Document:

EX-10.1

 Exhibit 10.1 

CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS 

DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED 

MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

LICENSE AGREEMENT 
 THIS LICENSE AGREEMENT (this
“Agreement”) dated as of August 4, 2014 (the “Effective Date”) is between NERVIANO MEDICAL SCIENCES S.r.l., an Italian corporation (“Nerviano”), having a place of business at viale Pasteur, 10, 20014 Nerviano,
Italy, and IGNYTA, INC., a Delaware corporation (“Ignyta”), having a place of business at 11095 Flintkote Avenue, Suite D, San Diego, CA 92121, U.S.A. A “Party” shall mean either of Nerviano and Ignyta and “Parties”
shall mean both Nerviano and Ignyta. 
 WHEREAS, Nerviano is developing compounds for the treatment of oncology diseases and owns or has rights in the APIs
and Licensed IP Rights (as each is defined below). 
 WHEREAS, Ignyta has capabilities in the development of oncology products and desires to obtain an
exclusive license under Nerviano’s rights in the APIs and Licensed IP Rights on the terms and conditions set forth below. 
 NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants herein contained, the Parties hereby agree as follows: 
  

	1.	DEFINITIONS 

 For purposes of this Agreement, the terms defined in this Section 1 shall have the
respective meanings set forth below: 
 1.1 “Acquiror” shall mean a Pharmaceutical Company that after the Execution Date acquires control
of Ignyta as a result, and upon consummation, of a Change of Control, where “Pharmaceutical Company” means any entity that, directly or through one or more of its Affiliates, is involved in the business of researching, testing,
developing, manufacturing, packaging, marketing, distributing or selling medical devices, medical diagnostic products, or pharmaceutical or medicinal products, formulations or compounds. 

1.2 “Affiliate” shall mean, with respect to a Party, a person, corporation, partnership, or other entity that controls, is controlled by or
is under common control with such Party, provided that, with respect to Nerviano, Affiliate means a person, corporation, partnership, or other entity that is controlled by Nerviano and/or NMS Group S.r.l., or is under common control with Nerviano.
For the purposes of this definition, (i) an Affiliate is considered an Affiliate regardless of whether such Affiliate is an Affiliate on the Effective Date or becomes an Affiliate after the Effective Date and (ii) the word
“control” (including, with correlative meaning, the terms “controlled by” or “under the common control with”) means the actual power, either directly or indirectly through one (1) or more intermediaries, to direct
or cause the direction of the management and policies of such entity either by the ownership of at least fifty percent (50%) of the voting stock of such entity or the ability to otherwise control the management of the corporation. 

 1.3 “API” shall mean one or more of the following small molecules that binds to and inhibits the
applicable Exclusive Target and that are specifically disclosed and generically described in (a) Nerviano Patent Cases NMS 015, 042 and 071 such as the molecule known internally at Nerviano as Nerviano-01104862 with the chemical structure set
forth on Exhibit 1.3, together with its pharmaceutically acceptable salts, esters, ethers, hydrates, isomers, analogs, metabolites, mixtures of isomers, complexes or derivatives (any of such molecules, the “CDC7 API” and
collectively, the “CDC7 APIs”), and (b) the small molecules described in Nerviano Patent Case NMS 093 such as the molecules known internally at Nerviano as Nerviano-P616 or Nerviano-P753, with the chemical structures set forth
on Exhibit 1.3, as well as any and all back-up compounds that are part of Nerviano’s RET project lead optimization process, together with any pharmaceutically acceptable salts, esters, ethers, hydrates, isomers, analogs, metabolites, mixtures
of isomers, complexes or derivatives of any of the foregoing (any of such molecules, the “RET API” and collectively, the “RET APIs”). 

1.4 “Change of Control” shall mean the occurrence of any of the following after the Effective Date: 

(a) a transaction or series of related transactions that results in the sale, transfer or other disposition of all or substantially all of Ignyta’s
assets; 
 (b) a merger or consolidation in which Ignyta is not the surviving corporation or in which, if Ignyta is the surviving corporation, the
beneficial owners of the outstanding voting securities of Ignyta immediately prior to the consummation of such merger or consolidation do not, immediately after consummation of such merger or consolidation, beneficially own, directly or indirectly,
stock or other securities of Ignyta that possess 50% or more of the voting power of all Ignyta’s outstanding stock and other securities; 
 (c) a
transaction or series of related transactions (which may include, without limitation, a tender offer for Ignyta’s stock or the issuance, sale or exchange of stock of Ignyta) whereby the beneficial owners of the outstanding voting securities of
Ignyta immediately prior to such transaction or series of transactions do not, immediately after consummation of such transaction or any of such related transactions, own stock or other securities of Ignyta that possess 50% or more of the voting
power of all Ignyta’s outstanding stock and other securities; or 
 (d) the acquisition (whether in a single transaction or series of related
transactions) after the Effective Date by a Third Party or Group (as such term is defined in the Securities Exchange Act of 1934, as amended) of beneficial ownership of 50% or more of Ignyta’s voting securities or other securities, indebtedness
or other rights convertible into such voting securities; provided, that a Change of Control shall not include any transaction or series of transactions solely for bona fide financing purposes in which cash is received by Ignyta or
indebtedness of Ignyta is cancelled or converted or a combination thereof for so long as the Third Party or Group acquiring such ownership does not then or thereafter have any other relationship with Ignyta other than such financing or investing
arrangement, including any arrangement involving the development, manufacture or commercialization of a Product. 
 1.5 “Commercially
Reasonable Efforts” means, as applied to Ignyta, its Affiliate or a Sublicensee, those efforts and resources that a company within the bio-pharmaceutical industry 

  
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at a similar stage of development as Ignyta, such Affiliate or such Sublicensee, as applicable, would use for a compound or product with similar market and/or commercialization prospects at a
similar stage in its product life cycle, taking into account the stage of development or commercialization of the compound or product, the cost-effectiveness of efforts or resources while optimizing profitability, the competitiveness of alternative
compounds or products that are or are expected to be in the marketplace, the patent and other proprietary position of the compound or product, the profitability of the compound or product and alternative compounds or products and other relevant
commercial factors. For purposes of this Section 1.5, milestone and royalty payments required to be paid to Nerviano under this Agreement shall not be considered in evaluating profitability or other economic factors. 

1.6 “Competent Authority(ies)” shall mean, collectively, (a) the governmental entities in each country or supranational organization
that is responsible for the regulation of any Product or the establishment, maintenance and/or protection of rights related to the Licensed IP Rights (including the FDA, the EMA and the MHLW), or (b) any other applicable regulatory or
administrative agency in any country or supranational organization that is comparable to, or a counterpart of, the foregoing. 
 1.7 “Competing
Product” means any small molecule that has a binding affinity for one or more of the Exclusive Targets and was specifically developed, directed or clinically tested against an Exclusive Target, and that is not an API. 

1.8 “Confidential Information” means all embodiments of Nerviano Licensed IP Rights and all other information disclosed, directly or
indirectly, by one Party to the other during the term of this Agreement or prior to the Effective Date, that is identified as confidential or is customarily regarded as confidential within the pharmaceutical industry, whether disclosed in
electronic, tangible, oral or visual form. Without limiting the generality of the foregoing, Ignyta’s Confidential Information includes the Royalty Reports made by Ignyta to Nerviano under Article 5 of this Agreement. Confidential
Information shall not include such information that: (a) was or becomes generally available to the public other than as a result of an unauthorized disclosure by a Party hereto or any of such Party’s Affiliates, employees, agents or
representatives; (b) was or becomes available to a Party hereto on a non-confidential basis from a source other than (in the case of future information) any other Party hereto (or any of such Party’s Affiliates, employees, agents or
representatives); provided that such source was not known to be bound by any agreement to keep such information confidential or otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation; or
(c) is independently developed by any Party hereto without the use of or reference to the Confidential Information of the other Party hereto or any of such other Party’s Affiliates. Information that is otherwise Confidential Information
and consists of a combination of information shall not be deemed to be in the public domain if individual elements of such information are in the public domain, unless the specific combination of those elements is also in the public domain. 

1.9 “Control” or “Controlled” with respect to intangible or intellectual property rights (including patent rights, know-how, trade
secrets and rights to access or cross-reference regulatory filings) means possession of the right to grant a license or sublicense hereunder without violating the terms of any agreement or other arrangement with any Third Party existing

  
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at the time the applicable Party would be first required hereunder to grant the other Party such license or sublicense. 

1.10 “Development” means all studies and other activities required to be conducted prior to NDA Approval, including non-clinical testing,
clinical studies, packaging and regulatory affairs, and any clinical or other studies required to be conducted after NDA Approval as a condition to approval of an NDA. 

1.11 “Development Data” means all non-clinical and clinical data (including raw data, analyses and reports), including pharmacological,
pharmaceutical, pharmacokinetic and toxicological data, relating to an API or a Product that is Controlled at any time during the term of this Agreement by either Party or their Affiliates, including all such data generated by a CRO for a Party.

 1.12 “Early Development Term” means the term starting from the Effective Date and ending with the dosing of the first patient in the
first Phase I Clinical Trial during the term of this Agreement or with the second anniversary of the Effective Date, whichever occurs first. 
 1.13
“EMA” shall mean the European Agency for the Evaluation of Medicinal Products of the European Union, or the successor thereto. 
 1.14
“Exclusive Targets” shall mean the following: 
 (a) the protein commonly known as CDC7, with [***], 

(b) the protein commonly known as RET, with [***], and 

(c) any derivatives, parts or polymorphisms (including without limitation splice variants) of any of the foregoing proteins and the nucleotide sequences that
encode any of the foregoing. 
 1.15 “FDA” shall mean the Food and Drug Administration of the United States, or the successor thereto. 

1.16 “Field” shall mean all fields of use, including without limitation the diagnosis, prevention or treatment of any disease, state or
condition in humans or other animals. 
 1.17 “First Commercial Sale” shall mean, with respect to any Product, the first sale of such
Product to an end user after all necessary marketing and pricing approvals (if any) have been granted by the applicable governing health authority of such country. 

1.18 “Ignyta Know-How” means know-how that (a) is Controlled by Ignyta or its Affiliates as of the Effective Date or during the term of
the Agreement and (b) is necessary or useful to develop, make, have made, use, sell, offer to sell, import, export, register and promote a Product 

  
  

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in the Territory, but only to the extent that such know-how is related to an API or a Product or a method of using or manufacturing an API or Product. 

1.19 “Ignyta Patents” means the patents and patent applications (including provisional applications, continuations, divisionals and
continuations-in-part) that are Controlled by Ignyta or its Affiliates as of the Effective Date or at any time during the term of this Agreement that, in each case, claim an API, a Product or their method of formulation, manufacture or use, and all
patents issuing therefrom (and all substitutions, reissues, renewals, reexaminations, supplementary protection certificates, extensions, registrations and confirmations of any of the foregoing patents). 

1.20 “Inventions” shall mean any invention, improvement, modification, know-how, information or other technology that is first conceived by
either or both of the Parties pursuant to work conducted in the Development of Products. 
 1.21 “Licensed IP Rights” shall mean,
collectively, the Nerviano Patents and the Nerviano Know-How. 
 1.22 “Major Market Countries” shall mean the United States, United
Kingdom, France, Spain, Italy, Germany, Japan and China. 
 1.23 “MHLW” shall mean the Ministry of Health, Labour and Welfare of Japan, or
the successor thereto. 
 1.24 “NDA” shall mean a New Drug Application, or similar application for marketing approval of a Product
submitted to the FDA, EMA or MHLW, or any comparable Competent Authority. 
 1.25 “NDA Approval” shall mean the approval of an NDA by all
applicable Competent Authorities. 
 1.26 “Nerviano Know-How” shall mean all trade secrets and other know-how rights in and to all data,
information, regulatory correspondence, compositions and other technology (including, but not limited to, formulae, procedures, protocols, techniques and results of experimentation and testing) that are (a) Controlled by Nerviano or its
Affiliates as of the Effective Date or at any time during the term of this Agreement and (b) are necessary or useful for Ignyta to make, use, develop, sell or seek regulatory approval to market a composition, or to practice any method or
process, at any time claimed or disclosed in any issued patent or pending patent application within the Licensed IP Rights or that otherwise relate to the APIs, the Products or their manufacture or use. 

1.27 “Nerviano Patents” shall mean the patents that are Controlled by Nerviano or its Affiliates as of the Effective Date or at any time
during the term of this Agreement and are (a) the patents and patent applications listed on Exhibit 1.27, (b) all patents and patent applications in any country of the world that claim or cover any or all of the APIs, the Products or
the manufacture or use thereof, and in which Nerviano heretofore or hereafter has an ownership or (sub)licensable interest, (c) all divisions, continuations, continuations-in-part, that claim priority to, or common priority with, the patent
applications described in clauses (a) and 

  
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(b) above or the patent applications that resulted in the patents described in clauses (a) and (b) above, and (d) all patents that have issued or in the future issue from any of
the foregoing patent applications, including utility, model and design patents and certificates of invention, together with any reissues, renewals, extensions or additions thereto. 

1.28 “Net Sales” means the gross amount invoiced on sales of a Product by Ignyta, or its Affiliates or Sublicensees, to unrelated Third
Parties less deductions for the following items, as allocable to such Product (if not previously deducted from the amount invoiced), consistent with customary business practices and in accordance with U. S. Generally Accepted Accounting Principles,
consistently applied: 
 (a) any rebates, quantity, trade and cash discounts; 

(b) charge-back payments and rebates granted to managed health care organizations or to federal, state, and local governments, their respective agencies,
purchasers, or reimbursers, including mandatory rebates; 
 (c) retroactive price reductions, credits or allowances actually granted upon rejections or
returns, including for recalls or damaged goods; 
 (d) a reasonable allowance for bad debts; 

(e) freight, insurance, data and other charges or fees related to shipping or handling or services provided in connection with such shipping or handling (to
the extent borne by the Party) and inventory management fees, discounts or credits provided that the cumulative annual amount of such deduction under this paragraph (e) shall not exceed three percent (3%) of the cumulative annual gross
sales; and 
 (f) sales taxes, excise taxes, use taxes, tariffs and import/export duties, or other governmental charges actually due or incurred with
respect to such sales, including value-added taxes. 
 All such discounts, allowances, credits, rebates and other deductions shall be fairly and equitably
allocated to the Product and other products or services of Ignyta, and its Affiliates or Sublicensees, such that the Product does not bear a disproportionate portion of such deductions. The transfer of Product by Ignyta to an Affiliate or
Sublicensee of Ignyta shall not be considered a sale. Every other commercial use or disposition of a Product by Ignyta or its Sublicensees in barter or other transactions (other than dispensing of reasonable and customary quantities for promotional
sampling, for testing or trials, or for compassionate use) shall be considered a sale of such Product at the weighted average Net Sales price for such Product during the preceding quarter. 

Where the consideration for Products includes any non-cash element, the Net Sales applicable to any such transaction shall be the fair market value for
the applicable quantity for the period in question in the applicable country of the Territory. The fair market value shall be determined, wherever possible, by reference to the average selling price of the relevant Product in arm’s length
transactions in the relevant country. 

  
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 If a Product is sold in a package or formulated in combination with one or more other active ingredients that are
not an API (as used in this definition of Net Sales, a “Combination Product”), then for each quarter payment period and on a country-by-country basis, the gross amount invoiced for that Product shall be calculated by multiplying the
gross amount invoiced for such Combination Product by the fraction A/(A+B), where “A” is the gross amount invoiced for the Product sold separately and “B” is the gross amount invoiced for the other active ingredient(s) sold
separately. If the other active ingredient is not sold separately, then the gross amount invoiced for that Product shall be calculated by multiplying the gross amount invoiced for the Combination Product by the fraction A/C, where “A” is
the gross invoice amount for the Product, if sold separately, and “C” is the gross invoice amount for the Combination Product. If a particular Combination Product is not addressed by the foregoing, Net Sales for royalty determination shall
be determined by the Parties in good faith. 
 1.29 “Non-Royalty Income” means any and all consideration in any form provided by a
Sublicensee to Ignyta or any of its Affiliates for a grant of a sublicense under any of the Licensed IP Rights including without limitation [***]. 

