Document:

exv4w1

Exhibit 4.1

 

NISSAN AUTO LEASE TRUST 20[•]-[•]

[$[•]

[•]% Asset Backed Notes, Class A-1a]

[$[•]

[•]% Asset Backed Notes, Class A-1b]

[$[•]

[•]% Asset Backed Notes, Class A-2a]

[$[•]

[•]% Asset Backed Notes, Class A-2b]

[$[•]

[•]% Asset Backed Notes, Class A-3a]

[$[•]

[•]% Asset Backed Notes, Class A-3b]

[$[•]

[•]% Asset Backed Notes, Class A-4a]

[$[•]

[•]% Asset Backed Notes, Class A-4b]

NISSAN AUTO LEASE TRUST 20[•]-[•]

and

[U.S. BANK NATIONAL ASSOCIATION],

as Indenture Trustee

 

INDENTURE

Dated as of [•], 20[•]

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE ONE
DEFINITIONS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01

	 	Capitalized Terms
	 	 	1	 
	 
	SECTION 1.02

	 	Interpretation
	 	 	2	 
	 
	SECTION 1.03

	 	Incorporation by Reference Trust Indenture Act
	 	 	2	 
	 
	 	 	 	 	 	 
	ARTICLE TWO
THE NOTES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01

	 	Form
	 	 	3	 
	 
	SECTION 2.02

	 	Execution, Authentication and Delivery
	 	 	3	 
	 
	SECTION 2.03

	 	Temporary Notes
	 	 	4	 
	 
	SECTION 2.04

	 	Registration; Registration of Transfer and Exchange
	 	 	4	 
	 
	SECTION 2.05

	 	Mutilated, Destroyed, Lost or Stolen Notes
	 	 	6	 
	 
	SECTION 2.06

	 	Persons Deemed Owners
	 	 	6	 
	 
	SECTION 2.07

	 	Cancellation
	 	 	7	 
	 
	SECTION 2.08

	 	Release of Collateral
	 	 	7	 
	 
	SECTION 2.09

	 	Book-Entry Notes
	 	 	7	 
	 
	SECTION 2.10

	 	Notices to Clearing Agency
	 	 	8	 
	 
	SECTION 2.11

	 	Definitive Notes
	 	 	8	 
	 
	SECTION 2.12

	 	Authenticating Agents
	 	 	9	 
	 
	SECTION 2.13

	 	Tax Treatment
	 	 	9	 
	 
	SECTION 2.14

	 	[The Interest Rate Swap Agreement(s)
	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE THREE
COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01

	 	Payments to Noteholders, Trust Certificateholders[, Swap Counterparty] and Depositor
	 	 	14	 
	 
	SECTION 3.02

	 	Maintenance of Office or Agency
	 	 	14	 
	 
	SECTION 3.03

	 	Money for Payments to be Held in Trust
	 	 	15	 

i

 

TABLE
OF CONTENTS 

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 3.04

	 	Existence
	 	 	17	 
	 
	SECTION 3.05

	 	Protection of Owner Trust Estate
	 	 	17	 
	 
	SECTION 3.06

	 	Opinions as to Owner Trust Estate
	 	 	17	 
	 
	SECTION 3.07

	 	Performance of Obligations; Servicing of the 20[•]-[•] SUBI Assets
	 	 	18	 
	 
	SECTION 3.08

	 	Negative Covenants
	 	 	19	 
	 
	SECTION 3.09

	 	Annual Statement as to Compliance
	 	 	20	 
	 
	SECTION 3.10

	 	Restrictions on Certain Other Activities
	 	 	20	 
	 
	SECTION 3.11

	 	Notice of Defaults
	 	 	21	 
	 
	SECTION 3.12

	 	Further Instruments and Acts
	 	 	21	 
	 
	SECTION 3.13

	 	Delivery of the 20[•]-[•] SUBI Certificate
	 	 	21	 
	 
	SECTION 3.14

	 	Compliance with Laws
	 	 	21	 
	 
	SECTION 3.15

	 	Issuing Entity May Consolidate, etc., Only on Certain Terms
	 	 	21	 
	 
	SECTION 3.16

	 	Successor or Transferee
	 	 	23	 
	 
	SECTION 3.17

	 	Removal of the Administrative Agent
	 	 	23	 
	 
	SECTION 3.18

	 	Perfection Representations
	 	 	24	 
	 
	SECTION 3.19

	 	Securities Exchange Act Filings
	 	 	24	 
	 
	SECTION 3.20

	 	Regulation AB Representations, Warranties and Covenants
	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE FOUR
SATISFACTION AND DISCHARGE	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01

	 	Satisfaction and Discharge of Indenture
	 	 	24	 
	 
	SECTION 4.02

	 	Application of Trust Money
	 	 	25	 
	 
	SECTION 4.03

	 	Repayment of Monies Held by Paying Agent
	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE FIVE
 INDENTURE DEFAULT	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01

	 	Indenture Defaults
	 	 	26	 

ii

 

TABLE
OF CONTENTS 

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 5.02

	 	Acceleration of Maturity; Waiver of Indenture Default
	 	 	27	 
	 
	SECTION 5.03

	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	 	 	28	 
	 
	SECTION 5.04

	 	Remedies; Priorities
	 	 	30	 
	 
	SECTION 5.05

	 	Optional Preservation of the Owner Trust Estate
	 	 	32	 
	 
	SECTION 5.06

	 	Limitation of Suits
	 	 	32	 
	 
	SECTION 5.07

	 	Unconditional Rights of Noteholders to Receive Principal and Interest	 	 	33	 
	 
	SECTION 5.08

	 	Restoration of Rights and Remedies
	 	 	33	 
	 
	SECTION 5.09

	 	Rights and Remedies Cumulative
	 	 	33	 
	 
	SECTION 5.10

	 	Delay or Omission Not a Waiver
	 	 	33	 
	 
	SECTION 5.11

	 	Control by Noteholders
	 	 	33	 
	 
	SECTION 5.12

	 	[Reserved]
	 	 	34	 
	 
	SECTION 5.13

	 	Undertaking for Costs
	 	 	34	 
	 
	SECTION 5.14

	 	Waiver of Stay or Extension Laws
	 	 	34	 
	 
	SECTION 5.15

	 	Action on Notes
	 	 	34	 
	 
	SECTION 5.16

	 	Performance and Enforcement of Certain Obligations
	 	 	35	 
	 
	SECTION 5.17

	 	Sale of Owner Trust Estate
	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE SIX
THE INDENTURE TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01

	 	Duties of Indenture Trustee
	 	 	36	 
	 
	SECTION 6.02

	 	Rights of Indenture Trustee
	 	 	37	 
	 
	SECTION 6.03

	 	Individual Rights of Indenture Trustee
	 	 	38	 
	 
	SECTION 6.04

	 	Indenture Trustee’s Disclaimer
	 	 	38	 
	 
	SECTION 6.05

	 	Notice of Defaults
	 	 	39	 
	 
	SECTION 6.06

	 	Reports by Indenture Trustee to Noteholders
	 	 	39	 

iii

 

TABLE
OF CONTENTS 

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 6.07

	 	Compensation and Indemnity
	 	 	39	 
	 
	SECTION 6.08

	 	Replacement of Indenture Trustee
	 	 	40	 
	 
	SECTION 6.09

	 	Successor Indenture Trustee by Merger
	 	 	41	 
	 
	SECTION 6.10

	 	Appointment of Co-Trustee or Separate Trustee
	 	 	42	 
	 
	SECTION 6.11

	 	Eligibility; Disqualification
	 	 	43	 
	 
	SECTION 6.12

	 	Trustee as Holder of the 20[•]-[•] SUBI Certificate
	 	 	43	 
	 
	SECTION 6.13

	 	Representations and Warranties of Indenture Trustee
	 	 	44	 
	 
	SECTION 6.14

	 	Furnishing of Documents
	 	 	44	 
	 
	SECTION 6.15

	 	Preferred Collection of Claims Against Issuer
	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE SEVEN
NOTEHOLDERS’ LISTS AND REPORTS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 7.01

	 	Note Registrar to Furnish Noteholder Names and Addresses
	 	 	44	 
	 
	SECTION 7.02

	 	Preservation of Information; Communications to Noteholders
	 	 	45	 
	 
	SECTION 7.03

	 	Reports by Issuing Entity
	 	 	45	 
	 
	SECTION 7.04

	 	Reports by Indenture Trustee
	 	 	46	 
	 
	SECTION 7.05

	 	Indenture Trustee Website
	 	 	46	 
	 
	 
	 	 	 	 	 	 
	ARTICLE EIGHT
ACCOUNTS, DISBURSEMENTS AND RELEASES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01

	 	Collection of Money
	 	 	46	 
	 
	SECTION 8.02

	 	Accounts.
	 	 	47	 
	 
	SECTION 8.03

	 	Payment Date Certificate
	 	 	48	 
	 
	SECTION 8.04

	 	Disbursement of Funds
	 	 	50	 
	 
	SECTION 8.05

	 	General Provisions Regarding Accounts
	 	 	54	 
	 
	SECTION 8.06

	 	Release of Owner Trust Estate
	 	 	55	 
	 
	SECTION 8.07

	 	Release of Interest In
20[•]-[•] Leases and 20[•]-[•] Vehicles Upon Purchase or
 Reallocation by the Servicer	 	 	55	 

iv

 

TABLE
OF CONTENTS 

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 8.08

	 	Opinion of Counsel
	 	 	55	 
	 
	 	 	 	 	 	 
	ARTICLE NINE
SUPPLEMENTAL INDENTURES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01

	 	Supplemental Indentures Without Consent of Noteholders
	 	 	56	 
	 
	SECTION 9.02

	 	Supplemental Indentures With Consent of Noteholders
	 	 	58	 
	 
	SECTION 9.03

	 	Execution of Supplemental Indentures
	 	 	59	 
	 
	SECTION 9.04

	 	Effect of Supplemental Indenture
	 	 	59	 
	 
	SECTION 9.05

	 	Reference in Notes to Supplemental Indentures
	 	 	59	 
	 
	 	 	 	 	 	 
	ARTICLE TEN
REDEMPTION OF NOTES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 10.01

	 	Redemption
	 	 	60	 
	 
	SECTION 10.02

	 	Form of Redemption Notice
	 	 	60	 
	 
	SECTION 10.03

	 	Notes Payable on Redemption Date
	 	 	61	 
	 
	 	 	 	 	 	 
	ARTICLE ELEVEN
MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 11.01

	 	Compliance Certificates and Opinions
	 	 	61	 
	 
	SECTION 11.02

	 	Form of Documents Delivered to Indenture Trustee
	 	 	63	 
	 
	SECTION 11.03

	 	Acts of Noteholders
	 	 	63	 
	 
	SECTION 11.04

	 	Notices
	 	 	64	 
	 
	SECTION 11.05

	 	Notices to Noteholders; Waiver
	 	 	64	 
	 
	SECTION 11.06

	 	Effect of Headings and Table of Contents
	 	 	65	 
	 
	SECTION 11.07

	 	Successors and Assigns
	 	 	65	 
	 
	SECTION 11.08

	 	Severability
	 	 	65	 
	 
	SECTION 11.09

	 	Benefits of Indenture
	 	 	65	 
	 
	SECTION 11.10

	 	Legal Holidays
	 	 	66	 
	 
	SECTION 11.11

	 	Governing Law
	 	 	66	 

v

 

TABLE
OF CONTENTS 

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 11.12

	 	Counterparts
	 	 	66	 
	 
	SECTION 11.13

	 	Recording of Indenture
	 	 	66	 
	 
	SECTION 11.14

	 	Trust Obligation
	 	 	66	 
	 
	SECTION 11.15

	 	No Petition
	 	 	66	 
	 
	SECTION 11.16

	 	No Recourse
	 	 	67	 
	 
	SECTION 11.17

	 	Inspection
	 	 	67	 
	 
	SECTION 11.18

	 	Limitation of Liability of Owner Trustee
	 	 	67	 
	 
	SECTION 11.19

	 	Conflict with Trust Indenture Act
	 	 	67	 
	 
	SECTION 11.20

	 	Intent of the Parties; Reasonableness
	 	 	68	 
	 
	SECTION 11.21

	 	[Limitation of Rights
	 	 	68	 
	 
	 	 	 	 	 	 
	SCHEDULES	 	 	 	 
	 
	Schedule I

	 	Perfection Representations, Warranties and Covenants	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBITS	 	 	 	 
	 
	Exhibit A — Form of Notes	 	 	A-1	 
	 
	Exhibit B — Form of Depository Agreement	 	 	B-1	 
	 
	Exhibit C — Applicable Servicing Criteria	 	 	C-1	 

vi

 

Reconciliation and Tie between the Trust Indenture Act

of 1939 and Indenture

	 	 	 	 	 
	TIA	 	 	 	Indenture
	Section	 	 	 	Section
	310

	 	(a) (1)
	 	6.08, 6.11 
	 

	 	(a) (2)
	 	6.08, 6.11 
	 

	 	(a) (3)
	 	6.10(b)(i) 
	 

	 	(a) (4)
	 	6.12 
	 

	 	(a) (5)
	 	6.11 
	 

	 	(b)
	 	6.08, 6.11, 11.05 
	311

	 	(a)
	 	6.15 
	 

	 	(b)
	 	6.15 
	312

	 	(a)
	 	7.01 
	 

	 	(b)
	 	7.01, 7.02(b) 
	 

	 	(c)
	 	7.02(c) 
	313

	 	(a)
	 	7.04 
	 

	 	(b) (1)
	 	7.04 
	 

	 	(b) (2)
	 	7.04 
	 

	 	(c)
	 	7.03, 7.04, 11.05 
	 

	 	(d)
	 	7.04 
	314

	 	(a)
	 	3.09, 7.03, 11.05 
	 

	 	(b)
	 	11.13 
	 

	 	(c) (1)
	 	11.01 
	 

	 	(c) (2)
	 	8.08, 11.01 
	 

	 	(c) (3)
	 	11.01 
	 

	 	(d)
	 	11.01(b) 
	 

	 	(e)
	 	11.01 
	 

	 	(f)
	 	N.A. 
	315

	 	(a)
	 	6.01(b) 
	 

	 	(b)
	 	6.05 
	 

	 	(c)
	 	6.01(a) 
	 

	 	(d)
	 	6.01(c) 
	 

	 	(e)
	 	5.13 
	316

	 	(a)(1) (A)
	 	5.11, 6.01(c) 
	 

	 	(a) (1) (B)
	 	5.02 
	 

	 	(a) (2)
	 	N.A. 
	 

	 	(b)
	 	5.07 
	 

	 	(c)
	 	N.A. 
	317

	 	(a) (1)
	 	5.04 
	 

	 	(a) (2)
	 	5.03(d) 
	 

	 	(b)
	 	3.03 
	318

	 	(a)
	 	11.19 

 

			
	(1)	 	This reconciliation table and tie shall not, for any purpose be deemed to be part of the
Indenture.
	 
	(2)	 	N.A. means not applicable.

vii

 

INDENTURE

     This Indenture, dated as of [•], 20[•] (as amended, supplemented or otherwise modified from
time to time, this “Indenture”), is between the Nissan Auto Lease Trust 20[•]-[•], a
Delaware statutory trust (the “Issuing Entity”), and [U.S. Bank National Association, a
national banking association (“U.S. Bank”)], as trustee (the “Indenture Trustee”).

     Each party agrees as follows for the benefit of the other parties and the holders of the
Issuing Entity’s [[•]% Asset Backed Notes, Class A-1a (the “Class A-1a Notes”)], [[•]%
Asset Backed Notes, Class A-1b (the “Class A-1b Notes” and, together with the Class A-1a
Notes, the “Class A-1 Notes”)], [[•]% Asset Backed Notes, Class A-2a (the
“Class A-2a Notes”), [[•]% Asset Backed Notes, Class A-2b (the “Class A-2b Notes”,
and, together with the Class A-2a Notes, the “Class A-2 Notes”)], [[•]% Asset Backed Notes, Class
A-3a (the “Class A-3a Notes”), [[•]% Asset Backed Notes, Class A-3b (the “Class A-3b
Notes”, and, together with the Class A-3a Notes, the “Class A-3 Notes”)], [[•]% Asset
Backed Notes, Class A-4a (the “Class A-4a Notes”), and [[•]% Asset Backed Notes, Class A-4b
(the “Class A-4b Notes”, and, together with the Class A-4a Notes, the “Class A-4
Notes”)] (collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes are referred to herein as the “Notes”):

GRANTING CLAUSE

     The Issuing Entity hereby Grants in trust to the Indenture Trustee on the Closing Date, as
trustee for the benefit of the Noteholders[, the Swap Counterparty] and the Trust
Certificateholders, all of the Issuing Entity’s right, title and interest, whether now owned or
hereafter acquired, in and to (i) the Owner Trust Estate, and (ii) all present and future claims,
demands, causes and choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment
of any and every kind and other forms of obligations and receivables, instruments, securities,
financial assets and other property that at any time constitute all or part of or are included in
the proceeds of any of the foregoing (collectively, the “Collateral”), in each case as such
terms are defined herein.

     The Indenture Trustee, as trustee on behalf of the Noteholders[, and the Swap Counterparty],
acknowledges the foregoing 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 Noteholders [and the Swap Counterparty]
may be adequately and effectively protected.

ARTICLE ONE

DEFINITIONS

     SECTION 1.01 Capitalized Terms. Capitalized terms used herein that are not otherwise
defined herein shall have the meanings ascribed thereto in the Agreement of

(NALT 20[•]-[•] Indenture)

 

 

Definitions, dated as of [•], 20[•], by and among the Issuing Entity, NILT Trust, a Delaware
statutory trust, as grantor and initial beneficiary (in such capacity, the “Grantor” and
the “UTI Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the
“Titling Trust”), Nissan Motor Acceptance Corporation, a California corporation
(“NMAC”), in its individual capacity, as servicer and as administrative agent (in such
capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto
Leasing LLC II, a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware
corporation, as trustee to the Titling Trust (the “Titling Trustee” or “Trustee”),
[Wilmington Trust Company], a Delaware banking corporation, as owner trustee and Delaware trustee
(in such capacity, the “Owner Trustee” and the “Delaware Trustee,” respectively)
and [U.S. Bank], as Indenture Trustee and trust agent (in such capacity, the “Trust
Agent”).

     SECTION 1.02 Interpretation. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as
appropriate, all genders and the plural as well as the singular, (ii) references to words such as
“herein,” “hereof” and the like shall refer to this Indenture as a whole and not to any particular
part, Article or Section within this Indenture, (iii) references to an Article or Section such as
“Article Twelve” or “Section 12.01” shall refer to the applicable Article or Section of
this Indenture, (iv) the term “include” and all variations thereof shall mean “include without
limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have the
meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted
successors and assigns, (viii) 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, except
that references to the SUBI Trust Agreement include only such items as related to the 20[•]-[•]
SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the
rules and regulations thereunder and any successors thereto, (x) references to this Indenture
include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of
similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee
pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on
behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date
to a later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

     SECTION 1.03 Incorporation by Reference 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.

(NALT 20[•]-[•] Indenture)

2

 

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

     “obligor” on the indenture securities means the Issuing Entity 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.

ARTICLE TWO

THE NOTES

     SECTION 2.01 Form. The Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth as Exhibit A hereto, 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 of such Notes. 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
such Note.

     The terms of the Notes set forth in Exhibit A hereto are part of the terms of this
Indenture.

     SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed by
the Owner Trustee on behalf of the Issuing Entity. The signature of any authorized officer of the
Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile
signature of individuals who were at any time authorized officers of the Owner Trustee shall bind
the Issuing Entity, notwithstanding that any such individuals 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 receipt of an Issuing Entity Order, authenticate and deliver
for original issue the following aggregate principal amounts of the Notes: [(i) $[•] of Class A-1a
Notes], [(ii) $[•] of Class A-1b Notes], [(iii) $[•] of Class A-2a Notes], [(iv) $[•] of Class A-2b
Notes], [(v) $[•] of Class A-3a Notes], [(vi) $[•] of Class A-3b Notes], [(vii) $[•] of Class A-4a
Notes], and [(viii) $[•] of Class A-4b Notes]. The aggregate principal amount of Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such
respective amounts, except as provided in Section 2.05.

     Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered notes in book-entry form in minimum denominations of $25,000 and in integral multiples
of $1,000 in excess thereof[; provided, that, any Retained Notes retained by the Depositor or an
affiliate of the Depositor 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].

(NALT 20[•]-[•] Indenture)

3

 

     No Note may be sold, pledged or otherwise transferred to any Person except in accordance with
Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall
be null and void.

     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 provided for herein executed by the Indenture Trustee by the manual 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.

     SECTION 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Owner
Trustee may execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, substantially 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 Issuing Entity shall 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 such temporary Notes at the office or agency of
the Issuing Entity to be maintained as provided in Section 3.02, without charge to the
related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Owner
Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee shall
authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, such 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 Issuing Entity shall cause to be kept a register (the “Note Register”) in
which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide
for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The
Indenture Trustee is hereby initially appointed the “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided. In the event, subsequent to the
Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note
Registrar, the Issuing Entity shall appoint another bank or trust company, having an office 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. Upon any resignation of any Note
Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such
an appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note
Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such
appointment and the location, and any change in such location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to

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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 as to the names and
addresses of the Noteholders 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 Issuing Entity to be maintained as provided in Section 3.02, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity,
and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee, one or more new Notes in any
authorized denominations, of a like aggregate principal amount.

     (c) At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at
such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity,
the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee
the Notes that the Noteholder making such exchange is entitled to receive. Every Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or
the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in
form and substance satisfactory to the Issuing Entity and the Indenture Trustee, including
appropriate tax documentation, duly executed by the Noteholder thereof or its attorney-in-fact duly
authorized in writing.

     (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuing Entity, evidencing the same debt and entitled to the same benefits under
this Indenture as the Notes surrendered upon such registration of transfer or exchange.

     (e) No service charge shall be made to a Noteholder for any registration of transfer or
exchange of Notes, but the Issuing Entity may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith, other than exchanges
pursuant to Sections 2.03 or 9.05 not involving any transfer.

     (f) Each Noteholder shall be deemed to represent, warrant and covenant (on the date of
acquisition of a Note (or any interest therein) and throughout the period of holding such Note (or
interest therein)) that either (i) it is not, and is not acting on behalf of, a Benefit Plan, or
(ii) its acquisition, holding and disposition of such Note (or any interest therein) will not
result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or any Similar Law.

     The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be
required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i)
selected for redemption or (ii) for a period of 15 days preceding the due date for any payment with
respect to such Note.

     (g) [The Retained Notes will not be transferred (other than to a Person specified in the
definition of Retained Notes) unless a written opinion of counsel, which counsel and opinion

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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.

     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 Issuing Entity,
the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner
Trustee, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
“protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements
of Section 8-405 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing
Entity, and upon receipt of an Issuing Entity 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; provided, however, that if any such destroyed, lost or stolen
Note (but not a mutilated Note) shall have become or within seven days shall become due and
payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable or upon the
Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
“protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note, the Issuing Entity
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” (as contemplated by Article 8 of the UCC), 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 Issuing Entity or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuing Entity or the
Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note
Registrar) connected therewith.

     Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuing Entity, 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 duly issued hereunder.

     The provisions of this Section 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 Issuing Entity, the Indenture Trustee and their respective agents shall
treat the Person in whose name any Note is registered (as of the date of determination) as the

(NALT 20[•]-[•] Indenture)

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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, whether or not such Note is overdue, and none
of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by
notice to the contrary.

     SECTION 2.07 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture
Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any
Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as
provided in this Section, except as expressly permitted by this Indenture. All cancelled 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 Issuing Entity shall direct by an Issuing
Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is
timely and that such Notes have not been previously disposed of by the Indenture Trustee.

     SECTION 2.08 Release of Collateral. Subject to Section 11.01 and the terms of
the other Basic Documents, the Indenture Trustee shall release property from the Lien of this
Indenture only upon receipt of an Issuing Entity Request, accompanied by an Officer’s Certificate,
an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) 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 2.09 Book-Entry Notes. Unless otherwise specified, the Notes [(other than the
Retained Notes)], upon original issuance, will be issued in the form of one or more typewritten
Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for
DTC, the initial Clearing Agency, or a custodian therefor, by, or on behalf of, the Issuing Entity.
For each Class of Book-Entry Notes, one fully registered Note shall be issued with respect to each
$500 million in principal amount of each Class of Notes or such lesser amount as necessary. Such
Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of
the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such
Note Owner’s interest in such Note [(other than the Retained Notes)]except as provided in
Section 2.11. [Except for the Retained Notes, and otherwise,] unless and until Definitive
Notes have been issued to Note Owners pursuant to Section 2.11:

     (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 sole Noteholder, and shall
have no obligation to 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;

(NALT 20[•]-[•] Indenture)

7

 

     (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 or among such Note Owners and the
Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and
until Definitive Notes are issued pursuant to Section 2.11, 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 Noteholders evidencing a specified percentage of the Outstanding Amount, 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 2.10 Notices to Clearing Agency. Whenever a notice or other communication to
Noteholders is required under this Indenture, [except for the Retained Notes, and otherwise,]
unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.11, the Indenture Trustee shall give all such notices and communications specified herein to
be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

     SECTION 2.11 Definitive Notes. [Except for the Retained Notes (which shall be
originally issued as Definitive Notes),] if (i) (A) the Depositor, the Owner Trustee or the
Administrative Agent advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities as described in the Depository Agreement
and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to locate a
qualified successor (and if the Administrative Agent has made such determination, the
Administrative Agent has given written notice thereof to the Indenture Trustee), (ii) the
Depositor, the Indenture Trustee or the Administrative Agent, to the extent permitted by
applicable law, at its option advises the Indenture Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note Owners
representing in the aggregate not less than 51% of the Outstanding Amount, voting as a single
class, advise the Indenture Trustee through the Clearing Agency and Clearing Agency Participants in
writing that the continuation of a book-entry system through the Clearing Agency or its successor
is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify
all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability
through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender
to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry
Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue
Definitive Notes to Note Owners, who thereupon shall become Noteholders for all purposes of this
Indenture. None of the Issuing Entity, Owner Trustee, 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.

     The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable if
the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor

(NALT 20[•]-[•] Indenture)

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Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved
or produced by any combination of such methods (with or without steel engraved borders), all as
determined by the officers executing such Notes, as evidenced by their execution of such Notes.
From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders
shall be mailed to their addresses of record in the Note Register as of the relevant Deposit Date.
Such notices shall be deemed to have been given as of the date of mailing.

     If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Owner
Trustee shall furnish or cause to be furnished to the Indenture Trustee a list of the names and
addresses of the Noteholders (i) as of each Deposit Date, within five days thereafter and (ii) as
of not more than ten days prior to the time such list is furnished, within 30 days after receipt by
the Owner Trustee of a written request therefor.

     SECTION 2.12 Authenticating Agents. Upon the request of the Issuing Entity, the
Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint
one or more Authenticating Agents with power to act on its behalf and subject to its direction in
the authentication of Notes in connection with issuance, transfers and exchanges under Sections
2.02, 2.04, 2.05 and 9.05, as fully to all intents and purposes as
though each such Authenticating Agent had been expressly authorized by such Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by
the Indenture Trustee.

     Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the parties hereto or
such Authenticating Agent or such successor corporation.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the
agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination,
the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuing Entity.

     The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services and reimbursement for its reasonable expenses relating thereto, and
the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to
Section 6.07. The provisions of Sections 2.07 and 6.04 shall be applicable
to any Authenticating Agent.

     SECTION 2.13 Tax Treatment. The Issuing Entity has entered into this Indenture, and
the Notes [(other than the Retained Notes)] 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. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its

(NALT 20[•]-[•] Indenture)

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acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agrees to treat the Notes [(other than the Retained Notes)] for federal, state
and local income, single business and franchise tax purposes as indebtedness.

     SECTION 2.14 [The Interest Rate Swap Agreement(s).

     (a) On the Closing Date, the Issuer shall execute and deliver each Initial Interest Rate Swap
Agreement.

     (b) Subject to Section 11.21 hereof, the Indenture Trustee shall take all steps necessary to
enforce the Issuer’s rights under each Interest Rate Swap Agreement, including receiving payments
from the Swap Counterparty when due and exercising the Issuer’s rights under each Interest Rate
Swap Agreement in accordance with the terms of such Interest Rate Swap Agreement.

     (c) [_] is hereby designated calculation agent with respect to each Interest Rate Swap
Agreement (including any successor or replacement calculation agent designated from time to time by
agreement of the parties hereto, the “Calculation Agent”), and in such capacity, on each Interest
Determination Date, will calculate the Interest Rate with respect to each Class of the Floating
Rate Notes. All determinations of interest by the Calculation Agent shall, in the absence of
manifest error, be conclusive for all purposes and binding on the Noteholders of the Floating Rate
Notes. All percentages resulting from any calculation on the Floating Rate Notes will be rounded to
the nearest one hundred-thousandth of a percentage point, with five millionths of a percentage
point rounded upwards (e.g., 9.8765445% (or .09876545) would be rounded to 9.87655% or .0987655)),
and all dollar amounts used in or resulting from that calculation on the Floating Rate Note will be
rounded to the nearest cent (with one-half cent being rounded upwards). The Calculation Agent may
be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as
such or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation
Agent a leading bank which is engaged in transactions in Eurodollar deposits in the international
Eurodollar market and which does not control or is not controlled by or under common control with
the Issuer or its Affiliates. The Calculation Agent may not resign its duties without a successor
having been duly appointed.

     (d) The Indenture Trustee shall have no liability with respect to any act or failure to act by
the Issuer under any Interest Rate Swap Agreement (provided that this sentence shall not limit or
relieve the Indenture Trustee from any responsibility it may have under this Indenture upon the
occurrence of and during the continuance of any Indenture Default hereunder). Additionally, the
Indenture Trustee will be responsible for collecting Net Swap Payments and any Swap Termination
Payments payable by the Swap Counterparty under each Interest Rate Swap Agreement.

     (e) In the event of any early termination of an Interest Rate Swap Agreement, (i) upon
written direction of the Issuer and notification of such early termination, the Indenture Trustee
shall establish the Swap Termination Payment Account, (ii) any Swap Termination Payments received
from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any
Swap Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly
to the Swap Counterparty; provided, that any such

(NALT 20[•]-[•] Indenture)

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remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap
Counterparty under such Interest Rate Swap Agreement; provided, further that the Swap Counterparty
shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap
Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full
then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted
to the Swap Termination Payment Account.

