Document:

Form of Advisory Agreement

 Exhibit 10.3 
 ADVISORY AGREEMENT 
 among 

LOGISTICS INCOME TRUST INC., 
 LOGISTICS INCOME OPERATING PARTNERSHIP LP 
 and 

LOGISTICS INCOME ADVISORS LLC 
  

 
  
  

1 

  

 TABLE OF CONTENTS 

 

					
		
	 1.      DEFINITIONS
	  	 	3	  
		
	 2.      APPOINTMENT
	  	 	8	  
		
	 3.      DUTIES OF THE ADVISOR
	  	 	8	  
		
	 4.      AUTHORITY OF ADVISOR
	  	 	10	  
		
	 5.      BANK ACCOUNTS
	  	 	11	  
		
	 6.      RECORDS; ACCESS
	  	 	11	  
		
	 7.      LIMITATIONS ON ACTIVITIES
	  	 	11	  
		
	 8.      RELATIONSHIP WITH DIRECTORS
	  	 	11	  
		
	 9.      FEES
	  	 	11	  
		
	 10.    EXPENSES
	  	 	12	  
		
	 11.    OTHER SERVICES
	  	 	13	  
		
	 12.    REIMBURSEMENT TO THE ADVISOR
	  	 	14	  
		
	 13.    OTHER ACTIVITIES OF THE ADVISOR
	  	 	14	  
		
	 14.    TERM; TERMINATION OF AGREEMENT
	  	 	14	  
		
	 15.    TERMINATION BY THE PARTIES
	  	 	15	  
		
	 16.    ASSIGNMENT TO AN AFFILIATE
	  	 	15	  
		
	 17.    PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION
	  	 	15	  
		
	 18.    INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP
	  	 	15	  
		
	 19.    INDEMNIFICATION BY ADVISOR
	  	 	15	  
		
	 20.    NOTICES
	  	 	16	  
		
	 21.    MODIFICATION
	  	 	16	  
		
	 22.    SEVERABILITY
	  	 	16	  
		
	 23.    CONSTRUCTION
	  	 	16	  
		
	 24.    ENTIRE AGREEMENT
	  	 	16	  
		
	 25.    INDULGENCES, NOT WAIVERS
	  	 	16	  
		
	 26.    GENDER
	  	 	17	  
		
	 27.    TITLES NOT TO AFFECT INTERPRETATION
	  	 	17	  
		
	 28.    EXECUTION IN COUNTERPARTS
	  	 	17	  
		
	 29.    INITIAL INVESTMENT
	  	 	17	  

  
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 THIS ADVISORY AGREEMENT, dated as of
                    , 2013 is among Logistics Income Trust Inc., a Maryland corporation (the “Corporation”), Logistics Income Operating
Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Logistics Income Advisors LLC, a Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the Corporation intends to qualify as a REIT
(as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, LIT-GP Inc., a Delaware corporation (the “General Partner”), is a wholly-owned subsidiary of the Corporation and the general partner of the Operating Partnership and the Corporation is
a limited partner of the Operating Partnership; 
 WHEREAS, the Corporation intends to conduct its business and make investments
in Assets primarily through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating Partnership desire to avail
themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of,
the Board of Directors of the Corporation, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render
such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 

Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation, the Operating Partnership,
the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses,
costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the
Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of interests in a real estate related entity or (iii) making or investing
in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points or any other fees of a similar
nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 

Advisor. Logistics Income Advisors LLC, a Delaware limited liability company, any successor advisor to the Corporation, the
Operating Partnership or any person or entity to which Logistics Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Logistics Income Advisors LLC
to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Logistics Income Advisors LLC with respect to the
Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated.
With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent
(10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

  
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 Asset. Any Property, Mortgage, other debt or other investment (other than investments
in bank accounts, money market funds or other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and disposition of the Corporation’s Assets. 

Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or
indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed
securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional or successor
Directors. 
 Bylaws. The bylaws of the Corporation, as the same are in effect from time to time. 

Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a
material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 
 Charter. The
amended and restated articles of incorporation of the Corporation, as amended from time to time. 
 Code. Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 Contract Purchase Price. The term
“Contract Purchase Price” shall mean (i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of
the Real Property owned by any real estate related entity in which the Corporation acquires a majority economic interest or which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting
principals, (iii) the amount actually paid or allocated in respect of an investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt
investments or other investments; in each case including any third party expenses, debt, whether borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 

Contract Sales Price. The total consideration received by the Corporation for the sale of Assets. 

Corporation. Corporation shall have the meaning set forth in the preamble of this Agreement. 

Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board
of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

Dealer Manager Fee. The dealer manager fee payable to the Dealer Manager for serving as the dealer manager for the Offering and
reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 

Director. A member of the Board of Directors of the Corporation. 

Distribution Fee. The distribution fee payable to the Dealer Manager as additional compensation for serving as the dealer manager
for the Offering and reallowable to Soliciting Dealers with respect to Shares sold by them, as described in the Corporation’s Prospectus. 

  
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 Distributions. Any distributions of money or other property by the Corporation to
owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Equity
Shares. Transferable shares of beneficial interest of the Corporation of any class or series, including common shares or preferred shares. 
 FINRA. Financial Industry Regulatory Authority, Inc. 
 GAAP.
Generally accepted accounting principles as in effect in the United States of America from time to time. 
 General
Partner. General Partner shall have the meaning set forth in the recitals at the beginning of this Agreement. 
 Good
Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s
and/or the Operating Partnership’s obligations under this Agreement; or (ii) any uncured material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership that remains uncured for 30 days after
written notice of such material breach has been provided to the Corporation and the Operating Partnership by the Advisor. 

Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without
deduction for Sales Commissions, Dealer Manager Fees, Distribution Fees, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase
price of any Share for which reduced Sales Commissions or Dealer Manager Fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price
per Share pursuant to the Prospectus for such Offering without reduction. 
 Independent Director. Independent Director
shall have the meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 

Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its
subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity
Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the Stockholders either receive, or have the option to receive, cash, securities
redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have the option to receive, cash or other consideration.

 Listing. The listing of the Shares on a national securities exchange or the receipt by the Corporation’s
stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be deemed Listed. 

Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased by the Corporation, all of
the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate Investment Trusts as
adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net
Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and
excluding any gain from the sale of the Corporation’s Assets. 

  
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 Offering. The public offering of Shares pursuant to a Prospectus. 

Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 

Operating Partnership Agreement. The Operating Partnership Agreement among the Corporation, the General Partner, and Logistics
Income Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 

Organization and Offering Expenses. Any and all costs and expenses, other than Sales Commissions, Dealer Manager Fees, and
Distribution Fees, incurred in connection with the formation of the Corporation and the qualification and registration of all its Offerings, and the marketing and distribution of Shares, including, without limitation, total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys) payable to the Dealer Manager and Soliciting Dealers, expenses for printing and amending registration statements or supplementing prospectuses, mailing and
distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of
transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’
and attorneys’ fees. The cumulative Organization and Offering Expense reimbursements paid by the Corporation in connection with all Offerings will not exceed 2.0% of Gross Proceeds from the sale of Shares of all Offerings. 

Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 

Property or Properties. All or a portion of the Real Property or Real Properties acquired by the Corporation, directly or
indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus.
Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and
Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 

Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real
Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including
leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in
tenancy-in-common interests (or pursuant to a Delaware statutory trust), beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Corporation or any Affiliate from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 

REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 

Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly
or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and
including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or
partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage or portion thereof (including with 

  
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respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such Mortgage and any event which gives
rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (i) (A) through (E) above in
which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
 Sales Commission. A percentage of Gross Proceeds from the sale of primary Shares in the Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan)
payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Securities.
The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds,
debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in,
temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the
Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in
accordance with Paragraph 9(c). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in
organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or
organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in
consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights to control Properties, (vii) receives fees for
providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length with the Corporation.
“Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and
underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the
Corporation’s Shares. 
 Termination Date. The date of termination of this Agreement. 

Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or
transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause.

 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally
accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising
capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and
Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition,
disposition, management and ownership of real estate interests, mortgage loans or 

  
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other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any
expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 

Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction, improvement or
acquisition stages, all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction or improvement (including tenant improvements) of such Real Property,
including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 2%/25% Guidelines.
For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets
during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period. 
 2. APPOINTMENT. The
Corporation and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of
Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership Agreement, and subject to the condition that any
investment advisory services provided with respect to securities shall be provided by a registered investment adviser, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person: 

(a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and
economic and statistical data in connection with the Corporation’s assets and investment policies; 
 (b) manage and
supervise the Offering process, including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents,
and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker
dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the
Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and
(vi) manage and supervise all other services related to the organization of the Corporation, the Operating Partnership or the Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Corporation
and the Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other items necessary and incidental to the
Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Corporation and the Operating Partnership as shall be required to prepare and to file all periodic
financial reports with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third
parties, including independent accountants and other consultants, on related tax matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board
of Directors in evaluating and obtaining adequate insurance coverage based upon risk management determinations; (vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the
Operating Partnership, as well as managing compliance 

  
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with such matters; (vii) consult with the Board of Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee
all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with
Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 

(d) investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons
as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries,
escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors,
and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not
limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 

(e) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and
implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the
Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions
pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment objectives and policies of the Corporation; (iv) oversee the due diligence
process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (vi) enter into leases and
service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties; 
 (g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 
 (h) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real
Properties; 
 (i) make investments in and dispositions of Assets within the discretionary limits and authority as granted by
the Board; 
 (j) negotiate on behalf of the Corporation and the Operating Partnership with banks or lenders for loans to be
made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or obtain loans for
the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in
connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (k) obtain reports
(which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in Assets; 

(l) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of its
performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 

  
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 (m) provide the Corporation and the Operating Partnership with all necessary cash management
services; 
 (n) do all things necessary to assure its ability to render the services described in this Agreement; 

(o) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real
Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (p) notify and obtain the
approval of the Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 

(q) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (r) notify and obtain the approval of a
majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 
 (s) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board. 

Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long as the Advisor or any
Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an Affiliate. 

4. AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority of the Board of Directors
over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) manage and supervise the offering process, (3) structure the
terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (4) acquire and dispose of investments in compliance with the investment objectives and
policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for Properties, (7) oversee Affiliated and non-Affiliated property managers who perform services for the
Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, (9) manage communications with
Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate services for the Corporation and the Operating Partnership. 

(b) Notwithstanding the foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or
the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

(c) In connection with a proposed transaction, the Advisor will deliver to the Board or to any delegated committee of the board or other
group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates is a party. The
Board of Directors may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor
shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification or revocation shall be effective upon receipt by the
Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 

  
 10 

 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its
own name for the account of the Corporation and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or
accounts, any money on behalf of the Corporation and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and
authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 

7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any
action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment Corporation Act of 1940, as amended, or
(c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws of the Corporation,
except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the
foregoing, the Advisor, its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of
Directors or stockholders for any act or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the
performance of their duties under this Agreement except as provided in Paragraphs 19 of this Agreement. 
 8. RELATIONSHIP WITH
DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or
any corporate parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation
shall receive any compensation from the Corporation for serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such
Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. 
 9. FEES. 
 (a) Acquisition Fees. The Advisor shall receive Acquisition Fees
in connection with each Asset acquired on the Corporation’s behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational, development or construction stage. For
each Real Property acquired in the operational stage, the Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein) for the first $500,000,000 of Real Property
acquired, and 1.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein) thereafter, including Real Property held in Joint Ventures or other entities that are co-owned. In connection with overseeing
the development, construction and improvement, including tenant improvements, of Real Properties by third parties on behalf of the Corporation, the Acquisition Fee will be an amount that will equal up to 4.0% of Total Project Cost (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or other entities that are co-owned); provided, however, that the Corporation will only pay such a fee to the Advisor if the Advisor provides,
directly or indirectly, the development oversight services. The Advisor may hire third parties to assist the Advisor in performing these oversight services, in which case the Advisor will compensate the third party from its Acquisition Fee. The
Advisor may also engage a third party to provide these services directly to the Company, in which case the Advisor shall not receive an Acquisition Fee for providing these oversight services. 

  
 11 

 
The Advisor is also entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real
estate related entity in which the Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with
the acquisition of an interest in any other real estate related entity. Additionally, in connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an
Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S.
dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset shall not exceed 6% of the Contract Purchase Price or the Total Project
Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a majority of the Board of Directors, including a majority of the Independent Directors. 

(b) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in
connection with the management and disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to
time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting
purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of
the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate
related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) a fee equal to 2.0% of the Contract Sales Price of each Asset upon disposition. With the exception of any portion
of the Asset Management Fee related to the disposition of Assets, which shall be payable at the time of such disposition, the Asset Management Fee shall be payable on the 1st day of each month. 

(c) Operating Partnership Interests. The Sponsor has made a capital contribution of $1,000 to the Operating Partnership in
exchange for OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity
Event, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. 
 (d) Loans from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless a majority of the Board of Directors (including a
majority of the Independent Directors) approve the loan as being fair, competitive, and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same
circumstances. 
 (e) Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall
propose to enter into any transaction with the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the Independent Directors) as fair and
reasonable to the Corporation. 
 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse
the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

(i) Up to 2.0% of Gross Proceeds from all Offerings as Organization and Offering Expense reimbursements. The Advisor will use all or a
portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an Affiliate of the Advisor will be
responsible for the cumulative Organization and Offering Expenses of all Offerings to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursements from all Offerings, without recourse
against or reimbursement by the Corporation; 

  
 12 

 (ii) Acquisition Expenses; 

(iii) the actual cost of goods and services used by the Corporation and obtained from Persons not affiliated with the Advisor, other than
Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv) interest
and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income
of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with insurance
required in connection with the business of the Corporation or by the officers and Directors; 
 (vii) expenses of managing and
operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person; 

(viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 

(ix) expenses associated with a Listing, if applicable; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders; 

(xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or the Charter; 

(xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports
and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative
service expenses (including related personnel costs) relating to, among other things, the services set forth in Paragraph 3(c) hereof); provided, however, that no reimbursement shall be made for costs of personnel to the extent that such
personnel perform services in transactions for which the Advisor receives a separate fee; 
 (xiv) audit, accounting and legal
fees and other fees for professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 

(xv) out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and ordinances; and 

(xvi) all other costs incurred by the Advisor in performing its duties hereunder. 

(b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10
shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall
deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11.
OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be
separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms
of this Agreement. 

  
 13 

 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT,
the Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of
2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted
from the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the
Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in
determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its Affiliates for services for which the Advisor
or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 

13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this
Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this
Agreement hereby acknowledge that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 
 The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the
Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to
the Board knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds
available at the same time as the Corporation, it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the
competing investment entities and to use their reasonable efforts to ensure that such method is applied fairly to the Corporation. 
 The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Corporation which is consistent with the investment policies and
objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Corporation even if the opportunity is of character which, if presented to
the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest—Conflict Resolution Procedures” in any Prospectus (as
such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the Corporation and Affiliates of the Advisor. 

14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof, subject to an
unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a
term of no more than one year. 

  
 14 

 15. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the
Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Corporation or by the Advisor,
(iii) upon 60 days written notice with Good Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to
which a majority of the Directors then in office are replaced or removed. 
 16. ASSIGNMENT TO AN AFFILIATE. This Agreement may
be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this
Agreement to any Person without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the
Corporation or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor
organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement. 
 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 
 (a) After the Termination
Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid
reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. In addition, in accordance with the provisions of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as
defined in Paragraph 12) for which the Independent Directors determined (before or after the Termination Date) that there was justification based on unusual and nonrecurring factors. 

(b) The Advisor shall promptly upon termination: 
 (i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the Operating Partnership pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board of Directors
a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 

(iii) deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of
the Advisor; and 
 (iv) cooperate with the Corporation and the Operating Partnership to provide an orderly management
transition. 
 18. INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP. The Corporation, the General Partner and
the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the
performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation, the
General Partner and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors, partners or employees in any manner that would be inconsistent with the
provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 
 19.
INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Corporation, the General Partner and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including
attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless
disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 

  
 15 

 20. NOTICES. Any notice, report or other communication required or permitted to be given
hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by
overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
		
	To the Directors and to the Corporation:	  	 Logistics Income Trust Inc.

518 17th Street
 17th Floor

Denver, CO 80202

		
	 To the Operating Partnership:        
	  	 Logistics Income Operating Partnership LP
 518 17th
Street

17th Floor
 Denver, CO 80202

		
	 To the Advisor:
	  	 Logistics Income Advisors LLC

518 17th Street
 17th Floor

Denver, CO 80202

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Paragraph 20. 
 21. THIRD PARTY BENEFICIARY. The terms and provisions of this Agreement are intended solely
for the benefit of each party hereto, their Affiliates and their respective successors and permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person; except with respect to the
benefits conferred upon the General Partner in Paragraph 19 of this Agreement. The General Partner and its successors and assigns shall have all rights, remedies, powers and privileges provided in Paragraph 19 and shall have the right to directly
seek enforcement of such rights, remedies, powers and privileges under this Agreement. 
 22. MODIFICATION. This Agreement shall
not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

23. SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 24. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 

25. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

26. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party or any third party beneficiary to exercise any
right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

  
 16 

 27. GENDER. Words used herein regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 28. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be
used in the construction or interpretation hereof. 
 29. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 30. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Corporation in exchange for 20,000 Shares. The Advisor may not sell any of such Shares while the Advisor acts in such
advisory capacity to the Corporation, provided, that such Shares may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall
not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

IN WITNESS WHEREOF, the parties hereto have executed this Advisory Agreement as of the date and year first above written. 

 

			
	LOGISTICS INCOME TRUST INC.
		
