Document:

Incremental Assumption Agreement

 Exhibit 10.1 
 INCREMENTAL ASSUMPTION AGREEMENT 
 dated as of November 10, 2011, 

among 
 CBRE
SERVICES, INC., 
 CBRE GROUP, INC., 
 CERTAIN SUBSIDIARIES OF 
 CBRE SERVICES, INC., 

THE INCREMENTAL TRANCHE A-1 TERM LENDERS NAMED HEREIN 
 and 
 THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT 

 
  

HSBC BANK USA, NATIONAL ASSOCIATION 
 and 
 J.P. MORGAN SECURITIES LLC, 

as Joint Lead Arrangers, Joint Bookrunners and Syndication Agents 
 BARCLAYS CAPITAL 
 and 

THE BANK OF NOVA SCOTIA, 
 as Co-Syndication Agents 
 THE ROYAL BANK OF SCOTLAND PLC 

and 
 BANK OF
AMERICA, N.A., 
 as Co-Documentation Agents 
 CREDIT SUISSE AG, 
 as Administrative Agent and Collateral Agent 

  
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 INCREMENTAL ASSUMPTION AGREEMENT dated as of
November 10, 2011 (this “Agreement”), among CBRE SERVICES, INC. (formerly known as CB Richard Ellis Services, Inc.), a Delaware corporation (the “U.S. Borrower”), CB RICHARD ELLIS LIMITED, a
limited company organized under the laws of England and Wales (with company no: 3536032) (the “U.K. Borrower”), CBRE LIMITED (formerly known as CB Richard Ellis Limited/CB Richard Ellis Limitée), a corporation
organized under the laws of the province of New Brunswick (the “Canadian Borrower”), CBRE PTY LIMITED (formerly known as CB Richard Ellis Pty Ltd), a company organized under the laws of Australia and registered in New South
Wales (the “Australian Borrower”), CBRE LIMITED (formerly known as CB Richard Ellis Limited), a company organized under the laws of New Zealand (the “New Zealand Borrower” and, together with the U.S.
Borrower, the U.K. Borrower, the Canadian Borrower, the Australian Borrower and the New Zealand Borrower, the “Borrowers”), CBRE GROUP, INC. (formerly known as CB Richard Ellis Group, Inc.), a Delaware corporation
(“Holdings”), the INCREMENTAL TRANCHE A-1 TERM LENDERS party hereto and CREDIT SUISSE AG, as Administrative Agent. 
 A.        Reference is made to the Credit Agreement dated as of November 10, 2010, as amended by Amendment No. 1 dated as of March 4, 2011 (as
further amended, supplemented or modified prior to the date hereof, the “Credit Agreement”), among the Borrowers, Holdings, the Lenders (as defined in Article I of the Credit Agreement) and Credit Suisse AG, as administrative
agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. 

B.        Pursuant to Section 2.26 of the Credit Agreement, Holdings, the
U.S. Borrower and the U.K. Borrower have requested that the persons set forth on Schedule II hereto (together with their permitted successors and assigns, the “Incremental Tranche A-1 Term Lenders”) commit to make Incremental
Term Loans (the “Incremental Tranche A-1 Term Loans”) to the U.K. Borrower on the Effective Date (as defined below), in an aggregate principal amount of up to £187,000,000. 

C.        The Incremental Tranche A-1 Term Lenders are willing to make the
Incremental Tranche A-1 Term Loans to the U.K. Borrower on the Effective Date and on the terms and subject to the conditions set forth herein and in the Credit Agreement. 

Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1.
Terms Generally. (a) The rules of construction set forth in Section 1.02 of the Credit Agreement shall apply mutatis mutandis to this Agreement. This Agreement shall be a “Loan Document” for all purposes of
the Credit Agreement and the other Loan Documents and, to the extent it relates to the making of Incremental Tranche A-1 Term Loans, an “Incremental Assumption Agreement” for all purposes of the Credit Agreement and the other Loan
Documents. Capitalized terms used but not defined herein have the meanings assigned thereto in the Credit Agreement. 

  
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 (b) As used in this Agreement, the term “Incremental Tranche A-1
Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Incremental Tranche A-1 Term Loans hereunder as set forth on Schedule II, or in the Assignment and Acceptance pursuant to which such Lender
assumed its Incremental Tranche A-1 Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 of the Credit Agreement, (b) increased from time to time pursuant to Section 2.26 of the
Credit Agreement and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 of the Credit Agreement. 

SECTION 2. Incremental Tranche A-1 Term Loans. (a) On the terms and subject to the conditions set
forth herein and in the Credit Agreement and in reliance upon the representations and warranties set forth herein and in the other Loan Documents, each Incremental Tranche A-1 Term Lender agrees, severally and not jointly, to make, on the Effective
Date, an Incremental Tranche A-1 Term Loan to the U.K. Borrower, in Pounds, in an aggregate principal amount not to exceed its Incremental Tranche A-1 Commitment. Amounts paid or prepaid in respect of the Incremental Tranche A-1 Term Loans may not
be reborrowed. 
 (b) The Incremental Tranche A-1 Commitment of each Incremental Tranche A-1 Term Lender shall
automatically terminate upon the making of the Incremental Tranche A-1 Term Loans on the Effective Date. 
 (c)
The proceeds of the Incremental Tranche A-1 Term Loans are to be used by the U.K. Borrower from time to time solely for general corporate purposes. 
 (d) The U.K. Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Incremental Tranche A-1 Term Lender the principal amount of each Incremental Tranche A-1
Term Loan of such Lender as provided in Section 2.11(a)(iii) of the Credit Agreement and Exhibit A. 

SECTION 3. Terms and Conditions. The Incremental Tranche A-1 Term Loans shall constitute Specified
Incremental Term Loans and Term Loans for all purposes of the Credit Agreement and the other Loan Documents, and shall have the terms that are set forth in Exhibit A. 

SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this
Agreement, each Loan Party party hereto represents and warrants to the Administrative Agent and each of the Lenders (including the Incremental Tranche A-1 Term Lenders) that: 

(a) This Agreement has been duly authorized, executed and delivered by such Loan Party, and constitutes a legal, valid
and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium and other similar laws relating to or affecting
creditors’ rights generally and to general equitable principles (whether considered in a proceeding or in equity or at law) and an implied covenant of good faith and fair dealing. 

(b) Each of the representations and warranties made by such Loan Party in Article III of the Credit Agreement and in each
other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date. 

  
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 (c) No Event of Default or Default has occurred and is continuing as of the
Effective Date after giving effect to the Incremental Tranche A-1 Term Loans to be made on the Effective Date. 

SECTION 5. Effectiveness. This Agreement shall become effective as of the date (the
“Effective Date”) on which each of the following conditions precedent shall have been satisfied: 
 (a) The Administrative Agent shall have received duly executed counterparts of this Agreement which, when taken together, bear the signatures of each Loan Party and each Incremental Tranche A-1 Term
Lender. 
 (b) Each of the conditions set forth in paragraphs (b) and (c) of Section 4.01 of the
Credit Agreement shall be satisfied, and the Administrative Agent shall have received a certificate to that effect dated as of the Effective Date and executed by a Responsible Officer of the U.S. Borrower. 

(c) As of the Effective Date, and after giving effect to the funding in full of the Incremental Tranche A-1 Term Loans on
the Effective Date, the U.S. Borrower would be in Pro Forma Compliance and the Leverage Ratio would not exceed 3.25 to 1.00, and the Administrative Agent shall have received a certificate to that effect dated as of the Effective Date and executed by
a Responsible Officer of the U.S. Borrower. 
 (d) The Administrative Agent shall have received (i) a
favorable written opinion of (x) the General Counsel or Assistant General Counsel of the U.S. Borrower, (y) Simpson Thacher & Bartlett LLP, counsel for Holdings and the Borrowers and (z) Wragge & Co LLP, counsel for
the U.K. Borrower, in each case addressed to the Administrative Agent, the Lenders (including the Incremental Tranche A-1 Term Lenders) and the Issuing Bank, (ii) corporate authorizations and (iii) officer’s certificates, in each case
in form and substance reasonably satisfactory to the Administrative Agent. Holdings and the Borrowers hereby request such counsel to deliver such opinion. 
 (e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including all Upfront Fees (as defined in Section 8) and, to the extent
invoiced one Business Day prior to the Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses required to reimbursed or paid by the Borrowers hereunder or under any other Loan Document. 

SECTION 6. Acknowledgement of Guarantors. Each of the Guarantors hereby acknowledges its receipt of a copy
of this Agreement and its review of the terms and conditions hereof, and each of the Guarantors hereby consents to the terms and conditions of this Agreement and the transactions contemplated hereby, and hereby confirms its guarantee and, as
applicable, its grant of Collateral under the Guarantee and Pledge Agreement and agrees that such guarantee and any such grant of Collateral shall continue to be in full force and effect and shall inure to the benefit of the Secured Parties,
including the Incremental Tranche A-1 Term Lenders as such in respect of their Incremental Tranche A-1 Term Loans and the other Obligations owed to them from time to time. 

SECTION 7. Notices. All notices hereunder shall be given in accordance with the provisions of
Section 9.01 of the Credit Agreement. 
 SECTION 8. Upfront Fees. In consideration of the
agreements of the Incremental Tranche A-1 Term Lenders contained in this Agreement, Holdings, the U.S. Borrower and the 

  
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U.K. Borrower agree to pay to the Administrative Agent, in immediately available Dollars, for the account of each Incremental Tranche A-1 Term Lender, an upfront fee (the “Upfront
Fee”), in an amount as separately agreed to by the U.K. Borrower and such Incremental Tranche A-1 Term Lender, payable on the Effective Date. Once paid, the Upfront Fee shall not be refundable under any circumstances. 

SECTION  9. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other customary
means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually signed counterpart of this Amendment. 
 SECTION  10. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION  11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11. 
 SECTION  12. Jurisdiction; Consent to Service of Process. (a) Each of Holdings and each Borrower hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New
York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
against Holdings, the Borrowers or their respective properties in the courts of any jurisdiction. 
 (b) Each of
Holdings and each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 

  
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 (c) Each party to this Agreement irrevocably consents to service of process
in the manner provided for notices in Section 9.01 of the Credit Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 13. Headings. Headings used herein are for convenience of reference only, are not part of
this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

[Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the date and year first above written. 
  

			
	 CBRE SERVICES, INC.,

		
	     by
	 	
		 	/S/    DEBERA FAN
		 	Name:    Debera Fan
		 	Title:      Sr. Vice President and Treasurer

  

			
	 CBRE GROUP, INC.,

		
	     by
	 	
		 	/S/    DEBERA FAN
		 	Name:    Debera Fan
		 	Title:      Sr. Vice President and Treasurer

  

			
	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE I HERETO,
		
	     by
	 	
		 	/S/    DEBERA FAN
		 	Name:    Debera Fan
		 	Title:      Sr. Vice President and Treasurer

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	CB RICHARD ELLIS LIMITED, a limited company organized under the laws of England and Wales,
		
	     by
	 	
		 	/S/    MARK CREAMER
		 	Name:    Mark Creamer
		 	Title:      Director
		
	     by
	 	
		 	/S/    PHILIP EMBUREY
		 	Name:    Philip Emburey
		 	Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	CBRE LIMITED, a corporation organized under the laws of the province of New Brunswick,
		
	     by
	 	
		 	/S/    JEFFREY D. COOK
		 	Name:    Jeffrey D. Cook
		 	Title:      Senior Vice President, Finance

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	CBRE PTY LIMITED, a company organized under the laws of Australia,
		
	     by
	 	
		 	/S/    ENDA GERARD FOLEY
		 	Name:    Enda Gerard Foley
		 	Title:      Director
		
	     by
	 	
		 	/S/    THOMAS JACKSON SOUTHERN
		 	 Name:    Thomas Jackson Southern

		 	 Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	CBRE LIMITED, a company organized under the laws of New Zealand,
		
	     by
	 	
		 	/S/    BRENT DAVID MCGREGOR
		 	Name:    Brent David McGregor
		 	Title:      Director
		
	     by
	 	
		 	/S/    THOMAS JACKSON SOUTHERN
		 	Name:    Thomas Jackson Southern
		 	Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 CB/TCC GLOBAL HOLDINGS LIMITED,

		
	     by
	 	
		 	/S/    PHILIP EMBUREY
		 	Name:    Philip Emburey
		 	Title:      Director
		
	     by
	 	
		 	/S/    MARCUS SMITH
		 	Name:    Marcus Smith
		 	Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 RELAM AMSTERDAM HOLDINGS B.V.,

	 By:
	 	TMF Management B.V., its Managing Director
		
	     by
	 	
		
		 	/S/    S.R. LOMBERT
		 	Name:    S.R. Lombert
		 	 Title:      Attorney-in-fact

		
		 	/S/    S.A.J. ERGEL
		 	 Name:    S.A.J. Ergel

		 	 Title:      Attorney-in-fact

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 CBRE GLOBAL HOLDINGS, S.A.R.L.,

		
	     by
	 	
		 	/S/    LAURENCE H. MIDLER
		 	Name:    Laurence H. Midler
		 	Title:      Type A Manager

