Document:

exv10w9

 

Exhibit 10.9

 

NISSAN AUTO LEASING LLC II,

as Depositor,

and

NISSAN AUTO LEASE TRUST 2006-A,

as Transferee

 

TRUST SUBI CERTIFICATE

TRANSFER AGREEMENT

Dated as of November 21, 2006

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	ARTICLE ONE	 	DEFINITIONS	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 1.01
	 	 	 	Definitions
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 1.02
	 	 	 	Interpretive Provisions
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE TWO	 	TRANSFER OF 2006-A SUBI CERTIFICATE	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.01
	 	 	 	Transfer of 2006-A SUBI Certificate
	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.02
	 	 	 	True Sale
	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.03
	 	 	 	Representations and Warranties of the Depositor and the Transferee
	 	 	4	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.04
	 	 	 	Financing Statement and Books and Records
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.05
	 	 	 	Acceptance by the Transferee
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 2.06
	 	 	 	Release of Claims
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	ARTICLE THREE	 	MISCELLANEOUS	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.01
	 	 	 	Amendment
	 	 	7	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.02
	 	 	 	Governing Law
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.03
	 	 	 	Severability
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.04
	 	 	 	Binding Effect
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.05
	 	 	 	Headings
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.06
	 	 	 	Counterparts
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.07
	 	 	 	Further Assurances
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.08
	 	 	 	Third-Party Beneficiaries
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.09
	 	 	 	No Petition
	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Section 3.10
	 	 	 	Limitation of Liability of Owner Trustee
	 	 	10	 
	 
	 	 	 	 	 	 	 	 	 	 
	SCHEDULE I	 	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS	 	 	1	 

 -i-

 

 

TRUST SUBI CERTIFICATE TRANSFER AGREEMENT

     This Trust SUBI Certificate Transfer Agreement, dated as of November 21, 2006 (as amended,
supplemented or modified from time to time, this “Agreement”), is between Nissan Auto
Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the
“Depositor”), and Nissan Auto Lease Trust 2006-A, a Delaware statutory trust (the
“Issuing Entity”), as transferee (in such capacity, the “Transferee”).

RECITALS

     A. Nissan-Infiniti LT (the “Titling Trust”) is a Delaware statutory trust governed by
the Amended and Restated Trust and Servicing Agreement, dated as of August 26, 1998 (the
“Titling Trust Agreement”), among NILT Trust, a Delaware statutory trust (“NILT
Trust”), as grantor and initial beneficiary (in such capacity, the “Grantor” and the
“UTI Beneficiary”, respectively), Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), as servicer (the “Servicer”), Wilmington Trust Company, a
Delaware banking corporation (“Wilmington Trust”), as Delaware trustee (the “Delaware
Trustee”), NILT, Inc., a Delaware corporation, as trustee (the “Trustee”), and U.S.
Bank National Association, a national banking association (“U.S. Bank”), as trust agent
(the “Trust Agent”);

     B. Pursuant to the Titling Trust Agreement, the purposes of the Titling Trust include taking
assignments and conveyances of and holding in trust various assets (the “Trust Assets”);

     C. The Grantor, UTI Beneficiary, the Servicer, the Trustee, the Delaware Trustee and the Trust
Agent are entering into the 2006-A SUBI Supplement, dated as of November 21, 2006 (the “2006-A
SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI Trust
Agreement”), to (i) establish a special unit of beneficial interest (the “2006-A SUBI”)
and (ii) identify and allocate certain Trust Assets to the 2006-A SUBI;

     D. Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the “2006-A
Leases”), the vehicles that are leased under the 2006-A Leases (the “2006-A Vehicles”),
and certain other related Trust Assets have been allocated to the 2006-A SUBI;

     E. The Titling Trust has issued a certificate evidencing a 100% beneficial interest in the
2006-A SUBI (the “2006-A SUBI Certificate”) to NILT Trust;

     F. NILT Trust has transferred and assigned, without recourse, all of its right, title, and
interest in and to the 2006-A SUBI Certificate to the Depositor pursuant to the SUBI Certificate
Transfer Agreement, dated as of November 21, 2006 (the “SUBI Certificate Transfer
Agreement”), between NILT Trust and the Depositor;

     G. The Issuing Entity was formed pursuant to a trust agreement, dated as of November 8, 2006,
as amended and restated by the amended and restated trust agreement, dated as of November 21, 2006
(the “Trust Agreement”), each, between the Depositor and Wilmington Trust, as owner trustee
(the “Owner Trustee”);

 

 

     H. The Depositor and the Transferee desire to provide for the sale, transfer and assignment by
the Depositor to the Transferee, without recourse, of all of the Depositor’s right, title and
interest in and to the 2006-A SUBI Certificate; and

     I. Immediately after the transfer and assignments of the 2006-A SUBI Certificate to the
Transferee, the Transferee shall pledge the 2006-A SUBI Certificate to U.S. Bank, as indenture
trustee (the “Indenture Trustee”), pursuant to an indenture, dated as of November 21, 2006
(the “Indenture”), between the Issuing Entity and the Indenture Trustee.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE ONE

DEFINITIONS

     Section 1.01 Definitions. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Agreement of Definitions, dated as of November 21,
2006, by and among the Issuing Entity, as issuer, NILT Trust, as Grantor and UTI Beneficiary, the
Titling Trust, NMAC, in its individual capacity, as Servicer and as administrative agent (in such
capacity, the “Administrative Agent”), NALL II, the Trustee, Wilmington Trust, as Delaware
Trustee and Owner Trustee, and U.S. Bank, as Trust Agent and Indenture Trustee.

