Document:

EX-10.8

 Exhibit 10.8 

FORM OF INDEMNITY AGREEMENT 

THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of [•], 2017, by and between Regalwood Global
Energy Ltd., a Cayman Islands exempted company (the “Company”), and                     
(“Indemnitee”). 
 RECITALS 

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other
capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;

 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and
retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among publicly traded corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only
at higher premiums and with more exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among
other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Amended and Restated Memorandum and Articles of Association of the Company provide for the indemnification of the officers
and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law. The Amended and Restated Memorandum and Articles of Association provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and
reimbursement rights; 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty
of attracting and retaining such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and
retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless,
exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

 WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Memorandum and Articles of Association
of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 

WHEREAS, Indemnitee may not be willing to serve as an officer or director without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified; and 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter
agreement dated as of [•], 2017, the Company and Indemnitee do hereby covenant and agree as follows: 
  

 TERMS AND CONDITIONS 

1. SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or
continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his resignation or until Indemnitee
is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in
Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the
parties, if any. 
 2. DEFINITIONS. As used in this Agreement: 

(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a
subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited
liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company. 

(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof. 

(c) “Cayman Court” shall mean the courts of the Cayman Islands. 

(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any
of the following events: 
 (i) Acquisition of Shares by Third Party. Other than an affiliate of CIEP Sponsor Ltd. (the
“Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s
then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a
Change in Control under part (iii) of this definition; 
 (ii) Change in Board of Directors. Individuals who, as of the date
hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors on
the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board; 

(iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and
entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the
then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all
or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities
entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more
of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the 

  
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surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting
from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; 

(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of
agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the
Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or 
 (v) Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form)
promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 
 (e)
“Companies Law” shall mean the Companies Law (2013 Revision) of the Cayman Islands, as amended from time to time. 

(f) “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner,
manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company. 

(g) “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as
defined below) in respect of which indemnification is sought by Indemnitee. 
 (h) “Enterprise” shall mean the
Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent. 

(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,
including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not
otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for,
and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer,
employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

  
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 (l) “Independent Counsel” shall mean a law firm or a member of a law firm
with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (m) The term “Person” shall
have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the
Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or
indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company. 
 (n) The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is,
will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or of any action (or failure to act) on his part while
acting as a director or officer of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise,
in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement. 

(o) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person. 

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or
in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments,
liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually, and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful. 

4. INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or
in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and
reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any 

  
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claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was
brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to
exoneration. 
 5. INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions
of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense
of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him in
connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent
permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not
wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter. 
 6. INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding
any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a
party, he shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

7. ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. 

(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by
applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in
settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which
constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law. 

(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted
by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in
settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. 
 8. CONTRIBUTION IN THE EVENT OF JOINT
LIABILITY. 
 (a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount
incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company
hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. 

  
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 (b) The Company shall not enter into any settlement of any Proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 

(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 
 9. EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee: 

(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise; 

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or 

(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of
any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the
Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable
law. 
 10. ADVANCES OF EXPENSES; DEFENSE OF CLAIM. 

(a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by
applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the
Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest
extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this
Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To
the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced
amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Amended and Restated Memorandum and Articles of Association, applicable law or
otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9. 

(b) The Company will be entitled to participate in the Proceeding at its own expense. 

(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty
or limitation on Indemnitee without Indemnitee’s prior written consent. 

  
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 11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION. 

(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so
notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise. 
 (b)
Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems
appropriate in his sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement. 

12. PROCEDURE UPON APPLICATION FOR INDEMNIFICATION. 

(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the
specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors
designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or
(iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which
indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to
indemnify and to hold Indemnitee harmless therefrom. 
 (b) In the event the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection
be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected and certifying
that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after
such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no
Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of
Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as

  
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Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

13. PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS. 

(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have
made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of
conduct. 
 (b) If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest
extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in
good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 
 (c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 
 (d) For purposes of any
determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing
member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an
appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to
limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. 

(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

  
 8 

 14. REMEDIES OF INDEMNITEE. 

(a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to
Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to
Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or
(vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such
indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the
American Arbitration Association. Except as set forth herein, the provisions of Cayman Islands law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any
such adjudication or award in arbitration. 
 (b) In the event that a determination shall have been made pursuant to Section 12(a) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee
shall not be prejudiced by reason of that adverse determination. 
 (c) In any judicial proceeding or arbitration commenced pursuant to this
Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be
indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee
for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 

(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to
make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 

(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by
Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any
judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or
provision of the Amended and Restated Memorandum and Articles of Association, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee,
regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial
proceeding or arbitration was not brought by Indemnitee in good faith). 

  
 9 

 (g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for
amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held
harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company. 

15. SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and
approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security,
once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee. 
 16. NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION. 
 (a) The rights of Indemnitee as
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Amended and Restated Memorandum and Articles of Association, any agreement, a vote of shareholders
or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such
Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Amended and Restated
Memorandum and Articles of Association or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b)
The Companies Law and the Amended and Restated Memorandum and Articles of Association permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust
fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of him or in such capacity as a director, officer,
employee or agent of the Company, or arising out of his status as such, whether or not the Company would have the power to indemnify him against such liability under the provisions of this Agreement or under the Companies Law, as it may then be in
effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement. 

(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its
or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from
any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies. 

  
 10 

 (d) In the event of any payment under this Agreement, the Company, to the fullest extent
permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations. 

(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or
exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or
apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations
under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution
or insurance coverage rights against any person or entity other than the Company. 
 (f) Notwithsatnding anything contained herein, the
Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary. 

17. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise
which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to
Section 14 of this Agreement) by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 18. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any
reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested thereby. 
 19. ENFORCEMENT AND BINDING EFFECT. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company. 

(b) Without limiting any of the rights of Indemnitee under the Amended and Restated Memorandum and Articles of Association of the Company as
they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between
the parties hereto with respect to the subject matter hereof. 

  
 11 

 (c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided
by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place. 
 (e) The Company and Indemnitee agree herein
that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that
Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by
seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent
permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest
extent permitted by law. 
 20. MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding
unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing
waiver. 
 21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third
(3rd) business day after the date on which it is so mailed: 
 (a) If to Indemnitee, at the address indicated on the signature page of this
Agreement, or such other address as Indemnitee shall provide in writing to the Company. 
 (b) If to the Company, to: 

Regalwood Global Energy Ltd. 

1001 Pennsylvania Avenue N.W. 

Suite 220 South 
 New York, New
York 20004 
 Attention: Brooke B. Coburn 

With a copy, which shall not constitute notice, to 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attn: Christian O. Nagler, Esq. 

  
 12 

 or to any other address as may have been furnished to Indemnitee in writing by the Company. 

22. APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the
fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in
any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection
with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman
Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any
such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. 

23. IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

24. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The
headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

25. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any
such cause of action such shorter period shall govern. 
 26. ADDITIONAL ACTS. If for the validation of any of the provisions in this
Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement. 
 27. WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that
it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the
Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever. 
 28. MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect
during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for
losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights
and benefits as are accorded to the most favorably insured of the Company’s directors and officers. 
 [Signature Page Follows] 

  
 13 

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

			
	REGALWOOD GLOBAL ENERGY LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	INDEMNITEE
		
	By:	 	  

		 	Name:
		 	Address:

 [Signature page to Indemnity Agreement]EX-4.1

 Exhibit 4.1 

NISSAN MASTER OWNER TRUST RECEIVABLES 

Issuer 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 

SERIES 2017-C 
 INDENTURE
SUPPLEMENT 
 Dated as of November 13, 2017 

NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2017-C 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 	CREATION OF SERIES 2017-C NOTES	  	 	2	 
			
	 Section 1.01.
	 	Designation	  	 	2	 
			
	ARTICLE II	 	DEFINITIONS	  	 	2	 
			
	 Section 2.01.
	 	Definition	  	 	2	 
	 Section 2.02.
	 	Other Definitional Provisions	  	 	16	 
	 Section 2.03.
	 	Registration of and Limitations on Transfer and Exchange of Notes	  	 	17	 
	 Section 2.04.
	 	Definitive Notes	  	 	18	 
			
	ARTICLE III	 	SERVICING FEE	  	 	19	 
			
	 Section 3.01.
	 	Servicing Compensation	  	 	19	 
			
	ARTICLE IV	 	 RIGHTS OF SERIES 2017-C NOTEHOLDERS AND ALLOCATION AND

APPLICATION OF COLLECTIONS
	  	 	20	 
			
	 Section 4.01.
	 	Collections and Allocations	  	 	20	 
	 Section 4.02.
	 	Determination of Monthly Interest	  	 	22	 
	 Section 4.03.
	 	[Reserved]	  	 	23	 
	 Section 4.04.
	 	Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of Payment	  	 	23	 
	 Section 4.05.
	 	Investor Charge-Offs	  	 	28	 
	 Section 4.06.
	 	Reallocated Principal Collections	  	 	28	 
	 Section 4.07.
	 	Excess Interest Amounts	  	 	28	 
	 Section 4.08.
	 	Excess Principal Amounts	  	 	29	 
	 Section 4.09.
	 	Series Nominal Liquidation Amount, Overcollateralization Amount and Invested Amount	  	 	29	 
	 Section 4.10.
	 	Establishment of Accumulation Account	  	 	30	 
	 Section 4.11.
	 	Accumulation Period	  	 	31	 
	 Section 4.12.
	 	Establishment of Reserve Account	  	 	32	 
	 Section 4.13.
	 	Determination of LIBOR	  	 	34	 
			
	ARTICLE V	 	 DELIVERY OF SERIES 2017-C NOTES; DISTRIBUTIONS;

REPORTS TO SERIES 2017-C NOTEHOLDERS
	  	 	35	 
			
	 Section 5.01.
	 	Delivery and Payment for Series 2017-C Notes	  	 	35	 
	 Section 5.02.
	 	Distributions	  	 	35	 
	 Section 5.03.
	 	Reports and Statements to Series 2017-C Noteholders	  	 	35	 
	 Section 5.04.
	 	Tax Treatment	  	 	36	 
	 Section 5.05.
	 	Information to be Provided by the Indenture Trustee	  	 	36	 
	 Section 5.06.
	 	Tax Forms	  	 	37	 
			
	ARTICLE VI	 	SERIES 2017-C EARLY AMORTIZATION EVENTS	  	 	37	 
			
	 Section 6.01.
	 	Series 2017-C Early Amortization Events	  	 	37	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII
	 	REDEMPTION OF SERIES 2017-C NOTES; SERIES FINAL MATURITY; FINAL DISTRIBUTIONS	  	 	39	 
			
	 Section 7.01.
	 	Redemption of Series 2017-C Notes	  	 	39	 
	 Section 7.02.
	 	Series Final Maturity	  	 	40	 
	 Section 7.03.
	 	No Defeasance	  	 	41	 
			
	 ARTICLE VIII
	 	MISCELLANEOUS PROVISIONS	  	 	41	 
			
	 Section 8.01.
	 	Ratification of Agreement	  	 	41	 
	 Section 8.02.
	 	Form of Delivery of Series 2017-C Notes	  	 	41	 
	 Section 8.03.
	 	Notices	  	 	41	 
	 Section 8.04.
	 	Amendments and Waivers	  	 	41	 
	 Section 8.05.
	 	Counterparts	  	 	43	 
	 Section 8.06.
	 	Governing Law	  	 	43	 
	 Section 8.07.
	 	Effect of Headings and Table of Contents	  	 	43	 
	 Section 8.08.
	 	Waiver of Jury Trial	  	 	43	 
	 Section 8.09.
	 	Compliance with Regulation AB	  	 	44	 
	 Section 8.10.
	 	Asset Representations Review	  	 	44	 
	 Section 8.11.
	 	Dispute Resolution	  	 	45	 
	 Section 8.12.
	 	Preservation of Information; Communications to Noteholders	  	 	48	 
	 Section 8.13.
	 	No Obligation to Monitor	  	 	49	 

  
 -ii- 

			
	EXHIBIT A	  	Form of Series 2017-C Note
	EXHIBIT B	  	Form of Payment Date Statement
	EXHIBIT C	  	Form of Authorized Officer Certificate
	EXHIBIT D	  	Asset Repurchase Demand Activity Report
		
	APPENDIX A	  	Regulation AB Representations, Warranties And Covenants

 SERIES 2017-C INDENTURE SUPPLEMENT, dated as of November 13, 2017 (as amended, supplemented
or otherwise modified from time to time, the “Indenture Supplement”), by and between NISSAN MASTER OWNER TRUST RECEIVABLES, a Delaware statutory trust, as issuer (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as Indenture Trustee (the “Indenture Trustee”). 

RECITALS 
 A.
Section 2.12 of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuer of Notes in one or more
Series. 
 B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation
of the Series 2017-C Notes and specifying the principal terms thereof. 
 In consideration of the mutual covenants and agreements contained
in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In
addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2017-C Notes, all of the Issuer’s right, title and interest (whether now owned or hereafter
acquired) in, to and under: 
 (i) all Collections on the Receivables allocated to the Holders of the Series 2017-C Notes;

 (ii) the Accumulation Account, the Reserve Account and all amounts on deposit therein from time to time; and 

(iii) all present and future claims, demands, causes of action and choses in action regarding the foregoing and all payments on
the foregoing and all proceeds of any nature whatsoever regarding the foregoing, including all proceeds of the voluntary or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, general intangibles, goods, checks, deposit accounts, instruments, investment property, money, insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and
receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of the foregoing. 
 The
foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series 2017-C Notes equally and ratably without prejudice, priority, or distinction between any Series 2017-C Note and any other Series 2017-C Note,
(b) the payment of all other sums payable under the Series 2017-C Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 2017-C Notes, the Indenture and this Indenture
Supplement, all as provided herein or therein. 

  
 1 

 The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with
the provisions hereof and agrees to perform the duties herein required to the end that the interests of Series 2017-C Noteholders may be adequately protected. 

ARTICLE I 
 CREATION OF SERIES
2017-C NOTES 
 Section 1.01. Designation. 

(a) There is hereby created a Series of Notes to be issued by the Issuer on the Series 2017-C Issuance Date pursuant to the Indenture and this
Indenture Supplement to be known as the “Nissan Master Owner Trust Receivables, Series 2017-C Notes” or the “Series 2017-C Notes.” The Series 2017-C Notes will be due and payable on the Series 2017-C Final Maturity Date. 

(b) The Series 2017-C Notes will be included in Excess Interest Sharing Group One and in Excess Principal Sharing Group One. The Series 2017-C
Notes shall not be subordinated to any other Series. 
 (c) The first Payment Date with respect to the Series 2017-C Notes shall be
December 15, 2017. Interest will be calculated on the basis of the actual number of days in the related Interest Period and a year of 360 days. 

(d) The Series 2017-C Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all purposes under
the Indenture. If any provision of the Series 2017-C Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 2017-C Notes or this Indenture Supplement, as the case may
be, control. 
 (e) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series 2017-C and this Indenture
Supplement and to no other Series or Indenture Supplement. 
 ARTICLE II 

DEFINITIONS 
 Section 2.01.
Definition. 
 Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the
definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

  
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 “Accumulation Account” has the meaning specified in Section 4.10(a). 

“Accumulation Period” means, unless an Early Amortization Period shall have occurred prior thereto, the period commencing on
the Accumulation Period Commencement Date and terminating on the earlier of (i) the close of business on the day immediately preceding the date on which an Early Amortization Period commences and (ii) the last day of the Collection Period
preceding the Payment Date on which the Series 2017-C Outstanding Principal Amount is expected to be paid in full. 
 “Accumulation
Period Commencement Date” means, the close of business on April 1, 2020 or such later date as is determined in accordance with Section 4.11. 

“Accumulation Period Length” has the meaning specified in Section 4.11. 

“Accumulation Shortfall” means (i) on the first Payment Date with respect to the Accumulation Period, zero and
(ii) thereafter, on each Payment Date with respect to the Accumulation Period, the excess, if any of the Controlled Deposit Amount for the preceding Payment Date over all amounts deposited in the Accumulation Account pursuant to
Section 4.04(d)(i) on such Payment Date. 
 “Additional Interest” has the meaning set forth in Section 4.02(c).