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 TC HOUSTON INC.,

TCCT REAL ESTATE, INC.,
 TCDFW, INC.,

TRAMMELL CROW DEVELOPMENT & INVESTMENT, INC.,

		
	     by
	 	
		 	/S/    SCOTT A. DYCHE
		 	Name:    Scott A. Dyche
		 	Title:      Executive Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent,
		
	     by
	 	
		 	/S/    BILL O’DALY
		 	Name:    Bill O’Daly
		 	Title:      Director
		
	     by
	 	
		 	/S/    SANJA GAZAHL
		 	Name:    Sanja Gazahl
		 	Title:      Associate

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 HSBC Bank USA, National Association

		
	     by
	 	
		 	/S/    ANDREW HIETALA
		 	Name:    Andrew Hietala
		 	Title:      Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 JPMorgan Chase Bank, N.A.

		
	     by
	 	
		 	/S/    KIMBERLY TURNER
		 	Name:    Kimberly Turner
		 	Title:      Executive Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 Barclays Bank PLC

		
	     by
	 	
		 	/S/    DAVID BARTON
		 	Name:    David Barton
		 	Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 The Royal Bank of Scotland plc

		
	     by
	 	
		 	/S/    KATHERINE JEFFREY
		 	Name:    Katherine Jeffrey
		 	Title:      Assistant Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 The Bank of Nova Scotia

		
	     by
	 	
		 	/S/    CHRISTOPHER USAS
		 	Name:    Christopher Usas
		 	Title:      Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 Wells Fargo Bank, N.A.

		
	     by
	 	
		 	/S/    JAN MACY-BUESCHER
		 	Name:    Jan Macy-Buescher
		 	Title:      Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 Union Bank, N.A.

		
	     by
	 	
		 	/S/    QUARRY NGUYEN
		 	Name:    Quarry Nguyen
		 	Title:      Assistant Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 The Bank of New York Mellon

		
	     by
	 	
		 	/S/    CAROL MURRAY
		 	Name:    Carol Murray
		 	Title:      Managing Director

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 Bank of America, N.A.

		
	     by
	 	
		 	/S/    WILL T. BOWERS, JR.
		 	Name:    Will T. Bowers, Jr.
		 	Title:      Senior Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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	 COMERICA BANK

		
	     by
	 	
		 	/S/    MARK C. SKRZYNSKI
		 	Name:    Mark C. Skrzynski
		 	Title:      Assistant Vice President

  
 [Signature Page to the
CBRE Services Inc. Incremental Assumption Agreement] 

  
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 EXHIBIT A 
 INCREMENTAL TRANCHE A-1 TERM LOANS 
 TERMS AND CONDITIONS 

 

					
		
	 Interest Rate
	  	 Each Borrowing of Incremental Tranche A-1 Term Loans shall comprise a Eurocurrency Borrowing, denominated in Pounds, and shall bear interest
(computed on the basis of the actual number of days elapsed over a year of 365 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Percentage (as described below) in
effect from time to time.

		
	 Applicable Percentage
	  	 The Applicable Percentage applicable to any Incremental Tranche A-1 Term Loan at any time shall be determined by reference to the Credit Agreement
and shall be the same Applicable Percentage applicable to Fixed Rate Tranche A Loans thereunder.

		
	 Maturity Date
	  	 May 10, 2016 (the “Incremental Tranche A-1 Maturity Date”); provided that the “Incremental Tranche A-1 Maturity Date” shall
be November 10, 2015 (the “Springing Maturity Date”) in the event that neither of the following events has occurred on or prior to the Springing Maturity Date: (a) the extension of the Tranche A Maturity Date to May 10, 2016
or later or (b) the refinancing of the outstanding Tranche A Loans with loans or other indebtedness of the U.S. Borrower having a final maturity date on or after May 10, 2016.

		
	 Amortization
	  	 For purposes of Section 2.11(a)(iii) of the Credit Agreement, the U.K. Borrower shall pay to the Administrative Agent, for the account of the
Incremental Tranche A-1 Term Lenders, on each date set forth below, or if any such date is not a Business Day, on the next preceding Business Day, a principal amount of the Incremental Tranche A-1 Term Loans (as adjusted from time to time pursuant
to Sections 2.11(d), 2.12, 2.13(f) and 2.26(d) of the Credit Agreement) equal to (a) the aggregate principal amount of the Incremental Tranche A-1 Term Loans outstanding on the Effective Date multiplied by (b) the percentage set forth
below opposite such date, with the balance payable in full on the Incremental Tranche A-1 Maturity Date:

			
		  	 Date
	  	 Amount

			
		  	 December 31, 2011
	  	1.875%
			
		  	 March 31, 2012
	  	1.875%
			
		  	 June 30, 2012
	  	1.875%
			
		  	 September 30, 2012
	  	1.875%
			
		  	 December 31, 2012
	  	1.875%
			
		  	 March 31, 2013
	  	1.875%
			
		  	 June 30, 2013
	  	1.875%
			
		  	 September 30, 2013
	  	1.875%
			
		  	 December 31, 2013
	  	2.50%
			
		  	 March 31, 2014
	  	2.50%
			
		  	 June 30, 2014
	  	2.50%
			
		  	 September 30, 2014
	  	2.50%
			
		  	 December 31, 2014
	  	2.50%
			
		  	 March 31, 2015
	  	2.50%
			
		  	 June 30, 2015
	  	2.50%
			
		  	 September 30, 2015
	  	2.50%
			
		  	 December 31, 2015
	  	21.50%
			
		  	 March 31, 2016
	  	21.50%
			
		  	 Incremental Tranche A-1 Maturity Date
	  	22.00%
		
		  	 All payments of principal made pursuant to this paragraph shall be accompanied by accrued and unpaid interest on the principal amount to be paid to
but excluding the date of such payment.

  
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 EXHIBIT A 
  

			
		
	 Future Incremental Term Loans
	    	 Section 2.26 of the Credit Agreement shall apply for the benefit of the Incremental Tranche A-1 Term Loans as if the Incremental Tranche A-1 Term Loans were
the Tranche A Loans referred to therein.

  
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 SCHEDULE I 
 CB HoldCo, Inc. 
 CBRE Global Investors, Inc. (formerly known as CB Richard Ellis Investors, Inc.)

 CBRE Global Investors, LLC (formerly known as CB Richard Ellis Investors, L.L.C.) 
 CBRE, Inc. (formerly known as CB Richard Ellis, Inc.) 
 CB/TCC Holdings LLC 

CB/TCC, LLC 
 CBRE-Profi Acquisition Corp.

 CBRE Capital Markets of Texas, LP 

CBRE Capital Markets, Inc. 
 CBRE Clarion CRA
Holdings, Inc. 
 CBRE Clarion REI Holding, Inc. 
 CBRE Government Services, LLC 
 CBRE Loan Services, Inc. 

CBRE Technical Services, LLC 
 CBRE/LJM Mortgage
Company, L.L.C. 
 Insignia/ESG Capital Corporation 
 The Polacheck Company, Inc. 
 Trammell Crow Company 

Trammell Crow Services, Inc. 

  
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 INCREMENTAL TRANCHE A-1 TERM LENDERS 

 

			
	 	 
	Incremental Tranche A-1 Term
Lender	  	
Incremental Tranche A-1                 
   

Commitment Amount                   
 

	 	 
	 HSBC
BANK USA, NATIONAL ASSOCIATION
	  	£28,000,000            
        
	 	 
	
JPMORGAN CHASE BANK, N.A.
	  	£28,000,000            
        
	 	 
	
BARCLAYS BANK PLC
	  	£22,000,000            
        
	 	 
	 THE
ROYAL BANK OF SCOTLAND PLC
	  	£22,000,000            
        
	 	 
	 THE
BANK OF NOVA SCOTIA
	  	£20,000,000            
        
	 	 
	 WELLS
FARGO BANK, N.A.
	  	£14,000,000            
        
	 	 
	 UNION
BANK, N.A.
	  	£14,000,000            
        
	 	 
	 THE
BANK OF NEW YORK MELLON
	  	£14,000,000            
        
	 	 
	 BANK
OF AMERICA, N.A.
	  	£14,000,000            
        
	 	 
	
CREDIT SUISSE AG
	  	£6,000,000            
        
	 	 
	
COMERICA BANK
	  	£5,000,000            
        
	 	 
	
TOTAL INCREMENTAL TRANCHE A-1 COMMITMENT
	  	£187,000,000EX-4.1

 Exhibit 4.1 
 INDENTURE 
 NISSAN AUTO RECEIVABLES 2011-B OWNER TRUST, 

as Issuer 
 and

 CITIBANK, N.A., 
 as Indenture Trustee 
 Dated as of November 17, 2011 

  

			
		  	(Nissan 2011-B Indenture)

 INDENTURE dated as of November 17, 2011 (this “Indenture”), between NISSAN
AUTO RECEIVABLES 2011-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), and CITIBANK, N.A., a national banking association, as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of (i) the Holders of the
Issuer’s 0.40817% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 0.74% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.95% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), and
1.24% Asset Backed Notes, Class A-4 (the “Class A-4 Notes,” and collectively with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”), and (ii) for the purposes of the Granting
Clause below, the Certificateholders: 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes
and Certificates the following: 
 (i) all right, title and interest of the Issuer in and to the Receivables (including all
related Receivable Files) and all monies due thereon or paid thereunder or in respect thereof (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 of the Sale and Servicing Agreement or the purchase of
Receivables by the Servicer pursuant to Section 4.06 or 9.01 of the Sale and Servicing Agreement) after the Cut-off Date; 

(ii) the Collection Account and amounts on deposit in the Collection Account; 

(iii) the right of the Issuer in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and
any related property; 
 (iv) the right of the Issuer in any proceeds from claims on any physical damage, credit life, credit
disability or other insurance policies covering the Financed Vehicles or the Obligors; 
 (v) the right of the Issuer (through
the Seller and NMAC) to receive payments in respect of any Dealer Recourse with respect to the Receivables; 
 (vi) the rights of
the Issuer under the Sale and Servicing Agreement, and, through the Seller, under the Purchase Agreement and the Assignment; 

(vii) the right of the Issuer to realize upon any property (including the right to receive future Net Liquidation Proceeds) that shall
have secured a Receivable; 
 (viii) the right of the Issuer in rebates of premiums and other amounts relating to insurance
policies and other items financed under the Receivables in effect as of the Cut-off Date; 
 (ix) all other assets comprising the
Owner Trust Estate; and 
 (x) all proceeds of the foregoing. 

  

			
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 The foregoing Grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction and to secure compliance with the provisions of this Indenture, and subject to the subordinate claims thereon of the Holder of the
Certificates, all as provided in this Indenture. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the
Notes and for the benefit of the Certificateholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Holders of the Notes may be adequately and effectively protected and the rights of the Certificateholders secured. 
 ARTICLE I 
 Definitions and Incorporation by Reference 

SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but
not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement, the Sale and Servicing Agreement and the Securities Account Control Agreement, as the case may be, for all purposes of this Indenture. Except as otherwise
provided in this Indenture, whenever used herein the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
 “Action” has the meaning specified in Section 11.03(a). 

“Administration Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator,
the Issuer, the Indenture Trustee and the Owner Trustee. 
 “Administrator” means NMAC or any successor
Administrator under the Administration Agreement. 
 “Applicant” has the meaning specified in
Section 7.01. 
 “Authorized Officer” means with respect to the Issuer, any officer of the Owner Trustee
or the Administrator who is authorized to act for the Owner Trustee or the Administrator, respectively, in matters relating to the Issuer identified as such on any list of Authorized Officers delivered by the Owner Trustee or the Administrator,
respectively, to the Indenture Trustee. 
 “Benefit Plan” means an “employee benefit plan” as defined
in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an
employee benefit plan’s or plan’s investment in the entity, or any other employee benefit plan that is subject to Similar Law. 
 “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

  

			
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 “Business Day” means any day except a Saturday, a Sunday or a day on which
banks in the city and state where the Corporate Trust Office is located, New York, New York, Franklin, Tennessee, Irving, Texas or Wilmington, Delaware are authorized or obligated by law, regulation, executive order or governmental decree to be
closed. 
 “Certificates” means the Certificates of the Issuer issued under the Trust Agreement. 

“Class” means any one of the classes of the Notes. 

“Class A-1 Notes” means the “0.40817% Asset Backed Notes, Class A-1,” substantially in the form attached
hereto as Exhibit A. 
 “Class A-1 Rate” means 0.40817% per annum (computed on the basis of actual
number of days in the related Interest Period and a 360-day year). 
 “Class A-2 Notes” means the “0.74%
Asset Backed Notes, Class A-2,” substantially in the form attached hereto as Exhibit A. 
 “Class A-2
Rate” means 0.74% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 

“Class A-3 Notes” means the “0.95% Asset Backed Notes, Class A-3,” substantially in the form attached
hereto as Exhibit A. 
 “Class A-3 Rate” means 0.95% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months). 
 “Class A-4 Notes” means the “1.24% Asset Backed Notes,
Class A-4,” substantially in the form attached hereto as Exhibit A. 
 “Class A-4 Rate” means
1.24% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and
pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means November 17, 2011.