     Section 1.02 Interpretive Provisions. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used in this
Agreement 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 as a
whole and not to any particular part, Article, or Section within this Agreement, (iii) the term
“include” and all variations thereof shall mean “include without limitation”, (iv) the term “or”
shall include “and/or”, (v) the term “proceeds” shall have the meaning ascribed thereto in the UCC
and (vi) any defined term that relates to a document shall include within its definition any
amendments, modifications, renewals, restatements, extensions, supplements, or substitutions that
have been or are hereafter executed and delivered in accordance with the terms thereof, except that
references to the SUBI Trust Agreement include only such items as relate to the 2006-A SUBI and the
Titling Trust.

     Any reference in this Agreement to any agreement means such agreement as it may be amended,
restated, supplemented (only to the extent such agreement as supplemented relates to the Notes), or
otherwise modified from time to time, except that references to the SUBI Trust Agreement include
only such items as relate to the 2006-A SUBI and the Titling Trust. Any reference in this Agreement
to any law, statute, regulation, rule, or other legislative action shall mean such law, statute,
regulation, rule, or other legislative action as amended, supplemented, or otherwise modified from
time to time, and shall include any rule or regulation promulgated thereunder. Any reference in
this Agreement to a Person shall include the successor or permitted assignee of such Person.

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

ARTICLE TWO

TRANSFER OF 2006-A SUBI CERTIFICATE

     Section 2.01 Transfer of 2006-A SUBI Certificate. In consideration of the Transferee’s
delivery to, or upon the order of, the Depositor of the Notes and the Trust Certificate, the
Depositor hereby absolutely sells, transfers, assigns and otherwise conveys to the Transferee,
without recourse, and the Transferee does hereby purchase and acquire, as of the date set forth
above, all of the Depositor’s right, title and interest in and to the following (collectively, the
“Assets”):

     (i) the 2006-A SUBI Certificate and the interest in the 2006-A SUBI represented
thereby, including all monies due and paid or to become due and paid or payable thereon or
in respect thereof after the Cutoff Date;

     (ii) all of the Depositor’s rights and benefits as holder of the 2006-A SUBI
Certificate under the Servicing Agreement and the SUBI Trust Agreement;

     (iii) the right to realize upon any property that underlies or may be deemed to secure
the interest in the 2006-A SUBI represented by the 2006-A SUBI Certificate, as granted in
the 2006-A SUBI Supplement and in the 2006-A SUBI Certificate;

     (iv) all general intangibles, chattel paper, instruments, documents, money, deposit
accounts, certificates of deposit, securities accounts, investment property, financial
assets, goods, letters of credit, letters of credit rights, advices of credit and
uncertificated securities, and other property consisting of, arising from, or relating or
credited to the foregoing;

     (v) all rights of the Depositor under the SUBI Certificate Transfer Agreement; and

     (vi) all cash and non-cash proceeds of all of the foregoing.

     Section 2.02 True Sale. The parties hereto intend that the sale, transfer, and
assignment of the Assets constitutes a true sale and assignment of the Assets such that any
interest in and title to the Assets would not be property of the Depositor’s estate in the event
that the Depositor becomes a debtor in a case under any bankruptcy law. To the extent that the
conveyance of the Assets hereunder is characterized by a court or similar governmental authority as
a financing (i), it is intended by the Depositor and the Transferee that the interest conveyed
constitutes a grant of a security interest under the UCC as in effect in the State of Delaware by
the Depositor to the Transferee to secure the Transfer Price to the Depositor, which security
interest shall be perfected and of a first priority, (ii) Depositor hereby grants to the Transferee
a security interest in all of its right, title, and privilege and interest in and to the Assets and
the parties hereto agree that this Agreement constitutes a “security agreement” under all
applicable laws and (iii) the possession by the Transferee or its agent of the 2006-A SUBI
Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser
or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant
to the New York UCC and the UCC of any other applicable jurisdiction.

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

     Section 2.03 Representations and Warranties of the Depositor and the Transferee.

     (a) The Depositor hereby represents and warrants to the Transferee as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Depositor is a limited liability
company duly formed, validly existing, and in good standing under the laws of the State of
Delaware, and has the power and the authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted,
and had at all relevant times, and shall have, the power, the authority, and the legal right
to acquire, own, and sell the Assets.

     (ii) Due Qualification. The Depositor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all necessary licenses
and approvals in all jurisdictions in which the ownership or lease of property or the
conduct of its business shall require such qualifications, except where the failure to have
any such license, approval, or qualification would not have a Material Adverse Effect on the
condition, financial or otherwise, of the Depositor or would not have a Material Adverse
Effect on the ability of the Depositor to perform its obligations under this Agreement.