     (f) The Issuer shall promptly, following the early termination of any Initial Interest Rate
Swap Agreement due to a Swap Event of Default or Swap Termination Event, and in accordance with the
terms of such Interest Rate Swap Agreement, enter into a replacement Interest Rate Swap Agreement
(each, a “Replacement Interest Rate Swap Agreement”) with a replacement Swap Counterparty that
satisfies the conditions set forth in such Interest Rate Swap Agreement (a “Replacement Swap
Counterparty”) to the extent possible and practicable through application of funds available in the
Swap Termination Payment Account unless entering into such Replacement Interest Rate Swap Agreement
will cause the Rating Agency Condition not to be satisfied. Other than a Replacement Interest Rate
Swap Agreement entered into pursuant to this clause, the Issuer may not enter into any additional
Interest Rate Swap Agreements.

     (g) For any terminated Interest Rate Swap Agreement as described in clause (f) of this
Section, to the extent that (i) the funds available in the Swap Termination Payment Account exceed
the costs of entering into a Replacement Interest Rate Swap Agreement or (ii) the Issuer determines
not to replace a terminated Initial Interest Rate Swap Agreement and the Rating Agency Condition is
met with respect to such determination, the amounts in the Swap Termination Payment Account (other
than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if
applicable) shall be allocated in accordance with the order of priority specified in Section 8.04
of the Indenture on the following Payment Date. In any other situation, amounts on deposit in the
Swap Termination Payment Account at any time shall be invested pursuant to Section 8.05, and on
each Payment Date after the creation of the Swap Termination Payment Account, the funds therein
shall be used to cover any shortfalls in the amounts payable under clauses (i) through (iv) of
Section 8.04(a) of this Indenture and clauses (i) through (viii) of Section 8.04(b) of this
Indenture, provided, that in no event will the amount withdrawn from the Swap Termination Payment
Account on such Payment Date exceed the amount of Net Swap Receipts that would have been required
to be paid on such Payment Date under the terminated Interest Rate Swap Agreement had there been no
termination of such agreement. Any amounts remaining in the Swap Termination Payment Account after
payment in full of the Class A-4 Notes shall be included in Available Funds and allocated in
accordance with the order of priority specified in Section 8.04 of the Indenture on the following
Payment Date.

     (h) If the Swap Counterparty is required to post collateral under the terms of an Interest
Rate Swap Agreement, upon written direction of the Issuer and notification of such requirement, the
Indenture Trustee shall establish the Swap Collateral Account (the “Swap Collateral Account”) over
which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in
which no Person other than the Indenture Trustee, the Swap Counterparty and the Noteholders shall
have any legal or beneficial interest. The Indenture Trustee shall deposit all collateral posted by
the Swap Counterparty pursuant to the related Interest Rate Swap Agreement into the Swap Collateral
Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap
Collateral Account shall be held in trust by

(NALT 20[•]-[•] Indenture)

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the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only
permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the
Swap Collateral Account shall be (i) for application to obligations of the Swap Counterparty to the
Issuer under the related Interest Rate Swap Agreement in accordance with the terms of such Interest
Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when and as required by
the related Interest Rate Swap Agreement.

     (i) If at any time an Interest Rate Swap Agreement becomes subject to early termination due to
the occurrence of a Swap Event of Default or a Swap Termination Event, the Issuer and the Indenture
Trustee shall use reasonable efforts (following the expiration of any applicable grace period) to
enforce the rights of the Issuer thereunder as may be permitted by the terms of such Interest Rate
Swap Agreement and consistent with the terms hereof. To the extent not fully paid from Swap
Replacement Proceeds, any SwapTermination Payment owed by the Issuer to the Swap Counterparty under
an Interest Rate Swap Agreement shall be payable to the Swap Counterparty in installments made on
each following Payment Date until paid in full in accordance with the order of priority specified
in Section 8.04 of the Indenture. To the extent that the Swap Replacement Proceeds exceed any such
Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap
Counterparty), the Swap Replacement Proceeds in excess of such Swap Termination Payments, if any,
shall be included in Available Funds and allocated and applied in accordance with the order of
priority specified in Section 8.04 of the Indenture on the following Payment Date.]

     SECTION 2.15 [The Interest Rate Cap Agreement(s).

     (a) On the Closing Date, the Issuer shall execute and deliver each Initial Interest Rate Cap
Agreement.

     (b) Subject to Section 11.21 hereof, the Indenture Trustee shall take all steps necessary to
enforce the Issuer’s rights under each Interest Rate Cap Agreement, including receiving payments
from the Cap Provider when due and exercising the Issuer’s rights under each Interest Rate Cap
Agreement in accordance with the terms of such Interest Rate Cap Agreement.

     (c) [_] is hereby designated calculation agent with respect to each Interest Rate Cap
Agreement (including any successor or replacement calculation agent designated from time to time by
agreement of the parties hereto, the “Calculation Agent”), and in such capacity, on each Interest
Determination Date, will calculate the Interest Rate with respect to each Class of the Floating
Rate Notes. All determinations of interest by the Calculation Agent shall, in the absence of
manifest error, be conclusive for all purposes and binding on the Noteholders of the Floating Rate
Notes. All percentages resulting from any calculation on the Floating Rate Notes will be rounded to
the nearest one hundred-thousandth of a percentage point, with five millionths of a percentage
point rounded upwards (e.g., 9.8765445% (or .09876545) would be rounded to 9.87655% or .0987655)),
and all dollar amounts used in or resulting from that calculation on the Floating Rate Note will be
rounded to the nearest cent (with one-half cent being rounded upwards). The Calculation Agent may
be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as
such or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation
Agent a leading bank which is engaged in transactions in

(NALT 20[•]-[•] Indenture)

12

 

Eurodollar deposits in the international Eurodollar market and which does not control or is
not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent
may not resign its duties without a successor having been duly appointed.

     (d) The Indenture Trustee shall have no liability with respect to any act or failure to act by
the Issuer under any Interest Rate Cap Agreement (provided that this sentence shall not limit or
relieve the Indenture Trustee from any responsibility it may have under this Indenture upon the
occurrence of and during the continuance of any Indenture Default hereunder). Additionally, the
Indenture Trustee will be responsible for collecting any Cap Termination Payments payable by the
Cap Provider under each Interest Rate Cap Agreement.

     (e) In the event of any early termination of an Interest Rate Cap Agreement, (i) upon written
direction of the Issuer and notification of such early termination, the Indenture Trustee shall
establish the Cap Termination Account, (ii) any Cap Termination Payments received from the Cap
Provider will be remitted to the Cap Termination Account, and (iii) any Cap Replacement Proceeds
received from a Replacement Cap Provider will be remitted directly to the Cap Provider; provided
that the Cap Provider shall only receive Cap Replacement Proceeds if all Cap Termination Payments
due from the Cap Provider to the Issuer have been paid in full and if such amounts have not been
paid in full then the amount of Cap Replacement Proceeds necessary to make up any deficiency shall
be remitted to the Swap Termination Account.

     (f) The Issuer shall promptly, following the early termination of any Initial Interest Rate
Cap Agreement due to a Cap Event of Default or Cap Termination Event, and in accordance with the
terms of such Interest Rate Cap Agreement, enter into a replacement Interest Rate Cap Agreement
(each, a “Replacement Interest Rate Cap Agreement”) with a replacement Cap Provider that satisfies
the conditions set forth in such Interest Rate Cap Agreement (a “Replacement Cap Provider”) to the
extent possible and practicable through application of funds available in the Cap Termination
Account unless entering into such Replacement Interest Rate Cap Agreement will cause the Rating
Agency Condition not to be satisfied. Other than a Replacement Interest Rate Cap Agreement entered
into pursuant to this clause, the Issuer may not enter into any additional Interest Rate Cap
Agreements.

     (g) For any terminated Interest Rate Cap Agreement as described in clause (f) of this Section,
to the extent that (i) the funds available in the Cap Termination Account exceed the costs of
entering into a Replacement Interest Rate Cap Agreement or (ii) the Issuer determines not to
replace a terminated Initial Interest Rate Cap Agreement and the Rating Agency Condition is met
with respect to such determination, the amounts in the Cap Termination Account (other than funds
used to pay the costs of entering into a Replacement Interest Rate Cap Agreement, if applicable)
shall be allocated in accordance with the order of priority specified in Section 8.04 of the
Indenture on the following Payment Date. In any other situation, amounts on deposit in the Cap
Termination Account at any time shall be invested pursuant to Section 8.05, and on each Payment
Date after the creation of the Cap Termination Account, the funds therein shall be used to cover
any shortfalls in the amounts payable under clauses (i) through (iv) of Section 8.04(a) of this
Indenture and clauses (i) through (viii) of Section 8.04(b) of this Indenture. Any amounts
remaining in the Cap Termination Account after payment in full of the Class A-4 Notes shall be
included in Available Funds and allocated in accordance with the order of priority specified in
Section 8.04 of the Indenture on the following Payment Date.

(NALT 20[•]-[•] Indenture)

13

 

     (h) If the Cap Provider is required to post collateral under the terms of an Interest Rate Cap
Agreement, upon written direction of the Issuer and notification of such requirement, the Indenture
Trustee shall establish the Cap Collateral Account (the “Cap Collateral Account”) over which the
Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no
Person other than the Indenture Trustee, the Cap Provider and the Noteholders shall have any legal
or beneficial interest. The Indenture Trustee shall deposit all collateral posted by the Cap
Provider pursuant to the related Interest Rate Cap Agreement into the Cap Collateral Account. Any
and all funds at any time on deposit in, or otherwise to the credit of, the Cap Collateral Account
shall be held in trust by the Indenture Trustee for the benefit of the Cap Provider and the
Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise
to the credit of, the Cap Collateral Account shall be for application to obligations of the Cap
Provider to the Issuer under the related Interest Rate Cap Agreement in accordance with the terms
of such Interest Rate Cap Agreement.

     (i) If at any time an Interest Rate Cap Agreement becomes subject to early termination due to
the occurrence of a Cap Event of Default or a Cap Termination Event, the Issuer and the Indenture
Trustee shall use reasonable efforts (following the expiration of any applicable grace period) to
enforce the rights of the Issuer thereunder as may be permitted by the terms of such Interest Rate
Cap Agreement and consistent with the terms hereof.]

ARTICLE THREE

COVENANTS

     SECTION 3.01 Payments to Noteholders, Trust Certificateholders[, Swap Counterparty] and
Depositor. The Issuing Entity shall duly and punctually (i) pay the principal of and interest
on the Notes in accordance with the terms of the Notes and this Indenture and (ii) [pay all amounts
due to the Swap Counterparty under and in accordance with the Interest Rate Swap Agreement(s), and
(iii)] cause the Servicer to direct the Indenture Trustee to release from the Note Distribution
Account all other amounts distributable or payable from the Owner Trust Estate (including
distributions to be made to the Trust Certificateholders on any Payment Date) under the Trust
Agreement and the Servicing Agreement. Without limiting the foregoing, subject to Section
8.04, the Issuing Entity shall cause the Servicer to direct the Indenture Trustee to apply all
amounts on deposit in the Note Distribution Account on each Payment Date that have been deposited
therein for the benefit of the Notes. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder or Trust Certificateholder of interest or principal (or other amounts)
shall be considered to have been paid by the Issuing Entity to such Noteholder or Trust
Certificateholder for all purposes of this Indenture.

     SECTION 3.02 Maintenance of Office or Agency. The Note Registrar, on behalf of the
Issuing Entity, shall maintain at the Corporate Trust Office or at such other location in the
Borough of Manhattan, The City of New York, chosen by the Note Registrar, acting for the Issuing
Entity, an office or agency where Notes may be surrendered for registration of transfer or
exchange, and where notices to and demands upon the Issuing Entity in respect of the Notes and this
Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee as its
agent to receive all such surrenders, notices and demands. The Issuing Entity shall give prompt
written notice to the Indenture Trustee of the location, and of any change in the location,

(NALT 20[•]-[•] Indenture)

14

 

of any such office or agency. If at any time the Issuing Entity 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
Issuing Entity 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
5.04(b) and 8.04, all payments of amounts due and payable with respect to any Notes[,
or to the Swap Counterparty] that are to be made from amounts withdrawn from the Note Distribution
Account, the Reserve Account, if any, [or, as applicable, the Swap Termination Payment Account, if
any,] shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying
Agent, and no amounts so withdrawn therefrom for payments on Notes (or to the Swap Counterparty, as
the case may be,] shall be paid over to the Issuing Entity except as provided in this Section. All
payments of amounts due and payable with respect to any Notes or Trust Certificates that are to be
made from amounts withdrawn from the Note Distribution Account or Reserve Account pursuant to
Sections 3.01, 4.02 and 4.03 shall be made on behalf of the Issuing Entity
by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for
payments of Notes or Trust Certificates shall be paid over to the Issuing Entity or the Owner
Trustee, except as provided by this Section.

     On each Payment Date and Redemption Date, the Issuing Entity shall deposit or cause to be
deposited (including the provision of instructions to the Indenture Trustee to make any required
withdrawals from the Reserve Account) into the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold
such sum 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 any failure by the Issuing
Entity to effect such deposit.

     [The Indenture Trustee will promptly, on the date of receipt, deposit all [Net Swap][Cap]
Receipts, if any, received by it into and, subject to Section 2.14, transfer the amounts on
deposit, if any, in the [Swap Termination Payment Account][Cap Termination Account], if any, to the
20[•]-[•] SUBI Collection Account. The Servicer will promptly, on the date of receipt, deposit all
[Net Swap Receipts][Cap Receipts] received by it, if any, into the 200[•]-[•] SUBI Collection
Account.]

     The Indenture Trustee, as Paying Agent, hereby agrees with the Issuing Entity that it will,
and the Issuing Entity 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 shall:

     (a) hold all sums held by it for the payment of amounts due with respect to the Notes [or
under any Interest Rate Swap Agreement(s)] 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
such sums to such Persons as herein provided;

(NALT 20[•]-[•] Indenture)

15

 

     (b) give the Indenture Trustee notice of any default by the Issuing Entity of which it has
actual knowledge (or any other obligor upon the Notes , if any) in the making of any payment
required to be made with respect to the Notes [or under any Interest Rate Swap Agreement(s)];

     (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 under any Interest Rate Swap Agreement(s)] 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 under any Interest Rate Swap Agreement(s)] of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith.

     The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity 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 such 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 Middle Tennessee upon presentation thereto of an Issuing Entity Order,
and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease. If 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 8.04(e), 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 Issuing Entity, cause to be published
once, in an Authorized Newspaper, 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
Issuing Entity, any other reasonable means of notification of such repayment specified by the
Issuing Entity or the Administrative Agent.

(NALT 20[•]-[•] Indenture)

16

 

     SECTION 3.04 Existence. The Issuing Entity shall keep in full effect its existence,
rights and franchises as a trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuing Entity hereunder is or becomes, organized under the laws of any other state or of
the United States, in which case the Issuing Entity shall keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and shall 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 Owner Trust Estate.

     SECTION 3.05 Protection of Owner Trust Estate. The Issuing Entity intends the
security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of
the Noteholders [and the Swap Counterparty] to be prior to all other liens in respect of the Owner
Trust Estate, and the Issuing Entity shall take all actions necessary to obtain and maintain, for
the benefit of the Indenture Trustee on behalf of the Noteholders [and the Swap Counterparty], a
first lien on and a first priority, perfected security interest in the Owner Trust Estate. The
Issuing Entity shall 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, all as prepared by the Administrative Agent and delivered to the Issuing
Entity, and shall take such other action necessary or advisable to:

     (a) Grant more effectively all or any portion of the Collateral;

     (b) maintain or preserve the lien and security interest (and the priority thereof) created by
this Indenture or carry out more effectively the purposes hereof;

     (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this
Indenture;

     (d) enforce any of the Collateral [(including all rights under any Interest Rate [Swap][Cap]
Agreement)];

     (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee, the
Noteholders [and the [Swap Counterparty] in the Collateral against the claims of all Persons; or

     (f) pay all taxes or assessments levied or assessed upon the Collateral when due.

     The Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to
execute all financing statements, continuation statements or other instruments required to be
executed pursuant to this Section.

     SECTION 3.06 Opinions as to Owner Trust Estate.

     (a) On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the
Indenture Trustee, an Opinion of Counsel to the effect that, in the opinion of such counsel
(subject to standard limitations, qualifications and assumptions), the provisions of the Indenture
are effective under the New York UCC to create in favor of the Indenture Trustee a security
interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and

(NALT 20[•]-[•] Indenture)

17

 

upon filing of the applicable financing statement, the Indenture Trustee’s security interest
in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof will be
perfected.

     (b) On or before June 30 of each calendar year, beginning with [•], [•], the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of
such counsel, either (i) all financing statements and continuation statements have been executed
and filed that are necessary to continue the lien and security interest of the Indenture Trustee in
the Collateral and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given or (ii) no such action is necessary to continue such lien and
security interest.

     SECTION 3.07 Performance of Obligations; Servicing of the 20[•]-[•] SUBI Assets.

     (a) The Issuing Entity shall not take any action and shall use its best efforts not to permit
any action to be taken by others, including the Administrative Agent, that would release any Person
from any of such Person’s material covenants or obligations under any instrument or agreement
included in the Owner 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 or such other
instrument or agreement.

     (b) The Issuing Entity 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 Issuing Entity shall be deemed to be action taken by the
Issuing Entity. Initially, the Issuing Entity has contracted with the Administrative Agent, and the
Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this
Indenture.

     (c) The Issuing Entity shall, and, shall cause the Administrative Agent and the Servicer to,
punctually perform and observe all of its obligations and agreements contained in this Indenture,
the other Basic Documents and the instruments and agreements included in the Owner Trust Estate,
including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Basic Documents in accordance
with and within the time periods provided for herein and therein. The Issuing Entity, as a party to
the Basic Documents and as Holder of the 20[•]-[•] SUBI Certificate, shall not, and shall cause the
Servicer and the Administrative Agent not to, modify, amend, supplement, waive or terminate any
Basic Document or any provision thereof other than in accordance with the applicable amendment
provisions set forth in such Basic Document. [Notwithstanding the foregoing, the Issuing Entity
may not amend any Basic Document in any way that would materially and adversely affect the rights
of the [Cap Provider][Swap Counterparty] without prior consent of the [Cap Provider][Swap
Counterparty]; provided that the [Cap Provider’s][Swap Counterparty’s] consent to any such
amendment shall not be unreasonably withheld, and provided, further that the [Cap Provider’s][Swap
Counterparty’s] consent will be deemed to have been given if the [Cap Provider][Swap Counterparty]
does not object in writing within 10 days of receipt of a written request for such consent.]

(NALT 20[•]-[•] Indenture)

18

 

     (d) If the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have
knowledge of the occurrence of a Servicer Default, such entity shall promptly notify the other
entity and the Administrative Agent thereof, and shall specify in such notice the action, if any,
the other entity is taking in respect of such default. The Administrative Agent will thereafter
deliver a copy of such notice to each Rating Agency (which may be delivered by causing the
Depositor to post the notice to the website maintained by the Depositor for notifications to
nationally recognized statistical rating organizations). If a Servicer Default shall arise from
the failure of the Servicer to perform any of its duties or obligations under the Servicing
Agreement with respect to the 20[•]-[•] SUBI Assets, the Issuing Entity shall take all reasonable
steps available to it to remedy such failure. Upon the occurrence of a Servicer Default with
respect to the 20[•]-[•] SUBI or the Trust Assets allocated thereto, the Indenture Trustee may
terminate all of the rights and obligations of the Servicer with respect to the 20[•]-[•] SUBI and
the Trust Assets allocated thereto only, and a successor Servicer shall be appointed pursuant to
the Servicing Agreement.

     (e) Upon any termination of the Servicer’s rights and powers or resignation of the Servicer
pursuant to the Servicing Agreement, the Issuing Entity or the Indenture Trustee shall promptly
notify the other entity thereof. As soon as a successor Servicer is appointed pursuant to the
Servicing Agreement, the Issuing Entity or the Indenture Trustee shall notify the other entity of
such appointment, specifying in such notice the name and address of such successor Servicer.

     SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuing
Entity shall not:

     (a) engage in any activities other than financing, acquiring, owning, pledging and managing
the 20[•]-[•] SUBI Certificate as contemplated by this Indenture and the other Basic Documents;

     (b) except as expressly permitted herein and in the other Basic Documents, sell, transfer,
exchange or otherwise dispose of any of the assets of the Issuing Entity, including those assets
included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee;

     (c) claim any credit on or make any deduction from the principal or interest payable in
respect of the Notes [or the payments payable to the Swap Counterparty] (other than amounts
properly withheld from such payments under the Code or applicable state law) or assert any claim
against any present or former Noteholder [or the Swap Counterparty] by reason of the payment of the
taxes levied or assessed upon any part of the Owner Trust Estate;

     (d) except as may be permitted expressly hereby (i) permit the validity or effectiveness of
this Indenture to be impaired, 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 under this Indenture, except as may be expressly permitted hereby, (ii) 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 Owner Trust
Estate, 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 20[•]-[•] SUBI
Asset and arising solely as a result of an action or omission of the related

(NALT 20[•]-[•] Indenture)

19

 

Lessee) or (iii) except as otherwise provided in the Basic Documents, 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 Owner Trust Estate;

     (e) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance
with the Basic Documents; or

     (f) except as otherwise permitted by the Basic Documents, dissolve or liquidate in whole or in
part.

     SECTION 3.09 Annual Statement as to Compliance. The Issuing Entity will cause the
Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuing
Entity the annual statement of compliance described in Section 8.11 of the 20[•]-[•]
Servicing Supplement. In addition, on the same date annually upon which such annual statement of
compliance is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture
Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that:

     (a) a review of the activities of the Issuing Entity during such year and of its performance
under this Indenture has been made under such Authorized Officer’s supervision; and

     (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing
Entity has complied with all conditions and covenants under this Indenture throughout such year,
or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof.

     On or before June 15th of each calendar year in which a Form 10-K is required to be
filed on behalf of the Issuing Entity, commencing in 20[•], the Indenture Trustee shall deliver to
the Issuing Entity and the Servicer a report regarding the Indenture Trustee’s assessment of
compliance with each of the Servicing Criteria specified on Exhibit C hereto during the immediately
preceding reporting year accompanied by an attestation report by a registered public accounting
firm, in each case as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. Such report shall be addressed to the Issuing Entity and signed by an authorized
officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on
Exhibit C hereto.

     SECTION 3.10 Restrictions on Certain Other Activities. Except as otherwise provided
in the Basic Documents, unless and until the Issuing Entity shall have been released from its
duties and obligations hereunder, the Issuing Entity shall not: (i) engage in any activities other
than financing, acquiring, owning, leasing (subject to the lien of this Indenture), pledging and
managing the 20[•]-[•] SUBI Certificate in the manner contemplated by the Basic Documents and
activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness; (iii) make any loan, advance or credit to, 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,

(NALT 20[•]-[•] Indenture)

20

 

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; or (iv) make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty).

     SECTION 3.11 Notice of Defaults. The Issuing Entity agrees to give the Indenture
Trustee[, the [Swap Counterparty][Cap Provider]] and each Rating Agency prompt written notice of
each Indenture Default hereunder [and each [Swap][Cap] Event of Default under any Interest Rate
[Swap][Cap] Agreement. In addition, on (i) any Payment Date on which the Issuing Entity has not
received from the [Swap Counterparty][Cap Provider] any amount due from the [Swap Counterparty][Cap
Provider] on such Payment Date, (ii) the Business Day following any such Payment Date if the
Issuing Entity has not yet received such amount due from the [Swap Counterparty][Cap Provider] or
(iii) the Business Day on which such failure to pay by the [Swap Counterparty][Cap Provider]
becomes a [Swap][Cap] Event of Default under the Interest Rate [Swap][Cap] Agreement, the Issuing
Entity shall give prompt notice thereof to the [Swap Counterparty][Cap Provider], the Indenture
Trustee and each Rating Agency.]

     SECTION 3.12 Further Instruments and Acts. Upon request of the Indenture Trustee, the
Issuing Entity shall execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

     SECTION 3.13 Delivery of the 20[•]-[•] SUBI Certificate. On the Closing Date, the
Issuing Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its
obligations hereunder, the 20[•]-[•] SUBI Certificate. The Indenture Trustee shall take possession
of the 20[•]-[•] SUBI Certificate in the Borough of Manhattan in the City of New York and shall at
all times during the period of this Indenture maintain custody of the 20[•]-[•] SUBI Certificate in
the Borough of Manhattan in the City of New York.

     SECTION 3.14 Compliance with Laws. The Issuing Entity shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the
aggregate, materially and adversely affect the ability of the Issuing Entity to perform its
obligations under the Notes, this Indenture or any other Basic Document.

     SECTION 3.15 Issuing Entity May Consolidate, etc., Only on Certain Terms.

     (a) The Issuing Entity shall not consolidate or merge with or into any other Person unless:

     (i) the Person (if other than the Issuing Entity) 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 Issuing Entity to be
performed or observed, all as provided herein;

(NALT 20[•]-[•] Indenture)

21

 

     (ii) immediately after giving effect to such transaction, no Default or Indenture
Default shall have occurred and be continuing;

     (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written
notice thereof, and no Rating Agency shall have notified the Indenture Trustee, the
Administrative Agent or the Owner Trustee that such transaction might or would result in the
removal or reduction of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuing Entity 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 (A) affect the treatment of the Notes [(other than the Retained Notes)] as debt for
federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes [(other
than the Retained Notes)] for federal income tax purposes or (C) cause the Issuing Entity,
the Depositor or the Titling Trust to be taxable as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuing Entity 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 Issuing Entity shall not convey or transfer any of its properties or assets, including
those included in the Owner Trust Estate, to any Person other than pursuant to the terms of the
Basic Documents, unless:

     (i) the Person that acquires by conveyance or transfer such properties and assets of
the Issuing Entity 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 Issuing
Entity to be performed or observed, all as provided herein, (C) expressly agree 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 agree to indemnify, defend and hold
harmless the Issuing Entity, 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 agree 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

(NALT 20[•]-[•] Indenture)

22

 

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;

     (ii) immediately after giving effect to such transaction, no Default or Indenture
Default shall have occurred and be continuing;

     (iii) the Issuing Entity shall have provided each Rating Agency 10 days’ prior written
notice thereof, no Rating Agency shall have notified the Indenture Trustee, the
Administrative Agent or the Owner Trustee that such transaction might or would result in the
removal or reduction of the rating then assigned thereby to any Class of Notes;

     (iv) the Issuing Entity 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 (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be
deemed to cause a taxable exchange of the Notes for federal income tax purposes or (C) cause
the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or
publicly traded partnership) taxable as a corporation for federal income tax purposes;

     (v) any action that is necessary to maintain each lien and security interest created by
the Trust Agreement or this Indenture shall have been taken; and

     (vi) the Issuing Entity 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 3.16 Successor or Transferee.

     (a) Upon any consolidation or merger of the Issuing Entity in accordance with Section
3.15(a), the Person formed by or surviving such consolidation or merger (if other than the
Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuing Entity under this Indenture with the same effect as if such Person had been named
as the Issuing Entity herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.15(b), Nissan Auto Lease Trust 20[•]-[•] will be released from every
covenant and agreement of this Indenture to be observed or performed on the part of the Issuing
Entity with respect to the Notes and the Trust Certificates immediately upon the delivery of
written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 20[•]-[•] is to be so
released.

     SECTION 3.17 Removal of the Administrative Agent. So long as any Notes are
Outstanding, the Issuing Entity shall not remove the Administrative Agent without cause unless so
instructed by the Owner Trustee or the Indenture Trustee and unless each Rating Agency shall

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23

 

have received 10 days’ written notice thereof and shall not have notified the Indenture
Trustee, the Administrative Agent or the Owner Trustee that such removal might or would result in
the removal or reduction of the rating, if any, then assigned thereby to any Class of Notes or the
Trust Certificates.

     SECTION 3.18 Perfection Representations.

     (a) The representations, warranties and covenants set forth in Schedule I hereto shall be a
part of this Indenture for all purposes.

     (b) Notwithstanding any other provision of this Indenture or any other Basic Document, the
perfection representations contained in Schedule I hereto shall be continuing, and remain in full
force and effect until such time as all obligations under this Indenture have been finally and
fully paid and performed.

     (c) The parties to this Indenture: (i) shall not waive any of the perfection representations
contained in Schedule I hereto; (ii) shall provide the Servicer prompt written notice of any breach
of perfection representations contained in Schedule I hereto and the Servicer will thereafter
deliver a copy of such notice to the Rating Agencies (which may be delivered by causing the
Depositor to post such notice to the website maintained by the Depositor for notifications to
nationally recognized statistical rating organizations); and (iii) shall not waive a breach of any
of the perfection representations contained in Schedule I hereto.

     SECTION 3.19 Securities Exchange Act Filings. The Issuing Entity hereby authorizes
the Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all
reports, statements and information related to the Issuing Entity or the Notes required to be filed
pursuant to the Securities and Exchange Act of 1934, and the rules and regulations thereunder.

     SECTION 3.20 Regulation AB Representations, Warranties and Covenants. The Issuing
Entity agrees to perform all duties and obligations applicable to or required of the Issuing Entity
set forth in Schedule A to the 20[•]-[•] Servicing Supplement and makes the representations
and warranties therein applicable to it.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

     SECTION 4.01 Satisfaction and Discharge of Indenture. This Indenture shall discharge
with respect to the Collateral securing the Notes [and the rights of the [Swap Counterparty][Cap
Provider] under each Interest Rate [Swap][Cap] Agreement] and cease to be of further effect with
respect to the Notes, except as to (a) rights of registration of transfer and exchange, (b)
substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive
payments of principal thereof and interest thereon [and rights of the Swap Counterparty to payments
due to it under any Interest Rate Swap Agreement], (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10(i),
3.10(ii) and 3.15, (e) 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 (f) the rights of

(NALT 20[•]-[•] Indenture)

24

 

the Noteholders 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 and at the
expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when:

     (i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes
that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.05 and (2) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuing Entity and
thereafter paid to the Persons entitled thereto or discharged from such trust, as provided
in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or
(B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have
become due and payable, (2) will become due and payable on the applicable Note Final
Scheduled Payment Date within one year or (3) are to be called for redemption within one
year under arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity,
and the Issuing Entity, in the case of clauses (1), (2) or (3) above, 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 (that 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 (including interest and any fees due and
payable to the Owner Trustee or the Indenture Trustee) not theretofore delivered to the
Indenture Trustee for cancellation, when due, to the applicable Note Final Scheduled Payment
Date for each Class, or to the Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.01), as the case may be;

     (ii) the Issuing Entity has paid or caused to be paid all other sums payable hereunder
by the Issuing Entity[, including, without limitation, all amounts owed to the Swap
Counterparty, including all Swap Termination Payments]; and

     (iii) the Issuing Entity has delivered to the Indenture Trustee an Officer’s
Certificate, (if required by the TIA or the Indenture Trustee) an Opinion of Counsel and (if
required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of
certified public accountants, each meeting the applicable requirements of Section
11.01 and, subject to Section 11.02, stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been
complied with and, to the extent the Notes are still outstanding, stating that the Rating
Agency Condition has been satisfied.