 “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” means the property of the Issuer subject to the Granting Clause hereof, the Reserve
Account, all amounts held from time to time in the Reserve Account and all investments therein. 

  

			
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 “Corporate Trust Office” means the office of the
Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Agreement is located at: (a) for note transfer/surrender purposes, Citibank, N.A., 111 Wall
Street, 15th Floor, New York, New York 10005, Attention:
15th Floor Window/NAROT 2011-B, and (b) for all other
purposes, Citibank, N.A., 388 Greenwich Street, 14th
Floor, New York, New York 10013 (telecopier no. (212) 816-5527) (email: nalt_notices@citi.com), Attention: Agency & Trust – NAROT 2011-B; or at such other address as the Indenture Trustee may designate from time to time by notice
to the Noteholders, the Issuer and the Administrator, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders, the Issuer and the
Administrator. 
 “Currency Swap Agreement” means any currency swap agreement, including all schedules or
confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty. 
 “Currency Swap
Counterparty” means an unaffiliated third party, as swap counterparty, under the Currency Swap Agreement, or any success or replacement Currency Swap Counterparty from time to time. 

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 “Definitive Notes” has the meaning specified in Section 2.10. 

“Depositor” has the meaning specified in the Amended and Restated Trust Agreement. 

“Event of Default” has the meaning specified in Section 5.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof. 

“Fitch” means Fitch Ratings. 
 “Fixed Rate Note” means any Class A-1 Note, Class A-2 Note, Class A-3 Note or Class A-4 Note. 
 “Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in and right of set-off
against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder,
including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other

  

			
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communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive
anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

 “Indenture Trustee” means Citibank, N.A., a national banking association, as Indenture Trustee under this
Indenture, or any successor Indenture Trustee under this Indenture. 
 “Independent” means, when used with
respect to any specified Person, that the Person is in fact independent of the Seller, the Servicer, the Administrator, the Issuer or any other obligor on the Notes or any Affiliate of any of the foregoing Persons because, among other things, such
Person (a) is not an employee, officer or director or otherwise controlled thereby or under common control therewith, (b) does not have any direct financial interest or any material indirect financial interest therein (whether as holder of
securities thereof or party to contract therewith or otherwise), and (c) is not and has not within the preceding twelve months been a promoter, underwriter, trustee, partner, director or person performing similar functions therefor or otherwise
had legal, contractual or fiduciary or other duties to act on behalf of or for the benefit thereof. 
 “Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee, made by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care,
and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof. 

“Interest Period” means, with respect to any Distribution Date and the Class A-1 Notes, the period from (and
including) the preceding Distribution Date to (but excluding) such Distribution Date, except that the initial Interest Period will be from (and including) the Closing Date to (but excluding) December 15, 2011, and, with respect to any
Distribution Date and the Fixed Rate Notes, other than the Class A-1 Notes, the period from (and including) the 15th day of the preceding calendar month to (but excluding) the 15th day of the month in which such Distribution Date occurs, except
that the initial Interest Period will be from (and including) the Closing Date to (but excluding) December 15, 2011. 

“Interest Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate or the Class A-4
Rate, as indicated by the context. 
 “Issuer” means Nissan Auto Receivables 2011-B Owner Trust unless and
until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 

“Issuer Order” and “Issuer Request” mean a written order or request signed in the name of the Issuer by
any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Moody’s” means Moody’s
Investors Service, Inc. 

  

			
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 “NMAC” means Nissan Motor Acceptance Corporation, in its individual
capacity and not as Servicer. 
 “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3
Note or a Class A-4 Note, as the context may require. 
 “Note Depository Agreement” means the agreement
entitled “Letter of Representations” dated on or before the Closing Date among the Clearing Agency, the Issuer and the Indenture Trustee with respect to certain matters relating to the duties thereof with respect to the Book-Entry Notes.

 “Note Owner” means, with respect to a Book-Entry Note, any Person who is the beneficial owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with
the rules of such Clearing Agency). 
 “Note Register” means the Register of Noteholders’ information
maintained by the Note Registrar pursuant to Section 2.04. 
 “Note Registrar” means the Indenture Trustee
unless and until a successor Note Registrar shall have been appointed pursuant to Section 2.04. 
 “Notes”
has the meaning set forth in the preamble to this Indenture. 
 “Officer’s Certificate” means a
certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee. 

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in
this Indenture, be an employee of or counsel to the Issuer, the Seller or the Servicer and which counsel shall be reasonably satisfactory to the Owner Trustee, the Indenture Trustee or the Rating Agencies, as the case may be. 

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture except: 
 (a) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;

 (b) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the
Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; and 
 (c) Notes in exchange for or in lieu of
which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; 

  

			
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 provided, that in determining whether the Holders of the requisite percentage of the Outstanding
Amount of the Notes, or any Class of Notes, have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any Basic Document, Notes owned by the Issuer, NARC II, NMAC or any Affiliate of any of the foregoing
Persons shall be disregarded and deemed not to be Outstanding, unless all Notes are owned by the Issuer, NARC II, NMAC or any of their respective Affiliates; provided, further, that, in determining whether the Indenture Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or
any Affiliate of any of the foregoing Persons. 
 “Outstanding Amount” means the aggregate principal amount of
all Notes, or, if indicated by the context, all Notes of any Class, Outstanding at the date of determination. 
 “Owner
Trustee” means Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee under the Trust Agreement. 

“Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture
Trustee specified in Section 6.11 that has been authorized by the Issuer to make payments to and distributions from the Collection Account, including payment of principal of or interest on the Notes on behalf of the Issuer. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note. 
 “Proceeding” means any suit in equity, action at law
or other judicial or administrative proceeding. 
 “Rating Agency Condition” means, with respect to any event
or action and each Rating Agency, either (a) written confirmation (which may be in the form of a letter, a press release or other publication, of a change in such Rating Agency’s published ratings criteria to this effect) by such Rating
Agency that the occurrence of such event or action will not cause it to downgrade, qualify or withdraw its rating assigned to the Notes or (b) that such Rating Agency shall have been given notice of such event or action at least ten
(10) days prior to such event or action (or, if ten (10) days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such
event or action will cause it to downgrade, qualify or withdraw its rating assigned to the Notes. Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with respect to any event or action, and it is understood that
such Rating Agency may not actually review notices received by it prior to or after the expiration of the ten (10) day period described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or

  

			
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withdraw its rating assigned to all or any of the Notes at any time in its sole judgment even if the Rating Agency Condition with respect to an event or action had been previously satisfied
pursuant to clause (a) or clause (b) above. 
 “Registered Holder” means the Person in whose name a
Note is registered on the Note Register on the applicable Record Date. 
 “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such regulation 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 (January 7, 2005)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 “Responsible Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust
Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the
above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Retained Notes” if any, means any Notes retained in the initial offering thereof by the Depositor or conveyed to any of
its Affiliates. 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, among the Issuer, Nissan Auto Receivables Corporation II, as Seller, and Nissan Motor Acceptance Corporation, as Servicer, and as to which the Indenture Trustee is a third party beneficiary of certain provisions. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securities Account Control Agreement” shall have the meaning assigned to such term in the Sale and Servicing Agreement.

 “Seller” means Nissan Auto Receivables Corporation II, in its capacity as seller under the Sale and
Servicing Agreement, and its successor in interest. 
 “Servicer” means Nissan Motor Acceptance Corporation, in
its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder. 
 “Similar
Law” means a law that is similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code. 
 “Successor Servicer” has the meaning specified in Section 3.07. 
 “Tax Retained Notes” if any, means any Retained Notes retained by the issuer of the Notes for federal income tax purposes or an entity which for U.S. federal income tax purposes is
considered the same Person as such issuer, until such time as such Notes are the subject of an opinion pursuant to Section 2.04(g). 

  

			
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 “Trust Estate” means all money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee pursuant to the Granting
Clause), including all proceeds thereof. 
 “Trust Indenture Act” or “TIA” means the Trust
Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided. 
 “UCC” means,
unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction at the relevant time. 
 SECTION 1.02 Usage of Terms. With respect to all terms in this Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders;
references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements
and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; and the term “including” means “including without limitation.” 
 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means
the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

			
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 ARTICLE II 
 The Notes 
 SECTION 2.01 Form. The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note. 
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these
methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. 

SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. The Indenture Trustee shall upon Issuer Order
authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $293,000,000, the Class A-2 Notes for original issue in an aggregate principal amount of $487,000,000, the Class A-3 Notes for
original issue in an aggregate principal amount of $370,000,000 and the Class A-4 Notes for original issue in an aggregate principal amount of $100,000,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $25,000 and any
integral multiple of $1,000 in excess thereof; 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 this Indenture. Each Note shall be
dated the date of its authentication. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose, unless there appears on such Note a certificate of authentication substantially in the form included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual or facsimile signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  

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

 SECTION 2.04 Registration; Registration of Transfer and Exchange. 

(a) The Note Registrar shall maintain a Note Register in which, subject to such reasonable regulations as it may prescribe, the Note
Registrar shall provide for the registration of Notes and transfers and exchanges of Notes as provided in this Indenture. The Indenture Trustee is hereby initially appointed Note Registrar for the purpose of registering Notes and transfers and
exchanges of Notes as provided in this Indenture. In the event that, subsequent to the Closing Date, the Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall appoint another bank or trust company, having
an office or agency located in the Borough of Manhattan, The City of New York, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor Note
Registrar under this Indenture. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar,
the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note
Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes. 
 (b) Upon the proper surrender for registration of
transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in the name of the designated transferee or transferees, one or more
new Notes of the same Class in authorized denominations of a like aggregate principal amount. 
 (c) At the option of the Holder,
Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange,
the Issuer shall execute, and the Indenture Trustee shall authenticate and the 

  

			
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	  	(Nissan 2011-B Indenture)

 
Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

(d) No service charge shall be made for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 
 (e) All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Indenture Trustee. 

(f) By acquiring a Note, each Note Owner will 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 Benefit Plan; or (ii) the acquisition, holding and disposition of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the
Code or any Similar Law. 
 (g) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified in the
definition of Tax Retained Notes) unless a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the effect that, 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 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee,
or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute, and upon its request the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class. In connection with the issuance of any new Note under this Section 2.05, the Issuer may
require payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
 If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer
or the Indenture Trustee in connection therewith. 

  

			
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 Every replacement Note issued pursuant to this Section 2.05 in replacement of any
mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder. 
 The provisions of this Section 2.05 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes. 
 SECTION 2.06 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of
principal of and interest, if any, on such Note and for all other purposes whatsoever, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.07 Payments of Principal and Interest. 
 (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall accrue interest during each Interest Period at the Class A-1 Rate, the
Class A-2 Rate, the Class A-3 Rate and the Class A-4 Rate, respectively, and such interest shall be payable on each related Distribution Date as specified in the applicable Note by applying amounts available pursuant to
Section 5.06 of the Sale and Servicing Agreement and to Section 3.01 of this Indenture. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Distribution
Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such nominee, except for the final installment
of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. 
 (b) The principal of each Note shall be payable in installments on each Distribution Date by applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, from and after the date on which the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a
single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 in connection with an Event of Default. All principal payments on each
Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of 

  

			
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business on the Record Date preceding the Distribution Date on which the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by
facsimile not less than 10 nor more than 30 days prior to such final Distribution Date, shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. 
 SECTION 2.08 Cancellation. All Notes surrendered for
payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may at any time deliver to
the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes
shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its
standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously
disposed of by the Indenture Trustee. 
 SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c)
and 314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 
 SECTION 2.10 Book-Entry Notes. The Notes (other than any Retained Notes), upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered
to The Depository Trust Company, the initial Clearing Agency, or a custodian therefor, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of any Retained Notes), except as provided in Section 2.12. Except for any
Retained Notes, and, otherwise, unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.12: 

(a) the provisions of this Section shall be in full force and effect; 

(b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the authorized representative of the Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control; 

  

			
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 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall
be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 

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

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, and except with respect to notices and communications to any Holders of Retained Notes, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency. 