     (iii) Power and Authority. The Depositor has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Depositor by all necessary
action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid, and binding
obligation of the Depositor, enforceable against it in accordance with its terms, except as
enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation, or other similar laws affecting the enforcement of creditors’
rights in general and by general principles of equity, regardless of whether such
enforceability shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery, and performance by the Depositor of
this Agreement, the consummation of the transactions contemplated by this Agreement, and the
fulfillment of the terms hereof shall not (A) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a
default under, the limited liability company agreement of the Depositor; (B) conflict with
or breach any of the material terms or provisions of, or constitute (with or without notice
or lapse of time) a default under, any indenture, agreement or other instrument to which the
Depositor is a party or by which it may be bound or any of its properties are subject; (C)
result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any material indenture, agreement, or other instrument (other than as permitted by
the Basic Documents); (D) violate any law or, to the knowledge of the Depositor, any order,
rule or regulation applicable to it or its properties; or (E) contravene, violate, or result
in a default under any judgment, injunction, order, decree, or other instrument of any court
or of any federal or state regulatory body,

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

administrative agency, or other governmental instrumentality having jurisdiction over
the Depositor or any of its properties, except to the extent that such contravention,
violation, or default would not be likely to have a Material Adverse Effect.

     (vi) No Proceedings. There are no proceedings in which the Depositor has been
served or, to the knowledge of the Depositor, proceedings or investigations that are pending
or threatened, in each case against the Depositor, before any court, regulatory body,
administrative agency or other tribunal, or governmental instrumentality (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or any other Basic Document or (C) seeking any
determination or ruling that, in the reasonable judgment of the Depositor, would materially
and adversely affect the performance by the Depositor of its obligations under this
Agreement.

     (vii) Title to 2006-A SUBI Certificate. Immediately prior to the transfer of
the 2006-A SUBI Certificate pursuant to this Agreement, the Depositor (A) is the true and
lawful owner of the 2006-A SUBI Certificate and has the legal right to transfer the 2006-A
SUBI Certificate, (B) has good and valid title to the 2006-A SUBI Certificate and the 2006-A
SUBI Certificate is on the date hereof free and clear of all Liens and (C) will convey good,
valid, and indefeasible title to the 2006-A SUBI Certificate to the Transferee under this
Agreement.

     (b) Perfection Representations. The representations, warranties and covenants set
forth on Schedule I hereto shall be a part of this Agreement for all purposes.
Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection
representations contained in Schedule I shall be continuing, and remain in full force and
effect until such time as all obligations under the Indenture have been finally and fully paid and
performed. The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule I; (ii) shall provide the Rating Agencies with prompt
written notice of any breach of perfection representations contained in Schedule I; and
(iii) shall not waive a breach of any of the perfection representations contained in Schedule
I.

     (c) The Transferee hereby represents and warrants to the Depositor as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Transferee is a statutory trust duly
formed, validly existing, and in good standing under the laws of the State of Delaware, and
has the power and the authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all
relevant times, and shall have, the power, the authority and the legal right to acquire, own
and sell the Assets.

     (ii) Due Qualification. The Transferee is duly qualified to do business as a
foreign trust in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business
shall require such qualifications, except where the failure to have any such license,
approval, or qualification would not have a Material Adverse Effect on the Transferee.

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

     (iii) Power and Authority. The Transferee has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Transferee by all
necessary action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid, and binding
obligation of the Transferee, enforceable against it in accordance with its terms, except as
enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation, or other similar laws affecting the enforcement of creditors’
rights in general and by general principles of equity, regardless of whether such
enforceability shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery, and performance of this Agreement by
the Transferee and the consummation of the transactions contemplated by this Agreement and
the fulfillment of the terms hereof do not (A) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a
default under, the Trust Agreement; (B) conflict with or breach any of the material terms or
provisions of, or constitute (with or without notice or lapse of time) a default under, any
indenture, agreement or other instrument to which the Transferee is a party or by which it
may be bound or any of its properties are subject; (C) result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any material indenture,
agreement or other instrument (other than as permitted by the Basic Documents); (D) violate
any law or, to the knowledge of the Transferee, any order, rule or regulation applicable to
it or its properties; or (E) contravene, violate, or result in a default under any judgment,
injunction, order, decree, or other instrument of any court or of any federal or state
regulatory body, administrative agency, or other governmental instrumentality having
jurisdiction over the Transferee or any of its properties, except to the extent that such
contravention, violation, or default would not be likely to have a Material Adverse Effect.

     (vi) No Proceedings. There are no proceedings in which the Transferee has been
served or, to the knowledge of the Transferee, proceedings or investigations that are
pending or threatened, in each case against the Transferee, before any court, regulatory
body, administrative agency or other tribunal or governmental instrumentality (A) asserting
the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or (C) seeking any determination or ruling that,
in the reasonable judgment of the Transferee, would materially and adversely affect the
performance by the Transferee of its obligations under this Agreement.

     (d) The representations and warranties set forth in this Section shall survive the sale of the
Assets by the Depositor to the Transferee and the pledge and grant of a security interest in the
Assets by the Transferee to the Indenture Trustee (for the benefit of the Noteholders) pursuant to
the Indenture. Upon discovery by the Depositor, the Transferee or the Trustee of a breach of any of
the foregoing representations and warranties, the party discovering such breach shall give prompt
written notice to the others.