	By:	 	 
	Name:	 	James R. Mulvihill
	Title:	 	Chief Executive Officer
	
	 LOGISTICS INCOME OPERATING
 PARTNERSHIP LP

	
	By: LIT-GP Inc., its Sole General Partner
	
	By: Logistics Income Trust Inc., its Sole Stockholder
		
	By:	 	 
	Name:	 	James R. Mulvihill
	Title:	 	Chief Executive Officer
	
	LOGISTICS INCOME ADVISORS LLC
	
	 By: Logistics Income Advisors Group LLC, its Sole

Member

		
	By:	 	 
	Name:	 	James R. Mulvihill
	Title:	 	Manager

  
 17EX-4.3

 Exhibit 4.3 
 NISSAN MASTER OWNER TRUST RECEIVABLES 
 Issuer 

[U.S. BANK NATIONAL ASSOCIATION] 
 Indenture Trustee 
 SERIES 20[    ]-[    ]

 INDENTURE SUPPLEMENT 
 Dated as of [                    ] 

NISSAN MASTER OWNER TRUST RECEIVABLES, 
 SERIES 20[    ]-[    ] 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	  	 CREATION OF SERIES 20[    ]-[    ] 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
	  	 	16	  
	 Section 2.04.
	  	 Definitive Notes
	  	 	17	  
			
	 ARTICLE III
	  	 SERVICING FEE
	  	 	18	  
			
	 Section 3.01.
	  	 Servicing Compensation
	  	 	18	  
			
	 ARTICLE IV
	  	 RIGHTS OF SERIES 20[    ]-[    ] NOTEHOLDERS AND ALLOCATION AND APPLICATION OF
COLLECTIONS
	  	 	18	  
			
	 Section 4.01.
	  	 Collections and Allocations
	  	 	18	  
	 Section 4.02.
	  	 Determination of Monthly Interest
	  	 	21	  
	 Section 4.03.
	  	 Advances
	  	 	22	  
	 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 20[    ]-[    ] NOTES; DISTRIBUTIONS; REPORTS TO SERIES
20[    ]-[    ] NOTEHOLDERS
	  	 	35	  
			
	 Section 5.01.
	  	 Delivery and Payment for Series 20[    ]-[    ] Notes
	  	 	35	  
	 Section 5.02.
	  	 Distributions
	  	 	35	  
	 Section 5.03.
	  	 Reports and Statements to Series 20[    ]-[    ] Noteholders
	  	 	35	  
	 Section 5.04.
	  	 Tax Treatment
	  	 	36	  
	 Section 5.05.
	  	 Information to be Provided by the Indenture Trustee
	  	 	36	  
			
	 ARTICLE VI
	  	 SERIES 20[    ]-[    ] EARLY AMORTIZATION EVENTS
	  	 	37	  
			
	 Section 6.01.
	  	 Series 20[    ]-[    ] Early Amortization Events
	  	 	37	  

  
 i 

							
	 ARTICLE VII
	  	 REDEMPTION OF SERIES 20[    ]-[    ] NOTES; SERIES FINAL MATURITY; FINAL
DISTRIBUTIONS
	  	 	39	  
			
	 Section 7.01.
	  	 Redemption of Series 20[    ]-[    ] Notes
	  	 	39	  
	 Section 7.02.
	  	 Series Final Maturity
	  	 	40	  
	 Section 7.03.
	  	 No Defeasance
	  	 	40	  
			
	 ARTICLE VIII
	  	 MISCELLANEOUS PROVISIONS
	  	 	41	  
			
	 Section 8.01.
	  	 Ratification of Agreement
	  	 	41	  
	 Section 8.02.
	  	 Form of Delivery of Series 20[    ]-[    ] 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
	  	 	43	  

  

			
	 EXHIBIT A
	  	 Form of Series 20[    ]-[    ] Note

	 EXHIBIT B
	  	 Form of Monthly Servicer’s Statement

	 EXHIBIT C
	  	 Form of Authorized Officer Certificate

		
	 APPENDIX A
	  	 Regulation AB Representations, Warranties And Covenants

  
 ii 

 SERIES 20[    ]-[    ] INDENTURE SUPPLEMENT, dated
as of [            ] (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 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] 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
20[    ]-[    ] Notes equally and ratably without prejudice, priority, or distinction between any Series 20[    ]-[    ] Note and any other Series
20[    ]-[    ] Note, (b) the payment of all other sums payable under the Series 20[    ]-[    ] Notes, the Indenture and this Indenture Supplement and (c) the
compliance with the terms and conditions of the Series 20[    ]-[    ] 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 20[    ]-[    ] Noteholders may be adequately protected. 

ARTICLE I 

CREATION OF SERIES 20[    ]-[    ] NOTES 

Section 1.01. Designation. 
 (a) There is hereby created a Series of Notes to be issued by the Issuer on the Series 20[    ]-[    ] Issuance Date pursuant to the Indenture and this Indenture
Supplement to be known as the “Nissan Master Owner Trust Receivables, Series 20[    ]-[    ] Notes” or the “Series 20[    ]-[    ] Notes.” The Series
20[    ]-[    ] Notes will be due and payable on the Series 20[    ]-[    ] Final Maturity Date. 

(b) The Series 20[    ]-[    ] Notes will be included in Excess Interest Sharing Group
[            ] and in Excess Principal Sharing Group [            ]. The Series
20[    ]-[    ] Notes shall not be subordinated to any other Series. 
 (c) The first
Payment Date with respect to the Series 20[    ]-[    ] Notes shall be [            ], 20[    ]. The first payment period will
consist of [    ] days, and interest will be calculated on the basis of the [actual number of days elapsed][30 days] in such period and a year of [360][365] days. 

(d) The Series 20[    ]-[    ] Notes are “Notes” and this Indenture Supplement is an
“Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 20[    ]-[    ] Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of
the Indenture, the provisions of the Series 20[    ]-[    ] 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 20[    ]-[    ] 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. 

  
 2 

 “2008-1 Warehouse Series Indenture Supplement” means the 2008-1 Warehouse
Series Second Amended and Restated Indenture Supplement, dated as of January 27, 2010, by and between the Issuer and Indenture Trustee, as amended by the First Amendment to 2008-1 Warehouse Series Second Amended and Restated Indenture
Supplement, dated as of January 26, 2011, by and between the Issuer and Indenture Trustee and as further amended by the Second Amendment to 2008-1 Warehouse Series Second Amended and Restated Indenture Supplement, dated as of January 25,
2012, by and between the Issuer and Indenture Trustee. 
 “2008-1 Warehouse Series 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 set forth in the 2008-1 Warehouse Series Indenture Supplement. 

“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 20[    ]-[    ] Outstanding Principal Amount is expected to be paid in full. 

“Accumulation Period Commencement Date” means, the close of business on
[                    ] 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 on such Payment Date. 
 “Additional Interest” has the meaning set forth in
Section 4.02(b). 
 “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. 
 “Advance” has the meaning set forth in Section 4.03. 

“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. 
 [“Calculation Agent” means, initially, the
Indenture Trustee and, thereafter, any other Person designated by the Indenture Trustee to act in such capacity.] 

  
 3 

 [“Cap Provider” means
[                    ], as the Cap Provider under the Interest Rate Cap Agreement.] 

“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 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
[                    ] Payment Date, the period commencing on (and including)
[                    ] and ending on (and including)
[                    ] 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, $[        ]; provided, however, that if the Accumulation Period Length is determined to be less than [    ] 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 20[    ]-[    ] 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, [190 South LaSalle Street,
7th Floor, Chicago, Illinois 60603], or any successor
office at which at any particular time the Indenture and this Indenture Supplement will be administered. 
 “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
20[    ]-[    ] 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. 

  
 4 

 “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. 
 “Date of Processing” means, with respect to any transaction, the date on which such transaction is first recorded on the Servicer’s computer file of accounts (without regard to the
effective date of such recordation). 
 “Dealer Overconcentrations” means, on 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 [                    ] and its Affiliates, less any amounts in the Cash Management Account relating to such
Receivables, exceeds [    ]% 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 [first] largest Dealer or group of
Dealers which are Affiliates, excluding [                    ], exceeds [    ]% 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 [second] largest Dealer or group of Dealers which are Affiliates, excluding
[                    ], exceeds [    ]% 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 [third] largest Dealer or group of Dealers which are Affiliates, excluding
[                    ], exceeds [    ]% 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 [fourth] largest Dealer or group of Dealers which are Affiliates, excluding
[                    ], exceeds [    ]% of the Pool Balance, in each case, on the last day of the Collection Period immediately
preceding such Payment Date; and 
 (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 [    ]% of the Pool Balance, in each case, on the last day of the Collection Period immediately
preceding such Payment Date. 

  
 5 

 “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 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). 

“Defaulted Receivable” means each Receivable that on any day in a Collection Period has been charged off as
uncollectible on that date in accordance with the Floorplan Financing Guidelines. 
 “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 20[    ]-[    ] Noteholders are determined. 
 “Early Amortization Event” means any Early Amortization Event specified in the definition of “Early Amortization Event” in 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 20[    ]-[    ] 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. 

“Euroclear” means Euroclear Bank S.A./N.V. 
 “Event of Default” means any Event of Default specified in the definition of “Event of Default” in the Annex of Definitions. 

  
 6 

 “Excess Interest Amounts” means, with respect to Series
20[    ]-[    ], for any Payment Date, the excess (if any) of (i) the Series 20[    ]-[    ] 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 [            ]” means Series 20[    ]-[    ] and each
other Series specified in the related Indenture Supplement to be included in Excess Interest Sharing Group [            ] 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 [            ]. 

“Excess Principal Amounts” means, with respect to Series 20[    ]-[    ], for
any Payment Date, (i) during the Revolving Period, the Series 20[    ]-[    ] Investor Available Principal Amounts for such Payment Date, and (ii) during the Accumulation Period or the Early
Amortization Period, the excess, if any, of (a) the Series 20[    ]-[    ] Investor Available Principal Amounts for 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 [            ]” means Series 20[    ]-[    ] and each
other Series specified in the related Indenture Supplement to be included in Excess Principal Sharing Group [            ] 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 [            ].

 “Floorplan Financing Agreement” means, collectively, the group of related agreements between and among NMAC
(either as the originator of a floorplan financing account or by virtue of an assignment and assumption by NMAC from the applicable originator of such account), the Dealer with respect thereto and, in the case of New Vehicles, a Manufacturer,
pursuant to which (a) NMAC agrees to extend credit to such Dealer to finance its purchase of New Vehicles, Pre-Owned Vehicles and/or Used Vehicles, (b) NMAC has a security interest in the specific vehicles so financed by NMAC, certain
other vehicles, and a subordinated security interest in other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by NMAC at the time of sale or lease of such financed vehicle, or pursuant to a payment schedule if
such vehicle is not sold or leased before the first payment is due pursuant to such schedule, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer. 