1.30 “Person” shall mean an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock
company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

1.31 “Phase I Clinical Trial” shall mean a human clinical trial that is intended to initially evaluate the safety and/or pharmacological
effect of a Product in subjects or that would otherwise satisfy requirements of 21 C.F.R. 312.21(a), or its foreign equivalent. 
 1.32
“Phase II Clinical Trial” shall mean a human clinical trial in any country that is intended to initially evaluate the effectiveness of a Product for a particular indication or indications in patients with the disease or
indication under study or would otherwise satisfy requirements of 21 CFR 312.21(b), or its foreign equivalent. A Phase IIa Clinical Trial shall not be a Phase II Clinical Trial until such time as the portion of the clinical trial described
above is commenced. For the avoidance of doubt, a phase I/II expansion cohort study shall not be a Phase II Clinical Trial. 
 1.33 “Phase IIa
Clinical Trial” shall mean a human clinical trial in any country that is solely intended to make a preliminary determination of the effectiveness of a Product for a particular indication or indications in patients with the disease or
indication under study. 
 1.34 “Phase III Clinical Trial” shall mean a human clinical trial in any country, the results of which
could be used to establish safety and efficacy of a Product as a basis for an NDA or would otherwise satisfy requirements of 21 CFR 312.21(c), or its foreign equivalent. 

 
  

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 1.35 “Product(s)” shall mean any product that incorporates any or all of the APIs and if made,
used, sold, offered for sale or imported absent the license granted hereunder would infringe a Valid Claim, or that otherwise uses or incorporates the Nerviano Know-How. 

1.36 “Registration(s)” shall mean any and all permits, licenses, authorizations, registrations or regulatory approvals (including NDAs)
required and/or granted by any Competent Authority as a prerequisite to the development, manufacturing, packaging, marketing and selling of any product. 

1.37 “Royalty Term” shall mean, with respect to each Product in each country, the longer of (a) the period during which a Valid Claim
remains in effect and would be infringed but for the license granted by this Agreement, by the use, offer for sale, sale or import of such Product in such country, and (b) ten (10) years after the First Commercial Sale of such Product in
such country. 
 1.38 “Sublicense Agreement” means any agreement or set of agreements under which Ignyta grants a Sublicensee a sublicense,
option or other right allowing such Sublicensee to develop, use, distribute or sell a Product. A distributor agreement shall not be a Sublicense Agreement. 

1.39 “Sublicensee” means an Affiliate or Third Party to whom Ignyta grants a sublicense under any Licensed IP Rights to develop, use,
distribute or sell a Product in the Territory, or otherwise grants any right to develop, promote, distribute and sell a Product in the Territory. A distributor shall not be a Sublicensee. 

1.40 “Territory” shall mean the world. 
 1.41
“Third Party” shall mean any Person other than Nerviano, Ignyta and their respective Affiliates. 
 1.42 “Valid Claim”
shall mean a claim of an issued and unexpired patent included within the Licensed IP Rights, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction,
unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 

1.43 “Interpretation.” 
 (a) Whenever any
provision of this Agreement uses the term “including” (or “includes”), such term shall be deemed to mean “including without limitation” and “including but not limited to” (or “includes without
limitations” and “includes but is not limited to”) regardless of whether the words “without limitation” or “but not limited to” actually follow the term “including” (or “includes”); 

(b) “Herein,” “hereby,” “hereunder,” “hereof” and other equivalent words shall refer to this Agreement as an entirety
and not solely to the particular portion of this Agreement in which any such word is used; 

  
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 (c) The recitals set forth at the start of this Agreement, along with the Exhibits and Schedules to this
Agreement, and the terms and conditions incorporated in such recitals, Exhibits and Schedules shall be deemed integral parts of this Agreement and all references in this Agreement to this Agreement shall encompass such recitals, Exhibits and
Schedules and the terms and conditions incorporated in such recitals, Exhibits and Schedules; 
 (d) Unless otherwise provided, all references to Sections,
Articles, Schedules and Exhibits in this Agreement are to Sections, Articles, Schedules and Exhibits of and to this Agreement; 
 (e) All references to
days, months, quarters or years are references to calendar days, calendar months, calendar quarters or calendar years; 
 Any reference to any federal,
national, state, local or foreign statute or law shall be deemed to also refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. 
  

	2.	REPRESENTATIONS AND WARRANTIES 

 2.1 Mutual Representations and Warranties. Each Party hereby
represents and warrants to the other Party as of the Effective Date as follows: 
 (a) Such Party is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction in which it is incorporated. 
 (b) Such Party (a) has the corporate power and authority and the legal
right to enter into this Agreement and to perform its obligations hereunder, and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations
hereunder. This Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such Party in accordance with its terms. 

(c) All necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be obtained by such Party in connection
with this Agreement have been obtained. 
 (d) The execution and delivery of this Agreement and the performance of such Party’s obligations hereunder
(a) do not conflict with or violate any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a default under, any contractual obligation of it. 

2.2 Additional Nerviano Representations and Warranties. Nerviano hereby represents and warrants to Ignyta that Nerviano (a) is the sole owner or
exclusive licensee of the Licensed IP Rights, and except as Nerviano has expressly informed Ignyta in writing prior to the date of this Agreement, has not granted to any Third Party any license or other interest in the Licensed IP Rights,
(b) is not aware of any Third Party patent, patent application or other intellectual property rights that would be infringed (i) by practicing any process or method or by making, using or selling any composition which is claimed or
disclosed in the Nerviano Patents or which constitutes Nerviano Know-How or (ii) by making, using or selling Products, (c) is not aware of 

  
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any infringement or misappropriation by a Third Party of the Licensed IP Rights, (d) all inventors of the inventions claimed in the Nerviano Patents have assigned all their right, title and
interest in and to such inventions to Nerviano, and (e) is not, either directly or indirectly through any Affiliate, (i) developing and/or commercializing a Competing Product, or (ii) enabling or licensing any Third Party to research,
develop and/or commercialize a Competing Product. 
 2.3 Additional Ignyta Representations and Warranties. Ignyta hereby further represents and
warrants to Nerviano that as, of the Effective Date, to its knowledge no Pharmaceutical Company owns more than five (5) percent of Ignyta’s currently outstanding and fully diluted shares of stock or other securities of Ignyta, indebtedness
or options, warrants or other rights convertible into such securities, nor has entered into any agreement or other arrangement to acquire any such securities or other rights. 

2.4 Disclaimer of Warranties. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR MANDATED BY APPLICABLE LAW (WITHOUT THE RIGHT TO WAIVE OR
DISCLAIM), NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY WITH RESPECT TO THE PRODUCT, ANY TECHNOLOGY, GOODS, SERVICES, RIGHTS, THE SUCCESS OF EFFORTS CONTEMPLATED UNDER THIS AGREEMENT, OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY
DISCLAIMS ALL WARRANTIES, CONDITIONS OR REPRESENTATIONS OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING IMPLIED WARRANTIES OF PERFORMANCE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OF THIRD PARTY
INTELLECTUAL PROPERTY RIGHTS. 
  

	3.	LICENSE GRANT; EXCLUSIVITY 

 3.1 Licensed IP Rights. 

(a) Nerviano hereby grants to Ignyta an exclusive license (with the right to grant Sublicenses subject to Section 3.3) under the Licensed IP Rights to
conduct research and to develop, make, have made, use, offer for sale, sell and import Products in the Territory for use in the Field. 
 (b) Nerviano
hereby grants to Ignyta a royalty-free, non-exclusive license (with the right to grant Sublicenses subject to Section 3.3) under any patent, know-how or other intellectual property rights Controlled by Nerviano to research and to develop, make,
have made, use, offer for sale, sell and import any diagnostic product for one or more of the Exclusive Targets. 
 3.2 Exclusivity. For the period
commencing with the Effective Date and ending on the fifth (5th) anniversary of the Effective Date, neither Nerviano nor its Affiliates shall, directly or indirectly, initiate or conduct (or enable or license any Third Party to) research,
develop and/or commercialize a Competing Product; provided that the certain small molecule designated internally at Nerviano as [***] (the “Predecessor Compound”) may be
exclusively developed, 

  
  

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manufactured and commercialized or out-licensed by Nerviano solely for development, manufacturing and sale in animal health applications (and in no event for any human use). 

3.3 Sublicenses. Subject to the terms and consistent with the obligations of this Agreement, Ignyta shall have the right to grant sublicenses within
the scope of the licenses under Section 3.1. For the avoidance of doubt, the right for Ignyta to grant sublicenses is intended to include the right to further sublicense provided that Ignyta or its Sublicensee shall inform Nerviano in writing
of such further sublicense. 
 3.4 Availability of the Licensed IP Rights and APIs; Relevant Information. 

(a) Nerviano shall promptly provide Ignyta with a copy of all information available to Nerviano relating to the Licensed IP Rights or APIs, including without
limitation: (a) all quantities of the APIs (whether GMP or non-GMP), (b) all assays to one or more of the Exclusive Targets (including diagnostic, pharmacology or release assays), (c) information and know-how regarding the manufacture
or use of the APIs or otherwise relating to the Exclusive Targets, (d) regulatory submissions, (e) communications with the Competent Authorities (including the minutes of any meetings), (f) trial master files, including case report
forms, (g) listings and tables of results from non-clinical studies, (h) storage of and access permission to any retained samples of materials used in non-clinical studies, and (j) access to CROs, sites and investigators involved in
non-clinical studies. 
 (b) Upon the request of Ignyta, Nerviano will promptly provide Ignyta with a copy of all information existing at the Effective Date
available to Nerviano relating to the Predecessor Compound, including without limitation: (a) all information and know-how regarding the manufacture or use of the Predecessor Compound, (b) regulatory submissions, (c) communications
with the Competent Authorities (including the minutes of any meetings), (d) trial master files, including case report forms, (e) listings and tables of results from non-clinical and clinical studies, (f) treatment-related serious
adverse event reports from the clinical trials, (g) storage of and access permission to any retained samples of materials used in non-clinical studies and clinical trials, and (h) access to CROs, sites and investigators involved in
non-clinical studies and clinical trials (collectively, “Predecessor Compound Information”). Ignyta shall have a non-exclusive, worldwide, royalty-free, perpetual right and license under any applicable intellectual property rights
Controlled by Nerviano to use the Predecessor Compound Information for any purpose related to the diagnosis, prevention or treatment of any disease, state or condition in humans. For the avoidance of doubt, subject to Section 3.2, Nerviano
shall retain all rights in the Predecessor Compound, including the right to license and to use the Predecessor Compound Information for any purpose related to the diagnosis, prevention or treatment of any disease, state or condition in non-human
animals. 
 3.5 Registrations. Nerviano acknowledges and agrees that Ignyta shall own all Registrations for Products for use in the Field in each
country in the Territory. After the Effective Date, Nerviano shall transfer to Ignyta all Registrations for Products. Nerviano hereby grants to Ignyta a free-of-charge right to reference and use and have full access to all other Registrations and
all other regulatory documents that relate to the Licensed IP Rights or APIs, including INDs, BLAs, NDAs and DMFs (whether as an independent document or as part of any NDA, and all chemistry, manufacturing and controls information), and any
supplements, amendments or 

  
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updates to the foregoing (for the purposes of this Section, the “Right of Reference”). Ignyta shall have the right to (sub)license the Right of Reference to its Sublicensees and
Affiliates. Nerviano shall promptly notify Ignyta of any written or oral notices received from, or inspections by any Competent Authority relating to any such Registrations, and shall promptly inform Ignyta of any responses to such written notices
or inspections and the resolution of any issue raised by such Competent Authority. During the time that Nerviano is the holder of a Registration, Ignyta shall be entitled to attend any and all meetings and participate in telephone calls with the
Competent Authorities, including without limitation any meeting preparation, meeting co-ordination and preparation of minutes. 
 3.6 Notwithstanding
anything to the contrary contained herein, with respect to the RET APIs, Nerviano will continue development activities (using commercially reasonable and diligent efforts and resources, but in no event lesser efforts and resources than have been
used by Nerviano to date in such development activities) through the earlier of (a) December 31, 2014 or (b) the identification of a RET API that is ready to be moved into toxicology studies in compliance with current good laboratory
practices to support later clinical development, at which point Ignyta will assume development responsibility, utilizing Nerviano or its Affiliates in its sole discretion for services in furtherance of preclinical activities. 

 

	4.	FINANCIAL CONSIDERATIONS 

 4.1 License Fees. 

(a) Subject to the terms of this Agreement, within ten (10) days after the Effective Date, Ignyta shall pay to Nerviano a non-refundable initial fee
of Three Million Five Hundred Thousand United States Dollars (US $ 3,500,000). 
 (b) In case of Sublicensing of rights to or under any of the Licensed
IP Rights during the Early Development Term, then Ignyta, in addition to the initial license fee as per Section 4.1(a), shall pay to Nerviano a further amount equal to [***] of any
Non-Royalty Income received from the Sublicensee. 
 4.2 Royalties. 

Ignyta shall pay Nerviano the following royalties: 
 4.2.1
During the applicable Royalty Term for a Product, on a Product-by-Product and country by country basis, subject to the terms and conditions of this Agreement, with respect to annual Net Sales of each Product by Ignyta its Affiliates or Sublicensees,
Ignyta shall pay to Nerviano royalties (the “Royalties”) equal to: 
 (a) for annual Net Sales of such Product in countries where the sale
of such Product is covered by a Valid Claim in such country, then: 
  

 

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 (i) [***] of the first [***] of such Net Sales, 

(ii) [***] of such Net Sales in excess of [***] but less than [***], and 

(iii) [***] of such Net Sales in excess of [***]; and 

(b) for annual Net Sales of such Product in countries where the sale of such Product is not covered by a Valid Claim in such country, [***] of such Net
Sales. 
 Only one Royalty shall be owing for a Product regardless of how many Valid Claims cover such Product. 

4.2.2 Third Party Royalties. If Ignyta, its Affiliates or Sublicensees is required to pay royalties to any Third Party in order to exercise its rights
hereunder to make, have made, use, sell, offer to sale or import any Product, then Ignyta shall have the right to credit [***] of such Third Party royalty payments against the Royalties owing to Nerviano under Section 4.2.1 with respect to
sales of such Product in such country; provided, however, that Ignyta shall not reduce the amount of the Royalties paid to Nerviano under Section 4.2.1 by reason of this Section 4.2.2, with respect to sales of such Product in
such country, to less than [***] of the Royalties that would otherwise be due under Section 4.2.1. 
 4.3 Milestone Payments. 

(a) CDC7 Products. Ignyta shall pay to Nerviano the following amounts within [***] following the first achievement of the applicable development
milestone event as set forth below with respect to a Product that incorporates a CDC7 API (a “CDC7 Product”). Each milestone payment is due only one time. 
  

			
	 Milestone Event
	  	Payment
(in US Dollars)
	 [***]
	  	[***]

 (b) RET Products. Ignyta shall pay to Nerviano the following amounts within [***] following the first achievement of
the applicable development milestone event as set forth below with respect to a Product that incorporates a RET API (a “RET Product”). Each milestone payment is due only one time. 

 
  

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	 Milestone Event
	  	Payment
(in US Dollars)
	 [***]
	  	[***]

 (c) For purposes of the above Milestone Events, [***]. 

(d) In the event any Product that achieves any Milestone Event hereunder includes both a CDC7 API and a RET API, only the Milestone Payments set forth in
Section 4.3(a) (and not any of the Milestone Payments set forth in Section 4.3(b)) will apply to such Product that achieves that Milestone Event, provided that this Section 4.3(d) does not prejudice the payment of Milestones due under
4.3(b) when achieved for RET Products as single agent or in different Combination Products. 
  