     SECTION 4.02 Application of Trust Money. All monies deposited with the Indenture
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance
with the provisions of the Notes, [each Interest Rate Swap Agreement,] and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, [(a])
to the Noteholders of the particular Notes for the payment or redemption of which such monies have
been deposited with the Indenture Trustee of all sums due and to become due thereon for principal
and interest[, and (b) to the Swap Counterparty for all amounts payable

(NALT 20[•]-[•] Indenture)

25

 

under the Interest Rate Swap Agreement]. Such monies need not be segregated from other funds
except to the extent required herein or in the Servicing Agreement or as required by law.

     SECTION 4.03 Repayment of Monies Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all monies 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 Issuing Entity, be paid to the Indenture Trustee to be held
and applied according to Section 3.03 and such Paying Agent shall thereupon be released
from all further liability with respect to such monies.

ARTICLE FIVE

INDENTURE DEFAULT

     SECTION 5.01 Indenture Defaults. Any one of the following events (whatever the reason
for such Indenture Default and whether it shall be voluntary or involuntary or 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) shall constitute a default under this
Indenture (each, an “Indenture Default”):

     (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 or more;

     (b) default in the payment of principal of any Note on the related Note Final Scheduled
Payment Date or the Redemption Date;

     (c) default in the observance or performance of any covenant or agreement of the Issuing
Entity 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), or any representation
or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing
delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material
respect as of the time when the same shall have been made, which default or inaccuracy materially
and adversely affects the interests of the Noteholders and such default or inaccuracy shall
continue or not be cured, or the circumstance or condition in respect of which such
misrepresentation or warranty was inaccurate shall not have been eliminated or otherwise cured, for
a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably
necessary to remedy such failure; provided that (1) such failure is capable of remedy within 90
days or less and (2) a majority of the Outstanding Amount of Notes, voting as a single class,
consent to such longer cure period) after there shall have been given, by registered or certified
mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture
Trustee by Noteholders representing at least the majority of the Outstanding Amount of Notes,
voting as single class, a written notice specifying such default or inaccurate representation or
warranty and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;

     (d) 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 Issuing Entity or any substantial part of the

(NALT 20[•]-[•] Indenture)

26

 

Owner Trust Estate in an involuntary case under any applicable federal or state bankruptcy,
liquidation, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or
for any substantial part of the Owner Trust Estate, or ordering the winding up or liquidation of
the Issuing Entity’s affairs, and such proceeding shall remain unstayed, undismissed and in effect
for a period of 90 consecutive days or immediately upon entry of any such decree or order;

     (e) the commencement by the Issuing Entity 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
Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the
consent by the Issuing Entity to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any
substantial part of the Owner Trust Estate, the making by the Issuing Entity of any general
assignment for the benefit of creditors, the failure by the Issuing Entity generally to pay its
debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any
of the foregoing; or

     (f) [a termination of the Interest Rate Cap Agreement without execution by the Issuing Entity
and a Replacement Cap Provider of a Replacement Interest Rate Cap Agreement acceptable to the
Issuing Entity and Indenture Trustee and the assignment of such Replacement Interest Rate Cap
Agreement to the Indenture Trustee].

     The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency, each
Noteholder, [and the Interest Rate Cap Provider (except as to clause (f)),] within five Business
Days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any
event that with the giving of notice and the lapse of time would become an Indenture Default under
clauses (c), (d) [or (f)], its status and what action the Issuing Entity is taking or proposes to
take with respect thereto.

     Subject to the provisions herein relating to the duties of the Indenture Trustee, if an
Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any
Noteholder, if the Indenture Trustee reasonably believes that it will not be adequately indemnified
against the costs, expenses and liabilities that might be incurred by it in complying with such
request. Subject to such provisions for indemnification and certain limitations contained herein,
Noteholders holding not less than a Majority Interest of the Notes voting as a single class shall
have the right to direct the time, method and place of conducting any proceeding or any remedy
available to the Indenture Trustee or exercising any trust power conferred on the Indenture
Trustee.

     SECTION 5.02 Acceleration of Maturity; Waiver of Indenture Default. If an Indenture
Default should occur and be continuing, the Indenture Trustee or Noteholders representing a
Majority Interest voting as a single class may declare the principal of the Notes to be immediately
due and payable. Upon such declaration, the Indenture Trustee shall promptly provide written notice
to the Servicer. The Servicer will thereafter deliver a copy of such notice to each Rating Agency
(which may be delivered by causing the Depositor to post a notice to the website maintained by the
Depositor for notifications to nationally recognized statistical rating

(NALT 20[•]-[•] Indenture)

27

 

organizations). Such declaration may be rescinded by Noteholders holding a Majority Interest
voting as a single class before a judgment or decree for payment of the amount due has been
obtained by the Indenture Trustee if (a) the Issuing Entity has deposited with the Indenture
Trustee an amount sufficient to pay (i) all interest on and principal of the Notes and all other
amounts that would then be due hereunder as if the Indenture Default giving rise to such
declaration had not occurred, (ii) all amounts advanced by the Indenture Trustee and its costs and
expenses[, and (iii) any Net Swap Payments and any Swap Termination Payments then due and payable
to the Swap Counterparty under any Interest Rate Swap Agreement]; and (b) all Indenture Defaults
(other than the nonpayment of principal of the Notes that has become due solely by such
acceleration) have been cured or waived.

     Prior to the acceleration of the maturity of the Notes as provided in this Section
5.02, Noteholders holding not less than a Majority Interest of the Notes voting as a single
class may waive any past Indenture Default and its consequences except an Indenture Default (i) in
payment of principal of or interest on the Notes or (ii) in respect of a covenant or provision
hereof that cannot be modified or amended without the consent of each Noteholder. In the case of
any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to
their former positions and rights hereunder, respectively, but no such waiver shall extend to any
subsequent or other Indenture Default or impair any right consequent thereto.

     Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Indenture 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 Indenture Default or impair any right consequent thereto.

     If the Notes have been declared due and payable following an Indenture Default, the Indenture
Trustee may institute proceedings to collect amounts due, exercise remedies as a secured party
(including foreclosure or sale of the Owner Trust Estate) or elect to maintain the Owner Trust
Estate and continue to apply the proceeds from the Owner Trust Estate as if there had been no
declaration of acceleration. Any sale of the Owner Trust Estate by the Indenture Trustee will be
subject to the terms and conditions of Section 5.04.

     SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee.

     (a) The Issuing Entity covenants that if there is a default in the payment of (i) any interest
on the Notes when the same becomes due and payable, and such default continues for a period of five
days or (ii) the principal of any Notes at the related Note Final Scheduled Payment Date or the
Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the
Indenture Trustee, for the benefit of such Noteholders, the entire amount then due and payable on
such Notes for principal and interest, with interest on the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue installments of
interest, at the Overdue Interest Rate 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, attorneys and
counsel.

(NALT 20[•]-[•] Indenture)

28

 

     (b) In case the Issuing Entity shall fail forthwith to pay amounts described in Section
5.03(a) upon 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 Issuing Entity or
other obligor upon such Notes and collect in the manner provided by law out of the property of the
Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed
to be payable.

     (c) If an Indenture Default occurs and is continuing, the Indenture Trustee may, in its
discretion, proceed to protect and enforce its rights and the rights of the Noteholders [and the
[Swap Counterparty][Cap Provider]], 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 Issuing Entity or any other obligor upon
the Notes or any Person having or claiming an ownership interest in the Owner Trust Estate,
Proceedings under the Bankruptcy 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 Issuing Entity or its property or such other obligor or Person, or in case of any
other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the
Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture
Trustee, 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, shall be entitled and
empowered, by intervention in such Proceedings or otherwise:

     (i) 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 the [Swap Counterparty][Cap Provider]], and to
file such other papers or documents as may be necessary or advisable in order to have the
claims of the 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 and disbursements made, by the Indenture Trustee and each predecessor Indenture
Trustee, except as a result of negligence or bad faith), of the Noteholders [and of the
[Swap Counterparty][Cap Provider]] allowed in such Proceedings;

     (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person performing similar
functions in any such Proceedings;

     (iii) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the

(NALT 20[•]-[•] Indenture)

29

 

Noteholders[, the [Swap Counterparty][Cap Provider]] and the Indenture Trustee on their
behalf; and

     (iv) 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 Noteholders allowed in
any judicial proceedings relative to the Issuing Entity, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each Noteholder to make payments to the Indenture Trustee and, if 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 and disbursements made by
the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or
bad faith, and any other amounts due the Indenture Trustee under Section 6.07.

     (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
Noteholder or 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 the Notes [or
any Interest Rate [Cap][Swap] Agreement], may be enforced by the Indenture Trustee without the
possession 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, advances, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the
ratable benefit of the Noteholders [and the [Swap Counterparty][Cap Provider]] in respect of which
such judgment has been recovered.

     (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 the [Swap
Counterparty][Cap Provider]], and it shall not be necessary to make any Noteholder [or the [Swap
Counterparty][Cap Provider]] a party to any such Proceedings.

     SECTION 5.04 Remedies; Priorities.

     (a) If an Indenture Default shall have occurred and be continuing, the Indenture Trustee may
do one or more of the following (subject to Sections 5.02 and 5.05):

     (i) 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

(NALT 20[•]-[•] Indenture)

30

 

collect from the Issuing Entity[, the [Swap Counterparty][Cap Provider]] and any other
obligor upon such Notes monies adjudged due;

     (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Owner Trust Estate;

     (iii) 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 the [Swap Counterparty][Cap Provider]]; and

     (iv) subject to Section 5.17, and, if applicable, giving effect to any
direction of the Holder of the 20[•]-[•] SUBI Certificate (acting in accordance with
instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the
20[•]-[•] SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to
Section 5.02, sell the Owner Trust Estate 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 Owner Trust Estate following an Indenture Default, other than an
Indenture Default described in Section 5.01(a) or (b), unless (A)
Noteholders holding 100% of the Outstanding Amount of Notes consent thereto, (B) the
proceeds of such sale are sufficient to discharge in full all amounts then due and unpaid
upon all outstanding Notes [and all amounts due to the Swap Counterparty under the Interest
Rate Swap Agreement(s)] or (C) the Indenture Trustee determines that the Owner Trust Estate
will not continue to provide sufficient funds for the payment 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 Noteholders holding not less than
662/3% of the Outstanding Amount of Notes, voting together as a single class; and provided
further, that the Indenture Trustee may not sell the Owner Trust Estate, other than a sale
resulting from the bankruptcy, insolvency or termination of the Issuing Entity, unless it
shall first have obtained an Opinion of Counsel that such sale will not cause the Titling
Trust or an interest therein or portion thereof to be classified as an association (or a
publicly traded partnership) taxable as a corporation for federal income tax purposes. In
determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the
preceding sentence, the Indenture Trustee may but need not obtain (at the expense of the
Issuing Entity) 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 Owner Trust Estate for such purpose.

     (b) If the Indenture Trustee collects any money or property pursuant to this Article Five upon
a sale of all or part of the Owner Trust Estate, it shall pay out such money or property held as
Collateral (together with available monies on deposit in the Reserve Account) and deposited in the
Note Distribution Account pursuant to Section 12.05(b) of the SUBI Trust Agreement in the
order set forth in Section 8.04(b).

     (c) 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 Issuing Entity

(NALT 20[•]-[•] Indenture)

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shall mail to each Noteholder and the Indenture Trustee a notice that states the record date,
the payment date and the amount to be paid.

     SECTION 5.05 Optional Preservation of the Owner Trust Estate. If the Notes have been
declared to be due and payable under Section 5.02 following an Indenture Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Owner Trust Estate and continue to apply the
proceeds thereof in accordance with Sections 3.01 and 8.04. It is the intent of the
parties hereto[, the Swap Counterparty] and the Noteholders that there be at all times sufficient
funds for the payment of principal and interest on the Notes [and amounts due to the Swap
Counterparty under the Interest Rate Swap Agreement], and the Indenture Trustee shall take such
intent into account when determining whether or not to maintain possession of the Owner Trust
Estate. In determining whether to maintain possession of the Owner Trust Estate, the Indenture
Trustee may but need not obtain (at the expense of the Issuing Entity) 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 Owner Trust Estate for such purpose.

     SECTION 5.06 Limitation of Suits.

     (i) 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: (i) such Noteholder previously has given to the
Indenture Trustee written notice of a continuing Indenture Default, (ii) Noteholders holding
not less than 25% of the Outstanding Amount of Notes, voting together as a single class,
have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Indenture Default in its own name as Indenture Trustee, (iii) such Noteholder has
offered the Indenture Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has
for 60 days after receipt of such notice failed to institute such Proceedings and (v) no
direction inconsistent with such written request has been given to the Indenture Trustee
during such 60-day period by Noteholders holding at least a Majority Interest, voting
together as a single class.

     No Noteholder or group of Noteholders 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 Noteholders or to obtain or to seek to obtain priority or preference over any other
Noteholder 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 Noteholders, each representing less than a Majority Interest
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.

     (ii) No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and
management of the Issuing Entity.

(NALT 20[•]-[•] Indenture)

32

 

     SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provision in this Indenture, any Noteholder shall have the right, which
is absolute and unconditional, to receive payment of the principal of and interest on, if any, such
Note on or after the respective due dates thereof expressed in such Note or this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement
of any such payment, and such right shall not be impaired without the consent of such Noteholder.

     SECTION 5.08 Restoration of Rights and Remedies. If the Indenture Trustee[, the [Swap
Counterparty][Cap Provider]] 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[, the [Swap Counterparty][Cap
Provider]] or such Noteholder, then and in every such case the Issuing Entity, the Indenture
Trustee[, the [Swap Counterparty][Cap Provider]] 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[, the [Swap
Counterparty][Cap Provider]] 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[, the [Swap Counterparty][Cap Provider]] 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, 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[, the [Swap Counterparty][Cap Provider]] or any Noteholder to exercise any right or remedy
accruing upon any Default or Indenture Default shall impair any such right or remedy or constitute
a waiver of any such Default or Indenture Default or an acquiescence therein. Every right and
remedy given by this Article 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[, the [Swap
Counterparty][Cap Provider]] or by the Noteholders, as the case may be.

     SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections
5.04, 5.06, 6.02(d) and 6.02(e), Noteholders holding at least a
Majority Interest voting as a single class shall have the right to direct the time, method and
place of conducting any Proceeding or any remedy available to the Indenture Trustee with respect to
the Notes or with respect to the exercise of 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 this Indenture;

     (b) subject to Section 5.04, any direction to the Indenture Trustee to, sell or
liquidate the Owner Trust Estate shall be made by Noteholders holding not less than 100% of the
Outstanding Amount;

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     (c) if the conditions set forth in Section 5.05 have been satisfied and the Indenture
Trustee elects to retain the Owner Trust Estate pursuant to such Section, then any direction to the
Indenture Trustee by Noteholders holding less than 100% of the Outstanding Amount to sell or
liquidate the Owner Trust Estate shall be of no force and effect; and

     (d) 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 it determines might expose it to personal
liability or might materially adversely affect or unduly prejudice the rights of any Noteholders
not consenting to such action.

     SECTION 5.12 [Reserved].

     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court
may in its 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 group of Noteholders, in each case holding Notes evidencing more
than 10% of the Outstanding Amount of Notes, voting together as a single class, (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 related due dates expressed in such Note and in this Indenture (or, in the
case of redemption, on or after the Redemption Date)[, or (d) any suit instituted by the [Swap
Counterparty][Cap Provider]].

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity 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 Issuing Entity (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[, under any Interest Rate [Swap][Cap] Agreement] 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[, the [Swap Counterparty][Cap Provider]] or the Noteholders shall be impaired by
the recovery of any judgment by the Indenture Trustee against the Issuing Entity or

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by the levy of any execution under such judgment upon any portion of the Owner Trust Estate or
upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.04(b).

     SECTION 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so, the Issuing Entity shall
take all such lawful action as the Indenture Trustee may request to compel or secure the
performance and observance by the Depositor, the Servicer [and the [Swap Counterparty][Cap
Provider]], as applicable, of each of their obligations to the Issuing Entity under or in
connection with the Servicing Agreement [and any Interest Rate [Swap][Cap] Agreement], in
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuing Entity 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 Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the Servicer of its
obligations under the Servicing Agreement.

     (b) If an Indenture 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 Noteholders holding not less than a Majority Interest of the Notes voting as a
single class, shall, exercise all rights, remedies, powers, privileges and claims of the Issuing
Entity against the Depositor, the Titling Trustee[, the [Swap Counterparty][Cap Provider]] and the
Servicer under or in connection with the Servicing Agreement [or any Interest Rate [Swap][Cap]
Agreement], including the right or power to take any action to compel or secure performance or
observance by the Servicer of its obligations to the Issuing Entity thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement,
and any right of the Issuing Entity to take such action shall be suspended.

     SECTION 5.17 Sale of Owner Trust Estate. If the Indenture Trustee acts to sell the
Owner Trust Estate or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee
shall effect such a sale at one or more public or private sales called and conducted in any manner
permitted by law in a commercially reasonable manner and on commercially reasonable terms, which
shall include the solicitation of competitive bids. Unless otherwise prohibited by applicable law
from any such action, the Indenture Trustee shall sell the Owner Trust Estate or any part thereof,
in such manner to the highest bidder; provided, however, that the Indenture Trustee
may from time to time postpone any sale. The Indenture Trustee shall give notice to the Depositor
and Servicer of any proposed sale, and the Depositor and Servicer shall be permitted to bid for the
Owner Trust Estate at any such sale. The Indenture Trustee may obtain a prior determination from a
conservator, receiver or trustee in bankruptcy of the Issuing Entity that the terms and manner of
any proposed sale are commercially reasonable. The power to effect any sale of any portion of the
Owner Trust Estate pursuant to Section 5.04 and this Section shall not be exhausted by any
one or more sales as to any portion of the Owner Trust Estate remaining unsold, but shall continue
unimpaired until the entire Owner Trust Estate shall has been sold or all amounts payable on the
Notes shall have been paid.

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ARTICLE SIX

THE INDENTURE TRUSTEE

     SECTION 6.01 Duties of Indenture Trustee.

     (a) If an Indenture Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and in the same degree of care and
skill in their exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs.

     (b) Except during the continuance of an Indenture Default:

     (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be
read into this Indenture against the Indenture Trustee; and

     (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of
this Indenture and the other Basic Documents to which the Indenture Trustee is a party.

     (c) The Indenture Trustee shall not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b);

     (ii) the Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent
in ascertaining the pertinent facts; and

     (iii) the Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to
Section 5.11.

     (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is
subject to paragraphs (a), (b) and (c).

     (e) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuing Entity.

     (f) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Servicing Agreement.

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     (g) No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section.

     (i) The Indenture Trustee shall not be deemed to have knowledge of any Indenture 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 provided by the second succeeding sentence, the Indenture Trustee may
conclusively rely and shall be protected in acting upon or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
note, direction, demand, election or other paper or document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any
fact or matter stated in the document. Notwithstanding the foregoing, 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 comply as
to form to the requirements of this Indenture.

     (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate (with respect to factual matters) or an Opinion of Counsel, 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.

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee,
and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of,
or for the supervision of, the Administrative Agent, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10 or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder.

     (d) The Indenture Trustee will be liable for any loss, liability or expense incurred by it
through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee
shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action it
takes or omits to take in good faith in accordance with a direction received by it from the
Noteholders in accordance with the terms of the Indenture or (iii) interest on any money received
by it except as the Indenture Trustee and the Issuing Entity may agree in writing.

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     (e) The Indenture Trustee may consult with counsel, and the advice of such counsel or any
Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of
such counsel.

     (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to institute, conduct or defend any litigation under this
Indenture or in relation to this Indenture or to honor the request or direction of any of the
Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture
Trustee reasonable security or indemnity against the reasonable costs, expenses, disbursements,
advances and liabilities that might be incurred by it, its agents and its counsel in compliance
with such request or direction; provided, however, that the Indenture Trustee
shall, upon the occurrence of an Indenture Default (that has not been cured), exercise the rights
and powers vested in it by this Indenture with reasonable care and skill.

     (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
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 the holders of Notes evidencing not less than 25% of the Outstanding Amount of Notes
voting together as a single class; 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 each such investigation shall
be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be
reimbursed by the Person making such request upon demand.

     (h) Any request or direction of the Issuing Entity mentioned herein shall be sufficiently
evidenced by an Issuing Entity Request.

     (i) The Indenture Trustee shall, for so long as any Notes are outstanding, be entitled to
exercise all of the rights and powers of a Beneficiary under the Basic Documents.

     SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuing Entity or its Affiliates with the same rights it would have if it were not
Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or
separate trustee may do the same with like rights. The Indenture Trustee must, however, comply with
Section 6.11.

     SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, the
Owner Trust Estate[, any Interest Rate [Swap][Cap] Agreement] or the Notes (other than the
certificate of authentication on the Notes), shall not be accountable for the Issuing Entity’s use
of the proceeds from the Notes and shall not be responsible for any statement in this Indenture or
in

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any document issued in connection with the sale of the Notes or in the Notes, all of which
shall be taken as the statements of the Issuing Entity, other than the Indenture Trustee’s
certificate of authentication.

     SECTION 6.05 Notice of Defaults. If a Default occurs and is continuing, and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of
such Indenture Default within 60 days after it occurs to each Noteholder and to the Servicer. The
Servicer will thereafter deliver a copy of such notice to each Rating Agency (which may be
delivered by causing the Depositor to post a notice to the website maintained by the Depositor for
notifications to nationally recognized statistical rating organizations). Except in the case of a
Default with respect to payment of principal of or interest on any Note (including payments
pursuant to the redemption of Notes), the Indenture Trustee may withhold such notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding such notice is
in the interests of the Noteholders; provided, however, that in the case of any
Indenture Default of the character specified in Section 5.01(d), no such notice shall be
given until at least 30 days after the occurrence thereof.

     SECTION 6.06 Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at
the expense of the Issuing Entity, shall deliver to each Noteholder, not later than the latest date
permitted by law, such information as may be reasonably requested (and reasonably available to the
Indenture Trustee) to enable such holder 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 the Indenture Trustee, in its individual
capacity, the property and funds physically held by the 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 Issuing Entity, as provided in
Sections 8.04(a) and 8.04(b), or the Administrative Agent shall (i) pay to the
Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Administrative Agent or, to the extent provided in Section 8.04(a) and
8.04(b), the Issuing Entity, shall indemnify the Indenture Trustee for, and hold it
harmless against, any and all Expenses incurred by it in connection with the performance of its
duties. The Indenture Trustee shall notify the Issuing Entity and the Administrative Agent
promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so
notify the Issuing Entity and the Administrative Agent shall not relieve the Issuing Entity or the
Administrative Agent of its obligations hereunder. The Administrative Agent shall defend any such
claim, and the Indenture Trustee may have separate counsel and the fees and expenses of such
counsel shall be paid as provided above. The Indenture Trustee shall not be indemnified by the
Issuing Entity or the Administrative Agent against any loss, liability or expense incurred by it
(a) through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee
shall not be liable (i) for any error of judgment made by it in good faith unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it from
the Noteholders in

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accordance with the terms of this Indenture and (iii) for interest on any money received by it
except as the Indenture Trustee and the Issuing Entity may agree in writing; (b) relating to any
income or similar taxes on any fees payable to the Indenture Trustee; (c) arising from the breach
by the Indenture Trustee of any of its representations or warranties set forth in the Basic
Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties
of a successor servicer under the Servicing Agreement. The Indenture Trustee shall not be deemed
to have knowledge of any event unless an officer of the Indenture Trustee has actual knowledge
thereof or has received written notice thereof.

     The Administrative Agent’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 an Indenture Default set forth in Section 5.01(d) or (e)
with respect to the Issuing Entity, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

     SECTION 6.08 Replacement of Indenture Trustee. Noteholders holding not less than a
Majority Interest of the Notes, voting together as a single class, may remove the Indenture Trustee
without cause by so notifying the Indenture Trustee and the Issuing Entity, and following such
removal may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written
notice to each Rating Agency of such removal. The Indenture Trustee may resign at any time by so
notifying the Issuing Entity, the Servicer and each Rating Agency. The Issuing Entity shall remove
the Indenture Trustee if:

     (i) the Indenture Trustee fails to comply with Section 6.11;

     (ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in
an involuntary case or proceeding under federal or state banking or bankruptcy laws, as now
or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or
other similar law, shall have entered a decree or order granting relief or appointing a
receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar
official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s
property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs,
provided any such decree or order shall have continued unstayed and in effect for a period
of 30 consecutive days;

     (iii) the Indenture Trustee commences a voluntary case under any federal or state
banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal
or state bankruptcy, insolvency or other similar law, or consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator or other similar official for the Indenture Trustee or for any substantial part
of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or
fails generally to pay its debts as such debts become due or takes any corporate action in
furtherance of any of the foregoing; or

     (iv) the Indenture Trustee otherwise becomes incapable of acting.

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     Upon the resignation or required removal of the Indenture Trustee, or the failure of the
Noteholders to appoint a successor Indenture Trustee following the removal without cause of the
Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring
Indenture Trustee), the Issuing Entity shall be required promptly to appoint a successor Indenture
Trustee. The Indenture Trustee shall at all times satisfy the requirements of Section 310(a) of the
TIA and shall in addition have (a) a combined capital and surplus of at least $50,000,000 (as set
forth in its most recent published annual report of condition) and (b) a long-term debt rating of
“Baa3” or its equivalent by each Rating Agency or otherwise satisfy the Rating Agency Condition.

     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee[, [Swap Counterparty][Cap Provider]] and to the Issuing Entity.
Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and
the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture, subject to satisfaction of
the Rating Agency Condition. 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 Issuing Entity or
Noteholders holding not less than a Majority Interest of the Notes, voting together as a single
class, 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
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee.

     Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture
Trustee pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment
of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of
the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to
payment or reimbursement of such amounts as such Person is entitled pursuant to Section
6.07. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in
connection with transferring the predecessor Indenture Trustee’s duties and obligations to the
successor 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 corporation or depository institution the resulting, surviving
or transferee corporation, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or depository institution shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide prior written notice of any such
transaction to the Servicer. The Servicer will thereafter deliver a copy of such notice to each
Rating Agency (which may be delivered by causing the Depositor to post a notice to the website

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maintained by the Depositor for notifications to nationally recognized statistical rating
organizations).

     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, 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 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 that 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-Trustee or Separate 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 Owner Trust Estate may
at the time be located, the Indenture Trustee and the Administrative Agent acting jointly 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
Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Owner Trust 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 and the Administrative Agent may consider necessary or desirable. If the Administrative
Agent shall not have joined in such appointment within 15 days after it received a request that it
so join, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders [or the [Swap Counterparty][Cap
Provider]] of the appointment of any co-trustee or separate trustee shall be required under
Section 6.08.

     (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:

     (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture
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 intended that such
separate trustee or co-trustee is not authorized to act separately without the Indenture
Trustee joining in 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 Collateral 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;

     (ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and

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     (iii) the Indenture Trustee and the Administrative Agent 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. Each separate trustee and co-trustee, upon its
acceptance of the trusts 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 and specifically 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 and a copy thereof given to the Administrative Agent.

     (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, then 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.
Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee
or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this
Indenture.

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of Section 310(a) of the TIA and shall in addition 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 a long-term debt rating of at least “Baa3” or its equivalent by the Rating Agencies
or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements
of Section 310(b) of the TIA, 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
Issuing Entity are outstanding if the requirements for such exclusions set forth in TIA Section
310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and their respective
Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its
Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as
Indenture Trustee.

     SECTION 6.12 Trustee as Holder of the 20[•]-[•] SUBI Certificate. So long as any
Notes are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the
20[•]-[•] SUBI Certificate, including rights to distributions and notice, or is entitled to consent
to any actions taken by the Depositor, the Issuing Entity may initiate such action or grant such
consent only with consent of the Indenture Trustee. To the extent that the Indenture Trustee has
rights as a Holder of the 20[•]-[•] SUBI Certificate or has the right to consent or withhold
consent with respect to actions taken by the Depositor, the Servicer or the Issuing Entity, such
rights shall be exercised or consent granted (or withheld) upon the written direction of Holders
not less than a Majority Interest of the Notes voting together as a single class; provided,
however, that subject to

(NALT 20[•]-[•] Indenture)

43

 

Section 3.07, any direction to the Indenture Trustee to remove or replace the Servicer
upon a Servicer Default shall be made by Noteholders holding not less
than 662/3% of the Outstanding
Amount, voting together as a single class, and with respect to Section 11.15, such
direction shall require the written direction of Noteholders holding 100% of the Outstanding
Amount.

     SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture
Trustee hereby makes the following representations and warranties on which the Issuing Entity and
Noteholders shall rely:

     (i) the Indenture Trustee is a national banking association duly organized, validly
existing and in good standing under the laws of the United States; and

     (ii) the Indenture Trustee has full power, authority and legal right to execute,
deliver, and, perform this Indenture and shall have taken all necessary action to authorize
the execution, delivery and performance by it of this Indenture.

     SECTION 6.14 Furnishing of Documents. The Indenture Trustee shall furnish to any
Noteholder promptly upon receipt of a written request by such Noteholder (at the expense of the
requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands,
certificates and any other instruments furnished to the Indenture Trustee under the Basic
Documents.

     SECTION 6.15 Preferred 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.

ARTICLE SEVEN

NOTEHOLDERS’ LISTS AND REPORTS

     SECTION 7.01 Note Registrar to Furnish Noteholder Names and Addresses. The Note
Registrar shall furnish or cause to be furnished to the Indenture Trustee, the Owner Trustee, the
Servicer or the Administrative Agent, 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. The 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 Issuing Entity that none of the Indenture Trustee, the Owner Trustee, the Issuing

(NALT 20[•]-[•] Indenture)

44

 

Entity, the Servicer or the Administrative Agent 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 Issuing
Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days
after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any
such request, a list of similar form and content as of a date not more than ten days prior to the
time such list is furnished.