“Floorplan Financing Guidelines” means the written policies and procedures of NMAC, as such policies and procedures may
be amended from time to time, (a) relating to the operation of its floorplan financing business, including the written policies and procedures for determining (i) the maximum amount lent to and interest rate charged to dealers for such
financing, (ii) the other terms and conditions relating to NMAC’s floorplan financing accounts, (iii) the creditworthiness of dealers and (iv) the continued extension of credit to dealers and (b) relating to the maintenance
of accounts and collection of receivables and (c) relating to the Cash Management Accounts maintained by NMAC on behalf of dealers. 

  
 7 

 “Hired Rating Agency” means any nationally recognized statistical rating
organization that is hired by NMAC, as sponsor, to assign ratings on the Series 20[    ]-[    ] Notes and is then rating the Series 20[    ]-[    ] Notes. 

“Incremental Overcollateralization Amount” means, on any Payment Date, the product obtained by multiplying (i) a
fraction, the numerator of which is the Series 20[    ]-[    ] 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 principal balance of 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 principal balance of Receivables relating to Used Vehicles and Pre-Owned Vehicles less any amounts in the Cash Management Account relating to such Receivables exceeds
[    ]% of the Pool Balance. 
 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. 
 “Interest Deficiency” has the meaning specified in Section 4.02(b). 
 “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 (or, in the case of the first Payment Date, from and including the Series 20[    ]-[    ] Issuance Date) to but excluding such
Payment Date. 
 [“Interest Rate [Cap][Swap] Agreement” means the interest rate [cap][swap] agreement for a
Class of Notes, dated as of [                    ], executed between the Issuer and the [Cap Provider][Swap Counterparty], consisting of an ISDA
Master Agreement, the schedule thereto, the credit support annex thereto, if applicable, and the relevant confirmation for such Class of Notes, as the same may be amended or supplemented from time to time in accordance with the terms thereof.]

  
 8 

 “Interest Shortfall” means, with respect to Series
20[    ]-[    ] for any Payment Date, the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (v) of Section 4.04(a) on such
Payment Date over (b) the Series 20[    ]-[    ] 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. 
 “Monthly Interest” has the meaning specified 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 20[    ]-[    ] Nominal Liquidation Amount as of each day during the preceding Collection Period. 

“Nonrecoverable Advance” means any Outstanding Advance with respect to (i) any Defaulted Receivable or
(ii) any Receivable as to which the Servicer reasonably believes that any recovery from payments made on or with respect to such Receivable will not equal or exceed the amount of such Advance. 

“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 [    ]% per annum. 
 “Outstanding Advances”
means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus all payments or collections as of or prior to such date that are specified in Sections 4.03(c) and 4.03(d)
as applied to reimburse all unpaid Advances with respect to such Receivable. 
 “Payment Date” means
[                    ] and the [    ]th day of each calendar month thereafter, or if such [    ]th day is not
a Business Day, the next succeeding Business Day. 
 “Pool Balance” means, on any date, the total amount of
the principal balances of the Receivables on such date, net of the Cash Management Account Balance on such date. 

“Primary Series 20[    ]-[    ] Overcollateralization Amount” means, as of any
Payment Date, the Series 20[    ]-[    ] Overcollateralization Percentage of the Series 20[    ]-[    ] Initial Principal Amount on such date minus the reductions, and
plus the reinstatements, in the Primary Series 20[    ]-[    ] Overcollateralization Amount as provided in Section 4.09. 

  
 9 

 “Principal Shortfall” means, with respect to Series
20[    ]-[    ], (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 20[    ]-[    ] 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 20[    ]-[    ] Invested Amount over the amount of Series 20[    ]-[    ] Investor Available Principal Amounts for
such Payment Date. 
 “Prospectus” means the final prospectus supplement dated
[                    ] and related base prospectus dated
[                    ], relating to the offering of the Series 20[    ]-[    ] Notes. 

“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
20[    ]-[    ] Investor Available Principal Amounts reallocated in accordance with Section 4.06, which amount shall not exceed the Series 20[    ]-[    ]
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 20[    ]-[    ] 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 20[    ]-[    ] Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any Additional Interest previously due
but not distributed to the Series 20[    ]-[    ] 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 of the required participation percentages (including the Required Participation Percentage) for each outstanding Series multiplied by the respective Invested Amount (including the Series
20[    ]-[    ] Invested Amount) for each such outstanding Series and (ii) the sum of the Required Overcollateralization Amounts (including the Required Series
20[    ]-[    ] Overcollateralization Amount) for all outstanding Series. 

  
 10 

 “Required Participation Percentage” means, with respect to Series
20[    ]-[    ], [    ]%; 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 [    ]% or higher, so long as the Rating
Agency Condition shall have been satisfied with respect to the Series 20[    ]-[    ] Notes and any other outstanding and rated series or class of Notes. 

“Required Series 20[    ]-[    ] Overcollateralization Amount” means, for any
Payment Date, the sum of (i) the Series 20[    ]-[    ] Overcollateralization Percentage on such date of the Series 20[    ]-[    ] Initial Principal Amount and
(ii) the Incremental Overcollateralization Amount on such date. 
 “Reserve Account” has the meaning
specified in Section 4.12(a). 
 “Reserve Account Initial Deposit” means
$[        ]. 
 [“Retained Notes” means any Series
20[    ]-[    ] Notes retained in the initial offering thereof by the Transferor or NMAC or conveyed to an Affiliate.] 
 “Revolving Period” means the period beginning on the Series 20[    ]-[    ] 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 20[    ]-[    ]” means the Series of Notes, the terms of which are
specified in this Indenture Supplement. 
 “Series 20[    ]-[    ] Allocable
Defaulted Amounts” means, for any day in a Collection Period, the product of (a) the Series 20[    ]-[    ] Allocation Percentage for such day and (b) the Defaulted Amounts processed on such
day. 
 “Series 20[    ]-[    ] Allocable Interest Collections” means,
for any day in a Collection Period, the product of (a) the Series 20[    ]-[    ] Allocation Percentage for such day and (b) Interest Collections as to which such day is the Date of Processing for
such Interest Collections. 
 “Series 20[    ]-[    ] Allocable Principal
Collections” means, for any day in a Collection Period, the product of (a) the Series 20[    ]-[    ] Allocation Percentage for such day and (b) Principal Collections as to which such day is
the Date of Processing for such Principal Collections. 
 “Series
20[    ]-[    ] 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
20[    ]-[    ] Nominal Liquidation Amount for such day (or with respect to 

  
 11 

 
any day in the [                    ] Collection Period, the Series
20[    ]-[    ] Nominal Liquidation Amount as of the Series 20[    ]-[    ] Issuance Date) and the denominator of which is the sum of the Series Nominal Liquidation
Amounts for all outstanding Series of Notes (including Series 20[    ]-[    ]) for such day (or with respect to any day in the
[                    ]Collection Period, the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series
20[    ]-[    ]) as of the Series 20[    ]-[    ] Issuance Date (after giving effect to the application of proceeds from the issuance of the Series
20[    ]-[    ] 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
20[    ]-[    ] 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. 

“Series 20[    ]-[    ] Cut-off Date” means
[                    ]. 

“Series 20[    ]-[    ] Expected Final Payment Date” means the Payment Date
occurring on [                    ]. 
 “Series 20[    ]-[    ] Final Maturity Date” means
[                    ]. 

“Series 20[    ]-[    ] 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 20[    ]-[    ]
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 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Nominal Liquidation Amount for such day (or with respect to any
day in the [                    ] Collection Period, the Series 20[    ]-[    ] Nominal Liquidation Amount as
of the Series 20[    ]-[    ] Issuance Date) and the denominator of which is the product of (i) the Series 20[    ]-[    ] 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
20[    ]-[    ] Nominal Liquidation Amount shall be as of the last day of the preceding Collection Period. 
 “Series 20[    ]-[    ] Initial Invested Amount” means $[        ]. 

“Series 20[    ]-[    ] Initial Principal Amount” means
$[        ]. 
 “Series 20[    ]-[    ]
Invested Amount” means, as of any day during a Collection Period, an amount equal to the Series 20[    ]-[    ] Initial Invested Amount minus the reductions, and plus the reinstatements
and increases, if any, in the Series 20[    ]-[    ] Invested Amount as provided in Section 4.09. 

  
 12 

 “Series 20[    ]-[    ] Invested Amount
Deficit” means, as of any Payment Date, the amount, if any, by which (i) the Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Invested Amount on such date. 
 “Series 20[    ]-[    ] 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 20[    ]-[    ] Floating Allocation Percentage for such day and the Series 20[    ]-[    ]
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 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Investor Available Interest Amounts for such Collection Period (but in no event to exceed the product of (i) the Series 20[    ]-[    ] Series
Allocation Percentage, (ii) the Series 20[    ]-[    ] Floating Allocation Percentage and (iii) the amount of such collections of Interest Receivables), plus (g) all Advances made by the
Servicer pursuant to Section 4.03, minus (h) the amount, if any, which the Issuer instructed the Servicer pursuant to preceding clause (f) to include in Series 20[    ]-[    ] Investor
Available Interest Amounts with respect to the Collection Period immediately preceding such Collection Period; provided, however, that in calculating Series 20[    ]-[    ] Investor Available
Interest Amounts, amounts to be paid to the Servicer as reimbursement for Outstanding Advances pursuant to Sections 4.04(a)(i) and 4.01(a)(ii) on the related Payment Date shall be excluded. 