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

     Section 2.04 Financing Statement and Books and Records.

     (a) In connection with the conveyance of the Assets hereunder, the Depositor agrees that on or
prior to the Closing Date it will deliver to the Transferee, with all requisite endorsements, the
2006-A SUBI Certificate and will file, at its own expense, one or more financing statements with
respect to the Assets meeting the requirements of applicable state law in such manner as necessary
to perfect the sale of the Assets, and the proceeds thereof to the Depositor (and any continuation
statements as are required by applicable state law), and to deliver a file-stamped copy of each
such financing statement (or continuation statement) or other evidence of such filings (which may,
for purposes of this Section 2.04, consist of telephone confirmation of such filings with
the file stamped copy of each such filing to be provided to the Transferee in due course), as soon
as is practicable after receipt by the Depositor thereof.

     (b) The Depositor further agrees that it will treat the transfer of the Assets as a sale for
accounting purposes, take no actions inconsistent with the Transferee’s ownership of the Assets and
on or prior to the Closing Date indicate on its books, records and statements that the Assets have
been sold to the Transferee.

     Section 2.05 Acceptance by the Transferee. The Transferee agrees to comply with all
covenants and restrictions applicable to a Holder of the 2006-A SUBI Certificate and the interest
in the 2006-A SUBI represented thereby, whether set forth in the 2006-A SUBI Certificate, in the
SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities, if any, associated
therewith.

     Section 2.06 Release of Claims. Pursuant to Section 3.04(b) of the Titling
Trust Agreement and Section 12.02(b) of the 2006-A SUBI Supplement, the Transferee hereby
covenants and agrees for the express benefit of each holder from time to time of a UTI Certificate
and any other SUBI Certificate that the Transferee shall release all claims to the UTI Assets and
the related Other SUBI Assets, respectively, and, in the event such release is not given effect, to
subordinate fully all claims it may be deemed to have against the UTI Assets or such Other SUBI
Assets, as the case may be.

ARTICLE THREE

MISCELLANEOUS

     Section 3.01 Amendment.

     (a) Any term or provision of this Agreement 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 shall require the consent of Noteholders
evidencing not less than a Majority Interest of the Notes voting together as a single class or (B)
such amendment 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 that adversely affects the interests of the Trust Certificateholder, the Indenture
Trustee or the Owner Trustee shall require the prior written consent of each Person whose interests
are adversely affected. An amendment shall be deemed

	 	 	 
	7

	 	Trust SUBI Certificate Transfer Agreement

 

 

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
Certificateholder or the Owner Trustee 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. 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.

     (b) 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.

     (c) Notwithstanding anything herein to the contrary, any term or provision of this Agreement
may be amended by the Depositor 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 3.01(a)(i)(B) is delivered to the Indenture Trustee.

     (d) 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.

     (e) Not less than 15 days prior to the execution of any amendment to this Agreement, the
Depositor shall provide each Rating Agency, the Trust Certificateholder, the Transferee, 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, the Depositor shall
furnish a copy of such amendment to each Rating Agency, the Transferee, the Trust
Certificateholder, the Indenture Trustee and the Owner Trustee.

     (f) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is
satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of
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.

     Section 3.02 Governing Law. This Agreement shall be governed by and construed in
accordance with the 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 Obligations Law).

	 	 	 
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	 	Trust SUBI Certificate Transfer Agreement

 

 

     Section 3.03 Severability. If one or more of the covenants, agreements, or provisions
of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions
shall be deemed severable from the remaining covenants, agreements, and provisions of this
Agreement, and such invalidity or unenforceability shall in no way affect the validity or
enforceability of such remaining covenants, agreements and provisions, or the rights of any parties
hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders
any provision of this Agreement invalid or unenforceable in any respect.

     Section 3.04 Binding Effect. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their permitted successors and assigns.

     The Depositor acknowledges and agrees that (a) the Transferee may, pursuant to the Indenture,
pledge and grant a security interest in the 2006-A SUBI and the 2006-A SUBI Assets represented
thereby and assign its rights under this Agreement to the Indenture Trustee (for the benefit of the
holders of the Notes) and (b) the representation, warranties and covenants contained in this
Agreement and the rights of the Transferee under this Agreement are intended to benefit the
Indenture Trustee (for the benefit of the holders of the Notes). The Depositor hereby consents to
all such pledges and grants.

     Section 3.05 Headings. The Article and Section headings are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof.

     Section 3.06 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed and delivered shall be deemed to be an original, but all of
which counterparts shall together constitute but one and the same instrument.

     Section 3.07 Further Assurances. Each party hereto shall do such acts, and execute and
deliver to the other party such additional documents or instruments as may be reasonably requested,
in order to effect the purposes of this Agreement and to better assure and confirm unto the
requesting party its rights, powers and remedies hereunder.

     Section 3.08 Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and each Holder of the 2006-A SUBI Certificate and each
Registered Pledgee, who shall be considered third-party beneficiaries hereof. Except as otherwise
provided in this Agreement, no other Person shall have any right or obligation hereunder.

     Section 3.09 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 Trustee, the Titling Trust, the
Issuing Entity, any other 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.