 “Adjusted Pool Balance” means, as of any day in a Collection Period, the sum of the Pool Balance and amounts on deposit
in the Excess Funding Account (determined after giving effect to amounts transferred to the Issuer on that date) on such day. 

“Administrator” means Nissan Motor Acceptance Corporation, as administrator, and its successors and assigns. 

“Advisers Act” means the Investment Advisers Act of 1940, as amended. 

“Annex of Definitions” shall mean the Annex of Definitions attached to the Transfer and Servicing Agreement, as amended,
supplemented or otherwise modified from time to time. 
 “Asset Review” shall have the meaning assigned to such term in the
Asset Representations Review Agreement. 
 “Asset Representation Review Agreement” means the Asset Representations Review
Agreement among the Issuer, Nissan Motor Acceptance Corporation, as Sponsor and Servicer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer, dated as of November 13, 2017. 

“Asset Representations Reviewer” means Clayton Fixed Income Services LLC, or any successor Asset Representations Reviewer
under the Asset Representations Review Agreement. 

  
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 “Benefit Plan Investor” means an “employee benefit plan” as defined in
Section 3(3) of ERISA that is subject to Title I of ERISA, a “plan” as defined in and subject to Section 4975 of the Code, or any entity or account deemed to hold the “plan assets” of any of the foregoing pursuant to
Section 3(42) of ERISA and 29 C.F.R. Section 2510.3-101. 
 “Calculation Agent” means, initially, the Indenture
Trustee and, thereafter, any other Person designated by the Indenture Trustee to act in such capacity. 
 “Cash Management
Account” means one or more deposit, demand deposit or similar accounts or any securities account administered by NMAC, into which a Dealer may, from time to time, pursuant to a cash management agreement between NMAC and such Dealer, deposit
funds for the purpose of reducing the balance on which interest accrues under the Floorplan Financing Agreement between NMAC and such Dealer. 

“Cash Management Account Balance” means, at any time, the aggregate of all amounts on deposit in the Cash Management Account
pursuant to the applicable cash management agreement between NMAC and a Dealer. 
 “Clearstream” means Clearstream Banking.

 “Code” means the Internal Revenue Code of 1986. 

“Collection Period” means, (i) with respect to the December 2017 Payment Date, the period commencing on (and including)
November 1, 2017 and ending on (and including) November 30, 2017 and (ii) with respect to any other Payment Date, the calendar month preceding the month in which that Payment Date occurs. 

“Controlled Accumulation Amount” means, for any Payment Date with respect to the Accumulation Period, $208,333,333.34;
provided, however, that if the Accumulation Period Length is determined to be less than six months pursuant to Section 4.11, the Controlled Accumulation Amount for each Payment Date with respect to the Accumulation Period shall be
equal to the quotient obtained by dividing (i) the Series 2017-C Initial Invested Amount by (ii) the Accumulation Period Length. 

“Controlled Deposit Amount” means, for any Payment Date with respect to the Accumulation Period, an amount equal to the sum
of the Controlled Accumulation Amount for such Payment Date and any Accumulation Shortfall existing on such Payment Date. 

“Corporate Trust Office” means the office of the Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of the execution of the Indenture is located at: (i) for note transfer or surrender purposes, U.S. Bank National Association, 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention:
Bondholder Services, and (ii) for all other purposes, 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603; or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuer,
or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee shall notify the Noteholders and the Issuer). 

  
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 “Covered Amount” means, for any day on which amounts are on deposit in the
Accumulation Account, an amount equal to the product of (i) a fraction, the numerator of which is 1 and the denominator of which is 360, (ii) the Note Interest Rate with respect to the Interest Period in which such day occurs and
(iii) the sum of (x) the aggregate amount on deposit in the Accumulation Account, if any, on such day, and (y) the Series 2017-C Allocation Percentage of amounts on deposit in the Excess Funding Account on such day, if any, in each
case, after giving effect to any deposit thereto on such day. 
 “Currency Swap Agreement” shall mean any currency swap
agreement, entered into pursuant to Section 2.03 of the Trust Agreement and Section 5.08 of the Transfer and Servicing Agreement, including all schedules and confirmations thereto, entered into by the Issuer and the Currency Swap
Counterparty, as the same may be amended, supplemented, renewed, extended or replaced from time to time. 
 “Currency Swap
Counterparty” shall mean an unaffiliated third party, as currency swap counterparty under the Currency Swap Agreement, or any successor or replacement swap counterparty from time to time under the Currency Swap Agreement. 

“Dealer Overconcentrations” means, for any Payment Date, with respect to the following Dealers or groups of affiliated
Dealers, the sum of the following: 
 (A) the amount by which the aggregate balance of Principal Receivables due from the largest Dealer or
group of Dealers which are Affiliates, less any amounts in the Cash Management Account relating to such Receivables, exceeds 10% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date;

 (B) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the second largest Dealer or group of Dealers which are Affiliates exceeds 4.00% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

(C) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the third largest Dealer or group of Dealers which are Affiliates exceeds 3.50% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

(D) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the fourth largest Dealer or group of Dealers which are Affiliates exceeds 3.25% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

(E) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the fifth largest Dealer or group of Dealers which are Affiliates exceeds 2.50% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; and 

  
 5 

 (F) the amount by which the aggregate balance of Principal Receivables, less any amounts in the
Cash Management Account relating to such Receivables, due from any other Dealer or group of Dealers which are Affiliates exceeds 2.00% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment
Date. 
 “Defaulted Amount” means, for any day in a Collection Period, an amount (which shall not be less than zero) equal
to (a) the principal balance of Receivables (net of any amounts on deposit in the Cash Management Account with respect to such Receivables) that became Defaulted Receivables on such day, minus (b) the principal amount of any such
Defaulted Receivables which are subject to reassignment to the Transferor in accordance with the terms of the Transfer and Servicing Agreement (except that if an Insolvency Event occurs with respect to the Transferor, the amount of such Defaulted
Receivables that are subject to reassignment to the Transferor shall be zero); minus (c) the principal amount of any such Defaulted Receivables which are to be purchased by the Servicer in accordance with the terms of the Transfer and
Servicing Agreement (except that if an Insolvency Event occurs with respect to the Servicer, the amount of such Defaulted Receivables that are subject to purchase by the Servicer shall be zero). 

“Depository” means The Depository Trust Company or any successor appointed by the Issuer. 

“Designated LIBOR Page” means the display on Reuters Screen, LIBOR01 Page or any successor service or any page as may replace
the designated page on that service or any successor service that displays the London interbank rates of major banks for U.S. Dollars. 

“Designated Standard” means generally accepted accounting principles or international financial reporting standards, as
selected by NMAC. 
 “Determination Date” means, for any Payment Date, the day that is two Business Days before such
Payment Date and is the date on which payments to Series 2017-C Noteholders are determined. 
 “Early Amortization Event”
means any event deemed to be an Early Amortization Event pursuant to Section 6.01. 
 “Early Amortization
Period” means a period beginning on the day on which an Early Amortization Event occurs and terminating on the earliest of (i) the last day of the Collection Period preceding the Payment Date on which the Series 2017-C Outstanding
Principal Amount is to be paid in full, (ii) if the Early Amortization Period has commenced before the commencement of the Accumulation Period, the day on which the Revolving Period recommences under the circumstances described in the Indenture
and in Section 6.01 and (iii) the Trust Termination Date. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974. 

  
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 “Excess Interest Amounts” means, with respect to Series 2017-C, for any Payment
Date, the excess (if any) of (i) the Series 2017-C Investor Available Interest Amounts for such Payment Date over (ii) the full amount required to be paid, without duplication, pursuant to clauses (i) through (vi) of
Section 4.04(a) on such Payment Date. 
 “Excess Interest Sharing Group One” means Series 2017-C and each other Series
specified in the related Indenture Supplement to be included in Excess Interest Sharing Group One from which, or to which, Excess Interest Amounts (and comparable amounts with respect to each such other Series) may be allocated to cover shortfalls
in payments or deposits of the other Series in Excess Interest Sharing Group One. 
 “Excess Principal Amounts” means, with
respect to Series 2017-C, for any Payment Date, (i) during the Revolving Period, the Series 2017-C Investor Available Principal Amounts for the Collection Period related to such Payment Date remaining after application of Series 2017-C Investor
Available Principal Amounts pursuant to clause (i) of Section 4.04(c), and (ii) during the Accumulation Period or the Early Amortization Period, the excess, if any, of (a) the Series 2017-C Investor Available Principal Amounts
for the Collection Period related to such Payment Date over (b) the full amount required to be paid or deposited, without duplication, pursuant to clause (i) of Section 4.04(d) or clause (i) of Section 4.04(e) on such
Payment Date. 
 “Excess Principal Sharing Group One” means Series 2017-C and each other Series specified in the related
Indenture Supplement to be included in Excess Principal Sharing Group One from which, or to which, Excess Principal Amounts (and comparable amounts with respect to each such other Series) may be allocated to cover shortfalls in payments or deposits
of the other Series in Excess Principal Sharing Group One. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date hereof (or any amended or successor
provisions that are substantially similar), any current or future regulations or official interpretations thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published
intergovernmental agreement entered into in connection with the implementation the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

“FATCA Withholding Tax” means any withholding or deduction required pursuant to FATCA. 

“Hired Rating Agency” means any nationally recognized statistical rating organization that is hired by NMAC, as sponsor, to
assign ratings on the Series 2017-C Notes and is then rating the Series 2017-C Notes. 

  
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 “Incremental Overcollateralization Amount” means, on any Payment Date, the
product obtained by multiplying (i) a fraction, the numerator of which is the Series 2017-C Invested Amount on such Payment Date before giving effect to distributions on such date, and the denominator of which is the Pool Balance as of the last
day of the preceding Collection Period by (ii) the sum of: 
 (A) the aggregate principal amount of Ineligible Receivables, other than
Ineligible Receivables that (I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; 

(B) the Dealer Overconcentrations, other than the aggregate balance of Principal Receivables which comprise the Dealer Overconcentrations that
(I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; and 
 (C)
the amount by which the aggregate balance of Principal Receivables relating to Used Vehicles and Pre-Owned Vehicles less any amounts in the Cash Management Account relating to such Receivables exceeds 20% of
the Pool Balance; 
 minus the reductions, and plus the reinstatements, in the Incremental Overcollateralization Amount as provided in Section 4.09.
Each of clauses (A), (B) and (C) above shall be calculated on each Determination Date using balances and amounts as of the last day of the Collection Period preceding such Determination Date. 

“Indenture” means the Indenture, dated as of July 24, 2003, between the Issuer and the Indenture Trustee, as amended and
restated as of October 15, 2003 and as the same may be further amended, supplemented or otherwise modified from time to time. 

“Instituting Noteholders” has the meaning specified in Section 8.10. 

“Interest Deficiency” has the meaning specified in Section 4.02(c). 

“Interest Determination Date” means, with respect to any Interest Period, the day that is two London Business Days prior to
the first day of such Interest Period (or if such day is not a Business Day, the next Business Day). 
 “Interest Period”
means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding such Payment Date to but excluding such Payment Date (or, in the case of the first Payment Date, from and including the Series 2017-C
Issuance Date to but excluding such Payment Date). 
 “Interest Shortfall” means, with respect to Series 2017-C for any
Payment Date, the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (iv) of Section 4.04(a) on such Payment Date over (b) the Series 2017-C Investor Available
Interest Amounts for such Payment Date. 
 “Investor Charge-Offs” has the meaning
specified in Section 4.05. 
 “LIBOR” has the meaning specified in Section 4.13. 

“London Business Day” means any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank
market. 
 “Managed Portfolio” means NMAC’s U.S. managed portfolio of Dealer accounts. 

  
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 “Monthly Interest” shall have the meaning set forth in
Section 4.02(a). 
 “Monthly Payment Rate” means, with respect to any Collection Period, the percentage
equivalent of a fraction, the numerator of which is the Principal Collections with respect to such Collection Period and the denominator of which is the average of the Pool Balance on the first and last day of such Collection Period. 

“Monthly Servicing Fee” means, for any Payment Date, an amount equal to one-twelfth
of the product of (a) the Servicing Fee Rate and (b) the arithmetic average of the Series 2017-C Nominal Liquidation Amount as of each day during the preceding Collection Period. 

“Note Interest Rate” means, with respect to any Interest Period, a per annum rate equal to LIBOR as determined on the related
Interest Determination Date plus 0.32%; provided, however, if the sum of LIBOR as determined on the related Interest Determination Date plus 0.32% is less than 0.00% for any Interest Period, then the Note Interest Rate for such
Interest Period will be deemed to be 0.00%. 
 “Owner Trustee” means Wilmington Trust Company, as owner trustee, and its
successors and assigns. 
 “Noteholder Direction” has the meaning specified in Section 8.10. 

“Payment Date” means December 15, 2017 and the 15th day of each calendar month thereafter, or if such 15th day is not a
Business Day, the next succeeding Business Day. 
 “Plan” means an “employee benefit plan” as defined in
Section 3(3) of ERISA whether or not subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, or any entity or account deemed to hold the “plan assets” of any of the foregoing. 

“Plan Fiduciary” means any fiduciary purchasing the Series 2017-C Notes on behalf of a Benefit Plan Investor. 

“Primary Series 2017-C Overcollateralization Amount” means, as of any Payment Date, the Series 2017-C Overcollateralization
Percentage of the Series 2017-C Initial Principal Amount on such date minus the reductions, and plus the reinstatements, in the Primary Series 2017-C Overcollateralization Amount as provided in Section 4.09. 

“Principal Shortfall” means, with respect to Series 2017-C, (a) for any Payment Date with respect to the Revolving
Period, zero, (b) for any Payment Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Payment Date over the amount of Series 2017-C Investor Available Principal Amounts for
such Payment Date and (c) for any Payment Date with respect to the Early Amortization Period, the excess, if any, of the Series 2017-C Invested Amount over the amount of Series 2017-C Investor Available Principal Amounts for such Payment Date.

 “Prospectus” means the final prospectus dated November 3, 2017, relating to the offering of the Series 2017-C
Notes. 

  
 9 

 “Rating Agency” means, with respect to any series of Notes, any nationally
recognized statistical rating organization that is hired by NMAC, as sponsor, to assign ratings on such series of Notes and is then rating such series of Notes. 

“Reallocated Principal Collections” means, with respect to any Payment Date, the amount of Series 2017-C Investor
Available Principal Amounts reallocated in accordance with Section 4.06, which amount shall not exceed the Series 2017-C Overcollateralization Amount for such Payment Date (after giving effect to any changes therein on such Payment Date). 

“Reassignment Amount” means, with respect to any Payment Date, after giving effect to any deposits and distributions
otherwise to be made on such Payment Date, the sum of (a) the Series 2017-C Outstanding Principal Amount on such Payment Date, plus (b) Monthly Interest for such Payment Date and any Monthly Interest previously due but not
distributed to the Series 2017-C Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any Additional Interest previously due but not distributed to the Series 2017-C Noteholders on a prior Payment Date. 

“Required Federal Income Tax Opinion” means, with respect to the Issuer as to any action, an opinion of counsel to the effect
that, for federal income tax purposes (i) the action will not adversely affect the tax characterization as debt of the notes of any outstanding Series or Class issued by the Issuer that were characterized as debt at the time of their issuance,
(ii) the action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation and (iii) the action will not cause or constitute an event in which gain or loss would be recognized by any
holder of notes of any outstanding Series or Class issued by the Issuer. 
 “Required Participation Amount” means the sum
of (i) the sum, for each outstanding Series, of (x) the Required Participation Percentage for such Series multiplied by (y) the respective Invested Amount for such Series and (ii) the sum of the Required Overcollateralization
Amounts of all outstanding Series. 
 “Required Participation Percentage” means, with respect to Series 2017-C, 100%;
provided, however, that the Transferor may, in its sole discretion, increase this percentage; provided, however that if the Transferor voluntarily increases the Required Participation Percentage, then it may, in its sole discretion, upon ten days
prior notice to the Indenture Trustee, subsequently decrease the Required Participation Percentage to 100% or higher, so long as the Rating Agency Condition shall have been satisfied with respect to the Series 2017-C Notes and any other outstanding
and rated series or class of Notes. 
 “Required Series 2017-C Overcollateralization Amount” means, for any Payment Date,
the sum of (a) the product of (i) the Series 2017-C Overcollateralization Percentage on such date and (ii) the Series 2017-C Initial Principal Amount and (b) the Incremental Overcollateralization Amount on such date. 

