”) and 
 NISSAN AUTO LEASE TRUST 20[•]–[•] (“Party B”) 

Part 1. Termination Provisions. 
  

	(a)	 The following shall apply: 

(i) Termination by Party A—Events of Default. Notwithstanding the provisions of Section 5(a), the only events which will
constitute Events of Default when they occur in relation to Party B will be those events specified in Sections 5(a)(i) (Failure To Pay Or Deliver), and Section 5(a)(vii) (Bankruptcy), provided that with respect to Party B
the provisions of Section 5(a)(vii) clauses (2), (7) and (9) will not be applicable as an Event of Default; clause (3) will not apply to Party B to the extent it refers to any assignment, arrangement or composition that is
effected by or pursuant to the Indenture; clause (4) will not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates; clause (6) will not apply to
Party B to the extent that it refers to (i) any appointment that is contemplated or effected by the Indenture (as defined herein) or (ii) any appointment that Party B has not become subject to; clause (8) will not apply to
Party B to the extent that it applies to Section 5(a)(vii)(2), (4), (6), and (7) (except to the extent that such provisions are not disapplied with respect to Party B). 

Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of Section 5(a)(iii) (Credit Support Default)
(other than Section 5(a)(iii)(1)), the provisions of Section 5(a)(iv) (Misrepresentation), the provisions of Section 5(a)(v) (Default Under Specified Transaction), the provisions of Section 5(a)(vi) (Cross Default), the
provisions of Section 5(a)(vii) (Bankruptcy) set forth in the proviso in the preceding paragraph and the provisions of Section 5(a)(viii) (Merger Without Assumption) will in no circumstances be regarded as having given rise to an Event of
Default with respect to Party B. 
 (ii) Termination by Party A—Termination Events Notwithstanding the
provisions of Section 5(b), and save as otherwise provided herein, the only events which will constitute Termination Events when they occur in relation to Party B will be those events specified in Section 5(b)(i) (Illegality),
Section 5(b)(ii) (Tax Event), Section 5(b)(iii) (Tax Event Upon Merger) and Section 5(b)(v) (Additional Termination Event); provided that Party A shall not be entitled to designate an Early Termination Date by reason of a
Tax Event Upon Merger in respect of which it is the Affected Party. Accordingly, the provisions of Section 5(b)(iv) (Credit 

  

					
		  		  	Schedule to ISDA Master Agreement

 
Event Upon Merger) will not be regarded as having given rise to a Termination Event with respect to Party B. 

(iii) Termination by Party B—Events of Default and Termination Events. Save as otherwise provided herein, the provisions of
Section 5 will apply with respect to Party A without amendment. For purposes of Section 5(a)(vi) (Cross Default), the Threshold Amount applicable to Party A shall be 3% of shareholder equity (excluding deposits). 

 

	(b)	 “Specified Entity” none specified in relation to either Party A or Party B.

  

	(c)	 “Specified Transaction” will have the meaning specified in Section 14 of this Agreement.

  

	(d)	 The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not
apply to Party A and will not apply to Party B. 

  

	(e)	 Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

 Market Quotation will apply and the Second Method will apply; [provided, however, with respect to an early
termination in which Party A is the Defaulting Party or sole Affected Party in respect of an Additional Termination Event or Tax Event Upon Merger, notwithstanding Section 6 of this Agreement, the following amendment to this
Agreement set forth in paragraphs (i) to (vi) below shall apply: 
 (i) The definition of “Market Quotation” shall be deleted
in its entirety and replaced with the following: 
 “Market Quotation” means, with respect to one or more Terminated
Transactions, a Firm Offer which is (1) made by a Reference Market-maker that is an Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive
number) in consideration of an agreement between Party B and such Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transactions or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that Date, (3) made on the basis that Unpaid Amounts in respect of the Terminated Transaction
or group of Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early
Termination Date is to be included and (4) made in respect of a Replacement Transaction with commercial terms substantially the same as those of this Agreement (save for the exclusion of provisions relating to Transactions that are not
Terminated Transactions).” 

  

					
		  	2	  	Schedule to ISDA Master Agreement

 (ii) The definition of “Settlement Amount” shall be deleted in its entirety and
replaced with the following: 
 “Settlement Amount” means, with respect to any Early Termination Date, an amount
(as determined by Party B) equal to: 
 (a) if, on or prior to such Early Termination Date, a Market Quotation for the relevant
Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; 

(b) if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is
accepted by Party B so as to become legally binding and one or more Market Quotations have been communicated to Party B and remain capable of becoming legally binding upon acceptance by Party B, the Termination Currency Equivalent of
the amount (whether positive or negative) of the lowest of such Market Quotations; and 
 (c) if, on such Early Termination Date, no Market
Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to become legally binding and no Market Quotations have been communicated to Party B and remain capable of becoming legally
binding upon acceptance by Party B, Party B’s Loss (whether positive or negative and without reference to Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions. 

(iii) For the purpose of sub-paragraph (4) of the definition of Market Quotation, Party B
shall determine in its sole discretion, acting in a commercially reasonable manner, whether a Firm Offer is made in respect of a Replacement Transaction with commercial terms substantially the same as those of this Agreement (save for the exclusion
of provisions relating to Transactions that are not Terminated Transactions). 
 (iv) Party B undertakes to use its reasonable efforts
to obtain at least one Market Quotation before the Early Termination Date. 
 (v) If Party B requests Party A in writing to obtain
Market Quotations, Party A shall use its reasonable efforts to do so before the Early Termination Date. 
 (vi) If the Settlement Amount
is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following: 

“Second Method and Market Quotation”. If Second Method and Market Quotation apply, (1) Party B shall pay to
Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated Transactions, (2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A
and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B, provided that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance with
Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this Agreement, any amount payable by Party A under (3) shall not be netted-off against any amount payable by
Party B under (1).”] [To be included if Moody’s is rating the transaction] 
  

	(f)	 “Termination Currency” means U.S. Dollars. 

  

					
		  	3	  	Schedule to ISDA Master Agreement

	(g)	 Additional Termination Event will apply. Each of the following events shall constitute an
Additional Termination Event hereunder: 

 (i) Liquidations of Collateral. The following shall constitute an
Additional Termination Event in which Party B shall be the sole Affected Party: Any liquidation of the Collateral occurs following an Event of Default under the Indenture or the Notes are otherwise redeemed or prepaid in full other than in
connection with an optional purchase of the 20[•]-[•] Series Certificate pursuant to Section 9.03 of the Trust Agreement. 

(ii) Regulation AB Financial Disclosure. The following shall constitute an Additional Termination Event in which Party A shall be
the sole Affected Party: The failure of Party A to materially comply with or materially perform any agreement or undertaking to be complied with or performed by Party A under Part 5(s) of this Schedule. 

(iii) [Include relevant rating agency downgrade triggers, as applicable] 

Part 2. Tax Representations 
  

	(a)	 Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the
following representation and Party B will make the following representation: 

 It is not required by any applicable law,
as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or
6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement,
(ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other
party does not deliver a form or document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial position. 
  

	(b)	 Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will
make the representations in (i) and (ii) below. 

  

	 	(i)	 Party A represents that it is a [•] organized under the laws of [•]. 

 

	 	(ii)	 Party B represents that it is a [Delaware statutory trust] organized or formed under the laws of the [State of
Delaware]. 

 Part 3. Agreement to Deliver Documents. 

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 

  

					
		  	4	  	Schedule to ISDA Master Agreement

	(a)	 Tax forms, documents or certificates to be delivered are: 

Party A and Party B shall promptly deliver to the other party (or as directed) any form or document accurately completed and in a
manner reasonably satisfactory to the other party that may be required or reasonably requested in order to allow the other party to make a payment under a Transaction without any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate, promptly upon reasonable demand by the other party. 
  

	 	(b)	 Other documents to be delivered are: 

 

							
	Party required to deliver document	  	Form/Document/ Certificate	  	Date by which to be delivered	  	
Covered by Section 3(d)
 Representation of this
Agreement

	Party A and Party B	  	Evidence of the authority of the signatories of this Agreement including specimen signatures of such signatories.	  	Upon execution of this Agreement.	  	Yes
	Party A	  	An opinion of counsel addressed to Party B in form and substance reasonably acceptable to Party B.	  	Upon execution of this Agreement.	  	No
	Party B	  	An opinion of Party B’s counsel addressed to Party A in form and substance reasonably acceptable to Party A.	  	Upon execution of this Agreement.	  	No
	Party B	  	A duly executed certificate of the secretary or assistant secretary of the Owner Trustee of Party B certifying the name and true signature of each person authorized to
execute this Agreement and enter into Transactions for Party B.	  	Upon execution of this Agreement.	  	Yes
	Party B	  	Copies of executed Indenture and Trust Agreement.	  	Upon execution of such Agreements	  	Yes
	Party A	  	Financial data relating to Party A, as required pursuant to Part 5(s) of this Schedule.	  	As required pursuant to Part 5(s) of this Schedule.	  	Yes

  

					
		  	5	  	Schedule to ISDA Master Agreement

							
	Party required to deliver document	  	Form/Document/ Certificate	  	Date by which to be delivered	  	
Covered by Section 3(d)
 Representation of this
Agreement

	Party A	  	Executed Indemnification and Disclosure Agreement, among Party A, Nissan Motor Acceptance Company LLC and Nissan Auto Leasing LLC II relating to Party A’s furnished information
for use in the Prospectus and other matters.	  	Upon or prior to execution of this Agreement	  	Yes

 Part 4. Miscellaneous. 