     Notwithstanding the foregoing, so long as the Indenture Trustee is the Note Registrar no such
list shall be required to be furnished to the Indenture Trustee, and so long as the Notes are
issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture
Trustee, Owner Trustee, Servicer or Administrative Agent.

     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 Noteholders contained in the most recent list furnished to the Indenture
Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by
the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in 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 Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection
of TIA Section 312(c).

     SECTION 7.03 Reports by Issuing Entity.

     (a) The Issuing Entity shall:

     (i) file with the Indenture Trustee, within 15 days after the Issuing Entity 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 the rules and regulations prescribe) that the
Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act;

     (ii) 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 Issuing Entity with the conditions
and covenants of this Indenture as may be required from time to time by such rules and
regulations; and

(NALT 20[•]-[•] Indenture)

45

 

     (iii) 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 Issuing Entity 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 Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
shall end on March 31 of each year, unless the fiscal year of the Servicer ends on some other date,
in which case, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the
Servicer.

     SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after each fiscal year of the Issuing Entity, beginning with [•], 20[•], 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).

     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 Issuing Entity 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. 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
www.usbank.com/abs 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.

ARTICLE EIGHT

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

(NALT 20[•]-[•] Indenture)

46

 

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
Owner 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 an Indenture Default under this
Indenture and any right to proceed thereafter as provided in Article Five.

     SECTION 8.02 Accounts.

     (a) Pursuant to Section 14.01 of the 20[•]-[•] SUBI Supplement, there has been
established and there shall be maintained an Eligible Account (initially at [U.S. Bank]) in the
name of the Indenture Trustee until the outstanding amount of the Notes is zero, and thereafter, in
the name of the Owner Trustee, which is designated as the “20[•]-[•] SUBI Collection Account.” The
20[•]-[•] SUBI Collection Account shall be held for the benefit of the Securityholders, and shall
bear a designation clearly indicating that the funds on deposit therein are held for the benefit of
the Securityholders. The 20[•]-[•] Collection Account shall be under the sole dominion and control
of the Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and
thereafter under the sole dominion and control of the Owner Trustee.

     (b) Pursuant to Section 5.01 of the Trust Agreement, there has been established and
there shall be maintained an Eligible Account (initially at [U.S. Bank]) in the name of the
Indenture Trustee until the Outstanding Amount of Notes is reduced to zero, and thereafter, in the
name of the Issuing Entity, which is designated as the “Reserve Account.” The Reserve
Account shall be held for the benefit of the Securityholders [and the Swap Counterparty], and shall
bear a designation clearly indicating that the funds on deposit therein are held for the benefit of
the Securityholders. The Reserve Account shall be under the sole dominion and control of the
Indenture Trustee until the Outstanding Amount of Notes has been reduced to zero [and the payment
in full of all payments to the Swap Counterparty under the Interest Rate Swap Agreement(s)], and
thereafter under the sole dominion and control of the Owner Trustee.

     (c) The Issuing Entity shall cause the Depositor, prior to the Closing Date, to establish and
maintain an Eligible Account in the name of the Indenture Trustee on behalf of the Noteholders [and
the Swap Counterparty], which shall be designated as the “Note Distribution Account.” The
Note Distribution Account shall be held in trust for the benefit of the Noteholders [and the Swap
Counterparty]. The Note Distribution Account shall be under the sole dominion and control of the
Indenture Trustee.

     (d) All monies deposited from time to time in the Accounts pursuant to this Indenture or the
20[•]-[•] Servicing Supplement shall be held by the Indenture Trustee as part of the Collateral and
shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible
Account, the Indenture Trustee, until the Outstanding Amount of Notes has been reduced to zero [and
all payments due to the Swap Counterparty under each Interest Rate Swap Agreement have been made],
and thereafter with respect to the Reserve Account, the Issuing Entity shall, as necessary, assist
the Servicer in causing each Account to be moved to an institution at which it shall be an Eligible
Account.

(NALT 20[•]-[•] Indenture)

47

 

     SECTION 8.03 Payment Date Certificate.

     (a) The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee,
the Owner Trustee and each Paying Agent hereunder or under the Trust Agreement, a certificate (the
“Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth
calendar day of each month or, if the 10th day is not a Business Day, the next
succeeding Business Day, including, among other things, the following information with respect to
the Payment Date in such month and the related Collection Period and Accrual Period:

     (i) the amount of SUBI Collections allocable to the 20[•]-[•] SUBI Certificate;

     (ii) Available Funds, including amounts with respect to each of items (i) through (iv)
of the definition thereof;

     (iii) the amount of interest accrued during such Accrual Period on each Class of the
Notes [and, for each Class of Floating Rate Notes, the applicable Interest Rate for the
related Accrual Period relative to such Payment Date for such Class of Floating Rate Notes,
respectively, if any];

     (iv) [the Class A-1a Note Balance], [the Class A-1b Note Balance] the [Class A-2a Note
Balance], [the Class A-2b Note Balance], [the Class A-3a Note Balance], [the Class A-3b Note
Balance], [the Class A-4a Note Balance], [the Class A-4b Note Balance] and the Certificate
Balance, in each case on the day immediately preceding such Payment Date;

     (v) (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if
any, (C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve
Account on such Payment Date after giving effect to withdrawals therefrom and deposits
thereto in respect of such Payment Date and (E) the change in such balance from the
immediately preceding Payment Date;

     (vi) the Note Distribution Amount for each Class of Notes and the Certificate
Distribution Amount;

     (vii) the amount of the Note Distribution Amount allocable to interest on and principal
of the Notes and any Principal Carryover Shortfall for each Class of the Notes;

     (viii) the amount of any principal paid on, and Principal Carryover Shortfall for, the
Trust Certificates;

     (ix) the Monthly Principal Distributable Amount and the Optimal Principal Distributable
Amount;

     (x) the Note Factor for each Class of the Notes and the Certificate Factor for the
Trust Certificates after giving effect to the distribution of the Note Distribution Amount
and the Certificate Distribution Amount, respectively;

(NALT 20[•]-[•] Indenture)

48

 

     (xi) the aggregate amount of Residual Value Losses and Residual Value Surplus for such
Collection Period;

     (xii) the amount of Sales Proceeds Advances and Monthly Payment Advances included in
Available Funds;

     (xiii) the amount of any Payment Date Advance Reimbursement for such Collection Period;

     (xiv) [the amount of any [Net Swap Receipts][Cap Receipts] and any [Swap][Cap]
Termination Payments received by the Issuing Entity from the [Swap Counterparty][Cap
Provider] under the Interest Rate [Swap][Cap] Agreement(s)];

     (xv) [the amount of any Net Swap Payments and any Swap Termination Payments due to the
Swap Counterparty under the Interest Rate Swap Agreement(s)];

     (xvi) the Servicing Fee for such Collection Period;

     (xvii) delinquency and loss information for the Collection Period;

     (xviii) The amount of the currency swap payments and the currency swap termination
payments, if any, due to the Currency Swap Counterparty under the Currency Swap Agreement
described in Section 8.16 of the 20[•]-[•] Servicing Supplement;

     (xix) any material change in practices with respect to charge-offs, collection and
management of delinquent Leases, and the effect of any grade period, re-aging, re-structure,
partial payments or other practices on delinquency and loss experience;

     (xx) any material modifications, extensions or waivers to Lease terms, fees, penalties
or payments during the Collection Period;

     (xxi) any material breaches of representations, warranties or covenants contained in
the Leases;

     (xxii) any new issuance of notes or other securities backed by the SUBI Assets (if
applicable);

     (xxiii) any material additions, removals or substitutions of SUBI Assets, repurchases
of SUBI Assets; and

     (xxiv) any material change in the underwriting, origination or acquisition of Leases.

     Each amount set forth pursuant to clauses (iii), (iv), (vi), (vii) and (viii) above shall be
expressed in the aggregate and as a dollar amount per $1,000 of original principal balance of a
Note or Trust Certificate, as applicable.

(NALT 20[•]-[•] Indenture)

49

 

     (b) The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy
of any of the information or numbers set forth in the Payment Date Certificate delivered to the
Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully
protected in relying upon such Payment Date Certificate.

     SECTION 8.04 Disbursement of Funds.

     (a) Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the
Notes has not been accelerated pursuant to Section 5.02), prior to 11:00 a.m., New York
City time, or such other time as may be agreed to by the applicable Noteholder, the Indenture
Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the
instructions of the Servicer, transfer from the 20[•]-[•] SUBI Collection Account all
Securityholder Available Funds and apply such amount in accordance with the following priorities:

     (i) [to the Swap Counterparty, the Net Swap Payment, if any, to be paid under the
Interest Rate Swap Agreement(s);]

     (ii) [on a pro rata basis, (A) any Senior Swap Termination Payments due under the
Interest Rate Swap Agreement(s), to the Swap Counterparty, and (B)] to the Note Distribution
Account, to pay, on a pro rata basis, based on the amount distributable to each class of
Notes, an amount equal to the interest accrued at the applicable Interest Rate for such
Class of Notes during the related Accrual Period on the applicable Outstanding Amount of
Notes (plus any accrued and unpaid interest with respect to any prior Accrual Period) for
such Class (and, to the extent permitted by applicable law, interest on any overdue interest
at the applicable Overdue Interest Rate);

     (iii) to the Note Distribution Account, the Monthly Principal Distributable Amount
distributable to each Class of Notes, in the following order of priority:

	 	(A)	 	to the Class A-1 Notes [(pro rata among the
Class A-1a Notes and the Class A-1b Notes)] until the Class A-1 Notes
have been paid in full;
	 
	 	(B)	 	after the principal amount of the Class A-1
Notes is reduced to zero, to the Class A-2 Notes [(pro rata among the
Class A-2a Notes and the Class A-2b Notes)] until the Class A-2 Notes
have been paid in full;
	 
	 	(C)	 	after the principal amount of the Class A-2
Notes is reduced to zero, to the Class A-3 Notes [(pro rata among the
Class A-3a Notes and the Class A-3b Notes)] until the Class A-3 Notes
have been paid in full; and
	 
	 	(D)	 	after the principal amount of the Class A-3
Notes is reduced to zero, to the Class A-4 Notes [(pro rata among the
Class A-4a Notes and the Class A-4b Notes)] until the Class A-4 Notes
have been paid in full;

(NALT 20[•]-[•] Indenture)

50

 

     (iv) until all Classes of Notes have been paid in full, to the Reserve Account, any
remaining funds, until the Reserve Account Requirement has been satisfied;

     (v) [to the Swap Counterparty, any Subordinated Swap Termination Payments for such
Payment Date;]

     (vi) to the Indenture Trustee, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Indenture but only to the extent that such fees, expenses or
indemnity payments have been outstanding for at least 60 days;

     (vii) to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Trust Agreement but only to the extent that such fees, expenses
or indemnity payments have been outstanding for at least 60 days;

     (viii) to the Administrative Agent, to reimburse it for amounts paid pursuant to
Sections 8.01 of the Trust Agreement and Sections 6.07 of the Indenture;

     (ix) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a
Currency Swap Agreement as described in Section 8.16 of the 20[•]-[•] Servicing
Supplement, to such Currency Swap Counterparty; and

     (x) to the Certificate Distribution Account, for the Certificateholder.

     (b) Notwithstanding the provisions of Section 8.04(a), and subject to the provisions
of Section 5.04(b), after the occurrence of an Indenture Default that results in the
acceleration of any Notes and unless and until such acceleration has been rescinded, on each
Payment Date, prior to 11:00 a.m., New York City time, or such other time as may be agreed to by
the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date
Certificate and pursuant to the instructions of the Servicer, transfer from the 20[•]-[•] SUBI
Collection Account all Available Funds and apply such amount in accordance with the following
priorities:

     (i) pro rata, to the Indenture Trustee, all amounts required to be paid under
Section 6.07 of the Indenture, and to the Owner Trustee, all amounts required to be
paid under Section 8.01 of the Trust Agreement, as the case may be;

     (ii) to the Servicer, any Payment Date Advance Reimbursement;

     (iii) to the Servicer, the Servicing Fee and any amounts due in respect of unpaid
Servicing Fees;

     (iv) [to the Swap Counterparty, the Net Swap Payment, if any, to be paid under the
Interest Rate Swap Agreement(s);]

     (v) [on a pro rata basis, (A) to the Swap Counterparty any Senior Swap Termination
Payments due under the Interest Rate Swap Agreement(s), if any, and (B)] to the Note
Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each
class of Notes, an amount equal to the interest accrued at the

(NALT 20[•]-[•] Indenture)

51

 

applicable Interest Rate for such Class of Notes during the related Accrual Period on
the applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with
respect to any prior Accrual Period) for such Class (and, to the extent permitted by
applicable law, interest on any overdue interest at the applicable Overdue Interest Rate);

     (vi) to the Note Distribution Account, the Monthly Principal Distributable Amount
distributable to each Class of Notes, in the following order of priority:

	 	(A)	 	first, to the Class A-1 Noteholders (until the
Class A-1 Notes have been paid in full); and
	 
	 	(B)	 	second, to the Class A-2 Noteholders [(pro rata
among the Class A-2a Notes and the Class A-2b Notes)], the Class A-3
Notes [(pro rata among the Class A-3a Notes and the Class A-3b Notes)]
and the Class A-4 Notes [(pro rata among the Class A-4a Notes and the
Class A-4b Notes)], pro rata (based on the Outstanding Amount of Notes
of each such Class on such Payment Date), until all such Notes have
been paid in full;

     (vii) [to the Swap Counterparty, any Subordinated Swap Termination Payment];

     (viii) to the Administrative Agent, to reimburse it for amounts paid pursuant to
Sections 8.01 of the Trust Agreement and Sections 6.07 of the Indenture;

     (ix) to the extent amounts are payable to a Currency Swap Counterparty pursuant to a
Currency Swap Agreement as described in Section 8.16 of the 20[•]-[•] Servicing
Supplement, to such Currency Swap Counterparty; and

     (x) to the Certificate Distribution Account, for the Certificateholder.

     Notwithstanding the provisions of this Section 8.04(b), in accordance with Section
5.02, after the occurrence of an Indenture Default that results in the acceleration of any
Notes, on and after the date on which such acceleration has been rescinded, on each Payment Date,
the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant
to the instructions of the Servicer, transfer from the 20[•]-[•] SUBI Collection Account all
Securityholder Available Funds and apply such amount in accordance with the provisions of
Section 8.04(a).

     (c) On each Payment Date, after taking into account amounts to be distributed to
Securityholders from the 20[•]-[•] SUBI Collection Account, the Servicer will allocate the Reserve
Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related
Collection Period and will instruct the Indenture Trustee to make the following deposits and
distributions from the Reserve Account in the following amounts (but not to exceed the Reserve
Account Draw Amount) and order of priority:

     (i) [to the Swap Counterparty, any remaining Net Swap Payment for such Payment Date;]

(NALT 20[•]-[•] Indenture)

52

 

     (ii) [on a pro rata basis, (A) any remaining Senior Swap Termination Payments due under
the Interest Rate Swap Agreement(s) to the Swap Counterparty, if any, and (B)] to the Note
Distribution Account, to pay, on a pro rata basis, based on the amount distributable to each
class of Notes, any remaining interest due on the outstanding Notes on that Payment Date
and, to the extent permitted under applicable law, interest on any overdue interest at the
applicable Overdue Interest Rate;

     (iii) to the Note Distribution Account, to pay any remaining Monthly Principal
Distributable Amount of the Notes in the amounts and order of priority set forth in
Section 8.04(a)(iii) or, if applicable, Section 8.04(b)(vi); and

     (iv) [to the Swap Counterparty, any remaining Subordinated Swap Termination Payments
for such Payment Date or, if applicable, in the amount and order of priority set forth in
Section 8.04(b)(vii)].

     (d) If on any Payment Date, after giving effect to all deposits to and withdrawals from the
Reserve Account, the amount on deposit in the Reserve Account exceeds the Reserve Account
Requirement, the Indenture Trustee shall distribute any such excess amounts to the Depositor. Upon
any such distributions, the Securityholders [and the Swap Counterparty] will have no further rights
in, or claims to such amounts.

     (e) On each Payment Date or Redemption Date, from the amounts on deposit in the Note
Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of
principal and interest on the Notes due and by check mailed to the Person whose name appears as the
registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close
of business on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a
Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at
least $1 million and has given the Indenture Trustee appropriate written instructions at least five
(5) Business Days prior to the related Record Date (which instructions, until revised, shall remain
operative for all Payment Dates thereafter), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee or Person. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the related Record Date without requiring that the Note be submitted for notation of payment. Any
reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date or Redemption Date shall be binding upon all future holders
of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu
hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from
payment to any Noteholder of interest or principal shall be considered to have been paid by the
Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be
available, pursuant to the notice delivered to the Indenture Trustee, for payment in full of the
remaining unpaid principal amount of the Notes on a Payment Date or Redemption Date, then the
Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify each Person who
was the registered holder of a Note as of the Record Date preceding the most recent Payment Date or
Redemption Date by notice mailed not less than 10 but no more than 30 days of such Payment Date or
Redemption Date and the amount then due and payable shall be payable only upon

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presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee
or at the office of the Indenture Trustee’s agent appointed for such purposes located in The
Borough of Manhattan in The City of New York.

     (f) On each Payment Date, the Indenture Trustee shall include with each distribution an
unaudited report (which may be or may be based upon the Payment Date Certificate prepared by the
Servicer) to each Person that was a Noteholder as of the close of business on the related Record
Date (which shall be Cede & Co. as the nominee of DTC unless Definitive Notes are issued under the
limited circumstances described herein)[, the Swap Counterparty] and the Servicer setting forth the
information provided in the Payment Date Certificate to be delivered in accordance with Section
8.03(a), with respect to such Payment Date or the related Record Date or Collection Period, as the
case may be. The Servicer will thereafter deliver a copy of such report to each Rating Agency
(which may deliver by causing the Depositor to post such report to the website maintained by the
Depositor for notifications to nationally recognized statistical rating organizations).

     SECTION 8.05 General Provisions Regarding Accounts.

     (a) For so long as no Default or Indenture Default shall have occurred and be continuing, all
of the funds in the Reserve Account [and the Swap Termination Payment Account] shall be invested
and reinvested by the Indenture Trustee, until the Outstanding Amount of the Notes has been reduced
to zero [and all amounts due to the Swap Counterparty under each Interest Rate Swap Agreement have
been paid], and thereafter by the Owner Trustee, at the direction of the Administrative Agent in
Permitted Investments as set forth in Section 4.02(a) of the Titling Trust Agreement, which
mature no later than the Deposit Date succeeding the date of such investment, including those
offered by the Indenture Trustee or an Affiliate thereof. No such investment shall be sold prior to
maturity. Any investment earnings on the Reserve Account [and the Swap Termination Payment Account]
will be taxable to the Depositor. On each Payment Date, net investment earnings on the Reserve
Account [and the Swap Termination Payment Account] shall be deposited in the Reserve Account [and
the Swap Termination Payment Account].

     (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in the Reserve Account [and the Swap Termination Payment
Account] resulting from any loss on any Permitted Investment included therein, except for losses
attributable to the Indenture Trustee’s failure to make payments on any such Permitted Investments
issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms.

     (c) If (i) the Administrative Agent shall have failed to give investment directions for any
funds on deposit in the Reserve Account [and the Swap Termination Payment Account] to the Indenture
Trustee by 3:00 p.m., New York City time (or such other time as may be agreed by the Administrative
Agent and Indenture Trustee), on any Business Day or (ii) a Default or Indenture 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 the Notes shall have been declared due and
payable following an Indenture Default, amounts collected or receivable from the Owner Trust Estate
are being applied in accordance with Section 5.05 as if

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there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in investments that are Permitted Investments as set forth
in paragraph (vi) of the definition thereof.

     SECTION 8.06 Release of Owner 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 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 monies.

     (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due the Indenture Trustee have been paid pursuant to Section 6.07, [and all sums due to the
Swap Counterparty have been paid pursuant to each Interest Rate Swap Agreement] release any
remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture
and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in
the Trust Accounts. Such release shall include delivery to the Issuing Entity or its designee of
the 20[•]-[•] SUBI Certificate and delivery to the Securities Intermediary under the Control
Agreement of a certificate evidencing the release of the lien of this Indenture and transfer of
dominion and control over the Reserve Account to the Issuing Entity. The Indenture Trustee shall
release property from the lien of this Indenture pursuant to this Section only upon receipt of an
Issuing Entity Request.

     SECTION 8.07 Release of Interest In 20[•]-[•] Leases and 20[•]-[•] Vehicles Upon Purchase
or Reallocation by the Servicer.

     (a) Upon the reallocation or purchase of any 20[•]-[•] Lease and related 20[•]-[•] Vehicle by
the Servicer pursuant to Section 8.02 of the Servicing Agreement, the Indenture Trustee, on
behalf of the Noteholders [and the Swap Counterparty], shall, without further action, be deemed to
release from the lien of this Indenture any and all rights to receive monies due or to become due
with respect to such purchased or reallocated 20[•]-[•] Lease and related 20[•]-[•] Vehicle and all
proceeds thereof and the other property with respect to such 20[•]-[•] Lease and related 20[•]-[•]
Vehicle, and all security and any documents relating thereto, and such 20[•]-[•] Lease and related
20[•]-[•] Vehicle and all such related security and documents shall be free of any further
obligation to the Issuing Entity[, the Swap Counterparty], the Indenture Trustee or the
Noteholders.

     (b) The Indenture Trustee shall execute such documents and instruments and take such other
actions as shall be reasonably requested by the Servicer to effect the release of such rights with
respect to such 20[•]-[•] Lease and related 20[•]-[•] Vehicle pursuant hereto and the assignment of
such 20[•]-[•] Lease and 20[•]-[•] Vehicle by the Issuing Entity.

     SECTION 8.08 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days notice when requested by the Issuing Entity to take any action pursuant to Section

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8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice),
accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and
shall require, to the extent required by the TIA), except in connection with any action
contemplated by Section 8.06(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 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 [or the [Swap
Counterparty][Cap Provider]] 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 Owner 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 NINE

SUPPLEMENTAL INDENTURES

     SECTION 9.01 Supplemental Indentures Without Consent of Noteholders.

     (a) Except as provided in Section 9.02, without the consent of any other Person, the
Issuing Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter
into one or more amendments 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
for the purpose of modifying in any manner the rights of the Noteholders under this Indenture;
provided that (i) either (A) any amendment or supplemental indenture that materially and adversely
affects the interests of the Noteholders shall require the consent of Noteholders holding not less
than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or
supplemental indenture shall not, as evidenced by an Officer’s Certificate of the Depositor
delivered to the Indenture Trustee, materially and adversely affect the interests of the
Noteholders and (ii) any amendment or supplemental indenture that adversely affects the interests
of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the
Administrative Agent shall require the prior consent of the Persons whose interests are adversely
affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee
or the Administrative Agent, as the case may be, shall be deemed to have been given if the
Depositor does not receive a written objection from such Person within 10 Business Days after a
written request for such consent shall have been given. A supplement shall be deemed not to
materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is
satisfied with respect to such supplement and the Officer’s Certificate described in the preceding
sentence is provided to the Indenture Trustee. [Notwithstanding the foregoing, this Indenture may
not be amended in any way that would materially and adversely affect the rights of the [Cap
Provider][Swap Counterparty] without prior consent of the [Cap Provider][Swap Counterparty];
provided that the [Cap Provider’s][Swap Counterparty’s] consent to any such amendment shall not be
unreasonably withheld, and provided, further that the [Cap Provider’s][Swap Counterparty’s] consent
will be deemed to have been given if the [Cap Provider][Swap Counterparty] does not object in
writing within 10 days of receipt of a written request for such consent.]

(NALT 20[•]-[•] Indenture)

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     (b) It shall not be necessary for the consent of any Person pursuant to this Section for such
Person to approve the particular form of any proposed amendment or supplement, but it shall be
sufficient if such Person consents to the substance thereof.

     (c) Notwithstanding anything herein to the contrary, any term or provision of this Indenture
may be amended or supplemented by the Issuing Entity and the Indenture Trustee (when so directed by
an Issuing Entity Request) without the consent of any of the Noteholders or any other Person to
add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or
obtain more favorable treatment under or with respect to any law or regulation or any accounting
rule or principle (whether now or in the future in effect); it being a condition to any such
amendment that the Rating Agency Condition shall have been satisfied and the Officer’s Certificate
described in Section 9.01(a)(i)(B) is delivered to the Indenture Trustee.

     (d) Prior to the execution of any amendment or supplemental indenture pursuant to this section
or Section 9.02, the Issuing Entity shall provide each Rating Agency, the Trust
Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice
of the substance of such supplement. No later than 10 Business Days after the execution of any
supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating
Agency, the Servicer, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee.

     (e) 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 as may be
therein contained.

     (f) Prior to the execution of any amendment or supplemental indenture the Indenture Trustee
shall receive an Opinion of Counsel to the effect that such action shall not (A) affect the
treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable
exchange of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the
Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership)
taxable as a corporation for federal income tax purposes.

     (g) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the
Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by
the Issuing Entity) 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.

     (h) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment or supplemental indenture. When the
Rating Agency Condition is satisfied with respect to such amendment or supplemental indenture, the
Servicer shall deliver to the Indenture Trustee an Officer’s Certificate to that effect, and the
Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a
Rating Agency Condition has been satisfied with respect to such amendment or supplemental
indenture.

(NALT 20[•]-[•] Indenture)

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     SECTION 9.02 Supplemental Indentures With Consent of Noteholders. The Issuing Entity
and the Indenture Trustee, when requested by an Issuing Entity Request, also may, with the consent
of Noteholders holding not less than a Majority Interest of the Notes voting together as a single
class, by Act of such Noteholders delivered to the Issuing Entity and the Indenture Trustee, enter
into one or more amendments 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 Noteholders under this Indenture, subject to prior
notice to the Rating Agencies and provided that no such supplemental indenture shall, without the
consent of the Noteholder of each Outstanding Note affected thereby:

     (a) change the Note Final Scheduled Payment Date of or the date of payment of any installment
of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate
thereon or the Redemption Price with respect thereto;

     (b) reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which
is required for any such amendment or supplemental indenture or the consent of the Noteholders of
which is required for any waiver of compliance with provisions of this Indenture or Indenture
Defaults hereunder and their consequences provided for in this Indenture;

     (c) modify or alter the provisions of the proviso to the definition of the term “Outstanding;”

     (d) reduce the percentage of the Outstanding Amount required to direct the Indenture Trustee
to direct the Issuing Entity to sell the Owner Trust Estate pursuant to Section 5.04, if
the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but
unpaid interest on the Notes;

     (e) modify any provision of this Section, except to increase any percentage specified herein
or to provide that certain additional provisions of this Indenture or the other Basic Documents
cannot be modified or waived without the consent of the Noteholder of each Outstanding Note
affected thereby;

     (f) modify any of the provisions of this Indenture in such manner as to affect the calculation
of the amount of any payment of interest or principal due on any Note on any Payment Date
(including the calculation of any of the individual components of such calculation);

     (g) 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 Owner 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 any Noteholder of the security provided by the lien of this Indenture; or

     (h) impair the right to institute suit for the enforcement of payment as provided in
Section 5.07.

     Any such amendment or supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel to the same effect as in Section 9.01(f). The Indenture Trustee may in
its

(NALT 20[•]-[•] Indenture)

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discretion determine whether or not any Notes would be affected by any amendment or
supplemental indenture and any such determination shall be conclusive upon all Noteholders, 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 Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

     Promptly after the execution by the Issuing Entity and the Indenture Trustee of any amendment
or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the
Noteholders [and the [Swap Counterparty][Cap Provider]] to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such amendment or
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 amendment or
supplemental indenture.

     SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully
protected in relying upon, an Opinion of 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 indemnities under this Indenture or otherwise.

     SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any amendment or
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 affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuing Entity, the Owner Trustee[, [the Swap
Counterparty][Cap Provider]] and the Noteholders 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 shall be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

     SECTION 9.05 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article 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 Issuing Entity or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the
Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and
executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange
for Outstanding Notes.

(NALT 20[•]-[•] Indenture)

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ARTICLE TEN

REDEMPTION OF NOTES

     SECTION 10.01 Redemption.

     (a) Pursuant to Section 9.03 of the Trust Agreement, the Servicer shall be permitted
at its option to purchase the 20[•]-[•] SUBI Certificate from the Issuing Entity on any Redemption
Date relating to the exercise of an Optional Purchase. In connection with the exercise of an
Optional Purchase, the Servicer will deposit the Optional Purchase Price into the 20[•]-[•] SUBI
Collection Account on the Deposit Date relating to the Redemption Date. In connection with an
Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole, but not in part,
for the Redemption Price and the 20[•]-[•] SUBI Certificate shall be delivered to or upon the order
of the Servicer.

     (b) In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to
11:00 a.m., New York City time, the Servicer shall transfer the Optional Purchase Price as part of
the Available Funds from the 20[•]-[•] SUBI Collection Account as follows: (i) to the [Swap
Counterparty, all amounts payable to the Swap Counterparty under the Interest Rate Swap
Agreement(s), (ii)] Note Distribution Account, the Redemption Price and (ii) to the Certificate
Distribution Account, the Repayment Price.

     (c) If the Notes are to be redeemed pursuant to this Section, the Administrative Agent or the
Issuing Entity shall provide at least 10 days’ prior notice (or such longer time period as required
by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee[, the [Swap
Counterparty][Cap Provider]] and the Owner Trustee, and the Indenture Trustee shall provide at
least 10 days’ (but no more than 30 days’) notice thereof to the Noteholders.

     SECTION 10.02 Form of Redemption Notice. Notice of redemption under Section
10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to
each Holder of Notes as of the close of business on the Record Date of the month preceding the
month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In
addition, the Administrative Agent shall notify each Rating Agency upon the redemption of the
Notes, pursuant to the Trust Administration Agreement.

     All notices of redemption shall state:

     (a) the Redemption Date;

     (b) the Redemption Price;

     (c) the place where the Notes to be redeemed are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuing Entity to be maintained as
provided in Section 3.02); and

     (d) that on the Redemption Date, the Redemption Price will become due and payable upon each
such Note and that interest thereon shall cease to accrue from and after the Redemption Date.

(NALT 20[•]-[•] Indenture)

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     Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuing Entity. Failure to give notice of redemption (or any defect therein) to
any Noteholder shall not impair or affect the validity of the redemption of any other Note.

     SECTION 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption as required by Section 10.02, become due and payable on the
Redemption Date at the Redemption Price and (unless the Issuing Entity shall default in the payment
of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the
date to which accrued interest is calculated for purposes of calculating the Redemption Price.