“Reserve Account” has the meaning specified in Section 4.12(a). 

“Reserve Account Initial Deposit” means $6,250,000. 

  
 10 

 “Retained Notes” means any Series 2017-C Notes retained in the initial offering
thereof by the Transferor or NMAC or conveyed to an Affiliate. 
 “Review Notice” means the notice delivered by the
Indenture Trustee in accordance with Section 8.10 to the Asset Representations Reviewer and the Servicer. 
 “Review
Report” shall have the meaning assigned to such term in Section 3.5 of the Asset Representations Review Agreement. 

“Review Satisfaction Date” means, with respect to any Asset Review, the first date on which (a) the Status Percentage
for any Payment Date exceeds the Status Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred. 

“Revolving Period” means the period beginning on the Series 2017-C Issuance Date and terminating on the earlier of
(i) the close of business on the day immediately preceding the date on which an Early Amortization Period commences and (ii) the close of business on the day immediately preceding the date on which the Accumulation Period commences;
provided, however, that so long as the Accumulation Period has not commenced, the Revolving Period may recommence if an Early Amortization Event has been terminated as provided in Section 6.01. 

“Series 2017-C” means the Series of Notes, the terms of which are specified in this Indenture Supplement. 

“Series 2017-C Allocable Defaulted Amounts” means, for any day in a Collection Period, the product of (a) the Series
2017-C Allocation Percentage for such day and (b) the Defaulted Amounts processed on such day. 
 “Series 2017-C Allocable
Interest Collections” means, for any day in a Collection Period, the product of (a) the Series 2017-C Allocation Percentage for such day and (b) Interest Collections as to which such day is the Date of Processing for such Interest
Collections. 
 “Series 2017-C Allocable Principal Collections” means, for any day in a Collection Period, the product of
(a) the Series 2017-C Allocation Percentage for such day and (b) Principal Collections as to which such day is the Date of Processing for such Principal Collections. 

“Series 2017-C Allocation Percentage” means, for any day in a Collection Period, the percentage equivalent, which shall never
exceed 100%, of a fraction, the numerator of which is the Series 2017-C Nominal Liquidation Amount for such day (or with respect to any day in the November 2017 Collection Period, the Series 2017-C Nominal Liquidation Amount as of the Series 2017-C
Issuance Date) and the denominator of which is the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series 2017-C) for such day (or with respect to any day in the November 2017 Collection Period, the sum
of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series 2017-C) as of the Series 2017-C Issuance Date (after giving effect to the application of proceeds from the issuance of the Series 2017-C Notes)).
Notwithstanding the foregoing, during any day in a Collection Period in which there is an Early Amortization Event or during the Accumulation Period, the Series 2017-C Nominal Liquidation Amount and Trust Nominal Liquidation Amount with respect to
such Series shall be as of the last day of the preceding Collection Period. 

  
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 “Series 2017-C Cut-off Date” means
October 31, 2017. 
 “Series 2017-C Expected Final Payment Date” means the Payment Date occurring on October 15,
2020. 
 “Series 2017-C Final Maturity Date” means October 17, 2022. 

“Series 2017-C Fixed Allocation Percentage” means, for any day during a Collection Period or portion thereof occurring after
the end of the Revolving Period, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the Series 2017-C Nominal Liquidation Amount as of the close of business on the last day of the Revolving Period and the
denominator of which is the product of (i) the Series 2017-C Allocation Percentage for such day in the Collection Period and (ii) the Pool Balance as of the last day of the proceeding Collection Period. 

“Series 2017-C Floating Allocation Percentage” means, for any day during a Collection Period, the percentage equivalent (not
to exceed 100%) of a fraction, the numerator of which is the Series 2017-C Nominal Liquidation Amount for such day (or with respect to any day in the November 2017 Collection Period, the Series 2017-C Nominal Liquidation Amount as of the Series
2017-C Issuance Date) and the denominator of which is the product of (i) the Series 2017-C Allocation Percentage for such day and (ii) the Pool Balance as of the last day of the proceeding Collection Period. Notwithstanding the foregoing,
during any day in a Collection Period in which there is an Early Amortization Event or during the Accumulation Period, the Series 2017-C Nominal Liquidation Amount shall be as of the last day of the preceding Collection Period. 

“Series 2017-C Initial Invested Amount” means $1,250,000,000. 

“Series 2017-C Initial Principal Amount” means $1,250,000,000. 

“Series 2017-C Invested Amount” means, as of any day during a Collection Period, an amount equal to the Series 2017-C Initial
Invested Amount minus the reductions, and plus the reinstatements and increases, if any, in the Series 2017-C Invested Amount as provided in Section 4.09. 

“Series 2017-C Invested Amount Deficit” means, as of any Payment Date, the amount, if any, by which (i) the Series
2017-C Outstanding Principal Amount on such date less the amount (other than investment earnings), if any, on deposit in the Accumulation Account on such date and the Series 2017-C Allocation Percentage for such date of amounts (other than
investment earnings), if any, on deposit in the Excess Funding Account on such date, exceeds (ii) the Series 2017-C Invested Amount on such date. 

  
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 “Series 2017-C Investor Available Interest Amounts” means, with respect to any
Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period, the product of the Series 2017-C Floating Allocation Percentage for such day and the Series 2017-C Allocable Interest Collections for such day,
plus (b) all net investment earnings on amounts (if any) on deposit in the Accumulation Account and the Reserve Account, plus (c) the sum of, for each day during such Collection Period, the product of the Series 2017-C
Allocation Percentage for such day and all net investment earnings on amounts (if any) on deposit in the Collection Account and the Excess Funding Account on such day, plus (d) Reallocated Principal Collections for the Payment Date
following such Collection Period, plus (e) the aggregate amount of funds, if any, which pursuant to the last sentence of Section 4.01(d) are required to be included in Series 2017-C Investor Available Interest Amounts with respect
to the Payment Date following such Collection Period, plus, (f) the amount, if any, of collections of Interest Receivables as to which the Date of Processing occurs in the Collection Period following such Collection Period (but prior to
the Payment Date following such Collection Period) which the Issuer instructs the Servicer to include in Series 2017-C Investor Available Interest Amounts for such Collection Period (but in no event to exceed the product of (i) the Series
2017-C Series Allocation Percentage, (ii) the Series 2017-C Floating Allocation Percentage and (iii) the amount of such collections of Interest Receivables), minus (g) the amount, if any, which the Issuer instructed the
Servicer pursuant to preceding clause (f) to include in Series 2017-C Investor Available Interest Amounts with respect to the Collection Period immediately preceding such Collection Period. 

“Series 2017-C Investor Available Principal Amounts” means, with respect to any Collection Period, an amount equal to
(a) the sum of, for each day during such Collection Period, the product of the Series 2017-C Allocable Principal Collections on such day and (i) during the Revolving Period, the Series 2017-C Floating Allocation Percentage for such day or
(ii) after the Revolving Period, the Series 2017-C Fixed Allocation Percentage for such day, plus (b) the amount of Series 2017-C Investor Available Interest Amounts treated as Series 2017-C Investor Available Principal Amounts on
the Payment Date following such Collection Period to cover Series 2017-C Investor Defaulted Amounts and to reimburse the Series 2017-C Nominal Liquidation Amount Deficit, plus (c) the amount of Series 2017-C Investor Available Interest
Amounts treated as Series 2017-C Investor Available Principal Amounts on each Payment Date on and after the occurrence of an Event of Default and a declaration that all Series 2017-C Notes are immediately due and payable pursuant to
Section 5.03(a) of the Indenture, minus (d) Reallocated Principal Collections for such Collection Period. 

“Series 2017-C Investor Defaulted Amounts” means, with respect to any Collection Period, an amount equal to the sum of, for
each day during such Collection Period, the product of the Series 2017-C Floating Allocation Percentage on such day and the Series 2017-C Allocable Defaulted Amounts on such day. 

“Series 2017-C Issuance Date” means November 13, 2017. 

“Series 2017-C Nominal Liquidation Amount” means, for any day in a Collection Period, the sum of (i) the Series 2017-C
Invested Amount on such day and (ii) the Series 2017-C Overcollateralization Amount as of the Payment Date on or preceding such day (but, in no event, less than zero), in each case, after giving effect to the allocations, distributions,
withdrawals and deposits to be made on such day. 

  
 13 

 “Series 2017-C Nominal Liquidation Amount Deficit” means as of any Payment Date,
the sum of (i) the Series 2017-C Invested Amount Deficit and (ii) the Series 2017-C Overcollateralization Amount Deficit. 

“Series 2017-C Noteholder” means the Person in whose name a Series 2017-C Note is registered in the Note Register. 

“Series 2017-C Noteholders’ Collateral” means the Noteholders’ Collateral for Series 2017-C. 

“Series 2017-C Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture
Trustee, substantially in the form of Exhibit A. 
 “Series 2017-C Note Owner” means, with respect to a Book-Entry Note,
any Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Series 2017-C Outstanding Principal
Amount” means, with respect to any date, an amount equal to (a) the Series 2017-C Initial Principal Amount minus (b) the aggregate amount of any principal payments made to the Series 2017-C Noteholders before such date.

 “Series 2017-C Overcollateralization Amount” means the sum of (i) the Primary Series 2017-C Overcollateralization
Amount and (ii) the Incremental Overcollateralization Amount. 
 “Series 2017-C Overcollateralization Amount Deficit”
means, as of any Payment Date, the amount, if any, by which (x) the aggregate amount of reductions of the Series 2017-C Overcollateralization Amount due to Investor Charge-Offs and Reallocated Principal
Collections as provided in Section 4.09(b) through such date exceeds (y) the aggregate amount of reimbursements of such reallocations and reductions as provided in Section 4.09(c) through such date. 

“Series 2017-C Overcollateralization Percentage” means 23.46%, provided, however, that (i) the Transferor may, in its
sole discretion, increase this percentage, provided, however, that if the Transferor voluntarily increases the Series 2017-C Overcollateralization Percentage, then it may, in its sole discretion, upon ten days prior notice to the Indenture Trustee,
subsequently decrease the Series 2017-C Overcollateralization Percentage to 23.46% or higher so long as the Rating Agency Condition shall have been satisfied with respect to the Series 2017-C Notes and any other outstanding and rated series or class
of Notes, and (ii) this percentage will increase to 27.39% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 35% and this percentage will further increase to 31.58% if the average of the Monthly
Payment Rates for the three preceding Collection Periods is less than 30% provided, further, however, that if this overcollateralization percentage is increased pursuant to this clause, and the average of the Monthly Payment Rates for the three
preceding Collection Periods subsequently increases to more than 30%, but less than 35%, then the overcollateralization percentage shall decrease to 27.39%, and if this overcollateralization percentage is further increased pursuant to this clause,
and the average of the Monthly Payment Rates for the three preceding Collection Periods further increases to more than 35%, then the overcollateralization percentage shall decrease to 23.46%. 

  
 14 

 “Servicer” means Nissan Motor Acceptance Corporation, as servicer, and its
successors and assigns. 
 “Servicing Fee Rate” means 1.0% per annum or such lesser percentage as may be specified by
the Servicer in an Officer’s Certificate delivered to the Indenture Trustee stating that, in the reasonable belief of the Servicer, such change in percentage will not result in a Significant Adverse Effect. 

“Shared Excess Interest Amounts” means, for any Payment Date, for each Series in Excess Interest Sharing Group One, the sum
of the Excess Interest Amounts for each of those Series. 
 “Shared Excess Principal Amounts” means, for any Payment Date,
for each Series in Excess Principal Sharing Group One, the sum of the Excess Principal Amounts for each of those Series. 
 “Similar
Law” means any law that is similar to Title I of ERISA or Section 4975 of the Code. 
 “Specified Reserve Account
Balance” means with respect to any Payment Date, an amount equal to the product of 0.50% and the Series 2017-C Initial Invested Amount. 

“Status Percentage” means, with respect to each Payment Date and the related Collection Period, an amount equal to the ratio
(expressed as a percentage) of (i) the aggregate principal balance of Status Receivables in the Managed Portfolio as of the last day of that Collection Period to (ii) the aggregate principal balance of all Receivables in the Managed
Portfolio as of the last day of that Collection Period. 
 “Status Receivables” means, as of any date of determination, all
Receivables owing under Accounts related to Dealers that the Servicer has classified as “Status” in accordance with the Floorplan Financing Guidelines, as reflected on the Servicer’s records as of such date of determination. 

“Status Trigger” means, for any Determination Date and the related Collection Period, 10.20%. 

“Subject Assets” means, with respect to any Asset Review, all Status Receivables owned by the Issuing Entity as of the end of
the Collection Period immediately preceding the related Review Satisfaction Date. 
 “Tax Information” means information
and/or properly completed and signed tax certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding Tax. 

  
 15 

 “Tax Retained Notes” if any, means any Notes while held by the Issuer for
federal income tax purposes or an entity which for federal income tax purposes is considered the same Person as the Issuer. 

“Transaction Parties” means the Issuer, the Servicer, the Owner Trustee, the Transferor, the Indenture Trustee, the
Administrator, the Underwriters or any of their respective affiliates. 
 “Trust Agreement” means the Trust Agreement,
dated as of May 13, 2003 between the Transferor and the Owner Trustee, pursuant to which the Issuer was formed, as amended and restated as of July 24, 2003, as further amended and restated as of October 15, 2003, and as the same may
be further amended, supplemented or otherwise modified from time to time. 
 “Underwriters” is defined in the Underwriting
Agreement. 
 “Underwriting Agreement” means that certain underwriting agreement, dated November 3, 2017, among the
Issuer, NMAC, the Transferor and the representative of the several Underwriters party thereto. 
 “Verification Documents”
means, with respect to any Series 2017-C Note Owner, a certification from such Note Owner certifying that such Person is in fact, a Series 2017-C Note Owner, as well as an additional piece of documentation reasonably satisfactory to the recipient,
such as a trade confirmation, account statement, letter from a broker or dealer or other similar document. 
 Section 2.02. Other
Definitional Provisions. 
 (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in the Annex of
Definitions. 
 (b) All terms defined in this Indenture Supplement have the same defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Indenture Supplement and in any
certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Indenture Supplement or in any such certificate or other document, and accounting terms partly defined in this Indenture Supplement or
in any such certificate or other document to the extent not defined, have the respective meanings given to them under Designated Standards or regulatory accounting principles, as applicable and as in effect on the date of this Indenture Supplement,
provided, however, if NMAC selects international financial reporting standards, such accounting terms will have the respective meanings given to them at that time. To the extent that the definitions of accounting terms in this Indenture Supplement
or in any such certificate or other document are inconsistent with the meanings of such terms under Designated Standards or regulatory accounting principles in the United States, the definitions contained in this Indenture Supplement or in any such
certificate or other document control. 