(a) Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 

[•] 
 [•] 

[•] 
 [•] 

[•] 
 Address for notices or
communications to Party B: 
 [•] 

[•] 
 [•] 

[•] 
 [•] 

With a copy to: 
 [•] 

[•] 
 [•] 

[•] 
 [•] 

With a copy to the Indenture Trustee at: 

[•] 
 [•] 

  

					
		  	6	  	Schedule to ISDA Master Agreement

 [•] 

[•] 
 [•] 

 

	(b)	 Process Agent. For the purpose of Section 13(c) of this Agreement: 

Party A appoints as its Process Agent             [•] 

Party B appoints as its Process Agent             Not applicable 

 

	(c)	 Notices. Section 12(a) of the Agreement is amended by adding the words in the third line thereof
after the phrase “messaging system” and before the “)” the words “; provided, however, any such notice or other communication may be given by facsimile transmission if telex is unavailable, no telex number is supplied by the
party providing notice, or if answer back confirmation is not received from the party to whom the telex is sent.” 

  

	(d)	 Offices. The provisions of Section 10(a) of this Agreement will apply to this Agreement.

  

	(e)	 Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

[Party A is not a Multibranch Party.] 

Party B is not a Multibranch Party. 
  

	(f)	 Calculation Agent. The Calculation Agent is Party B, unless otherwise specified in a Confirmation in
relation to the relevant Transaction. 

  

	(g)	 Credit Support Document. Details of any Credit Support Document: 

 

					
	      	 	With respect to Party A:	  	The Credit Support Annex and any Eligible Guarantee in support of Party A’s obligations under this Agreement
			
		 	With respect to Party B:	  	Not applicable.

  

	(h)	 Credit Support Provider. Credit Support Provider means in relation to 

 

					
	      	 	Party A:	  	The guarantor under any Eligible Guarantee in support of Party A’s obligations under this Agreement.
			
		 	Party B:	  	Not applicable.

  

	(i)	 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State
of New York (without reference to choice of laws doctrine except Section 5-1401 and Section 5-1402 of the New York General Obligation Law).

  

	(j)	 Netting of Payments. The limitation set forth in Section 2(c)(ii) of this Agreement
will apply and therefore the netting in Section 2(c) of this Agreement will be limited to the same Transaction. 

  

	(k)	 “Affiliate” will have the meaning specified in Section 14 of this Agreement.

  

					
		  	7	  	Schedule to ISDA Master Agreement

	(l)	 No Gross Up by Party B. Section 2(d)(i)(4) is hereby deleted and replaced by the following:

 “(4)  (A) If Party A is the party so required to deduct or withhold, then Party A shall make such
additional payment as is necessary to ensure that the net amount actually received by Party B (free and clear of all Taxes, whether assessed against it or Party B) will equal the full amount Party B would have received had no such deduction or
withholding been required; and 
 (B) if Party B is the party so required to deduct or withhold, then Party B shall make the relevant payment
subject to such deduction or withholding and Party B will not be required to gross up. 
 For the avoidance of doubt, the fact that any
payment is made by Party B subject to the provisions of (B) above shall at no time affect the obligations of Party A under (A) above.” 

Part 5. Other Provisions. 
  

	(a)	 ISDA Definitions 

The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”) as published by the International
Swaps and Derivatives Association, Inc. are incorporated by reference into this Agreement. The Agreement and each Transaction will be governed by the 2006 Definitions as they may be officially amended and supplemented from time to time by ISDA. 

For the sake of clarity, unless otherwise specified in this Agreement, the following documents shall govern in the order in which they are
listed in the event of any inconsistency between any of the documents: 
  

	 	(i)	 the Confirmation; 

  

	 	(ii)	 the Schedule; 

  

	 	(iii)	 the 2006 Definitions; and 

 

	 	(iv)	 the printed form of ISDA Master Agreement. 

 

	(b)	 Relationship Between Parties 

Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
 (i) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own
judgement and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that
information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. It has not received from the other party any assurance or guarantee as to
the expected results of that Transaction. 

  

					
		  	8	  	Schedule to ISDA Master Agreement

 (ii) Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

(iii) Status of Parties. Each party is acting as principal and not as agent and the other party is not acting as a fiduciary for or as
an advisor to it in respect of that Transaction. 
 (iv) Eligible Contract Participant. It is an “eligible contract
participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended, 7 U.S.C. Section 1a(18). 
 (v)
ERISA. It continuously represents that it is not (i) an employee benefit plan (an “ERISA Plan”) as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended, (ii) a person or entity acting on behalf of an ERISA Plan or (iii) a person or entity the assets of which
constitute assets of an ERISA Plan.” It will provide notice to the other party in the event that it is aware that it is in breach of any aspect of this representation or is aware that with the passing of time, giving of notice or expiry of any
applicable grace period, it will breach this representation. 
  

	(c)	 Waiver of Jury Trial. Each party hereby irrevocably waives any and all rights to trial by jury with
respect to any legal proceeding arising out of or relating to this Agreement or any Transaction contemplated hereby. 

  

	(d)	 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction unless such severance shall substantially impair the benefits of the remaining portions of this Agreement or changes the reciprocal obligations of the parties. The parties hereto shall endeavour in good faith negotiations to replace the
prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

 

	(e)	 Transfers. Notwithstanding the provisions of Section 7: 

(i) No transfer by Party A of this Agreement or any interest or obligation in or of Party A under this Agreement shall be effective
unless: 
  

	 	(A)	 Party B consents to such transferee; 

 

	 	(B)	 The Rating Agency Condition shall have been satisfied; 

 

	 	(C)	 Party A shall have given Party B, the Servicer and the Indenture Trustee at least twenty days prior written
notice of the proposed transfer; and 

  

	 	(D)	 such transfer otherwise complies with the terms of the Indenture and the other Basic Documents.

  

					
		  	9	  	Schedule to ISDA Master Agreement

 (ii) Except to the extent contemplated by the Indenture, neither this Agreement nor any
interest in or under this Agreement may be transferred by Party B to any other entity save with Party A’s prior written consent (such consent not to be unreasonably withheld or delayed). 

 

	(f)	 Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A
hereby consents to the Permitted Security Interest. 

 “Permitted Security Interest” means the
pledge and assignment by Party B of the Swap Collateral to the Indenture Trustee pursuant to the Indenture, and the granting to the Indenture Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 

“Swap Collateral” means all right, title and interest of Party B in this Agreement, each Transaction hereunder, and all
present and future amounts payable by Party A to Party B under or in connection with this Agreement or any Transaction governed by this Agreement, including, without limitation, any transfer or termination of any such Transaction. 

“Indenture Trustee” means [•] or any successor, acting as Indenture Trustee pursuant to the Indenture. 

 

	(g)	 Absence of Certain Events. Section 3(b) of this Agreement is hereby amended by inserting the
parenthetical “(with respect to Party A only)” immediately after the phrase “No Event of Default or”. 

  

	(h)	 Payment on Early Termination. If an Early Termination Date occurs in respect of which
Party A is the Defaulting Party or the sole Affected Party with respect to an Additional Termination Event, Party B will not be required to pay any amounts payable to Party A under Section 6(e) in respect of such Early Termination Date, and
Party A will not be permitted to set-off in respect of such amounts, until payment in full of all amounts outstanding under the Notes. 

 

	(i)	 No Set-Off. Party A and Party B hereby waive any and all right
of set-off with respect to any amounts due under this Agreement or any Transaction, provided that nothing herein shall be construed to waive or otherwise limit the netting provisions contained in Sections 2(c)
of this Agreement. 

  

	(j)	 Indenture. Party B hereby acknowledges that Party A is a secured party under the Indenture with respect
to this Agreement, and Party B agrees for the benefit of Party A that it will not amend the Indenture in a manner which materially and adversely affects the rights or obligations of Party A under the Indenture unless Party A shall have consented in
writing to such action, if such consent is required pursuant to the Indenture. 

  

	(k)	 Limited Recourse. The liability of Party B to Party A hereunder is limited in recourse solely to the
amounts payable to Party A from Available Funds and amounts withdrawn from the Reserve Account in accordance with Section 8.04(c) of the Indenture, in each case, in accordance with the priority of payments set forth in
Section 8.04(a) or Section 8.04(b) of the Indenture, as applicable. The provisions of this paragraph shall survive the termination of this Agreement. 

  

					
		  	10	  	Schedule to ISDA Master Agreement

	(l)	 No Petition. Party A hereby covenants and agrees that prior to the date which is one year (or, if
longer, the applicable preference period) and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) it shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) it shall not commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This section shall survive the termination of this Agreement. 