     This Section shall survive the complete or partial termination of this Agreement, the
resignation or removal of the Trustee and the complete or partial resignation or removal of the
Servicer.

	 	 	 
	9

	 	Trust SUBI Certificate Transfer Agreement

 

 

     Section 3.10 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 Agreement, 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.

[Signature Page to Follow]

	 	 	 
	10

	 	Trust SUBI Certificate Transfer Agreement

 

 

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

	 	 	 	 	 
	 	 	NISSAN AUTO LEASING LLC II, as Depositor
	 
	 	 	 	 
	 

	 	By:
	 	Rakesh Kochhar
	 

	 	 	 	 
	 

	 	 	 	Name: Rackesh Kochhar
	 

	 	 	 	Title: Treasurer
	 
	 	 	 	 
	 	 	NISSAN AUTO LEASE TRUST 2006-A,

as Transferee
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY,

not in its individual capacity, but

solely as Owner Trustee
	 
	 	 	 	 
	 

	 	By:
	 	J. Christopher Murphy
	 

	 	 	 	 
	 

	 	 	 	Name: J. Christopher Murphy
	 

	 	 	 	Title: Financial Services Officer

	 	 	 
	S-1

	 	Trust SUBI Certificate Transfer Agreement

 

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in the Trust SUBI
Certificate Transfer Agreement, Nissan Auto Leasing LLC II, as depositor (the “Depositor”),
hereby represents, warrants, and covenants to Nissan Auto Lease Trust 2006-A, as transferee (the
“Transferee”), as follows on the Closing Date:

1. The Trust SUBI Certificate Transfer Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the 2006-A SUBI Certificate in favor of the Transferee, which
security interest is prior to all other Liens and is enforceable as such as against creditors of
and purchasers from the Depositor.

2. The 2006-A SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security,” or “tangible chattel paper,” within the meaning of the applicable UCC.

3. The Depositor owns and has good and marketable title to the 2006-A SUBI Certificate 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 Lien attaches is not impaired during the pendency of
such proceeding.

4. The Depositor has received all consents and approvals to the sale of the 2006-A SUBI Certificate
under the Trust SUBI Certificate Transfer Agreement to the Transferee required by the terms of the
2006-A SUBI Certificate to the extent that it constitutes an instrument or a payment intangible.

5. The Depositor has received all consents and approvals required by the terms of the 2006-A SUBI
Certificate, to the extent that it constitutes a securities entitlement, certificated security or
uncertificated security, to the transfer to the Transferee of its interest and rights in the 2006-A
SUBI Certificate under the Trust SUBI Certificate Transfer Agreement.

6. The Depositor has caused or will have caused, within ten days after the effective date of the
Trust SUBI Certificate Transfer Agreement, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
the sale of the 2006-A SUBI Certificate from the Depositor to the Transferee and the security
interest in the 2006-A SUBI Certificate granted under the Trust SUBI Certificate Transfer
Agreement.

7. To the extent that the 2006-A SUBI Certificate constitutes an instrument or tangible chattel
paper, all original executed copies of each such instrument or tangible chattel paper have been
delivered to the Transferee.

	 	 	 
	Sched.-1

	 	Trust SUBI Certificate Transfer Agreement

 

 

8. Other than the transfer of the 2006-A SUBI Certificate from NILT Trust to the Depositor under
the SUBI Certificate Transfer Agreement and from the Depositor to the Transferee under the Trust
SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Depositor has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the 2006-A SUBI Certificate. The Depositor has not authorized
the filing of, nor is aware of, any financing statements against the Depositor that include a
description of collateral covering the 2006-A SUBI Certificate other than any financing statement
relating to any security interest granted pursuant to the Basic Documents or that has been
terminated.

9. No instrument or tangible chattel paper that constitutes or evidences the 2006-A SUBI
Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee.

	 	 	 
	Sched.-2

	 	Trust SUBI Certificate Transfer Agreementexv10w14

 

EXHIBIT 10.14

EMPLOYMENT AGREEMENT

     This Employment Agreement (“Agreement”) is entered into as of this 21st day of August,
2006, by and between EDUCATIONAL COMMUNICATIONS, INC. and any successors thereto (collectively
referred to as the “Company”) and Carol Lynn Martens (“Executive”).

     The parties hereby agree as follows:

1. Employment. Executive will serve the Company in the position of General Manager of
Educational Communications, Inc. and will perform such duties as from time to time shall be
determined by the Board of Directors of the Company, and will perform, faithfully and diligently,
the services and functions performed and will carry out the functions of his/her office and furnish
his/her best advice, information, judgment and knowledge with respect to the business of the
Company. Executive agrees to perform such duties as hereinabove described and to devote full-time
attention and energy to the business of the Company. Executive will not, during the term of
employment under this Agreement, engage in any other business activity if such business activity
would impair Executive’s ability to carry out his/her duties under this Agreement.

2. Term. Contingent upon successful completion of a criminal background investigation,
reference check and pre-employment drug screen, this Agreement shall be effective August
21st, 2006 and end on August 31st, 2007, and shall thereafter renew for
successive one-year terms, unless two months’ notice is given by either party to the other party of
non-renewal. However, this Agreement may be terminated at any time by either party in accordance
with Section 6 hereof.