  
 16 

 (d) Unless otherwise specified, references to any dollar amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day. 
 (e) The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Indenture Supplement refer to this Indenture Supplement as a whole and not to any particular provision of this Indenture Supplement. References to any subsection, Section, Schedule
or Exhibit are references to subsections, Sections, Schedules and Exhibits in or to this Indenture Supplement, unless otherwise specified. The term “including” means “including without limitation” and the term “or” is
not exclusive. References to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and references to laws
include their amendments and supplements, the rules and regulations thereunder and any successors thereto. 
 Section 2.03.
Registration of and Limitations on Transfer and Exchange of Notes. 
 (a) By acquiring a Series 2017-C Note (or interest therein),
each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) is deemed to (a) represent and warrant that either (i) it is not acquiring and will not hold the Series 2017-C Note (or interest therein) with the
assets of a Plan; or (ii) the acquisition and holding of the Series 2017-C Note (or interest therein) will not, in the case of a Benefit Plan Investor, give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or, in the case of a Plan that is subject to Similar Law, result in a violation of Similar Law and (b) acknowledge and agree that the Series 2017-C Note (or interest therein) is not eligible for acquisition by
Benefit Plan Investors or Plans that are subject to Similar Law at any time that such Series 2017-C Note is not rated investment grade by a nationally recognized statistical rating organization or has been characterized as other than indebtedness
for applicable local law purposes. In addition, each purchaser and transferee that is a Benefit Plan Investor and its Plan Fiduciary is deemed to represent and warrant by its acquisition of the Series 2017-C Notes that the Plan Fiduciary is an
“independent fiduciary with financial expertise” as described in 29 C.F.R. Sec. 2510.3-21(c)(1). Specifically, this means that the Benefit Plan Investor and the Plan Fiduciary represent and warrant that: (a) the Plan Fiduciary is
independent of the Transaction Parties, and the Plan Fiduciary either: (i) is a bank as defined in Section 202 of the Advisers Act or similar institution that is regulated and supervised and subject to periodic examination by a U.S. state
or U.S. federal agency, (ii) is an insurance carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring or disposing of assets of an “employee benefit plan” as described in
Section 3(3) of ERISA or any plan described in Section 4975(e)(1)(A) of the Code, (iii) is an investment adviser registered under the Advisers Act, or, if not registered as an investment adviser under the Advisers Act by reason of
paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the U.S. state in which it maintains its principal office and place of business, (iv) is a broker-dealer registered under the
Exchange Act or (v) holds, or has under its management or control, total assets of at least U.S. $50 million (provided that this clause (v) shall not be satisfied if the Plan Fiduciary is either (A) an individual directing his or her
own individual retirement account 

  
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or plan account or relative of such individual or (B) a participant or beneficiary of such Benefit Plan purchasing the Series 2017-C Notes or a relative of such participant or beneficiary);
(b) the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan Investor of the Series 2017-C
Notes; (c) the Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan Investor within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment
in evaluating the Benefit Plan Investor’s acquisition of the Series 2017-C Notes, (d) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Series 2017-C Notes or to negotiate the
terms of the Benefit Plan Investor’s investment in the Series 2017-C Notes; and (e) the Plan Fiduciary has been informed by each of the Transaction Parties: (i) that such Transaction Party is not undertaking to provide impartial
investment advice or to give advice in a fiduciary capacity, and that such entity has not given investment advice or otherwise made a recommendation, in connection with the Benefit Plan Investor’s acquisition of the Series 2017-C Notes and
(ii) of the existence and nature of the Transaction Parties’ financial interests in the Benefit Plan Investor’s acquisition of the Series 2017-C Notes, as described in the Prospectus. 

(b) Any Tax Retained Notes (or interest therein) will not be transferred by a holder thereof for federal income tax purposes unless a written
opinion of counsel, is delivered to the Indenture Trustee to the effect that, for federal income tax purposes, (i) such transfer will not result in the Issuer becoming an association (or publicly traded partnership) taxable as a
corporation for federal income tax purposes or (ii) such Notes after such transfer will be treated as debt and, if there are other Notes of the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, for
such purposes such Notes will be fungible with such other Notes of the same Class; provided, however that fungibility need not take into account whether Notes are, or are not, Definitive Notes. The Issuer hereby agrees to ensure compliance with the
preceding sentences. Any purported transfer of a Note not in accordance with this Section 2.03(b) shall be null and void ab initio and shall not be given effect for any purpose hereunder. 

Section 2.04. Definitive Notes. 

Except for Retained Notes, if any (which shall be originally issued as Definitive Notes), if any of the following events occurs: 

(i) (1) the Transferor or the Administrator advises the Indenture Trustee in writing that the Clearing Agency or Foreign
Clearing Agency is no longer willing or able to properly discharge its responsibilities as Clearing Agency or Foreign Clearing Agency with respect to the Book-Entry Notes for Series 2017-C and (2) the
Transferor, the Indenture Trustee or the Administrator is unable to locate and reach an agreement on satisfactory terms with a qualified successor; or 

(ii) the Transferor, the Indenture Trustee or the Administrator, as applicable, at its option and to the extent permitted by
law, elects to terminate the book-entry system through the Clearing Agency or Foreign Clearing Agency with respect to the Series 2017-C Notes; or 

  
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 (iii) after the occurrence of a Servicer Default or an Event of Default,
Beneficial Owners of at least a majority of the Series 2017-C Outstanding Principal Amount of the Series 2017-C Notes advise the Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through the applicable Clearing Agency
Participants in writing that the continuation of a book-entry system through the appropriate Clearing Agency or Foreign Clearing Agency is no longer in the best interests of the Beneficial Owners of the Series
2017-C Notes; 
 then, the Indenture Trustee will, through the appropriate Clearing Agency or Foreign Clearing Agency, notify all Beneficial Owners of the
Series 2017-C Notes of the occurrence of such event and of the availability of Definitive Notes to Beneficial Owners of the Series 2017-C Notes. Upon surrender to the Indenture Trustee at the Corporate Trust Office of the certificates representing
the Series 2017-C Notes, accompanied by registration instructions from the applicable Clearing Agency, the Issuer will execute and the Indenture Trustee will authenticate Definitive Notes for Series 2017-C and will recognize the registered holders
of such Definitive Notes as Noteholders under the Indenture. Neither the Issuer nor the Indenture Trustee will be liable for any delay in delivery of such instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and will be
protected in relying on, such instructions. Upon the issuance of Definitive Notes for Series 2017-C , all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency or Foreign Clearing Agency will be deemed to
be imposed upon and performed by the Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and the Indenture Trustee will recognize the registered holders of the Definitive Notes for Series 2017-C as Noteholders of such
Series under the Indenture. Definitive Notes will be transferable and exchangeable at the offices of the Transfer Agent and Registrar which initially is the Corporate Trust Office of the Indenture Trustee. No service charge will be imposed for any
registration of transfer or exchange, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 

ARTICLE III 
 SERVICING FEE 

Section 3.01. Servicing Compensation. 

The share of the Servicing Fee allocable to the Series 2017-C Noteholders with respect to any Payment Date is equal to the Monthly Servicing
Fee. The portion of the Servicing Fee that is not allocable to the Series 2017-C Noteholders will be paid by the holders of the Transferor Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event
will the Issuer, the Indenture Trustee or the Series 2017-C Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of any other Series. The Servicer may, by prior written
notice to the Indenture Trustee, elect to waive the Monthly Servicing Fee for any Collection Period. Such waived Monthly Servicing Fee will be reimbursed on the Payment Date related to the subsequent Collection Period pursuant to
Section 4.04(a). 

  
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 ARTICLE IV 

RIGHTS OF SERIES 2017-C NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a) Allocations. Interest Collections, Principal Collections and the Defaulted Amount allocated to Series 2017-C pursuant to Article
VIII of the Indenture and Section 4.01(b) shall be allocated between the Series 2017-C Noteholders and the holders of the Transferor Interest pursuant to Section 4.01(c) and (d) and then distributed as set forth in this Article IV.

 (b) Series Allocations. Prior to the close of business on each day during a Collection Period, the Servicer will (i) determine
the Series 2017-C Allocation Percentage for such day and (ii) allocate Interest Collections, Principal Collections and the Defaulted Amount to Series 2017-C based on the Series 2017-C Allocation Percentage on such day. All Principal
Collections for the related Collection Period with respect to each Receivable (including any payoff) shall be posted to the Servicer’s Dealer records in accordance with the Servicer’s customary servicing practices. 

(c) Allocations to Series 2017-C Noteholders. The Servicer shall, prior to the close of business on each day during a Collection Period,
allocate to the Series 2017-C Noteholders the following amounts as set forth below: 
 (i) Allocations of Interest
Collections. The Servicer shall allocate to the Series 2017-C Noteholders and deposit in the Collection Account for application as provided herein, an amount equal to the product of (A) the Series 2017-C Floating Allocation Percentage for
such day and (B) the Series 2017-C Allocable Interest Collections as to which such day is the Date of Processing for such Collections; provided, that, so long as the conditions set forth in Section 8.04(b) of the Indenture are
satisfied, the Servicer shall not be required to deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period. 

(ii) Allocations of Principal Collections. The Servicer shall allocate to the Series 2017-C Noteholders the following
amounts as set forth below: 
 (A) Allocations During the Revolving Period. During the Revolving Period, the Servicer
shall allocate to the Series 2017-C Noteholders and deposit into the Collection Account for application as provided herein, an amount equal to the product of (I) the Series 2017-C Floating Allocation Percentage for such day and (II) the
Series 2017-C Allocable Principal Collections for such day; provided, that, so long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer shall not be required to deposit such allocated amounts
into the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period; provided, further, that, so 

  
 20 

 
long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer, in its sole discretion, may distribute any amounts owed to the holders of the Transferor
Interest directly to such holders in lieu of depositing such amounts into the Collection Account. 
 (B) Allocations
During the Accumulation Period and the Early Amortization Period. During the Accumulation Period and the Early Amortization Period, the Servicer shall allocate to the Series 2017-C Noteholders and deposit in the Collection Account for
application as provided herein, an amount equal to the product of (I) the Series 2017-C Fixed Allocation Percentage for such day and (II) the Series 2017-C Allocable Principal Collections for such day; provided, that, so long
as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer shall not be required to deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month
following such Collection Period; provided, further, that, so long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer, in its sole discretion, may distribute any amounts owed to the holders
of the Transferor Interest directly to such holders in lieu of depositing such amounts into the Collection Account. 
 (iii)
Allocations of Defaulted Amounts. The Servicer shall allocate to the Series 2017-C Noteholders the product of (A) the Series 2017-C Floating Allocation Percentage for such day and (B) the Series 2017-C Allocable Defaulted Amounts on
such day. 
 (d) Allocation to Holders of the Transferor Interest. Prior to the close of business, on each day during a Collection
Period, the Servicer shall allocate and, in the case of clauses (i) and (ii) below (except as set forth in the provisos following clause (iii) below), distribute to the holders of the Transferor Interest in accordance with the Trust
Agreement the following amounts: 
 (i) the portion of the Series 2017-C Allocable Interest Collections not allocated to the
Series 2017-C Noteholders pursuant to Section 4.01(c)(i) above; 
 (ii) the portion of the Series 2017-C Allocable
Principal Collections not allocated to the Series 2017-C Noteholders pursuant to Section 4.01(c)(ii) above; and 
 (iii)
the portion of the Series 2017-C Allocable Defaulted Amounts not allocated to the Series 2017-C Noteholders pursuant to Section 4.01(c)(iii) above; 

provided, however, that the Servicer will not distribute to the holders of the Transferor Interest their allocation of Series 2017-C Allocable
Interest Collections and Series 2017-C Allocable Principal Collections if and to the extent that the Adjusted Pool Balance does not equal or exceed the Required Participation Amount as of such day. Subject to the immediately succeeding sentence, any
amount not distributed to the holders of the Transferor Interest in accordance with 

  
 21 

 
the proviso to the preceding sentence shall be deposited by the Servicer (on the date not so distributed) into the Excess Funding Account. Notwithstanding the foregoing, before distributing to
the holders of the Transferor Interest any portion of their allocation of Series 2017-C Allocable Interest Collections or Series 2017-C Allocable Principal Collections or depositing any portion of their allocation of Series 2017-C Allocable Interest
Collections or Series 2017-C Principal Collections into the Excess Funding Account, on any day on which amounts are on deposit in the Accumulation Account, the Servicer shall first deduct therefrom the excess, if any, of the Covered Amount for such
day over the sum of all net investment earnings for such day on (i) amounts on deposit in the Accumulation Account and the Reserve Account and (ii) the Series 2017-C Allocation Percentage of amounts (if any) on deposit in the Excess
Funding Account and the Collection Account, and treat such amounts as Series 2017-C Investor Available Interest Amounts. 

Section 4.02. Determination of Monthly Interest. 

(a) The amount of monthly interest (the “Monthly Interest”) distributable from the Collection Account with respect to the
Series 2017-C Notes on any Payment Date will be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Note
Interest Rate with respect to the related Interest Period and (iii) the Series 2017-C Outstanding Principal Amount as of the first day of the related Interest Period, after giving effect to any deposits and distributions to be made on such date
(or, with respect to the first Payment Date following the Series 2017-C Issuance Date, the Series 2017-C Initial Principal Amount). 
 (b)
On the Determination Date immediately preceding each Payment Date, the Servicer will determine the excess, if any (such excess, the “Interest Deficiency”), of (x) the Monthly Interest for such Payment Date over
(y) the aggregate amount of funds allocated and available to pay the Monthly Interest on such Payment Date. If the Interest Deficiency with respect to any Payment Date is greater than zero, on each subsequent Payment Date until such Interest
Deficiency is fully paid, an additional amount (the “Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which
is 360, (ii) the Note Interest Rate with respect to the related Interest Period and (iii) such Interest Deficiency (or the portion thereof which has not been paid to the Series 2017-C Noteholders) will be payable as provided herein with
respect to the related Notes. Notwithstanding anything to the contrary herein, the Additional Interest will be payable or distributed to the Series 2017-C Noteholders only to the extent permitted by applicable law. 

  
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 Section 4.03. [Reserved]. 

Section 4.04. Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of
Payment. 
 (a) On each Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply by written instruction to the
Indenture Trustee, Series 2017-C Investor Available Interest Amounts (excluding Reallocated Principal Collections for such Payment Date) on deposit in the Collection Account with respect to such Payment Date (together with other amounts specified in
this Indenture Supplement) to make the following distributions or deposits in the following priority: 
 (i) [reserved]; 

(ii) [reserved]; 

(iii) an amount equal to the Monthly Servicing Fee for such Payment Date, plus the amount of any Monthly Servicing Fee
previously due but not distributed to the Servicer on a prior Payment Date, will be distributed to the Servicer; 
 (iv) an
amount equal to Monthly Interest for such Payment Date, plus the amount of any Monthly Interest previously due but not distributed to the Series 2017-C Noteholders on a prior Payment Date, plus the amount of any Additional Interest for such Payment
Date, plus the amount of any Additional Interest previously due but not distributed to the Series 2017-C Noteholders on a prior Payment Date, will be distributed to the Paying Agent for payment to the Series 2017-C Noteholders on such Payment Date;

 (v) an amount equal to the sum of (y) the aggregate Series 2017-C Investor Defaulted Amounts for the related
Collection Period and (z) the Series 2017-C Nominal Liquidation Amount Deficit, if any, will be applied as Series 2017-C Investor Available Principal Amounts for such Payment Date and, in the case of the amounts described in clause (z), will
reinstate the Series 2017-C Nominal Liquidation Amount pursuant to Section 4.09(c); 
 (vi) an amount, if any, equal to
the excess of the Specified Reserve Account Balance over all amounts on deposit in the Reserve Account on such Payment Date (after giving effect to the withdrawal of net investment earnings thereon for deposit into the Collection Account pursuant to
Section 4.12(b)), will be deposited in the Reserve Account; 
 (vii) on each Payment Date on and after the
occurrence of an Event of Default and a declaration that all Series 2017-C Notes are immediately due and payable pursuant to Section 5.03(a) of the Indenture, remaining Series 2017-C Investor Available Interest Amounts for such Payment Date
will be treated as Series 2017-C Investor Available Principal Amounts and will be distributed pursuant to Section 4.04(e) hereof, unless and until such declaration of acceleration has been rescinded and annulled pursuant to Section 5.03(b)
of the Indenture; 
 (viii) if the Servicer elected to waive the Monthly Servicing Fee for the preceding Collection Period,
the Indenture Trustee will apply any remaining funds to reimburse the Servicer for such waived Monthly Servicing Fee; 

  
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 (ix) an amount equal to the Interest Shortfalls for other outstanding Series in
Excess Interest Sharing Group One will be treated as Shared Excess Interest Amounts available from Series 2017-C and applied to cover the Interest Shortfalls for other outstanding Series in Excess Interest Sharing Group One in accordance with
Section 8.05(a) of the Indenture; 
 (x) to the Indenture Trustee, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(xi) to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Trust Agreement but
only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 
 (xii) to the
Asset Representations Reviewer, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Asset Representations Review Agreement but only to the extent that such fees, expenses or indemnity payments have been outstanding for
at least 60 days; and 
 (xiii) all remaining Series 2017-C Investor Available Interest Amounts for such Payment Date will be
distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in Section 5.08 of the
Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the Indenture Trustee shall
deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such deficiency. 