	5.	ROYALTY REPORTS AND ACCOUNTING 

 5.1 Royalty Reports. Within sixty (60) days after the end of
each calendar quarter during the term of this Agreement following the First Commercial Sale of a Product, Ignyta shall furnish to Nerviano a quarterly written report (each, a “Payment Report”) stating in reasonably specific detail
(a) the gross sales of a Product sold by Ignyta, its Affiliates or Sublicensees, (b) the units sold by Ignyta, its Affiliates and Sublicensees and the calculation of Net Sales during such calendar quarter on a country by country basis;
(c) the calculation of the Royalties, if any, that shall have accrued based upon such Net Sales; (d) the withholding taxes, if any, required by law to be deducted with respect to such sales; and (e) the exchange rates, if any, used in
determining the amount of United States Dollars. With respect to sales of Products invoiced in United States Dollars, the gross sales, Net Sales and Royalties payable shall be expressed in United States Dollars. With respect to Net Sales invoiced in
a currency other than United States Dollars, such amounts shall be expressed both in the currency in which the distribution is invoiced and in the United States Dollar equivalent. The United States Dollar equivalent shall be calculated using the
average of the exchange rate (local currency per US$1) published in The Wall Street Journal, Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable calendar quarter. 

5.2 Audits. 
 5.2.1 Ignyta shall keep full and true books
of accounts and other records in sufficient detail so that the Royalties payable hereunder can be properly ascertained. Upon the written request of Nerviano and not more than once in each calendar year, Ignyta shall permit an independent certified
public accounting firm of nationally recognized standing selected by Nerviano and reasonably acceptable to Ignyta, at Nerviano’s expense, to have access during normal business hours to such books and financial records of Ignyta as may be
necessary to determine the correctness of any Payment Report or payment made under this Agreement or to obtain information as to Royalties payable in case of failure to report or pay pursuant to the terms of this Agreement and as may be reasonably
necessary to verify the accuracy of the Payment 

  
  

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Reports hereunder for the eight (8) calendar quarters immediately prior to the date of such request (other than records for which Nerviano has already conducted an audit under this Section).

 5.2.2 If such accounting firm concludes that additional amounts were owed during the audited period, Ignyta shall pay such additional amounts within
thirty (30) days after the date Nerviano delivers to Ignyta such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by Nerviano; provided, however, if the audit discloses that the
Royalties payable by Ignyta for such period are more than one hundred five percent (105%) of the Royalties actually paid for such period, then Ignyta shall pay the reasonable fees and expenses charged by such accounting firm. Ignyta shall
require each Sublicensee (whether an Affiliate or a Third Party) to extend to Nerviano the same audit rights as those described in this Section 5.2. 

5.2.3 Nerviano shall cause its accounting firm to retain all financial information subject to review under this Section 5.2 in strict confidence;
provided, however, that Ignyta shall have the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement with Ignyta regarding such financial information. The accounting firm shall
disclose to Nerviano only whether the reports are correct or not and the amount of any discrepancy. No other information shall be shared. Nerviano shall treat all such financial information as Ignyta’s Confidential Information. 

 

	6.	PAYMENTS 

 6.1 All payments due under this Agreement shall be paid in immediately available funds in US
Dollars to the bank account designated in writing by Nerviano. To the extent Net Sales are accrued in currencies other than dollars, Net Sales shall be converted to US Dollars using the average of the exchange rate (local currency per US$1)
published in The Wall Street Journal, Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable calendar quarter. 

6.2 Payment Terms Royalties shown to have accrued by each Payment Report provided for under Section 5 shall be due on the date such Payment Report
is due. Payment of Royalties in whole or in part may be made in advance of such due date. 
 6.3 Exchange Control. If at any time legal restrictions
prevent the prompt remittance of part or all Royalties with respect to any country in the Territory where the Product is sold, Ignyta shall have the right, in its sole discretion, to make such payments by depositing the amount thereof in local
currency to Nerviano’s account in a bank or other depository institution in such country. If the Royalty rate specified in this Agreement should exceed the permissible rate established in any country, the Royalty rate for sales in such country
shall be adjusted to the highest legally permissible or government-approved rate. 
 6.4 Withholding Taxes. Ignyta shall be entitled to deduct the
amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to such amounts, other than United States taxes, payable by Ignyta, its Affiliates or Sublicensees, or any taxes required to be withheld by Ignyta, its
Affiliates or Sublicensees, to the extent Ignyta, its Affiliates, or 

  
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Sublicensees pay to the appropriate governmental authority on behalf of Nerviano such taxes, levies or charges. Ignyta shall use reasonable efforts to minimize any such taxes, levies or charges
required to be withheld on behalf of Nerviano by Ignyta, its Affiliates or Sublicensees. Ignyta promptly shall deliver to Nerviano proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with
such governmental authority with respect thereto. 
  

	7.	DEVELOPMENT 

 7.1 Joint Development Committee. 

(a) Within 30 days following the Effective Date, Nerviano and Ignyta shall appoint a Joint Development Committee (the “JDC”) to
exchange information regarding all activities related to the Development of the Products, including to facilitate the transfer from Nerviano to Ignyta of Nerviano Know-How. The JDC shall continue to be in effect until the receipt of the first NDA
Approval for a Product. 
 (b) The JDC will consist of four individuals of which two will be designated by Nerviano and two will be designated by Ignyta.
Ignyta has the right to designate the chair of the JDC. One representative from each Party shall be a senior executive from such Party, and the other representative shall be the project leader from such Party. Each Party shall have the right, at any
time, to designate by written notice to the other Party, a replacement for any of such Party’s members on the JDC. The JDC shall endeavor to work by consensus. Where consensus cannot be reached, Ignyta shall make the final determination after
consultation with Nerviano and considering Nerviano’ position in good faith; provided, however, that Ignyta shall not make any final determination that conflicts with the terms and conditions of this Agreement. As of the time of the
establishment of the JDC, each Party shall also designate one of its members of the JDC as the primary contact and coordinator for such Party, to facilitate communication and coordination of the Parties’ activities under the Agreement (the
“Project Coordinator”). 
 (c) The JDC shall meet as necessary, but, in any event no less frequently than twice each year. In lieu of in
person meetings, meetings of the JDC may take place by telephonic or video conference. The site for the in-person meetings shall alternate between Nerviano, Italy and San Diego, California, or such other location agreed to by the Parties. Other than
with respect to special meetings of the JDC, which may be called by either Party on not less than ten days prior written notice (which notice may be by e-mail), the chairperson shall send to the members of the JDC a notice of and agenda for each
meeting at least five business days prior to the date of such meeting. 
 (d) Promptly after each meeting of the JDC, the chairperson shall (or shall
designate another member of the JDC) to prepare and distribute, via facsimile or e-mail to all members of the JDC, draft minutes, including action steps and decisions, of the meeting. Promptly after the draft minutes are distributed, the members
shall either note their approval or provide proposed revisions to the draft. Promptly after the receipt of all approvals or proposed revisions to the draft, the chairperson shall issue the final minutes of the JDC. 

  
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 (e) Each Party shall bear its own costs, including travel, lodging, food and telephone or video conference costs,
for its personnel serving on the JDC or attending any meeting of the JDC. 
 7.2 Nerviano Support. Commencing on or promptly following the Effective
Date and continuing throughout the term of this Agreement, Nerviano shall provide Ignyta with Nerviano Know-How in its possession that is reasonably required to conduct the Development of the Products, and is reasonably requested by Ignyta. 

7.3 Regulatory Approvals. Ignyta, either on its own or through its Affiliates or permitted Sublicensees, shall use Commercially Reasonable Efforts to
(a) obtain NDA Approvals for Products in each of the Major Market Countries; (b) compile, submit and prosecute in a timely manner all necessary data, documents, NDAs (including labeling), in a format acceptable to the applicable Competent
Authorities with respect to such NDA Approvals, except that if Ignyta requests and to the extent that Nerviano has contributed to relevant parts of the CMC section, then Nerviano shall assist Ignyta in completing the related CMC section of the
filings; and (c) maintain and renew the NDA Approvals obtained by Ignyta and hold all such filings and approvals in its name, all at Ignyta’s expense. Ignyta shall pay all user fees and other costs required to obtain and maintain such NDA
Approvals. Ignyta and its Affiliates may use and cross-reference any Registrations held by Nerviano or its Affiliates for the Products. 
 7.4 On-Going
Disclosure Regarding Development. Ignyta will keep Nerviano informed about Ignyta’s or its Affiliate’s or Sublicensee’s, efforts to Develop the Products, including summaries regarding Ignyta’s progress towards meeting the
pertinent goals and milestones discussed by the JDC. Such disclosures will be made through the JDC at JDC meetings and in a written report to be attached to or included in the minutes of each JDC meeting. Without limiting the generality of the
foregoing, such reports will contain the following: filing of an IND or NDA with respect to a Product in any jurisdiction; initiation of any clinical study with respect to a Product in any jurisdiction; and identification of NDA Approvals in any
jurisdiction. 
 7.5 Development Data. 
 (a) Promptly
after the Effective Date, Nerviano shall transfer to Ignyta all existing Development Data and during the term of this Agreement Nerviano shall promptly and consistently transfer to Ignyta all Development Data as and when generated or developed.
Ignyta shall be the sole owner of the Development Data and Nerviano does and hereby assigns to Ignyta all of its right, title and interest therein. 
 (b)
Both Parties shall develop and maintain the Development Data, related records, documents and raw data in sufficient detail and in good scientific manner as will properly reflect all work done and results achieved in the development of the APIs and
Products. 
  

	8.	MANUFACTURE 

 8.1 Product Supply. Ignyta shall have the right to manufacture or engage a
third party manufacturer for the supply of the APIs or Products. 
 8.2 DMF. To the extent required CMC information is not contained in any IND
submitted to the FDA, Ignyta shall establish with the FDA a drug master file for the Product (“DMF”) and, if 

  
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requested by Ignyta, and to the extent that Nerviano has contributed to relevant parts of the CMC section, Nerviano shall assist Ignyta in obtaining the DMF. 

8.3 Manufacture of Predecessor Compound. In accordance with Section 3.2, Nerviano or its licensee shall have the right to manufacture or engage a
third party manufacturer for the supply of [***] exclusively for use in non-human animal health. 
  

	9.	CONFIDENTIALITY 

 9.1 Confidential Information. During the term of this Agreement, and for a
period of five (5) years following the expiration or earlier termination hereof, each Party shall maintain in confidence all information of the other Party that is disclosed by the other Party and identified as, or acknowledged to be,
confidential at the time of disclosure (the “Confidential Information”), and shall not use, disclose or grant the use of the Confidential Information except on a need-to-know basis to those directors, officers, Affiliates, employees,
permitted licensees, permitted assignees and agents, consultants, clinical investigators or contractors, to the extent such disclosure is reasonably necessary in connection with performing its obligations or exercising its rights under this
Agreement. To the extent that disclosure is authorized by this Agreement, prior to disclosure, each Party hereto shall obtain agreement of any such Person to hold in confidence and not make use of the Confidential Information for any purpose other
than those permitted by this Agreement. Each Party shall notify the other promptly upon discovery of any unauthorized use or disclosure of the other Party’s Confidential Information. 

9.2 Permitted Disclosures. The confidentiality obligations contained in Section 9.1 shall not apply to the extent that (a) any receiving
Party (the “Recipient”) is required (i) to disclose information by law, regulation or order of a governmental agency or a court of competent jurisdiction, provided that the Recipient shall provide written notice thereof to the other
Party and sufficient opportunity to object to any such disclosure or to request confidential treatment thereof, or (ii) to disclose information to any governmental agency for purposes of obtaining approval to test or market a product; or
(b) to disclose to its employees, directors, consultants, Sublicensees or Affiliates who have a need to know for purposes of this Agreement and are under an obligation of confidentiality equivalent to that of the Recipient. Notwithstanding any
other provision of this Agreement, Ignyta may disclose Confidential Information of Nerviano relating to information developed pursuant to this Agreement to any Person with whom Ignyta has, or is proposing to enter into, a business relationship, as
long as such Person has entered into a confidentiality agreement with Ignyta. 
 9.3 Disclosure of Financial and Other Terms. Except as
required by applicable laws, treaties and agreements (including securities laws), the Parties agree that the material terms of this Agreement will be considered Confidential Information of both Parties. Notwithstanding the foregoing, (a) either
Party may disclose such terms as are required to be disclosed in its publicly-filed financial statements or other public statements, pursuant to applicable laws, regulations and 

  
  

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stock exchange rules (e.g., the U.S. Securities and Exchange Commission, NASDAQ, NYSE, or any other stock exchange on which securities issued by Ignyta or Nerviano may be issued);
provided, such Party shall provide the other Party with a copy of the proposed text of such statements or disclosure (including any exhibits containing this Agreement) sufficiently in advance of the scheduled release or publication thereof to
afford such other Party a reasonable opportunity to review and comment upon the proposed text (including redacted versions of this Agreement), (b) either Party shall have the further right to disclose the material financial terms of this
Agreement on a confidential basis to any potential and actual Sublicensee, Acquiror, merger partner or potential providers of financing and their advisors in connection with due diligence investigations by, or presentations to, such entities, and
(c) either Party shall have the right to disclose information regarding the development or commercialization status of a Product to the extent such disclosure is customary and material to their potential and actual Sublicensees, current
investors, or required by applicable laws or stock exchange rules. Neither Party shall make any other statement to the public regarding the execution and/or any other aspect of the subject matter of this Agreement, except: (x) where a Party
reasonably believes disclosure is required under applicable laws or ethical commercial practice, (y) for customary discussions with current or prospective investors and analysts, and (z) either Party may use the text of a statement
previously approved by the other Party. Promptly after the Effective Date, the Parties will draft and issue a mutually acceptable press release. 
 9.4
Publication. Nerviano shall not publish, present or disclose any data, information or results regarding the APIs or their use without the prior written consent of Ignyta. If Nerviano desires to make any such publication, presentation or
disclosure, Nerviano shall first submit to Ignyta for its review, a copy of any proposed publication, presentation or other disclosure at least thirty (30) days prior to the date of submission for publication, presentation or other disclosure.
If Ignyta gives written notice to Nerviano that it does not desire that the data, information or results be published, presented or otherwise disclosed, or Ignyta requests that certain of such data, information or results be removed for
confidentiality or patent filing purposes, then Nerviano will not make such publication, presentation or other disclosure or will remove such data, information or results, as applicable. 

 

	10.	INTELLECTUAL PROPERTY 

 10.1 Trademarks. Ignyta shall select and own the trademarks used on the
Products (the “Product Trademarks”); provided, that no Product Trademark shall be the same as or confusingly similar to a trademark used by Nerviano as of the date of Ignyta’s intended first use for any of its other products
nor contain the phrase “Nerviano Medical Sciences.” 
 10.2 Ownership of Inventions. Subject to the terms hereof, including the licenses
and other rights granted hereunder, all Inventions shall be owned as follows: 
 (a) Nerviano shall own the entire right, title and interest in and to all
Inventions (including all patents and other intellectual property rights thereto) made solely by its employees or others acting on behalf of Nerviano (or solely by such persons and Third Parties performing work for Nerviano) in the Development of
Products or other activities undertaken under this Agreement (“After-Developed Nerviano Inventions”). All After-Developed Nerviano Inventions will be included in the licenses and rights granted under Article 3 above; 

  
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 (b) Ignyta shall own the entire right, title and interest in and to all Inventions (including all patents and
other intellectual property rights thereto) made solely by its employees or others acting on behalf of Ignyta (or solely by such persons and Third Parties performing work for Ignyta) in the Development of Products or other activities undertaken
under this Agreement; 
 (c) The Parties shall jointly own all Joint Inventions (as defined below). Nerviano’ rights in and to each Joint Invention
(including all patent rights and other intellectual property rights to it) will be included in the licenses and rights granted under Article 3 above, and, subject to such license and rights, each Party may make, use, sell, keep, license or
assign its interest in Joint Inventions and otherwise undertake all activities a sole owner might undertake with respect to such Joint Inventions, without the consent of and without accounting to the other Party. “Joint
Inventions” means Inventions for which it is determined, in accordance with United States patent law, that both: (i) one or more employees, consultants or agents of Nerviano or any other persons obligated to assign such
Invention to Nerviano; and (ii) one or more employees, consultants or agents of Ignyta or any other persons obligated to assign such Invention to Ignyta, are joint inventors. 