3. Compensation and Other Benefits.

          3.1 Salary. The salary compensation to be paid by the Company to Executive and which
Executive agrees to accept from the Company for services performed and to be performed by Executive
hereunder shall be an annual gross amount, before applicable withholding and other payroll
deductions, of $175,000.00, payable in equal bi-weekly installments of $6,730.76, subject to such
changes as the Board of Directors of the Company may, in its sole discretion, from time to time
determine.

          3.2 Benefits. Executive shall be entitled to participate in such employee benefit
programs, plans and policies (including incentive bonus plans and incentive stock option plans) as
are maintained by the Company and as may be established for the employees of the Company from time
to time on the same basis as other executive employees are entitled thereto, except to the extent
such plans are duplicative of benefits otherwise provided to Executive under this Agreement (e.g.
severance). It is understood that the establishment, termination or change in any such Executive
employee benefit programs, plans or policies shall be at the option of the Company in the exercise
of its sole discretion, from time to time, and any such termination or change in such program, plan
or policy will not affect this Agreement so long as Executive is treated on the same basis as other
executive employees participating in such program, plan or policy, as the case may be. Upon
termination of employment under this Agreement, without regard to the manner in which the
termination was brought about, Executive’s rights in such

 

 

employee benefit programs, plans or policies shall be governed solely by the terms of the
program, plan or policy itself and not this Agreement. Executive shall be entitled to an annual
paid vacation in accordance with the Company’s personnel policy for his/her years of service
completed as an employee of the Company (and, to the extent applicable, the Company’s
predecessors).

4. Working Facilities. During the term of his/her employment under this Agreement,
Executive shall be furnished with a private office, stenographic services and such other facilities
and services as are commensurate with his/her position with the Company and adequate for the
performance of his/her duties under this Agreement.

5. Expenses. During the term of his/her employment under this Agreement, Executive is
authorized to incur reasonable out-of-pocket expenses for the discharge of his/her duties hereunder
and the promotion of business of the Company, including expenses for entertainment, travel and
related items, that are incurred in accordance with the Company’s policies. The Company shall
reimburse Executive for all such expenses upon presentation by Executive from time to time of
itemized accounts of expenditures incurred in accordance with Company policies.

6. Termination. The employment relationship between Executive and the Company is
“at-will”, which means that Executive’s employment under this Agreement may be terminated with or
without cause or reason by either the Company or Executive at any time. Payment to Executive upon
his/her termination is governed by the following terms and conditions.

          6.1 Termination by Company for Cause. The following events or circumstances are deemed
“Cause” for Executive’s termination.

	 	(i)	 	Executive’s indictment of, or plea of nolo contendere to, a
felony or other crime involving moral turpitude;
	 
	 	(ii)	 	Executive’s material breach of a contractual obligation to the
Company or any of its Affiliates (as defined below);
	 
	 	(iii)	 	Executive’s failure to perform, or gross negligence in the
performance of, Executive material duties and responsibilities to the Company
or any of its Affiliates; or
	 
	 	(iv)	 	Executive’s substantial, wrongful damage to property of the
Company.

          If the Executive is terminated for Cause, upon payment by the Company to Executive of all
salary earned but unpaid through the termination date, accrued and unused vacation, and any accrued
and unpaid bonus to the date of such termination, the Company shall have no further liability to
Executive for compensation in accordance herewith, and Executive will not be entitled to receive
any other salary, the Termination Payments or Termination Benefits (as such terms are defined
below) except aforesaid vacation and any accrued bonus. For purposes of this Agreement,
“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or
under common control with the Company, where control may be by management authority, equity
interest or otherwise.

 

 

          6.2 Termination by Company Without Cause. In the event of the termination of
Executive’s employment under this Agreement by the Company without Cause the Executive will be
entitled to receive 26 bi-weekly payments equal to the average of his/her bi-weekly base salary in
effect within the two years preceding the termination (including, for these purposes, average
bi-weekly base salary of Executive from the Company’s predecessors) (“Termination Payments”), less
legally required withholdings. In addition to the Termination Payments, Executive will be entitled
to elect the continuation of health benefits under COBRA and the Company will pay the COBRA
premiums for a maximum of 12-months, beginning on the date that Executive’s health coverage ceases
due to his/her termination, accrued but unused vacation, and any accrued bonus (“Termination
Benefits”). If Executive obtains employment while he is entitled to receive the Termination
Payments and the Termination Benefits, each Termination Payment shall be reduced by the amount of
his/her average bi-weekly compensation to be received in connection with his/her new employment and
the payment of the Termination Benefits shall cease upon Executive becoming covered under the new
employer’s health coverage plan. The combination of the Termination Payments and the Termination
Benefits constitute the sole amount to which Executive is entitled if termination is without Cause.

          6.3 Termination by Executive Without Good Reason. Executive may terminate his/her
employment under this Agreement without Good Reason as defined in Paragraph 6.4 below upon the
giving of 90 days written notice of termination. In the event of such termination, in lieu of the
90 day notice period, the Company may elect to pay Executive compensation for the notice period (or
any remaining portion thereof), plus unused accrued vacation and any accrued unpaid bonus, in which
event Executive’s services to the company will be terminated immediately. No Termination Payments
or Termination Benefits other than as set forth in Section 6.3 shall be payable upon Executive’s
termination of this Agreement without Good Reason.