SECTION 2.12 Definitive Notes. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if
(i) the Seller, the Owner Trustee or the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the
Seller, the Owner Trustee or the Administrator are unable to locate a qualified successor (and if the Administrator has made such determination, the Administrator has given written notice thereof to the Indenture Trustee), (ii) the Seller, the
Indenture Trustee or the Administrator, at its option and to the extent permitted by law, advises each other such party in writing that it elects to terminate the book-entry system through the Clearing Agency, or (iii) after the occurrence of
an Event of Default or a Servicer Default, Note Owners representing beneficial interests aggregating a majority of the Outstanding Amount of the Notes of all Classes advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency or a successor thereto is no longer in the best interests of the Note Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture
Trustee of the occurrence of such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of
the Definitive Notes as Noteholders. The Indenture Trustee, Issuer and 

  

			
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Administrator shall not be liable for any inability to locate a qualified successor Clearing Agency. From and after the date of issuance of Definitive Notes, all notices to be given to
Noteholders will be mailed thereto at their addresses of record in the Note Register as of the relevant Record Date. Such notices will be deemed to have been given as of the date of mailing. Interest and principal payments on the Definitive Notes on
each Distribution Date will be made to the holders in whose names the related Definitive Notes, as applicable, were registered at the close of business on the related Deposit Date. Payments will be made by check mailed to the address of such holders
as they appear on the Note register, except that a Noteholder having original denominations aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the Indenture Trustee at least
five Business Days prior to the Deposit Date. The final payment on any Definitive Notes will be made only upon presentation and surrender of the Definitive Notes at the office or agency specified in the notice of final payment to Noteholders. From
and after the Closing Date, the Holder of a Definitive Note (other than any Retained Note) and the Issuer may elect for such Note to be issued in the form of a Book-Entry Note provided the Clearing Agency is then willing and able to discharge its
responsibilities with respect to the Book Entry Notes. In connection with such election, the Issuer and the Indenture Trustee shall upon Issuer Order execute, authenticate and deliver the Book-Entry Note and documents related thereto in accordance
with the terms hereof and the Issuer Order. 
 SECTION 2.13 Tax Treatment. The Issuer has entered into this Indenture,
and the Notes (other than the Tax Retained Notes, if any) will be issued, with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Trust Estate or, for periods during which there is a single beneficial owner of the Certificates, indebtedness of the Certificateholder issued by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance
of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than the Tax Retained Notes, if any) for federal, state and local income, single business and franchise tax purposes
as indebtedness of the Issuer. 
 ARTICLE III 
 Covenants, Representations and Warranties 
 SECTION 3.01 Payment of
Principal and Interest. In accordance with the terms of this Indenture, the Issuer will duly and punctually (i) pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture and
(ii) cause the Servicer to direct the Indenture Trustee to release from the Collection Account all other amounts distributable or payable from the Owner Trust Estate under the Trust Agreement, the Sale and Servicing Agreement and the
Administration Agreement. Without limiting the foregoing and in order to fulfill such obligations, pursuant to Sections 8.02 and 8.03 hereof, the Issuer will cause the Servicer to direct the Indenture Trustee to apply all amounts on deposit in the
Collection Account and the Reserve Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the
benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, and (d) for the benefit of the Class A-4 Notes, to the Class A-4
Noteholders, and (ii) for the benefit of the Certificateholders, to or as directed by the Owner Trustee or the Administrator, as set forth in Section 5.06 and 5.07 of the 

  

			
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Sale and Servicing Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the
Issuer to such Noteholder for all purposes of this Indenture. 
 SECTION 3.02 Maintenance of Office or Agency. The Issuer
will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the
location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.03 Money for Payments To Be Held in Trust. As provided in Sections 8.02 and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made from amounts
withdrawn from the Collection Account or the Reserve Account pursuant to Sections 8.02 and 8.03 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts for payments of
Notes shall be paid over to the Issuer, the Owner Trustee or the Administrator except as provided in this Section. 
 On or
before each Distribution Date, the Issuer shall deposit in the Collection Account or, in accordance with the Sale and Servicing Agreement, cause to be deposited (including the provision of instructions to the Indenture Trustee to make any required
withdrawals from the Reserve Account and to deposit such amounts in the Collection Account) an aggregate sum sufficient to pay the amounts then becoming due under the Notes and the Certificates, such sum to be held in trust for the benefit of the
Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
 The Indenture Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its
appointment as Paying Agent, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(a) hold all sums held by it for the payment of amounts due with respect to the Notes or for release to the Issuer for payment on the
Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay or release such sums to such Persons as herein provided; 

(b) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge
in the making of any payment required to be made with respect to the Notes or the release of any amounts to the Issuer to be paid to the Certificateholders; 

  

			
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 (c) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes (or for release to the Issuer) if at any time it ceases to meet the standards required to be met by a Paying Agent at the time
of its appointment; and 
 (e) comply with all requirements of the Code with respect to the withholding from any payments made by
it on any Notes or Certificates (or assisting the Issuer to withhold from payment to the Certificateholders) of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining
unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid to Second Harvest Food Bank of Tennessee upon presentation thereto
of an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease. In the event that any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final payment described in Section 2.07, the Indenture Trustee will give a second
written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and
direction of the Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also
adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment specified by the Issuer or the Administrator. 
 SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or

  

			
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any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of
this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate or the Owner Trust Estate. 
 SECTION 3.05 Protection of Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements,
instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
 (a)
maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 
 (b) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
 (c) enforce any of the Collateral; or 
 (d) preserve and defend title to the Trust
Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this
Section 3.05. 
 SECTION 3.06 Opinions as to Trust Estate. 

(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to the execution, recording and filing of this Indenture, any indentures supplemental hereto, any requisite financing statements and continuation statements and any other
requisite documents necessary to perfect and make effective the lien and security interest of this Indenture or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

(b) As and when specified in Section 10.02(h) of the Sale and Servicing Agreement, the Issuer shall furnish or cause to be furnished
to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording, filing or re-recording and refiling of this Indenture, any indentures
supplemental hereto, any financing statements and continuation statements and any other requisite documents necessary to maintain the lien and security interest created by this Indenture or stating that in the opinion of such counsel no such action
is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the execution, recording, filing or re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and
continuation statements and any other documents that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until the date in the following calendar year on which such Opinion of Counsel must
again be delivered. 

  

			
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 SECTION 3.07 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic Documents. 
 (b)
The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed
to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 

(c) The Issuer will punctually perform and observe all of its obligations and agreements contained in the Basic Documents and in the
instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of the Trust Agreement, this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 
 (d) If an
Authorized Officer of the Issuer shall have knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Administrator thereof (and the Administrator will
provide notice thereof to each Rating Agency pursuant to Section 1(a)(i)(L) of the Administration Agreement), and shall specify in such notice the action, if any, the Issuer is taking with respect of such default. If a Servicer Default shall
arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

(e) As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and shall thereafter be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or petition a court of competent
jurisdiction to appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint, any established institution having
a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automobile and/or light-

  

			
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duty truck receivables, as the successor to the Servicer under the Sale and Servicing Agreement. Upon such appointment, the Indenture Trustee will be released from the duties and obligations of
acting as Successor Servicer, such release effective upon the effective date of the servicing agreement entered into between the Successor Servicer and the Issuer. 
 In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such Successor Servicer shall agree, subject to the limitations
set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such Successor Servicer for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not
in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as Successor Servicer and the servicing of the Receivables. In case the Indenture Trustee shall
become the Successor Servicer, the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates, provided that the Indenture Trustee, in its capacity as Successor Servicer, shall remain fully liable for the
actions and omissions of such Affiliate. 
 (f) Upon any termination of the Servicer’s rights and powers pursuant to the
Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of
such Successor Servicer. 
 (g) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee
under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without the prior written consent of the Indenture Trustee and the Holders of a majority in Outstanding Amount of the Notes, voting
as a single class (excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or
beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, waiver, supplement, termination or surrender of, the terms of any
Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement) or the Basic Documents, or waive timely performance or observance by the Servicer or the Seller under the Sale and Servicing Agreement; and (ii) that any
such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of the Noteholders or
change the Interest Rate or the Specified Reserve Account Balance (except as otherwise provided in the Basic Documents), in each case without the consent of each of the “adversely affected” Noteholders or (B) reduce the aforesaid
percentage of the Notes that is required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes. If any such amendment, modification, supplement or waiver shall be so consented to by the Indenture Trustee
or such Holders, the Issuer agrees, promptly following a request by the Indenture Trustee to agree to such amendment and to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as
the Indenture Trustee may deem necessary or appropriate in the circumstances to implement such amendment 

  

			
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and to cause the relevant Basic Documents, as amended, to be enforceable against the Issuer. For the purposes of clause (ii) above, an amendment will be deemed not to “adversely
affect” a Noteholder of any Class, only if the Rating Agency Condition with respect to such amendment shall have been satisfied. 
 SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
 (a) except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless
directed to do so by the Indenture Trustee; 
 (b) claim any credit on, or make any deduction from the principal or interest
payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the
Trust Estate; 
 (c) except as may be expressly permitted hereby, (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture,
(B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any
interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related
Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) dissolve or liquidate in whole
or in part; or 
 (d) assume or incur any indebtedness other than the Notes or as expressly contemplated by this Indenture (in
connection with the obligation to reimburse Advances from the Trust Estate, or to pay expenses from the Trust Estate) or by the Basic Documents as in effect on the date hereof. 

SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause the Servicer to deliver to the Indenture Trustee
concurrently with its delivery thereof to the Issuer the annual statement of compliance described in Section 4.09 of the Sale and Servicing Agreement. In addition, on the same date annually upon which such annual statement of compliance is to
be delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate, 
 (a) stating, as
to the Authorized Officer signing such Officer’s Certificate, that a review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

  

			
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 (b) furnishing, to the extent of the Authorized Officer’s knowledge, information
regarding the Issuer’s compliance with all conditions and covenants under this Indenture throughout such year in all material respects. 
 SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms. 
 (a) The
Issuer shall not consolidate or merge with or into any other Person, unless: 
 (1) the Person (if other than the
Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and
covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 
 (2)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (3) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (4) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax
consequence to the Issuer, any Noteholder or any Certificateholder; 
 (5) any action that is necessary to
maintain each lien and security interest created by the Trust Agreement, the Sale and Servicing Agreement or this Indenture shall have been taken; and 
 (6) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture
complies with this Article III and that all conditions precedent provided in this Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

(b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person,
unless: 
 (1) the Person that acquires by conveyance or transfer such properties and assets of the Issuer shall
(A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to
the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuer to 

  

			
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	  	(Nissan 2011-B Indenture)

 
be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject
and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee against and
from any loss, liability or expense arising under or related to this Indenture and the Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all
filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any
state in which the Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local
taxing authorities of any jurisdiction; 
 (2) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (3) the Rating Agency Condition shall have been
satisfied with respect to such transaction; 
 (4) the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

(5) any action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale and
Servicing Agreement or this Indenture shall have been taken; and 
 (6) the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Exchange Act). 
 SECTION 3.11 Successor or
Transferee. 
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed
by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Nissan Auto Receivables 2011-B Owner Trust will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes and the Certificates immediately
upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Receivables 2011-B Owner Trust is to be so released. 

  

			
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	  	(Nissan 2011-B Indenture)

 SECTION 3.12 No Other Business. Unless and until the Issuer shall have been released
from its duties and obligations hereunder, the Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by the Basic Documents and activities incidental
thereto. 
 SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from its duties and
obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes or other obligations permitted hereunder (including the obligation to reimburse
Advances or certain expenses of the Servicer) or under another Basic Document (including indemnification expenses of the Issuer and certain fees and expenses of the Administrator). 

SECTION 3.14 Servicer’s Notice Obligations. The Issuer shall cause the Servicer to comply with all of its duties and
obligations with respect to the preparation of reports, the delivery of Officer’s Certificates and Opinions of Counsel and the giving of instructions and notices under the Sale and Servicing Agreement (including, but not limited to, under
Sections 4.08, 4.09, 4.11, 4.13, 5.09 and Article IX thereof). 
 SECTION 3.15 Guarantees, Loans, Advances and Other
Liabilities. Unless and until the Issuer shall have been released from its duties and obligations hereunder, except as contemplated by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, the Issuer shall not make any
loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest
in, or make any capital contribution to, any other Person. 
 SECTION 3.16 Capital Expenditures. Unless and until the
Issuer shall have been released from its duties and obligations hereunder, the Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without
cause unless so instructed by the Owner Trustee or the Indenture Trustee and unless the Rating Agency Condition with respect to such removal shall have been satisfied. 
 SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property,
securities or a combination thereof, to the Servicer, the Owner Trustee or any Certificateholder or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire
for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions to

  

			
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the Servicer, the Owner Trustee and the Certificateholders as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the Trust
Agreement, and (y) payments to the Owner Trustee or the Indenture Trustee pursuant to the Administration Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance
with the Basic Documents. 
 SECTION 3.19 Notice of Events of Default. The Issuer shall give the Indenture Trustee and
the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(a)(i)(L) and Section 1(e) of the Administration Agreement) prompt written notice of each Event of Default hereunder, each
default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement (including any Servicer Defaults) and each default on the part of NMAC of its obligations under the Purchase Agreement. 