10.3 Prosecution of Patents.  
 (a) Sole
Inventions. Subject to the provisions of paragraphs (b) and (c) below, each Party shall have the right to: (i) determine whether patent applications should be filed on Inventions owned by it (other than Joint Inventions), and if
so, where and when; (ii) control the prosecution and procurement of any such patents and any other Nerviano Patents, in the case of Nerviano, including their issuance, reissuance, reexamination and the defense of any interference, revocation or
opposition proceedings, and to decide in which countries to maintain such patents when issued and for how long; and (iii) select all counsel or other parties necessary to prepare, file, prosecute and maintain all Nerviano Patents, in the case
of Nerviano, or to advise or represent it in connection with such patent applications or patents. Ignyta shall reimburse Nerviano for the reasonable costs and expenses of filing, prosecuting and maintaining the Nerviano Patents except for any Post
Grant Proceedings, which will be negotiated in good faith on a case-by-case basis, but Ignyta shall not be liable for such costs unless the parties have reached agreement. For the purpose of this Article 10.3, “prosecution” shall include
any post-grant proceeding including patent interference proceeding, inter partes review, opposition proceeding and reexamination (collectively, “Post Grant Proceedings”). 

(b) Joint Inventions. Ignyta shall be responsible for filing patent applications on, and directing the particulars (as described in
Section 10.3(a)) of the patent prosecution for all Joint Inventions at its own cost and expense. Ignyta will exercise its reasonable efforts to keep Nerviano informed of significant steps taken in such matters. With respect to the prosecution
of patent applications for Joint Inventions, Ignyta shall have the further right to take such actions as are necessary or appropriate to procure and maintain patents with respect thereto. All patent applications and patents directed to Joint
Inventions (“Joint Patents”) shall be owned jointly between Nerviano and Ignyta. Upon request, unless and to the extent otherwise mutually agreed by each Party’s patent counsel, Ignyta, to the extent practicable, shall
furnish Nerviano with copies of such Joint Patents and other related correspondence relating to the prosecution of the Joint Patents to and from patent offices throughout the Territory, and permit Nerviano to offer its comments thereon before Ignyta
makes a submission to a patent office. Nerviano shall offer its 

  
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comments promptly, including any request that the patents be filed in additional countries, although Ignyta shall determine the appropriate action after considering in good faith any comments or
requests from Nerviano. If, in its sole discretion, Ignyta decides not to file a patent application on any Joint Invention, or ceases to diligently pursue prosecution or procurement, or fails to maintain the same in any country, that decision,
cessation, or failure will not constitute a default under this Agreement. Rather, Nerviano shall then have the right, at its sole expense and in its sole discretion, to file patent applications, control prosecution and procurement, and maintain
procured patents with respect to such Joint Invention. In respect of Joint Inventions, Ignyta shall pay all costs and expenses incurred in respect of patents prosecuted or maintained by it. 

(c) Nerviano Patents. Nerviano shall prepare, prosecute and maintain all Nerviano Patents. Nerviano will exercise its reasonable efforts to keep Ignyta
currently informed of significant steps to be taken in such preparation, prosecution and maintenance of all Nerviano Patents. Upon request, unless and to the extent otherwise mutually agreed by each Party’s patent counsel, Nerviano, to the
extent practicable, shall furnish Ignyta with copies of such Patents and other related correspondence relating to the prosecution of all Nerviano Patents to and from patent offices, and permit Ignyta to offer its comments thereon before Nerviano
makes a submission to a patent office. Nerviano will reasonably incorporate the comments received from Ignyta. Ignyta will have the right to choose which countries in which to file patent applications, provided that Nerviano shall file in the
following countries: countries in the European Patent Convention, U.S., Japan, Australia, India, Mexico, Canada, Brazil, Chile, China (including Hong Kong), Thailand, South Korea, and the following EAPC countries: Armenia, Azerbaijan, Belarus,
Kazakhstan, Kyrghyz Republic, Republic of Moldova, Russia, Tajikistan and Turkmenistan. Ignyta shall offer its comments promptly, including the list of additional countries. Subject to its antecedent obligations below, Nerviano may discontinue the
prosecution of any patent application or abandon any patent encompassed within the Nerviano Patents. If Nerviano decides not to file or to abandon or allow to lapse any patent application or patent within the Nerviano Patents in any country of the
Territory, Nerviano will promptly inform Ignyta of such decision and in the case of abandonment, at least 30 days prior to such abandonment or lapse and will give Ignyta the opportunity to prosecute such patent application and/or maintain such
patent at its expense and in Ignyta’s name. If Ignyta elects to undertake the prosecution of any Nerviano Patent, Nerviano will assign its right, title and interest in and to the pertinent Nerviano Patent to Ignyta, whereupon Ignyta will have
no further obligation under this Agreement with respect to the payment of Royalties or otherwise pertaining to that Nerviano Patent. 
 10.4 Patent Term
Extensions. 
 The Parties shall: (a) notify each other of the issuance of each patent where extension is possible included within the Nerviano
Patents or Joint Patents, giving the date of issue and patent number for each such patent; and (b) advise each other in a timely manner of NDA Approval by the FDA, EMA, or MHLW for any Product and any other governmental approval that is
pertinent to any patent term extension or restoration. The Parties shall use reasonable efforts to obtain all available patent term extensions or restorations of such Nerviano Patents or Joint Patents (including those available under the
Hatch-Waxman Act). To that end, each Party shall: (c) supply the other Party, in a timely manner, with any information in its possession or control pertaining to, or desirable for, the extension of any Nerviano Patents or Joint Patent;
(d) execute 

  
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and deliver to the other Party, in a timely manner, any authorizations, supporting affidavits and other documents required in connection with the extension of any Nerviano Patent or Joint Patent;
and (e) take such other actions as may be reasonably requested by the other Party to obtain such extensions. The Parties shall cooperate with each other in seeking or gaining patent term restorations or extensions wherever applicable to such
Nerviano Patents or Joint Patents, and in determining which Nerviano Patents or Joint Patents the Parties should seek and obtain patent term extension or restoration. The Party first eligible to seek patent term restoration or extension of any such
Nerviano Patents or Joint Patents related thereto shall have the right to do so; provided, that if in any country the first Party has an option to extend the patent term for only one of several patents, the first Party will consult with the
other Party before making the election. If more than one Nerviano Patents or Joint Patents (or other patents) is eligible for extension or patent term restoration, the Parties shall agree upon a strategy that will maximize patent protection for the
Product. 
 10.5 Patent Certifications. 
 (a) Each
Party shall immediately give notice to the other Party of any notice it receives of certification filed under the Hatch-Waxman Act (or substantially similar foreign law or regulation) claiming that any of the Ignyta Patents, Nerviano Patents or
Joint Patents is invalid, unenforceable or that any infringement will not arise from the manufacture, use or sale of a Product by a Third Party. The right to bring suit against the entity making such a certification shall be governed by
Section 10.6. Any suit by either Party may be in the name of either or both Parties, as may be required by law. For this purpose, the Party not bringing suit shall execute such legal papers necessary for the prosecution of such suit as may be
reasonably requested by the Party bringing suit. 
 (b) To the extent required by law or permitted by law, Ignyta shall use its Commercially Reasonable
Efforts to maintain with the applicable regulatory authorities during the term of this Agreement correct and complete listings of applicable patents for any Product then being commercialized by Ignyta, including all so called “Orange Book”
listings required under the Hatch-Waxman Act. 
 10.6 Enforcement of Patent Rights.  

(a) In the event that either Party becomes aware of any product containing the APIs that is made, used, or sold in the Territory which it believes to
(i) infringe an Ignyta Patent, a Nerviano Patent or a Joint Patent, or (ii) constitute a misappropriation of know-how covering the use of any of the APIs or any Product in the Field, such Party (the “Notifying
Party”) will promptly advise the other Party of all the relevant facts and circumstances known by the Notifying Party in connection with the infringement or misappropriation. 

(b) Ignyta may enforce, and Nerviano does hereby grant to Ignyta the right to enforce as applicable, such Ignyta Patents, Nerviano Patents or Joint Patents
against such infringement or misappropriation in the Territory at Ignyta’s sole expense and in Ignyta’s sole discretion. Nerviano and its Affiliates will fully cooperate with Ignyta with respect to the investigation and prosecution of such
alleged infringement or misappropriation by Ignyta including the joining of Nerviano and its Affiliates as a Party to such action, as may be required by the law of the 

  
 - 22 - 

 
particular forum where enforcement is being sought. 
 (c) Nerviano shall, at its sole expense and in
its sole discretion, enforce such Nerviano Patents and Joint Patents against such infringement or misappropriation in the Territory if: (i) within 120 days (or such shorter time as would allow Nerviano to reasonably bring suit before any legal
or regulatory deadline therefore) after receiving notice from Nerviano of the infringement or misappropriation, Ignyta elects, in its sole discretion, not to take action to investigate such alleged infringement or misappropriation and, if such
infringement or misappropriation is subsequently reasonably demonstrated, to timely institute an action to abate such alleged infringement or misappropriation and to prosecute such action diligently, or (ii) Ignyta notifies Nerviano that Ignyta
does not plan to terminate the infringement or misappropriation or institute such action. Ignyta and its Affiliates will fully cooperate with Nerviano with respect to the investigation and prosecution of such alleged infringement or misappropriation
including the joining of Ignyta and its Affiliates as a Party to such action, as may be required by the law of the particular forum where enforcement is being sought. 

(d) The Party prosecuting such infringement or misappropriation action will control the litigation and will bear all legal expenses (including court costs and
legal fees and expenses), including settlement thereof; provided, that no settlement or consent judgment or other voluntary final disposition of any infringement or misappropriation action brought by a Party pursuant to this Section 10.6
may be entered into without the prior written consent of the other Party if such settlement would require the other Party to be subject to an injunction or to make a monetary payment in excess of $50,000 or would restrict the claims in or admit any
invalidity of any of the Nerviano Patents or Joint Patents or significantly adversely affect the rights of the other Party to this Agreement. 
 (e) Any
recovery obtained as a result of such action, whether by judgment, award, decree or settlement will first be applied to reimbursement of each Party’s out-of-pocket expenses in bringing such suit or proceeding, and 75% of the remaining balance
shall be distributed to the Party bringing such enforcement action, and 25% to the other Party. 
 10.7 Patent Infringement Claims. 

(a) Each Party shall notify the other Party promptly in writing of any claim of, or action for, infringement of any patents or misappropriation of trade
secret rights of any Third Party which is threatened, made or brought against either Party by reason of the development, manufacture, use or sale of any Product by either Party. Ignyta shall be responsible for defense of all such claims against
Ignyta in the Territory except as otherwise provided in Article 12. 
 (b) In any suit, action or proceeding referred to in this Section 10.7
(regardless of which Party commences or defends), each Party shall, at its own expense, fully cooperate with the other Party and supply all assistance reasonably requested by the Party carrying on the proceeding, including providing the other Party
with such witnesses, documents and records and other evidence as may be reasonably requested. 
 10.8 Cooperation. In any suit to enforce and/or
defend the Licensed IP Rights or the Ignyta Patents pursuant to this Section 10, the Party not in control of such suit shall, at the request and 

  
 - 23 - 

 
expense of the controlling Party, reasonably cooperate and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples,
specimens, and the like. 
  

	11.	TERMINATION 

 11.1 Term of Agreement. This Agreement shall become effective as of the Effective
Date and, unless earlier terminated pursuant to other provisions of this Article 11, shall continue in full force and effect until Ignyta has duly and completely fulfilled its obligation to pay Royalties to Nerviano under Section 4.2.
Following expiration of this Agreement - unless terminated in advance according to the provisions of present Article 11 - Ignyta shall have a fully paid-up, non-exclusive license under the Nerviano Know-How to conduct research and to develop, make,
have made, use, sell, offer for sale and import Products in the Territory for use in the Field. 
 11.2 Termination by Ignyta. The Agreement may be
terminated by Ignyta at any time as follows: 
 (a) prior to the First Commercial Sale of a Product, Ignyta may terminate this Agreement upon providing
Nerviano with sixty (60) day written notice of its intent to terminate; or 
 (b) after the First Commercial Sale of a Product, Ignyta may
terminate this Agreement upon three months prior written notice: provided, that Nerviano may then accelerate the effective date of termination to not less than 30 days after such notice from Ignyta. 

11.3 Termination for Cause. Upon the material breach by one Party under this Agreement, the other Party shall notify the breaching Party of such
breach, and require that the breaching Party cure such breach within 60 days (or, in the case of payment defaults, within 30 days), provided that, in the case of any default other than the payment default, such cure period shall be reasonably
extended (not to exceed 120 days) if, despite the commercially reasonable efforts of the breaching Party, such default may not be cured within such 60 day period. In the event that the material breach is not cured within the applicable cure period,
the notifying Party shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement and any other remedies available to it by law or in equity, to terminate this Agreement. 

11.4 Effect of Termination. 
 (a) Upon termination by
Ignyta pursuant to Section 11.2 or by Nerviano pursuant to Section 11.3: 
 (i) All sublicenses granted by Ignyta to its
Sublicensees under this Agreement pursuant to Section 3.3 shall survive the termination of this Agreement provided that such Sublicensees are not in breach of their respective Sublicense Agreements and assume in writing all obligations under
such Sublicense Agreements to Nerviano directly; and 
 (ii) All rights and licenses granted by Nerviano to Ignyta will terminate. 

(iii) Ignyta will assign to Nerviano all regulatory filings and NDA Approvals for the Products and the Development Data; 

  
 - 24 - 

 (iv) If termination occurs after submission of materials seeking NDA Approval for any Products,
all rights to all Product Trademarks for use with the Product (excluding Ignyta’s name) will be assigned to Nerviano; 
 (v) Ignyta
will, at Nerviano’s option, transfer to Nerviano responsibility for any then-ongoing clinical trials of Products in which patient dosing has commenced, and Nerviano shall be solely responsible for the costs of conducting such trials incurred
after the effective date of termination of this Agreement; 
 (vi) Ignyta shall grant to Nerviano a royalty-bearing, exclusive license (with
right to sublicense) under the Joint Inventions, Ignyta Patents and Ignyta Know-How existing as of the date of termination solely for the APIs or their manufacture or use in any indication (and no other active pharmaceutical ingredient or
diagnostic). 
 (vii) If Ignyta has commenced a Phase II Clinical Trial as of the date of termination, then Nerviano shall pay Ignyta
royalties of [***] of annual Net Sales (as such definition is revised to encompass sales by Nerviano or its Affiliates or sublicensees). 

Ignyta will cooperate in any reasonable manner requested by Nerviano to achieve a smooth transition of the development, manufacturing,
marketing and sales of Products to Nerviano or its licensees, such as transfer of manufacturing technology and assistance in connection with regulatory matters relating to the transfer of Products. 

(b) Following termination of this Agreement by Ignyta pursuant to Section 11.3, Ignyta shall have a fully-paid, royalty-free, exclusive
license under the Nerviano Know-How, the Nerviano Patents and the Joint Patents to conduct research and to develop, make, have made, use, sell, offer for sale and import Products in the Territory for use in the Field. 

11.5 Surviving Provisions. The following Articles and Sections of this Agreement shall survive any expiration or termination of this Agreement for any
reason: Sections 2.4, 9, 10.2, 11.4, 11.5, 12 and 13. 
  