As used above, “Bankruptcy Remote Party” means any of Nissan Auto Leasing LLC II and Party B.

  

	(m)	 Confirmation. Each party acknowledges and agrees that the Confirmations executed as of the date hereof
and designated as Party A [•] shall be the only Transaction governed by this Agreement (it being understood that, in the event such Confirmations shall be amended (in any respect), such amendment shall not constitute (for purposes of this
paragraph) a separate Transaction or a separate Confirmation). Party A and Party B shall not enter into any additional Confirmations or Transactions hereunder. 

 

	(n)	 Potential Events of Default. Section 2(a)(iii) is amended by the deletion of the words “or
Potential Event of Default”. 

  

	(o)	 Limitation of Liability. Notwithstanding anything contained herein to the contrary, in executing this
Agreement (including the Schedule, Credit Support Annex and each Confirmation) on behalf of Party B, [•] (the “Owner Trustee”) and the Indenture Trustee are acting solely in its capacity as owner trustee of Party B and
indenture trustee, respectively, and not in its individual capacity, and in no event shall either one of them, in their individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of
Party B hereunder, for which recourse shall be had solely to the assets of Party B, except to the extent of its fraud, breach of trust or willful misconduct. 

 

	(p)	 [Insert rating agency downgrade provisions, as applicable] 

 

	(q)	 Definitions. 

(i) Reference is made to that certain Annex A to the Series Certificate Sale Agreement, dated as of the date hereof (the “Definitions
Annex”), by and between NILT LLC and Nissan Auto Leasing LLC II. Capitalized terms used but not defined in this Agreement or this Schedule will have the meanings ascribed to them in the Definitions Annex or, if not defined therein, in the
Indenture (as defined below). 

  

					
		  	11	  	Schedule to ISDA Master Agreement

 (ii) As used herein: 

“Credit Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party B dated as of the
date hereof. 
 “Depositor” means Nissan Auto Leasing LLC II. 

“Eligible Collateral” has the meaning set forth in the Credit Support Annex. 

“Eligible Guarantee” means an unconditional and irrevocable guarantee that is provided by a guarantor that has Rated
Debt as principal debtor rather than surety and is directly enforceable by Party B, the form and substance of which guarantee are subject to the Rating Agency Condition, where either (A) a law firm has given a legal opinion confirming that
none of the guarantor’s payments to Party B under such guarantee will be subject to withholding for tax or (B) such guarantee provides that, in the event that any of such guarantor’s payments to Party B are subject to
withholding for tax, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any withholding tax) will equal the full amount Party B would have
received had no such withholding been required. 
 “Eligible Replacement” means an entity (A)(i) with the [Required Ratings]
and that has Rated Debt with respect to [Insert relevant rating agencies]that is the subject of a legal opinion given by a law firm confirming that none of its payments to Party B will be subject to withholding for tax or (ii) whose
present and future obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee provided by a guarantor that has Rated Debt with respect to [Insert relevant rating agencies] and with the [Required Ratings] and (B) could
become a party to this Agreement (or party to an agreement in form and substance satisfactory to Party B, the Servicer and the Indenture Trustee) in accordance with Part 5(e) of this Schedule and pursuant to documentation which would not be
less favorable to Party B than this Agreement. 
 “Financial Institution“ means a bank, broker/dealer, insurance
company, structured investment vehicle or derivative product company. 
 [“Fitch” means Fitch, Inc. or its successor.] 

[“Fitch Approved Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least
“[•]” and a short-term unsecured and unsubordinated debt rating from Fitch of at least “[•]”.] 

[“Fitch Required Ratings” means a long-term unsecured and unsubordinated debt rating from Fitch of at least
“[•]”.] 
 “Free Writing Prospectus” means any free writing prospectus prepared in connection with the public
offering of the Notes. 
 “Indenture” means that certain Indenture dated as of the date hereof between Party B,
as Issuer, and [•], as Indenture Trustee. 
 [“Moody’s” means Moody’s Investors Service, Inc. or its
successor.] 

  

					
		  	12	  	Schedule to ISDA Master Agreement

 [“Moody’s Short-term Rating” means a rating assigned by Moody’s
under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.] 

“Notes” mean the asset-backed notes issued by Party B under the Indenture. 

“Preliminary Prospectus” means any preliminary prospectus prepared in connection with the public offering and sale of the
Notes. 
 “Prospectus” means any prospectus prepared in connection with the public offering and sale of the Notes. 

[“Rated Debt” means, with respect to a Relevant Entity, (1) in the case of S&P, (i) if such Relevant Entity is
not a Financial Institution, S&P assigns (x) a long-term debt rating equal to or higher than “[•]” to the counterparty, or (y) assigns a short-term debt rating equal to or higher than “[•]” to the
counterparty, or (ii) if such Relevant Entity is a Financial Institution, S&P assigns (x) a long-term debt rating equal to or higher than “[•]” to the counterparty, or (y) assigns a short-term debt rating equal to
or higher than “[•]” to the counterparty, (2) in the case of Moody’s (i) Moody’s assigns (x) a long-term debt rating equal to or higher than “[•]” to the counterparty, and (y) a short-term
debt rating equal to or higher than “[•]” to the counterparty (if the counterparty has both long-term and short-term debt ratings), or (ii) Moody’s assigns a long-term debt rating equal to or higher than “[•]”
to the counterparty (if the counterparty only has a long-term debt rating) and (3) in the case of Fitch, assigns a long-term unsecured and unsubordinated debt rating from Fitch of at least “[•]” and a short-term unsecured
and unsubordinated debt rating from Fitch of at least “[•]”.] 
 “Rating Agencies” means [S&P,
Moody’s and Fitch]. 
 “Rating Agency Condition” means, with respect to any event or circumstance and each Rating
Agency, either (a) written confirmation (which may be in the form of a letter, press release or other publication, or a change in such Rating Agency’s published ratings criteria to this effect) by such Rating Agency that the occurrence of
such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the
occurrence of such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or
circumstance will cause it to downgrade, qualify or withdraw its rating assigned to the Notes. 
 “Relevant Entities” means
Party A and any guarantor under an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement. 

[“S&P” means S&P Global Ratings, or its successor.] 

“Servicer” means Nissan Motor Acceptance Company LLC. 

 

	(r)	 Amendments. Section 9(b) of this Agreement is hereby amended by inserting the following at the end
thereof: 

 it being a further condition to any such amendment or modification that the Rating Agency Condition shall have
been satisfied. 

  

					
		  	13	  	Schedule to ISDA Master Agreement

	(s)	 Regulation AB Financial Disclosure. 

Subject to the last two paragraphs of this clause, so long as Party B, the Depositor or any of such parties’ Affiliates
(collectively, “Nissan”) shall file reports in respect of the Notes with the Securities and Exchange Commission (the “SEC”) pursuant to Sections 13(a) or 15(d) of the the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), Party A agrees to Deliver within ten (10) calendar days of receipt of a written request therefor by Party B or the Depositor, such information relating to Party A as may be necessary
to enable Nissan to comply with any SEC disclosure requirements, including without limitation information concerning Party A required by Items 1115 of Regulation AB and Forms 8-K, 10-D and 10-K and any information to be provided pursuant to or in accordance with any SEC comments to any of the foregoing; it being understood that Nissan shall not be
required to voluntarily suspend its reporting obligation with respect to the Notes at any time. To the extent necessary to comply with Regulation AB, Party A shall obtain any necessary auditor’s consents related to any financial statements
of Party A required to be incorporated by reference into any Free Writing Prospectus, Preliminary Prospectus or Prospectus or report filed by Nissan with the SEC and promptly to forward to the Depositor any such auditor consents obtained. The
information provided, or authorized to be incorporated by reference, by Party A pursuant to this provision is referred to as the “Additional Information.” 

For the purpose of this Part 5(s): 

“Deliver” includes actual delivery or transmission of information in an EDGAR-compatible format or, in the case of any
financial information required to be delivered pursuant to Item 1115 of Regulation AB and Forms 8-K, 10-D and 10-K,
making such financial information available in an EDGAR-compatible format for incorporation by reference to the extent permitted by Regulation AB, together with actual delivery of all necessary auditor’s consents. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval system. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such regulation may be amended from time to time, subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005); Asset-Backed Securities Disclosure and Registration, Securities Act Release
No. 33-9638. 79 Fed. Reg. 57184 (September 24, 2014)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time. 