(b) If Series 2017-C Investor Available Interest Amounts for the Collection Period related to any Payment Date (excluding Reallocated Principal
Collections for such Payment Date) are insufficient to make all distributions and deposits required under clauses (i) through (vi) of Section 4.04(a), available amounts from the following sources on such Payment Date will be applied
in the following order to make up the Interest Shortfall with respect to Series 2017-C: (i) from Shared Excess Interest Amounts for such Payment Date available from other outstanding Series in Excess Interest Sharing Group One as provided in
Section 4.07, provided that such amounts will be applied only to cover shortfalls in the distributions and deposits required under clauses (i) through (vi) of Section 4.04(a) and in the order of priorities as set forth in
Section 4.04(a), (ii) from amounts on deposit in the Reserve Account on such Payment Date as provided in Section 4.12, provided that such amounts will be applied only to cover shortfalls in the distributions and deposits required
under clauses (iii) through (v) of Section 4.04(a) and in the order of priorities as set forth in Section 4.04(a) and (iii) from Reallocated Principal Collections for such Payment Date as provided in Section 4.06,
provided, that such amounts will be applied only to cover shortfalls in the distributions required under clause (iv) of Section 4.04(a) and only to the extent of the Series 2017-C Overcollateralization Amount. 

  
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 (c) On each Payment Date with respect to the Revolving Period, the Servicer will apply, or cause
the Indenture Trustee to apply by written instruction to the Indenture Trustee, Series 2017-C Investor Available Principal Amounts for the Collection Period related to such Payment Date, to make the following distributions or deposits in the
following priority: 
 (i) such Series 2017-C Investor Available Principal Amounts on deposit in the Collection Account for
the related Collection Period, in an amount equal to the Monthly Interest due but not distributed to the Series 2017-C Noteholders on such Payment Date in accordance with Section 4.04(a)(iv), will be distributed to the Paying Agent for payment
to the Series 2017-C Noteholders on such Payment Date; 
 (ii) the balance of such Series 2017-C Investor Available Principal
Amounts not applied pursuant to clause (i) above, will be treated as Shared Excess Principal Amounts available from Series 2017-C and applied to cover the Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One
in accordance with Section 8.05(b) of the Indenture; 
 (iii) the balance of such Series 2017-C Investor Available
Principal Amounts not applied pursuant to clauses (i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the
Transferor pursuant to the Transfer and Servicing Agreement; and 
 (iv) the balance of such Series 2017-C Investor Available
Principal Amounts not applied pursuant to clauses (i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap
Counterparty pursuant to a Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool
Balance is less than the Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such
insufficiency. 
 (d) On each Payment Date with respect to the Accumulation Period, the Servicer will apply, or cause the Indenture Trustee
to apply by written instruction to the Indenture Trustee, the Series 2017-C Investor Available Principal Amounts for the Collection Period related to such Payment Date (together with other amounts specified in this Indenture Supplement) to make the
following distributions or deposits in the following priority: 
 (i) an amount equal to the lesser of (x) the
Controlled Deposit Amount for such Payment Date and (y) the Series 2017-C Invested Amount for such Payment Date shall be deposited into the Accumulation Account; 

  
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 (ii) the balance of such Series 2017-C Investor Available Principal Amounts not
applied pursuant to preceding clause (i) will be treated as Shared Excess Principal Amounts available from Series 2017-C and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance
with Section 8.05(b) of the Indenture; 
 (iii) the balance of such Series 2017-C Investor Available Principal Amounts
not applied pursuant to clauses (i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor
pursuant to the Transfer and Servicing Agreement; and 
 (iv) the balance of such Series 2017-C Investor Available Principal
Amounts not applied pursuant to clauses (i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty
pursuant to a Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less
than the Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency.

 (e) On each Payment Date with respect to the Early Amortization Period, the Servicer will apply, or cause the Indenture Trustee to
apply by written instruction to the Indenture Trustee, the Series 2017-C Investor Available Principal Amounts for the Collection Period related to such Payment Date, plus all amounts on deposit in the Accumulation Account (together with other
amounts specified in this Indenture Supplement), to make the following distributions or deposits in the following priority: 

(i) an amount equal to the Series 2017-C Invested Amount (determined without giving effect to any reduction thereto arising
from amounts on deposit in the Accumulation Account) for such Payment Date will be distributed to the Paying Agent for payment to the Series 2017-C Noteholders on such Payment Date and on each subsequent Payment Date until the Series 2017-C Invested
Amount (determined without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) has been paid in full; 

(ii) the balance of such Series 2017-C Investor Available Principal Amounts will be treated as Shared Excess Principal Amounts
available from Series 2017-C and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture; and 

(iii) the balance of the Series 2017-C Investor Available Principal Amounts not applied pursuant to clauses (i) or
(ii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a

  
 26 

 
Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment
Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor
Interest the amount of such insufficiency. 
 (f) On the earlier of (i) the first Payment Date with respect to the Early Amortization
Period and (ii) the Payment Date which is also the Series 2017-C Expected Final Payment Date, the Servicer shall, or shall cause the Indenture Trustee to, by written notice to the Indenture Trustee, withdraw from the Accumulation Account all
amounts then on deposit in the Accumulation Account and (A) distribute to the Paying Agent for payment to the Series 2017-C Noteholders on such Payment Date the amount necessary to pay the Series 2017-C Invested Amount (determined without
giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) in full and (B) the balance, if any, of the amounts so withdrawn from the Accumulation Account will (x) first, be treated as Shared Excess
Principal Amounts available from Series 2017-C to be applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture and (y) second, be
distributed to the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the
Indenture Trustee will deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(g) If Series 2017-C Investor Available Principal Amounts for any Payment Date (together with amounts, if any, available for application on
such Payment Date pursuant to Section 4.04(f)) are insufficient to make in full the deposits or distributions required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, then Shared Excess Principal Amounts for such Payment Date
from other outstanding Series in Excess Principal Sharing Group One will be so deposited or distributed to cover the Principal Shortfall with respect to Series 2017-C as provided in Section 4.08. 

(h) If Series 2017-C Investor Available Principal Amounts for any Payment Date (together with amounts, if any, available for application on
such Payment pursuant to Section 4.04(f)) and Shared Excess Principal Amounts for such Payment Date from other outstanding Series in Excess Principal Sharing Group One are insufficient to make in full the deposits and distributions required
pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, the Indenture Trustee, acting in accordance with written instructions from the Servicer, will withdraw from the Excess Funding Account and distribute to the Paying Agent for deposit
into the Accumulation Account or payment to the Series 2017-C Noteholders, as applicable, the lesser of (i) the product of the Series 2017-C Allocation Percentage and the amount on deposit in the Excess Funding Account and (ii) the
amount of such insufficiency. 

  
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 Section 4.05. Investor Charge-Offs. 

On the Determination Date immediately preceding each Payment Date, the Servicer will calculate the aggregate Series 2017-C Investor Defaulted
Amounts, if any, for the related Collection Period. If, on any Determination Date, the aggregate Series 2017-C Investor Defaulted Amounts for the preceding Collection Period exceed the sum of: 

(i) the Series 2017-C Investor Available Interest Amounts for the related Payment Date applied to fund such Series 2017-C
Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a); and 
 (ii) the Shared Excess Interest
Amounts available from other outstanding Series in Excess Interest Sharing Group One applied to fund such Series 2017-C Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a) in accordance with clause (i) of
Section 4.04(b) and amounts on deposit in the Reserve Account applied to fund such Series 2017-C Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a) in accordance with clause (ii) of Section 4.04(b) (such
excess, collectively, an “Investor Charge-Off”); 
 then, on the related Payment Date, if the
Series 2017-C Overcollateralization Amount is greater than zero, the Series 2017-C Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 2017-C Overcollateralization Amount and (2) the amount
of such Investor Charge-Offs, all as provided in Section 4.09. 
 Section 4.06.
Reallocated Principal Collections. 
 On each Determination Date, the Servicer shall determine the amount, if any, by which the
Series 2017-C Investor Available Interest Amounts for the preceding Collection Period (excluding Reallocated Principal Collections for the related Payment Date), together with other amounts specified in Section 4.04(b)(i) and (ii), are
insufficient to pay the amounts due pursuant to Section 4.04(a)(iv) on the related Payment Date and cause the amount of such insufficiency to be reallocated, subject to the limitation in the next succeeding sentence, from the Series 2017-C
Investor Available Principal Amounts for such Collection Period and, to the extent still necessary to pay such insufficiency, from amounts that would constitute Series 2017-C Investor Available Principal Amounts for the current Collection Period. On
each Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply, Reallocated Principal Collections with respect to the preceding Collection Period (and, if necessary, with respect to the current Collection Period) in accordance
with clause (iii) of Section 4.04(b), in an amount not to exceed the Series 2017-C Overcollateralization Amount. If, on any Payment Date, Reallocated Principal Collections for such Payment Date are so applied, then, if the Series 2017-C
Overcollateralization Amount is greater than zero (after giving effect to any reductions thereof pursuant to Section 4.05), the Series 2017-C Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the
Series 2017-C Overcollateralization Amount and (2) the amount of such Reallocated Principal Collections, all as provided in Section 4.09. 

Section 4.07. Excess Interest Amounts. 

Subject to Section 8.05(a) of the Indenture, Shared Excess Interest Amounts with respect to other Series in Excess Interest Sharing Group
One for any Payment Date will be allocated to Series 2017-C in an amount equal to the product of (i) the aggregate amount of Shared Excess Interest Amounts with respect to all other outstanding Series in Excess Interest

  
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Sharing Group One for such Payment Date and (ii) a fraction, the numerator of which is the Interest Shortfall with respect to Series 2017-C for such Payment Date and the denominator of which
is the aggregate amount of Interest Shortfalls with respect to all outstanding Series in Excess Interest Sharing Group One for such Payment Date. 

Section 4.08. Excess Principal Amounts. 

Subject to Section 8.05(b) of the Indenture, Shared Excess Principal Amounts with respect to other outstanding Series in Excess Principal
Sharing Group One for any Payment Date will be allocated to Series 2017-C in an amount equal to the product of (i) the aggregate amount of Shared Excess Principal Amounts with respect to all other Series in Excess Principal Sharing Group One
for such Payment Date and (ii) a fraction, the numerator of which is the Principal Shortfall with respect to Series 2017-C for such Payment Date and the denominator of which is the aggregate amount of Principal Shortfalls with respect to all
outstanding Series in Excess Principal Sharing Group One for such Payment Date. 
 Section 4.09. Series Nominal Liquidation Amount,
Overcollateralization Amount and Invested Amount. 
 (a) On each Determination Date for the related Payment Date, the Servicer will, or
will cause the Indenture Trustee, to calculate the Primary Series 2017-C Overcollateralization Amount and the Incremental Overcollateralization Amount. On each day during a Collection Period, the Servicer, will, or will cause the Indenture Trustee,
to calculate the Series 2017-C Invested Amount. 
 (b) The Series 2017-C Nominal Liquidation Amount will be reduced on any Payment Date by
the following amounts: 
 (i) the amount, if any, of Reallocated Principal Collections (including any Reallocated Principal
Collections from the Collection Period occurring in the same month as the Payment Date) (not to exceed the Series 2017-C Overcollateralization Amount) used on such Payment Date to pay interest on the Series 2017-C Notes pursuant to
Section 4.04(b)(iii); and 
 (ii) the amount, if any, of Investor Charge-Offs
for the related Collection Period pursuant to Section 4.05. 
 On each Payment Date, the amount of any reduction in the Series 2017-C Nominal
Liquidation Amount due to (A) clause (i) or (ii) above will be allocated, first, to reduce the Series 2017-C Overcollateralization Amount by the amount of such reduction until the Series 2017-C Overcollateralization Amount is reduced
to zero and (B) clause (ii) above will be allocated, second, to reduce the Series 2017-C Invested Amount by any remaining amount of such reduction until the Series 2017-C Invested Amount is reduced to zero. In addition, the Series 2017-C
Invested Amount will be reduced by amounts deposited into the Accumulation Account and payments of principal of the Series 2017-C Notes. Each reduction of the Series 2017-C Overcollateralization Amount will be applied, first, to reduce the Primary
Series 2017-C Overcollateralization Amount and, second, to reduce the Incremental Overcollateralization Amount. 

  
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 (c) The Series 2017-C Nominal Liquidation Amount will be reinstated on any Payment Date by the
sum of (i) the amount of Series 2017-C Investor Available Interest Amounts that are applied on such Payment Date for such purpose pursuant to Section 4.04(a)(v), (ii) the amount of Shared Excess Interest Amounts that are applied on
such Payment Date for such purpose pursuant to Sections 4.04(b)(i) and (iii) the amounts on deposit in the Reserve Account that are applied on such Payment Date for such purpose pursuant to Section 4.04(b)(ii). Each such reinstatement
will be allocated on such Payment Date, first, if the Series 2017-C Invested Amount has been reduced and not fully reinstated, to the Series 2017-C Invested Amount until it equals the Series 2017-C Outstanding Principal Amount and, second, any
remaining reinstatement amount will be allocated to the Incremental Overcollateralization Amount until it has been fully reinstated and then to the Primary Series 2017-C Overcollateralization Amount until it has been fully reinstated. 

(d) The Primary Series 2017-C Overcollateralization Amount and the Series 2017-C Invested Amount will be increased on any date on which the
Issuer issues additional Series 2017-C Notes in accordance with Section 8.03(b). The amount of any such increase in the Primary Series 2017-C Overcollateralization Amount and the Series 2017-C Invested Amount will be in proportion to the
increase in the aggregate Series 2017-C Outstanding Principal Amount resulting from the issuance of such additional Series 2017-C Notes. 

Section 4.10. Establishment of Accumulation Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 2017-C Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 2017-C Noteholders (the “Accumulation
Account”). The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to
time on deposit in or credited to the Accumulation Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a
discount) solely for the benefit of the Series 2017-C Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Accumulation Account, and will have sole dominion and control of the Accumulation
Account for the benefit of the Series 2017-C Noteholders. Except as expressly provided in the Indenture, the Transfer and Servicing Agreement and this Indenture Supplement, the Servicer agrees that it has no right of setoff or banker’s lien
against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, either
(i) the Servicer, in its sole discretion and for any reason, notifies the Indenture Trustee in writing that there shall be established a new Accumulation Account at the institution selected by the Servicer or (ii) the Accumulation Account
ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition with respect to the Hired Rating
Agencies shall have been satisfied), will establish a new Accumulation Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such
new Accumulation Account and 

  
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from the date such new Accumulation Account is established, it will be the “Accumulation Account.” The Indenture Trustee shall assist the Servicer with establishment of a new
Accumulation Account described in the preceding sentence. Pursuant to the authority granted to the Servicer in Section 3.01(a) of the Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee, to make
withdrawals and payments from the Accumulation Account and to instruct the Indenture Trustee to make withdrawals and payments from the Accumulation Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties
under the Transfer and Servicing Agreement, the Indenture and this Indenture Supplement, as applicable. 
 (b) Funds on deposit in the
Accumulation Account will, at the written direction of the Servicer, be invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be
held by the Indenture Trustee solely for the benefit of the Series 2017-C Noteholders. The Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the
Accumulation Account maintained by the Indenture Trustee with the Securities Intermediary. Funds on deposit in the Accumulation Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than
the close of business on the Business Day next preceding each Payment Date. On each Payment Date with respect to the Accumulation Period and on the first Payment Date with respect to the Early Amortization Period, all interest and other investment
earnings (net of losses and investment expenses) on funds on deposit in the Accumulation Account will be withdrawn from the Accumulation Account and treated as Series 2017-C Investor Available Interest Amounts with respect to the related Collection
Period for application in accordance with Section 4.04(a). Net investment earnings on funds on deposit in the Accumulation Account will not be considered principal amounts on deposit therein for purposes of this Indenture Supplement. The
Indenture Trustee will bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary obligor) in accordance with this Section 4.10(b) nor for the selection of
Eligible Investments in accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 

(c) The Servicer or the Indenture Trustee, acting at the written direction of the Servicer, shall (i) make withdrawals from the
Accumulation Account in the amounts and for the purposes set forth in this Indenture Supplement and (ii) on each Payment Date with respect to the Accumulation Period, make deposits into the Accumulation Account in the amounts specified in, and
otherwise in accordance with, Section 4.04(d), (g) and (h). 
 Section 4.11. Accumulation Period. The Accumulation
Period is scheduled to begin at the close of business on April 1, 2020; provided, however, that if the Accumulation Period Length (as described below) is determined to be less than six months, the date on which the Accumulation
Period actually begins may be delayed to the close of business on the last day of the month preceding the month that is the number of whole months prior to the month in which the Series 2017-C Expected Final Payment Date occurs which is at least
equal to the Accumulation Period Length (so that the number of full Collection Periods in the Accumulation Period will at least equal the Accumulation Period Length). On or prior to April 1, 2020 and, thereafter, on or prior to the first
Business Day of each Collection Period prior to the Collection 

  
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Period in which the Accumulation Period is scheduled to begin, the Issuer, acting directly or through the Administrator, may at its option, elect to delay the start of the Accumulation Period and
thereby reduce the number of full Collection Periods in the Accumulation Period (the “Accumulation Period Length”), provided, that, (i) the Accumulation Period shall start no later than September 1, 2020;
(ii) the Rating Agency Condition shall be satisfied, and (iii) prior to delaying the start of the Accumulation Period, an Authorized Officer of the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate to the
effect that delaying the start of the Accumulation Period is not expected to delay any payment of principal to the Series 2017-C Noteholders. Once the Accumulation Period has commenced, the Accumulation Period Length cannot be changed. 