ARTICLE ELEVEN

MISCELLANEOUS

     SECTION 11.01 Compliance Certificates and Opinions.

     (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee and each Rating Agency (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 additional certificate or opinion
need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

     (i) a statement that each signatory of such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (ii) 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;

     (iii) 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

     (iv) a statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

(NALT 20[•]-[•] Indenture)

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     (b) In addition to any obligation imposed in Section 11.01(a) or elsewhere in this
Indenture:

     (i) 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 Issuing Entity shall 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 Issuing Entity of the Collateral or
other property or securities to be so deposited.

     (ii) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (i) above if such an Officer’s Certificate had been required by
the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s
Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture
Trustee an Independent Certificate as to the same matters, if the fair value of the property
or 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
Issuing Entity, as set forth in the Officer’s Certificate delivered pursuant to clause (i)
above, is 10% or more of the Outstanding Amount; provided, however, such
Independent Certificate need not be furnished with respect to any securities so deposited,
if the fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is less than $25,000 or less than 1% of the Outstanding Amount.

     (iii) Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(v), whenever any property or securities are to be released from the
lien of this Indenture, the Issuing Entity shall also 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 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.

     (iv) Whenever the Issuing Entity would be required to furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii) above if such an Officer’s Certificate had been required
by the Indenture Trustee or required by the TIA, regardless of whether such an Officer’s
Certificate was so requested or required, the Issuing Entity shall furnish to the Indenture
Trustee an Independent Certificate as to the same matters, if the fair value of the property
or securities and of all other property, or securities (other than property described in
clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of this Indenture
since the commencement of the then current calendar year, as set forth in the Officer’s
Certificates required by clause (iii) above and this clause, equals 10% or more of the
Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of any
release of property or securities if the fair value thereof as set forth in the

(NALT 20[•]-[•] Indenture)

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related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding
Amount.

     (v) Notwithstanding Section 2.08 or any other provision of this Section, the
Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Collateral as
and to the extent permitted or required by the Basic Documents and (B) make cash payments
out of the Accounts as and to the extent permitted or required by 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.

     Any certificate or opinion of an Authorized Officer 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 his 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 Administrative Agent, the Depositor or the Issuing Entity, stating that
the information with respect to such factual matters is in the possession of the Administrative
Agent, the Depositor or the Issuing Entity, unless such officer or 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 Issuing Entity shall deliver any document as a condition
of the granting of such application, or as evidence of the Issuing Entity’s compliance with any
terms 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 Issuing Entity 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 Six.

     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

(NALT 20[•]-[•] Indenture)

63

 

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 Issuing Entity. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” 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 Issuing Entity, 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.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the holder of any Note 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 Issuing Entity in reliance thereon, whether or not notation of
such action is made upon such Note.

     SECTION 11.04 Notices. All demands, notices and communications hereunder shall be in
writing and shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, by telecopier or electronically by email
(if an email address is provided), and addressed in each case as follows: (i) if to the Issuing
Entity c/o the Owner Trustee, at [Rodney Square North, 1100 N. Market Street, Wilmington, Delaware
19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust Administration] with a copy to
the Administrative Agent, at One Nissan Way, Franklin, Tennessee 37067 (telecopier no. (615)
725-8530) (email: [shishir.bhushan@nissan-usa.com] and [mark.wilten@nissan-usa.com]), Attention:
Treasurer; (ii) if to the Indenture Trustee, at [209 South LaSalle Street, Suite 300, Chicago, IL
60604 (telecopier no. (312) 325-8905) (email: patricia.child@usbank.com)], Attention: Nissan Auto
Lease Trust 20[•]-[•];[(iii) if to [•], at [•] (telecopier no. [•]), Attention: [•]; (iv) if to
[•], to [•] (email: [•]), Attention: [•]; (v) if to [•], to [•] (telecopier no. [•]), Attention:
[•]]; or (vi) [to the [Swap Counterparty][Cap Provider], as provided in the Interest Rate
[Swap][Cap] Agreement(s); or (vi)] at such other address as shall be designated by any of the
foregoing in a written notice to the other parties hereto. Delivery shall occur only when
delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or
reported tender of such communication by an officer of the intended recipient entitled to receive
such notices located at the address of such recipient for notices hereunder. All notices, requests,
reports, consents or other communications deliverable to the Rating Agencies hereunder or under any
other Basic Document may be delivered by the Depositor posting such notice, request, report,
consent, or other communication to the website maintained by the Depositor for notifications to
nationally recognized statistical rating organizations.

     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

(NALT 20[•]-[•] Indenture)

64

 

Noteholder affected by such event, at its address as it appears on the Note Register, not
later than the latest 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.

     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 of 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 each Rating Agency, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute an Indenture Default.

     SECTION 11.06 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 11.07 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuing Entity shall bind its successors and assigns, whether so express or
not. All agreements of the Indenture Trustee in this Indenture shall bind its successors.

     SECTION 11.08 Severability. If any one or more of the covenants, agreement,
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[, the Interest Rate [Swap][Cap] Agreement(s)] or the Trust Certificates or the rights
of the Holders thereof.

     SECTION 11.09 Benefits of Indenture. [The Swap Counterparty shall be a third-party
beneficiary to the provisions of this Indenture.] Nothing in this Indenture or the Notes, express
or implied, shall give to any Person, other than the parties hereto and their successors
hereunder[, the [Swap Counterparty][Cap Provider]], the Noteholders (and, with respect to
Sections 8.03 and 8.04, the Trust Certificateholders), any other party secured
hereunder, and any other Person with an ownership interest in any part of the Owner Trust Estate,
any benefit or any legal or equitable right, remedy or claim under this Indenture.

(NALT 20[•]-[•] Indenture)

65

 

     SECTION 11.10 Legal Holidays. In any case where the date on which any payment is due
shall not be a Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

     SECTION 11.11 Governing Law. THIS 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 SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     SECTION 11.13 Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuing Entity
accompanied by an Opinion of Counsel (who 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 11.14 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee
on the Notes 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) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing
Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any Trust Certificateholder, the
Owner Trustee or of the Indenture Trustee or 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.

     SECTION 11.15 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder or Note Owner, by accepting a Note or in the case of a Note Owner, a beneficial
interest in a Note, [and the [Swap Counterparty][Cap Provider], by entering into the Interest Rate
[Swap][Cap] Agreement]hereby covenant and agree that prior to the date that is one year and one day
after the date upon which all obligations under each Securitized Financing have been paid in full,
they will not (and, to the fullest extent permitted by applicable law, the Indenture Trustee shall
not have the power to) institute against, or join any other Person in instituting against, the
Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity, any other
Special Purpose Affiliate or any Beneficiary, any bankruptcy,

(NALT 20[•]-[•] Indenture)

66

 

reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under
any federal or state bankruptcy or similar law.

     SECTION 11.16 No Recourse. 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 Issuing Entity, the
Owner Trustee, the Titling Trustee, the Trust Agent 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, the Titling Trustee, the Trust Agent or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Titling
Trustee, the Trust Agent or the Owner Trustee in its individual capacity or any holder of a
beneficial interest in the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent
or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Titling
Trustee, the Trust Agent or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed 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.

     SECTION 11.17 Inspection. The Issuing Entity agrees that on reasonable prior notice
it will permit any representative of the Indenture Trustee, during the Issuing Entity’s normal
business hours, to examine all the books of account, records, reports and other papers of the
Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by
Independent certified public accountants and to discuss the Issuing Entity’s affairs, finances and
accounts with the Issuing Entity’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 the Indenture
Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

     SECTION 11.18 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by [Wilmington Trust
Company], not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing
Entity and in no event shall [Wilmington Trust Company] in its individual capacity or any
beneficial owner of the Issuing Entity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuing Entity hereunder, as to all of which
recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Ten of the Trust Agreement.

     SECTION 11.19 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.

(NALT 20[•]-[•] Indenture)

67

 

     SECTION 11.20 Intent of the Parties; Reasonableness. The Indenture Trustee and
Issuing Entity acknowledge and agree that the purpose of Section 3.09 and this Section
11.20 of this Agreement is to facilitate compliance by the Issuing Entity and the Depositor
with the provisions of Regulation AB and related rules and regulations of the Commission.

     Neither the Issuing Entity nor the Administrative Agent (acting on behalf of the Issuing
Entity) shall exercise its right to request delivery of information or other performance under
these provisions other than in good faith, or for purposes other than compliance with the
Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. Each
of the parties hereto agrees that (a) the obligations of the parties hereunder shall be interpreted
in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations
hereunder will be supplemented and modified as necessary to be consistent with any such amendments,
interpretive advice or guidance from the Securities and Exchange Commission, convention or
consensus among active participants in the asset-backed securities markets, or otherwise in respect
of the requirements of Regulation AB as they may be applied by the Securities and Exchange
Commission to the Issuing Entity in connection with the Notes and (c) the parties shall comply with
reasonable requests made by or on behalf of the Issuing Entity or the Indenture Trustee for
delivery of additional or different information, to the extent such information is available, as
the person requesting such information may determine in good faith is necessary for it to comply
with the provisions of Regulation AB.

     The Issuing Entity (or the Administrative Agent, acting on behalf of the Issuing Entity) shall
cooperate with the Indenture Trustee by providing timely notice of requests for information under
these provisions and by reasonably limiting such requests to information required, in the
reasonable judgment of the Issuing Entity to comply with Regulation AB.

     SECTION 11.21 [Limitation of Rights. All of the rights of the [Swap Counterparty][Cap
Provider] in, to and under this Indenture or any other Basic Document (including, but not limited
to, all of the [Swap Counterparty’s][Cap Provider’s] rights as a third-party beneficiary of this
Indenture and all of the [Swap Counterparty’s][Cap Provider’s] rights to receive notice of any
action hereunder or under any other Basic Document and to give or withhold consent to any action
hereunder or under any other Basic Document) shall terminate upon the termination of each Interest
Rate [Swap][Cap] Agreement in accordance with the terms thereof [and the payment in full of all
amounts owing to the [Swap Counterparty] under such Interest Rate Swap Agreement].]

[Signature Page to Follow]

(NALT 20[•]-[•] Indenture)

68

 

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

	 	 	 	 	 	 	 

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

	 	 	 	By	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	 	 	[U.S. BANK NATIONAL ASSOCIATION], as
	 	 	Indenture Trustee
	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:

     Receipt of this original counterpart of this Agreement is hereby acknowledged on this ____ day
of [•], 20[•].

	 	 	 	 	 

	 	 	NILT, INC.,
	 	 	as Titling Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

(NALT 20[•]-[•] Indenture)

S-1

 

STATE OF [DELAWARE]

COUNTY OF [NEW CASTLE]

     BEFORE ME, the undersigned authority, a Notary Public in and for said county and state, on
this day personally appeared, known to me to be the person and officer whose name is subscribed to
the foregoing instrument and acknowledged to me that the same was the act of the said [Wilmington
Trust Company], not in its individual capacity but as Owner Trustee of the NISSAN AUTO LEASE TRUST
20[•]-[•], a Delaware statutory trust, and that such person executed the same as the act of said
statutory trust for the purpose and consideration therein expressed, and in the capacities therein
stated.

     GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ____ day of [•], 20[•].

	 	 	 

	 
	 	 
	Notary Public in and for the State of [DELAWARE]
	 	 
	 
	 	 
	(Seal)
	 	 
	 
	 	 
	My commission expires:_____________________
	 	

(NALT 20[•]-[•] Indenture)

 

 

STATE OF [ILLINOIS]

COUNTY OF [COOK]

     BEFORE ME, the undersigned authority, a Notary Public in and for said county and state, on
this day personally appeared, known to me to be the person and officer whose name is subscribed to
the foregoing instrument and acknowledged to me that the same was the act of the said [U.S. Bank
National Association], not in its individual capacity but as Indenture Trustee of the NISSAN AUTO
LEASE TRUST 20[•]-[•], a Delaware statutory trust, and that such person executed the same as the
act of said statutory trust.

     GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ___ day of [•], [•].

	 	 	 

	Notary Public in and for the State of [ILLINOIS]

	 

	(Seal)

	 

	My commission expires:                                        

(NALT 20[•]-[•] Indenture)

 

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in this Indenture, the
Issuing Entity hereby represents, warrants, and covenants to the Indenture Trustee as follows on
the Closing Date:

(1) The 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 and purchasers from the Issuing
Entity.

(2) The 20[•]-[•] SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security,” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and
all subaccounts thereof, constitute either deposit accounts or securities accounts.

(3) All of the Collateral that constitutes securities entitlements (other than the 20[•]-[•] SUBI
Certificate to the extent the 20[•]-[•] SUBI Certificate constitutes a certificated security) has
been or will have been credited to one of the Accounts. The securities intermediary for each
Account has agreed to treat all assets credited to the Accounts as “financial assets” within the
meaning of the applicable UCC.

(4) The Issuing Entity owns and has good and marketable title to the Collateral free and clear of
any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or
similar governmental charges or levies incurred in the ordinary course of business that are not yet
due and payable or as to which any applicable grace period shall not have expired, or that are
being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a lien is not imminent and the
use and value of the property to which the Liens attaches is not impaired during the pendency of
such proceeding.

(5) The Issuing Entity has received all consents and approvals to the grant of the security
interest in the Collateral hereunder to the Indenture Trustee required by the terms of the
Collateral that constitutes instruments or payment intangibles.

(6) The Issuing Entity has received all consents and approvals required by the terms of the
Collateral that constitutes securities entitlements, certificated securities or uncertificated
securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral
hereunder.

(7) The Issuing Entity has caused or will have caused, within ten days after the effective date of
the Indenture, 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.

(NALT 20[•]-[•] Indenture)

 

 

(8) With respect to Collateral that constitutes an instrument or tangible chattel paper, either:

a. All original executed copies of each such instrument or tangible chattel paper have been
delivered to the Indenture Trustee; or

b. Such instruments or tangible chattel paper are in the possession of a custodian and the
Indenture Trustee has received a written acknowledgment from such custodian that such
custodian is holding such instruments or tangible chattel paper solely on behalf and for the
benefit of the Indenture Trustee; or

c. A custodian received possession of such instruments or tangible chattel paper after the
Indenture Trustee received a written acknowledgment from such custodian that such custodian
is acting solely as agent of the Indenture Trustee.

(9) With respect to Collateral that constitutes electronic chattel paper, the Servicer, as an agent
of the Issuing Entity, and to the extent allowed by law:

a. Has in its possession the “authoritative copy” (as such term is used in the UCC) of the
20[•]-[•] Lease; and

b. Maintains “control,” as defined in Section 9-105 of the UCC, of all electronic records
constituting or forming part of a 20[•]-[•] Lease that is electronic chattel paper or Hybrid
Chattel Paper.

(10) With respect to the Accounts and all subaccounts thereof that constitute deposit accounts,
either:

a. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the bank maintaining the deposit accounts has agreed to comply with all
instructions originated by the Indenture Trustee directing disposition of the funds in the
Accounts without further consent by the Issuing Entity; or

b. The Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become
the account holder of the Accounts.

(11) With respect to Collateral or Accounts or subaccounts thereof that constitute securities
accounts or securities entitlements, either:

a. The Issuing Entity has caused or will have caused, within ten days after the effective
date of the Indenture, 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 granted in the Collateral to the Indenture Trustee; or

b. The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the securities intermediary has agreed to comply with all instructions
originated by the Indenture Trustee relating to the Accounts without further consent by the
Issuing Entity; or

c. The Issuing Entity has taken all steps necessary to cause the securities intermediary to
identify in its records the Indenture Trustee as the person having a security entitlement
against the securities intermediary in the Accounts.

(12) With respect to Collateral that constitutes certificated securities (other than securities
entitlements), all original executed copies of each security certificate that constitutes or

(NALT 20[•]-[•] Indenture)

 

 

evidences the Collateral have been delivered to the Indenture Trustee, and each such security
certificate either (i) is in bearer form, (ii) has been indorsed by an effective endorsement to the
Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee.

Other than the transfer of the 20[•]-[•] SUBI and the 20[•]-[•] SUBI Certificate from NILT Trust to
the Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 20[•]-[•] SUBI and
the 20[•]-[•] SUBI Certificate from the Depositor to the Issuing Entity under the Trust SUBI
Certificate Transfer Agreement and the security interest in the Collateral granted to the Indenture
Trustee pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the
Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the
filing of, or is aware of any financing statements against the Issuing Entity that include a
description of collateral covering the Collateral or the Accounts or any subaccount thereof other
than any financing statement relating to the security interest granted to the Indenture Trustee
hereunder or that has been terminated.

(13) None of the instruments, certificated securities or tangible chattel paper that constitute or
evidence the Collateral has any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee.

(14) Neither the Accounts nor any subaccounts thereof are in the name of any person other than the
Issuing Entity or the Indenture Trustee. The Issuing Entity has not consented to the securities
intermediary of any Account to comply with entitlement orders of any person other than the
Indenture Trustee.

     As used in this Schedule I, “Collateral” has the meaning set forth in the Granting
Clause of the Indenture.

(NALT 20[•]-[•] Indenture)

 

 

EXHIBIT A

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

SEE REVERSE FOR CERTAIN DEFINITIONS

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY 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 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.

     TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION
AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

     THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS
DEBT FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES.

     THIS NOTE IS SOLELY AN OBLIGATION OF THE ISSUING ENTITY AND IS NOT AN OBLIGATION OF, AND WILL
NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO LEASING LLC II, NISSAN
MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR
ANY OF THEIR AFFILIATES.

     BY ITS ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE SHALL
BE DEEMED TO REPRESENT, WARRANT AND COVENANT (ON THE DATE OF ACQUISITION OF THIS NOTE (OR ANY
INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS NOTE (OR ANY INTEREST HEREIN)) THAT
EITHER (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS
SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY
DEEMED TO HOLD THE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OF ANY OF THE FOREGOING OR (IV) ANY EMPLOYEE BENEFIT PLAN THAT IS
SUBJECT TO ANY

(NALT 20[•]-[•] Indenture)

A-1

 

APPLICABLE LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) ITS ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW.

(NALT 20[•]-[•] Indenture)

A-2

 

NISSAN AUTO LEASE TRUST 20[•]-[•]

[____]% ASSET BACKED NOTE,

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

			
	 	 	 
	REGISTERED
	 	$_________
	No. R-___
	 	CUSIP NO._________

     Nissan Auto Lease Trust 20[•]-[•], a statutory trust organized and existing under the laws of
the State of Delaware (including any permitted successors and assigns, the “Issuing
Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of _______________________ ($_____________) in monthly installments on the 15th day
of each month, or if such day is not a Business Day, on the immediately succeeding Business Day,
commencing on [•], 20[•] (each, a “Payment Date”), until the principal of this Note is paid
or made available for payment, and to pay interest on each Payment Date on the Outstanding Class
[A-1a] [A-1b] [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] Note Balance as of the preceding Payment
Date (after giving effect to all payments of principal made on the preceding Payment Date), or as
of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, for
the Class [A-1a] [A-1b] Notes, during the period from and including the previous Payment Date on
which interest was paid, or as of the Closing Date if no interest has yet been paid, to but
excluding the current Payment Date] [for the Class [A-2a] [A-2b], [A-3a] [A-3b], [A-4a] and [A-4b]
Notes, during the period from and including the 15th day of the preceding calendar
month, or as of the Closing Date if no interest has yet been paid, to but excluding the
15th day of the month in which such Payment Date occurs] at the rate per annum] [of
[•]%] shown above (the “Interest Rate”), in each case as and to the extent described below;
provided, however, that the entire Class [A-1a] [A-1b] [A-2a] [A-2b] [A-3a] [A-3b]
[A-4a] [A-4b] Note Balance shall be due and payable on the earlier of [_________, 20__] (the
“Note Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. The Issuing Entity shall pay interest on overdue
installments of interest at the Interest Rate to the extent lawful. 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 as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuing Entity 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.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee the
name of which 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.

     IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or by
facsimile, by its Authorized Officer as of the date set forth below.

(NALT 20[•]-[•] Indenture)

A-3

 

Dated: _________________, 20[•]

	 	 	 	 	 	 	 

	 	 	NISSAN AUTO LEASE TRUST 20[•]-[•],
	 
	 	 	 	 	 	 
	 	 	By:	 	[WILMINGTON TRUST COMPANY],
	 	 	 	 	as Owner Trustee
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

(NALT 20[•]-[•] Indenture)

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INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 

	Dated: _________________, [•]	 	[U.S. BANK NATIONAL ASSOCIATION],
	 	 	as Indenture Trustee
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

(NALT 20[•]-[•] Indenture)

A-5

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
“[____]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4]” (herein called the “Notes”)
issued under an Indenture, dated as of [•], 20[•] (such indenture, as supplemented or amended, is
herein called the “Indenture”), between the Issuing Entity and [U.S. Bank], as trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

     The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in
the Indenture. However, to the extent provided in the Indenture, each Class will receive principal
payment sequentially so that, except as otherwise provided in the Indenture, no principal payments
shall be made in respect of (i) the Class A-2 Notes until the Class A-1 Notes have been paid in
full, (ii) the Class A-3 Notes until the Class A-2 Notes have been paid in full and (iii) the Class
A-4 Notes until the Class A-3 Notes have been paid in full.

     Principal payable on the Notes will be paid on each Payment Date in the amount specified in
the Indenture. As described above, the entire unpaid principal amount of this Note will be payable
on the earlier of the Note Final Scheduled Payment Date and the Redemption Date, if any, selected
pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire
unpaid principal amount of the Notes shall be due and payable following the occurrence and
continuance of an Indenture Default, as described in the Indenture. In such an event, first,
principal payments on the Class A-1 Notes shall be made, and second, principal payments on the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be made pro rata to the
Noteholders entitled thereto.

     Payments of principal and interest on this Note due and payable on each Payment Date or
Redemption Date shall be made by check mailed to the Person whose name appears as the registered
holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of
business on the related Record Date, except that with respect to Notes registered on the Deposit
Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a
Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at
least $1 million and has given the Indenture Trustee appropriate written instructions at least five
Business Days prior to the related Record Date (which instructions, until revised, shall remain
operative for all Payment Dates thereafter), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee or Person. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the related Record Date without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date or Redemption Date shall be binding upon all future holders
of this Note and of any Note issued

(NALT 20[•]-[•] Indenture)

A-6

 

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, pursuant to the notice delivered to the
Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the
Issuing Entity, will notify the Person who was the registered holder hereof as of the Record Date
preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date
or Redemption Date (or such longer time period as required by the Depository Agreement) and the
amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

     As provided in the Indenture, the Servicer will be permitted at its option to purchase the
20[•]-[•] SUBI Certificate from the Issuing Entity on any Payment Date if, either before or after
giving effect to any payment of principal required to be made on such Payment Date, the Securities
Balance is less than or equal to 10% of the Initial Securities Balance. The purchase price (the
“Optional Purchase Price”) for the 20[•]-[•] SUBI Certificate shall equal the
Securitization Value of the 20[•]-[•] SUBI Assets plus the appraised value of any other property
(other than cash, in which case such value shall be amount of such funds held in cash) held as part
the Trust Assets (less liquidation expenses). The Redemption Price for the Notes will equal the
aggregate Note Balance, plus accrued and unpaid interest thereon at the related Interest Rate
(including, to the extent allowed by law, interest on overdue interest, if applicable), to but not
including the Redemption Date, which amount, with such additional amounts constituting in the
aggregate the Optional Purchase Price, shall be deposited by the Servicer into the 20[•]-[•] SUBI
Collection Account on the Deposit Date relating to the Payment Date fixed for redemption. In
connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but
not in part, for the Redemption Price and thereupon the 20[•]-[•] SUBI Certificate shall be
delivered to the Servicer.

     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 Issuing Entity pursuant to the
Indenture. 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 this Note or, in the case of this Note Owner,
a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, 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) any owner of a beneficial interest in the Issuing Entity 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 Issuing Entity, 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
and except that any such partner, owner or beneficiary shall be fully liable, to the extent

(NALT 20[•]-[•] Indenture)

A-7

 

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 Notes represent obligations of the Issuing Entity only and do not represent interests in,
recourse to or obligations of the Depositor, the UTI Beneficiary or any of their respective
Affiliates.

     Each Noteholder by acceptance of this Note, or in the case of this Note Owner, by acceptance
of a beneficial interest in the Notes, hereby covenants and agrees that prior to the date that is
one year and one day after the date upon which all obligations under each Securitized Financing
have been paid in full, it will not institute against, or join any other Person in instituting
against, the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and
any other Special Purpose Affiliate, any member of any Special Purpose Affiliate or any
Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or
other Proceeding under any federal or state bankruptcy or similar law.

     Prior to the due presentment for registration of transfer of this Note, the Issuing Entity,
the Indenture Trustee and their respective agents 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 whatsoever, whether or not this Note be overdue,
and none of the Issuing Entity, the Indenture Trustee or any of their respective agents 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 Issuing Entity and the rights of the
Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a Majority Interest of the Notes. The Indenture also contains provisions
permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of
all Noteholders, to waive compliance by the Issuing Entity with certain provisions of the Indenture
and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by
the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Noteholder and upon all future Noteholders 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 the
Noteholders.

     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, 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 the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay

(NALT 20[•]-[•] Indenture)

A-8

 

the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

(NALT 20[•]-[•] Indenture)

A-9

 

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:

___________________________

(NALT 20[•]-[•] Indenture)

A-10

 

EXHIBIT B

FORM OF DEPOSITORY AGREEMENT

(NALT 20[•]-[•] Indenture)

B-1

 

EXHIBIT C

Servicing Criteria To Be Addressed In Assessment Of Compliance

     The assessment of compliance to be delivered by the Indenture Trustee, shall address, and be
limited to, the criteria identified below as “Applicable Servicing Criteria”:

	 	 	 
	Reference	 	Criteria
	 

	 	Cash Collection and Administration
	 
	 	 
	1122(d)(2)(ii)

	 	Disbursements made via wire transfer on behalf of an
obligor or to an investor are made only by authorized
personnel.
	 
	1122(d)(2)(iv)

	 	The related accounts for the transaction, such as cash
reserve accounts or accounts established as a form of
overcollateralization, are separately maintained (e.g.,
with respect to commingling of cash) as set forth in the
transaction agreements.
	 
	 	 
	 

	 	Investor Remittances and Reporting
	 
	 	 
	1122(d)(3)(ii)

	 	Amounts due to investors are allocated and remitted in
accordance with timeframes, distribution priority and
other terms set forth in the transaction agreements.
	 
	1122(d)(3)(iii)

	 	Disbursements made to an investor are posted within two
business days to the Servicer’s investor records, or such
other number of days specified in the transaction
agreements.
	 
	1122(d)(3)(iv)

	 	Amounts remitted to investors per the investor reports
agree with cancelled checks, or other form of payment, or
custodial bank statements.

(NALT 20[•]-[•] Indenture)

C-1exv10w1

Exhibit 10.1

AGREEMENT OF DEFINITIONS

by and among

NISSAN MOTOR ACCEPTANCE CORPORATION

NISSAN AUTO LEASING LLC II

NISSAN AUTO LEASE TRUST 20[•]-[•]

NISSAN-INFINITI LT

NILT TRUST

NILT, INC.

[WILMINGTON TRUST COMPANY]

[U.S. BANK NATIONAL ASSOCIATION]

Dated as of [•], 20[•]

 

 

AGREEMENT OF DEFINITIONS

     This Agreement of Definitions (as amended, supplemented or otherwise modified, this
“Agreement of Definitions”), dated as of [•], 20[•], is by and among Nissan Auto Lease
Trust 20[•]-[•], as issuer (the “Issuing Entity”), NILT Trust, a Delaware statutory trust,
as grantor and initial beneficiary (in such capacity, the “Grantor” and the “UTI
Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling
Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its
individual capacity, as servicer and as administrative agent (in such capacity, the
“Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC
II, a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware corporation,
as trustee to the Titling Trust (the “Titling Trustee”), [Wilmington Trust Company, a
Delaware banking corporation,] as owner trustee and Delaware trustee (in such capacity, the
“Owner Trustee” and the “Delaware Trustee,” respectively) and [U.S. Bank National
Association, a national banking association (“U.S. Bank”)], as trust agent and indenture
trustee (in such capacity, the “Trust Agent” and the “Indenture Trustee,”
respectively).

RECITALS

     A. Pursuant to the Amended and Restated Trust and Servicing Agreement, dated as of August 26,
1998 (the “Titling Trust Agreement”), among the Grantor and the UTI Beneficiary, the
Servicer, the Delaware Trustee, the Titling Trustee, and the Trust Agent, the Titling Trust was
formed to take assignments and conveyances of and hold in trust various assets (the “Trust
Assets”);

     B. The UTI Beneficiary, the Servicer, and the Titling Trust have entered into the SUBI
Servicing Agreement, dated as of March 1, 1999 as amended by the First Amendment to Servicing
Agreement, dated as of January 3, 2001 (the “Basic Servicing Agreement”) which provides
for, among other things, the servicing of the Trust Assets by the Servicer;

     C. Pursuant to the Titling Trust Agreement, from time to time the Trustee, on behalf of the
Titling Trust and at the direction of the UTI Beneficiary, will identify and allocate on the books
and records of the Titling Trust certain Trust Assets and create and issue one or more special
units of beneficial interest (each, a “SUBI”), the beneficiaries of which generally will be
entitled to the net cash flows arising from such Trust Assets;

     D. The parties hereto desire to supplement the Titling Trust Agreement (as so supplemented by
the 20[•]-[•] SUBI Supplement, the “SUBI Trust Agreement”) to create a SUBI (the
“20[•]-[•] SUBI”);

     E. The parties hereto desire to identify and allocate to the 20[•]-[•] SUBI a separate
portfolio of Trust Assets consisting of leases (the “20[•]-[•] Leases”) and certain other
related Trust Assets and the vehicles that are leased under the 20[•]-[•] Leases (the
“20[•]-[•] Vehicles”);

     F. The parties hereto also desire that the Titling Trust issue to NILT Trust a certificate
evidencing a 100% beneficial interest in the 20[•]-[•] SUBI (the “20[•]-[•] SUBI
Certificate”);

1

 

     G. NILT Trust will sell, transfer and assign the 20[•]-[•] SUBI Certificate and the 20[•]-[•]
SUBI Assets evidenced thereby to NALL II pursuant to the SUBI Certificate Transfer Agreement, dated
as of [•], 20[•] (the “SUBI Certificate Transfer Agreement”). NALL II will further transfer
the 20[•]-[•] SUBI Certificate and the 20[•]-[•] SUBI Assets evidenced thereby to the Issuing
Entity pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of [•], 20[•] (the
“Trust SUBI Certificate Transfer Agreement”);

     H. Pursuant to the Indenture, dated as of [•], 20[•] (the “Indenture”), by and between
the Issuing Entity and the Indenture Trustee, the Issuing Entity will (i) issue [$ [•] aggregate
principal amount of [•]% Asset Backed Notes, Class A-1a (the “Class A-1a Notes”), [$[•]
aggregate principal amount of [•]% Asset Backed Notes, Class A-1b (the “Class A-1b
Notes”)], [$[•] aggregate principal amount of [•]% Asset Backed Notes, Class A-2a (the
“Class A-2a Notes”)], [$[•] aggregate principal amount of [•]% Asset Backed Notes, Class
A-2b (the “Class A-2b Notes”) [•]% Asset Backed Notes, Class A-3a (the “Class A-3a
Notes”)], [$[•] aggregate principal amount of [•]% Asset Backed Notes, Class A-3b (the
“Class A-3b Notes”)], [$[•] aggregate principal amount of [•]% Asset Backed Notes, Class
A-4a (the “Class A-4a Notes”)] and [$[•] aggregate principal amount of [•]% Asset Backed
Notes, Class A-4b (the “Class A-4b Notes”)] (collectively, the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are referred to herein as the
“Notes”); and (ii) pledge the 20[•]-[•] SUBI Certificate and the 20[•]-[•] SUBI Assets
evidenced thereby to the Indenture Trustee for the benefit of the holders of the Notes;

     I. The parties hereto also desire to register a pledge of the 20[•]-[•] SUBI Certificate to
the Indenture Trustee for the benefit of the holders of the Notes; and

     J. The parties hereto have agreed to enter into this Agreement of Definitions in an effort to
establish and agree upon a single set of definitions for any capitalized term used and not
otherwise defined in any documents executed in connection with the 20[•]-[•] SUBI if such document
references this Agreement of Definitions.