  

					
		  	14	  	Schedule to ISDA Master Agreement

 If at any time during a period that reports are being filed with respect to Party B and
the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage” of this Agreement for any class of the Notes is [8]% or more, Party A
shall within five (5) Local Business Days following receipt of request therefor demonstrate to the satisfaction of the the Depositor that it is able to provide the Additional Information required under Item 1115(b)(1) of Regulation AB for
Party A. If Party A is unable to satisfy the Depositor as to its ability to provide such information, Party A shall within five (5) Local Business Days following receipt of request therefor, at the sole expense of Party A,
without any expense or liability to the Depositor or Party B, either (i) post Eligible Collateral, in form, substance and amount satisfactory to the Depositor, or (ii) cause an Eligible Replacement (which satisfies the Rating Agency
Condition and any other requirements of this Agreement, including the requirement to deliver the indemnification and contribution agreement referred to in Part 3(b)) to replace Party A as party to this Agreement that has agreed to Deliver any
information, report, certification or accountants’ consent when and as required under this Part 5(s) hereof. 
 If at any time during a
period that reports are being filed with respect to Party B and the Notes in accordance with the Exchange Act and the rules and regulations of the SEC, as reasonably calculated by the Depositor, the “significance percentage” of this
Agreement for any class of the Notes is [18]% or more, Party A shall within five (5) Local Business Days following receipt of request therefor demonstrate to the satisfaction of the Depositor that it is able to provide the Additional
Information required under Item 1115(b)(2) of Regulation AB for Party A. If Party A is unable to satisfy the Depositor as to its ability to provide such information, Party A shall within five (5) Local Business Days following
receipt of request therefor, at the sole expense of Party A, without any expense or liability to the Depositor or Party B, cause an Eligible Replacement (which satisfies the Rating Agency Condition and any other requirements of this
Agreement, including the requirement to deliver the indemnification and contribution agreement referred to in Part 3(b)) to replace Party A as party to this Agreement that has agreed to Deliver any information, report, certification or
accountants’ consent when and as required under this Part 5(s) hereof. 
 [signature pages follow] 

  

					
		  	 15
	  	Schedule to ISDA Master Agreement

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized
officers as of the date first above written. 
  

			
	NISSAN AUTO LEASE TRUST 20[•]–[•]
		
	By:	 	[•],
		 	not in its individual capacity
but solely as owner trustee

  

			
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	[•]	 	
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		  	S-1	  	NALT 20[•]-[•] Schedule to ISDA Master AgreementTHIRD AMENDMENT TO INTEGRATED LICENSE AGREEMENT

 

This Third Amendment to Integrated License Agreement (the “January 2022 Amendment”) is entered into as of January 31, 2022 (the “Effective Date”), by and between Cell Science Holding Ltd., a limited liability company organized and existing under the laws of the Republic of Cyprus  (“Cell Science”), having its principal office at Panteli Katelari 18A, Agios Ioannis, Limassol, 3012 Cyprus, and Bakhu Holdings, Corp., a Nevada corporation (“Bakhu”), having its principal office at One World Trade Center, Suite 130, Long Beach, CA 90831.

 

PREMISES

 

A.Whereas, Cell Science and Bakhu are parties to that certain Patent and Technology License Agreement dated December 20, 2018 (the “Original License Agreement”), which on December 31, 2019, was merged with and into the Amended and Restated Patent and Technology License Agreement (together, the “Restated License Agreement”). In the Restated License Agreement, Cell Science is referred to as the Licensor and Bakhu is referred to as the Licensee. 

 

B.Whereas, the Restated License Agreement was amended by that certain Amendment to the Amended and Restated Patent and Technology License Agreement entered into as of September 22, 2020 (the “September 2020 Amendment”). 

 

C.Whereas, the Restated License Agreement was further amended by that certain First Amendment of the Amendment to the Amended and Restated Patent and Technology License Agreement entered into as of February 8, 2021 (the “February 2021 Amendment”), which increased the Released Shares as defined in the September 2020 Amendment, from 20,000,000 shares to 26,000,000 shares. 

 

D.Whereas, the Restated License Agreement was further amended by that certain Second Amendment to the Amended and Restated Patent and Technology License Agreement entered into as of July 12, 2021 (the “July 2021 Amendment”), which amended and restated Exhibit 1 to the Restated License Agreement entitled “Revised Laboratory Testing Requirements for Section 4.2” and further amended the Restated License Agreement, as subsequently amended, by merging all amendments into a single integrated agreement that, together with the related documents to be executed and delivered as provided in such agreement and amendments, are referred to as the “Integrated License Agreement.” 

 

E.Whereas, under the Revised Laboratory Testing Requirements (the “Efficacy Demonstration”), the actual test results from the five bioreactors, confirmed by an independent laboratory, demonstrated successful completion of the Efficacy Demonstration results from each of those five bioreactors with Percentage Achievement of greater than 100% of the agreed target standards for quantity, quality and cost. 

 

F.Whereas, pursuant to the Integrated License Agreement, upon determination of the greater than 100% Percentage Achievement of the Efficacy Demonstration:  

 

(i)all 184,000,000 Contingent Shares subject to return to Bakhu were released to their owners and not be subject to return or cancellation; 

 

(ii)Bakhu and Cell Science were to calculate the net principal amount of the one-time payment of U.S. $3.5 million, as reduced by an amount equal to all cash and expense advances to Cell Science representatives to the Science Team (the “One-time Payment”), to reflect the principal amount of the promissory note (the “One-time Payment Note”), and Bakhu was to execute and deliver to Cell Science the One-time Payment Note, with interest specified at  

January 2022 Amendment Page 1 

the lowest applicable federal rate permitted to avoid the imputation of interest under the U.S. Internal Revenue Code, which One-time Payment Note shall be due and payable on or before the date that is one year from the date of the One-time Payment Note; and 

 

(iii)Upon Bakhu’s delivery of the One-time Payment Note Bakhu, will record the form of Patent and Technology License previously executed and delivered concurrently with the July 2021 Amendment. 

 

G.Whereas, in the course of the preparation of Bakhu’s financial statements to be audited for inclusion in Bakhu’s Annual Report on Form 10-K for its fiscal year ended July 30, 2021 (the “Form 10-K”), Bakhu determined that with the achievement of efficacy on July 12, 2021, the amount of the offset against the $3.5 million (the “One-Time Payment”) needed to be determined to arrive at the net amount of the One-time Payment Note payable by Bakhu to the Licensor. 

  

H.Whereas, in undertaking to review and ascertain the offset against the One-time Payment Note, Bakhu and Cell Science were unable to agree on the nature and amount of the expense advances to Cell Science representatives to the Science Team, as defined in the Integrated License Agreement, to be offset against the principal amount of the One-time Payment Note. 

 

I.Whereas, Cell Science and OZ Corporation, are parties to that certain Research and Development Agreement dated March 8, 2019, as amended March 12, 2020, (the “VO Leasing R&D Agreement”) between VO Leasing Corp., a California corporation, the OZ Corporation, and Cell Science. Pursuant to the VO Leasing Agreement, Cell Science and OZ Corporation lease the premises located at 15614 Oxnard Avenue, Sherman Oaks, California (the “Facility”), for use as the laboratory at which research and development of the intellectual property and licensed science covered by the Integrated License Agreement were to be and are conducted.    

 

J.Whereas, Cell Science and OZ Corporation are the owners of the all of the tangible and intangible personal property relating to the laboratory located at the facility, excluding the intellectual property and licensed science covered by the Integrated License Agreement. 

 

K.Whereas, as contemplated by the Integrated License Agreement, OZ Corporation, a principal stockholder of Cell Science, paid and incurred costs and expenses to financially support research and development and work at the Facility on the Efficacy Demonstration for the benefit of Cell Science and Bakhu.  The amounts paid or incurred by OZ Corporation respecting activities at the facility related to the acquisition or use of equipment, supplies, consumables, compensation, and other costs and expenses, are evidenced by and being repaid by Bakhu pursuant to the Promissory Note dated August 1, 2019 (the “OZ Note”).  In consideration of Bakhu’s repayment of the amounts under the OZ Note and in order to vest full title in Bakhu of the tangible and intangible personal property relating to the laboratory located at the Facility (excluding the intellectual property and licensed science covered by the Integrated License Agreement), OZ Corporation has agreed to join Cell Science in the execution and delivery of the Lease Assignment (as defined below) and the Lab Assignment (as defined below). 

 

L.Whereas, as a result of negotiations, the Parties have reached a resolution that they believe to be fair and equitable, and by this January 2022 Amendment now desire to further amend the Integrated License Agreement and to incorporate this January 2022 Amendment into the Integrated License Agreement. 

January 2022 Amendment Page 2 

 

M.Whereas, in the review of the Integrated License Agreement Bakhu and Cell Science have mutually determined and agreed that Sections 2.5, 7.3 and 7.4 of Restated License Agreement, as subsequently amended, by merging all amendments into the Integrated License Agreement, contained contradictory and inconsistent language and desire to amend the Integrated License Agreement to correct such language and error, and to incorporate this January 2022 Amendment into the Integrated License Agreement. 

 

AGREEMENT

 

NOW, THEREFORE, upon the foregoing premises, which are incorporated herein by reference, and for and in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

1.Terms.  All capitalized terms used and not otherwise defined herein shall have the same meanings as are given to such terms in the Integrated License Agreement, unless expressly provided otherwise in this January 2022 Amendment. This January 2022 Amendment shall be deemed to be incorporated in the Integrated License Agreement. 