	12.	INDEMNIFICATION 

 12.1 Mutual Indemnification. Each Party shall defend, indemnify and hold the
other Party and its Affiliates, and their respective directors, officers, employees, agents, contractors, sublicensees, and consultants harmless from and against any and all liabilities, losses, damages, settlements, claims, actions, suits,
penalties, fines, costs or expenses (including reasonable attorneys’ fees and other expenses of litigation actually incurred) arising out of any claim or action brought by a Third Party (any of the foregoing, a
“Loss”) arising out of or resulting from: 
  

 

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 - 25 - 

 (a) the negligence, recklessness or intentional acts or omissions of the indemnifying Party and its Affiliates,
and their respective directors, officers, employees and agents with respect to this Agreement and the transactions contemplated hereby; 
 (b) any breach of
a representation, warranty, covenant or agreement of the indemnifying Party hereunder; and 
 (c) any personal injury or property damage occurring at a
location owned, leased, or under the control of the indemnifying Party in connection with the transactions contemplated by this Agreement (except to the extent such Loss arose out of or resulted from the negligence, recklessness or intentional acts
or omissions of the other Party or its Affiliates, and their respective directors, officers, employees and agents). 
 12.2 Ignyta. Except to
the extent required to be indemnified by Nerviano under Section 12.3, Ignyta shall defend, indemnify and hold Nerviano, its Affiliates, and their respective directors, officers, employees and licensees, harmless from and against any and all
Losses arising out of the development, non-clinical or clinical testing, use or sale of Products in the Territory by Ignyta or its Affiliates or Sublicensees, including any patent infringement or product liability claims (including any product
defects, failure to comply with regulatory and other legal requirements, failure to provide adequate warnings and misuse of the Products); except the foregoing obligations of Ignyta will not apply to any Loss that arises from, or is due to any of:
(a) actions or claims alleging that any action or inaction of Nerviano infringes any patent rights of any Third Party; (b) Nerviano’s breach of its obligations under this Agreement, including its representations and warranties; or
(c) Nerviano’s negligence or willful misconduct. 
 12.3 Nerviano. Nerviano shall defend, indemnify and hold Ignyta, its Affiliates, and
their respective directors, officers, employees, and licensees, harmless from and against any and all Losses to which such persons may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the extent such
Losses arise out of (a) a claim that any action or inaction of Nerviano infringes any patent rights of any Third Party; (b) Nerviano’s breach of its obligations under this Agreement, including its representations and warranties; or
(c) Nerviano’ negligence or willful misconduct. 
 12.4 Indemnification Procedure. In the event that either Party seeks indemnification
under this Article 12, such Party shall inform the other Party of the claim as soon as reasonably practicable after it receives notice of the claim and, in any event, not later than 20 days after it receives such notice, and shall
(a) permit the indemnifying Party to assume direction and control of the defense of the claim (including the right to settle such claim at its discretion; provided, that no such settlement may be entered into without the indemnified
Party’s consent if such settlement may adversely impact such Party’s rights hereunder), and (b) cooperate as requested (at the expense of the indemnifying Party) in the defense of such claim. If both Parties are sued and it is
reasonably likely that the Parties may have conflicting interests or if it is otherwise not advisable under applicable legal and ethical requirements for the indemnifying Party’s defense counsel to represent both Parties, separate independent
counsel shall be retained for each Party at the expense of the indemnifying Party. 

  
 - 26 - 

 12.5 Insurance. Immediately upon the first administration of any API or Product to a human in the
Territory by Ignyta, its Affiliates or its Sublicensees, and for a period of three (3) years after the filing of an NDA in all Major Market Countries, Ignyta shall obtain and maintain, at its sole cost and expense, clinical trial insurance
standard in the pharmaceutical trade in amounts of at least [***] per occurrence (or claim) and [***] in the aggregate limit of liability per year. Prior to the first NDA Approval, and for a period of five (5) years after the expiration of this
Agreement or the earlier termination thereof, Ignyta shall obtain and maintain, at its sole cost and expense, product liability insurance standard in the pharmaceutical trade in amounts of at least [***] per occurrence (or claim) and [***] in the aggregate limit of liability per year. Ignyta shall provide written proof of the existence of such insurance to Nerviano upon request. If Ignyta sublicenses its rights to sell a Product in
accordance with Section 3.3, such insurance obligations may be satisfied by its Sublicensees. 
  

	13.	MISCELLANEOUS 

 13.1 Notices. Any consent, notice or report required or permitted to be given or
made under this Agreement by one of the Parties hereto to the other Party shall be in writing, delivered by any lawful means to such other Party at its address indicated below, or to such other address as the addressee shall have last furnished in
writing to the addressor and (except as otherwise provided in this Agreement) shall be effective upon receipt by the addressee. 
  

			
	If to Nerviano:	  	Nerviano Medical Sciences S.r.l.
		  	Viale Pasteur 10
		  	20014 Nerviano (Milano)
		  	Italy
		  	Attention: Chief Executive Officer
		
		  	With required copy to:
		
		  	Nerviano Medical Sciences S.r.l.
		  	Viale Pasteur 10
		  	20014 Nerviano (Milano)
		  	Italy
		  	Attention: Head of Business Development
		
	If to Ignyta:	  	Ignyta, Inc.
		  	11095 Flintkote Avenue, Suite D
		  	San Diego, CA 92121, U.S.A
		  	Attention: Chief Executive Officer

  
  

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 - 27 - 

 13.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York (USA), without regard to the conflicts of law principles thereof. 
 13.3 Force Majeure. Neither Party shall be held liable or
responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement to the extent, and for so long as, such failure or delay is caused by or
results from causes beyond the reasonable control of the affected Party including but not limited to fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes,
lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or the other Party; provided, that the Party so affected shall give prompt notice thereof to the other. If any such cause
prevents either Party from performing any of its material obligations hereunder for more than six months, the other Party may then terminate this Agreement upon 90 days prior notice. Except as provided in the immediately preceding sentence, no such
failure or delay shall terminate this Agreement, and each Party shall complete its obligations hereunder as promptly as reasonably practicable following cessation of the cause or circumstances of such failure or delay. 

13.4 Dispute Resolution.  
 (a) The Parties recognize
that a bona fide dispute as to certain matters may from time to time arise during the term of this Agreement that relate to any Party’s rights or obligations hereunder. In the event of the occurrence of any dispute arising out of or relating to
this Agreement, including any question regarding its existence, validity or termination, any Party may, by written notice to the other, have such dispute referred to their respective officer designated below or their successors, for attempted
resolution by good faith negotiations within sixty (60) days after such notice is received. Said designated officers are as follows: 
  

					
		 	For Nerviano: Chief Executive Officer	 	
			
		 	For Ignyta: Chief Executive Officer	 	

 (b) In the event that they shall be unable to resolve the dispute by executive mediation within thirty (30) days of the
disputing Party’s notice, then the dispute shall be finally settled by binding arbitration as provided below. The arbitration shall be conducted in English. The award of arbitration shall be final and binding upon both Parties. 

(c) Any arbitration proceeding shall be conducted in accordance with the arbitration rules of the London Court of International Arbitration
(“LCIA”). The place of arbitration shall be London, England. The procedures specified in this Section 13.4 shall not prevent either Party from seeking preliminary or permanent injunctive relief with respect to breaches of
obligations under this Agreement in any appropriate jurisdiction.  
 13.5 Assignment. Ignyta shall not assign its rights or obligations under
this Agreement without the prior written consent of Nerviano; provided, however, that each Party may assign without prior written consent, this Agreement and its rights and obligations hereunder (a) to any Affiliate, or
(b) in connection with the transfer or sale of all or substantially all of its business to which this Agreement relates, or in the event of its merger, consolidation, change in control or 

  
 - 28 - 

 
similar transaction. Any attempt to assign this Agreement in breach of the foregoing shall be void. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and each of
their successors and permitted assigns. 
 13.6 Waivers and Amendments. No change, modification, extension, termination or waiver of this Agreement,
or any of the provisions herein contained, shall be valid unless made in writing and signed by duly authorized representatives of the Parties hereto. 

13.7 Entire Agreement. This Agreement embodies the entire agreement between the Parties and supersedes any prior representations, understandings and
agreements between the Parties regarding the subject matter hereof. There are no representations, understandings or agreements, oral or written, between the Parties regarding the subject matter hereof that are not fully expressed herein. 

13.8 Severability. Any of the provisions of this Agreement which are determined to be invalid or unenforceable in any jurisdiction shall be ineffective
to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions hereof and without affecting the validity or enforceability of any of the terms of this Agreement in any
other jurisdiction. 
 13.9 Waiver. The waiver by either Party hereto of any right hereunder or the failure to perform or of a breach by the other
Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise. 

13.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 13.11 No Third-Party Beneficiaries. None of the provisions of this Agreement shall be for the
benefit of, or enforceable by, any Third Party. The agreements herein contained are made for the sole benefit of the Parties hereto and no other person or entity is intended to or shall have any rights or benefits hereunder, whether as a third-party
beneficiary or otherwise. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 29 - 

 IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date. 

 

			
	
	NERVIANO MEDICAL SCIENCES
		
	By:		 /s/ Dr. Luciano Baielli

		
	Name:		 Dr. Luciano Baielli

		
	Title		 Amministratore Delegato

	
	IGNYTA, INC.
		
	By:		 /s/ Jonathan Lim

		
	Name:		 Jonathan Lim

		
	Title		 President and CEO

  
 - 30 - 

 EXHIBIT 1.3 

[***] 
  

 

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 - 31 - 

 EXHIBIT 1.27 

[***] 
  

 

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 - 32 - 

	
	  

This document contains confidential information belonging to Nerviano Medical Sciences S.r.l.. Except as may be otherwise agreed to in writing, by accepting or
reviewing these materials, you agree to hold such information in confidence and not to disclose it to others (except where required by applicable law), nor to use it for unauthorized purposes. In the event of actual or suspected breach of this
obligation, Nerviano Medical Sciences S.r.l. should be promptly notified.
  

  
 - 33 -EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 NISSAN
MASTER OWNER TRUST RECEIVABLES 
 Issuer 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 SERIES 2015-A

 INDENTURE SUPPLEMENT 
 Dated
as of January 30, 2015 
 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2015-A 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
			
	 ARTICLE I
	 	 CREATION OF SERIES 2015-A NOTES
	  	 	2	  
			
	 Section 1.01.
	 	 Designation
	  	 	2	  
			
	 ARTICLE II
	 	 DEFINITIONS
	  	 	3	  
			
	 Section 2.01.
	 	 Definition
	  	 	3	  
	 Section 2.02.
	 	 Other Definitional Provisions
	  	 	16	  
	 Section 2.03.
	 	 Registration of and Limitations on Transfer and Exchange of Notes
	  	 	17	  
	 Section 2.04.
	 	 Definitive Notes
	  	 	17	  
			
	 ARTICLE III
	 	 SERVICING FEE
	  	 	18	  
			
	 Section 3.01.
	 	 Servicing Compensation
	  	 	18	  
			
	 ARTICLE IV
	 	 RIGHTS OF SERIES 2015-A NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	19	  
			
	 Section 4.01.
	 	 Collections and Allocations
	  	 	19	  
	 Section 4.02.
	 	 Determination of Monthly Interest
	  	 	21	  
	 Section 4.03.
	 	 Advances
	  	 	22	  
	 Section 4.04.
	 	 Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of
Payment
	  	 	23	  
	 Section 4.05.
	 	 Investor Charge-Offs
	  	 	28	  
	 Section 4.06.
	 	 Reallocated Principal Collections
	  	 	29	  
	 Section 4.07.
	 	 Excess Interest Amounts
	  	 	29	  
	 Section 4.08.
	 	 Excess Principal Amounts
	  	 	29	  
	 Section 4.09.
	 	 Series Nominal Liquidation Amount, Overcollateralization Amount and Invested Amount
	  	 	30	  
	 Section 4.10.
	 	 Establishment of Accumulation Account
	  	 	31	  
	 Section 4.11.
	 	 Accumulation Period
	  	 	32	  
	 Section 4.12.
	 	 Establishment of Reserve Account
	  	 	33	  
	 Section 4.13.
	 	 Determination of LIBOR
	  	 	34	  
			
	 ARTICLE V
	 	 DELIVERY OF SERIES 2015-A NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2015-A NOTEHOLDERS
	  	 	36	  
			
	 Section 5.01.
	 	 Delivery and Payment for Series 2015-A Notes
	  	 	36	  
	 Section 5.02.
	 	 Distributions
	  	 	36	  
	 Section 5.03.
	 	 Reports and Statements to Series 2015-A Noteholders
	  	 	36	  
	 Section 5.04.
	 	 Tax Treatment
	  	 	37	  
	 Section 5.05.
	 	 Information to be Provided by the Indenture Trustee
	  	 	37	  
			
	 ARTICLE VI
	 	 SERIES 2015-A EARLY AMORTIZATION EVENTS
	  	 	38	  
			
	 Section 6.01.
	 	 Series 2015-A Early Amortization Events
	  	 	38	  
			
	 ARTICLE VII
	 	 REDEMPTION OF SERIES 2015-A NOTES; SERIES FINAL MATURITY; FINAL DISTRIBUTIONS
	  	 	40	  
			
	 Section 7.01.
	 	 Redemption of Series 2015-A Notes
	  	 	40	  

  
 -i- 

							
	 Section 7.02.
	 	 Series Final Maturity
	  	 	41	  
	 Section 7.03.
	 	 No Defeasance
	  	 	41	  
			
	 ARTICLE VIII
	 	 MISCELLANEOUS PROVISIONS
	  	 	42	  
			
	 Section 8.01.
	 	 Ratification of Agreement
	  	 	42	  
	 Section 8.02.
	 	 Form of Delivery of Series 2015-A Notes
	  	 	42	  
	 Section 8.03.
	 	 Notices
	  	 	42	  
	 Section 8.04.
	 	 Amendments and Waivers
	  	 	42	  
	 Section 8.05.
	 	 Counterparts
	  	 	44	  
	 Section 8.06.
	 	 Governing Law
	  	 	44	  
	 Section 8.07.
	 	 Effect of Headings and Table of Contents
	  	 	44	  
	 Section 8.08.
	 	 Waiver of Jury Trial
	  	 	44	  
	 Section 8.09.
	 	 Compliance with Regulation AB
	  	 	44	  
	 EXHIBIT A
	 	 Form of Series 2015-A Note
	  			
	 EXHIBIT B
	 	 Form of Monthly Servicer’s Statement
	  			
	 EXHIBIT C
	 	 Form of Authorized Officer Certificate
	  			
	 EXHIBIT D
	 	 Asset Repurchase Demand Activity Report
	  			
			
	 APPENDIX A
	 	 Regulation AB Representations, Warranties And Covenants
	  			

  
 -ii- 

 SERIES 2015-A INDENTURE SUPPLEMENT, dated as of January 30, 2015 (as amended, supplemented
or otherwise modified from time to time, the “Indenture Supplement”), by and between NISSAN MASTER OWNER TRUST RECEIVABLES, a Delaware statutory trust, as issuer (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as Indenture Trustee (the “Indenture Trustee”). 

RECITALS 
 A.
Section 2.12 of the Indenture provides, among other things, that the Issuer and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuer of Notes in one or more
Series. 
 B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the
creation of the Series 2015-A Notes and specifying the principal terms thereof. 
 In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In
addition to the Grant of the Indenture, the Issuer hereby Grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2015-A Notes, all of the Issuer’s right, title and interest (whether now owned or hereafter
acquired) in, to and under: 
 (i) all Collections on the Receivables allocated to the Holders of the Series 2015-A
Notes; 
 (ii) the Accumulation Account, the Reserve Account and all amounts on deposit therein from time to time; and 

(iii) all present and future claims, demands, causes of action and choses in action regarding the foregoing and all payments on
the foregoing and all proceeds of any nature whatsoever regarding the foregoing, including all proceeds of the voluntary or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, general intangibles, goods, checks, deposit accounts, instruments, investment property, money, insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and
receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of the foregoing. 
 The
foregoing Grants are made in trust to secure (a) the Issuer’s obligations under the Series 2015-A Notes equally and ratably without prejudice, priority, or distinction between any Series 2015-A Note and any other Series 2015-A Note,
(b) the payment of all other sums payable under the Series 2015-A Notes, the Indenture and this Indenture Supplement and (c) the 

 
compliance with the terms and conditions of the Series 2015-A Notes, the Indenture and this Indenture Supplement, all as provided herein or therein. 

The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof and agrees to perform the
duties herein required to the end that the interests of Series 2015-A Noteholders may be adequately protected. 
 ARTICLE I 

CREATION OF SERIES 2015-A NOTES 

Section 1.01. Designation. 