          6.4 Termination by Executive With Good Reason. Executive may terminate his/her
employment under this Agreement for Good Reason. For purposes of this Agreement, “Good Reason”
shall mean:

	 	(i)	 	Without Executive’s consent, the assignment to Executive of
substantial duties inconsistent with Executive’s then-current position, duties,
responsibilities and status with the Company, or any removal of Executive from
his/her titles and offices, except in connection with the termination of
Executive’s employment under this Agreement by Company or as a result of
Executive’s death or permanent disability (as defined in the Company’s or
Executive’s disability insurance policies);
	 
	 	(ii)	 	The Company requiring Executive to relocate anywhere other than
Austin, Texas without Executive’s consent (see exception in paragraph 6.2); or
	 
	 	(iii)	 	A decrease in Executive’s salary from the salary in effect
upon the date hereof that is inconsistent with or not commensurate with
Executive’s then current position in the Company.

 

 

     In the event of termination under this Section 6.4, the Company shall pay to Executive
Termination Payments of thirteen (13) bi-weekly payments and Termination Benefits of six (6) months
of COBRA coverage. If Executive obtains employment while he is entitled to receive the Termination
Payments and the Termination Benefits, each Termination Payment shall be reduced by the amount of
his/her average bi-weekly compensation to be received in connection with his/her new employment and
the payment of the Termination Benefits shall cease upon Executive becoming covered under the new
employer’s health coverage plan. The combination of the Termination Payments and the Termination
Benefits constitute the sole amount to which Executive is entitled if termination is by Executive
With Good Reason.

          6.5 Death or Permanent Disability. Executive’s employment under this Agreement shall
terminate upon Executive’s death or permanent disability (as defined in the Company’s or
Executive’s disability insurance policies). Other than accrued but unused vacation and any accrued
but unpaid bonus, no Termination Payments or Termination Benefits shall be payable upon Executive’s
death or permanent disability.

          6.6 Release Agreement. The Termination Payments and Termination Benefits pursuant to
Section 6 are conditioned upon your signing a release of claims in the form provided by the Company
(the “Release Agreement”) within twenty-one days of the date on which you give or receive, as
applicable, notice of termination of your employment and upon your not revoking the Employee
Release thereafter.

          6.7 Notwithstanding anything to the contrary in this Agreement, (i) except to the extent
required by law, no payment will be due and payable under this Section 6 until the later of the
next regular Company payday following the effective date of the Release Agreement or that date
which is in accordance with the requirements of clause (ii) hereof and (ii) in the event that at
the time that Executive’s employment with the Company terminates the Company is publicly traded (as
defined in Section 409A of the Internal Revenue Code), any amounts payable under this Section 6
that would otherwise be considered deferred compensation subject to the additional twenty percent
(20%) tax imposed by Section 409A if paid within six (6) months following the date of termination
of Company employment shall be paid at the later of the time otherwise provided in Section 6 or the
time that will prevent such amounts from being considered deferred compensation.

7. Confidentiality. The Company and its Affiliates possess confidential information,
proprietary information goodwill and trade secrets, which is important to their business.
Immediately upon Executive’s execution of this Agreement and during the course of Executive’s
employment with the Company, the Company will give Executive confidential information, proprietary
information, goodwill and trade secrets belonging to the Company and its Affiliates that Executive
did not have or have access to prior to Executive’s execution of this Agreement to enable Executive
to perform his/her duties and responsibilities hereunder. During and after the term of employment
under this Agreement, Executive agrees that he shall not, without the express written consent of
Company, directly or indirectly communicate or divulge to, or use for his/her own benefit or for
the benefit of any other person, firm, association or corporation, any of Company’s or its
Affiliates’ trade secrets, confidential information, proprietary information or goodwill, which
trade secrets, confidential information, proprietary data and goodwill were communicated to or
otherwise learned or acquired by Executive during his/her employment

 

 

relationship with Company (“Confidential Information”), except that Executive may disclose such
matters to the extent that disclosure is required (a) at Company’s direction or (b) by a court or
other governmental agency of competent jurisdiction. As long as such matters remain trade secrets,
confidential information, proprietary information or goodwill, Executive shall not use such trade
secrets, confidential information, proprietary information or goodwill in any way or in any
capacity other than as expressly consented to by Company.

8. Covenant not to Compete or Solicit. Ancillary to the Company’s commitments as set
forth herein, including but not limited to, the obligation to provide Executive with the Company’s
and its Affiliates’ confidential information, proprietary information, trade secrets and goodwill
and Executive’s agreement not to improperly use or disclose the Company’s and its Affiliates’
proprietary information, trade secrets or goodwill, the receipt and sufficiency of which is hereby
acknowledged, and to avoid the actual or threatened misappropriation of the Company’s and its
Affiliates’ confidential information, proprietary information, trade secrets or goodwill, Executive
agrees to the following covenants:

          8.1 Executive agrees to refrain during his/her employment under this Agreement and for one
year after the termination of his/her employment under this agreement for any reason, without
written permission of the Company, from becoming involved in any way, within the boundaries of the
United States, in the business of preparation, compilation or promotion of academic recognition
programs, directories, student mailing list, or student related products, manufacturing,
designing, servicing or selling, the type of jewelry or fine paper or other scholastic, licensed
sports, insignia, recognition or affinity products manufactured or sold (or then contemplated to be
manufactured or sold) by the Company, its divisions, subsidiaries and/or other affiliated entities,
including but not limited to, as an employee, consultant, independent representative, partner
representative, partner or proprietor. For the avoidance of doubt, these restrictions shall apply,
but shall not be limited to, US Achievement Academy, National Honor Roll, Who’s Who Among Students,
International, And Who’s Who Historical Society.