 

2.Acknowledgement of Satisfaction of Efficacy Demonstration.  Bakhu and Cell Science acknowledge and agree that the requirements of the Efficacy Demonstration were successfully achieved on July 12, 2021, and the Percentage Achievement was greater than 100% of the agreed target standards under the Integrated License Agreement. 

 

3.Amendment and Agreement Regarding One-Time Payment Note. Notwithstanding anything to the contrary contained therein, the Integrated License Agreement is amended to reflect, and the parties agree that there shall be no reduction and offset against the One-time Payment. Currently herewith Bakhu shall execute and deliver to Cell Science, the One-time Payment Note in the principal amount of $3,500,000 (the “One-Time Payment Note”) in the form of Exhibit 1 attached hereto, with simple interest accruing thereon at the applicable federal short-term annual rate of 0.44% under IRC Section 1274(d), from the date of execution.  All unpaid principal and accrued and unpaid interest will be due and payable on or before the first anniversary date of the One-Time Payment Note. 

 

4.Assignment of  VO Leasing R&D Agreement and Laboratory Related Assets.  In lieu of any offset and reduction against the One-Time Payment Note, Cell Science agrees to convey, grant, transfer, assign and deliver to Bakhu, and OZ Corporation has agreed to join Cell Science and convey, grant, transfer, assign and deliver to Bakhu, all of their right, title and interest: 

(a)under the VO Leasing R&D Agreement; and 

(b)in and to all tangible and intangible person property (excluding the intellectual property and licensed science covered by the Integrated License Agreement) contained in or appurtenant to the laboratory located at the Facility, including without limitation (i)  all equipment, machinery, tools, bioreactors, instruments, accessories, furniture, fixtures,  inventory, raw materials and supplies, work in progress, parts, racks, other components, books, records, laboratory notes, manuals, documentation, and anything relating to the foregoing, located at the Facility or elsewhere, now owned or later acquired, (ii) any and all operating and use permits and all rights and privileges thereunder, (iii) all supplier lists, vendor lists, existing rental and other contracts and tangible and intangible personal property; (iv) other asset of every nature, kind and description, to the extent related directly or indirectly to, or necessary for, the operations and conduct of research and development at the Facility; and (v) any and all permits, licenses or leases to use or access any of the foregoing, the rights and benefits under contracts related to use or operation of the Facility, and related intangibles.  

January 2022 Amendment Page 3 

(c)In furtherance of such assignment of all right, title and interest under the VO Leasing R&D Agreement, set forth in Section 4(a), currently herewith Cell Science shall execute and deliver, and cause OZ Corporation to join in, execute and deliver, to Bakhu, the Landlord Consent to Assignment and Assumption of Lease and Release of Assignor (the “Lease Assignment”) in the form of Exhibit 2 attached hereto, and such other confirmatory documents as Bakhu may reasonably request for the use and enjoyment of the same. Cell Science, OZ Corporation and Bakhu shall together facilitate the Landlord’s consent to said assignment. 

(d)In furtherance of such assignment and conveyance tangible and intangible person property contained in or appurtenant to the laboratory located at the Facility set forth in Section 4 and Bakhu’s assumption of the obligations related thereto, currently herewith Cell Science shall execute and deliver, and OZ Corporation shall join in, execute and deliver, to Bakhu, and Bakhu will execute and deliver to Cell Science and OZ Corporation, the Assignment, Bill of Sale and Assumption  (the “Lab Assignment”) in the form of Exhibit 3 attached hereto and such other confirmatory documents as Bakhu may reasonably request in order to transfer to and vest in Bakhu the full right, title, and interest of Cell Science and OZ Corporation, in the foregoing described (b) above, and the use and enjoyment of the same.  

 

5.Acknowledgement and Confirmation. Cell Science hereby acknowledges and certifies to Bakhu, and its stockholders, successors and assigns, and Bakhu hereby acknowledges and certifies to Cell Science, and its stockholders, successors and assigns, that (a) the Integrated License Agreement is not in default, is enforceable in accordance with its terms, is valid and in full force and effect on the Effective Date hereof, there are no other agreements written or verbal further amending or modifying the Integrated License Agreement, and there exist no events of default that, with notice or the passage of time or both, would constitute an event of default under the Integrated License Agreement; (b) the Integrated License Agreement represents the entire agreement between Cell Science and Bakhu with regard to the license of licensed technology and intellectual property thereunder; (c) on the date hereof there is no existing default or unfulfilled obligations on the part of Bakhu or Cell Science in any of the terms and conditions of the Integrated License Agreement; (d) there are no actions, voluntary or involuntary, pending against Cell Science or Bakhu under the bankruptcy laws of the United States or equivalent laws of any foreign jurisdiction, for debtor relief, (e) there are no existing, pending or threatened lawsuits by or against Cell Science affecting the licensed technology and intellectual property which is the subject of the Integrated License Agreement, (f) there are no existing, pending or threatened lawsuits by or against Bakhu affecting the licensed technology and intellectual property which is the subject of the Integrated License Agreement, and (g) there are no existing, pending or threatened lawsuits by or between Cell Science and Bakhu relating directly or indirectly to the Integrated License Agreement, and rights of Bakhu to use the licensed technology and intellectual property which is the subject of the Integrated License Agreement. 

 

6.Condition Precedent.  This January 2022 Amendment and agreements and covenants contained herein are conditioned upon the concurrent execution and delivery (a) by Bakhu of the One-Time Payment Note attached as Exhibit 1 to Cell Science, (b) by Cell Science, OZ Corporation, Bakhu and Landlord of the Lease Assignment attached as Exhibit 2, and (b) by Cell Science, OZ Corporation and Bakhu of the Lab Assignment attached as Exhibit 3. 

 

7.Transfer of Assigned Contracts.  To the extent that the assignment of any VO Leasing R&D Agreement as provided in Section 4(c) or any agreement or contract associated with the tangible and intangible person property as provided in Section 4, requires the consent, approval, or waiver of a third party, this January 2022 Amendment and any conveyance to be executed pursuant hereto shall not constitute an assignment of the same if an attempted assignment would constitute a breach thereof.  Cell Science shall use, and will cause OZ Corporation to use, its best efforts to obtain a written consent, approval, or waiver of any such other party or parties to the assignment. In the event that any such  

January 2022 Amendment Page 4 

consent, approval, or waiver is not obtained, Cell Science and Bakhu will, and Cell Science will cause OZ Corporation to, cooperate in an arrangement reasonably satisfactory to Bakhu under which Bakhu would obtain, to the extent practicable, the claims, rights, and benefits and assume the corresponding obligations thereunder in accordance with this Agreement, including subcontracting, sublicensing, or subleasing to Bakhu, or under which Cell Science and/or OZ Corporation would enforce for the benefit of Bakhu, with Bakhu assuming and indemnifying Cell Science and OZ Corporation respecting the obligations of Cell Science and OZ Corporation, any and all claims, rights, and benefits of Cell Science and OZ Corporation against a third party thereto.  Bakhu shall use its commercially reasonable best efforts to collaborate with and support the effort of Cell Science and OZ Corporation in seeking such required consents, approvals, or waivers.  The terms and conditions of any agreement entered into by Cell Science, OZ Corporation, Bakhu and any other party in connection with a consent to the assignment of the VO Leasing R&D Agreement as provided in Section 4 or any agreement or contract associated with the tangible and intangible personal property as provided in Section 4 (a “Consent Agreement”) shall not supersede or override the terms and conditions of this January 2022 Amendment.  If there is a conflict between the terms and conditions set forth in this January 2022 Amendment and a Consent Agreement, then between Cell Science and Bakhu the provisions of this January 2022 Amendment shall control the rights and obligations of Cell Science and Bakhu. 

 

8.Amendment to Section 2.5 of Integrated License Agreement. Section 2.5 of the Restated License Agreement, as subsequently amended, by merging all amendments into the Integrated License is hereby amended in its entirety to read as follows: 

“2.5 Improvements. Any Improvements developed during the term of this Agreement by or on behalf of a Party shall be conducted by or in concert with the employees, contractors or designees of the Licensor and would be deemed to be the inventor under U.S. patent laws, and therefore owned by the Licensor. Any Improvements relating to the Licensed Science made after the Effective Date relating to the Field by or on behalf of, or that benefits the Licensor or Licensee, shall be conducted by or in concert with the inventor or their contractors on behalf of Licensor and therefore owned by the Licensor and deemed to be included in the Patent Rights and in the Licensed Science for all purposes under this Agreement. Without in any way limiting the foregoing, the Licensee shall have the same license rights, as granted by Licensor in Section 2 of this Agreement, to any such Improvements made by the Licensor, subject to the other terms and conditions of this Agreement. The Parties expressly agree that the foregoing shall apply to any trade secrets developed during the term of this Agreement, any Improvements resulting from any work performed by any inventor or their contractors in the U.S. on behalf of Licensee or Licensor. 