(a) There is hereby created a Series of Notes to be issued by the Issuer on the Series 2015-A Issuance Date pursuant to the Indenture and this
Indenture Supplement to be known as the “Nissan Master Owner Trust Receivables, Series 2015-A Notes” or the “Series 2015-A Notes.” The Series 2015-A Notes shall be issued in one Class, which shall be known as the
“Class A Notes,” which shall be issued in two tranches. The first shall be known as the “Series 2015-A Floating Rate Notes, Class A-1” or the “Class A-1 Notes,” and the second shall be known as the
“Series 2015-A Fixed Rate Notes, Class A-2” or the “Class A-2 Notes,” 
 (b) The Series 2015-A Notes
will be included in Excess Interest Sharing Group One and in Excess Principal Sharing Group One. The Series 2015-A Notes shall not be subordinated to any other Series. 

(c) The first Payment Date with respect to the Series 2015-A Notes shall be February 17, 2015. Interest on the Class A-1 Notes will
be calculated on the basis of the actual number of days in the related Interest Period and a year of 360 days. Interest on the Class A-2 notes (including for the first Interest Period) will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. 
 (d) The Series 2015-A Notes are “Notes” and this Indenture Supplement is an “Indenture
Supplement” for all purposes under the Indenture. If any provision of the Series 2015-A Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 2015-A Notes or
this Indenture Supplement, as the case may be, control. 
 (e) Each term defined in Section 2.01 of this Indenture Supplement
relates only to Series 2015-A and this Indenture Supplement and to no other Series or Indenture Supplement. 

  
 2 

 ARTICLE II 

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

“2008-1 Warehouse Series Indenture Supplement” means the 2008-1 Warehouse Series Second Amended and Restated Indenture
Supplement, dated as of January 27, 2010, by and between the Issuer and Indenture Trustee, as amended by (i) the First Amendment to 2008-1 Warehouse Series Second Amended and Restated Indenture Supplement, dated as of January 26,
2011, (ii) the Second Amendment to 2008-1 Warehouse Series Second Amended and Restated Indenture Supplement, dated as of January 25, 2012, (iii) the Third Amendment to Warehouse Series Second Amendment and Restated Indenture
Supplement, dated as of November 20, 2012 and (iv) the Fourth Amendment to 2008-1 Warehouse Series Second Amended and Restated Indenture Supplement, dated as of March 27, 2014. 

“2008-1 Warehouse Series Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the
Indenture Trustee substantially in the form set forth in the 2008-1 Warehouse Series Indenture Supplement. 
 “Accumulation
Account” has the meaning specified in Section 4.10(a). 
 “Accumulation Period” means, unless an Early
Amortization Period shall have occurred prior thereto, the period commencing on the Accumulation Period Commencement Date and terminating on the earlier of (i) the close of business on the day immediately preceding the date on which an Early
Amortization Period commences and (ii) the last day of the Collection Period preceding the Payment Date on which the Series 2015-A Outstanding Principal Amount is expected to be paid in full. 

“Accumulation Period Commencement Date” means, the close of business on July 1, 2017 or such later date as is determined
in accordance with Section 4.11. 
 “Accumulation Period Length” has the meaning specified in
Section 4.11. 
 “Accumulation Shortfall” means (i) on the first Payment Date with respect to the
Accumulation Period, zero and (ii) thereafter, on each Payment Date with respect to the Accumulation Period, the excess, if any of the Controlled Deposit Amount for the preceding Payment Date over all amounts deposited in the Accumulation
Account pursuant to Section 4.04(d)(i) on such Payment Date. 
 “Additional Interest” has the meaning set forth
in Section 4.02(c). 

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

“Advance” has the meaning set forth in Section 4.03. 

“Annex of Definitions” shall mean the Annex of Definitions attached to the Transfer and Servicing Agreement, as amended,
supplemented or otherwise modified from time to time. 
 “Calculation Agent” means, initially, the Indenture Trustee and,
thereafter, any other Person designated by the Indenture Trustee to act in such capacity. 
 “Cash Management Account”
means one or more deposit, demand deposit or similar accounts or any securities account administered by NMAC, into which a Dealer may, from time to time, pursuant to a cash management agreement between NMAC and such Dealer, deposit funds for the
purpose of reducing the balance on which interest accrues under the Floorplan Financing Agreement between NMAC and such Dealer. 

“Cash Management Account Balance” means, at any time, the aggregate of all amounts in the Cash Management Account pursuant to
the applicable cash management agreement between NMAC and a Dealer. 
 “Class A-1 Initial Principal Amount” means
$550,000,000. 
 “Class A-1 Monthly Interest” shall have the meaning set forth in Section 4.02(a). 

“Class A-1 Note Rate” means, with respect to any Interest Period, a per annum rate equal to LIBOR as determined on the
related Interest Determination Date plus 0.40%. 
 “Class A-1 Noteholders” means the Holders of Class A-1 Notes. 

“Class A-1 Outstanding Principal Amount” means, with respect to any date, an amount equal to (a) the Class A-1
Initial Principal Amount minus (b) the aggregate amount of any principal payments made to the Class A-1 Noteholders before such date. 

“Class A-2 Initial Principal Amount” means $350,000,000. 

“Class A-2 Monthly Interest” shall have the meaning set forth in Section 4.02(b). 

“Class A-2 Note Rate” means a per annum rate equal 1.44%. 

“Class A-2 Noteholders” means the Holders of Class A-2 Notes. 

“Class A-2 Outstanding Principal Amount” means, with respect to any date, an amount equal to (a) the Class A-2
Initial Principal Amount minus (b) the aggregate amount of any principal payments made to the Class A-2 Noteholders before such date. 

“Clearstream” means Clearstream Banking. 

  
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 “Code” means the Internal Revenue Code of 1986. 

“Collection Period” means, (i) with respect to the February 2015 Payment Date, the period commencing on (and including)
January 1, 2015 and ending on (and including) January 31, 2015 and (ii) with respect to any other Payment Date, the calendar month preceding the month in which that Payment Date occurs. 

“Controlled Accumulation Amount” means, for any Payment Date with respect to the Accumulation Period, $150,000,000.00;
provided, however, that if the Accumulation Period Length is determined to be less than six months pursuant to Section 4.11, the Controlled Accumulation Amount for each Payment Date with respect to the Accumulation Period
shall be equal to the quotient obtained by dividing (i) the Series 2015-A Initial Invested Amount by (ii) the Accumulation Period Length. 

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

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

“Covered Amount” means, for any day on which amounts are on deposit in the Accumulation Account, an amount equal to the
product of (i) a fraction, the numerator of which is 1 and the denominator of which is 360, (ii) the Weighted Average Note Interest Rate with respect to the Interest Period in which such day occurs and (iii) the sum of (x) the
aggregate amount on deposit in the Accumulation Account, if any, on such day, and (y) the Series 2015-A Allocation Percentage of amounts on deposit in the Excess Funding Account on such day, if any, in each case, after giving effect to any
deposit thereto on such day. 
 “Currency Swap Agreement” shall mean any currency swap agreement, entered into pursuant to
Section 2.03 of the Trust Agreement and Section 5.08 of the Transfer and Servicing Agreement, including all schedules and confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty, as the same may be amended,
supplemented, renewed, extended or replaced from time to time. 
 “Currency Swap Counterparty” shall mean an unaffiliated
third party, as currency swap counterparty under the Currency Swap Agreement, or any successor or replacement swap counterparty from time to time under the Currency Swap Agreement. 

“Dealer Overconcentrations” means, for any Payment Date, with respect to the following Dealers or groups of affiliated
Dealers, the sum of the following: 

  
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 (A) the amount by which the aggregate balance of Principal Receivables due from AutoNation, Inc.
and its Affiliates, less any amounts in the Cash Management Account relating to such Receivables, exceeds 10% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date; 

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

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

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

 (E) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to such
Receivables, due from the fourth largest Dealer or group of Dealers which are Affiliates, excluding AutoNation, Inc., exceeds 2.50% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date;
and 
 (F) the amount by which the aggregate balance of Principal Receivables, less any amounts in the Cash Management Account relating to
such Receivables, due from any other Dealer or group of Dealers which are Affiliates exceeds 2.00% of the Pool Balance, in each case, on the last day of the Collection Period immediately preceding such Payment Date. 

“Defaulted Amount” means, for any day in a Collection Period, an amount (which shall not be less than zero) equal to
(a) the principal balance of Receivables (net of any amounts in the Cash Management Account with respect to such Receivables) that became Defaulted Receivables on such day, minus (b) the principal amount of any such Defaulted
Receivables which are subject to reassignment to the Transferor in accordance with the terms of the Transfer and Servicing Agreement (except that if an Insolvency Event occurs with respect to the Transferor, the amount of such Defaulted Receivables
that are subject to reassignment to the Transferor shall be zero); minus (c) the principal amount of any such Defaulted Receivables which are to be purchased by the Servicer in accordance with the terms of the Transfer and Servicing
Agreement (except that if an Insolvency Event occurs with respect to the Servicer, the amount of such Defaulted Receivables that are subject to purchase by the Servicer shall be zero). 

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

“Designated Standard” means generally accepted accounting principles or international financial reporting standards, as
selected by NMAC. 
 “Determination Date” means, for any Payment Date, the day that is two Business Days before such
Payment Date and is the date on which payments to Series 2015-A Noteholders are determined. 
 “Early Amortization Event”
means any event deemed to be an Early Amortization Event pursuant to Section 6.01. 
 “Early Amortization
Period” means a period beginning on the day on which an Early Amortization Event occurs and terminating on the earliest of (i) the last day of the Collection Period preceding the Payment Date on which the Series 2015-A Outstanding
Principal Amount is to be paid in full, (ii) if the Early Amortization Period has commenced before the commencement of the Accumulation Period, the day on which the Revolving Period recommences under the circumstances described in the Indenture
and in Section 6.01 and (iii) the Trust Termination Date. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974. 
 “Excess Interest Amounts” means, with respect to Series 2015-A, for any Payment Date, the excess
(if any) of (i) the Series 2015-A Investor Available Interest Amounts for such Payment Date over (ii) the full amount required to be paid, without duplication, pursuant to clauses (i) through (vi) of Section 4.04(a)
on such Payment Date. 
 “Excess Interest Sharing Group One” means Series 2015-A and each other Series specified in the
related Indenture Supplement to be included in Excess Interest Sharing Group One from which, or to which, Excess Interest Amounts (and comparable amounts with respect to each such other Series) may be allocated to cover shortfalls in payments or
deposits of the other Series in Excess Interest Sharing Group One. 
 “Excess Principal Amounts” means, with respect to
Series 2015-A, for any Payment Date, (i) during the Revolving Period, the Series 2015-A Investor Available Principal Amounts for the Collection Period related to such Payment Date, and (ii) during the Accumulation Period or the Early
Amortization Period, the excess, if any, of (a) the Series 2015-A Investor Available Principal Amounts for the Collection Period related to such Payment Date over (b) the full amount required to be paid or deposited, without
duplication, pursuant to clause (i) of Section 4.04(d) or clause (i) of Section 4.04(e) on such Payment Date. 

“Excess Principal Sharing Group One” means Series 2015-A and each other Series specified in the related Indenture Supplement
to be included in Excess Principal Sharing 

  
 7 

 
Group One from which, or to which, Excess Principal Amounts (and comparable amounts with respect to each such other Series) may be allocated to cover shortfalls in payments or deposits of the
other Series in Excess Principal Sharing Group One. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date
hereof (or any amended or successor provisions that are substantially similar), any current or future regulations or official interpretations thereunder or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code, any published intergovernmental agreement entered into in connection with the implementation the foregoing and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published
intergovernmental agreement. 
 “FATCA Withholding Tax” means any withholding or deduction required pursuant to FATCA. 

“Hired Rating Agency” means any nationally recognized statistical rating organization that is hired by NMAC, as sponsor, to
assign ratings on the Series 2015-A Notes and is then rating the Series 2015-A Notes. 
 “Incremental Overcollateralization
Amount” means, on any Payment Date, the product obtained by multiplying (i) a fraction, the numerator of which is the Series 2015-A Invested Amount on such Payment Date before giving effect to distributions on such date, and the
denominator of which is the Pool Balance as of the last day of the preceding Collection Period by (ii) the sum of: 
 (A) the aggregate
principal amount of Ineligible Receivables, other than Ineligible Receivables that (I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; 

(B) the Dealer Overconcentrations, other than the aggregate balance of Principal Receivables which comprise the Dealer Overconcentrations that
(I) became Defaulted Receivables during the preceding Collection Period or (II) are subject to reassignment from the Issuer; and 
 (C)
the amount by which the aggregate balance of Principal Receivables relating to Used Vehicles and Pre-Owned Vehicles less any amounts in the Cash Management Account relating to such Receivables exceeds 20% of the Pool Balance; 

minus the reductions, and plus the reinstatements, in the Incremental Overcollateralization Amount as provided in Section 4.09. Each of clauses
(A), (B) and (C) above shall be calculated on each Determination Date using balances and amounts as of the last day of the Collection Period preceding such Determination Date. 

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

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

  
 8 

 “Interest Determination Date” means, with respect to any Interest Period, the
day that is two London Business Days prior to the first day of such Interest Period (or if such day is not a Business Day, the next Business Day). 

“Interest Period” means, with respect to any Payment Date, (i) with respect to the Class A-1 Notes, the period from
and including the Payment Date immediately preceding such Payment Date to but excluding such Payment Date (or, in the case of the first Payment Date, from and including the Series 2015-A Issuance Date to but excluding such Payment Date) and
(ii) with respect to the Class A-2 Notes, the period from and including the 15th day of the preceding calendar month to but excluding the
15th day of the month in which such Payment Date occurs (or, in the case of the first Payment Date, from and including the Series 2015-A Issuance Date to but excluding February 15, 2015).

 “Interest Shortfall” means, with respect to Series 2015-A for any Payment Date, the excess, if any, of (a) the full
amount required to be paid, without duplication, pursuant to clauses (i) through (iv) of Section 4.04(a) on such Payment Date over (b) the Series 2015-A Investor Available Interest Amounts for such Payment Date. 

“Investor Charge-Offs” has the meaning specified in Section 4.05. 

“LIBOR” has the meaning specified in Section 4.13. 

“London Business Day” means any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank
market. 
 “Monthly Interest” means, with respect to any Payment Date, the sum of the Class A-1 Monthly Interest and
the Class A-2 Monthly Interest. 
 “Monthly Payment Rate” means, with respect to any Collection Period, the percentage
equivalent of a fraction, the numerator of which is the Principal Collections with respect to such Collection Period and the denominator of which is the average of the Pool Balance on the first and last day of such Collection Period. 

“Monthly Servicing Fee” means, for any Payment Date, an amount equal to one-twelfth of the product of (a) the Servicing
Fee Rate and (b) the arithmetic average of the Series 2015-A Nominal Liquidation Amount as of each day during the preceding Collection Period. 

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

“Note Interest Rate” means, for any Interest Period, (i) with respect to the Class A-1 notes, the Class A-1
Note Rate and (ii) with respect to the Class A-2 notes, the Class A-2 Note Rate. 

  
 9 

 “Outstanding Advances” means, with respect to a Receivable and the last day of a
Collection Period, the sum of all Advances made as of or prior to such date, minus all payments or collections as of or prior to such date that are specified in Sections 4.03(c) and 4.03(d) as applied to reimburse all unpaid
Advances with respect to such Receivable. 
 “Payment Date” means February 17, 2015 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Primary Series 2015-A Overcollateralization Amount” means, as of any Payment Date, the Series 2015-A Overcollateralization
Percentage of the Series 2015-A Initial Principal Amount on such date minus the reductions, and plus the reinstatements, in the Primary Series 2015-A Overcollateralization Amount as provided in Section 4.09. 