Section 4.12. Establishment of Reserve Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 2017-C Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 2017-C Noteholders (the “Reserve Account”).
The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or
credited to the Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) solely for the
benefit of the Series 2017-C Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Reserve Account, and will have sole dominion and control of the Reserve Account for the benefit of the
Series 2017-C Noteholders. Except as expressly provided in the Indenture and the Transfer and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and
other property held in the Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, either (i) the Servicer, in its sole discretion and for any reason, notifies the
Indenture Trustee in writing that there shall be established a new Reserve Account at the institution selected by the Servicer or (ii) the Reserve Account ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf),
within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition with respect to the Hired Rating Agencies shall have been satisfied), will establish a new Reserve Account meeting the
conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Reserve Account and from the date such new Reserve Account is established, it will be
the “Reserve Account.” The Indenture Trustee shall assist the Servicer with establishment of a new Reserve Account described in the preceding sentence. Pursuant to the authority granted to the Servicer in Section 3.01(a) of the
Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee, to make withdrawals and payments from the Reserve Account and to instruct the Indenture Trustee to make withdrawals and payments from the Reserve
Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties under the Transfer and Servicing Agreement, the Indenture and this Indenture Supplement, as applicable. 

  
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 (b) Funds on deposit in the Reserve Account will, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the Indenture Trustee solely for the benefit of the Series
2017-C Noteholders. The Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the Reserve Account maintained by the Indenture Trustee with the
Securities Intermediary. Funds on deposit in the Reserve Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than the close of business on the Business Day next preceding each Payment
Date. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Account will be withdrawn from the Reserve Account and treated as Series 2017-C Investor Available
Interest Amounts with respect to the related Collection Period for application in accordance with Section 4.04(a). Net investment earnings on funds on deposit in the Reserve Account will not be considered principal amounts on deposit therein
for purposes of this Indenture Supplement. The Indenture Trustee will bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary obligor) in accordance with this
Section 4.12(b) nor for the selection of Eligible Investments in accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 

(c) The Reserve Account will be funded by the Issuer on the Series 2017-C Issuance Date in the amount of the Reserve Account Initial Deposit.

 (d) On each Payment Date, to the extent that Series 2017-C Investor Available Interest Amounts on deposit in the Collection Account with
respect to such Payment Date, are insufficient to make all distributions and deposits required under clauses (iii) through (v) of Section 4.04(a), and to the extent that amounts set forth in Section 4.04(b)(i) are insufficient to
make up the Interest Shortfall with respect to Series 2017-C, the Servicer or the Indenture Trustee, acting at the written direction of the Servicer, will withdraw amounts then on deposit in the Reserve Account, up to the amounts of any such
Interest Shortfall, pursuant to clause (ii) of Section 4.04(b) and apply, or cause the Indenture Trustee to apply, such amounts in accordance with clause (ii) of Section 4.04(b). If the Series 2017-C Notes are not paid in full on
the earlier of (x) the Series 2017-C Final Maturity Date and (y) the first Payment Date on or after the occurrence of an Event of Default and a declaration that all of the Series 2017-C Notes are immediately due and payable as set forth in
Section 5.03(a) of the Indenture, any funds remaining in the Reserve Account, after application of amounts therein on such date in accordance with Section 4.04(b)(ii), will be applied pursuant to Section 4.04(e) on such date. Upon the
payment in full of the Series 2017-C Notes under the Indenture and this Indenture Supplement, any funds remaining in the Reserve Account will be treated as Shared Excess Principal Amounts available from Series 2017-C and applied to cover Principal
Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture. Upon the payment in full of the Series 2017-C Notes under the Indenture and this Indenture Supplement and to the
extent such amounts are not needed to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One, as directed in writing by the Servicer, the Indenture Trustee shall distribute to the holders of the Transferor
Interest, pursuant to the Trust Agreement, any amounts remaining on deposit in the Reserve Account. Upon any such distribution to the holders of the Transferor Interest as set forth in the preceding sentence, the Issuer, Transferor, Owner Trustee,
Indenture Trustee, Series Enhancers and Noteholders will have no further rights in, or claims to, such amounts. 

  
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 Section 4.13. Determination of LIBOR. 

(a) On each Interest Determination Date, the Calculation Agent will determine LIBOR based on the rate displayed on the Designated LIBOR Page on
such date. If the Designated LIBOR Page by its terms provides only for a single rate, then LIBOR for the applicable Interest Period will be the rate for deposits in United States dollars having a maturity of one month (commencing on the first
day of such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m. London time on the applicable Interest Determination Date. If at least two offered rates appear, LIBOR for the applicable Interest Period will be the arithmetic
mean of the offered rates for deposits in United States dollars having a maturity of one month (commencing on the first day of such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m. London time, on the applicable Interest
Determination Date. 
 With respect to any Interest Determination Date on which no offered rate appears on the Designated LIBOR Page, LIBOR
for the applicable Interest Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal London offices of each of four
major reference banks in the London interbank market, which may include the Calculation Agent and its affiliates, as selected by the Calculation Agent, after consultation with the Administrator, to provide the Calculation Agent with its offered
quotations for deposits in United States dollars for the period of one month, commencing on the second London Business Day immediately following the applicable Interest Determination Date, to prime banks in the London interbank market at
approximately 11:00 a.m., London time, on such Interest Determination Date and in a principal amount that is representative of a single transaction in United States dollars in that market at that time. If at least two such quotations are
provided, LIBOR determined on the applicable Interest Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations referred to in this paragraph are provided, LIBOR determined on the applicable Interest
Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York, New York, on the applicable Interest Determination Date by three major banks, which may
include the Calculation Agent and its affiliates, in New York, New York selected by the Calculation Agent, after consultation with the Administrator, for loans in United States dollars to leading European banks in a principal amount that is
representative of a single transaction in United States dollars in that market at that time. If the banks so selected by the Calculation Agent are not quoting as mentioned in this paragraph, LIBOR for the applicable Interest Determination Date will
be LIBOR in effect on the preceding Interest Determination Date. 
 (b) The Note Interest Rate applicable to the then-current and the immediately preceding Interest Periods may be obtained by contacting the Indenture Trustee at its Corporate Trust Office or such other contact information as may be designated by the Indenture
Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 

  
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 (c) On each Interest Determination Date, the Indenture Trustee will send to the Servicer, the
Issuer and the Administrator by electronic transmission, notification of LIBOR for the following Interest Period. 
 ARTICLE V 

DELIVERY OF SERIES 2017-C NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 2017-C NOTEHOLDERS 

Section 5.01. Delivery and Payment for Series 2017-C Notes. 

The Indenture Trustee will authenticate the Series 2017-C Notes in accordance with Section 2.03 of the Indenture. The Indenture Trustee
will deliver the Series 2017-C Notes to or upon the order of the Issuer when so authenticated. 
 Section 5.02. Distributions.

 (a) On each Payment Date, the Paying Agent will distribute to each Series 2017-C Noteholder of record on the related Record Date (other
than as provided in Section 11.02 of the Indenture) such Series 2017-C Noteholder’s pro rata share (based on amounts due) of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the
Series 2017-C Notes pursuant to this Indenture Supplement. 
 (b) On each Payment Date, the Paying Agent will distribute to each Series
2017-C Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Series 2017-C Noteholder’s pro rata share (based on amounts due) of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay principal on the Series 2017-C Notes pursuant to this Indenture Supplement. 
 (c) The
distributions to be made pursuant to this Section are subject to the provisions of Sections 2.03, 6.01 and 7.01 of the Transfer and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this Indenture Supplement. 

(d) Except as provided in Section 11.02 of the Indenture with respect to a final distribution, distributions to Series 2017-C Noteholders
hereunder will be made (i) by wire transfer of immediately available funds to an account designated by the Series 2017-C Noteholders and (ii) without presentation or surrender of any Series 2017-C Notes or the making of any notation
thereon. 
 Section 5.03. Reports and Statements to Series 2017-C Noteholders. 

(a) Not later than the second Business Day preceding each Payment Date, the Servicer will mail or deliver to the Owner Trustee, the
Indenture Trustee, the Paying Agent and each Hired Rating Agency (i) a statement substantially in the form of Exhibit B prepared by the Servicer and (ii) a certificate of an Authorized Officer substantially in the form of Exhibit C;
provided that the Servicer may amend the form of Exhibit B and Exhibit C form time to time. Any statement or certificate delivered pursuant to this paragraph (a) may be delivered by electronic transmission. 

  
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 (b) On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, will deliver to
each Series 2017-C Noteholder a copy of each statement or certificate delivered pursuant to paragraph (a). 
 (c) On or before
January 31 of each calendar year, beginning with calendar year 2018, the Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series
2017-C Noteholder, a statement prepared by the Servicer containing the information that is required to be contained in the statement to Series 2017-C Noteholders, as set forth in paragraph (b) above, aggregated for such calendar year together
with other information as is required to be provided by an issuer of indebtedness under the Code. Such obligation of the Servicer will be deemed to have been satisfied to the extent that substantially comparable information is provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect. Any statement delivered pursuant to this paragraph (c) may be delivered by the Indenture Trustee by electronic transmission so long as the Indenture Trustee shall
have provided each Series 2017-C Noteholder with free and open access (if required) to such statement. 
 (d) Solely with respect to the
Series 2017-C Notes, Section 3.06 of the Transfer and Servicing Agreement shall be revised to read “[Reserved]”. 

Section 5.04. Tax Treatment. 

Each of the parties to this Indenture Supplement hereby severally covenants and agrees, in each case as to itself individually, to treat the
Series 2017-C Notes (other than Tax Retained Notes, if any) as indebtedness for applicable United States federal, state, and local income and franchise tax law and for purposes of any other tax imposed on, or measured by, income. 

Section 5.05. Information to be Provided by the Indenture Trustee. 

The Indenture Trustee shall provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the “Nissan
Parties”) with (i) notification pursuant to Sections 2.03(b), 2.04(b) and 3.03(b) of the Transfer and Servicing Agreement and Sections 2.02(b) and 2.03(b) of the Receivables Purchase Agreement, as soon as practicable and in any
event within ten Business Days, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning December 11, 2017, a report substantially in the form
of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) and (iii) promptly upon the
request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and
1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing required to be made by a
securitizer under the Exchange Act or Regulation AB. 

  
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 Section 5.06. Tax Forms. 

Promptly upon request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for
withholding of taxes) with the Tax Information. 
 ARTICLE VI 

SERIES 2017-C EARLY AMORTIZATION EVENTS 

Section 6.01. Series 2017-C Early Amortization Events. 

If any one of the Early Amortization Events specified in the definition thereof in the Annex of Definitions or any one of the following events
occurs with respect to the Series 2017-C Notes: 
 (i) failure by the Issuer, the Transferor, the Servicer or NMAC
(if NMAC is no longer the Servicer), as applicable (a) to make any payment or deposit required by the terms of the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement, including
but not limited to any Transferor Deposit Amounts, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made, (b) to deliver a Payment Date Statement on the date required under the Transfer
and Servicing Agreement, or within the applicable grace period which will not exceed five Business Days, (c) to comply with its covenant not to create any Lien on any Receivable, or (d) to observe or perform in any material respect any
other covenants or agreements set forth in the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement which failure (in the case of this clause (d)) continues unremedied for a period of 60
days after the date on which notice of such failure requiring the same to be remedied, has been given to the Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, by the Indenture Trustee, or to the Issuer,
the Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, and the Indenture Trustee by any Holder of a Series 2017-C Note; 

(ii) any representation or warranty made by (x) NMAC, as seller, in the Receivables Purchase Agreement or
(y) the Transferor in the Transfer and Servicing Agreement, or any information required to be delivered by NMAC or the Transferor to identify the Accounts, proves to have been incorrect in any material respect when made or when delivered, which
continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer, NMAC or the Transferor, as applicable, by the
Indenture Trustee, or to the Issuer, NMAC or the Transferor, as applicable, and the Indenture Trustee by any Holder of a Series 2017-C Note and as a result the interests of the Series 2017-C Noteholders are materially and adversely affected;
provided, however, that an 

  
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Early Amortization Event pursuant to this clause (ii) will not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such
Receivables, if applicable, during such period in accordance with the provisions of the Transfer and Servicing Agreement; 

(iii) the occurrence of an Insolvency Event with respect to the Issuer, the Transferor, NMAC, NNA or NML; 

(iv) a failure by the Transferor to transfer to the Issuer Receivables in Additional Accounts within ten Business Days after
the day on which it is required to convey those Receivables under the Transfer and Servicing Agreement; 
 (v) on any Payment
Date, the Series 2017-C Overcollateralization Amount is reduced to an amount less than the product of (i) the applicable Series 2017-C Overcollateralization Percentage and (ii) the Series 2017-C Initial Principal Amount; provided,
that, for the purpose of determining whether an Early Amortization Event has occurred pursuant to this clause (v), any reduction of the Primary Series 2017-C Overcollateralization Amount resulting from Reallocated Principal Collections to pay
interest on the Series 2017-C Notes in the event LIBOR is equal to or greater than the Reference Rate upon which interest on the Receivables is calculated on the applicable Interest Determination Date will be considered an Early Amortization Event
only if LIBOR remains equal to or greater than such Reference Rate for the next 30 consecutive days following such Interest Determination Date; provided, further that, if the reduction occurs on any Payment Date on which the Series 2017-C
Overcollateralization Percentage is increased because the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 35% or the Series 2017-C Overcollateralization Percentage is further increased because the average
of the Monthly Payment Rates for the three preceding Collection Periods is less than 30%, then that reduction shall be an Early Amortization Event if the Series 2017-C Overcollateralization Amount remains less than the Required Series 2017-C
Overcollateralization Amount for five or more days after the Payment Date on which the Series 2017-C Overcollateralization Percentage increased; 

(vi) any Servicer Default that adversely affects in any material respect the interests of any noteholder, or NMAC no longer
acts as Servicer under the Transfer and Servicing Agreement; 
 (vii) on any Determination Date, the average of the Monthly
Payment Rates for the three consecutive Collection Periods preceding such Determination Date is less than 25% for a period of at least 5 days after the date on which written notice of such event has been given to the Issuer, NMAC and the Transferor;

  
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 (viii) for three consecutive Determination Dates, the amounts on deposit in the
Excess Funding Account on each such Determination Date exceed 30% of the sum of the Invested Amounts of all outstanding Series issued by the Issuer; 

(ix) the Series 2017-C Outstanding Principal Amount is not repaid in full on the Series 2017-C Expected Final Payment Date;

 (x) the Issuer or the Transferor becomes subject to the requirement that it register as an investment company within the
meaning of the Investment Company Act of 1940; or 
 (xi) the occurrence of an Event of Default with respect to Series 2017-C
Notes and the declaration that the Series 2017-C Notes are due and payable pursuant to the Indenture. 
 then, in the case of any event described in clauses
(i), (ii) or (vi) above, an Early Amortization Event with respect to Series 2017-C will be deemed to have occurred only if, after the applicable grace period described in those clauses, if any, either the Indenture Trustee or Series 2017-C
Noteholders holding Series 2017-C Notes evidencing more than 50% of the Series 2017-C Outstanding Principal Amount by written notice to the Transferor, NMAC, the Servicer and the Indenture Trustee (if given by Series 2017-C Noteholders),
declare that an Early Amortization Event has occurred as of the date of that notice. In the case of any event described in clause (iii), (iv), (v) or clauses (vii) through (xi) above, an Early Amortization Event with respect to Series
2017-C will be deemed to have occurred without any notice or other action on the part of the Indenture Trustee or the Series 2017-C Noteholders immediately upon the occurrence of that event. 