“Series 20[    ]-[    ] 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 20[    ]-[    ] Allocable Principal Collections on such day and
(i) during the Revolving Period, the Series 20[    ]-[    ] Floating Allocation Percentage for such day or (ii) after the Revolving Period, the Series
20[    ]-[    ] Fixed Allocation Percentage for such day, plus (b) the amount of Series 20[    ]-[    ] Investor Available Interest Amounts treated as Series
20[    ]-[    ] Investor Available Principal Amounts on the Payment Date following such Collection Period to cover Series 20[    ]-[    ] Investor Defaulted Amounts and
to reimburse the Series 20[    ]-[    ] Nominal Liquidation Amount Deficit, plus (c) the amount of Series 20[    ]-[    ] Investor Available Interest Amounts
treated as Series 20[    ]-[    ] Investor Available Principal Amounts on each Payment Date on and after the occurrence of an Event of Default and a declaration that all Series
20[    ]-[    ] Notes are immediately due and payable pursuant to Section 5.03(a) of the Indenture, minus (d) Reallocated Principal Collections for such Collection Period. 

  
 13 

 “Series 20[    ]-[    ] 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 20[    ]-[    ] Floating Allocation
Percentage on such day and the Series 20[    ]-[    ] Allocable Defaulted Amounts on such day. 
 “Series 20[    ]-[    ] Issuance Date” means
[                    ]. 

“Series 20[    ]-[    ] Nominal Liquidation Amount” means, for any day in a
Collection Period, the sum of (i) the Series 20[    ]-[    ] Invested Amount on such day and (ii) the Series 20[    ]-[    ] 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. 

“Series 20[    ]-[    ] Nominal Liquidation Amount Deficit” means as of any
Payment Date, the sum of (i) the Series 20[    ]-[    ] Invested Amount Deficit and (ii) the Series 20[    ]-[    ] Overcollateralization Amount Deficit.

 “Series 20[    ]-[    ] Noteholder” means the Person in whose name
a Series 20[    ]-[    ] Note is registered in the Note Register. 
 “Series
20[    ]-[    ] Noteholders’ Collateral” means the Noteholders’ Collateral for Series 20[    ]-[    ]. 

“Series 20[    ]-[    ] 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
20[    ]-[    ] Outstanding Principal Amount” means, with respect to any date, an amount equal to (a) the Series 20[    ]-[    ] Initial Principal Amount,
minus (b) the aggregate amount of any principal payments made to the Series 20[    ]-[    ] Noteholders before such date. 
 “Series 20[    ]-[    ] Overcollateralization Amount” means the sum of (i) the Primary Series
20[    ]-[    ] Overcollateralization Amount and (ii) the Incremental Overcollateralization Amount. 
 “Series 20[    ]-[    ] Overcollateralization Amount Deficit” means, as of any Payment Date, the amount, if any, by which (x) the aggregate
amount of reallocations and reductions of the Series 20[    ]-[    ] Overcollateralization Amount due to Investor Charge-Offs and Interest Shortfalls with respect to Series
20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization
Percentage” means [    ]%, provided, however, that (i) the Transferor may, in its sole discretion, increase this percentage, provided, however, that if the Transferor voluntarily increases the Series
20[    ]-[    ] Overcollateralization Percentage, then it may, in its sole discretion, upon ten days prior notice to the Indenture Trustee, subsequently decrease the Series
20[    ]-[    ] Overcollateralization Percentage to [    ]% or higher so long as the Rating Agency Condition shall have been satisfied with respect to the Series

  
 14 

 
20[    ]-[    ] Notes and any other outstanding and rated series or class of Notes, and (ii) this percentage will increase to
[        ]% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [        ]% and this percentage will further increase to
[        ]% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [        ]% 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 [        ]%,
but less than [        ]%, then the overcollateralization percentage shall decrease to [        ]%, 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 [        ]%, then the overcollateralization percentage shall
decrease to [        ]%. 
 “Servicing Fee Rate” means
[        ]% 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 [            ], 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
[            ], the sum of the Excess Principal Amounts for each of those Series. 
 “Specified Reserve Account Balance” means with respect to any Payment Date, an amount equal to the product of [        ]% and the Series
20[    ]-[    ] Initial Invested Amount as of the Series 20[    ]-[    ] Issuance Date. 
 [“Swap Counterparty” means [            ], as the Swap Counterparty under the Interest Rate Swap Agreement.] 

“Tax Retained Notes” if any, means any Retained Notes retained by the Issuer for federal income tax purposes or an
entity which for U.S. federal income tax purposes is considered the same Person as the Issuer, until such time as such Notes are the subject of an opinion pursuant to Section 2.03(b) of this Indenture Supplement. 

“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. 
 “Trust Termination Date” means the date on which the Issuer will terminate as specified in the Trust
Agreement. 
 “Underwriters” is defined in the Underwriting Agreement. 

  
 15 

 “Underwriting Agreement” means that certain underwriting agreement, dated
[                    ], among NMAC, the Transferor and the representative of the several Underwriters party thereto. 

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. 

(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
20[    ]-[    ] Note (or any interest therein), each purchaser and transferee shall be deemed to represent, warrant and covenant that either (a) it is not acquiring the Series
20[    ]-[    ] Note (or any interest therein) with the assets of (1) an 

  
 16 

 
“employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (2) a “plan,” as defined in and subject to Section 4975 of
the Code, (3) an entity deemed to hold the “plan assets” of any of the foregoing by reason of investment by an employee benefit plan or plan in such entity, or (4) any governmental, non-U.S. or church plan that is subject to a
law that is similar to Section 406 of ERISA or Section 4975 of the Code; or (b) the acquisition, holding and disposition of the Series 20[    ]-[    ] Notes (or any interest therein) will not
give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any other law that is similar to Section 406 of ERISA or Section 4975 of the Code. 

(b) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified in the definition of Tax Retained Notes)
unless a written opinion of counsel, is delivered to the Indenture Trustee to the effect that, for federal income tax purposes, 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. 
 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 20[    ]-[    ]
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 20[    ]-[    ] Notes; or 

(iii) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners of at least a majority of the
Series 20[    ]-[    ] Outstanding Principal Amount of the Series 20[    ]-[    ] 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 20[    ]-[    ] Notes; 
 then, the Indenture Trustee will, through the appropriate
Clearing Agency or Foreign Clearing Agency, notify all Beneficial Owners of the Series 20[    ]-[    ] Notes of the occurrence of such event and of the availability of Definitive Notes to Beneficial Owners of
the Series 20[    ]-[    ] Notes. Upon surrender to the Indenture Trustee of the certificates representing the Series 20[    ]-[    ] Notes, accompanied by registration
instructions from the applicable Clearing Agency, the 

  
 17 

 
Issuer will execute and the Indenture Trustee will authenticate Definitive Notes for Series 20[    ]-[    ] 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 20[    ]-[    ] , 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 20[    ]-[    ] as Noteholders of such Series under the Indenture. Definitive Notes will be transferable and exchangeable at the offices of the Transfer Agent and Registrar. 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 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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). 
 ARTICLE IV 

RIGHTS OF SERIES 20[    ]-[    ] NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 
 Section 4.01. Collections and Allocations. 
 (a) Allocations.
Interest Collections, Principal Collections and Defaulted Receivables allocated to Series 20[    ]-[    ] pursuant to Article VIII of the Indenture and Section 4.01(b) shall be allocated between the
Series 20[    ]-[    ] 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 20[    ]-[    ] Allocation Percentage for 

  
 18 

 
such day and (ii) allocate Interest Collections, Principal Collections and Defaulted Receivables to Series 20[    ]-[    ] based on the Series
20[    ]-[    ] 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
20[    ]-[    ] Noteholders. The Servicer shall, prior to the close of business on each day during a Collection Period, allocate to the Series 20[    ]-[    ]
Noteholders the following amounts as set forth below: 
 (i) Allocations of Interest Collections. The
Servicer shall allocate to the Series 20[    ]-[    ] Noteholders and deposit in the Collection Account for application as provided herein, an amount equal to the product of (A) the Series
20[    ]-[    ] Floating Allocation Percentage for such day and (B) the Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Noteholders and deposit into the Collection Account for application as provided herein, an amount equal to the product of (I) the Series
20[    ]-[    ] Floating Allocation Percentage for such day and (II) the Series 20[    ]-[    ] 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. 
 (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
20[    ]-[    ] Noteholders and deposit in the Collection Account for application as provided herein, an amount equal to the product of (I) the Series
20[    ]-[    ] Fixed Allocation Percentage for such day and (II) the Series 20[    ]-[    ] 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 

  
 19 

 
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
20[    ]-[    ] Noteholders the product of (A) the Series 20[    ]-[    ] Floating Allocation Percentage for such day and (B) the Series
20[    ]-[    ] 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 20[    ]-[    ] Allocable Interest Collections not allocated to the Series 20[    ]-[    ]
Noteholders pursuant to Section 4.01(c)(i) above; 
 (ii) the portion of the Series
20[    ]-[    ] Allocable Principal Collections not allocated to the Series 20[    ]-[    ] Noteholders pursuant to Section 4.01(c)(ii) above; and 

(iii) the portion of the Series 20[    ]-[    ] Allocable Defaulted Amounts not
allocated to the Series 20[    ]-[    ] 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
20[    ]-[    ] Allocable Interest Collections if and to the extent that the Adjusted Pool Balance does not equal or exceed the Required Participation Amount as of such day; and provided further
that the Servicer will not distribute to the holders of the Transferor Interest their allocation of Series 20[    ]-[    ] 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 the provisos 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
20[    ]-[    ] Allocable Interest Collections or Series 20[    ]-[    ] Allocable Principal Collections or depositing any portion of their allocation of Series
20[    ]-[    ] Allocable Interest Collections or Series 20[    ]-[    ] Principal Collections into the Excess Funding Account, (i) 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 (x) amounts on deposit in the Accumulation
Account and the Reserve Account and (y) the Series 20[    ]-[    ] Allocation 