“Principal Shortfall” means, with respect to Series 2015-A, (a) for any Payment Date with respect to the Revolving
Period, zero, (b) for any Payment Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Payment Date over the amount of Series 2015-A Investor Available Principal Amounts for
such Payment Date and (c) for any Payment Date with respect to the Early Amortization Period, the excess, if any, of the Series 2015-A Invested Amount over the amount of Series 2015-A Investor Available Principal Amounts for such Payment Date.

 “Prospectus” means the final prospectus supplement dated January 28, 2015 and related base prospectus dated
January 26, 2015, relating to the offering of the Series 2015-A Notes. 
 “Rating Agency” means, with respect to
any series of Notes, any nationally recognized statistical rating organization that is hired by NMAC, as sponsor, to assign ratings on such series of Notes and is then rating such series of Notes. 

“Reallocated Principal Collections” means, with respect to any Payment Date, the amount of Series 2015-A Investor Available
Principal Amounts reallocated in accordance with Section 4.06, which amount shall not exceed the Series 2015-A Overcollateralization Amount for such Payment Date (after giving effect to any changes therein on such Payment Date). 

“Reassignment Amount” means, with respect to any Payment Date, after giving effect to any deposits and distributions
otherwise to be made on such Payment Date, the sum of (a) the Series 2015-A Outstanding Principal Amount on such Payment Date, plus (b) Monthly Interest for such Payment Date and any Monthly Interest previously due but not
distributed to the Series 2015-A Noteholders, plus (c) Additional Interest, if any, for such Payment Date and any Additional Interest previously due but not distributed to the Series 2015-A Noteholders on a prior Payment Date. 

“Required Federal Income Tax Opinion” means, with respect to the Issuer as to any action, an opinion of counsel to the effect
that, for federal income tax purposes (i) the action will not adversely affect the tax characterization as debt of the notes of any outstanding Series or Class issued by the Issuer that were characterized as debt at the time of their issuance,
(ii) the action will not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation and (iii) the action will not cause or constitute an event in which gain or

  
 10 

 
loss would be recognized by any holder of notes of any outstanding Series or Class issued by the Issuer. 

“Required Participation Amount” means the sum of (i) the sum, for each outstanding Series, of (x) the Required
Participation Percentage for such Series multiplied by (y) the respective Invested Amount for such Series and (ii) the sum of the Required Overcollateralization Amounts of all outstanding Series. 

“Required Participation Percentage” means, with respect to Series 2015-A, 100%; provided, however, that the Transferor may,
in its sole discretion, increase this percentage; provided, however that if the Transferor voluntarily increases the Required Participation Percentage, then it may, in its sole discretion, upon ten days prior notice to the Indenture Trustee,
subsequently decrease the Required Participation Percentage to 100% or higher, so long as the Rating Agency Condition shall have been satisfied with respect to the Series 2015-A Notes and any other outstanding and rated series or class of Notes.

 “Required Series 2015-A Overcollateralization Amount” means, for any Payment Date, the sum of (a) the product of
(i) the Series 2015-A Overcollateralization Percentage on such date and (ii) the Series 2015-A Initial Principal Amount and (b) the Incremental Overcollateralization Amount on such date. 

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

“Reserve Account Initial Deposit” means $4,500,000. 

“Retained Notes” means any Series 2015-A Notes retained in the initial offering thereof by the Transferor or conveyed to an
Affiliate. 
 “Revolving Period” means the period beginning on the Series 2015-A Issuance Date and terminating on the
earlier of (i) the close of business on the day immediately preceding the date on which an Early Amortization Period commences and (ii) the close of business on the day immediately preceding the date on which the Accumulation Period
commences; provided, however, that so long as the Accumulation Period has not commenced, the Revolving Period may recommence if an Early Amortization Event has been terminated as provided in Section 6.01. 

“Series 2015-A” means the Series of Notes, the terms of which are specified in this Indenture Supplement. 

“Series 2015-A Allocable Defaulted Amounts” means, for any day in a Collection Period, the product of (a) the Series 2015-A Allocation Percentage for such day and (b) the Defaulted Amounts processed on such day. 

“Series 2015-A Allocable Interest Collections” means, for any day in a Collection Period, the product of (a) the Series 2015-A Allocation Percentage for such day and (b) Interest Collections as to which such day is the Date of Processing for such Interest Collections. 

  
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 “Series 2015-A Allocable Principal Collections” means, for any day in a
Collection Period, the product of (a) the Series 2015-A Allocation Percentage for such day and (b) Principal Collections as to which such day is the Date of Processing for such Principal Collections. 

“Series 2015-A Allocation Percentage” means, for any day in a Collection Period, the percentage equivalent, which shall never
exceed 100%, of a fraction, the numerator of which is the Series 2015-A Nominal Liquidation Amount for such day (or with respect to any day in the January 2015 Collection Period, the Series 2015-A Nominal Liquidation Amount as of the
Series 2015-A Issuance Date) and the denominator of which is the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series 2015-A) for such day (or with respect to any day in the January 2015 Collection
Period, the sum of the Series Nominal Liquidation Amounts for all outstanding Series of Notes (including Series 2015-A) as of the Series 2015-A Issuance Date (after giving effect to the application of proceeds from the issuance of the Series
2015-A Notes)). Notwithstanding the foregoing, during any day in a Collection Period in which there is an Early Amortization Event or during the Accumulation Period, the Series 2015-A Nominal Liquidation Amount and Trust Nominal Liquidation
Amount with respect to such Series shall be as of the last day of the preceding Collection Period. 
 “Series 2015-A Cut-off
Date” means December 31, 2014. 
 “Series 2015-A Expected Final Payment Date” means the Payment Date
occurring on January 16, 2018. 
 “Series 2015-A Final Maturity Date” means January 15, 2020. 

“Series 2015-A Fixed Allocation Percentage” means, for any day during a Collection Period or portion thereof occurring after
the end of the Revolving Period, the percentage equivalent (not to exceed 100%) of a fraction, the numerator of which is the Series 2015-A Nominal Liquidation Amount as of the close of business on the last day of the Revolving Period and the
denominator of which is the product of (i) the Series 2015-A Allocation Percentage for such day in the Collection Period and (ii) the Pool Balance as of the last day of the proceeding Collection Period. 

“Series 2015-A Floating Allocation Percentage” means, for any day during a Collection Period, the percentage equivalent (not
to exceed 100%) of a fraction, the numerator of which is the Series 2015-A Nominal Liquidation Amount for such day (or with respect to any day in the January 2015 Collection Period, the Series 2015-A Nominal Liquidation Amount as of the Series
2015-A Issuance Date) and the denominator of which is the product of (i) the Series 2015-A Allocation Percentage for such day and (ii) the Pool Balance as of the last day of the proceeding Collection Period. Notwithstanding the
foregoing, during any day in a Collection Period in which there is an Early Amortization Event or during the Accumulation Period, the Series 2015-A Nominal Liquidation Amount shall be as of the last day of the preceding Collection Period. 

“Series 2015-A Initial Invested Amount” means $900,000,000. 

  
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 “Series 2015-A Initial Principal Amount” means the sum of the Class A-1
Initial Principal Amount and the Class A-2 Initial Principal Amount. 
 “Series 2015-A Invested Amount” means, as of
any day during a Collection Period, an amount equal to the Series 2015-A Initial Invested Amount minus the reductions, and plus the reinstatements and increases, if any, in the Series 2015-A Invested Amount as provided in
Section 4.09. 
 “Series 2015-A Invested Amount Deficit” means, as of any Payment Date, the amount, if any, by
which (i) the Series 2015-A Outstanding Principal Amount on such date less the amount (other than investment earnings), if any, on deposit in the Accumulation Account on such date and the Series
2015-A Allocation Percentage for such date of amounts (other than investment earnings), if any, on deposit in the Excess Funding Account on such date, exceeds (ii) the Series 2015-A Invested Amount on such date. 

“Series 2015-A Investor Available Interest Amounts” means, with respect to any Collection Period, an amount equal to
(a) the sum of, for each day during such Collection Period, the product of the Series 2015-A Floating Allocation Percentage for such day and the Series 2015-A Allocable Interest Collections for such day, plus (b) all net
investment earnings on amounts (if any) on deposit in the Accumulation Account and the Reserve Account, plus (c) the sum of, for each day during such Collection Period, the product of the Series 2015-A Allocation Percentage for such day
and all net investment earnings on amounts (if any) on deposit in the Collection Account and the Excess Funding Account on such day, plus (d) Reallocated Principal Collections for the Payment Date following such Collection Period,
plus (e) the aggregate amount of funds, if any, which pursuant to the last sentence of Section 4.01(d) are required to be included in Series 2015-A Investor Available Interest Amounts with respect to the Payment Date
following such Collection Period, plus, (f) the amount, if any, of collections of Interest Receivables as to which the Date of Processing occurs in the Collection Period following such Collection Period (but prior to the Payment Date
following such Collection Period) which the Issuer instructs the Servicer to include in Series 2015-A Investor Available Interest Amounts for such Collection Period (but in no event to exceed the product of (i) the Series 2015-A Series
Allocation Percentage, (ii) the Series 2015-A Floating Allocation Percentage and (iii) the amount of such collections of Interest Receivables), plus (g) all Advances made by the Servicer pursuant to Section 4.03,
minus (h) the amount, if any, which the Issuer instructed the Servicer pursuant to preceding clause (f) to include in Series 2015-A Investor Available Interest Amounts with respect to the Collection Period immediately preceding such
Collection Period; provided, however, that in calculating Series 2015-A Investor Available Interest Amounts, amounts to be paid to the Servicer as reimbursement for Outstanding Advances pursuant to Sections 4.04(a)(i) and
4.01(a)(ii) on the related Payment Date shall be excluded. 
 “Series 2015-A Investor Available Principal Amounts”
means, with respect to any Collection Period, an amount equal to (a) the sum of, for each day during such Collection Period, the product of the Series 2015-A Allocable Principal Collections on such day and (i) during the Revolving Period,
the Series 2015-A Floating Allocation Percentage for such day or (ii) after the Revolving Period, the Series 2015-A Fixed Allocation Percentage for such day, plus (b) the amount of Series 2015-A Investor Available Interest Amounts
treated as Series 2015-A Investor Available Principal Amounts on the Payment Date following such Collection Period to cover 

  
 13 

 
Series 2015-A Investor Defaulted Amounts and to reimburse the Series 2015-A Nominal Liquidation Amount Deficit, plus (c) the amount of Series 2015-A Investor Available Interest
Amounts treated as Series 2015-A Investor Available Principal Amounts on each Payment Date on and after the occurrence of an Event of Default and a declaration that all Series 2015-A Notes are immediately due and payable pursuant to
Section 5.03(a) of the Indenture, minus (d) Reallocated Principal Collections for such Collection Period. 

“Series 2015-A Investor Defaulted Amounts” means, with respect to any Collection Period, an amount equal to the sum of, for
each day during such Collection Period, the product of the Series 2015-A Floating Allocation Percentage on such day and the Series 2015-A Allocable Defaulted Amounts on such day. 

“Series 2015-A Issuance Date” means January 30, 2015. 

“Series 2015-A Nominal Liquidation Amount” means, for any day in a Collection Period, the sum of (i) the Series 2015-A
Invested Amount on such day and (ii) the Series 2015-A Overcollateralization Amount as of the Payment Date on or preceding such day (but, in no event, less than zero), in each case, after giving effect to the allocations, distributions,
withdrawals and deposits to be made on such day. 
 “Series 2015-A Nominal Liquidation Amount Deficit” means as of any
Payment Date, the sum of (i) the Series 2015-A Invested Amount Deficit and (ii) the Series 2015-A Overcollateralization Amount Deficit. 

“Series 2015-A Noteholder” means the Person in whose name a Series 2015-A Note is registered in the Note Register. 

“Series 2015-A Noteholders’ Collateral” means the Noteholders’ Collateral for Series 2015-A. 

“Series 2015-A Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture
Trustee, substantially in the form of Exhibit A. 
 “Series 2015-A Outstanding Principal Amount” means, with respect to any
date, the sum of the Class A-1 Outstanding Principal Amount and the Class A-2 Outstanding Principal Amount, in each case, as of such date. 

“Series 2015-A Overcollateralization Amount” means the sum of (i) the Primary Series 2015-A Overcollateralization Amount
and (ii) the Incremental Overcollateralization Amount. 
 “Series 2015-A Overcollateralization Amount Deficit” means,
as of any Payment Date, the amount, if any, by which (x) the aggregate amount of reductions of the Series 2015-A Overcollateralization Amount due to Investor Charge-Offs Reallocated Principal Collections as provided in
Section 4.09(b) through such date exceeds (y) the aggregate amount of reimbursements of such reallocations and reductions as provided in Section 4.09(c) through such date. 

  
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 “Series 2015-A Overcollateralization Percentage” means 23.46%, provided,
however, that (i) the Transferor may, in its sole discretion, increase this percentage, provided, however, that if the Transferor voluntarily increases the Series 2015-A Overcollateralization Percentage, then it may, in its sole discretion,
upon ten days prior notice to the Indenture Trustee, subsequently decrease the Series 2015-A Overcollateralization Percentage to 23.46% or higher so long as the Rating Agency Condition shall have been satisfied with respect to the Series 2015-A
Notes and any other outstanding and rated series or class of Notes, and (ii) this percentage will increase to 27.39% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 35% and this percentage
will further increase to 31.58% if the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 30% provided, further, however, that if this overcollateralization percentage is increased pursuant to this clause,
and the average of the Monthly Payment Rates for the three preceding Collection Periods subsequently increases to more than 30%, but less than 35%, then the overcollateralization percentage shall decrease to 27.39%, and if this overcollateralization
percentage is further increased pursuant to this clause, and the average of the Monthly Payment Rates for the three preceding Collection Periods further increases to more than 35%, then the overcollateralization percentage shall decrease to 23.46%.

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

“Shared Excess Interest Amounts” means, for any Payment Date, for each Series in Excess Interest Sharing Group One, the sum
of the Excess Interest Amounts for each of those Series. 
 “Shared Excess Principal Amounts” means, for any Payment Date,
for each Series in Excess Principal Sharing Group One, the sum of the Excess Principal Amounts for each of those Series. 

“Specified Reserve Account Balance” means with respect to any Payment Date, an amount equal to the product of 0.50% and the
Series 2015-A Initial Invested Amount. 
 “Tax Information” means information and/or properly completed and signed tax
certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding Tax. 

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

“Trust Agreement” means the Trust Agreement, dated as of May 13, 2003 between the Transferor and the Owner Trustee,
pursuant to which the Issuer was formed, as amended and restated as of July 24, 2003, as further amended and restated as of October 15, 

  
 15 

 
2003, and as the same may be further amended, supplemented or otherwise modified from time to time. 

“Underwriters” is defined in the Underwriting Agreement. 

“Underwriting Agreement” means that certain underwriting agreement, dated January 28, 2015, among NMAC, the Transferor
and the representative of the several Underwriters party thereto. 
 “Weighted Average Note Interest Rate” means, with
respect to any Interest Period, the weighted average of the Class A-1 Note Rate and the Class A-2 Note Rate (weighted on the basis of the outstanding principal balance of the Class A-1 Notes and the Class A-2 Notes as of the
close of business on the preceding Payment Date after giving effect to all payments made on such Payment Date). 
 Section 2.02.
Other Definitional Provisions. 
 (a) All terms used herein and not otherwise defined herein have meanings ascribed to them in the
Annex of Definitions. 
 (b) All terms defined in this Indenture Supplement have the same defined meanings when used in any certificate or
other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Indenture Supplement and in any
certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Indenture Supplement or in any such certificate or other document, and accounting terms partly defined in this Indenture Supplement or
in any such certificate or other document to the extent not defined, have the respective meanings given to them under Designated Standards or regulatory accounting principles, as applicable and as in effect on the date of this Indenture Supplement,
provided, however, if NMAC selects international financial reporting standards, such accounting terms will have the respective meanings given to them at that time. To the extent that the definitions of accounting terms in this Indenture Supplement
or in any such certificate or other document are inconsistent with the meanings of such terms under Designated Standards or regulatory accounting principles in the United States, the definitions contained in this Indenture Supplement or in any such
certificate or other document control. 
 (d) Unless otherwise specified, references to any dollar amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day. 
 (e) The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Indenture Supplement refer to this Indenture Supplement as a whole and not to any particular provision of this Indenture Supplement. References to any subsection, Section, Schedule
or Exhibit are references to subsections, Sections, Schedules and Exhibits in or to this Indenture Supplement, unless otherwise specified. The term “including” means “including without limitation” and the term “or” is
not exclusive. References to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments,

  
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amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include
their permitted successors and assigns; and references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto. 