If an Early Amortization Event (other than an Early Amortization Event specified in clause (iii) or (x) above) has occurred and the
Accumulation Period has not commenced, and if the Series 2017-C Noteholders holding Series 2017-C Notes evidencing more than 50% of the Series 2017-C Outstanding Principal Amount consent to the recommencement of the Revolving Period and the Rating
Agency Condition with respect to the Hired Rating Agencies is satisfied, the related Early Amortization Event shall terminate and the Revolving Period shall recommence. Notwithstanding anything to the contrary herein, if an Early Amortization Event
specified in clause (iii) or (x) above has occurred, the Revolving Period shall not recommence under any circumstances. 
 ARTICLE
VII 
 REDEMPTION OF SERIES 2017-C NOTES; 

SERIES FINAL MATURITY; FINAL DISTRIBUTIONS 

Section 7.01. Redemption of Series 2017-C Notes. 

(a) On any day occurring on or after the date on which the Series 2017-C Outstanding Principal Amount is reduced to 10% or less of the Series
2017-C Initial Principal Amount, the Issuer will have the option to redeem the Series 2017-C Notes, in whole but not in part, at a redemption price equal to (i) if such day is a Payment Date, the Reassignment Amount for such Payment Date or
(ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 

  
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 (b) The Issuer will give the Servicer and the Indenture Trustee reasonable prior written notice
of the date on which the Issuer intends to exercise its option to redeem the Series 2017-C Notes. Not later than 5:00 P.M., New York City time, on the Business Day prior to the date on which the Issuer is to redeem the Series 2017-C Notes, the
Issuer will deposit into the Collection Account in immediately available funds an amount equal to the excess of the Reassignment Amount over amounts then on deposit in the Collection Account and available to be applied to the payment of the
Reassignment Amount. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account in accordance with the foregoing, the Series 2017-C Invested Amount will be reduced to zero and
the Series 2017-C Noteholders will have no further interest in the Receivables. The Reassignment Amount will be distributed in the manner set forth in Section 7.02. 

Section 7.02. Series Final Maturity. 

(a) The amount to be paid by the Transferor with respect to Series 2017-C in connection with reassignment of the Noteholders’ Collateral
pursuant to Section 2.03 of the Transfer and Servicing Agreement will be the Reassignment Amount for the first Payment Date following the Collection Period in which the reassignment obligation arises under the Transfer and Servicing Agreement.
With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.03 of the Transfer and Servicing Agreement, the Reassignment Amount deposited into the Collection Account pursuant to Section 7.01 hereof
and the proceeds from any Foreclosure Remedy pursuant to Section 5.05 of the Indenture, the Indenture Trustee will, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related Payment
Date, make distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (A) the Series 2017-C
Outstanding Principal Amount on such Payment Date will be distributed to the Paying Agent for payment to the Series 2017-C Noteholders and (B) an amount equal to the sum of (1) Monthly Interest for such Payment Date, (2) any Monthly
Interest previously due but not distributed to the Series 2017-C Noteholders on any prior Payment Date and (3) Additional Interest, if any, for such Payment Date and any Additional Interest previously due but not distributed to the Series
2017-C Noteholders on any prior Payment Date will be distributed to the Paying Agent for payment to the Series 2017-C Noteholders. 
 (b)
Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or the Transfer and Servicing Agreement, all amounts distributed to the Paying Agent pursuant to Section 7.02(a) for payment to the Series 2017-C Noteholders
will be deemed distributed in full to the Series 2017-C Noteholders on the date on which such funds are distributed to the Paying Agent pursuant to this Section and will be deemed to be a final distribution pursuant to Section 11.02 of the
Indenture. 

  
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 Section 7.03. No Defeasance. 

The Issuer shall not have the option to be discharged from its obligations with respect of the Series 2017-C Notes as described in
Section 11.04 of the Indenture. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01. Ratification of Agreement. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified
and confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 

Section 8.02. Form of Delivery of Series 2017-C Notes. 

(a) The Series 2017-C Notes shall be Global Notes and shall be delivered as provided in Section 2.03 of the Indenture; provided that any
Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of the Indenture. 

Section 8.03. Notices. 

All notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies hereunder or under the
Indenture shall be delivered to each Rating Agency then rating the Notes; provided, however, that all notices, requests, reports, consents or other communications required to be delivered to the Rating Agencies hereunder or under the Indenture shall
be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance
with 17 C.F.R. 240 17g-5(a)(3). 
 Section 8.04. Amendments and Waivers. 

(a) This Indenture Supplement may be amended by the Transferor, Servicer and the Issuer with the consent of the Indenture Trustee, but without
the consent of any of the Series 2017-C Noteholders, to cure any ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision herein, or for any other purpose; provided that (i)(A) the Servicer shall
have delivered an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect any Series 2017-C Noteholder or (B) the Rating Agency Condition with respect to the
Hired Rating Agencies shall have been satisfied with respect to such Amendment and (ii) the Issuer shall have received a Required Federal Income Tax Opinion and have delivered a copy to the Indenture Trustee. 

  
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 If any proposed amendment or supplement described in this Section 8.04(a) would materially
and adversely affect any of the rights or obligations of any Certificateholder, as determined by the Servicer and set forth in an Officer’s Certificate delivered by the Servicer to the Owner Trustee, the Owner Trustee shall obtain the consent
of each Certificateholder prior to the adoption of such amendment or supplement; provided, that no Certificateholder’s consent to any such amendment or supplement shall be unreasonably withheld or delayed, and provided, further, that each
Certificateholder’s consent will be deemed to have been given if such Certificateholder does not object in writing within 10 days of receipt of a written request for such consent. Upon receipt of the consent, or deemed consent, of each
Certificateholder, the Owner Trustee shall notify the Indenture Trustee of such consent or deemed consent. 
 (b) This Indenture Supplement
may also be amended from time to time by the Transferor, the Servicer and the Issuer, with the consent of the Indenture Trustee, receipt by the Issuer with a copy to the Indenture Trustee, of a Required Federal Income Tax Opinion and the consent of:

 (i) the holders of notes evidencing a majority of the outstanding Series 2017-C Notes; or 

(ii) in the case of any amendment that does not adversely affect the Indenture Trustee or any Series 2017-C Noteholders, the
Holders of the Certificates evidencing a majority of the outstanding Certificate balance; 
 for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture Supplement or of modifying in any manner the rights of those Series 2017-C Noteholders or Certificateholders; provided, however, that no amendment shall:

 (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the
Series 2017-C Notes or distributions that are required to be made for the benefit of those Series 2017-C Noteholders or Certificateholders or change the Note Interest Rate or the Specified Reserve Account Balance (except as described above under
clause (ii) of subsection (a) above) without the consent of each “adversely affected” Series 2017-C Noteholder or Certificateholder; or 

(y) reduce the aforesaid percentage of the outstanding Series or Class of Notes or Certificate Balance of the Certificates
which is required to consent to any amendment, without the consent of the holders of all the then outstanding Series 2017-C Notes or Certificates. 

An amendment referred to above will be deemed not to adversely affect a Series 2017-C Noteholder if the Rating Agency Condition with respect
to the Hired Rating Agencies with respect to such amendment shall have been satisfied. In connection with any amendment referred to in clause (x) above, the Servicer shall deliver an Officer’s Certificate to the Indenture Trustee and the
Owner Trustee stating that those Noteholders and Certificateholders whose consents were not obtained were not adversely affected by such amendment. 

It shall not be necessary for the consent of the Certificateholders or the Noteholders pursuant to this Section 8.04 to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 

  
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 (c) Promptly after the execution of any amendment or consent to this Indenture Supplement, the
Servicer shall furnish a copy of such amendment or consent to each Hired Rating Agency. 
 (d) Prior to the execution of any amendment to
this Indenture Supplement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and
the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Indenture Supplement or
otherwise. No amendment to this Indenture Supplement which materially adversely affects the Owner Trustee shall be effective without the prior written consent of the Owner Trustee. 

(e) If, at any time and from time to time when the Series 2017-C Notes are outstanding, the Issuer determines that an amendment to this
Indenture Supplement is desirable for the Issuer to issue additional Series 2017-C Notes, then the Issuer and the Indenture Trustee may enter into such amendment without obtaining the consent of the Series 2017-C Noteholders; provided, that
(a) the Rating Agency Condition with respect to the Hired Agencies has been satisfied, (b) the Issuer has delivered to the Indenture Trustee and the Owner Trustee a Required Federal Income Tax Opinion and (c) the Series 2017-C
Invested Amount of the Series 2017-C Notes and all amounts relating to the Series 2017-C Overcollateralization Amount shall be adjusted proportionately. 

(f) If, at any time when the Series 2017-C Notes are outstanding, and from time to time the Issuer determines that an amendment to the
Indenture is desirable to conform to the Prospectus, then the Issuer and the Indenture Trustee may enter into such amendment without obtaining the consent of the Series 2017-C Noteholders; provided, that (i) the Issuer has delivered notice of
such amendment to the Rating Agencies on the date such amendment becomes effective and (ii) the Rating Agency Condition has been satisfied. 

Section 8.05. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on
separate counterparts, each of which will be an original, but all of which will constitute one and the same instrument. 

Section 8.06. Governing Law. THIS INDENTURE SUPPLEMENT AND EACH SERIES 2017-C NOTE ARE TO BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 
 Section 8.07. Effect of
Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and are not intended to affect the construction hereof. 

Section 8.08. Waiver of Jury Trial. Each of the parties hereto hereby waives, to the fullest extent permitted by applicable law,
any right that it may have to a trial by jury in respect to any legal action or proceeding relating to this agreement. 

  
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 Section 8.09. Compliance with Regulation AB. So long as the Transferor is required to
file any reports with respect to the Issuer under the Exchange Act, the Servicer agrees to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix A attached hereto and made a part hereof in all
respects and makes the representations and warranties therein applicable to it. 
 Section 8.10. Asset Representations Review.
If the Status Percentage on any Payment Date exceeds the Status Trigger, then Series 2017-C Noteholders (if the Series 2017-C Notes are represented by Definitive Notes) or Series 2017-C Note Owners (if the Series 2017-C Notes are represented by
Book-Entry Notes) holding at least 5% of the principal balance of the Series 2017-C Notes as of the filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger (the “Instituting Noteholders”) may elect
to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D
disclosing that the Status Percentage exceeds the Status Trigger. If any Instituting Noteholder is not a Series 2017-C Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide
Verification Documents to confirm that the Instituting Noteholder is, in fact, a Series 2017-C Note Owner. If the Instituting Noteholders initiate a vote as described above, the Indenture Trustee shall submit the matter to a vote of all Series
2017-C Noteholders, which shall be through the Clearing Agency if the Series 2017-C Notes are represented by Book-Entry Notes. The Record Date for purposes of determining the identity of Series 2017-C Noteholders or Series 2017-C Note Owners,
as applicable, entitled to vote shall be the date of filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger. The vote will remain open until the 150th day
after the filing of the Form 10-D disclosing that the Status Percentage exceeds the Status Trigger. The “Noteholder Direction” shall be deemed to have occurred if Series 2017-C Noteholders representing at least a majority of
the voting Series 2017-C Noteholders vote in favor of directing an Asset Review by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Transferor will disclose whether or not a
Noteholder Direction has occurred. Each of NMAC, the Transferor and the Issuing Entity hereby acknowledges and agrees that it shall reasonably cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to
terms of this Section 8.10. 
 Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a Review
Notice to NMAC, the Transferor, the Servicer and the Asset Representations Reviewer. 
 For the avoidance of doubt, neither the Indenture
Trustee nor the Owner Trustee shall be required to (i) determine whether, or give notice to Series 2017-C Noteholders that, a Status Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset
Representations Reviewer. For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge or discovery of any breach of a representation or warranty. 

  
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 Notwithstanding the preceding clauses of this Section 8.10, a Series 2017-C
Noteholder (if the Series 2017-C Notes are represented by Definitive Notes) or Series 2017-C Note Owner (if the Series 2017-C Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i) notifying (or
directing the Indenture Trustee to notify) NMAC of a breach of the Transferor’s representations and warranties in Section 2.04(a) of the Transfer and Servicing Agreement that would require the Transferor or NMAC to accept reassignment, or
purchase, of any Account or the related Receivables, or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 8.11 of this Indenture Supplement. 

Section 8.11. Dispute Resolution. 

(a) If the Transferor, Issuing Entity, an Investor or the Indenture Trustee (acting at the direction of an Investor, in which case the
Indenture Trustee shall be entitled to all of the protections of Section 6.03(d) of the Indenture) (the “Requesting Party”) requests that the Transferor or NMAC accept a reassignment, or repurchase, of any Receivables, NMAC
will inform the Requesting Party in writing upon a determination by NMAC that a Receivable will be reassigned or repurchased, as applicable, and the Payment Date Statement with respect to the related Collection Period will include disclosure of such
reassignment or repurchase. If the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Servicer, the Requesting Party will have
the right to refer the matter, at its discretion, to either mediation or arbitration pursuant to this Section 8.11. A failure of NMAC to inform the Requesting Party that a Receivable subject to a request will be reassigned or repurchased
within 180 days of the receipt of the request shall be deemed to be a determination by NMAC that no reassignment or repurchase of that Receivable is required. If the Requesting Party is the Indenture Trustee, the Indenture Trustee will follow the
direction of the related Investor or Certificateholder, as applicable, during the mediation or arbitration. Under no circumstances will the Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to the
Requesting Party. 
 (b) The Requesting Party will provide notice in accordance with the provisions of Section 12.04 of the Indenture of
its intention to refer the matter to mediation or arbitration, as applicable, to the Servicer, with a copy to the Issuing Entity, the Owner Trustee and the Indenture Trustee. The Servicer agrees that it will participate in the resolution method
selected by the Requesting Party. The Servicer shall provide notice to the Transferor, Issuing Entity, the Owner Trustee, and the Indenture Trustee that the Servicer has received a request to mediate or arbitrate a repurchase request. Upon receipt
of such notice, the Transferor, the Issuing Entity, the Owner Trustee (acting at the direction of the Certificateholders) and the Indenture Trustee (acting at the direction of Series 2017-C Noteholders or Series 2017-C Note Owners) shall advise the
Requesting Party and the Servicer of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. A Requesting Party may not initiate a mediation or arbitration pursuant to this
Section 8.11 with respect to an Account that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but will have the right to join an existing mediation or
arbitration with respect to that Account if the mediation or arbitration has not yet concluded, subject to a determination by the parties to the existing mediation or arbitration that such joinder would not prejudice the rights of the participants
to such existing mediation or arbitration or unduly delay such proceeding. 

  
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 (c) If the Requesting Party selects mediation as the resolution method, the following provisions
will apply: 
 (i) The mediation will be administered by a nationally recognized arbitration and mediation association
pursuant to such association’s mediation procedures in effect at such time. 
 (ii) The fees and expenses of the
mediation will be allocated as mutually agreed by the parties as part of the mediation. 
 (iii) The mediator will be
impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the dispute and will be appointed from a roster of neutrals maintained by the American Arbitration Association (the “AAA”). 

(d) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i) The arbitration will be administered by a nationally recognized arbitration and mediation association jointly selected by
the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

(ii) The arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are
relevant to the dispute hereunder and will be appointed from a list of neutrals maintained by AAA. 
 (iii) The arbitrator
will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Indenture Supplement, and may not modify or change this
Indenture Supplement in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by it, and the Servicer shall not be required to pay more than the applicable Repurchase Price
with respect to any Account and the related Receivables which the Servicer is required to purchase or reallocate under the terms of the Transfer and Servicing Agreement. In its final determination, the arbitrator will determine and award the costs
of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion.
If an Asset Review was conducted in connection with the Account and related Receivables that are the subject of the arbitration, then the arbitrator will determine the party or parties required to pay the related Asset Reviewer Fee. The
determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent manifest error and may be enforced in any court of competent jurisdiction.

  
 46 

 (iv) By selecting arbitration, the Requesting Party is waiving the right to sue
in court, including the right to a trial by jury. 
 (v) No person may bring a putative or certified class action to
arbitration. 
 (e) For the avoidance of doubt, neither the Owner Trustee nor the Indenture Trustee shall be responsible for evaluating the
qualification of any mediator or arbitrator or paying the costs, expenses and fees of any mediation or arbitration initiated by a Requesting Party or other liabilities that could be allocated to the Requesting Party, in accordance with this
Section 8.11. 
 (f) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in New York, New York or such other location mutually agreed to by the Requesting
Party and the Requested Parties; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have the right
to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

(iii) The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled
repurchase request, mediations or arbitration proceedings conducted under this Section 8.11, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to resolve an
unfulfilled repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and
inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 8.11) other than as
required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Servicer, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential
and will not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as
reasonably required in connection with any resolution procedure under this Section 8.11, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to
keep the information confidential, (b) is responsible for any disclosure by its Representatives of such 

  
 47 

 
information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other request for
information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its
Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a matter
of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be
disclosed. 
 Section 8.12. Preservation of Information; Communications to Noteholders. 