     NOW, THEREFORE, in consideration of the parties’ mutual agreement to rely upon the definitions
contained herein in the interpretation of certain of the Basic Documents (as defined herein), the
parties hereto agree as follows:

          Section 1.01 Definitions. In the event of any conflict or inconsistency between a
definition set forth both herein and in any of the Basic Documents, the definitions set forth in
each such Basic Document shall prevail with respect to such Basic Document.

     Whenever any agreement relates to the Basic Documents or to the transactions contemplated by
the Basic Documents, subject to the preceding paragraph, the capitalized terms used without
definition in such agreement shall have the following meanings:

     “Accountant” means a firm of public accountants of nationally recognized standing.

     “Accounts” means the Note Distribution Account and the Reserve Account.

     “Accrual Period” means (i) with respect to any Payment Date and the Class A-1 Notes
[and each Class of Floating Rate Notes], the period from and including the immediately

(NALT 20[•]-[•] Agreement of Definitions)

2

 

preceding Payment Date to but excluding the current Payment Date, or, in the case of the first
Payment Date or if no interest has yet been paid, from and including the Closing Date to, but
excluding, the first Payment Date and (ii) with respect to any Payment Date and each Class of 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 of such Payment Date, or with
respect to the first Payment Date, from and including the Closing Date, to but excluding [•],
20[•].

     “Act” has the meaning set forth in Section 11.03(a) of the Indenture.

     “Administrative Agent” means NMAC, as Administrative Agent under the Trust
Administration Agreement.

     “Administrative Charge” means, with respect to any Lease, any payment (whether or not
part of the fixed monthly payment) payable to the related Lessor representing a disposition fee, a
late payment fee, an Extension Fee, an allocation to the related Lessee of insurance premiums,
sales, personal property or excise taxes or any other similar charge.

     “Administrative Lien” means a first lien upon any Certificate of Title deemed
necessary and useful by the Servicer or by the UTI Beneficiary and the Servicer solely to provide
for delivery of title documentation to the Titling Trustee or its designee.

     “Advance” means a Sales Proceeds Advance or a Monthly Payment Advance, as the context
may require.

     “Affiliate” of any Person means any other Person that (i) directly or indirectly
controls, is controlled by or is under common control with such Person (excluding any trustee
under, or any committee with responsibility for administering, any employee benefit plan) or (ii)
is an officer, director, member or partner of such Person. For purposes of this definition, a
Person shall be deemed to be “controlled by” another Person if such Person possesses, directly or
indirectly, the power (i) to vote 5% or more of the securities (on a fully diluted basis, having
ordinary voting power for the election of directors, members or managing partners of such Person)
or (ii) to direct or cause the direction of the management and policies of such Person, whether by
contract or otherwise.

     “Agreement of Definitions” means this Agreement of Definitions.

     “ALG Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in [•], 20[•] as a “mark-to-market” value (assuming that the vehicle is
in “average” rather than “clean” condition) based on the total MSRP of the vehicle and all NMAC
authorized options, without making a distinction between value adding options and non-value adding
options.

     “Assets” has the meaning set forth in Section 2.01 to the SUBI Certificate
Transfer Agreement.

(NALT 20[•]-[•] Agreement of Definitions)

3

 

     “Auction Proceeds” means, with respect to a Collection Period, all amounts received by
the Servicer in connection with the sale or disposition of any vehicle which is sold at auction or
otherwise disposed of by the Servicer during such Collection Period, other than Insurance Proceeds.

     “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on
behalf of the Indenture Trustee to authenticate and deliver the Notes or any Person authorized by
the Owner Trustee to act on behalf of the Owner Trustee to authenticate and deliver the Trust
Certificates, as the context may require.

     “Authorized Newspaper” means a newspaper of general circulation in The City of New
York, printed in the English language and customarily published on each Business Day, whether or
not published on Saturdays, Sundays, and holidays.

     “Authorized Officer” means (a) with respect to the Issuing Entity, (i) any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing
Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to
the Indenture Trustee on the Closing Date and (ii) so long as the Trust Administration Agreement is
in effect, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary, and any Assistant Secretary of the Administrative Agent, and (b) with respect to the
Servicer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary,
and any Assistant Secretary of the Servicer.

     “Automotive Lease Guide” means the publication of such name, which includes residual
factors, or any successor publication.

     “Available Funds” means, for any Payment Date and the related Collection Period, the
sum of the following amounts: (i) SUBI Collections, (ii) Advances, (iii) in the case of an Optional
Purchase, the Optional Purchase Price[, (iv) the [[Net Swap][Cap] Receipts (excluding [Swap][Cap]
Termination Payments received from the [Swap Counterparty][Cap Provider] and deposited into the
Swap Termination Payment Account], if any, (v) [amounts, if any, on deposit in the [Swap
Termination Payment Account][Cap Termination Account] to the extent such amounts are required to be
included in Available Funds pursuant to Section 2.14 of the Indenture], and (vi) [Swap][Cap]
Replacement Proceeds, to the extent such amounts are required to be included in Available Funds
pursuant to Section 2.14 of the Indenture].

     “Available Funds Shortfall Amount” means, for any Payment Date and the related
Collection Period, the amount, if any, by which Available Funds are less than the sum of (a) the
Servicer Monthly Payment and (b) the amount necessary to make the distributions in clauses (ii) and
(iii) of Section 8.04(a) of the Indenture, except that the Optimal Principal Distributable
Amount rather than the Monthly Principal Distributable Amount shall be used for purposes of clause
(iii).

     “Available Principal Distribution Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the amount of (i) Available Funds remaining after
the Servicer has been paid the Payment Date Advance Reimbursement and the Servicing Fee (together
with any unpaid Servicing Fees in respect of one or more prior Collection Periods)

(NALT 20[•]-[•] Agreement of Definitions)

4

 

[and the Swap Counterparty, if any, has been paid any Net Swap Payments,] and (ii) the Reserve
Account Draw Amount remaining after accrued interest has been paid on the Notes [and any Senior
Swap Termination Payments have been paid to the Swap Counterparty, if any].

     “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Section 101 et
seq.

     “Base Residual” means the lowest of (i) the Contract Residual, (ii) the ALG Residual,
and (iii) the MRM Residual.

     “Basic Documents” means the Servicing Agreement, the SUBI Trust Agreement, the Trust
Agreement, the Trust Administration Agreement, the Indenture, the SUBI Certificate Transfer
Agreement, the Trust SUBI Certificate Transfer Agreement, the Control Agreement, the Underwriting
Agreement, this Agreement of Definitions, [the Interest Rate [Swap][Cap] Agreement(s)] the
20[•]-[•] SUBI Certificate and the Securities.

     “Basic Servicing Agreement” means the servicing agreement, dated as of March 1, 1999,
as amended by the First Amendment to Servicing Agreement, among the Titling Trust, as UTI
Beneficiary, and the Servicer.

     “Beneficiaries” means, collectively, the Related Beneficiaries of all Sub-Trusts, and
“Beneficiary” means any of such Beneficiaries.

     “Benefit Plan” means (i) an employee benefit plan, as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a “plan”, as defined in Section 4975(e)(1) of the
Code, that is subject to Section 4975 of the Code, (iii) an entity deemed to hold the “plan assets”
(within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) of any
of the foregoing, or (iv) an employee benefit plan 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
2.09 of the Indenture.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which banking
institutions in New York, New York, Wilmington, Delaware, Irving, Texas, Franklin, Tennessee[, the
principal place of business of the [Swap Counterparty][Cap Provider]], or the city and state where
the Corporate Trust Office is located are authorized or obligated by law, executive order or
government decree to be closed.

     [“Calculation Agent” means, with respect to the determination of the Interest Rate of
the Floating Rate Notes, [U.S. Bank], acting in such capacity under the Indenture (including any
permited successor or replacement calculation agent designated from time to time pursuant to the
Indenture.]

     “Calculation Date” means, with respect to any Collection Period, the 15th
calendar day of the immediately succeeding Collection Period, or, if such day is not a Business
Day, the Business Day immediately preceding such calendar day.

(NALT 20[•]-[•] Agreement of Definitions)

5

 

     [“Cap Provider” means an unaffiliated third party, as cap provider, under each Initial
Interest Rate Cap Agreement, or any successor or replacement cap provider (including any
Replacement Cap Provider) from time to time.]

     [“Cap Rate” means [•].]

     [“Cap Receipts” means an amount equal to the product of: (a) LIBOR for the related
Payment Date minus the Cap Rate; (b) the aggregate notional amount on the Interest Rate Cap
Agreement(s)[, which will equal the aggregate outstanding principal amount of the Class A-[•] Notes
on the first day of the Accrual Period related to such Payment Date]; and (c) a fraction, the
numerator of which is the actual number of days elapsed from and including the previous Payment
Date, to but excluding the current Payment Date, or with respect to the first Payment Date, from
and including the Closing Date, to but excluding the first Payment Date, and the denominator of
which is [360][365].]

     [“Cap Termination Payment” means payments due to the Issuing Entity by the Cap
Provider under an Interest Rate Cap Agreement, including interest that may accrue thereon, due to a
termination of such Interest Rate Cap Agreement due to an “event of default” or “termination event”
under such Interest Rate Cap Agreement.]

     [“Cap Termination Account” means the account designated as such, established and
maintained pursuant to Section 2.14 of the Indenture.]

     “Casualty Termination” as of any date means any Lease that has been terminated prior
to its Maturity Date if the related Leased Vehicle has been lost, stolen or damaged beyond economic
repair.

     “Certificate Balance” means, as of any date, the aggregate principal amount of the
Trust Certificates as of such date.

     “Certificate Distribution Account” means the account established pursuant to
Section 5.01(a) to the Trust Agreement.

     “Certificate Distribution Amount” means, as of any Payment Date, the amount being
distributed to the Trust Certificateholders on such Payment Date.

     “Certificate Factor” means, with respect to the Trust Certificates on any Payment
Date, the seven digit decimal equivalent of a fraction, the numerator of which is the Certificate
Balance on such Payment Date (after giving effect to any payment of principal on such Payment
Date), and the denominator of which is the Certificate Balance on the Closing Date.

     “Certificate of Title” has the meaning set forth in the Titling Trust Agreement.

     “Certificate of Trust” means the Certificate of Trust filed for the Issuing Entity
pursuant to Section 3810(a) of the Statutory Trust Statute.

     “Certificate Register” and “Certificate Registrar” mean the register mentioned
in and the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

(NALT 20[•]-[•] Agreement of Definitions)

6

 

     “Claims” means all liabilities, claims and expenses (including reasonable legal and
other professional fees and expenses).

     “Class” means a group of Notes the form of which is identical except for variation in
denomination, principal amount or owner, and references to “each Class” means each of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes.

     [“Class A-1a Interest Rate” means [•]% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).]

     [“Class A-1a Note Balance” means, as of any date, the Initial Class A-1a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1a Notes.]

     [“Class A-1a Noteholder” means, as of any date, the Person in whose name a Class A-1a
Note is registered on the Note Register on such date.]

     [“Class A-1a Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-1b Interest Rate” means [•]% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).]

     [“Class A-1b Note Balance” means, as of any date, the Initial Class A-1b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-1b Notes.]

     [“Class A-1b Noteholder” means, as of any date, the Person in whose name a Class A-1b
Note is registered on the Note Register on such date.]

     [“Class A-1b Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-2a Interest Rate” means [•]% per annum (computed on the basis of a 360-day
year of twelve 30-day months).]

     [“Class A-2a Note Balance” means, as of any date, the Initial Class A-2a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2a Notes.]

     [“Class A-2a Noteholder” means, as of any date, the Person in whose name a Class A-2a
Note is registered on the Note Register on such date.]

     [“Class A-2a Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-2b Interest Rate” means [•]% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).]

     [“Class A-2b Note Balance” means, as of any date, the Initial Class A-2b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-2b Notes.]

     [“Class A-2b Noteholder” means, as of any date, the Person in whose name a Class A-2b
Note is registered on the Note Register on such date.]

(NALT 20[•]-[•] Agreement of Definitions)

7

 

     [“Class A-2b Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-3a Interest Rate” means [•]% per annum (computed on the basis of a 360-day
year of twelve 30-day months).]

     [“Class A-3a Note Balance” means, as of any date, the Initial Class A-3a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-3a Notes.]

     [“Class A-3a Noteholder” means, as of any date, the Person in whose name a Class A-3a
Note is registered on the Note Register on such date.]

     [“Class A-3a Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-3b Interest Rate” means [•]% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).]

     [“Class A-3b Note Balance” means, as of any date, the Initial Class A-3b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-3b Notes.]

     [“Class A-3b Noteholder” means, as of any date, the Person in whose name a Class A-3b
Note is registered on the Note Register on such date.]

     [“Class A-3b Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-4a Interest Rate” means [•]% per annum (computed on the basis of a 360-day
year of twelve 30-day months).]

     [“Class A-4a Note Balance” means, as of any date, the Initial Class A-4a Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-4a Notes.]

     [“Class A-4a Noteholder” means, as of any date, the Person in whose name a Class A-4a
Note is registered on the Note Register on such date.]

     [“Class A-4a Notes” has the meaning set forth in Recital H hereof.]

     [“Class A-4b Interest Rate” means [•]% per annum (computed on the basis of the actual
number of days elapsed, but assuming a 360-day year).]

     [“Class A-4b Note Balance” means, as of any date, the Initial Class A-4b Note Balance
reduced by all payments of principal made on or prior to such date on the Class A-4b Notes.]

     [“Class A-4b Noteholder” means, as of any date, the Person in whose name a Class A-4b
Note is registered on the Note Register on such date.]

     [“Class A-4b Notes” has the meaning set forth in Recital H hereof.]

     “Class Balance” means, as of any date, [the Class A-1a Note Balance], [the Class A-1b
Note Balance], [the Class A-2a Note Balance], [the Class A-2b Note Balance], [the Class A-3a

(NALT 20[•]-[•] Agreement of Definitions)

8

 

Note Balance], [the Class A-3b Note Balance], [the Class A-4a Note Balance] or [the Class A-4b
Note Balance], as applicable.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act and shall initially be DTC.

     “Clearing Agency Participant” means a broker, dealer, bank, or other financial
institution or other Person for which from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing Date” means [•], 20[•].

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” has the meaning set forth in the Granting Clause of the Indenture.

     “Collection Account” means, with respect to any Sub-Trust, the account created,
designated and maintained as such pursuant to Section 4.02 of the Titling Trust Agreement.

     “Collection Period” has the meaning set forth in the Basic Servicing Agreement.

     “Commission” means the Securities and Exchange Commission.

     “Contingent and Excess Liability Insurance Policy” has the meaning set forth in the
Basic Servicing Agreement.

     “Contract Residual” means, with respect to any Lease, the residual value of the
related Leased Vehicle at the Maturity Date as established or assigned by the Servicer at the time
of origination of such Lease in accordance with its Customary Servicing Practices for the purpose
of determining the Monthly Payment.

     “Control Agreement” means the control agreement, dated as of [•], 20[•], among the
Issuing Entity and [U.S. Bank], in its capacities as Securities Intermediary, Indenture Trustee and
Secured Party.

     “Corporate Trust Office” means the office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the
execution of the Indenture is located at [209 South LaSalle Street, Suite 300, Chicago, Illinois
60604]; or at such other address as the Indenture Trustee may designate from time to time by notice
to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee shall notify the
Noteholders and the Issuing Entity).

     “Co-Trustee” has the meaning set forth in the Basic Servicing Agreement.

     “Credit and Collection Policy” has the meaning set forth in the Basic Servicing
Agreement.

(NALT 20[•]-[•] Agreement of Definitions)

9

 

     “Currency Swap Agreement” shall mean any currency swap agreement, including all
schedules and confirmations thereto, entered into by the Issuing Entity and the Currency Swap
Counterparty.

     “Currency Swap Counterparty” shall mean an unaffiliated third party, as currency swap
counterparty, under the Currency Swap Agreement, or any successor or replacement Currency Swap
Counterparty from time to time.

     “Customary Servicing Practices” means the customary practices of the Servicer with
respect to Leased Vehicles and Leases held by the Titling Trust, without regard to whether such
Leased Vehicles and Leases have been identified and allocated into a portfolio of Trust Assets
allocated to the 20[•]-[•] SUBI or any Other SUBI, as such practices may be changed from time to
time.

     “Cutoff Date” means the close of business on [•], 20[•].

     “Dealer” has the meaning set forth in the Titling Trust Agreement.

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

     “Defaulted Lease” means any Lease that (a) by its terms, is delinquent more than 120
days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in
accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii)
repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s
failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely
or properly perform any obligation under the Lease, or any other act by the Lessee constituting a
default under applicable law), or (c) the Servicer has received notification that the related
Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

     “Defaulted Vehicle” means the Leased Vehicle related to a Defaulted Lease.

     “Definitive Note” means a definitive fully registered Note.

     “Delaware Trustee” has the meaning set forth in the preamble to this Agreement of
Definitions.

     “Deposit Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Depositor” means NALL II.

     “Depositor’s Formation Documents” means the Certificate of Formation of Nissan Auto
Leasing LLC II, dated as of October 24, 2001 and the Limited Liability Company Agreement of Nissan
Auto Leasing LLC II, dated as of October 29, 2001.

(NALT 20[•]-[•] Agreement of Definitions)

10

 

     “Depository Agreement” means the agreement among the Issuing Entity, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially in the
form of Exhibit B to the Indenture.

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

     “Disposition Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the sale at auction or other disposition of a Leased Vehicle by the
Servicer.

     “Distribution Account” means either the Note Distribution Account or the Certificate
Distribution Account, as the context may require.

     “Distribution Statement” has the meaning set forth in Section 5.02(c) of the
Trust Agreement.

     “DTC” means The Depository Trust Company.

     “Early Termination Charge” means, with respect to any 20[•]-[•] Lease that is
terminated prior to its Maturity Date, an amount equal to the lesser of (i) the difference, if any,
between (a) the sum of (1) the present value (discounted at the implicit rate of such 20[•]-[•]
Lease) of all remaining Monthly Payments, and (2) the Contract Residual of the related 20[•]-[•]
Vehicle and (b) a wholesale value assigned to such 20[•]-[•] Vehicle by the Servicer in accordance
with accepted practices in the automobile industry (or by written agreement between the Servicer,
on behalf of the Titling Trust, and the Lessee), and (ii) the remaining Monthly Payments.

     “Early Termination Purchase Option Price” means, with respect to any 20[•]-[•] Lease
that is terminated prior to its Maturity Date, the amount paid by the related Lessee or a Dealer to
purchase the related 20[•]-[•] Vehicle.

     “Eligible Account” means an account maintained with a depository institution or trust
company having the Required Deposit Rating.

     “Entitlement Holder” means, with respect to any financial asset, a Person identified
in the records of the Securities Intermediary as the Person having a Security Entitlement against
the Securities Intermediary with respect to such financial asset.

     “Entitlement Order” means a notification directing the Securities Intermediary to
transfer or redeem a financial asset.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Servicer within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

(NALT 20[•]-[•] Agreement of Definitions)

11

 

     “Excess Amounts” means, as of any Payment Date, the amount remaining in the 20[•]-[•]
SUBI Collection Account after the distributions provided for in clauses (i) and (ii) of Section
8.04(a) of the Indenture have been made.

     “Excess Mileage and Excess Wear and Tear Charges” or “Excess Mileage Fee”
means, with respect to any 20[•]-[•] Lease or 20[•]-[•] Vehicle, any applicable charge for excess
mileage or excess wear and tear.

     “Exchange Act” means the Securities Exchange Act of 1934.

     “Executive Officer” means, with respect to any (i) corporation or depository
institution, 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 or depository institution, and (ii) partnership, any general partner thereof.

     “Expenses” means all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses, and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever.

     “Extended Lease” means any Lease that has had its original Maturity Date extended by
the Servicer.

     “Extension Fee” means, with respect to any Extended Lease, any payment required to be
made by the Lessee in connection with the extension of such Lease.

     “Financial Asset” has the meaning set forth in Section 8-102(a)(9) of the New York
UCC.

     [“Fitch” means Fitch Ratings, Ltd.]

     “Fixed Rate Note” means any Class A-1 Note, Class A-2 Note, Class A-3 Note or Class
A-4 Note.

     [“Floating Rate Note” means any [Class A-1a Note], [Class A-1b Note], [Class A-2a
Note], [Class A-2b Note], [Class A-3a Note], [Class A-3b Note], [Class A-4a Note], or [Class A-4b
Note].

     “Force Majeure Event” has the meaning set forth in the Basic Servicing Agreement.

     “Grant” means to 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 the Indenture, and, with respect to the
Collateral or 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 monies payable thereunder, to give and receive notices and
other 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

(NALT 20[•]-[•] Agreement of Definitions)

12

 

anything that the granting party is or may be entitled to do or receive thereunder or with
respect thereto.

     “Grantor” has the meaning set forth in the preamble to the Titling Trust Agreement.

     “Holder” has the meaning set forth in the Titling Trust Agreement.

     “Hybrid Chattel Paper” means, in the case of a 20[•]-[•] Lease originally originated
as “electronic chattel paper” and modified via tangible “records,” as such terms are used in the
UCC, such 20[•]-[•] Lease maintained by the Servicer as a combination of electronic “records” and
tangible “records,” as such terms are used in the UCC.

     “Indemnified Parties” has the meaning set forth in Section 8.01(a) to the
Trust Agreement.

     “Indenture” means the indenture, dated as of [•], 20[•] between the Issuing Entity and
the Indenture Trustee.

     “Indenture Default” has the meaning set forth in Section 5.01 of the
Indenture.

     “Indenture Trustee” means [U.S. Bank], as Indenture Trustee under the Indenture.

     “Independent” means, when used with respect to any specified Person, that such Person
(i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the
Administrative Agent and any Affiliate of any of the foregoing Persons, (ii) does not have any
direct financial interest or any material indirect financial interest in the Issuing Entity, any
such other obligor, the Administrative Agent or any Affiliate of any of the foregoing Persons and
(iii) is not connected with the Issuing Entity, any such other obligor, the Administrative Agent or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director, or Person performing similar functions.

     “Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.01(b) of the Indenture, made by an Independent
appraiser or other expert appointed by a Trust Order, 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.

     “Independent Manager” means an individual who was not at any time during the preceding
five years (i) a director (other than during his tenure as an Independent Manager of the Depositor
or for one or more affiliates of the Depositor), officer, employee or affiliate of the Depositor or
any of its affiliates (other than any limited purpose or special purpose corporation or limited
liability company similar to the Depositor), (ii) a person related to any officer or director of
any affiliate of the Depositor (other than any limited purpose or special purpose corporation or
limited liability company similar to the Depositor), (iii) a direct or indirect holder of one or
more than 5% of any voting securities of any affiliate of the Depositor, (iv) a person related to a
direct or indirect holder of 5% or more of the any voting securities of any Affiliate of the
Depositor, (v) a material creditor, material supplier, family member, manager, or contractor

(NALT 20[•]-[•] Agreement of Definitions)

13

 

of the Depositor, or (vi) a person who controls (whether directly, indirectly, or otherwise)
the Depositor or its affiliates or any material creditor, material supplier, employee, officer,
director (other than during his tenure as an Independent Manager of the Depositor or for one or
more affiliates of the Depositor), manager or material contractor of the Depositor or its
affiliates.

     [“Initial Cap Provider” means [•], as the Cap Provider under the Initial Interest Rate
Cap Agreement(s).]

     “Initial Class A-1a Note Balance” means $[•].

     “Initial Class A-1b Note Balance” means $[•].

     “Initial Class A-2a Note Balance” means $[•].

     “Initial Class A-2b Note Balance” means $[•].

     “Initial Class A-3a Note Balance” means $[•].

     “Initial Class A-3b Note Balance” means $[•].

     “Initial Class A-4a Note Balance” means $[•].

     “Initial Class A-4b Note Balance” means $[•].

     “Initial Class Balance” means [the Initial Class A-1a Note Balance], [the Initial
Class A-1b Note Balance], [the Initial Class A-2a Note Balance], [the Initial Class A-2b Note
Balance], [the Initial Class A-3a Note Balance], [the Initial Class A-3b Note Balance], [the
Initial Class A-4a Note Balance] or [the Initial Class A-4b Note Balance], as applicable.

     “Initial Deposit Amount” means the Issuing Entity’s deposit to the Reserve Account, on
or before the Closing Date, of $[•].

     [“Initial Interest Rate [Swap][Cap] Agreement” means, individually, each set of
agreements governing a [swap][cap] transaction for a Class of Floating Rate Notes, comprised of the
interest rate [swap][cap] agreement, dated as of the Closing Date, between the Initial [Swap
Counterparty][Cap Provider] and the Issuing Entity, an ISDA Master Agreement, the schedule and the
credit support annex thereto, if applicable, and the relevant confirmation for such Class of
Floating Rate Notes, as the same may be amended or supplemented from time to time in accordance
with the terms thereof.]

     “Initial Note Balance” means the sum of [the Initial Class A-1a Note Balance], [the
Initial Class A-1b Note Balance], [the Initial Class A-2a Note Balance], [the Initial Class A-2b
Note Balance], [the Initial Class A-3a Note Balance], [the Initial Class A-3b Note Balance], [the
Initial Class A-4a Note Balance] and [the Initial Class A-4b Note Balance].

     “Initial Securities Balance” means the initial principal amount of the Notes and the
Trust Certificates.

(NALT 20[•]-[•] Agreement of Definitions)

14

 

     [“Initial Swap Counterparty” means [•], as the Swap Counterparty under the Initial
Interest Rate Swap Agreement(s).]

     “Initial Trust Certificate Balance” means $[•].

     “Insurance Expenses” with respect to any 20[•]-[•] Vehicle, 20[•]-[•] Lease or Lessee,
means any Insurance Proceeds (i) applied to the repair of the related Leased Vehicle, (ii) released
to the related Lessee in accordance with applicable law or the Customary Servicing Practices of the
Servicer, or (iii) representing other related expenses incurred by the Servicer not otherwise
included in Liquidation Expenses or Disposition Expenses and recoverable by the Servicer under the
SUBI Trust Agreement.

     “Insurance Policy” means any insurance policy (including any self-insurance),
including any residual value insurance policy, guaranteed automobile protection policy,
comprehensive, collision, public liability, physical damage, personal liability, contingent and
excess liability, accident, health, credit, life, or unemployment insurance or any other form of
insurance or self-insurance, to the extent such insurance policy relates to the 20[•]-[•] Vehicles
or the ability of a Lessee to make required payments with respect to the related 20[•]-[•] Lease.

     “Insurance Proceeds” means, with respect to any 20[•]-[•] Vehicle, 20[•]-[•] Lease or
Lessee, recoveries paid to the Servicer, the Titling Trust or the Titling Trustee on behalf of the
Titling Trust under an Insurance Policy and any rights thereunder or proceeds therefrom (including
any self-insurance and amounts collected from a Lessee for amounts of deductibles not covered by
Insurance Policies).

     “Interest” means, as of any date, the ownership interest of a Trust Certificateholder
(including the interest of the Depositor as holder of the Trust Certificate) in the Issuing Entity
as of such date, including the right of such Trust Certificateholder to any and all benefits to
which such Trust Certificateholder may be entitled as provided in the Trust Agreement and any other
Basic Document, together with the obligations of such Trust Certificateholder to comply with all
the terms and provisions of the Trust Agreement and the other Basic Documents.

     [“Interest Determination Date” means, with respect to any Interest Period with respect
to the Floating Rate Notes, the day that is two London Business Days
prior to the related Interest Reset Date.]

     [“Interest Period” means the Accrual Period with respect to each Class of Floating
Rate Notes, respectively.]

     “Interest Rate” means [the Class A-1a Interest Rate], [the Class A-1b Interest Rate],
[the Class A-2a Interest Rate], [the Class A-2b Interest Rate], [the Class A-3a Interest Rate],
[the Class A-3b Interest Rate], [the Class A-4a Interest Rate], [the Class A-4b Interest Rate] or
the Overdue Interest Rate, as applicable.

     [“Interest
Reset Date” means, with respect to any Interest Period with respect to the Floating Rate Notes, the first day of such Interest Period; provided that if any Interest Reset
Date

(NALT 20[•]-[•] Agreement of Definitions)

15

 

would otherwise be a day that is not a Business Day, that Interest Reset Date will be postponed to
the next succeeding day that is a Business Day, except that if that Business Day falls in the next
succeeding calendar month, such Interest Reset Date will be the immediately preceding Business
Day.]

     “Investment Company Act” means the Investment Company Act of 1940.

     “Issuing Entity” means Nissan Auto Lease Trust 20[•]-[•], until a successor replaces
it and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes.

     “Issuing Entity Order” or “Issuing Entity Request” means a written order or
request of the Issuing Entity signed in the name of the Issuing Entity by any one of its Authorized
Officers and delivered to the Indenture Trustee.