  
 20 

 
Percentage of amounts (if any) on deposit in the Excess Funding Account and the Collection Account, and treat such amounts as Series 20[    ]-[    ]
Investor Available Interest Amounts and (ii) after giving full effect to preceding clause (i), with respect to the 2008-1 Warehouse Series Notes, on any day on which the Maximum Facility Amount exceeds the Warehouse Series Outstanding Principal
Amount on such day (as each such term is defined in the 2008-1 Warehouse Series Indenture Supplement), the Servicer shall deduct from any such amounts then remaining, an amount equal to the product of (A) the Daily Unused Facility Fee (as
defined in the 2008-1 Warehouse Series Indenture Supplement) for such day and (B) the Warehouse Series Allocation Percentage (as defined in the 2008-1 Warehouse Series Indenture Supplement) for such day (not to exceed the remaining amount which
would otherwise be distributed to the holders of the Transferor Interest on such day), and include such amounts in the Warehouse Series Investor Available Interest Amounts (as defined in the 2008-1 Warehouse Series Indenture Supplement) to be
distributed on the immediately succeeding Payment Date (as defined in the 2008-1 Warehouse Series Indenture Supplement) pursuant to Section 4.04(a)(iii) of the 2008-1 Warehouse Series Indenture Supplement, but only to the extent necessary to
cover any shortfall (determined without giving effect to any Shared Excess Interest Amounts for such Payment Date available from other outstanding Series in Excess Interest Sharing Group One) with respect to the Unused Facility Fee (as defined in
the 2008-1 Warehouse Series Indenture Supplement) for such Payment Date. 
 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 20[    ]-[    ] 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][30 days] in the
related Interest Period and the denominator of which is [360][365], (ii) the Note Interest Rate with respect to the related Interest Period and (iii) the Series 20[    ]-[    ] 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
20[    ]-[    ] Issuance Date, the Series 20[    ]-[    ] 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 such 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) a fraction, the numerator of which is the [actual number of days][30 days] in
the related Interest Period and the denominator of which is [360][365], times (B) the Note Interest Rate with respect to the related Interest Period and (ii) such Interest Deficiency (or the portion thereof which has not been paid to the
Series 20[    ]-[    ] Noteholders) will be payable as provided herein with respect to the Series 20[    ]-[    ] Notes. Notwithstanding anything to the contrary herein,
the Additional Interest will be payable or distributed to the Series 20[    ]-[    ] Noteholders only to the extent permitted by applicable law. 

  
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 Section 4.03. Advances. 

(a) The Servicer shall have the right but not the obligation to make a payment (each, an “Advance”) with respect to each
Receivable (other than a Receivable arising in connection with a Redesignated Account on or after the Redesignation Date or a Receivable reassigned to or repurchased (or, at its option, the Account related to such Receivable redesignated and all
Receivables under such Account reassigned to or repurchased) by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement) in an amount equal to the lesser of (a) any
shortfall in the amounts available to make the payments pursuant to Section 4.04(a)(iii) and (iv) (excluding any Reallocated Principal Collections applied by the Indenture Trustee as Series
20[    ]-[    ] Investor Available Interest Amounts for the related Payment Date pursuant to Section 4.04(a)(iv)), and (b) the product of (1) the Series
20[    ]-[    ] Floating Allocation Percentage and (2) the excess, if any, of (x) interest owed by such Dealer during the related Collection Period, over (y) the interest actually received by
the Servicer with respect to such Receivable from the Dealer or from payments made by the Servicer pursuant to Section 2.03(c), 2.04(c) or 3.03(c) of the Transfer and Servicing Agreement, as the case may be, during such Collection Period.

 (b) The Servicer shall not make an Advance in respect of a Receivable to the extent that the Servicer, in its sole
discretion, shall determine that the Advance constitutes a Nonrecoverable Advance. The Servicer also shall not make Advances on any Receivables arising from an Account if a previous Advance on any Receivable arising from such Account shall have
become a Nonrecoverable Advance. With respect to each Receivable, the Advance shall increase the Outstanding Advances. No Advances will be made with respect to the principal balance of the Receivables. The Servicer shall deposit all such Advances
into the Collection Account in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day immediately preceding the related Payment Date. 
 (c) The Servicer shall be entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from the following sources with respect to such Receivable pursuant to
Section 4.04(a)(i): (i) subsequent payments made by or on behalf of the related Dealer (ii) all amounts received, including any insurance proceeds, by the Transferor or the Servicer (including all recoveries), and (iii) payments
made by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement. 
 (d) To the extent that the Servicer has determined that any Outstanding Advance is a Nonrecoverable Advance, the Servicer may provide to the Owner Trustee and the Indenture Trustee an officer’s
certificate setting forth the amount of such Nonrecoverable Advance, and on the related Payment Date, the Indenture Trustee shall remit to the Servicer from funds on deposit in the Collection Account an amount equal to the amount of such
Nonrecoverable Advance pursuant to Section 4.04(a)(ii). 
 (e) Notwithstanding anything to the contrary in this Indenture
Supplement, for so long as NMAC is the Servicer, in lieu of causing the Servicer first to deposit and then the Indenture Trustee to remit to the Servicer the amounts described in clauses (i) through (iii) in Section 4.03(c)
reimbursable in respect on Outstanding Advances, or the amounts described in Section 4.03(d) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such amounts from deposits otherwise to be made into the Collection Account.

  
 22 

 (f) If the Servicer shall determine not to make an Advance related to delinquency or
non-payment of any Receivable pursuant to this Section 4.03 because it determines that such Advance would not be recoverable from subsequent collections on such Receivable, such Receivable shall be designated by the Servicer to be a Defaulted
Receivable, provided that such Receivable otherwise meets the definition of a Defaulted Receivable. 
 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 20[    ]-[    ]
Investor Available Interest Amounts 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) [to the [Cap Provider][Swap Counterparty], any net amounts due under the Interest Rate
[Cap][Swap] Agreement, (ii)] to the Servicer, from amounts on deposit in the Collection Account, any payments in respect of Advances required to be reimbursed and to the extent set forth in Section 4.03(c); 

(ii) to the Servicer, from amounts on deposit in the Collection Account, any payments in respect of Nonrecoverable
Advances required to be reimbursed and to the extent set forth in Section 4.03(d); 
 (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 20[    ]-[    ] 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 20[    ]-[    ] Noteholders on a prior Payment Date, will be distributed to the Paying Agent for payment to the Series
20[    ]-[    ] Noteholders on such Payment Date; 
 (v) an amount equal
to the sum of (y) the aggregate Series 20[    ]-[    ] Investor Defaulted Amounts for the related Collection Period and (z) the Series 20[    ]-[    ] Nominal
Liquidation Amount Deficit, if any, will be applied as Series 20[    ]-[    ] Investor Available Principal Amounts for such Payment Date to reinstate the Series
20[    ]-[    ] 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, 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 20[    ]-[    ] Notes are immediately due and 

  
 23 

 
payable pursuant to Section 5.03(a) of the Indenture, remaining Series 20[    ]-[    ] Investor Available Interest Amounts for such Payment Date will
be treated as Series 20[    ]-[    ] 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; 

(ix) an amount equal to the Interest Shortfalls for other outstanding Series in Excess Interest Sharing Group
[            ] will be treated as Shared Excess Interest Amounts available from Series 20[    ]-[    ] and applied to cover the Interest Shortfalls
for other outstanding Series in Excess Interest Sharing Group [            ] in accordance with Section 8.05(a) of the Indenture; 

(x) to the Indenture Trustee [and the Owner Trustee, pro rata], any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Indenture [and the Trust Agreement, as applicable,] but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; and 

(xi) all remaining Series 20[    ]-[    ] 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 insufficiency. 

(b) If Series 20[    ]-[    ] Investor Available Interest Amounts for any Payment Date
(excluding Reallocated Principal Collections for such Payment Date) are insufficient to make all distributions and deposits required under clauses (i) through (vii) 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 20[    ]-[    ]: (i) from Shared Excess Interest Amounts for such Payment Date available
from other outstanding Series in Excess Interest Sharing Group [            ] 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 20[    ]-[    ] Overcollateralization Amount. 

  
 24 

 (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 20[    ]-[    ] Investor Available Principal Amounts on deposit in the Collection Account with respect to such
Payment Date, to make the following distributions or deposits in the following priority: 
 (i) such Series
20[    ]-[    ] 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
20[    ]-[    ] 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
20[    ]-[    ] Noteholders on such Payment Date; 
 (ii) the balance of
such Series 20[    ]-[    ] Investor Available Principal Amounts not applied pursuant to clause (i) above, will be treated as Shared Excess Principal Amounts available from Series
20[    ]-[    ] and applied to cover the Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [            ] in
accordance with Section 8.05(b) of the Indenture; 
 (iii) the balance of such Series
20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Investor Available Principal Amounts 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) an amount equal to the lesser of
(x) the Controlled Deposit Amount for such Payment Date and (y) the Series 20[    ]-[    ] Invested Amount for such Payment Date shall be deposited into the Accumulation Account; 

  
 25 

 (ii) the balance of such Series
20[    ]-[    ] Investor Available Principal Amounts not applied pursuant to preceding clause (i) will be treated as Shared Excess Principal Amounts available from Series
20[    ]-[    ] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group [            ] in accordance
with Section 8.05(b) of the Indenture; 
 (iii) the balance of such Series
20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Investor Available Principal Amounts on deposit in the Collection Account with respect 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 20[    ]-[    ] 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 20[    ]-[    ] Noteholders on such Payment Date and on each subsequent Payment Date until the
Series 20[    ]-[    ] 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 20[    ]-[    ] Investor Available Principal
Amounts will be treated as Shared Excess Principal Amounts available from Series 20[    ]-[    ] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group
[            ] in accordance with Section 8.05(b) of the Indenture; and 
 (iii) the balance of the Series 20[    ]-[    ] Investor Available Principal Amounts not applied pursuant to clauses (i) or (ii) above will be distributed
to the 

  
 26 

 
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. 