 

9.Amendment to Section 7.3 of Integrated License Agreement. Section 7.3 of the Restated License Agreement, as subsequently amended, by merging all amendments into the Integrated License is hereby amended in its entirety to read as follows: 

“7.3 Ownership. All patent applications and patents obtained by Licensee for the Patent Rights in the Territory will be in the name of Licensor and owned by Licensor. 

January 2022 Amendment Page 5 

 

10.Amendment to Section 7.4 of Integrated License Agreement. Section 7.4 of the Restated License Agreement, as subsequently amended, by merging all amendments into the Integrated License is hereby amended in its entirety to read as follows: 

“7.4 Foreign Filings. In addition to the U.S., the Patent Rights shall, subject to applicable bar dates, be pursued in such foreign (i.e., non-U.S.) countries in the Territory as Licensee so determines in its sole and absolute discretion, and all such patent applications and patents obtained by Licensee in such countries will be in the name of Licensor and owned by Licensor. In addition, with respect to pending patent application in the United Kingdom and the PCT Application, Licensor shall remain responsible for the prosecution of such applications and all expenses incurred by Licensor for filing, prosecuting, defending and maintaining the Patent Rights related to the same. 

 

11.Ratification of Agreement. Except as expressly amended by the foregoing, the terms and provisions of the Integrated License Agreement are ratified and shall remain in full force and effect.   

 

12.Manner of Execution; Counterparts.  This January 2022 Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this January 2022 Amendment by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be deemed an original and effective for all purposes and be equally as effective as delivery of a manually executed counterpart of this January 2022 Amendment. 

 

*** Signature Page Follows ***

January 2022 Amendment Page 6 

 

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this January 2022 Amendment as of the Effective Date.

 

	 

	LICENSOR:

	 

	 

	 

	CELL SCIENCE HOLDING LTD.

	 

	 

	 

	/s/ Petros Charalambous

	 

	By: Petros Charalambous

	 

	Title: Director and Secretary

	 

	 

	 

	LICENSEE:

	 

	 

	 

	BAKHU HOLDINGS, CORP.

	 

	 

	 

	 

	 

	/s/ Evripides Drakos

	 

	By: Evripides Drakos

	 

	Title: Chief Executive Officer

	 

	 

	 

	 

	 

	/s/ Juan Carlos Garcia La Sienra Garcia

	 

	By: Juan Carlos Garcia La Sienra Garcia

	 

	Title: Chief Financial Officer

January 2022 Amendment Page 7 

EXHIBIT 1

 

ONE-TIME PAYMENT NOTE

PROMISSORY NOTE

 

	US$3,500,000

	Long Beach, California

	January 31, 2022

 

FOR VALUE RECEIVED, the undersigned, BAKHU HOLDINGS, CORP., a Nevada corporation with its principal executive offices at One World Trade Center, Suite 130, Long Beach, CA 908318 (“Maker”), promises to pay to CELL SCIENCE HOLDING LTD., a limited liability company organized under the laws of the Republic of Cyprus, with its principal executive offices at Panteli Katelari 18A, Agios Ioannis, Limassol, G4 3012, Cyprus (“Payee”), in lawful money of the United States of America for payment of private debts, the principal amount of three million five hundred thousand dollars ($3,500,000), together with simple interest therein (calculated on the basis of the actual number of days elapsed but computed as if each year consisted of 360 days) on the unpaid principal balance outstanding from time to time at the applicable federal short-term rate of 0.44% under IRC Section 1274(d), from the date of execution. 

 

1.Payment Terms. All unpaid principal and accrued and unpaid interest will be due and payable on or before January 31, 2023 (the “Maturity Date”). 

 

2.Method of Payment; Prepayments; and Priority of Payments. 

 

2.1Payments.  All payments (including any prepayments) to be made by the Maker shall be made without set-off, counterclaim, deduction or withholding and shall be made to the Payee at such location or to such account as the Payee may specify to the Maker, on or prior to 12:00 noon, California time, on the due date thereof, in U.S. Dollars and in immediately available funds.  If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. For the purposed of this Note, “Business Day” means any day that is not a Saturday, a Sunday or a holiday on which commercial banks in Long Beach, California are authorized or required by law to close. 

 

2.2Optional Prepayment.  Maker reserves the right and privilege of prepaying this Note in whole or in part, at any time or from time to time, without notice, premium, charge, or penalty. Prepayments on this Note will be applied first to accrued and unpaid interest to the date of the prepayment, next to expenses for which Payee is due to be reimbursed under the terms of this Note (if any), and then to the unpaid principal balance hereof. 

 

3.Interest Adjustment. If payment of the entire amount due under this Note is not paid on or before the Maturity Date, any past-due amounts and accrued interest thereon will bear interest at nine percent (9%) per annum until paid. 

 

4.Default.  

 

4.1Without notice or demand (which are hereby waived), the entire unpaid principal balance of, and all accrued interest on, this Note will immediately become due and payable at the option of the holder hereof upon the occurrence of one or more of the following events of default (“Events of Default”): 

 

(a)the failure or refusal of Maker to pay principal of or interest on this Note within 10 days of when the same becomes due in accordance with the terms hereof; 

Bakhu – Cell Science One-Time Payment NotePage 1 

(b)the failure or refusal of Maker punctually and properly to perform, observe, and comply with any covenant or agreement contained herein, and such failure or refusal continues for a period of 30 days after Maker has (or, with the exercise of reasonable investigation, should have) notice thereof; 

 

(c)Maker: (i) becomes insolvent; (ii) fails to pay its debts generally as they become due; (iii) voluntarily seeks, consents to, or acquiesces in the benefit or benefits of any Debtor Relief Law (defined hereinafter); or (iv) becomes a party to (or is made the subject of) any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, that could suspend or otherwise adversely affect the Rights (defined hereinafter) of Payee granted herein (unless, in the event the proceeding is involuntary, the petition instituting the same is dismissed within 60 days of its filing). “Debtor Relief Law” means the Bankruptcy Code of the United States of America and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar Laws from time to time in effect affecting the Rights of creditors generally. “Rights” means rights, remedies, powers, and privileges. “Laws” means all applicable statutes, laws, ordinances, regulations, orders, writs, injunctions, or decrees of any state, commonwealth, nation, territory, possession, county, parish, municipality, or Tribunal. “Tribunal” means any court or governmental department, commission, board, bureau, agency, or instrumentality of the United States or of any state, commonwealth, nation, territory, possession, county, parish, or municipality, whether now or hereafter constituted and/or existing;  

 

(d)the failure to have discharged within a period of 30 days after the commencement thereof any attachment, sequestration, or similar proceeding against any of the assets of Maker, or the loss, theft, or destruction of, or occurrence of substantial damage to, a material part of the assets of Maker, except to the extent adequately covered by insurance; and 

 

(e)Maker fails to pay any money judgment against it at least 10 days prior to the date on which any of Maker’s assets may be lawfully sold to satisfy such judgment. 

 

4.2If any one or more of the Events of Default specified above occur, the holder of this Note may, at its option: (a) declare the entire unpaid balance of principal of and accrued interest on this Note to be immediately due and payable without notice or demand; (b) offset against this Note any sum or sums owed by the holder hereof to Maker; (c) reduce any claim to judgment; (d) foreclose all liens and security interests securing payment hereof or any part hereof; and (e) proceed to protect and enforce its rights either by suit in equity or by action of law or other appropriate proceedings, whether for the specific performance of any covenant or agreement contained in this Note, in aid of the exercise granted by this Note of any right, or to enforce any other legal or equitable right or remedy of the holder of this Note. 

 

5.Cumulative Rights. No delay on the part of the holder of this Note in the exercise of any power or right or single partial exercise of any such power or right under this Note, or under any other instrument executed pursuant hereto will operate as a waiver thereof. Enforcement by the holder of this Note of any security for the payment hereof will not constitute any election by it of remedies so as to preclude the exercise of any other remedy available to it. 

Bakhu – Cell Science One-Time Payment NotePage 2 

6.Collection Costs. If this Note is placed in the hands of an attorney for collection, or if it is collected through any legal proceeding at law or in equity, or in bankruptcy, receivership, or other court proceedings, Maker agrees to pay all costs of collection, including but not limited to court costs and reasonable attorney’s fees of the Payee. 

 

7.Waiver. Maker waives presentment and demand for payment, protest, and notice of protest and nonpayment, or other notice of default, except as specified herein, and agree that their liability on this Note will not be affected by any renewal or extension in the time of payment hereof, or in any indulgence, partial payment, release, or change in any security for the payment of this Note, before or after maturity, regardless of the number of such renewals, extensions, indulgences, partial payments, releases, or changes. 

 

8.Notices. Any notice or demand given hereunder by the holder hereof will be deemed to have been given and received: (a) when actually received by Maker, if delivered in person; or (b) when received by the Maker if sent by a nationally recognized overnight courier (with confirmation of delivery), with all charges prepaid, sent to Maker at its address on the first page of this Note. 