     “Lease” means any lease contract for a Leased Vehicle assigned.

     “Lease Documents” has the meaning set forth in the Basic Servicing Agreement; provided
that such definition shall refer only to lease documents related to Leases allocated to the
20[•]-[•] Lease SUBI.

     “Lease Pull-Forward” means, as of any date, any Lease that has been terminated by the
related Lessee before the related Maturity Date under NMAC’s pull-forward program in order to allow
such Lessee, among other things, (i) to enter into a new lease contract for a new Nissan or
Infiniti vehicle, or (ii) to purchase a new Nissan or Infiniti vehicle, provided that the Lessee is
not in default on any of its obligations under the related Lease and the financing of the related
vehicle is provided by NMAC.

     “Leased Vehicle” means a new or used Nissan or Infiniti automobile, sport utility
vehicle, minivan or light-duty truck, together with all accessories, parts and additions
constituting a part thereof, and all accessions thereto, leased to a Lessee pursuant to a Lease.

     “Lessee” means each Person that is a lessee under a Lease, including any Person that
executes a guarantee on behalf of such lessee; provided that such definition shall refer only to
Lessees of Leases allocated to the 20[•]-[•] SUBI.

     “Lessee Initiated Early Termination” as of any date means any Lease that has been
terminated by the related Lessee before the related Maturity Date, provided that the Lessee is not
in default.

     “Lessee Partial Monthly Payment” means, in connection with the payment by a Lessee of
less than 100% of the Monthly Payment due with respect to a 20[•]-[•] Lease, the actual amount paid
by the Lessee toward such Monthly Payment.

     “Lessor” means each Person that is a lessor under a Lease or assignee thereof,
including the Issuing Entity.

     [“LIBOR” means, for any Interest Period, the rate for deposits in U.S. Dollars having a

(NALT 20[•]-[•] Agreement of Definitions)

16

 

maturity of one month (commencing on the related Interest Reset Date) that appears on the
Designated LIBOR Page as of 11:00 a.m. London time, on the applicable Interest Determination
Date. With respect to an Interest Determination Date on which no rate appears on the Designated
LIBOR Page, LIBOR for the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of at least two quotations obtained by the
Calculation Agent after requesting the principal London offices of each of four major reference
banks in the London interbank market, which may include the Calculation Agent and its
affiliates, as selected by the Calculation Agent, to provide the Calculation Agent with its offered
quotations for deposits in U.S. Dollars for the period of one month, commencing on the second
London Business Day immediately following the applicable Interest Determination Date, to
prime banks in the London interbank market at approximately 11:00 a.m., London time, on such
Interest Determination Date and in a principal amount that is representative of a single
transaction in U.S. Dollars in that market at that time. If at least two such quotations are
provided, LIBOR determined on the applicable Interest Determination Date will be the arithmetic
mean of the quotations. If fewer than two quotations referred to in this paragraph are provided,
LIBOR determined on the applicable Interest Determination Date will be the rate calculated by the
Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New
York, New York, on the applicable Interest Determination Date by three major banks, which may
include the Calculation Agent and its affiliates, in New York, New York selected by the Calculation
Agent for loans in U.S. Dollars to leading European banks in a principal amount that is
representative of a single transaction in U.S. Dollars in that market at that time. If the banks so
selected by the Calculation Agent are not quoting as mentioned in this paragraph, LIBOR for the
applicable Interest Determination Date will be LIBOR in effect on the applicable Interest
Determination Date.]

     “Liability” means any liability or expense, including any indemnification obligation.

     “Lien” means any security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens, mechanics’ liens, any liens that attach to property by operation of law
and statutory purchase liens to the extent not past due.

     “Liquidated Lease” means a 20[•]-[•] Lease that is terminated and charged off by the
Servicer prior to its Maturity Date following a default thereunder.

     “Liquidated Vehicle” means the 20[•]-[•] Vehicle related to a Liquidated Lease.

     “Liquidation Expenses” means reasonable out-of-pocket expenses incurred by the
Servicer in connection with the attempted realization of the full amounts due or to become due
under any Liquidated Lease, including expenses of any collection effort (whether or not resulting
in a lawsuit against the Lessee under such Lease) or other expenses incurred prior to repossession,
recovery or return of the Liquidated Vehicle, expenses incurred in connection with the sale or
other disposition of a Liquidated Vehicle that has been repossessed or recovered or has reached its
Maturity Date, expenses incurred in connection with making claims under any related Insurance
Policy and expenses incurred in connection with making claims for any Liquidation Expenses.

(NALT 20[•]-[•] Agreement of Definitions)

17

 

     “Liquidation Proceeds” will mean the gross amount received by the Servicer in
connection with the attempted realization of the full amounts due or to become due under any Lease
and of the Base Residual of the Leased Vehicle, whether from the sale or other disposition of the
related Leased Vehicle (irrespective of whether or not such proceeds exceed the related Base
Residual), the proceeds of any repossession, recovery or collection effort, the proceeds of
recourse or similar payments payable under the related dealer agreement, receipt of insurance
proceeds and application of the related security deposit and the proceeds of any disposition fees
or other related proceeds.

     [“London Business Day” means any day on which dealings in deposits in U.S. Dollars are
transacted in the London interbank market.]

     “Majority Interest” means Notes, Trust Certificates or Securities, as the case may be,
evidencing a majority of the Outstanding Amount of the related Notes, Trust Certificates or
Securities, except that, except as otherwise provided in the Basic Documents, Securities owned by
the Issuing Entity, the Depositor, the Servicer (so long as NMAC or an Affiliate is the Servicer)
or any of their respective Affiliates will not be included in such determination for the purpose of
making requests, demands, authorizations, directions, notices, consents or other action under the
Basic Documents.

     “Material Adverse Effect” means, with respect to any Person, a material adverse effect
on (i) the financial condition or operations of such Person and its Affiliates, taken as one
enterprise, (ii) the ability of such Person to perform its material obligations under any of the
Basic Documents to which such Person is a party, (iii) the legality, validity or enforceability of
any material provision of the Basic Documents to which such Person is a party, (iv) the 20[•]-[•]
SUBI Certificate’s beneficial interest in all or any significant portion of the 20[•]-[•] SUBI
Assets or the Indenture Trustee’s security interest in the 20[•]-[•] SUBI Certificate and all or
any significant portion of the 20[•]-[•] SUBI Assets, or (v) the collectibility or the credit
worthiness of all or any significant portion of the 20[•]-[•] Leases and the 20[•]-[•] Vehicles,
other than, in the case of clauses (i) through (v), such Material Adverse Effect which are the
direct result of actions or omissions of the party seeking relief under any of the Basic Documents
in connection therewith.

     “Matured Vehicle” as of any date means any Leased Vehicle the related Lease of which
has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early
Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty
Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust,
if applicable.

     “Maturity Date” means, with respect to any Lease, the date on which such Lease is
scheduled to terminate as set forth in the such Lease at its date of origination or, in the case of
an Extended Lease, the revised termination date.

     “Monthly Early Termination Sale Proceeds” means, with respect to a Collection Period,
all (i) amounts paid by Lessees or Dealers with respect to Early Termination Purchase Option Price
payments during such Collection Period and (ii) Net Auction Proceeds received by the Servicer in
such Collection Period for 20[•]-[•] Vehicles with respect to which the related 20[•]-

(NALT 20[•]-[•] Agreement of Definitions)

18

 

[•] Lease was terminated and which were sold in such Collection Period on or after the
termination of the related 20[•]-[•] Leases prior to their respective Maturity Dates, reduced by
amounts required to be remitted to the related Lessees under applicable law.

     “Monthly Payment Advance” means, with respect to any 20[•]-[•] Lease and any
Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee
Partial Monthly Payment.

     “Monthly Payment” means, with respect to any Lease, the amount of each fixed monthly
payment payable to the Lessor in accordance with the terms thereof, net of any portion of such
fixed monthly payment that represents an Administrative Charge.

     “Monthly Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to (a) the lesser of (i) the Principal Distribution Amount and
(ii) the Available Principal Distribution Amount, or (b) after the occurrence of an Indenture
Default that results in acceleration of the Notes, unless and until such acceleration has been
rescinded, the aggregate Outstanding Amount of the Notes.

     “Monthly Remittance Condition” has the meaning set forth in Section 8.03(c) of
the 20[•]-[•] Servicing Supplement.

     “Monthly Scheduled Termination Sale Proceeds” means, with respect to a Collection
Period, all (i) amounts paid by Lessees or Dealers in the event that either the Lessee or a Dealer
elects to purchase a 20[•]-[•] Vehicle for its Contract Residual following a termination of the
related 20[•]-[•] Lease at its Maturity Date and (ii) Net Auction Proceeds received by the Servicer
in such Collection Period for 20[•]-[•] Vehicles which matured and were sold in such Collection
Period on or after the termination of the related 20[•]-[•] Leases at their respective Maturity
Dates plus all Net Insurance Proceeds, reduced by amounts required to be remitted to the related
Lessees under applicable law.

     [“Moody’s” means Moody’s Investors Service, Inc.]

     “MRM Residual” means, with respect to any Lease, the expected value of the related
Leased Vehicle at the related Maturity Date calculated by using a residual value estimate produced
by Automotive Lease Guide in [•] as a “mark-to-market” value (assuming that the vehicle is in
“average” condition rather than “clean” condition) based on the “Maximum Residualizable MSRP,”
which consists of the MSRP of the typically equipped vehicle and value adding options, giving only
partial credit or no credit for those options that add little or no value to the resale price of
the vehicle.

     “MSRP” means, with respect to any Leased Vehicle, the Manufacturer’s Suggested Retail
Price.

     “NALL II” means Nissan Auto Leasing LLC II, a Delaware limited liability company.

     “Net Auction Proceeds” means Auction Proceeds net of related Disposition Expenses and,
in the case of a Matured Vehicle, any outstanding Sales Proceeds Advance.

(NALT 20[•]-[•] Agreement of Definitions)

19

 

     “Net Insurance Proceeds” means Insurance Proceeds net of related Insurance Expenses.

     “Net Liquidation Proceeds” means the Liquidation Proceeds net of related Liquidation
Expenses.

     [“Net Swap Payment” means for the Interest Rate Swap Agreement, the net amounts owed
by the Issuing Entity to the Swap Counterparty, if any, on any Distribution Date, excluding Swap
Termination Payments.]

     [“Net Swap Receipts” means, for each Interest Rate Swap Agreement, the net amounts
owed by the Swap Counterparty to the Issuing Entity, if any, on any Payment Date under such
Interest Rate Swap Agreement, excluding any Swap Termination Payments.]

     “NILT, Inc.” means NILT, Inc., a Delaware corporation.

     “NILT Trust” means NILT Trust, a Delaware statutory trust.

     “NMAC” means Nissan Motor Acceptance Corporation, a California corporation.

     “Note” or “Notes” 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 Balance” means the sum of the [Class A-1a Note Balance], [the Class A-1b Note
Balance], [the Class A-2a Note Balance], [the Class A-2b Note Balance], [the Class A-3a Note
Balance], [the Class A-3b Note Balance], [the Class A-4a Note Balance], and [the Class A-4b Note
Balance].

     “Note Distribution Account” means the trust account established by the Depositor, on
behalf of the Issuing Entity pursuant to Section 8.02(c) of the Indenture, into which
amounts released from the 20[•]-[•] SUBI Collection Account and the Reserve Account for
distribution to Noteholders shall be deposited and from which all distributions to Noteholders
shall be made.

     “Note Distribution Amount” means, as of any Payment Date, the amount being distributed
to the Noteholders on such Payment Date.

     “Note Factor” means, with respect to any Class on any Payment Date, the seven digit
decimal equivalent of a fraction the numerator of which is the Class Balance for such Class on such
Payment Date (after giving effect to any payment of principal on such Payment Date) and the
denominator of which is the related Initial Class Balance.

     “Note Final Scheduled Payment Date” means, with respect to (i) a Class A-1[a] Note,
[•], 20[•] [and a Class A-1b Note, [•], 20[•]], (ii) a Class A-2[a] Note, [•], 20[•] [and a Class
A-2b Note, [•], 20[•]], (iii) a Class A-3[a] Note, [•], 20[•] [and a Class A-3b Note, [•], 20[•]],
and (iv) a Class A-4[a] Note, [•], 20[•] [and a Class A-4b Note, [•], 20[•]].

     “Noteholder” means, as of any date, the Person in whose name a Class A-1 Note, Class
A-2 Note, Class A-3 or a Class A-4 Note is registered on the Note Register on such date, as the
context may require.

(NALT 20[•]-[•] Agreement of Definitions)

20

 

     “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or 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” and “Note Registrar” have the respective meanings set forth in
Section 2.04 of the Indenture.

     “Officer’s Certificate” means (a) with respect to the Issuing Entity, a certificate
signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01 of the Indenture,
and delivered to, the Indenture Trustee, and (b) with respect to the Servicer, a certificate signed
by an Authorized Officer or the Servicer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Sections 8.09 and 8.11 of the
20[•]-[•] Servicing Supplement.

     “Opinion of Counsel” in relation to the Trust Agreement, means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Trust Agreement, be
employees of or counsel to the Depositor, the Administrative Agent, or any of their respective
Affiliates, and which opinion shall be addressed to and in form and substance satisfactory to the
Owner Trustee. In relation to the Indenture, “Opinion of Counsel” means one or more written
opinions of counsel who may, except as otherwise expressly provided in the Indenture, be employees
of or counsel to the Issuing Entity or the Administrative Agent, and who shall be satisfactory to
the Indenture Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee,
comply with any applicable requirements of Section 11.01 of the Indenture, and be in form
and substance satisfactory to the Indenture Trustee.

     “Optimal Principal Distributable Amount” means, for any Payment Date and the related
Collection Period, an amount equal to the sum of the following amounts:

     (i) for each 20[•]-[•] Vehicle for which the related 20[•]-[•] Lease did not
terminate during such Collection Period, the difference between the Securitization
Value of such 20[•]-[•] Lease at the beginning and at the end of such Collection
Period;

     (ii) for each 20[•]-[•] Vehicle for which the related 20[•]-[•] Lease reached
its Maturity Date during such Collection Period, the Securitization Value of such
20[•]-[•] Lease as of such Maturity Date;

     (iii) for each 20[•]-[•] Vehicle purchased by the Servicer before its Maturity
Date during such Collection Period, the Repurchase Payment with respect to the
related 20[•]-[•] Lease; and

     (iv) for each 20[•]-[•] Lease terminated prior to its Maturity Date that
becomes a Defaulted Lease during such Collection Period or is terminated by the
related Lessee or the Servicer during such Collection Period pursuant to a Lessee
Initiated Early Termination or a Casualty Termination, the Securitization Value of

(NALT 20[•]-[•] Agreement of Definitions)

21

 

the related 20[•]-[•] Lease as of the effective date of termination of such
20[•]-[•] Lease.

     “Optional Purchase” has the meaning set forth in Section 9.03(a) of the Trust
Agreement.

     “Optional Purchase Price” has the meaning set forth in Section 9.03(a) of the
Trust Agreement.

     “Other SUBI” means any SUBI other than a 20[•]-[•] SUBI.

     “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class),
all Trust Certificates or all Securities, as the case may be, theretofore authenticated and
delivered under the Indenture and/or the Trust Agreement, as applicable, except:

     (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation or Trust Certificates
theretofore cancelled by the Certificate Registrar or delivered to the Certificate
Registrar for cancellation;

     (v) Notes (or Notes of an applicable Class) 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 related Noteholders
(provided, however, that if such Notes are to be redeemed pursuant
to an Optional Purchase, notice of such redemption has been duly given pursuant to
the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been
made) or Trust Certificates or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee, the
Owner Trustee or any Paying Agent in trust for the related Trust Certificateholders
(provided, however, that if the principal with respect to such Trust
Certificates will be paid pursuant to an Optional Purchase, notice of such payment
has been duly given pursuant to the Trust Agreement or provision therefor,
satisfactory to the Owner Trustee); and

     (vi) Notes (or Notes of an applicable Class) in exchange for or in lieu of
other Notes (or Notes of such Class) that have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a bona fide purchaser or Trust
Certificates in exchange for or in lieu of other Trust Certificates that have been
authenticated and delivered pursuant to the Trust Agreement unless proof
satisfactory to the Owner Trustee is presented that any such Trust Certificates are
held by a bona fide purchaser, to the extent that the Trust Certificates are
transferable;

provided, that, unless otherwise specified in the Indenture, with respect to the Notes, or
the Trust Agreement, with respect to the Trust Certificates, or in another Basic Document, in
determining whether Noteholders or Trust Certificateholders holding the requisite Outstanding
Amount have given any request, demand, authorization, direction, notice, consent, or waiver
hereunder or under any Basic Document, Notes or Trust Certificates owned by the Issuing Entity, the

(NALT 20[•]-[•] Agreement of Definitions)

22

 

Depositor, the Servicer (so long as NMAC or an Affiliate thereof is the Servicer) or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding, unless all such Notes
or Trust Certificates Outstanding are owned by the Issuing Entity, the Depositor, the Servicer (so
long as NMAC or an Affiliate thereof is the Servicer), or any of their respective Affiliates;
provided, further, that, in determining whether the Indenture Trustee or the Owner
Trustee, as applicable, shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, or waiver, only Notes or Trust Certificates, as applicable, that a
Responsible Officer knows to be so owned shall be so disregarded. Notes or Trust Certificates so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof
establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as the case may be,
such pledgee’s right so to act with respect to such Notes or such Trust Certificates and that such
pledgee is not the Issuing Entity, the Depositor, the Administrative Agent, or any of their
respective Affiliates.

     “Outstanding Amount” means, as of any date, the aggregate principal amount of the
applicable Notes or Certificates Outstanding on the Closing, as applicable, reduced by all payments
of principal made in respect thereof on or prior to such date.

     “Overdue Interest Rate” means, with respect to any Class, the Interest Rate applicable
to such Class.

     “Owner Corporate Trust Office” means the principal office of the Owner Trustee at
which at any particular time its corporate trust business shall be administered, which office at
the date of the execution of this Agreement of Definitions is located at [•]; or at such other
address as the Owner Trustee may designate from time to time by notice to the Trust
Certificateholders and the Indenture Trustee, or the principal corporate trust office of any
successor Owner Trustee (the address of which the successor Owner Trustee shall notify the Trust
Certificateholders and the Indenture Trustee).

     “Owner Trust Estate” means the property of the Issuing Entity, including (i) the
20[•]-[•] SUBI Certificate, evidencing a 100% beneficial interest in the 20[•]-[•] SUBI Assets,
including the right to payments thereunder after the Cutoff Date from amounts in respect of the
20[•]-[•] Leases and received from the sale or other disposition of the 20[•]-[•] Vehicles,
including the 20[•]-[•] SUBI Collection Account and amounts on deposit in the 20[•]-[•] SUBI
Collection Account, and investment earnings, net of losses and investment expenses, on amounts on
deposit in the 20[•]-[•] SUBI Collection Account, (ii) the Reserve Account and any amounts
deposited therein, including investment earnings, net of losses and investment expenses, on amounts
on deposit therein, (iii) the rights of the Issuing Entity to the funds on deposit from time to
time in the Note Distribution Account and any other account or accounts established pursuant to the
Indenture and all cash, investment property and other property from time to time deposited therein
or credited thereto and all proceeds thereof, (iv) the rights of the Depositor, as transferee,
under the SUBI Certificate Transfer Agreement, (v) the rights of the Issuing Entity, as transferee,
under the Trust SUBI Certificate Transfer Agreement, (vi) the rights of the Issuing Entity as a
third-party beneficiary of the Servicing Agreement, to the extent relating to the 20[•]-[•] SUBI
Assets, including rights to certain Advances, and the SUBI Trust Agreement, (vii) the rights of the
Issuing Entity under any Currency Swap Agreement, (viii) [the rights of the Issuing Entity under
any Interest Rate [Swap][Cap] Agreement, and (ix)] all proceeds, accounts, money,

(NALT 20[•]-[•] Agreement of Definitions)

23

 

general intangibles, instruments, chattel paper, goods, investment property, securities,
deposit accounts and other property consisting of, arising from or relating to the foregoing.

     “Owner Trustee” means [Wilmington Trust Company], as trustee of the Issuing Entity
under the Trust Agreement.

     “Paying Agent” means, (i) under the Indenture, [U.S. Bank], as Indenture Trustee, or
any other Person that meets the eligibility standards for the Indenture Trustee set forth in
Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments
to and distributions from the Note Distribution Account, including the payment of principal of or
interest on the Notes on behalf of the Issuing Entity, and (ii) under the Trust Agreement, any
paying agent or co-paying agent appointed pursuant to Section 3.09 of the of the Trust
Agreement and shall initially be [U.S. Bank].

     “Payment Ahead” means any payment of all or a part of one or more Monthly Payments
remitted by a Lessee with respect to a 20[•]-[•] Lease in excess of the Monthly Payment due with
respect to such 20[•]-[•] Lease, which amount the Lessee has instructed the Servicer to apply to
Monthly Payments due in one or more subsequent Collection Periods, provided, however, such payment
ahead shall exclude Lease Pull-Forward Payments.

     “Payment Date” means the 15th day of each month, or if such day is not a Business Day,
then the next succeeding Business Day, beginning on [•], 20[•].

     “Payment Date Advance Reimbursement” has the meaning set forth in Section
8.03(a)(iii)(A) of the 20[•]-[•] Servicing Supplement.

     “Payment Date Certificate” has the meaning set forth in Section 8.03(a) of the
Indenture.

     “Payoff” means amounts paid to the Servicer to purchase a 20[•]-[•] Vehicle.

     “Permitted Investments” has the meaning set forth in the Titling Trust Agreement.

     “Person” means any individual, corporation, limited liability company, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization, or government, or any agency or political subdivision
thereof.

     “Plan” means any “employee benefit plan,” as such term is defined in Section 3(3) of
ERISA subject to Title IV of ERISA, maintained or sponsored by the Servicer or any of its ERISA
Affiliates.

     “Pledgors” means NMAC, the Titling Trust, NILT Trust, the Depositor, and the Issuing
Entity.

     “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 of
the

(NALT 20[•]-[•] Agreement of Definitions)

24

 

Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note.

     “Principal Carryover Shortfall” means, as of the close of business on any Payment
Date, the excess, if any, of the Principal Distribution Amount over the Monthly Principal
Distributable Amount.

     “Principal Distribution Amount” means, for any Payment Date, the aggregate amount of
principal payable on the Securities, equal to the sum of (i) the Optimal Principal Distributable
Amount and (ii) any Principal Carryover Shortfall as of the preceding Payment Date;
provided, however, that on or after the Note Final Scheduled Payment Date for any
Class of Notes and so long as no Indenture Default has been declared, the Principal Distribution
Amount shall equal, until the Class Balance of such Class is reduced to zero, the greater of (i)
such Class Balance and (ii) the sum of (A) the Optimal Principal Distributable Amount and (B) any
Principal Carryover Shortfall as of the preceding Payment Date. Notwithstanding the foregoing, the
Principal Distribution Amount shall not exceed the outstanding Securities Balance and the aggregate
amount of principal paid in respect of a Class shall not exceed the related Initial Class Balance.

     “Proceeding” has the meaning set forth in the Titling Trust Agreement.

     “Prospectus” means the Prospectus Supplement, dated [•], [•], together with the
Ratings Free Writing Prospectus, dated [•], [•], and the Prospectus, dated [•], [•], relating to
the offering of the Notes.

     “Public ABS Transaction” means any publicly registered issuance of securities backed
by (i) a certificate representing the beneficial interest in a pool of vehicle leases originated in
the United States for a lessee with a United States address and the related leased vehicles or (ii)
motor vehicle retail installment contracts originated in the United States and, for both clause (i)
and (ii), for which NALL II, or any United States Affiliate thereof, acts as a depositor.

     “Pull-Forward Payment” means, with respect to any Lease Pull-Forward, the Monthly
Payments not yet due with respect to that Lease.

     “Rated Securities” has the meaning set forth in the Titling Trust Agreement.

     “Rating Agency” means, with respect to the 20[•]-[•] SUBI, as of any date, any of the
nationally recognized statistical rating organizations that has been requested by NMAC or one of
its Affiliates to rate any Class of Notes and that is rating such Class of Notes on such date.

     “Rating Agency Condition” means, with respect to any event or action and each Rating
Agency, either (a) written confirmation 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 (which may be delivered by the Depositor
posting the notice to the website maintained by the Depositor for notifications to nationally
recognized statistical rating organizations) of such event or action at least ten (10) days prior
to such event (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 will cause it to downgrade, qualify or withdraw its rating assigned to

(NALT 20[•]-[•] Agreement of Definitions)

25

 

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 notice period
described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or
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.

     “Rating Event” means the qualification, reduction or withdrawal by any Rating Agency
of its then-current rating of any Class of Notes.

     “Reallocation Payment” means the proceeds allocated from the UTI to the 20[•]-[•] SUBI
in connection with any reallocation of a Matured Vehicle or a Defaulted Vehicle from the 20[•]-[•]
SUBI to the UTI pursuant to Section 8.02(c) of the 20[•]-[•] Servicing Supplement in an
amount equal to the Net Liquidation Proceeds for such Matured Vehicle or Defaulted Vehicle.

     “Record Date” means, with respect to any Payment Date, the close of business on the
day immediately preceding such Payment Date or Redemption Date, as the case may be.

     “Recoveries” means, with respect to a Collection Period, the sum of all amounts
received (net of taxes) with respect to all 20[•]-[•] Leases which (i) became Liquidated Leases
before such Collection Period and (ii) have reached or were terminated prior to their respective
Maturity Dates before such Collection Period and with respect to which the proceeds from the sale
of the related 20[•]-[•] Vehicles were received before such Collection Period, minus any amounts
remitted to the related Lessees as required by law.

     “Redemption Date” means in the case of a redemption of the Notes pursuant to
Section 10.01 of the Indenture, the Payment Date specified by the Administrative Agent or
the Issuing Entity pursuant to Section 10.01 of the Indenture.

     “Redemption Price” means an amount equal to the Note Balance plus accrued and unpaid
interest thereon at the applicable Interest Rate for the Notes being so redeemed (including, to the
extent allowed by law, interest on overdue interest, if applicable), up to but excluding the
Redemption Date.

     “Registered Pledgee” has the meaning set forth in the Titling Trust Agreement.

     “Registered Holder” means the Person in whose name a Note is registered on the Note
Register on the related Record Date.

     “Related Beneficiary” means each of NILT Trust and NALL II.

     “Related Documents” shall mean all of the Basic Documents to which the Issuing Entity
or the Owner Trustee is a party.

     “Remaining Net Auction Proceeds” means Net Auction Proceeds, less amounts included in
Monthly Scheduled Termination Sale Proceeds, Monthly Early Termination Sale Proceeds and
Liquidation Proceeds.

(NALT 20[•]-[•] Agreement of Definitions)

26

 

     “Remaining Payoffs” means Payoffs, less amounts included in Monthly Scheduled
Termination Sale Proceeds and Monthly Early Termination Sale Proceeds.

     “Repayment Price” means an amount equal to the unpaid principal amount of the Trust
Certificates.

     [“Replacement
Interest Rate [Swap][Cap] Agreement” has the meaning specified in Section 2.14(f) of the Indenture.]

     [“Replacement
[Swap Counterparty][Cap Provider]” has the meaning specified in Section 2.14(f) of the Indenture.]

     “Repurchase Payment” means, with respect to a 20[•]-[•] Lease and the related
20[•]-[•] Vehicle required to be purchased by the Servicer pursuant to Section 8.02(a) and
Section 8.02(b) of the 20[•]-[•] Servicing Supplement, the sum of (i) the Securitization
Value of the 20[•]-[•] Lease as of the end of the Collection Period preceding the Collection Period
in which the Servicer granted an extension with respect to such 20[•]-[•] Lease or discovers or
receives notice of the change in domicile with respect to Section 8.02(a) of the 20[•]-[•]
Servicing Supplement or discovers a breach of representations or warranties pursuant to Section
8.02(b) of the 20[•]-[•] Servicing Supplement and (ii) any delinquent Monthly Payments which
have not been paid by the related Lessee by the end of the Collection Period relating to the
Deposit Date on which the Repurchase Payment will be made.

     “Required Deposit Rating” has the meaning set forth in the Titling Trust Agreement.

     “Required
Percentage” means the holders of not less than
662/3% of the (i) Outstanding
Amount in the case of the Notes or (ii) Certificate Balance in the case of the Trust Certificates.

     “Required Related Holders” has the meaning set forth in the Basic Servicing Agreement.

     “Reserve Account” means the account established pursuant to Section 5.01(b) of
the Trust Agreement, which shall be account number [•] in the name “[U.S. Bank National
Association]”, as Indenture Trustee, Nissan Auto Lease Trust 20[•]-[•] Reserve Account established
with the Securities Intermediary pursuant to the Trust Agreement, together with any successor
accounts established pursuant to the Indenture, or after release of the lien of the Indenture, the
Trust Agreement.

     “Reserve Account Deposit Amount” means, (i) on the Closing Date, the Initial Deposit
Amount and (ii) thereafter, for any Payment Date and the related Collection Period to the extent
the amounts on deposit in the Reserve Account are less than the Reserve Account Requirement, an
amount equal to the sum of (a) any Excess Amounts with respect to the related Collection Period and
(b) net income realized on the investment of funds on deposit in the 20[•]-[•] SUBI Collection
Account and the Reserve Account in respect of such Collection Period.

     “Reserve Account Draw Amount” means, for any Payment Date, the amount withdrawn from
the Reserve Account, equal to (i) the lesser of (a) the Available Funds Shortfall Amount, if any,
or (b) the amount on deposit in the Reserve Account after giving effect to all deposits thereto on
the related Deposit Date or such Payment Date, or (ii) after the occurrence of an

(NALT 20[•]-[•] Agreement of Definitions)

27

 

Indenture Default that results in the acceleration of any Notes, unless and until the date on
which such acceleration has been rescinded, the entire amount on deposit in the Reserve Account.
In addition, except in the circumstances described in clause (ii) of this definition, the sum of
the amounts in the Reserve Account and the remaining Available Funds after the payments under
clauses (ii) and (iii) of Section 8.04(a) of the Indenture would be sufficient to pay in
full the aggregate unpaid Note Balance of all of the outstanding Notes, then the Reserve Account
Draw Amount will, if so specified by the Servicer in the Payment Date Certificate, include such
additional amounts as may be necessary to pay all Outstanding Notes in full.

     “Reserve Account Property” means the Reserve Account and all cash, investment property
and other property from time to time deposited or credited to the Reserve Account and all proceeds
thereof, including, without limitation, the Initial Deposit.