(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 20[    ]-[    ] Expected Final Payment Date, the Servicer shall, or shall cause the Indenture Trustee, by written notice to the Indenture Trustee, to withdraw from the Accumulation Account
all amounts then on deposit in the Accumulation Account and (i) distribute to the Paying Agent for payment to the Series 20[    ]-[    ] Noteholders on such Payment Date the amount necessary to pay the
Series 20[    ]-[    ] Invested Amount (determined without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) in full and (ii) 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 20[    ]-[    ] to be applied to cover Principal Shortfalls for other
outstanding Series in Excess Principal Sharing Group [            ] 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 20[    ]-[    ] 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 [            ] will be so deposited or distributed to cover the Principal Shortfall with respect to Series
20[    ]-[    ] as provided in Section 4.08. 
 (h) If Series
20[    ]-[    ] 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 [            ] 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 20[    ]-[    ] Noteholders, as applicable, the lesser of (i) the product of the Series 20[    ]-[    ]
Allocation Percentage and the amount on deposit in the Excess Funding Account and (ii) the amount of such insufficiency. 

  
 27 

 Section 4.05. Investor Charge-Offs. 

On the Determination Date immediately preceding each Payment Date, the Servicer will calculate the aggregate Series
20[    ]-[    ] Investor Defaulted Amounts, if any, for the related Collection Period. If, on any Determination Date, the aggregate Series 20[    ]-[    ] Investor
Defaulted Amounts for the preceding Collection Period exceed the sum of: 
 (i) the Series
20[    ]-[    ] Investor Available Interest Amounts for the related Payment Date applied to fund such Series 20[    ]-[    ] Investor Defaulted Amounts pursuant to
clause (vi) of Section 4.04(a); and 
 (ii) the Shared Excess Interest Amounts available from other
outstanding Series in Excess Interest Sharing Group [            ] applied to fund such Series 20[    ]-[    ] Investor Defaulted Amounts pursuant to
clause (vi) 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 20[    ]-[    ] Investor Defaulted
Amounts pursuant to clause (vi) 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 20[    ]-[    ] Overcollateralization Amount is greater than
zero, the Series 20[    ]-[    ] Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 20[    ]-[    ]
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 20[    ]-[    ] 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 from the Series 20[    ]-[    ] Investor Available Principal Amounts for such Collection Period
and, to the extent still necessary to pay such insufficiency, from amounts that would constitute Series 20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization Amount. If, on any Payment Date, Reallocated Principal Collections for such Payment Date are so
applied, then, if the Series 20[    ]-[    ] Overcollateralization Amount is greater than zero (after giving effect to any reductions thereof pursuant to Section 4.05), the Series
20[    ]-[    ] Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 20[    ]-[    ] 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 [            ] for any Payment Date will be 

  
 28 

 
allocated to Series 20[    ]-[    ] in an amount equal to the product of (i) the aggregate amount of Shared Excess Interest Amounts with respect to
all other Series in Excess Interest Sharing Group [            ] for such Payment Date and (ii) a fraction, the numerator of which is the Interest Shortfall with respect to Series
20[    ]-[    ] for such Payment Date and the denominator of which is the aggregate amount of Interest Shortfalls with respect to all Series in Excess Interest Sharing Group
[            ] 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 Series in Excess Principal Sharing Group [            ] for any Payment Date will be allocated to Series 20[    ]-[    ] 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 [            ] for such
Payment Date and (ii) a fraction, the numerator of which is the Principal Shortfall with respect to Series 20[    ]-[    ] for such Payment Date and the denominator of which is the aggregate amount of
Principal Shortfalls with respect to all Series in Excess Principal Sharing Group [            ] 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 20[    ]-[    ] 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 20[    ]-[    ] Invested Amount. 
 (b) The Series
20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization Amount) used on such Payment Date to pay interest on the Series 20[    ]-[    ] 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 20[    ]-[    ]
Nominal Liquidation Amount due to (A) clause (i) or (ii) above will be allocated, first, to reduce the Series 20[    ]-[    ] Overcollateralization Amount by the amount of such reduction until
the Series 20[    ]-[    ] Overcollateralization Amount is reduced to zero and (B) clause (ii) above will be allocated, second, to reduce the Series
20[    ]-[    ] Invested Amount by any remaining amount of such reduction until the Series 20[    ]-[    ] Invested Amount is reduced to zero. In addition, the Series
20[    ]-[    ] Invested Amount will be reduced by amounts deposited into the Accumulation Account and payments of principal of the Series 20[    ]-[    ] Notes. Each
reduction of the Series 20[    ]-[    ] Overcollateralization Amount will be applied, first, to reduce the Primary Series 20[    ]-[    ] Overcollateralization Amount
and, second, to reduce the Incremental Overcollateralization Amount. 

  
 29 

 (c) The Series 20[    ]-[    ] Nominal Liquidation
Amount will be reinstated on any Payment Date by the sum of (i) the amount of Series 20[    ]-[    ] Investor Available Interest Amounts that are applied on such Payment Date for such purpose pursuant to
Section 4.04(a)(vi), (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 20[    ]-[    ] Invested Amount has been
reduced and not fully reinstated, to the Series 20[    ]-[    ] Invested Amount until it equals the Series 20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization Amount
until it has been fully reinstated. 
 (d) The Primary Series 20[    ]-[    ]
Overcollateralization Amount and the Series 20[    ]-[    ] Invested Amount will be increased on any date on which the Issuer issues additional Series 20[    ]-[    ]
Notes in accordance with Section 8.03(b). The amount of any such increase in the Primary Series 20[    ]-[    ] Overcollateralization Amount and the Series
20[    ]-[    ] Invested Amount will be in proportion to the increase in the aggregate Series 20[    ]-[    ] Outstanding Principal Amount resulting from the issuance of
such additional Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] 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 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, 

  
 30 

 
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 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
20[    ]-[    ] 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 20[    ]-[    ] 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 [            ]; provided, however, that if the Accumulation Period Length (as described below) is
determined to be less than [            ] 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 20[    ]-[    ] Expected Final Payment Date occurs which is at least equal to the

  
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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
[            ] and, thereafter, on or prior to the first Business Day of each Collection Period prior to the Collection 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 [            ]; (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 20[    ]-[    ] 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
20[    ]-[    ] 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
20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Issuance Date in the amount of the Reserve Account Initial Deposit. 

(d) On each Payment Date, to the extent that Series 20[    ]-[    ] 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 (vi) 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 20[    ]-[    ], 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 20[    ]-[    ] Notes are not paid in full on the earlier of (x) the Series 20[    ]-[    ]
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 20[    ]-[    ] 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(a), will be applied pursuant to Section 4.04(e) on such date.
Upon the payment in full of the Series 20[    ]-[    ] 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 20[    ]-[    ] and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group
[            ] in accordance with Section 8.05(b) of the Indenture. Upon the payment in full of the Series 20[    ]-[    ] 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 

  
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[            ], 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. 

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, 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 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 facsimile transmission, notification of LIBOR for the following Interest Period. 
 ARTICLE V

 DELIVERY OF SERIES 20[    ]-[    ] NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 20[    ]-[    ] NOTEHOLDERS 

Section 5.01. Delivery and Payment for Series 20[    ]-[    ] Notes. 

The Indenture Trustee will execute the Series 20[    ]-[    ] Notes in accordance with
Section 2.03 of the Indenture. The Indenture Trustee will deliver the Series 20[    ]-[    ] 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 20[    ]-[    ] Noteholder of record on the related Record Date (other than as provided in
Section 11.02 of the Indenture) such Series 20[    ]-[    ] 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
on the Series 20[    ]-[    ] Notes pursuant to this Indenture Supplement. 
 (b) On
each Payment Date, the Paying Agent will distribute to each Series 20[    ]-[    ] Noteholder of record on the related Record Date (other than as provided in Section 11.02 of the Indenture) such Series
20[    ]-[    ] Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay principal on the Series
20[    ]-[    ] 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
20[    ]-[    ] Noteholders hereunder will be made (i) by wire transfer of immediately available funds to an account designated by the Series 20[    ]-[    ]
Noteholders and (ii) without presentation or surrender of any Series 20[    ]-[    ] Notes or the making of any notation thereon. 
 Section 5.03. Reports and Statements to Series 20[    ]-[    ] 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 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. 