(a) A Series 2017-C Noteholder (if the Series 2017-C Notes are represented by Definitive Notes) or a Series 2017-C Note Owner (if the Series
2017-C Notes are represented by Book-Entry Notes) may send a request to the Transferor at any time notifying the Transferor that such Series 2017-C Noteholder or Series 2017-C Note Owner, as applicable, would like to communicate with other Series
2017-C Noteholders or Series 2017-C Note Owners, as applicable, with respect to an exercise of their rights under the terms of the Transaction Documents. If the requesting party is not a Series 2017-C Noteholder as reflected on the Note Register,
the Transferor may require that the requesting party provide Verification Documents. Each request must include (i) the name of the requesting Series 2017-C Noteholder or Series 2017-C Note Owner, and (ii) a description of the method by
which other Series 2017-C Noteholders or Series 2017-C Note Owners, as applicable, may contact the requesting Series 2017-C Noteholder or Series 2017-C Note Owner. A Series 2017-C Noteholder or Series 2017-C Note Owner, as applicable, that delivers
a request under this Section 8.12 will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Series 2017-C Noteholders or Series 2017-C Note Owners, as applicable, relates solely to a
possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other purposes. In each monthly distribution report on Form 10-D under the Exchange Act with respect to the Issuer, the Transferor shall
include disclosure regarding any request that complies with the requirements of this Section 8.12 received during the related Collection Period from a Series 2017-C Noteholder or Series 2017-C Note Owner to communicate with other Series
2017-C Noteholders or Series 2017-C Note Owners, as applicable, related to the Series 2017-C Noteholders or Series 2017-C Note Owners exercising their rights under the terms of the Transaction Documents. The disclosure in such Form 10-D regarding
the request to communicate shall include (w) the name of the investor making the request, (x) the date the request was received, (y) a statement to the effect that the Issuer has received a request from such Series 2017-C
Noteholder or Series 2017-C Note Owner, as applicable, stating that such Series 2017-C Noteholder or Series 2017-C Note Owner, as applicable, is interested in communicating with other Series 2017-C Noteholders or Series 2017-C Note Owners, as
applicable, with regard to the possible exercise of rights under the Transaction Documents, and (z) a description of the method other Series 2017-C Noteholders or Series 2017-C Note Owners, as applicable, may use to contact the requesting
Series 2017-C Noteholder or Series 2017-C Note Owner. 

  
 48 

 Section 8.13. No Obligation to Monitor. 

(a) The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Transferor or NMAC under the
Transaction Documents, except as otherwise expressly specified herein. 
 [Signature Page to Follow] 

  
 49 

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

					
	NISSAN MASTER OWNER TRUST RECEIVABLES, as Issuer
		
	By:	 	 Wilmington Trust Company, not in its

individual capacity, but solely as Owner

Trustee

 
					
			
		 	By:	 	 /s/ Dorri Costello

		 		 	Name: Dorri Costello
		 		 	Title:   Vice President

 
					
	
	 U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Indenture Trustee

 
					
		
	By:	 	 /s/ Jessica J. Elliott

		 	Name:	 	Jessica J. Elliott
		 	Title:	 	Vice President

 Agreed and accepted as of November 13, 2017 

NISSAN MOTOR ACCEPTANCE CORPORATION, 
 as Servicer 

 

			
	By:	 	 /s/ Kevin J. Cullum

		 	Name: Kevin J. Cullum
		 	Title:   President

 SOLELY WITH RESPECT TO SECTION 5.03(d): 

WILMINGTON TRUST COMPANY, 
 not in its individual capacity, but
solely as Owner Trustee 
  

			
	By:	 	 /s/ Dorri Costello

		 	Name: Dorri Costello
		 	Title:   Vice President

  
 S-1 

 EXHIBIT A 

FORM OF 
 SERIES 2017-C NOTE 

[UNLESS THIS SERIES 2017-C NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
INDENTURE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SERIES 2017-C NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 
 THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS SERIES 2017-C NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES 2017-C NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS SERIES 2017-C NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE
DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS SERIES 2017-C NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 2017-C NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL
ISSUANCE OF THIS SERIES 2017-C NOTE, THE INDENTURE TRUSTEE IS U.S. BANK NATIONAL ASSOCIATION. 
 THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED
OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN WHOLESALE RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. 

THE HOLDER OF THIS SERIES 2017-C NOTE, BY ACCEPTANCE OF THIS SERIES 2017-C NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE SERIES
2017-C NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

BY ACQUIRING THIS SERIES 2017-C NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW),
ITS FIDUCIARY) IS DEEMED TO (A) REPRESENT AND WARRANT THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS SERIES 2017-C NOTE (OR INTEREST HEREIN) WITH THE ASSETS 

 
  

	* 	 Global Notes only. 

  
 Exhibit A-1 

 
OF A PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH, A “BENEFIT PLAN INVESTOR”), OR A PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) THE ACQUISITION AND HOLDING OF THIS SERIES
2017-C NOTE (OR INTEREST HEREIN) WILL NOT, IN THE CASE OF A BENEFIT PLAN INVESTOR, GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN THAT IS SUBJECT TO SIMILAR LAW, A
VIOLATION OF ANY SIMILAR LAW, (B) IF IT IS A BENEFIT PLAN INVESTOR, THE DECISION TO ACQUIRE THIS SERIES 2017-C NOTE HAS BEEN MADE BY AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. Sec. 2510.3-21(c)(1)
AND (C) ACKNOWLEDGE AND AGREE THAT THIS SERIES 2017-C NOTE (OR ANY INTEREST HEREIN) MAY NOT BE ACQUIRED BY BENEFIT PLAN INVESTORS OR PLANS THAT ARE SUBJECT TO SIMILAR LAW AT ANY TIME THAT SUCH SERIES 2017-C NOTE IS NOT RATED INVESTMENT GRADE BY
A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION OR THIS SERIES 2017-C NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

  
 Exhibit A-2 

			
	Registered	  	$[•]
	No. R-[•]	  	
		  	

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2017-C NOTE 
 Nissan
Master Owner Trust Receivables (herein referred to as the “Issuer”), a Delaware statutory trust formed by a Trust Agreement dated as of May 13, 2003, as amended and restated by an Amended and Restated Trust Agreement,
dated as of October 15, 2003, for value received, hereby promises to pay to [•], or registered assigns, subject to the following provisions, the principal sum of $[•], or such lesser amount, as determined in accordance with the
Indenture (referred to herein) and the Indenture Supplement (referred to herein), on the Series 2017-C Final Maturity Date, except as otherwise provided below or in the Indenture Supplement. The Issuer will pay interest on the unpaid principal
amount of this Series 2017-C Note at the Note Rate on each Payment Date until the principal amount of this Series 2017-C Note is paid in full. Interest on this Series 2017-C Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Series 2017-C Issuance Date to but excluding such Payment Date. Interest will be computed as provided in the
Indenture Supplement. Principal of this Series 2017-C Note will be paid in the manner specified on the reverse hereof. 
 The principal of
and interest on this Series 2017-C Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Series 2017-C Note set forth on the reverse hereof, which will have the same effect as
though fully set forth on the face of this Series 2017-C Note. 
 Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Series 2017-C Note will not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the Issuer has caused this Series 2017-C Note to be duly executed. 

 

			
	NISSAN MASTER OWNER TRUST

 
			
	RECEIVABLES, as Issuer

 
			
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee

 
			
		
	By	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2017 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series described therein and referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	not in its individual capacity, but solely as
	Indenture Trustee

 
			
		
	By	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-4 

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2017-C NOTE 
 Summary of
Terms and Conditions 
 This Series 2017-C Note is one of a duly authorized issue of Notes of the Issuer, designated as the Nissan Master
Owner Trust Receivables, Series 2017-C Note (the “Series 2017-C Notes”), issued under the Amended and Restated Indenture, dated as of October 15, 2003 (the “Indenture”), between the Issuer and U.S. Bank
National Association, as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2017-C Indenture Supplement, dated as of November 13, 2017, (the “Indenture Supplement”), between the
Issuer and the Indenture Trustee and representing the right to receive certain payments from the Issuer. The term Indenture, unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement. The Series
2017-C Notes are subject to all of the terms of the Indenture and the Indenture Supplement. All terms used in this Series 2017-C Note that are defined in the Annex of Definitions relating to the Indenture and the other Transaction Documents or the
Indenture Supplement have the meanings assigned to them in or pursuant thereto, as applicable. In the event of any conflict or inconsistency between the Annex of Definitions or the Indenture Supplement, as applicable, and this Series 2017-C Note,
the Annex of Definitions or the Indenture Supplement, as applicable, controls. 
 The Series 2017-C Noteholder, by its acceptance of this
Series 2017-C Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Series 2017-C Note for payment hereunder and that the Indenture Trustee is not liable to the Series 2017-C Noteholders for any amount
payable under this Series 2017-C Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Series 2017-C Note does not purport to summarize the Indenture and reference is made to the Indenture and the Indenture Supplement for
the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

The Series 2017-C Initial Principal Amount is $[•]. The Series 2017-C Outstanding Principal Amount on any date of determination will be
an amount equal to (a) the Series 2017-C Initial Principal Amount, minus (b) the aggregate amount of principal payments made to the Series 2017-C Noteholders on or before such date. Payments of principal of the Series 2017-C Notes will be
made in accordance with the provisions of the Indenture and the Indenture Supplement. 
 Subject to the terms and conditions of the
Indenture and the Trust Agreement, the Transferor may, from time to time, direct the Owner Trustee, on behalf of the Issuer, to issue one or more new Series of Notes. The Series 2017-C Notes are included in Excess Interest Sharing Group
One and Excess Principal Sharing Group One. 

  
 Exhibit A-5 

 On each Payment Date, the Paying Agent will distribute to each Series 2017-C Noteholder of record
on the related Record Date (except for the final distribution in respect of this Series 2017-C Note) such Series 2017-C Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to
pay interest and principal on the Series 2017-C Notes pursuant to the Indenture Supplement. Except as provided in the Indenture with respect to a final distribution, distributions to the Series 2017-C Noteholders shall be made (i) on the due
date thereof, to an account designated by the holder of this Series 2017-C Note, in United States dollars and in immediately available funds and (ii) without presentation or surrender of any Series 2017-C Note or the making of any notation
thereon. Final payment of this Series 2017-C Note will be made only upon presentation and surrender of this Series 2017-C Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Series
2017-C Noteholders in accordance with the Indenture. 
 On any day occurring on or after the date on which the Series 2017-C Outstanding
Principal Amount is reduced to 10% or less of the Series 2017-C Initial Principal Amount, the Issuer will have the option to redeem the Series 2017-C Notes, at a purchase price equal to (i) if such day is a Payment Date, the Reassignment Amount
for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 

This Series 2017-C Note does not represent an obligation of, or an interest in, the Transferor, Nissan Motor Acceptance Corporation, Nissan
Motor Co., Ltd. or any Affiliate of any of them and is not insured or guaranteed by any governmental agency or instrumentality. 
 Each
Series 2017-C Noteholder, by accepting a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting against the Issuer or the Transferor, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law. 

The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, Transferor or the Indenture Trustee will treat the person in
whose name this Series 2017-C Note is registered as the owner hereof for all purposes, and none of the Issuer, the Transferor, the Indenture Trustee or any agent of the Issuer, Transferor or the Indenture Trustee will be affected by notice to the
contrary. 
 THIS SERIES 2017-C NOTE IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO ITS CONFLICTS OF LAWS PRINCIPLES. 
 ASSIGNMENT 

Social Security or other identifying number of assignee
                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) the within Series 2017-C Note and
all rights thereunder, and hereby irrevocably constitutes and appoints                         , attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
 Dated:
                        
                * 

Signature Guaranteed: 
  

 

	* 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

  
 Exhibit A-6 

 EXHIBIT B 

FORM OF PAYMENT DATE STATEMENT 

[On file with the Servicer] 

  
 Exhibit B-1 

 EXHIBIT C 

FORM OF AUTHORIZED OFFICER CERTIFICATE 

[Name of Servicer] 
 NISSAN MASTER
OWNER TRUST RECEIVABLES, 
 SERIES 2017-C 

Pursuant to Section 3.04 of the Amended and Restated Transfer and Servicing Agreement, dated as of October 15, 2003 (as in effect on
the date hereof, the “Transfer and Servicing Agreement”), among Nissan Wholesale Receivables Corporation II, as transferor (the “Transferor”), Nissan Master Owner Trust Receivables, as issuer (the
“Issuer”) and Nissan Motor Acceptance Corporation, as servicer (the “Servicer”) and Section 5.03(a) of the Indenture Supplement, dated as of November 13, 2017 (as in effect on the date hereof, the
“Indenture Supplement”) to the Amended and Restated Indenture, dated as of October 15, 2003 (as in effect on the date hereof, the “Base Indenture”; and together with the Indenture Supplement, the
“Indenture”), each between the Issuer and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), the Servicer is required to prepare a Payment Date Statement. The undersigned, a duly
Authorized Officer of the Servicer, does hereby certify in this Certificate (this “Certificate”): 
 (i)
Capitalized terms used in this Certificate have their respective meanings set forth in the Annex of Definitions attached to the Transfer and Servicing Agreement or the Indenture Supplement, as applicable. 

(ii) This Certificate is being delivered pursuant to Section 5.03(a) of the Indenture Supplement. 

(iii) The undersigned is the Servicer under the Indenture and the Transfer and Servicing Agreement. The undersigned is an
Authorized Officer of the Servicer. 
 (iv) The date of this Certificate is on, or prior to, the Determination Date related
to the Payment Date occurring on            . 
 (v) As of the
date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Indenture and the Transfer and Servicing Agreement through the Collection Period preceding such Payment Date
[or, if there has been a default in the performance of any such obligation, set forth in detail the (i) nature of such default, (ii) the action taken by the Transferor and Servicer, if any, to remedy such default and (iii) the current
status of each such default]. 
 (vi) As of the date hereof, no Early Amortization Event or Event of Default has occurred and
is continuing under (and as defined in) the Indenture and, to the best knowledge of the undersigned, no event or condition exists which with notice and/or the passage of time, would constitute an Early Amortization Event or Event of Default. 

  
 Exhibit C-1 

 (vii) The Payment Date Statement with respect to the Payment Date occurring on
            is true, complete and accurate in all material respects. 
 IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this             day of             . 

 

			
	[                                    
                                         
   ],
	as Servicer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit C-2 

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period:
                                     

[    ] Check here if nothing to report. 
  

																	
	 Transaction
	  	Loan No.	 	  	Activity During Period	 
	  	  	Date of Reputed Demand	 	  	Party Making Reputed Demand	 	  	Date of Withdrawal of Reputed Demand	 
	 NMOTR 2017-C
	  				  				  				  			

  
 Exhibit D-1 

 APPENDIX A 

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS 

PART I 
 DEFINED TERMS

 Section 1.01. As used in this Appendix A, the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined); unless otherwise defined herein, terms used in this Appendix A that are defined in the Indenture Supplement to which this Appendix A is attached shall have the same meanings
herein as in the Indenture Supplement: 
 “Commission”: The United States Securities and Exchange Commission. 

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 and subject to such clarification and interpretation as have been provided by the Commission, including without limitation in the adopting releases Asset-Backed Securities, Securities Act Release No. 33-8518, Securities
Exchange Act Release No. 34-50905, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, Securities Exchange Act Release No. 34-72982, 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. 

“Securities Act”: The Securities Act of 1933, as amended. 

PART II 
 COMPLIANCE
WITH REGULATION AB 
 Section 2.01. Intent of the Parties; Reasonableness. 

Each of the Issuer, the Indenture Trustee, the Transferor and the Servicer acknowledges and agrees that the purpose of Part II of this Appendix
A is to facilitate compliance by the Issuer, the Indenture Trustee, the Transferor, and the Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. 

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

  
 Appendix A-1 

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

  
 Appendix A-2

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