 

9.Successor and Assigns. All of the covenants, stipulations, promises, and agreements in this Note contained by or on behalf of Maker will bind its successors and assigns, whether so expressed or not; provided, however, that neither Maker nor Payee may, without the prior written consent of the other, assign any rights, powers, duties, or obligations under this Note. 

 

10.Headings. The headings of the paragraphs of this Note are inserted for convenience only and will not be deemed to constitute a part hereof. 

 

11.Governing Law; Venue. This Note is being executed and delivered, and is intended to be performed, in the State of California, and the substantive laws of such California, excluding conflicts of laws provisions, will govern the validity, construction, enforcement, and interpretation of this Note except insofar as federal laws have application. Any action or proceeding to enforce this Note will be instituted in the applicable state of federal courts in Los Angeles County, California, where venue will also lie.  

 

12.Waiver of Jury Trial. To the extent permitted by applicable law, Make and Payee hereby voluntarily and irrevocably waive trial by jury in any action or proceeding brought in connection with this Note, any of the related agreements and documents, or any of the transactions described herein or therein. 

 

13.Authority.  Maker, and each person executing this Note on Maker’s behalf, hereby represents and warrants to Payee that, by its execution below, Maker has the full power, authority and legal right to execute and deliver this Note and that the indebtedness evidenced hereby constitutes a valid and binding obligation of Maker.  Payee, and each person executing an accepting this Note on Payee’s, hereby represents and warrants to Maker that, by its execution below, Payee has the full power, authority and legal right to execute, acknowledge and accept the terms and delivery of this Note. 

 

14.Manner of Execution; Counterparts.  Maker and Payee agree and acknowledge that the execution of this Note via DocuSign or other electronic manner, and the transmission and delivery of signature page to this Note by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be deemed an original and effective for all purposes. 

 

*** Signature Page Follows ***

Bakhu – Cell Science One-Time Payment NotePage 3 

IN WITNESS WHEREOF, the Maker has caused a duly authorized officers of the Maker, solely in such officer’s capacity as such, to duly execute this Note on behalf of the Maker as of the date hereof.

 

	 

	MAKER

	 

	 

	 

	BAKHU HOLDINGS CORP.

	 

	 

	 

	 

	 

	 

	 

	/s/ Evripides Drakos

	 

	By: Evripides Drakos

	 

	Title: Chief Executive Officer

	 

	 

	 

	 

	 

	/s/ Juan Carlos Garcia La Sienra Garcia

	 

	By: Juan Carlos Garcia La Sienra Garcia

	 

	Title: Chief Financial Officer

 

 

ACKNOWLEDGED, AGREED TO AND ACCEPTED BY:

 

	PAYEE

	 

	 

	 

	CELL SCIENCE HOLDING LTD.

	 

	 

	 

	/s/ Petros Charalambous

	 

	By: Petros Charalambous

	 

	Title: Director and Secretary

	 

Bakhu – Cell Science One-Time Payment NotePage 4 

EXHIBIT 2

 

LANDLORD CONSENT TO ASSIGNMENT AND ASSUMPTION OF LEASE

AND RELEASE OF ASSIGNOR

LANDLORD CONSENT TO ASSIGNMENT AND ASSUMPTION OF LEASE

AND RELEASE OF ASSIGNORS

 

This Landlord Consent to Assignment and Assumption of Lease and Release of Assignors (the “Agreement”) is entered into effective as of January 31, 2022 (the “Effective Date”) by and among VO Leasing Corp., a California corporation ("Landlord"), the OZ Corporation, a California corporation, and its affiliate, Cell Science Holding Ltd., a corporation organized under the laws of the Republic of Cyprus (“Cell Science”) and the OZ Corporation, a California corporation (“OZ Corp”) (individually an ‘Assignor” and collectively the "Assignors") and Bakhu Holdings Corp., a Nevada corporation ("Assignee"). 

 

RECITALS

 

A.Whereas, Landlord and Assignor, are parties to that certain Research and Development Agreement dated March 8, 2019, as amended the Amendment to the Research and Development Agreement dated March 12, 2020 (collectively the “VO Leasing R&D Agreement”).  Pursuant to the VO Leasing Agreement, Assignors lease the premises located at 15614 Oxnard Avenue, Sherman Oaks, California (the “Premises”), for use as the laboratory at which research and development of the intellectual property and licensed science covered by the Integrated License Agreement between Cell Science and Assignee, to be and is conducted. 

 

B.Whereas, Assignors desire to assign to Assignee, and Assignee desires to assume from Assignors, all of Assignors’ right, title, interest, and obligations in, to and under the VO Leasing Agreement, and Assignors and Assignee have requested Landlord's consent to the foregoing. 

 

C.Whereas, Landlord has agreed to give such consent upon the terms and conditions contained in this Agreement. 

 

AGREEMENT

 

NOW THEREFORE, in consideration of the foregoing recitals which by this reference are incorporated herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord, Assignors and Assignee agree and represent as follows: 

 

1.Assignment and Assumption.  Effective as of January ___, 2022 (the “Effective Date”), Assignors hereby assigns to Assignee all of Assignors’ rights, title, interest and obligations in, to and under the VO Leasing Agreement, including, without limitation, all interest in the Security Deposit, if any, as described in VO Leasing Agreement, previously delivered to Landlord (the “Security Deposit”).  As of the Effective Date, Assignee, for itself and its successors and assigns, hereby assumes all of Assignors’ rights, title, interest and obligations, in, to and under the VO Leasing Agreement and agrees to pay, perform, observe and be bound by all of the covenants, agreements, provisions, conditions and obligations of the tenant under the VO Leasing Agreement, including but not limited to, the obligation to pay Landlord for all rent, adjustments of rent and other additional charges payable pursuant to the terms of the VO Leasing Agreement, which shall accrue from and after the Effective Date. (For convenience, the assignments and assumptions described above in this Section 1 are referred to herein as the “Assignment”).  

Assignment and Assumption of LeasePage 1 of 3 

2.Representations and Warranties.   

(a)Assignors hereby represent and warrant that Assignors (i) have full power and authority to assign to Assignee their entire right, title and interest in the VO Leasing Agreement and with respect to the Security Deposit, (ii) has not previously transferred or conveyed its interest in the Premises or the VO Leasing Agreement to any person or entity, collaterally or otherwise, and (iii) has full power and authority to make the assignments described in Section 1 above and to enter into this Agreement. 

(b)Assignee hereby represents, warrants and agrees that Assignee (i) has full power and authority to assume all of Assignors’ right, title and interest in, to and under the VO Leasing Agreement, including the Security Deposit, (ii) has full power and authority to enter into this Agreement, (iii) shall be responsible for any and all obligations, including the timely payment of any and all monies owed and due under the VO Leasing Agreement, and (iv) shall hold Assignors harmless from any and all obligations, debts, payments, or liabilities that may arise under the VO Leasing Agreement as of and after the Effective Date. 

 

3.Release of Assignors.  Landlord agrees to forever release Assignors from any and all responsibilities or obligations under the VO Leasing Agreement as of and after the Effective Date, and shall thereafter look solely to the Assignee for any and all obligations, including payments, under the VO Leasing Agreement. In no event shall the Assignment or the other provisions of this Agreement be construed as granting or conferring upon the Assignee any greater rights than those contained in the VO Leasing Agreement nor shall there be any diminution of the rights and privileges of the Landlord under the VO Leasing Agreement, nor shall the VO Leasing Agreement be deemed modified in any respect.   

 

4.Landlord's Consent.  In reliance upon the agreements and representations contained in this Agreement, Landlord hereby consents to the Assignment.  This Agreement shall not constitute a waiver of the obligation of the tenant under the VO Leasing Agreement to obtain the Landlord's consent to any subsequent assignment, sublease or other transfer under the Lease, nor shall it constitute a waiver of any existing defaults under the VO Leasing Agreement. 

 

5.Notice Address.  Any notices to Assignee shall be effective when served to Assignee at the Premises in accordance with the terms of the VO Leasing Agreement.  From and after the Effective Date, notices to Assignors shall be served at the address provided in the VO Leasing Agreement, and in accordance with the terms of the VO Leasing Agreement. 

 

6.No Modifications.  None of the terms in this Agreement may be modified unless in writing and signed by all parties to this Agreement.  Nothing contained in this Agreement shall be deemed to amend, modify or alter in any way the terms, covenants and conditions set forth in the VO Leasing Agreement. 

 

7.Authority.  Each signatory of this Agreement represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting. 

 

8.Manner of Execution; Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be deemed an original and effective for all purposes and be equally as effective as delivery of a manually executed counterpart of this Agreement. 

*** Signature Page Follows ***

Assignment and Assumption of LeasePage 2 of 3 

IN WITNESS WHEREOF, Landlord, Assignors and Assignee have executed this Agreement on the day and year first above written. 

 

	 

	LANDLORD

	 

	 

	 

	VO LEASING CORP.

	 

	 

	 

	/s/ John Zapp

	 

	By: John Zapp

	 

	Title: CEO

	 

	 

	 

	 

	 

	ASSIGNORS

	 

	 

	 

	CELL SCIENCE HOLDING LTD.