  
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 (b) On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, will
deliver to each Series 20[    ]-[    ] 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 [            ], 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 20[    ]-[    ] Noteholder, a statement prepared by the Servicer
containing the information that is required to be contained in the statement to Series 20[    ]-[    ] 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 20[    ]-[    ] Noteholder with free and open access (if required) to such statement. 
 (d) With respect to the Series 20[    ]-[    ] 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 20[    ]-[    ]
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”) pursuant to the terms of the Memorandum of Understanding with the Indenture Trustee, dated as of January 31, 2012, 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, and (ii) 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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 ARTICLE VI 
 SERIES 20[    ]-[    ] EARLY AMORTIZATION EVENTS 
 Section 6.01. Series 20[__]-[_] Early Amortization Events. 
 If any
one of the Early Amortization Events specified in the Indenture or any one of the following events occurs with respect to the Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Note and as a result the interests of the Series 20[    ]-[    ] Noteholders are materially and adversely affected;
provided, however, that an 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; 

  
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 (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 20[    ]-[    ] Overcollateralization Amount is reduced to an amount less than the product of (i) the applicable Series
20[    ]-[    ] Overcollateralization Percentage and (ii) the Series 20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization Amount resulting from reallocations of the Series
20[    ]-[    ] Investor Available Principal Amounts to pay interest on the Series 20[    ]-[    ] 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 20[    ]-[    ] Overcollateralization Percentage is increased because
the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [        ]% or the Series 20[    ]-[    ] Overcollateralization
Percentage is further increased because the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [        ]%, then that reduction shall be an Early Amortization Event if
the Series 20[    ]-[    ] Overcollateralization Amount remains less than the Required Series 20[    ]-[    ] Overcollateralization Amount for five or more days after
the Payment Date on which the Series 20[    ]-[    ] 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 [        ]% 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;

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

(ix) the Series 20[    ]-[    ] Outstanding Principal Amount is not repaid in
full on the Series 20[    ]-[    ] Expected Final Payment Date; 

  
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 (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 20[    ]-[    ] Notes and the declaration that the Series 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Noteholders holding Series 20[    ]-[    ] Notes evidencing more than [50]% of the Series 20[    ]-[    ]
Outstanding Principal Amount by written notice to the Transferor, NMAC, the Servicer and the Indenture Trustee (if given by Series 20[    ]-[    ] Noteholders), declare that an Early Amortization Event has
occurred as of the date of that notice. In the case of any Early Amortization Event described in the Indenture or any event described in clause (iii), (iv), (v) or clauses (vii) through (ix) above, an Early Amortization Event with
respect to Series 20[    ]-[    ] will be deemed to have occurred without any notice or other action on the part of the Indenture Trustee or the Series 20[    ]-[    ]
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 20[    ]-[    ] Noteholders holding Series
20[    ]-[    ] Notes evidencing more than [50]% of the Series 20[    ]-[    ] 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
20[    ]-[    ] NOTES; 
 SERIES FINAL MATURITY; FINAL DISTRIBUTIONS 

Section 7.01. Redemption of Series 20[    ]-[    ] Notes. 

(a) On any day occurring on or after the date on which the Series 20[    ]-[    ] Outstanding
Principal Amount is reduced to [10% or less] [$[        ] or less] of the Series 20[    ]-[    ] Initial Principal Amount, the Issuer will have the option to redeem the
Series 20[    ]-[    ] 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. 
 (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 20[    ]-[    ] Notes. Not later than 12:00 noon, New York City time, on
the date on which 

  
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the Issuer is to redeem the Series 20[    ]-[    ] 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 20[    ]-[    ] Invested Amount will be reduced to zero and the Series
20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Outstanding Principal Amount on such Payment Date will be distributed to the Paying Agent for payment to the Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Noteholders on any prior Payment Date
will be distributed to the Paying Agent for payment to the Series 20[    ]-[    ] 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 20[    ]-[    ] Noteholders will be deemed distributed in full to the Series 20[    ]-[    ] 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. 
 Section 7.03. No Defeasance. 
 The Issuer shall not have the option to
be discharged from its obligations with respect of the Series 20[    ]-[    ] Notes as described in Section 11.04 of the Indenture. 

  
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 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 20[    ]-[    ] Notes. 

(a) The Series 20[    ]-[    ] 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
20[    ]-[    ] 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 20[    ]-[    ] 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. 
 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, 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 20[    ]-[    ] Notes; or 

  
 41 

 (ii) in the case of any amendment that does not adversely affect the
Indenture Trustee or any Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] Notes or distributions that are required to be made for the benefit of those Series 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] Notes or Certificates. 
 An amendment referred to above will be deemed
not to “adversely affect” a Series 20[    ]-[    ] 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. 

(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 

  
 42 

 
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. 
 (e) If, at any time and from time
to time when the Series 20[    ]-[    ] Notes are outstanding, the Issuer determines that an amendment to this Indenture Supplement is desirable for the Issuer to issue additional Series
20[    ]-[    ] Notes, then the Issuer and the Indenture Trustee may enter into such amendment without obtaining the consent of the Series 20[    ]-[    ] 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 20[    ]-[    ] Invested Amount of the Series 20[    ]-[    ] Notes and all amounts relating to the Series 20[    ]-[    ]
Overcollateralization Amount shall be adjusted proportionately. 
 (f) If, at any time when the Series
20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] 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. 

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. 
 [Signature Page to Follow] 

  
 43 

 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:	 	  

		 		 	Name:
		 		 	Title:
	
	[U.S. BANK NATIONAL ASSOCIATION], not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Agreed and accepted as of                 ,
[        ]
	
	NISSAN MOTOR ACCEPTANCE CORPORATION, as Servicer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 SOLELY WITH RESPECT TO SECTION 5.03(d):
 WILMINGTON TRUST COMPANY,
 not in its individual capacity but solely as Owner
Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 S-1

 EXHIBIT A 
 FORM OF 
 SERIES 20[    ]-[    ] NOTE

 UNLESS THIS SERIES 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES
20[    ]-[    ] NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS SERIES 20[    ]-[    ] NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS SERIES 20[    ]-[    ] NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES
20[    ]-[    ] NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS SERIES 20[    ]-[    ] 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 20[    ]-[    ] NOTE, BY ACCEPTANCE OF THIS SERIES 20[    ]-[    ] NOTE, AND EACH HOLDER OF A
BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE SERIES 20[    ]-[    ] 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. 
 THE HOLDER OF THIS SERIES 20[    ]-[    ] NOTE (OR ANY
INTEREST THEREIN) SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN 

 
AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY DEEMED TO HOLD THE “PLAN ASSETS” OF ANY OF THE FOREGOING BY
REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR (D) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE; OR (II) THE ACQUISITION,
HOLDING AND DISPOSITION OF THE SERIES 20[    ]-[    ] NOTE (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE, OR ANY OTHER
LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

			
	  Registered	  	$        
		
	No. R-    	  	

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 20[    ]-[    ] 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
20[    ]-[    ] 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
20[    ]-[    ] Note at the Note Interest Rate on each Payment Date until the principal amount of this Series 20[    ]-[    ] Note is paid in full. Interest on this
Series 20[    ]-[    ] 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 20[    ]-[    ] Issuance Date to but excluding such Payment Date. Interest will be computed as provided in the Indenture Supplement. Principal of this Series
20[    ]-[    ] Note will be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Series 20[    ]-[    ] 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 20[    ]-[    ]
Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Series 20[    ]-[    ] Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this
Series 20[    ]-[    ] 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. 

 IN WITNESS WHEREOF, the Issuer has caused this Series
20[    ]-[    ] 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:             , 20[    ]

 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:	 	

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 20[    ]-[    ] NOTE 

Summary of Terms and Conditions 
 This Series 20[    ]-[    ] Note is one of a duly authorized issue of Notes of the Issuer, designated as the Nissan Master Owner Trust Receivables, Series
20[    ]-[    ] Note (the “Series 20[    ]-[    ] 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 20[    ]-[    ] Indenture
Supplement, dated as of [                    ], (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
20[    ]-[    ] Notes are subject to all of the terms of the Indenture and the Indenture Supplement. All terms used in this Series 20[    ]-[    ] 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 20[    ]-[    ] Note, the Annex of Definitions or the Indenture Supplement, as applicable, controls. 

The Series 20[    ]-[    ] Noteholder, by its acceptance of this Series
20[    ]-[    ] Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Series 20[    ]-[    ] Note for payment hereunder
and that the Indenture Trustee is not liable to the Series 20[    ]-[    ] Noteholders for any amount payable under this Series 20[    ]-[    ] Note or the Indenture or,
except as expressly provided in the Indenture, subject to any liability under the Indenture. 
 This Series
20[    ] -[    ] 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
20[    ]-[    ] Initial Principal Amount is $[        ]. The Series 20[    ]-[    ] Outstanding Principal Amount on any date of
determination will be an amount equal to (a) the Series 20[    ]-[    ] Initial Principal Amount, minus (b) the aggregate amount of principal payments made to the Series
20[    ]-[    ] Noteholders on or before such date. Payments of principal of the Series 20[    ]-[    ] 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 20[    ]-[    ] Notes are included in Excess Interest Sharing Group
[            ] and Excess Principal Sharing Group [            ]. 

On each Payment Date, the Paying Agent will distribute to each Series 20[    ]-[    ] Noteholder
of record on the related Record Date (except for the final distribution in respect of 

 
this Series 20[    ]-[    ] Note) such Series 20[    ]-[    ] 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 20[    ]-[    ] Notes pursuant to the Indenture Supplement. Except as provided in the
Indenture with respect to a final distribution, distributions to the Series 20[    ]-[    ] Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this Series
20[    ]-[    ] Note, in United States dollars and in immediately available funds and (ii) without presentation or surrender of any Series 20[    ]-[    ] Note or
the making of any notation thereon. Final payment of this Series 20[    ]-[    ] Note will be made only upon presentation and surrender of this Series 20[    ]-[    ]
Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Series 20[    ]-[    ] Noteholders in accordance with the Indenture. 

On any day occurring on or after the date on which the Series 20[    ]-[    ] Outstanding
Principal Amount is reduced to [10% or less] [$[        ] or less] of the Series 20[    ]-[    ] Initial Principal Amount, the Issuer will have the option to redeem the
Series 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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 20[    ]-[    ] 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
20[    ]-[    ] 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:                     
             1 
 Signature Guaranteed: 

 
  

	1	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 B 
 FORM OF MONTHLY SERVICER’S STATEMENT 

  
 B-1

 EXHIBIT C 
 FORM OF AUTHORIZED OFFICER CERTIFICATE 
 [Name of Servicer] 

NISSAN MASTER OWNER TRUST RECEIVABLES, 
 SERIES 20[    ]-[    ] 
 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 [                    ] (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. 

  
 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:	 	

  
 C-2

 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. 

“Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided 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. 

  
 -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. 

  
 -2-

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