     “Reserve Account Requirement” means on any Payment Date, an amount equal to $[•].

     “Residual Value Loss” means, with respect to any Matured Vehicle or Defaulted Vehicle,
the positive difference, if any, between (a) the Base Residual of the related 20[•]-[•] Vehicle,
and (b) the sum of (without duplication) all related Net Auction Proceeds or Net Liquidation
Proceeds, as the case may be, and all Net Insurance Proceeds.

     “Residual Value Surplus” means, with respect to any Matured Vehicle or Defaulted
Vehicle, the positive difference, if any, between (i) the sum (without duplication) of all related
Net Auction Proceeds and Net Insurance Proceeds, and (ii) the Securitization Value of the related
20[•]-[•] Vehicle at (a) the Maturity Date of the related 20[•]-[•] Lease, or (b) the date the
related 20[•]-[•] Lease was terminated by the Lessee.

     “Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Department (or any successor group of the Indenture Trustee), including any
Vice President, Assistant Secretary, or other officer or assistant officer of the Indenture Trustee
customarily performing functions similar to those performed by the people who at such time shall be
officers, or to whom any corporate trust matter is referred within Corporate Trust Department
because of his knowledge of and familiarity with the particular subject.

     “Restricted Jurisdiction” means any jurisdiction in which the Titling Trust is not
qualified and licensed to do business; provided, that the Servicer may change the designation of a
jurisdiction as a “Restricted Jurisdiction” by delivering an Officer’s Certificate to the Indenture
Trustee and the Owner Trustee to the effect that (i) Leased Vehicles may be titled in the name of
the Titling Trustee or the Titling Trustee on behalf of the Titling Trust and beneficial interests
therein may be transferred without retitling in such jurisdiction, and (ii) such change in
designation will not have a material adverse effect on the Issuing Entity.

     [“Retained Notes” means any Notes retained in the initial offering thereof by the
Seller or
NMAC or conveyed to an Affiliate, including the Class A-[• ] Notes, until such time as such
Notes are the subject of an opinion pursuant to Section 2.04(g) of the Indenture with respect to
their classification as debt for federal income tax purposes.]

(NALT 20[•]-[•] Agreement of Definitions)

28

 

     “Rule 144A” means Rule 144A promulgated by the Commission under the Securities Act.

     “Rule 144A Information” means information requested of the Depositor, in connection
with the proposed transfer of a Trust Certificate, to satisfy the requirements of paragraph (d)(4)
of Rule 144A.

     “Sales Proceeds Advance” means the amount advanced by the Servicer to the Issuing
Entity on a Deposit Date equal to the Securitization Value of each 20[•]-[•] Lease relating to a
20[•]-[•] Vehicle that terminated early (but was not a Lease in default) and the amount equal to
the Base Residual of each 20[•]-[•] Lease relating to a 20[•]-[•] Vehicle that matured on its
scheduled termination date.

     “Schedule of 20[•]-[•] Leases and 20[•]-[•] Vehicles” means the schedule of 20[•]-[•]
Leases and 20[•]-[•] Vehicles on file with the Indenture Trustee, as it may be amended from time to
time (which may be supplied in CD-Rom form) which shall set forth as to each 20[•]-[•] Lease or
20[•]-[•] Vehicle, as the case may be, (i) the identification number of the 20[•]-[•] Lease, (ii)
the identification number of the 20[•]-[•] Vehicle, (iii) the related Maturity Date and (iv) the
value of the 20[•]-[•] Lease and the related 20[•]-[•] Vehicle on the Servicer’s books as of the
Cutoff Date.

     “Secretary of State” means the Secretary of State of the State of Delaware.

     “Secured Party” has the meaning set forth in the preamble to the Control Agreement.

     “Securities” means the Trust Certificates and the Notes, collectively.

     “Securities Act” means the Securities Act of 1933.

     “Securities Balance” means, as of any date, the unpaid principal amount of the
Securities as of such date.

     “Securities Intermediary” means [U.S. Bank].

     “Securitization Rate” means, with respect to a 20[•]-[•] Lease, an annualized rate
that is equal to [•]%.

     “Securitization Value” means, with respect to any 20[•]-[•] Lease, the value
calculated by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of
any date other than its Maturity Date, the sum of the present value, discounted at the
Securitization Rate, of (a) the aggregate Monthly Payments remaining to be made and (b) the Base
Residual.

     “Securitized Financing” has the meaning set forth in the Titling Trust Agreement.

     “Security” means either a Note or a Trust Certificate, as the context may require.

     “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the New
York UCC.

(NALT 20[•]-[•] Agreement of Definitions)

29

 

     “Securityholder” means each registered holder of a Note or a Trust Certificate.

     “Securityholder Available Funds” means, for any Payment Date, all remaining Available
Funds after giving effect to the payment to the Servicer of the Servicer Monthly Payment, if any.

     [“Senior Swap Termination Payment” means any Swap Termination Payment owed by the
Issuing Entity to the Swap Counterparty under an Interest Rate Swap Agreement that is not a
Subordinated Swap Termination Payment.]

     “Servicer” means NMAC, as Servicer under the Servicing Agreement.

     “Servicer Default” has the meaning set forth in Section 4.01 to the Basic
Servicing Agreement and under Section 8.12 of the 20[•]-[•] Servicing Supplement.

     “Servicer Letter of Credit” means a letter of credit, surety bond or insurance policy
issued by a depository institution, insurance company, or financial institution having a short-term
credit rating at least equal to the Required Deposit Rating and providing that the Indenture
Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies
the Monthly Remittance Condition but fails to deposit SUBI Collections into the 20[•]-[•] SUBI
Collection Account by the related Deposit Date.

     “Servicer Monthly Payment” means, with respect to a Payment Date and the related
Collection Period, the amount to be paid to the Servicer pursuant to Section 8.03(a)(iii)
of the 20[•]-[•] Servicing Supplement in respect of (i) the Payment Date Advance Reimbursement and
(ii) the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior
Collection Periods.

     “Servicing Agreement” means the Basic Servicing Agreement, as supplemented by the
20[•]-[•] Servicing Supplement.

     “Servicing Fee” means, with respect to the 20[•]-[•] SUBI Assets, the fee payable on
each Payment Date equal to, for the related Collection Period, one-twelfth of the product of (i)
1.00% and (ii) the aggregate Securitization Value of all 20[•]-[•] Leases as of the first day of
such Collection Period.

     “Settlement Statement” means a statement substantially in the form of Exhibit
A to the 20[•]-[•] Servicing Supplement.

     “Similar Law” means any applicable law that is similar to the fiduciary responsibility
or prohibited transaction provisions of ERISA or Section 4975 of the Code.

     “Special Purpose Affiliate” means a special purpose entity that is an Affiliate of a
Beneficiary and was created for the purposes of one or more Securitized Financings.

     [“Standard & Poor’s” means Standard & Poor’s Ratings Service, a Standard & Poor’s
Financial Services LLC business.]

     “State” means any state of the United Sates, Puerto Rico, or the District of Columbia.

(NALT 20[•]-[•] Agreement of Definitions)

30

 

     “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
C. Section 3801 et seq.

     “SUBI” has the meaning set forth in the Recitals to the 20[•]-[•] SUBI Supplement.

     “SUBI Certificate” has the meaning set forth in Section 3.02(a) of the Titling
Trust Agreement.

     “SUBI Certificate Transfer Agreement” means the SUBI Certificate Transfer Agreement,
dated as of [•], 20[•], between NILT Trust, as transferor, and NALL II, as transferee.

     “SUBI Collection Account” means, with respect to a SUBI, the related Collection
Account created, designated and maintained as such pursuant Section 4.02(a) of the Titling
Trust Agreement.

     “SUBI Collections” means, with respect to any Collection Period, the net amount
collected or received by the Servicer in respect of the 20[•]-[•] SUBI Assets during the Collection
Period, including: (i) Monthly Payments (including Payments Ahead and Pull-Forward Payments, when
received), Payoffs, and any other payments under the 20[•]-[•] Leases (excluding any Administrative
Charges); (ii) Reallocation Payments and Repurchase Payments made by the Servicer; (iii) Monthly
Scheduled Termination Sale Proceeds; (iv) Monthly Early Termination Sale Proceeds (which includes
Early Termination Charges); (v) Net Liquidation Proceeds; (vi) Net Insurance Proceeds; (vii)
Remaining Net Auctions Proceeds; (viii) Remaining Payoffs; (ix) Excess Mileage and Excess Wear and
Tear Charges; (x) Recoveries; and (xi) Residual Value Surplus; in each case to the extent not
duplicative with any other clause of this definition.

     “SUBI Trust Agreement” means the Titling Trust Agreement, as supplemented by a
20[•]-[•] SUBI Supplement.

     [“Subordinated Swap Termination Payment” means any Swap Termination Payment owed by
the Issuing Entity to the Swap Counterparty under an Interest Rate Swap Agreement following an
“event of default” or a “termination event” where the Swap Counterparty is the “defaulting party”
or sole “affected party” (other than with respect to “illegality” or a “tax event”) as each such
term is defined in such Interest Rate Swap Agreement.]

     “Sub-Trust” has the meaning set forth in Section 3.01(b) of the Titling Trust
Agreement.

     [“Swap Counterparty” means an unaffiliated third party, as swap counterparty, under
each Initial Interest Rate Swap Agreement, or any successor or replacement swap counterparty
(including any Replacement Swap Counterparty) from time to time.]

     [“[Swap][Cap]
Event of Default” means, with respect to any Interest Rate
[Swap][Cap] Agreement, any event defined as an “Event of Default” under each Interest Rate [Swap][Cap] Agreement.]

     [“[Swap][Cap]
Replacement Proceeds” means any amounts received from a Replacement [Swap Counterparty][Cap Provider] in consideration for entering into a Replacement Interest

(NALT 20[•]-[•] Agreement of Definitions)

31

 

Rate [Swap][Cap] Agreement for a terminated Interest Rate [Swap][Cap] Agreement.]
[“[Swap][Cap] Termination Event” means any event defined as a “Termination Event” in
an Interest Rate [Swap][Cap] Agreement.]

     [“[Swap Termination Payment Account” means the account designated as such,
established and maintained pursuant to Section 2.14 of the Indenture.]

     [“Swap
Termination Payments” means any payments due to the Swap Counterparty by the Issuing Entity or to the Issuing Entity by the Swap Counterparty, including
interest that may accrue thereon, under each Interest Rate Swap Agreement due to a termination of
such Interest Rate Swap Agreement due to a Swap Event of Default or a Swap Termination Event under
such Interest Rate Swap Agreement.]

     [“[Swap][Cap] Termination Event” means any event defined as a “Termination Event” in
the Interest Rate [Swap][Cap] Agreement(s).]

     “Titling Trust” means Nissan-Infiniti LT, a Delaware statutory trust.

     “Titling Trust Agreement” means the Amended and Restated Trust and Servicing
Agreement, dated as of August 26, 1998, among NILT Trust, as the Grantor and the UTI Beneficiary,
the Servicer, the Delaware Trustee, the Titling Trustee and the Trust Agent.

     “Titling Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “TIA” means the Trust Indenture Act of 1939.

     “Transfer Price” has the meaning set forth in Section 2.01 to the SUBI
Certificate Transfer Agreement and the Trust SUBI Certificate Transfer Agreement, as the context
may require.

     “Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

     “Trust Account” has the meaning set forth in the Titling Trust Agreement.

     “Trust Administration Agreement” means the Trust Administration Agreement, dated as of
[•], 20[•], among the Administrative Agent, the Issuing Entity, the Depositor and the Indenture
Trustee.

     “Trust Agent” means [U.S. Bank], as Trust Agent under the Titling Trust Agreement.

     “Trust Agreement” means the trust agreement, dated as of [•], [•], as amended and
restated by the Amended and Restated Trust Agreement, dated as of [•], 20[•], between the Depositor
and the Owner Trustee.

     “Trust Assets” has the meaning set forth in the Titling Trust Agreement.

(NALT 20[•]-[•] Agreement of Definitions)

32

 

     “Trust Certificateholder” means the Person in whose name a Trust Certificate is
registered on the Certificate Register.

     “Trust Certificates” means the asset backed certificates issued pursuant to the Trust
Agreement, substantially in the form of Exhibit A to the Trust Agreement.

     “Trust Documents” has the meaning set forth in the Titling Trust Agreement.

     “Trust SUBI Certificate Transfer Agreement” means the Trust SUBI Certificate Transfer
Agreement, dated as of [•], 20[•], between the Depositor, and the Issuing Entity, as transferee.

     “Trustee” means NILT, Inc., in its capacity as trustee of the Titling Trust.

     “20[•]-[•] Eligible Lease” means a Lease as to which the following are true as of the
Cutoff Date:

          (a) relates to a Nissan or an Infiniti automobile, light duty truck, minivan, or sport utility
vehicle, of a model year of [•] or later;

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

          (c) was originated in the United States on or after [•], 20[•] by a Dealer (i) for a Lessee
with a United States address, (ii) in the ordinary course of such Dealer’s business, (iii) pursuant
to a Dealer agreement that provides for recourse to the dealer in the event of certain defects in
the Lease, but not for default by the Lessee, and (iv) in compliance with procedures set forth in
the Credit and Collection Policy;

          (d) is payable solely in United States dollars;

          (e) is owned, and the related Leased Vehicle is owned by the Titling Trust, free of all liens
(including tax liens, mechanics’ liens, and other liens that arise by operation of law), other than
any lien placed upon a Certificate of Title in connection with the delivery of title documentation
to the Titling Trustee in accordance with Customary Servicing Practices;

          (f) has a remaining term to maturity, as of the Cutoff Date, of not less than [•] months and
not greater than [•] months;

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

          (h) was originated in compliance with, and complies in all material respects with, all
material applicable legal requirements, including, to the extent applicable, the Federal Consumer
Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all state
leasing and consumer protection laws and all state and federal usury laws;

(NALT 20[•]-[•] Agreement of Definitions)

33

 

          (i) is not more than 29 days past due as of the Cutoff Date;

          (j) (A) is the valid, legal and binding full-recourse payment obligation of the related
Lessee, enforceable against such Lessee in accordance with its terms, except as such enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or other
similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general
or (ii) general principles of equity, (B) has not been satisfied, subordinated, rescinded, canceled
or terminated, (C) is a Lease as to which no right of rescission, setoff, counterclaim or defense
shall have been asserted or threatened in writing, (D) is a Lease as to which no default (other
than payment defaults continuing for a period of no more than 29 days as of the Cutoff Date),
breach or violation shall have occurred and no continuing condition that with notice or lapse of
time or both would constitute a default, breach or violation shall have occurred and (E) is a Lease
as to which none of the foregoing shall have been waived (other than deferrals and waivers of late
payment charges or fees permitted under the Servicing Agreement);

          (k) is a Lease which has not been deemed to be uncollectible;

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

          (m) is a Lease for which there is only one executed original;

          (n) there is only one original executed copy of each tangible “record” constituting or forming
a part of each 20[•]-[•] Lease that is tangible chattel paper and a single “authoritative copy” (as
such term is used in Section 9-105 of the UCC) of each electronic “record” constituting or forming
a part of each 20[•]-[•] Lease that is electronic chattel paper.

          (o) has an original term of not less than [•] months and not greater than [•] months;

          (p) is a Lease for which the related Lease Documents are located in the United States;

          (q) constitutes either “tangible chattel paper” or “electronic chattel paper,” as defined in
the UCC or constitutes Hybrid Chattel Paper;

          (r) is not recourse to the Dealer;

          (s) with respect thereto, NMAC, in accordance with its Customary Practices, has determined at
the time of origination of such Lease that the related Lessee has agreed to obtain physical damage
insurance covering the related Leased Vehicle and is required under the terms of such Lease to
maintain such insurance;

          (t) has a Securitization Value, as of its origination date, of no greater than $[•]; and

(NALT 20[•]-[•] Agreement of Definitions)

34

 

          (u) the representations and warranties set forth in the Officer’s Certificate of the Servicer
delivered to [Winston & Strawn LLP], as special counsel to the Servicer, in support of the opinion
of [Winston & Strawn LLP], dated [•], 20[•] with respect to certain matters regarding electronic
chattel paper, are true and correct in all material respects.

     “20[•]-[•] Lease” has the meaning set forth in Section 8.01 of the 20[•]-[•]
Servicing Supplement.

     “20[•]-[•] Servicing Supplement” means the 20[•]-[•] SUBI Servicing Supplement to the
Basic Servicing Agreement, dated as of [•], 20[•], among the parties to the Basic Servicing
Agreement.

     “20[•]-[•] SUBI” has the meaning set forth in Section 12.01(a) of the
20[•]-[•] SUBI Supplement.

     “20[•]-[•] SUBI Assets” has the meaning set forth in Section 12.01(b) to the
20[•]-[•] SUBI Supplement.

     “20[•]-[•] SUBI Account” means the 20[•]-[•] SUBI Collection Account, and any other
Trust Account established with respect to the 20[•]-[•] SUBI, as the context may require.

     “20[•]-[•] SUBI Certificate” has the meaning set forth in the recitals of the
20[•]-[•] SUBI Supplement.

     “20[•]-[•] SUBI Collection Account” means the trust account established pursuant to
Section 14.01(a) of the 20[•]-[•] SUBI Supplement.

     “20[•]-[•] SUBI Supplement” means the 20[•]-[•] SUBI Supplement to the Titling Trust
Agreement, dated as of [•], 20[•], among the parties to the Titling Trust Agreement.

     “20[•]-[•] Vehicle” has the meaning set forth in Section 8.01 to the 20[•]-[•]
Servicing Supplement.

     “UCC” means the Uniform Commercial Code as in effect in the applicable jurisdiction.

     “Underwriting Agreement” means the underwriting agreement relating to the Notes dated
[•], 20[•], among [•], as Representative, on behalf of the several underwriters, NMAC and the
Depositor.

     “United States” means the United States of America, its territories and possessions
and areas subject to its jurisdiction.

     [“U.S. Bank” has the meaning set forth in the preamble to this Agreement of
Definitions].

     “UTI” has the meaning set forth in Section 3.01(a) of the Titling Trust
Agreement.

     “UTI Beneficiary” means NILT Trust, in its capacity as the initial beneficiary of the
Titling Trust.

(NALT 20[•]-[•] Agreement of Definitions)

35

 

     “UTI Certificate” has the meaning set forth in Section 3.03 of the Titling
Trust Agreement.

     “Vehicle Representation Date” has the meaning set forth in the Basic Servicing
Agreement.

          Section 1.02 Interpretative Provisions. For all purposes of this Agreement of
Definitions, except as otherwise expressly provided or unless the context otherwise requires, (i)
terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii)
references to words such as “herein,” “hereof” and the like shall refer to this Agreement of
Definitions as a whole and not to any particular part, Recital or Section within this Agreement of
Definitions, (iii) references to a Recital or Section such as “Recital A” or “Section 1.01”
shall refer to the applicable Recital or Section of this Agreement of Definitions, (iv) the term
“include” and all variations thereof shall mean “include without limitation,” (v) the term “or”
shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC, (vii) references to Persons include their permitted successors and assigns, (viii)
references to agreements and other contractual instruments include all subsequent amendments,
amendments and restatements and supplements thereto or changes therein entered into in accordance
with their respective terms and not prohibited by this Agreement of Definitions, except that
references to the SUBI Trust Agreement include only such items as related to the 20[•]-[•] SUBI and
the Titling Trust, (ix) references to laws include their amendments and supplements, the rules and
regulations thereunder and any successors thereto, (x) references to this Agreement of Definitions
include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of
similar import, shall, to the extent required to effectuate the appointment of any Co-Trustee
pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on
behalf of the Titling Trust, and (xii) in the computation of a period of time from a specified date
to a later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

          Section 1.03 Notices. All demands, notices, and communications hereunder shall be in
writing and shall be delivered, sent electronically by email (if an email address is provided) or
telecopier, or mailed by registered or certified first-class United States mail, postage prepaid,
hand delivery, prepaid courier service, and addressed in each case as follows: the Issuing Entity,
at c/o [Wilmington Trust Company], as Owner Trustee, [Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust
Administration], with a copy to the Administrative Agent, at One Nissan Way, Franklin, Tennessee
37067 (telecopier no. (615) 725-8530) (email: [shishir.bhushan@nissan-usa.com] and
[mark.wilten@nissan-usa.com]), Attention: Treasurer; NILT Trust, at One Nissan Way, Franklin,
Tennessee 37067 (telecopier no. (615) 725-8530) (email: [shishir.bhushan@nissan-usa.com] and
[mark.wilten@nissan-usa.com]), Attention: Treasurer; Nissan-Infiniti LT, at One Nissan Way,
Franklin, Tennessee 37067 (telecopier no. (615) 725-8530) (email: [shishir.bhushan@nissan-usa.com]
and [mark.wilten@nissan-usa.com]), Attention: Treasurer; NMAC, at One Nissan Way, Franklin,
Tennessee 37067 (telecopier no. (615) 725-8530) (email: [shishir.bhushan@nissan-usa.com] and
[mark.wilten@nissan-usa.com]), Attention: Treasurer; the Depositor, at One Nissan Way, Franklin,
Tennessee 37067 (telecopier no. (615) 725-8530) (email: [shishir.bhushan@nissan-usa.com] and
[mark.wilten@nissan-usa.com]), Attention: Treasurer; NILT, Inc., at [U.S. Bank National
Association, 209 South

(NALT 20[•]-[•] Agreement of Definitions)

36

 

LaSalle Street, Suite 300, Chicago, Illinois 60604 (telecopier no. (312) 325-8905) (email:
patricia.child@usbank.com)] Attention: NILT Inc.; [Wilmington Trust Company], as Owner Trustee and
Delaware Trustee, at [Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890 (telecopier no. (302) 651-8882), Attention: Corporate Trust
Administration]; [U.S. Bank National Association], as Indenture Trustee, at [U.S. Bank National
Association, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604 (telecopier no. (312)
325-8905) (email: patricia.child@usbank.com)], Attention: Nissan Auto Lease Trust 20[•]-[•]; [U.S.
Bank National Association], as Trust Agent, at [U.S. Bank National Association, 209 South LaSalle
Street, Suite 300, Chicago, Illinois 60604 (telecopier no. (312) 325-8905) (email:
patricia.child@usbank.com)], Attention: Nissan Auto Lease Trust 20[•]-[•]; or at such other address
as shall be designated by any of the foregoing in written notice to the other parties hereto.
Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile
notice, upon actual receipt or reported tender of such communication by an officer of the intended
recipient entitled to receive such notices located at the address of such recipient for notices
hereunder. All notices, requests, reports, consents or other communications deliverable to the
Rating Agencies hereunder or under any other Basic Document may be delivered by the Depositor
posting such notice, request, report, consent, or other communication to the website maintained by
the Depositor for notifications to nationally recognized statistical rating organizations.

          Section 1.04 Amendment.

     (a) Any term or provision of this Agreement of Definitions may be amended by the parties
hereto, without the consent of any other Person; provided that (i) either (A) any amendment
that materially and adversely affects the interests of the Noteholders or the Trust
Certificateholders shall require the consent, respectively, of Noteholders evidencing not less than
a Majority Interest of the Notes voting together as a single class, or the Trust Certificateholders
evidencing not less than a Majority Interest of the Trust Certificates voting together as a single
class, as applicable (provided that if the Depositor and its Affiliates do not hold all of
the Trust Certificates, then the Trust Certificates held by the Depositor and its Affiliates shall
not be deemed Outstanding for purposes of this provision), or (B) such amendment shall not, as
evidenced by an Officer’s Certificate of the Servicer or the Depositor delivered to the Indenture
Trustee (with respect to the Noteholders) or the Trust Certificateholders, as applicable,
materially and adversely affect the interests of the Noteholders or the Trust Certificateholders,
and (ii) any amendment that adversely affects the interests of the Trust, the Certificateholder,
the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Person
whose interests are adversely affected. An amendment shall be deemed not to materially and
adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with
respect to such amendment and the Officer’s Certificate described in the preceding sentence is
provided to the Indenture Trustee. The consent of the Trust, the Certificateholder or the Owner
Trustee shall be deemed to have been given if the Servicer does not receive a written objection
from such Person within 10 Business Days after a written request for such consent shall have been
given. The Indenture Trustee may, but shall not be obligated to, enter into or consent to any such
amendment that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under
this Agreement or otherwise.

(NALT 20[•]-[•] Agreement of Definitions)

37

 

     (b) It shall not be necessary for the consent of any Person pursuant to this Section for such
Person to approve the particular form of any proposed amendment, but it shall be sufficient if such
Person consents to the substance thereof.

     (c) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or
principal amount of any Note, or change the due date of any installment of principal of or interest
in any Note, or the Redemption Price with respect thereto, without the consent of the Holder of
such Note or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to
any matter without the consent of the Holders of at least a Majority Interest of the Notes which
were required to consent to such matter before giving effect to such amendment.

     (d) Prior to the execution of any amendment to this Agreement of Definitions, the Servicer
shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner Trustee and
the Indenture Trustee with written notice of the substance of such amendment. No later than 10
Business Days after the execution of any amendment to this Agreement of Definitions, the Servicer
shall furnish a copy of such amendment to each Rating Agency.

     (e) Without limiting the foregoing, any amendment eliminating the Reserve Account or reducing
the Reserve Account Requirement shall require the Servicer to deliver to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel to the effect that after such amendment, for federal income
tax purposes, the Issuing Entity will not be treated as an association taxable as a corporation and
the Notes will properly be characterized as indebtedness that is secured by the assets of the
Issuing Entity. Notwithstanding the foregoing, the Servicer may notify each Rating Agency that it
wishes to apply a different formula for determining the Reserve Account Requirement that will amend
the definition of the “Reserve Account Requirement” and, upon the provision of such notice in
writing and satisfaction of the Rating Agency Condition, the definition of the Reserve Account
Requirement will be revised to reflect such amendment.

     (f) None of [U.S. Bank], as trustee of NILT Trust and as Trust Agent, NILT, Inc., nor the
Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency Condition has
been satisfied with respect to any amendment. [U.S. Bank], as trustee of NILT Trust and as Trust
Agent, NILT, Inc., and the Indenture Trustee may conclusively assume, in the absence of written
notice to the contrary from the Servicer to a Responsible Officer of the Indenture Trustee, that a
Rating Agency Condition has been satisfied with respect to such amendment.

     (g) The Indenture Trustee shall provide notice of any proposed amendment or supplement to this
Agreement of Definitions to the Servicer. The Servicer will thereafter deliver a copy of such
notice to each Rating Agency (which the Servicer may deliver by causing the Depositor to post such
notice to the website maintained by the Depositor for notifications to nationally recognized
statistical rating organizations).

          Section 1.05 Severability of Provisions. Any provision of this Agreement of
Definitions that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction
be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

(NALT 20[•]-[•] Agreement of Definitions)

38

 

          Section 1.06 Counterparts. This Agreement of Definitions may be executed by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument.

          Section 1.07 Headings. The headings of the various Articles and Sections herein are
for convenience or reference only and shall not define or limit any of the terms or provisions
hereof.

          Section 1.08 Governing Law. THIS AGREEMENT OF DEFINITIONS SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATION LAW).

          Section 1.09 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust,
the Issuing Entity, any Special Purpose Affiliate or any Beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law.

          Section 1.10 No Recourse.

          (a) It is expressly understood and agreed by the parties hereto that with respect to [U.S.
Bank]’s role as trustee of NILT Trust only, and not with respect to its role as Trust Agent, (i)
this Agreement is executed and delivered by [U.S. Bank], not individually or personally, but solely
as trustee of NILT Trust, in the exercise of the powers and authority conferred and vested in it,
(ii) each of the representations, undertakings, and agreements herein made on the part of NILT
Trust, is made and intended not as personal representations, undertakings, and agreements by [U.S.
Bank], but is made and intended for the purpose of binding only NILT Trust, (iii) nothing herein
contained shall be construed as creating any liability on [U.S. Bank], individually or personally,
to perform any covenant, either expressed or implied, contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, and (iv) under no circumstances shall [U.S. Bank] be personally liable for the
payment of any indebtedness or expenses of NILT Trust under this Agreement or any other related
documents.

          (b) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by NILT, Inc., not individually or personally, but solely as Titling
Trustee, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings, and agreements herein made on the part of the Titling Trust, is made
and intended not as personal representations, undertakings, and agreements by NILT Inc., but is
made and intended for the purpose of binding only the Titling Trust, (iii) nothing herein contained
shall be construed as creating any liability on NILT, Inc., individually or personally, to perform
any covenant, either expressed or implied, contained herein, all such liability, if any,

(NALT 20[•]-[•] Agreement of Definitions)

39

 

being expressly waived by the parties hereto and by any Person claiming by, through or under
the parties hereto, and (iv) under no circumstances shall NILT, Inc. be personally liable for the
payment of any indebtedness or expenses of the Titling Trust under this Agreement or any other
related documents.

[Signature Pages to Follow]

(NALT 20[•]-[•] Agreement of Definitions)

40

 

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

	 	 	 	 	 	 	 

	NISSAN MOTOR ACCEPTANCE CORPORATION
	Individually, as Servicer, and as Administrative Agent	 	 
	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	NISSAN-INFINITI LT	 	 
	 
	 	 	 	 	 	 
	By:	 	NILT, INC.,	 	 
	 	 	as Titling Trustee for Nissan-Infiniti LT

	 	 	 	 	 	 	 

	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 

	NILT TRUST
	as UTI Beneficiary, Grantor, and Transferor
	 
	 	 	 	 
	By:	 	[U.S. BANK NATIONAL ASSOCIATION],
	 	 	as Trustee for NILT Trust

	 	 	 	 	 	 	 

	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 	 	 

	NILT, INC.	 	 
	as Titling Trustee for Nissan-Infiniti LT
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

(NALT 20[•]-[•] Agreement of Definitions)

S-1 

 

	 	 	 	 	 	 	 

	NISSAN AUTO LEASING LLC II
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	NISSAN AUTO LEASE TRUST 20[•]-[•]
	 
	 	 	 	 	 	 
	By:	 	[WILMINGTON TRUST COMPANY], 

not in its individual capacity, but solely as Owner Trustee

	 	 	 	 	 	 	 

	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 	 	 

	[WILMINGTON TRUST COMPANY]
	as Owner Trustee and as Delaware Trustee
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	[U.S. BANK NATIONAL ASSOCIATION]
	as Trust Agent, Indenture Trustee and as Secured Party
	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

(NALT 20[•]-[•] Agreement of Definitions)

S-2

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