The Indenture Trustee shall notify each Noteholder of record in writing of any Event of Default promptly upon a Responsible Officer
obtaining actual knowledge thereof. Such notices will be provided in accordance with Section 2.11. 
 SECTION 3.20
Further Instruments and Actions. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture. 
 SECTION 3.21 Representations and Warranties. The Issuer makes the following representations and
warranties. Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the Closing Date. Notwithstanding anything to the contrary, the Indenture Trustee shall not waive
any breach of representations or warranties in this Section 3.21 without the written consent of at least a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding principal amount
of any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates).

 (a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in
favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of any purchasers from the Issuer. 
 (b) The Issuer has taken all steps necessary to perfect its security interest against the Obligor in the property securing the Receivables. 

(c) The Collateral constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the
applicable UCC. 
 (d) The Issuer owns and has good and marketable title to the Collateral free and clear of any Lien, claim or
encumbrance of any Person. 

  

			
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	  	(Nissan 2011-B Indenture)

 (e) The Issuer has caused or will have caused, within ten days after the Closing Date, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Indenture Trustee hereunder. 

(f) Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that includes a description of collateral covering the
Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or a financing statement as to which the security interest covering the Receivables has been released. The Issuer is not aware
of any judgment or tax lien filings against the Issuer. 
 (g) The Servicer, as an agent of the Issuer, and to the extent allowed
by law, has in its possession all originals or authoritative copies of the tangible records constituting or forming a part of the Collateral. The Servicer shall at all times maintain control, as defined in Section 9-105 of the UCC, of all
electronic chattel paper. The Receivable Files that constitute or evidence the Collateral do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Indenture
Trustee. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement to the following effect: “A purchase of or security interest in any
collateral described in this financing statement, except as permitted in the Indenture, will violate the rights of the Indenture Trustee.” 
 SECTION 3.22 Regulation AB Covenants. So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer and the Indenture Trustee each agree to
perform all duties and obligations applicable to or required of the Issuer and the Indenture Trustee, as applicable, set forth in Appendix A to the Sale and Servicing Agreement and each makes the covenants and agreements therein applicable to it.

 ARTICLE IV 
 Satisfaction and Discharge 
 SECTION 4.01 Satisfaction and Discharge of
Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes,
(iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of the Noteholders and the Certificateholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to the Notes, when: 

  

			
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	  	(Nissan 2011-B Indenture)

 (a) either (1) all Notes theretofore authenticated and delivered (other than Notes that
have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to
the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and
payable or will become due and payable within one year (either because the Final Scheduled Distribution Date for the Class A-4 Notes is within one year or because the Indenture Trustee has received notice of the exercise of the option granted
pursuant to Section 9.01 of the Sale and Servicing Agreement) and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States
of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for
cancellation when due; 
 (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

 (c) the Issuer has delivered to the Indenture Trustee, an Officer’s Certificate, an Opinion of Counsel (if required by
the TIA) and an Independent Certificate from a firm of certified public accountants (if required by the TIA), each meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 SECTION
4.02 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and (a) applied by it in accordance with the provisions of the Notes and this Indenture to the
payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become
due thereon for principal and interest or (b) released to the Owner Trustee for application pursuant to the Trust Agreement or the Sale and Servicing Agreement; but such moneys need not be segregated from other funds except to the extent
required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.03 Repayment of Moneys Held by Paying
Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

ARTICLE V 

Remedies 

SECTION 5.01 Events of Default. “Event of Default,” wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 

  

			
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	  	(Nissan 2011-B Indenture)

 (a) default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days; 
 (b) default in the payment of the principal on the Final
Scheduled Distribution Date of any Note or the Distribution Date on which the Servicer exercises the Optional Purchase; 
 (c) a
material default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically
dealt with) which shall continue or not be cured for a period of 90 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
25% of the Outstanding Amount of the Notes, acting together as a single class, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default
hereunder; 
 (d) any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing
delivered pursuant hereto or in connection herewith shall prove to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in
respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee
or to the Issuer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, acting together as a single Class, a written notice specifying such default or incorrect representation or warranty and requiring it to
be remedied and stating that such notice is a notice of Default hereunder; 
 (e) the filing of a petition seeking entry of a
decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuer’s affairs, and such petition shall remain unstayed and in effect for a period of 90 consecutive days; or 
 (f) the
commencement by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case
under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the
making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing.

  

			
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	  	(Nissan 2011-B Indenture)

 The Issuer shall deliver to the Indenture Trustee, within five Business Days after the
occurrence thereof, written notice in the form of an Officer’s Certificate of any Default that with the giving of notice or the lapse of time would become an Event of Default under clause (d) stating the status of such Default and any
action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 5.02 Acceleration of Maturity; Rescission
and Annulment. If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes
the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or
any of their Affiliates) may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this
Article V provided, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer, NMAC, NARC
II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if: 
 (a) the Issuer has paid or deposited with the Securities Intermediary in the name
of the Indenture Trustee a sum sufficient to pay: 
 (1) all payments of principal of and interest on the Notes
and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (2) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default or impair any
right consequent thereto. 

  

			
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 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee. 
 (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note, so long as
any amounts remain unpaid with respect to the Notes, when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of
any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and
interest, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the Notes and in addition thereto such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of
an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in
the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the
rights of the Noteholders and, incidentally thereto, the Certificateholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

(d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an
ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, then, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, the Indenture Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(1) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture 

  

			
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	  	(Nissan 2011-B Indenture)

 
Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 

(2) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (3) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(4) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property. 
 Any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event
that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad
faith. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such
Proceedings. 

  

			
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	  	(Nissan 2011-B Indenture)

 SECTION 5.04 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and result in the acceleration of the Notes, the Indenture Trustee shall
make payments on the Notes and to the Owner Trustee as set forth in Section 5.06(d) of the Sale and Servicing Agreement, rather than pursuant to Section 5.06(c) thereof. 

(b) If the Indenture Trustee, in compliance with Section 5.04(a), is deemed to have a conflict of interest under the TIA and is
required to resign as Indenture Trustee hereunder, the Issuer shall, pursuant to Section 6.08, cause the Servicer to appoint a successor Indenture Trustee. 
 (c) In accordance with Section 5.04(b), if an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 5.05):

 (1) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts
then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 

(2) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (3) exercise any remedies of a secured party under the UCC and take any other appropriate action
to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (4) sell the
Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding Amount of the Notes, voting as a single class, consent thereto
(but excluding for purposes of such vote all Notes held or beneficially owned by NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held or beneficially owned by NMAC, NARC II and their Affiliates), or (B) the
proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest, (C) the Indenture Trustee determines that the Trust Estate may
not continue to provide sufficient funds on an ongoing basis to make all payments of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the
consent of Holders of a 66 2/3% of the Outstanding Amount of the Notes, voting as a single class (but excluding for purposes of such vote all Notes held or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such
time all of the Notes are held 

  

			
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or beneficially owned by the Issuer, NMAC, NARC II and their Affiliates), or (D) the Servicer exercises its option to purchase the Receivables pursuant to Section 9.01 of the Sale and
Servicing Agreement and Section 10.01 hereof. In determining such sufficiency or insufficiency with respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 (d) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall mail to each Noteholder
and the Indenture Trustee a notice that states the related record date, payment date and amount to be paid. 
 SECTION 5.05
Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture
Trustee may, unless otherwise directed by the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a single class (excluding from such action and calculation any Notes held by NMAC, NARC II or any of their Affiliates,
unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), but need not, elect to maintain possession of the Collateral and direct the Issuer, Servicer and Administrator not to take
steps to liquidate the Receivables. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and the Indenture Trustee shall take such desire
into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.06 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder unless such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default, and: 
 (a) the Event of Default arises from the Servicer’s failure to remit payments when due; or 
 (b) the Holders of not less than 25% of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or
beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates) have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder and have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with
such request, the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings, and no direction inconsistent with that written request has been given to the Indenture
Trustee during the 60-day period by the holders of a majority in principal amount of those outstanding Notes (or relevant class or classes of Notes). 

  

			
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 It is understood and intended that no one or more Holders of Notes shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall
receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 SECTION 5.07 Rights of Noteholders
to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates
thereof expressed in such Note and in this Indenture (in each case with reference to the calculations to be made pursuant to the Sale and Servicing Agreement), and to institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Holder. 
 SECTION 5.08 Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default
shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 

  

			
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 SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding
Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates, unless at such time all of the
Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates), shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that: 
 (a) such
direction shall not be in conflict with any rule of law or with this Indenture; and 
 (b) any direction to the Indenture Trustee
to sell or liquidate the Collateral shall be by Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of the Notes set forth in Section 5.04(c)(iv); and 

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

 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need
not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02 or the liquidation or sale of the Collateral
pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding principal amount of any Notes held of record or beneficially owned by the Issuer,
NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates) may waive any past Default or Event of Default and its consequences
except a Default or Event of Default in (a) the deposit of collections or other required amounts, (b) any required payment from amounts held in Accounts in respect of amounts due on the Notes, (c) payment of principal or interest on
the Notes, or (d) an Event of Default in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights hereunder, respectively. 
 Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION
5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note or Note Owner by such Holder’s acceptance of such Note or beneficial interest therein, as the case may be, shall be deemed to have agreed, that
any court may in its 

  

			
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discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any
suit instituted by any Noteholder, or a group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes, or (c) any suit instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture. 

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

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer or to each other under or in connection with the
Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with each
such agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Servicer of each of their respective obligations under the Sale and Servicing Agreement, the Purchase Agreement. 

  

			
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 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at
the direction (which direction shall be in writing or by telephone, confirmed in writing promptly thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding
principal amount of any Notes held of record or beneficially owned by the Issuer, NMAC, NARC II or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their
Affiliates), shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, the Purchase Agreement, or against the Administrator
under the Administration Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or the Administrator, of each of their obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension, or waiver thereunder and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 
 The Indenture Trustee 

SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and after the occurrence of a Servicer Default
under the Sale and Servicing Agreement, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. 
 (a) The Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be
specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they conform on their face to the requirements of this Indenture. 

(b) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its
own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that: 
 (1)
the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set
forth in this Indenture, no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in this Indenture shall not be construed as a duty
and, in the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Indenture Trustee and conforming on their face to the requirements of this Indenture; 
 (2) the Indenture
Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Indenture Trustee was negligent in performing its duties in accordance with the terms of this Indenture;
and 

  

			
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 (3) the Indenture Trustee shall not be personally liable with respect to any
action taken, suffered or omitted to be taken in good faith in accordance with the direction of (i) the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purposes the outstanding
principal amount of any Notes held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by the Issuer, NARC II, NMAC or any of their
Affiliates), relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee under this Indenture. 

(c) The Indenture Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its duties under this Indenture, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (d) All information obtained by the Indenture Trustee regarding the Obligors and the Receivables contained in
the Trust, whether upon the exercise of its rights under this Indenture or otherwise, shall be maintained by the Indenture Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any applicable law
or regulation or pursuant to subpoena. 
 (e) If (i) pursuant to Section 3.02 of the Sale and Servicing Agreement, a
Responsible Officer of the Indenture Trustee discovers that a representation or warranty with respect to a Receivable was incorrect as of the time specified with respect to such representation and warranty and such incorrectness materially and
adversely affects such Receivable, or (ii) pursuant to Section 4.06 of the Sale and Servicing Agreement, a Responsible Officer of the Indenture Trustee discovers that a covenant of the Servicer has been breached with respect to a
Receivable that would materially and adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the Servicer and the Owner Trustee of such incorrectness. 