	 

	 

	 

	 

	 

	/s/ Petros Charalambous

	 

	By: Petros Charalambous

	 

	Title: Director and Secretary

	 

	 

	 

	OZ CORPORATION

	 

	 

	 

	 

	 

	/s/ John R. Munoz

	 

	By: John R. Munoz

	 

	Title: President and CEO

	 

	 

	 

	 

	 

	ASSIGNEE

	 

	 

	 

	BAKHU HOLDINGS, CORP.

	 

	 

	 

	 

	 

	/s/ Evripides Drakos

	 

	By: Evripides Drakos

	 

	Title: Chief Executive Officer

	 

	 

	 

	 

	 

	/s/ Juan Carlos Garcia La Sienra Garcia

	 

	By: Juan Carlos Garcia La Sienra Garcia

	 

	Title: Chief Financial Officer

Assignment and Assumption of LeasePage 3 of 3 

EXHIBIT 3

 

LAB ASSIGNMENT

ASSIGNMENT, BILL OF SALE AND ASSUMPTION 

This Assignment, Bill of Sale and Assumption (the “Assignment”) is made and entered into as of January 31, 2022 (the “Effective Date”), by and between Cell Science Holding Ltd., a limited liability company organized and existing under the laws of the Republic of Cyprus and OZ Corporation, a California corporation (individually an “Assignor” and collectively the “Assignors”) and Bakhu Holdings, Corp., a Nevada corporation (“Assignee”). This Assignment, Bill of Sale, and Assumption is executed pursuant to that Third Amendment to Integrated License Agreement dated concurrently herewith (the “January 2022 Amendment”) by and between Assignor and Assignee. All defined terms used but not otherwise defined herein shall have the respective meanings set forth in the January 2022 Amendment.

 

NOW, THEREFORE, in consideration of the covenants, promises and representations set forth herein and in the January 2022 Amendment, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.Assignment.  The Assignors hereby irrevocably and jointly and severally convey, grant, transfer, assign and deliver to Assignee, free and clear of any and all liens and encumbrances, all of the Assignors’ right, title and interest:  

 

(b)in and to the laboratory located at 15614 Oxnard Avenue, Sherman Oaks, California (the “Facility”) at which research and development is conducted pursuant to that certain Research and Development Agreement dated March 8, 2019, as amended March 12, 2020, (the “VO Leasing R&D Agreement”) between VO Leasing Corp., a California corporation, the OZ Corporation, and Cell Science Holding Ltd, a limited liability company organized and existing under the laws of the Republic of Cyprus and OZ Corporation; 

 

(c)under the VO Leasing R&D Agreement, including all rights and privileges thereunder; and 

(d)in and to all tangible and intangible person property (excluding the intellectual property and licensed science covered by the Integrated License Agreement), including without limitation (i)  all equipment, machinery, tools, bioreactors, instruments, accessories, furniture, fixtures,  inventory, including inventories of raw materials and supplies, work in progress, parts, racks, other components, books, records, manuals, documentation, and anything relating to the foregoing, located at the Facility or elsewhere, now owned or later acquired, (ii) any and all permits and all rights and privileges thereunder, (iii) all supplier lists, vendor lists, existing rental and other contracts and tangible and intangible personal property (excluding the intellectual property and licensed science covered by the Integrated License Agreement); (iv) other asset of every nature, kind and description, to the extent primarily related directly or indirectly to, or necessary for, the operations and conduct of research and development at the Facility; and (v) any and all permits, licenses or leases to use or access any of the foregoing, the rights and benefits under contracts related to use or operation of the Facility, and related intangibles, to have and to hold unto Assignee, its successors and assigns forever, with the right, power, and authority to sue for and defend the same, in the name, place, and stead or Assignors or otherwise. 

 

2.Assumption. Assignee does hereby assume each and every term, covenant, obligation and condition of any kind or nature required to be kept, observed, performed, paid or otherwise satisfied by Assignors that arises or accrues from and after the date of this Assignment, under the agreements and rights purportedly conveyed as set forth in Section 1 above, including the full and timely payment of any and all amounts due thereunder. 

Assignment, Bill of Sale and AssumptionPage 1 of 4 

3.Indemnification. Assignee, its successors and assigns, agrees to and shall indemnify Assignors against any and all payments, actions, claims, and demands whatsoever, including the legal and other costs of investigating or defending the same, arising out of or by reason of any act, failure to act, misrepresentation or omission of Assignee respecting the obligations hereby assumed by it.  Assignors will notify Assignee of any such liability, asserted liability or claim thereto with reasonable promptness, and Assignors or their legal representatives shall have, at their election, the right to compromise or defend any such matter involving asserted liability of Assignors through counsel of their own choosing, at Assignors’ expense.  Such notice and opportunity to compromise or defend, if applicable, shall be a condition precedent to any liability of Assignors under this indemnity.  If Assignors undertake to compromise or defend any such liability, it shall notify Assignee, in writing, promptly of Assignors’ intention to do so, and Assignees agrees to cooperate with Assignors and its counsel in order to effectuate such compromise or defense against such liability.   

 

4.Further Assurances.  In furtherance of the conveyance, grant, transfer, assignment and delivery pursuant to Section 1 hereto, the Assignors agree to execute and deliver to Assignee any and all additional documents as Assignee or any third party may deem reasonably necessary or desirable to effectuate the conveyance,  grant, transfer, assignment, prosecution, and maintenance of the assigned assets described in Section 1, including any power of attorney allowing Assignee to  facilitate or maintain such assigned assets described in Section 1. 

 

5.Authorization; No Breach; Valid and Binding Agreement. Assignors represents and warrants that: 

 

(a)Assignors have full corporate power and authority to execute and deliver, and enter into, this Assignment, and have obtained the required approval from the Assignors’ stockholders, members, creditors, managers and Board of Directors, for the execution of this Assignment.  Assignors hereby warrant ownership of and good title to the foregoing described assets being conveyed, transferred, assigned and deliver pursuant to Section 1 hereto, the right to convey, transfer, assign and deliver the same to Assignee, and that there are no liens, encumbrances or charges thereon or against the same and to defend the title and possession transferred to Assignee against all lawful claims. 

 

(b)This Assignment is a legal, valid and binding agreement of Assignors enforceable against Assignors in accordance with its terms.  The execution, delivery, and performance by the Assignors of this Assignment will not violate, conflict with, result in any breach of, or constitute a default under (i) the Assignors’ organizational documents, (ii) any agreement to which the Assignors are a party, (iii) any law or; (iv) result in the imposition of any material lien over the foregoing described assets being conveyed, transferred, assigned and deliver pursuant to Section 1. 

 

6.Parties in Interest.  This Assignment shall bind and shall inure to the benefit of the respective Parties and their assigns, transferees and successors. 

 

7.Governing Law; Venue. This Assignment is being executed and delivered, and is intended to be performed, in the State of California, and the substantive laws of such California, excluding conflicts of law provisions, will govern the validity, construction, enforcement, and interpretation of this Assignment except insofar as federal laws have application. Any action or proceeding to enforce this Assignment will be instituted in the applicable state of federal courts in Los Angeles County, California, where venue will also lie. 

Assignment, Bill of Sale and AssumptionPage 2 of 4 

8.Waiver of Jury Trial. To the extent permitted by applicable law, the parties hereby voluntarily and irrevocably waive trial by jury in any action or proceeding brought in connection with this Assignment, any of the related agreements and documents, or any of the transactions described herein or therein. 

 

9.Manner of Execution; Counterparts.  This Assignment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Assignment  by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be deemed an original and effective for all purposes and be equally as effective as delivery of a manually executed counterpart of this Assignment. 

 

*** Signature Page Follows ***

Assignment, Bill of Sale and AssumptionPage 3 of 4 

IN WITNESS WHEREOF, this Assignment, Bill of Sale and Assumption has been duly executed and delivered by a duly authorized representative of each of the Parties as of the date first above written.

 

	 

	ASSIGNORS

	 

	 

	 

	CELL SCIENCE HOLDING LTD.

	 

	 

	 

	 

	 

	/s/ Petros Charalambous

	 

	By: Petros Charalambous

	 

	Title: Director and Secretary

	 

	 

	 

	 

	 

	OZ CORPORATION

	 

	 

	 

	 

	 

	/s/ John R. Munoz

	 

	By: John R. Munoz

	 

	Title: President and CEO

	 

	 

	 

	 

	 

	ASSIGNEE

	 

	 

	 

	BAKHU HOLDINGS, CORP.

	 

	 

	 

	 

	 

	/s/ Evripides Drakos

	 

	By: Evripides Drakos

	 

	Title: Chief Executive Officer

	 

	 

	 

	 

	 

	/s/ Juan Carlos Garcia La Sienra Garcia

	 

	By: Juan Carlos Garcia La Sienra Garcia

	 

	Title: Chief Financial Officer

Assignment, Bill of Sale and AssumptionPage 4 of 4

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