          8.2 Executive also agrees to refrain during his/her employment under this Agreement, and in
the event of the termination of his/her employment under this Agreement for any reason, for one
year thereafter, without written permission from the Company, from diverting, taking, soliciting,
licensed sports, insignia, recognition or affinity business of any customer of the Company, its
divisions, subsidiaries and/or affiliated entities, or any potential customer of the Company, its
divisions, subsidiaries and/or affiliated entities whose identity became known to Executive through
his/her employment by the Company and to which the Company has made a written business proposal or
provided written pricing information before the termination of Executive’s employment under this
Agreement.

          8.3 Executive agrees to refrain during his/her employment under this Agreement, and in the
event of the termination of his/her employment under this Agreement for any reason for a period of
one year thereafter, from inducing or attempting to influence any employee or independent
representative of the Company, its divisions, subsidiaries, and/or affiliated entities to terminate
his/her or his/her employment or association with the Company or such other entity.

 

 

          8.4 Executive further agrees that the covenants in Sections 8.1, 8.2 and 8.3 are made to
protect the legitimate business interests of the Company, including interests in the Company’s
“Confidential Information,” as defined in Section 7 of this Agreement, and not to restrict his/her
mobility or to prevent him from utilizing his/her skills. In signing this Agreement, Executive
gives the Company assurance that he has carefully read and considered all the terms and conditions
of this Agreement, including the restraints imposed on him under Section 7 and 8. Executive agrees
without reservation that these restraints are necessary for the reasonable and proper protection of
the Company and its Affiliates and that each and every one of the restraints is reasonable in
respect to subject matter, length of time and geographic area. Executive further agrees that, were
he to breach any of the covenants contained in Section 7 and 8, the damage to the Company and its
Affiliates would be irreparable. Executive therefore agrees that the Company, in addition to any
other remedies available to it, shall be entitled to preliminary and permanent injunctive relief
against any breach or threatened breach by him of any of those covenants, without having to post
bond. Executive and the Company further agree that, in the event that any provision of Section 7
and 8 is determined by any court of competent jurisdiction to be unenforceable by reason of its
being extended over too great a time, too large a geographic area or too great a range of
activities, that provision shall be deemed to be modified to permit its enforcement to the maximum
extent permitted by law. It is also agreed that each of the Company’s Affiliates shall have the
right to enforce all of Executive’s obligations to that Affiliate under this Agreement, including
without limitation pursuant to Section 7 and 8.

9. Controlling Law and Performability. The execution, validity, interpretation and
performance of this Agreement will be governed by the laws of the state of Texas.

10. Reparability. If any provision of this Agreement is rendered or declared illegal or
unenforceable, all other provisions of this Agreement will remain in full force and effect.

11. Notices. Any notice required or permitted to be given under this Agreement shall be
sufficient if in writing and if sent by certified mail (return receipt requested) addressed as
follows:

	 	 	 
	If to Executive:

	 	Carol Lynn Martens
	 

	 	2716 Barton Creek Blvd. # 1922
	 

	 	Austin, Texas 78735
	 

	 	Phone: 512-964-2227
	 
	 	 
	If to the Company:

	 	Educational Communications, Inc.
	 

	 	7211 Circle S Road
	 

	 	Austin, Texas 78745
	 

	 	Attention: Don Percenti, President & CEO

     Any address or other change to the above shall be in writing to the other party to become
effective.

12. Assignment. The rights and obligations of the Company under this Agreement shall inure
to the benefit of and be binding upon its successors and assigns. The rights and obligations
of Executive under this Agreement are of a personal nature and shall neither be transferred nor
assigned in whole or in party by Executive.

 

 

13. Non-Waiver. No waiver of or failure to assert any claim, right, benefit or remedy
hereunder shall operate as a waiver of any other claim, right, benefit or remedy of the company or
Executive.

14. Review and Consultation. Executive acknowledges that he has had a reasonable time to
review and consider this Agreement and has been given the opportunity to consult with an attorney.

15.  Entire Agreement and Amendments. This Agreement contains the entire agreement of
Executive and the company relating to the matters contained in this Agreement and supersedes all
prior agreements and understandings, oral or written, between Executive and the Company with
respect to the subject matter in this Agreement. This Agreement may be changed only by an
agreement in writing by Executive and the Company.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above
written.

	 	 	 	 	 
	 	EDUCATIONAL COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ Don Percenti
 	 
	 	 	Don Percenti, President & CEO 	 
	 	 	 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Carol Lynn Martens
 	 
	 	Carol Lynn Martens

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