(f) The Indenture Trustee shall not be deemed to have knowledge of any Default or Event of Default or other event unless a Responsible
Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this Indenture. 
 SECTION 6.02 Rights of Indenture Trustee. 
 (a) Except as otherwise provided
in Section 6.01: 
 (1) the Indenture Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, Officer’s Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties, including, without limitation, provided to it via email or other suitable means of electronic distribution as permitted in writing by the
Indenture Trustee; 

  

			
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 (2) the Indenture Trustee may consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Indenture in good faith and in accordance with such advice or Opinion of Counsel;

 (3) the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture or the Sale and Servicing Agreement, or to institute, conduct or defend any litigation under this Indenture, or in relation to this Indenture or the Sale and Servicing Agreement, at the request, order or direction of any of the
Noteholders pursuant to the provisions of this Indenture or the Sale and Servicing Agreement, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities that may
be incurred by it, its agents and its counsel in compliance with such request, order or direction; 
 (4) the
Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 (5) the Indenture Trustee shall not be bound to recalculate, reverify, or make any investigation into the
facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Notes evidencing not less
than 25% of the aggregate Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require reasonable indemnity against such cost,
expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Administrator or, if paid by the Indenture Trustee, shall be reimbursed by the Administrator upon demand; and nothing in this
clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors; 
 (6) the Indenture Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this Indenture either directly or by or through agents or attorneys or a custodian;

 (7) in order to comply with laws, rules, regulations and executive orders in effect from time to time
applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and
documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with Applicable Law; 

  

			
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 (8) the rights, privileges, protections, immunities and benefits given to
the Indenture Trustee herein, including the right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Securities Intermediary and Secured Party under the Basic Documents; and

 (9) all communications, notices, instruction and other documents to be received by the Indenture Trustee (with
the exception of those for which a non-electronic signature is expressly requested by the Indenture Trustee) may be provided to it via email with receipt confirmed via reply email, if requested, or other suitable means of electronic distribution as
permitted in writing by the Indenture Trustee. 
 (10) Before the Indenture Trustee acts or refrains from acting,
it may require an Officer’s Certificate (with respect to factual matters) and/or an Opinion of Counsel (with respect to matters of law), as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (b) No Noteholder will have any
right to institute any proceeding with respect to this Indenture except upon satisfying the conditions set forth in Section 5.06. 
 SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the Holder, beneficial owner or pledgee of Notes and may otherwise deal
with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, in so doing the Indenture Trustee
must comply with Sections 6.11 and 6.12. 
 SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes
no representations as to the validity or sufficiency of this Indenture or the Notes (other than the execution by the Indenture Trustee on behalf of the Trust of, and the certificate of authentication on, the Notes), or of the Certificates. The
Indenture Trustee shall have no obligation to perform any of the duties of the Servicer or the Administrator unless explicitly set forth in this Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of the Notes or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Trust or its
ability to generate the payments to be distributed to Noteholders under this Indenture, including without limitation the validity of the assignment of the Receivables to the Trust or of any intervening assignment; the existence, condition, location
and ownership of any Receivable or Financed Vehicle; the existence and enforceability of any physical damage or credit life or credit disability insurance; the existence and contents of any retail installment sales contract or any computer or other
record thereof; the completeness of any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the Issuer, Seller or Servicer of any
warranty or representation made under this Indenture or in any Basic Document or other related document and the accuracy of any such warranty or representation prior to the Indenture Trustee’s receipt of notice or other discovery of any
noncompliance therewith or any breach thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the 

  

			
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Indenture Trustee taken at the instruction of the Issuer or Servicer, provided, however, that the foregoing shall not relieve the Indenture Trustee of its obligation to perform its
duties under this Indenture. Except with respect to a claim based on the failure of the Indenture Trustee to perform its duties under this Indenture or based on the Indenture Trustee’s willful misconduct, bad faith or negligence, no recourse
shall be had for any claim based on any provision of this Indenture, the Notes or Certificates or assignment thereof against the institution serving as the Indenture Trustee in its individual capacity. The Indenture Trustee shall not have any
personal obligation, liability or duty whatsoever to any Noteholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust or any indemnitor who shall furnish indemnity as provided in this
Indenture. The Indenture Trustee shall not be accountable for the use or application by the Issuer of any of the Notes or of the proceeds of such Notes, or for the use or application of any funds paid to the Servicer in respect of the Notes.

 SECTION 6.05 Notice of Defaults. If a Responsible Officer of the Indenture Trustee knows that a Default has occurred
and is continuing, the Indenture Trustee shall mail to each Noteholder notice of such Default within 10 days of the occurrence thereof. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may
withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall deliver or cause to be delivered annually to each Noteholder of record such information as may be required to
enable such Person to prepare its federal and state income tax returns. The Indenture Trustee shall also deliver or cause to be delivered annually to each Noteholder of record a report relating to its eligibility and qualification to continue as
Indenture Trustee under this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity date of certain indebtedness owed by the Trust to such Indenture Trustee, in its individual capacity, the property and
funds physically held by such Indenture Trustee in its capacity as such, and any action taken by it that materially affects the Notes and that has not been previously reported. 

SECTION 6.07 Compensation and Indemnity. The Administrator shall pay to the Indenture Trustee from time to time reasonable
compensation for its services as have been separately agreed upon between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Administrator shall reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection and the costs of implementing any Currency Swap Agreement as contemplated by Section 9.02, in
addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Administrator shall
indemnify the Indenture Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by it in connection with the administration of this Indenture or any of the Basic Documents and the performance of
its duties hereunder or thereunder. The Indenture Trustee shall notify the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Administrator shall not relieve the Administrator of
its obligations hereunder. The Administrator shall defend any such claim, and the Indenture Trustee may have separate counsel and the 

  

			
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Administrator shall pay the fees and expenses of such counsel. The Administrator shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture
Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. To the extent not paid by the Administrator and outstanding for at least 60 days, such fees and indemnities shall be paid by the Issuer pursuant to
Section 5.06 of the Sale and Servicing Agreement, provided, that prior to such payment pursuant to the Sale and Servicing Agreement, the Indenture Trustee shall notify the Administrator in writing that such fees and indemnities have been
outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Section 5.06 of the Sale and Servicing Agreement, the Administrator shall reimburse the Issuer in full for such payments. 

The Administrator’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of
the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.08
Replacement of Indenture Trustee. The Indenture Trustee may resign at any time by providing written notice of its resignation to the Issuer. The Administrator may remove the Indenture Trustee if: 

(a) the Indenture Trustee fails to comply with Section 6.11; 
 (b) the Indenture Trustee is adjudged a bankrupt or insolvent; 
 (c) a receiver or
other public officer takes charge of the Indenture Trustee or its property; or 
 (d) the Indenture Trustee otherwise becomes
legally or practically incapable of fulfilling its duties hereunder. 
 If the Indenture Trustee resigns or is removed or if a
vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee. The successor
Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the
successor Indenture Trustee. To the extent not paid by the successor Indenture Trustee, the Administrator shall pay all reasonable costs and expenses incurred in connection with removing and replacing the Indenture Trustee for a series of Notes and
transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. 
 A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Servicer and the Administrator. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor
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Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Administrator or the Holders of a
majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at any time thereafter petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee. 
 Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 
 SECTION 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another Person, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee if such surviving Person or transferee corporation or banking shall be otherwise qualified and eligible under
Section 6.11. The Indenture Trustee shall provide the Issuer and the Administrator reasonable prior written notice of any such transaction (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(e) of
the Administration Agreement). 
 In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located or for the purpose of implementing any Currency Swap Agreement as contemplated by Section 9.02, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the
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Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.
No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under
Section 6.08 hereof. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions: 
 (1) all rights, powers, duties and obligations
conferred or imposed upon such separate trustee or co-trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee joining in and/or directing such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture
Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
 (2) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 

(3) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee,
upon its acceptance of the trusts thereupon conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with
full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  

			
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 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA Section 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it or its parent shall have a
long-term debt rating of “Baa3” or better by Moody’s, or its equivalent rating or better by Fitch, or otherwise acceptable to the Rating Agencies. The Indenture Trustee shall comply with TIA Section 310(b), including the optional
provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 SECTION 6.12
Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated. 
 SECTION 6.13 Acknowledgement by Indenture Trustee of
its Obligations Under the Sale and Servicing Agreement. The Indenture Trustee hereby agrees and consents to the provisions of the Sale and Servicing Agreement applicable to it (including, without limitation, Sections 5.06, 5.07 and 5.08 thereof)
and agrees to be bound by such provisions. 
 ARTICLE VII 

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

  

			
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 SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of
Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee
may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 
 (b)
Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 3.12(c). 
 SECTION 7.03 Reports by Issuer. 
 (a) The Issuer shall: 

(1) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (2) file with the Indenture
Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and 
 (3) supply to the
Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and
(ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission. 
 (b) Unless
the Issuer otherwise determines, the fiscal year of the Issuer shall end on March 31 of each year. 
 SECTION 7.04
Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after the end of each Fiscal Year of the Issuer, beginning with the fiscal year ending March 31, 2012, the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 

  

			
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 A copy of each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to the Noteholders, via the Indenture
Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other information regarding the Notes as the Indenture
Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in
any other form or manner. Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially
located at https://sf.citidirect.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the
Indenture Trustee may require registration and the acceptance of a disclaimer. 
 SECTION 7.06 Information to be Provided by
the Indenture Trustee. The Indenture Trustee shall provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the “Nissan Parties”) with (i) notification pursuant to Section 6.01(e), 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 have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or
Regulation AB. 
 ARTICLE VIII 
 Accounts, Disbursements and Releases 
 SECTION 8.01 Collection of
Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture,
if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including
the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

  

			
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 SECTION 8.02 Accounts. 

(a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders and, to the extent set forth herein, the Certificateholders, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b) On or prior to the Closing Date, the Issuer will cause the Seller to, pursuant to the Securities Account Control Agreement, establish
and maintain with the Securities Intermediary in the name of the Indenture Trustee, for the benefit of the Noteholders, the Reserve Account as provided in Section 5.07 of the Sale and Servicing Agreement. 

(c) The Indenture Trustee shall transfer all amounts remaining on deposit in the Collection Account on the Distribution Date on which the
Notes of all Classes have been paid in full (or substantially all of the Trust Estate is otherwise released from the lien of this Indenture) to the Trust Collection Account and shall take all necessary or appropriate actions to transfer all of its
right, title and interest in the Collection Account, all funds or investments held therein and all proceeds thereof, whether or not on behalf of the Securityholders, to the Owner Trustee for the benefit of the Certificateholders, subject to the
limitations set forth herein with respect to amounts held for payment to Noteholders that do not promptly deliver a Note for payment on such Distribution Date. 
 SECTION 8.03 General Provisions Regarding Accounts. 
 (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Collection Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer,
subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and
paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the
Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Collection Account unless the security interest Granted and perfected in such account will continue to be
perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. 
 (b) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Reserve Account shall be invested in Eligible Investments and reinvested by the
Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.07 of the Sale and Servicing Agreement and the provisions of the 

  

			
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Securities Account Control Agreement. All income or other gain from investments of moneys deposited in the Reserve Account shall be paid by the Indenture Trustee to the Seller on any Business Day
on or after which such amount is deposited in the Reserve Account. Subject to the right of the Indenture Trustee to make withdrawals therefrom, as directed by the Servicer, for the purposes and in the amounts set forth in Section 5.06 of the
Sale and Servicing Agreement, the Reserve Account and all funds held therein shall be the property of the Seller and not the property of the Trust, the Owner Trustee or the Indenture Trustee. 

(c) The Seller will grant to the Indenture Trustee, for the benefit of the Noteholders, a security interest in all funds (including
Eligible Investments) in the Reserve Account (including the Reserve Account Initial Deposit) and the proceeds thereof, and the Indenture Trustee shall have all of the rights of a secured party under the UCC with respect thereto; provided that
all income from the investment of funds in the Reserve Account, and the right to receive such income are retained by the Seller and are not transferred, assigned or otherwise conveyed hereunder. The Servicer will not direct the Indenture Trustee to
make any investment of any funds or to sell any investment held in the Reserve Account unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect. 
 (d) Subject to Section 6.01(c), the Indenture Trustee shall
not in any way be held liable by reason of any insufficiency in the Collection Account or the Reserve Account resulting from any loss on any Eligible Investment included therein at the direction of the Servicer, except for losses attributable to the
Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with the terms thereof. 

(e) If (i) the Servicer shall have failed to give investment directions for any funds on deposit in the Collection Account or the
Reserve Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and Indenture Trustee) on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from
the Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Accounts in an Eligible
Investment specified in clause (iv) of the definition of Eligible Investments provided in the Sale and Servicing Agreement. If the Indenture Trustee invests and reinvests funds in the Reserve Account pursuant to clause (ii) or clause
(iii) above, the Indenture Trustee shall issue a prohibition notice to the securities intermediary as provided in the Securities Account Control Agreement. If the Default or Event of Default that caused the Indenture Trustee to assume control
over the investment of funds in the Reserve Account has been waived and the acceleration, if any, of the Notes has been rescinded, the Indenture Trustee shall issue a rescission of prohibition notice to the securities intermediary as provided in the
Securities Account Control Agreement. 

  

			
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 SECTION 8.04 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the
provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the
provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 (as certified by an authorized officer of the Issuer in the officer’s certificate delivered to the Trustee) have been paid, release any remaining portion of the
Trust Estate that secured the Notes from the lien of this Indenture and release to or to the order of the Issuer, or, in the case of the Reserve Account, to the Seller, any funds entitled thereto then on deposit in the Collection Account and the
Reserve Account, as the case may be. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Officer’s Certificate and (if required by the TIA) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. 

SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer. 

(a) Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 of the Sale and Servicing Agreement or any purchase of
any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the Lien of this
Indenture such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property with respect to such Receivable, and all security and any documents relating thereto, and the Seller or the
Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and documents, free of any further obligation to the Issuer, the Indenture Trustee or the Noteholders with respect thereto. 

(b) The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be reasonably requested by the
Seller or the Servicer, as the case may be, to effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the Issuer pursuant to Section 9.02 of the Sale and Servicing Agreement. 

SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven days notice when requested by the Issuer to
take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and shall require, to extent required by the TIA), except in connection with any action contemplated by
Section 8.04(b), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to 

  

			
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the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the
provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on
the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX 
 Supplemental Indentures 

SECTION 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior written notice by the Issuer to the Administrator (and the
Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(e) of the Administration Agreement), the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(1) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better
assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

(2) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and
the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 
 (3) to
add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 
 (4) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
 (5) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or to
make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture to the extent such action shall not adversely affect the interests of the Holders of the Notes; 

(6) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the
Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

  

			
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 (7) to modify, eliminate or add to the provisions of this Indenture to such
extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 

The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not materially and adversely affect the interests of any Noteholder.
An indenture or indentures supplemental hereto shall be deemed not to materially and adversely affect the interests of any Noteholder if the Rating Agency Condition has been satisfied with respect to such indenture or indentures supplemental hereto.

 SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, also may, with prior written notice by the Issuer to the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(e) of the Administration Agreement) and with
the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially owned by NARC II, NMAC or any of their
Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), by Action of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (1) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or redemption price therefor, or change any place of
payment where, or the coin or currency in which, any Note or the interest thereon is payable; 
 (2) impair the
right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates
thereof; 
 (3) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which
is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this
Indenture; 

  

			
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 (4) modify or alter the provisions of the proviso to the definition of the
term “Outstanding”; 
 (5) reduce the percentage of the Outstanding Amount of the Notes required to
direct the Indenture Trustee to sell or liquidate the Trust Estate if the proceeds of that sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the Notes pursuant to Section 5.04(c)(iv); 

(6) reduce any percentage required to amend the sections of the Indenture that specify the applicable percentage of
Outstanding Amount of the Notes necessary to amend the Indenture; or 
 (7) permit the creation of any lien
ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or
deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Indenture Trustee may in its
discretion determine whether or not any Notes would be adversely affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
 It shall not be necessary
for any Action of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Action shall approve the substance thereof. 

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the
Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 Pursuant to the Trust Agreement and the Sale and Servicing Agreement, the Issuer may, from time to time, at its option, enter into a Currency Swap Agreement with a Currency Swap Counterparty to swap
amounts payable to Certificateholders from U.S. Dollars to Japanese yen; provided, that (1) at the time the Issuer enters into the Currency Swap Agreement, the rating agencies have confirmed the then-existing ratings of the Notes, and
(2) any payments to the Currency Swap Counterparty (including termination payments) are payable only from amounts that are otherwise payable to the Certificateholders. Any payments received by the Issuer from the Currency Swap Counterparty
under such a Currency Swap Agreement shall not be deposited in the Collection Account and shall be paid by the Indenture Trustee directly to or to the order of the Certificateholders on the related Distribution Date. In connection with executing any
such 

  

			
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Currency Swap Agreement, the Issuer, the Indenture Trustee, the Owner Trustee, the Seller and the Servicer will enter into a supplement to this Indenture, subject to this Section 9.02 and
subject to the approval of the Owner Trustee and the Certificateholders, that will specify the creation of any necessary accounts and modifications of any provisions necessary or appropriate to effectuate the intention of such Currency Swap
Agreement. 
 SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive upon request therefor, and subject to Sections 6.01 and 6.02,
shall be fully protected in relying upon, an Opinion of Counsel from external counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in
accordance therewith with respect to the Notes, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 SECTION 9.05 Conformity with Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

 SECTION 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

Release 

SECTION 10.01 Optional Purchase of All Receivables. If the Servicer or any successor to the Servicer shall notify the Owner
Trustee and the Indenture Trustee of its intention to exercise the option granted to it in Section 9.01 of the Sale and Servicing Agreement to repurchase the outstanding Receivables primarily comprising the Owner Trust Estate, then the Owner
Trustee and the Indenture Trustee shall give written notice thereof to each Securityholder 

  

			
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as soon as practicable after their receipt of notice from the Servicer. The Servicer will also deliver a copy of such notice to each Rating Agency. Upon deposit by the Servicer or any successor
to the Servicer of the amount necessary to effect such purchase of the corpus of the Owner Trust Estate, the Indenture Trustee shall make the final distributions to the Noteholders and Certificateholders as set forth in Section 5.06 of the Sale
and Servicing Agreement and shall promptly transfer all of its right, title and interest in and to any amounts or investments remaining on deposit in the Collection Account to the Owner Trustee, and in the Reserve Account to the Seller (in any event
excluding any portion thereof necessary to make distributions to Noteholders described in Section 3.03), and release from the lien of this Indenture all of the remaining Collateral. The Indenture Trustee shall execute, deliver and file all
agreements, certificates, instruments or other documents necessary or reasonably requested by the Issuer in order to effect such release and the transfer to the Issuer of the Collateral. 

ARTICLE XI 

Miscellaneous 
 SECTION 11.01 Compliance Certificates and Opinions, etc. 
 (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall, upon written request therefor from the Indenture Trustee, furnish to the Indenture Trustee (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of
any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no such written request from the Indenture Trustee need be furnished (and only such expressly required
documents need be delivered in connection therewith). 
 (b) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each signatory of
such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as
is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

  

			
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 (c) Prior to the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture,
furnish to the Indenture Trustee (if so requested by the Indenture Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such
deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 
 Whenever the Issuer would be
required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in this clause (c) if such an Officer’s Certificate had been requested by the
Indenture Trustee or required by the TIA, regardless of whether such an Officer’s Certificate was so requested or required, the Issuer shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value
to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuer, as set forth in the certificates delivered
pursuant to clause (c), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related
Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 
 Whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions
hereof. 
 Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without compliance with the
requirements of the other provisions of this Section, (i) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents, and (ii) make cash payments out
of the Accounts as and to the extent permitted or required by the Basic Documents so long as the Issuer shall deliver to the Indenture Trustee commencing June 30, 2012, and every six months thereafter, an Officer’s Certificate of the
Issuer stating that all such dispositions of Collateral that occurred during the preceding six calendar months were in the ordinary course of the Issuer’s business and that the proceeds thereof were applied in accordance with the Basic
Documents. 
 SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

  

			
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 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this
Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s
compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such
document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.03 Acts of Noteholders. 
 (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Action” of the Noteholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner
that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

  

			
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 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action
by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.04 Notices to Indenture
Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Action of Noteholders is to be made upon, given or furnished to or filed with: 
 (a) the Indenture Trustee by any Noteholder or by the Issuer, it shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its
Corporate Trust Office; or 
 (b) the Issuer by the Indenture Trustee or by any Noteholder, it shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: Nissan Auto Receivables 2011-B Owner Trust, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Nissan Auto Receivables 2011-B Owner Trust, with a copy to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee 37067, Attention: Treasurer, or at any other address previously furnished in writing to
the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
 Notices required to be given to the Rating Agencies hereunder shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to: (i) in the case of Moody’s, at
the following address: Moody’s Investor Service, ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, and (ii) in the case of Fitch, at the following address: Fitch Ratings, One State Street
Plaza, New York, New York 10004, Attention: Asset Backed Securities Group, or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties; provided, however, that all notices, requests, reports,
consents or other communications deliverable to any Rating Agency hereunder or under any other Basic Document 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 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to
other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

  

			
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 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension
of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance
constitute a Default or Event of Default. 
 SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given
in accordance with such agreements. 
 SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION 11.08 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall
bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
 SECTION 11.10 Severability. If any one or more of the covenants, agreements, provisions or terms of this Indenture shall be for any reason whatsoever held invalid or unenforceable in any
jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture and shall in no way affect the validity or enforceability of the other
provisions of this Indenture or of the Notes or the Certificates or the rights of the Holders thereof. 

  

			
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 SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Governing Law. This
Indenture shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
 SECTION 11.13
Counterparts. This Indenture may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute but one and the same instrument. 

SECTION 11.14 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording
is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Owner Trustee or the Indenture Trustee on the Notes or Certificates or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner
Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement. 

SECTION 11.16 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note,
hereby covenant and agree that they will 

  

			
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not at any time file, join in any filing of, or cooperate or encourage others to file against the Seller or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law, in connection with any obligations relating to the Notes, the Certificates or any of the Basic Documents. 

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

  

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

			
	NISSAN AUTO RECEIVABLES 2011-B OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Dorri Costello

	Name:	 	Dorri Costello
	Title:	 	Banking Officer
	
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Jacqueline Suarez

	Name:	 	Jacqueline Suarez
	Title:	 	Vice President

  

			
	 S-1
	  	(Nissan 2011-B Indenture)

					
	STATE OF DELAWARE	 	)	  	
		 	) ss	  	
	COUNTY OF NEW CASTLE	 	)	  	

 Sworn to and subscribed before me this 10th day of November, by Dorri Costello. 

 

	
	 /s/ Patrick A. Kanar

	Notary Public
	
	Patrick A. Kanar
	Notary Public - State of Delaware
	My Comm. Expires April 6, 2012

 Notary Seal 

  

			
	 S-2
	  	(Nissan 2011-B Indenture)

					
	STATE OF NEW YORK	 	)	  	
		 	) ss	  	
	COUNTY OF New York	 	)	  	

 Sworn to and subscribed before me this 17th day of November, 2011, by Noreen Santos. 

 

			
	 /s/ Noreen Iris Santos

	Notary Public
		
	Name:	 	Noreen I. Santos

 
			
	My Commission Expires:	 	9/27/14

 Notary Seal 

  

			
	 S-3
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 EXHIBIT A 
 FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE 
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”)], TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF [CEDE &
CO.] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [DTC] (AND ANY PAYMENT IS MADE TO [CEDE & CO.] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [DTC]), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO
RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES
AND AMOUNTS ON DEPOSIT IN THE RESERVE ACCOUNT. 
 EACH PURCHASER AND TRANSFEREE OF THIS NOTE WILL BE DEEMED TO REPRESENT,
WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF 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, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY, OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR
LAW. 

  

			
		  	(Nissan 2011-B Indenture)

 NISSAN AUTO RECEIVABLES 2011-B OWNER TRUST 

[            ]% ASSET BACKED NOTES, 

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

					
		  	 	$                     	  
	No. R-                	  	 	CUSIP NO.                        
	  
		  	 	ISIN No. ____________	  

 Nissan Auto Receivables 2011-B Owner Trust, a statutory trust organized and existing under the laws of
the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                      DOLLARS
($                    ) payable on each Distribution Date in an aggregate amount, if any, payable from the Collection Account in respect
of the principal on the Class [A-1] [A-2] [A-3] [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of November 17, 2011 (the “Indenture”), between the Issuer and Citibank, N.A., as Indenture Trustee (the
“Indenture Trustee”) and Sections 5.06(c), (d) and (e) of the Sale and Servicing Agreement dated as of November 17, 2011 (the “Sale and Servicing Agreement”), among the Issuer, NARC II, as Seller, and NMAC, as
Servicer (which amounts shall be limited to the portion of Available Amounts specified in such sections); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the Distribution Date
occurring on                      (the “Class [A-1] [A-2] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used
but not defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing Agreement, as the case may be. 
 The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest on this
Note will accrue for each Distribution Date, {for the Class A-1 Notes} during the period from (and including) the Distribution Date during the calendar month preceding such Distribution Date (or in the case of the first Distribution Date, or if
no interest has yet been paid, from (and including) the Closing Date) to (but excluding) such Distribution Date. {for the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes} during the period from (and including) the 15th day of the
preceding calendar month (or in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) the 15th day of the month in which such Distribution Date occurs. Interest will
be computed on the basis specified in the Indenture for each Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note. 

  

			
		  	(Nissan 2011-B Indenture)

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

			
		  	(Nissan 2011-B Indenture)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer, as of the date set forth below. 
 Date: November
            , 2011 
  

			
	 NISSAN AUTO RECEIVABLES 2011-B
 OWNER TRUST

		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	 ASSOCIATION, not in its individual
 capacity but solely as Owner Trustee under
 the Trust Agreement

  

					
		 	By:	 	 
		 		 	Name:
		 		 	Title:

  

			
		  	(Nissan 2011-B Indenture)

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date: November             , 2011 

 

			
	 CITIBANK, N.A., not in its individual capacity but
 solely as Indenture Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  

			
		  	(Nissan 2011-B Indenture)

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as [            ]% Asset Backed Notes, Class [A-1] [A-2]
[A-3] [A-4] (herein called the “Class [A-1] [A-2] [A-3] [A-4] Notes”), all issued under the Indenture, to which Indentures and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class [A-1] [A-2] [A-3] [A-4] Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, (collectively, the “Notes”) are and, except as otherwise provided in the Indenture and
the Sale and Servicing Agreement, will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class [A-1] [A-2] [A-3] [A-4] Notes will be payable on each Distribution Date in an amount described in the Indenture. “Distribution Date” means the fifteenth day of each month,
or, if any such date is not a Business Day, the next succeeding Business Day, commencing December 15, 2011. 

Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of
record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture or following the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the
Indenture. In case of an unrescinded acceleration upon an Event of Default, all payments of interest and principal will be made to the Noteholders, as set forth in Section 5.06(d) of the Sale and Servicing Agreement. In case of the optional
purchase of the Receivables, all interest and all principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be paid to the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such
nominee, except for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the 

  

			
		  	(Nissan 2011-B Indenture)

 
name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Distribution Date by notice mailed or transmitted by
facsimile prior to such Distribution Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in The City of New York. 
 The Issuer shall pay interest on overdue
installments of interest at the Class [A-1] [A-2] [A-3] [A-4] Rate to the extent lawful. 
 As provided in the Indenture and
subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee as set forth in Section 2.04 of the Indenture, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) the Seller or any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such
Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with or encourage others to file against the Seller or the Issuer, any bankruptcy, 

  

			
		  	(Nissan 2011-B Indenture)

 
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the
Indenture or the Basic Documents. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that,
for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a
beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note
(as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer and the Indenture Trustee, when authorized by an Issuer Order, with prior
notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially
owned by NARC II, NMAC or any of their Affiliates, unless at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates). Section 5.12 of the Indenture also contains provisions permitting the
Holders of a majority of the Outstanding Amount of the Notes, voting as a single class (excluding for such purpose the outstanding principal amount of any Notes held of record or beneficially owned by NARC II, NMAC or any of their Affiliates, unless
at such time all of the Notes are held of record or beneficially owned by NARC II, NMAC or any of their Affiliates), on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by
the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

  

			
		  	(Nissan 2011-B Indenture)

 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of
this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

  

			
		  	(Nissan 2011-B Indenture)

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

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

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

Dated:                     
            */ 
 Signature Guaranteed: 

                      
                      */ 
 */ NOTICE: 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 whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

			
		  	(Nissan 2011-B Indenture)

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I Definitions and Incorporation by Reference
	  	 	2	  
		
	 SECTION 1.01 Definitions
	  	 	2	  
		
	 SECTION 1.02 Usage of Terms
	  	 	9	  
		
	 SECTION 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	9	  
		
	 ARTICLE II The Notes
	  	 	10	  
		
	 SECTION 2.01 Form
	  	 	10	  
		
	 SECTION 2.02 Execution, Authentication and Delivery
	  	 	10	  
		
	 SECTION 2.03 Temporary Notes
	  	 	11	  
		
	 SECTION 2.04 Registration; Registration of Transfer and Exchange
	  	 	11	  
		
	 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	12	  
		
	 SECTION 2.06 Persons Deemed Owners
	  	 	13	  
		
	 SECTION 2.07 Payments of Principal and Interest
	  	 	13	  
		
	 SECTION 2.08 Cancellation
	  	 	14	  
		
	 SECTION 2.09 Release of Collateral
	  	 	14	  
		
	 SECTION 2.10 Book-Entry Notes
	  	 	14	  
		
	 SECTION 2.11 Notices to Clearing Agency
	  	 	15	  
		
	 SECTION 2.12 Definitive Notes
	  	 	15	  
		
	 SECTION 2.13 Tax Treatment
	  	 	16	  
		
	 ARTICLE III Covenants, Representations and Warranties
	  	 	16	  
		
	 SECTION 3.01 Payment of Principal and Interest
	  	 	16	  
		
	 SECTION 3.02 Maintenance of Office or Agency
	  	 	17	  
		
	 SECTION 3.03 Money for Payments To Be Held in Trust
	  	 	17	  
		
	 SECTION 3.04 Existence
	  	 	18	  

  

			
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 3.05 Protection of Trust Estate
	  	 	19	  
		
	 SECTION 3.06 Opinions as to Trust Estate
	  	 	19	  
		
	 SECTION 3.07 Performance of Obligations; Servicing of Receivables
	  	 	20	  
		
	 SECTION 3.08 Negative Covenants
	  	 	22	  
		
	 SECTION 3.09 Annual Statement as to Compliance
	  	 	22	  
		
	 SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	23	  
		
	 SECTION 3.11 Successor or Transferee
	  	 	24	  
		
	 SECTION 3.12 No Other Business
	  	 	25	  
		
	 SECTION 3.13 No Borrowing
	  	 	25	  
		
	 SECTION 3.14 Servicer’s Notice Obligations
	  	 	25	  
		
	 SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities
	  	 	25	  
		
	 SECTION 3.16 Capital Expenditures
	  	 	25	  
		
	 SECTION 3.17 Removal of Administrator
	  	 	25	  
		
	 SECTION 3.18 Restricted Payments
	  	 	25	  
		
	 SECTION 3.19 Notice of Events of Default
	  	 	26	  
		
	 SECTION 3.20 Further Instruments and Actions
	  	 	26	  
		
	 SECTION 3.21 Representations and Warranties
	  	 	26	  
		
	 SECTION 3.22 Regulation AB Covenants
	  	 	27	  
		
	 ARTICLE IV Satisfaction and Discharge
	  	 	27	  
		
	 SECTION 4.01 Satisfaction and Discharge of Indenture
	  	 	27	  
		
	 SECTION 4.02 Application of Trust Money
	  	 	28	  
		
	 SECTION 4.03 Repayment of Moneys Held by Paying Agent
	  	 	28	  
		
	 ARTICLE V Remedies
	  	 	28	  

  

			
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 5.01 Events of Default
	  	 	28	  
		
	 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment
	  	 	30	  
		
	 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	31	  
		
	 SECTION 5.04 Remedies; Priorities
	  	 	33	  
		
	 SECTION 5.05 Optional Preservation of the Receivables
	  	 	34	  
		
	 SECTION 5.06 Limitation of Suits
	  	 	34	  
		
	 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	 	35	  
		
	 SECTION 5.08 Restoration of Rights and Remedies
	  	 	35	  
		
	 SECTION 5.09 Rights and Remedies Cumulative
	  	 	35	  
		
	 SECTION 5.10 Delay or Omission Not a Waiver
	  	 	35	  
		
	 SECTION 5.11 Control by Noteholders
	  	 	36	  
		
	 SECTION 5.12 Waiver of Past Defaults
	  	 	36	  
		
	 SECTION 5.13 Undertaking for Costs
	  	 	36	  
		
	 SECTION 5.14 Waiver of Stay or Extension Laws
	  	 	37	  
		
	 SECTION 5.15 Action on Notes
	  	 	37	  
		
	 SECTION 5.16 Performance and Enforcement of Certain Obligations
	  	 	37	  
		
	 ARTICLE VI The Indenture Trustee
	  	 	38	  
		
	 SECTION 6.01 Duties of Indenture Trustee
	  	 	38	  
		
	 SECTION 6.02 Rights of Indenture Trustee
	  	 	39	  
		
	 SECTION 6.03 Individual Rights of Indenture Trustee
	  	 	41	  
		
	 SECTION 6.04 Indenture Trustee’s Disclaimer
	  	 	41	  
		
	 SECTION 6.05 Notice of Defaults
	  	 	42	  

  

			
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 6.06 Reports by Indenture Trustee to Holders
	  	 	42	  
		
	 SECTION 6.07 Compensation and Indemnity
	  	 	42	  
		
	 SECTION 6.08 Replacement of Indenture Trustee
	  	 	43	  
		
	 SECTION 6.09 Successor Indenture Trustee by Merger
	  	 	44	  
		
	 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	 	44	  
		
	 SECTION 6.11 Eligibility; Disqualification
	  	 	46	  
		
	 SECTION 6.12 Preferential Collection of Claims Against Issuer
	  	 	46	  
		
	 SECTION 6.13 Acknowledgement by Indenture Trustee of its Obligations Under the Sale and Servicing Agreement
	  	 	46	  
		
	 ARTICLE VII Noteholders’ Lists and Reports
	  	 	46	  
		
	 SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders
	  	 	46	  
		
	 SECTION 7.02 Preservation of Information; Communications to Noteholders
	  	 	47	  
		
	 SECTION 7.03 Reports by Issuer
	  	 	47	  
		
	 SECTION 7.04 Reports by Indenture Trustee
	  	 	47	  
		
	 SECTION 7.05 Indenture Trustee Website
	  	 	48	  
		
	 ARTICLE VIII Accounts, Disbursements and Releases
	  	 	48	  
		
	 SECTION 8.01 Collection of Money
	  	 	48	  
		
	 SECTION 8.02 Accounts
	  	 	49	  
		
	 SECTION 8.03 General Provisions Regarding Accounts
	  	 	49	  
		
	 SECTION 8.04 Release of Trust Estate
	  	 	51	  
		
	 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer
	  	 	51	  
		
	 SECTION 8.06 Opinion of Counsel
	  	 	51	  

  

			
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE IX Supplemental Indentures
	  	 	52	  
		
	 SECTION 9.01 Supplemental Indentures Without Consent of Noteholders
	  	 	52	  
		
	 SECTION 9.02 Supplemental Indentures with Consent of Noteholders
	  	 	53	  
		
	 SECTION 9.03 Execution of Supplemental Indentures
	  	 	55	  
		
	 SECTION 9.04 Effect of Supplemental Indenture
	  	 	55	  
		
	 SECTION 9.05 Conformity with Trust Indenture Act
	  	 	55	  
		
	 SECTION 9.06 Reference in Notes to Supplemental Indentures
	  	 	55	  
		
	 ARTICLE X Release
	  	 	55	  
		
	 SECTION 10.01 Optional Purchase of All Receivables
	  	 	55	  
		
	 ARTICLE XI Miscellaneous
	  	 	56	  
		
	 SECTION 11.01 Compliance Certificates and Opinions, etc.
	  	 	56	  
		
	 SECTION 11.02 Form of Documents Delivered to Indenture Trustee
	  	 	57	  
		
	 SECTION 11.03 Acts of Noteholders
	  	 	58	  
		
	 SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies
	  	 	59	  
		
	 SECTION 11.05 Notices to Noteholders; Waiver
	  	 	59	  
		
	 SECTION 11.06 Alternate Payment and Notice Provisions
	  	 	60	  
		
	 SECTION 11.07 Conflict with Trust Indenture Act
	  	 	60	  
		
	 SECTION 11.08 Effect of Headings and Table of Contents
	  	 	60	  
		
	 SECTION 11.09 Successors and Assigns
	  	 	60	  
		
	 SECTION 11.10 Severability
	  	 	60	  
		
	 SECTION 11.11 Benefits of Indenture
	  	 	61	  
		
	 SECTION 11.12 Governing Law
	  	 	61	  
		
	 SECTION 11.13 Counterparts
	  	 	61	  

  

			
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 11.14 Recording of Indenture
	  	 	61	  
		
	 SECTION 11.15 Trust Obligation
	  	 	61	  
		
	 SECTION 11.16 No Petition
	  	 	61	  
		
	 SECTION 11.17 Inspection
	  	 	62	  

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

  

			
	 -vi-
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	 TIA
	 	Indenture
	 Section
	 	 Section

 CROSS-REFERENCE TABLE 
 (not a part of this Indenture) 
  

			
	 (§)310(a) (1)
	  	6.11
	 (a) (2)
	  	6.11
	 (a) (3)
	  	6.10(b)(1)
	 (a) (4)
	  	N.A.
	 (a) (5)
	  	6.11
	 (b)
	  	5.04
		  	6.08
		  	6.11
		  	11.04
	 (c)
	  	N.A.
	 (§)311(a)
	  	6.12
	 (b)
	  	6.12
	 (c)
	  	N.A.
	 (§)312(a)
	  	7.01
	 (b)
	  	7.01
		  	7.02(b)
	 (c)
	  	7.02(c)
	 (§)313(a)
	  	7.04
	 (b) (1)
	  	N.A.
	 (b) (2)
	  	7.04
	 (c)
	  	7.04
		  	11.04
	 (d)
	  	7.04
	 (§)314(a)
	  	7.03
		  	3.09
		  	11.04
		  	7.04
	 (b)
	  	3.06
		  	11.14
	 (c) (1)
	  	11.01
		  	6.02
		  	8.05(b)
	 (c) (2)
	  	11.01
		  	3.06
		  	3.10
		  	6.02
		  	8.05(b)
		  	8.06
	 (c) (3)
	  	11.01
	 (d)
	  	11.01(c)
	 (e)
	  	11.01
	 (f)
	  	N.A.

  

			
	 vii
	  	(Nissan 2011-B Indenture)

			
	 TIA
	 	Indenture
	 Section
	 	 Section

  

			
	 (§)315(a)
	  	6.01
	 (b)
	  	6.05
	 (c)
	  	N.A.
	 (d)
	  	6.01(c)
	 (e)
	  	5.13
	 (§)316(a)(1) (A)
	  	5.11
		  	6.01(b)(3)
	 (a) (1) (B)
	  	5.12
	 (a) (2)
	  	N.A.
	 (b)
	  	5.07
		  	9.02
		  	5.13(c)
	 (c)
	  	N.A.
	 (§)317(a) (1)
	  	5.04
	 (a) (2)
	  	5.03(c)
		  	5.03(d)
		  	5.04
	 (b)
	  	3.03
	 (§)318(a)
	  	11.07

  
 N.A.
means not applicable. 

  

			
	 viii
	  	(Nissan 2011-B Indenture)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]