Section 2.03. Registration of and Limitations on Transfer and Exchange of Notes. 

(a) By acquiring a Series 2015-A Note (or any interest therein), each purchaser and transferee shall be deemed to represent, warrant and
covenant that either (a) it is not acquiring the Series 2015-A Note (or any interest therein) with the assets of (1) an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA,
(2) a “plan,” as defined in and subject to Section 4975 of the Code, (3) an entity deemed to hold the “plan assets” of any of the foregoing by reason of investment by an employee benefit plan or plan in such
entity, or (4) any governmental, non-U.S. or church plan that is subject to a law that is similar to Section 406 of ERISA or Section 4975 of the Code; or (b) the acquisition, holding and disposition of the Series 2015-A Notes (or
any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or result in a violation of any other law that is similar to Section 406 of ERISA or
Section 4975 of the Code. 
 (b) The Tax Retained Notes, if any, will not be transferred (other than to a Person specified in the
definition of Tax Retained Notes) unless a written opinion of counsel, is delivered to the Indenture Trustee to the effect that, for federal income tax purposes, such Notes after such transfer will be treated as debt and, if there are other Notes of
the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, for such purposes such Notes will be fungible with such other Notes of the same Class; provided, however that fungibility need not take into account
whether Notes are, or are not, Definitive Notes. 
 Section 2.04. Definitive Notes. 

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

(i) (1) the Transferor or the Administrator advises the Indenture Trustee in writing that the Clearing Agency or Foreign
Clearing Agency is no longer willing or able to properly discharge its responsibilities as Clearing Agency or Foreign Clearing Agency with respect to the Book-Entry Notes for Series 2015-A and (2) the Transferor, the Indenture Trustee or the
Administrator is unable to locate and reach an agreement on satisfactory terms with a qualified successor; or 
 (ii) the
Transferor, the Indenture Trustee or the Administrator, as applicable, at its option and to the extent permitted by law, elects to terminate the book-entry system through the Clearing Agency or Foreign Clearing Agency with respect to the
Series 2015-A Notes; or 
 (iii) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners of
at least a majority of the Series 2015-A Outstanding Principal 

  
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Amount of the Series 2015-A Notes advise the Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through the applicable Clearing Agency Participants in writing that
the continuation of a book-entry system through the appropriate Clearing Agency or Foreign Clearing Agency is no longer in the best interests of the Beneficial Owners of the Series 2015-A Notes; 

then, the Indenture Trustee will, through the appropriate Clearing Agency or Foreign Clearing Agency, notify all Beneficial Owners of the Series 2015-A Notes
of the occurrence of such event and of the availability of Definitive Notes to Beneficial Owners of the Series 2015-A Notes. Upon surrender to the Indenture Trustee at the Corporate Trust Office of the certificates representing the Series 2015-A
Notes, accompanied by registration instructions from the applicable Clearing Agency, the Issuer will execute and the Indenture Trustee will authenticate Definitive Notes for Series 2015-A and will recognize the registered holders of such Definitive
Notes as Noteholders under the Indenture. Neither the Issuer nor the Indenture Trustee will be liable for any delay in delivery of such instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and will be protected in relying
on, such instructions. Upon the issuance of Definitive Notes for Series 2015-A, all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency or Foreign Clearing Agency will be deemed to be imposed upon
and performed by the Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and the Indenture Trustee will recognize the registered holders of the Definitive Notes for Series 2015-A as Noteholders of such Series under the
Indenture. Definitive Notes will be transferable and exchangeable at the offices of the Transfer Agent and Registrar which initially is the Corporate Trust Office of the Indenture Trustee. No service charge will be imposed for any registration of
transfer or exchange, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith. 

ARTICLE III 
 SERVICING FEE 

Section 3.01. Servicing Compensation. 

The share of the Servicing Fee allocable to the Series 2015-A Noteholders with respect to any Payment Date is equal to the Monthly Servicing
Fee. The portion of the Servicing Fee that is not allocable to the Series 2015-A Noteholders will be paid by the holders of the Transferor Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event
will the Issuer, the Indenture Trustee or the Series 2015-A Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the Transferor Interest or the Noteholders of any other Series. The Servicer may, by prior written
notice to the Indenture Trustee, elect to waive the Monthly Servicing Fee for any Collection Period. Such waived Monthly Servicing Fee will be reimbursed on the Payment Date related to the subsequent Collection Period pursuant to
Section 4.04(a). 

  
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 ARTICLE IV 

RIGHTS OF SERIES 2015-A NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 4.01. Collections and Allocations. 

(a) Allocations. Interest Collections, Principal Collections and the Defaulted Amount allocated to Series 2015-A pursuant to Article
VIII of the Indenture and Section 4.01(b) shall be allocated between the Series 2015-A Noteholders and the holders of the Transferor Interest pursuant to Section 4.01(c) and (d) and then distributed as set forth
in this Article IV. 
 (b) Series Allocations. Prior to the close of business on each day during a Collection Period, the Servicer
will (i) determine the Series 2015-A Allocation Percentage for such day and (ii) allocate Interest Collections, Principal Collections and the Defaulted Amount to Series 2015-A based on the Series 2015-A Allocation Percentage on such day.
All Principal Collections for the related Collection Period with respect to each Receivable (including any payoff) shall be posted to the Servicer’s Dealer records in accordance with the Servicer’s customary servicing practices. 

(c) Allocations to Series 2015-A Noteholders. The Servicer shall, prior to the close of business on each day during a Collection
Period, allocate to the Series 2015-A Noteholders the following amounts as set forth below: 
 (i) Allocations of Interest
Collections. The Servicer shall allocate to the Series 2015-A Noteholders and deposit in the Collection Account for application as provided herein, an amount equal to the product of (A) the Series 2015-A Floating Allocation Percentage
for such day and (B) the Series 2015-A Allocable Interest Collections as to which such day is the Date of Processing for such Collections; provided, that, so long as the conditions set forth in Section 8.04(b) of the Indenture
are satisfied, the Servicer shall not be required to deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period. 

(ii) Allocations of Principal Collections. The Servicer shall allocate to the Series 2015-A Noteholders the following
amounts as set forth below: 
 (A) Allocations During the Revolving Period. During the Revolving Period, the Servicer
shall allocate to the Series 2015-A Noteholders and deposit into the Collection Account for application as provided herein, an amount equal to the product of (I) the Series 2015-A Floating Allocation Percentage for such day and (II) the
Series 2015-A Allocable Principal Collections for such day; provided, that, so long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer shall not be required to deposit such allocated amounts into
the Collection Account until the Business Day preceding the Payment Date in the month following such Collection Period; provided, further, that, so 

  
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long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer, in its sole discretion, may distribute any amounts owed to the holders of the Transferor
Interest directly to such holders in lieu of depositing such amounts into the Collection Account. 
 (B) Allocations
During the Accumulation Period and the Early Amortization Period. During the Accumulation Period and the Early Amortization Period, the Servicer shall allocate to the Series 2015-A Noteholders and deposit in the Collection Account for
application as provided herein, an amount equal to the product of (I) the Series 2015-A Fixed Allocation Percentage for such day and (II) the Series 2015-A Allocable Principal Collections for such day; provided, that, so long as the
conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer shall not be required to deposit such allocated amounts into the Collection Account until the Business Day preceding the Payment Date in the month following
such Collection Period; provided, further, that, so long as the conditions set forth in Section 8.04(b) of the Indenture are satisfied, the Servicer, in its sole discretion, may distribute any amounts owed to the holders of the
Transferor Interest directly to such holders in lieu of depositing such amounts into the Collection Account. 
 (iii)
Allocations of Defaulted Amounts. The Servicer shall allocate to the Series 2015-A Noteholders the product of (A) the Series 2015-A Floating Allocation Percentage for such day and (B) the Series 2015-A Allocable Defaulted Amounts on
such day. 
 (d) Allocation to Holders of the Transferor Interest. Prior to the close of business, on each day during a Collection
Period, the Servicer shall allocate and, in the case of clauses (i) and (ii) below (except as set forth in the provisos following clause (iii) below), distribute to the holders of the Transferor Interest in accordance with the Trust
Agreement the following amounts: 
 (i) the portion of the Series 2015-A Allocable Interest Collections not allocated to the
Series 2015-A Noteholders pursuant to Section 4.01(c)(i) above; 
 (ii) the portion of the Series 2015-A
Allocable Principal Collections not allocated to the Series 2015-A Noteholders pursuant to Section 4.01(c)(ii) above; and 

(iii) the portion of the Series 2015-A Allocable Defaulted Amounts not allocated to the Series 2015-A Noteholders pursuant to
Section 4.01(c)(iii) above; 
 provided, however, that the Servicer will not distribute to the holders of the Transferor Interest
their allocation of Series 2015-A Allocable Interest Collections and Series 2015-A Allocable Principal Collections if and to the extent that the Adjusted Pool Balance does not equal or exceed the Required Participation Amount as of such day. Subject
to the immediately succeeding sentence, any amount not distributed to the holders of the Transferor Interest in accordance with 

  
 20 

 
the proviso to the preceding sentence shall be deposited by the Servicer (on the date not so distributed) into the Excess Funding Account. Notwithstanding the foregoing, before distributing to
the holders of the Transferor Interest any portion of their allocation of Series 2015-A Allocable Interest Collections or Series 2015-A Allocable Principal Collections or depositing any portion of their allocation of Series 2015-A Allocable Interest
Collections or Series 2015-A Principal Collections into the Excess Funding Account, (i) on any day on which amounts are on deposit in the Accumulation Account, the Servicer shall first deduct therefrom the excess, if any, of the Covered Amount
for such day over the sum of all net investment earnings for such day on (x) amounts on deposit in the Accumulation Account and the Reserve Account and (y) the Series 2015-A Allocation Percentage of amounts (if any) on deposit in the
Excess Funding Account and the Collection Account, and treat such amounts as Series 2015-A Investor Available Interest Amounts and (ii) after giving full effect to preceding clause (i), with respect to the 2008-1 Warehouse Series Notes, on any
day on which the Maximum Facility Amount exceeds the Warehouse Series Outstanding Principal Amount on such day (as each such term is defined in the 2008-1 Warehouse Series Indenture Supplement), the Servicer shall deduct from any such amounts then
remaining, an amount equal to the product of (A) the Daily Unused Facility Fee (as defined in the 2008-1 Warehouse Series Indenture Supplement) for such day and (B) the Warehouse Series Allocation Percentage (as defined in the 2008-1
Warehouse Series Indenture Supplement) for such day (not to exceed the remaining amount which would otherwise be distributed to the holders of the Transferor Interest on such day), and include such amounts in the Warehouse Series Investor Available
Interest Amounts (as defined in the 2008-1 Warehouse Series Indenture Supplement) to be distributed on the immediately succeeding Payment Date (as defined in the 2008-1 Warehouse Series Indenture Supplement) pursuant to Section 4.04(a)(iii) of
the 2008-1 Warehouse Series Indenture Supplement, but only to the extent necessary to cover any shortfall (determined without giving effect to any Shared Excess Interest Amounts for such Payment Date available from other outstanding Series in Excess
Interest Sharing Group One) with respect to the Unused Facility Fee (as defined in the 2008-1 Warehouse Series Indenture Supplement) for such Payment Date. 

Section 4.02. Determination of Monthly Interest. 

(a) The amount of monthly interest (the “Class A-1 Monthly Interest”) distributable from the Collection Account with respect
to the Class A-1 Notes on any Payment Date will be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the
Class A-1 Note Rate with respect to the related Interest Period and (iii) the Class A-1 Outstanding Principal Amount as of the first day of the related Interest Period, after giving effect to any deposits and distributions to be made
on such date (or, with respect to the first Payment Date following the Series 2015-A Issuance Date, the Class A-1 Initial Principal Amount). 

(b) The amount of monthly interest (the “Class A-2 Monthly Interest”) distributable from the Collection Account with respect
to the Class A-2 Notes on any Payment Date will be an amount equal to the product of (i) a fraction, the numerator of which is 30 (or, with respect to the first Payment Date following the Series 2015-A Issuance Date, the actual number of
days in the related Interest Period (assuming 30-day calendar months)) and the denominator of which is 360, (ii) the Class A-2 Note Rate with respect to the related Interest Period and (iii) the Class A-2 Outstanding Principal
Amount as of the first day of the related 

  
 21 

 
Interest Period, after giving effect to any deposits and distributions to be made on such date (or, with respect to the first Payment Date following the Series 2015-A Issuance Date, the
Class A-2 Initial Principal Amount). 
 (c) On the Determination Date immediately preceding each Payment Date, the Servicer will
determine, with respect to each of the Class A-1 Notes and the Class A-2 Notes, the excess, if any (such excess, the “Interest Deficiency”), of (x) the Monthly Interest with respect to such Notes for such Payment Date
over (y) the aggregate amount of funds allocated and available to pay the Monthly Interest for such Notes on such Payment Date. If the Interest Deficiency with respect to the Class A-1 Notes or the Class A-2 Notes for any Payment Date
is greater than zero, on each subsequent Payment Date until such Interest Deficiency is fully paid, an additional amount (the “Additional Interest”) equal to the product of (i)(A) with respect to the Class A-1 Notes, a
fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, and (B) with respect to the Class A-2 Notes, one-twelfth, (ii) the applicable Note Interest Rate with
respect to the related Interest Period and (iii) such Interest Deficiency (or the portion thereof which has not been paid to the Series 2015-A Noteholders) will be payable as provided herein with respect to the related Notes. Notwithstanding
anything to the contrary herein, the Additional Interest will be payable or distributed to the Series 2015-A Noteholders only to the extent permitted by applicable law. 

Section 4.03. Advances. 

(a) The Servicer shall have the right but not the obligation to make a payment (each, an “Advance”) with respect to each
Receivable (other than a Receivable arising in connection with a Redesignated Account on or after the Redesignation Date or a Receivable reassigned to or repurchased (or, at its option, the Account related to such Receivable redesignated and all
Receivables under such Account reassigned to or repurchased) by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement) in an amount equal to the lesser of (a) any
shortfall in the amounts available to make the payments pursuant to Section 4.04(a)(iii) and (iv) (before taking into account any Reallocated Principal Collections applied by the Indenture Trustee as Series 2015-A Investor
Available Interest Amounts for the related Payment Date pursuant to Section 4.04(a)(iv)), and (b) the product of (1) the Series 2015-A Floating Allocation Percentage and (2) the excess, if any, of (x) interest owed by
the related Dealer during the related Collection Period, over (y) the interest actually received by the Servicer with respect to such Receivable from such Dealer or from payments made by the Servicer pursuant to Section 2.03(c), 2.04(c) or
3.03(c) of the Transfer and Servicing Agreement, as the case may be, during such Collection Period. 
 (b) The Servicer shall not make an
Advance in respect of a Receivable to the extent that the Servicer, in its sole discretion, shall determine that the Advance constitutes a Nonrecoverable Advance. The Servicer also shall not make Advances on any Receivables arising from an Account
if a previous Advance on any Receivable arising from such Account shall have become a Nonrecoverable Advance. With respect to each Receivable, the Advance shall increase the Outstanding Advances. No Advances will be made with respect to the
principal balance of the Receivables. The Servicer shall deposit all such Advances into the 

  
 22 

 
Collection Account in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day immediately preceding the related Payment Date. 

(c) The Servicer shall be entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from the
following sources with respect to such Receivable pursuant to Section 4.04(a)(i): (i) subsequent payments made by or on behalf of the related Dealer (ii) all amounts received, including any insurance proceeds, by the Transferor
or the Servicer (including all recoveries), and (iii) payments made by the Servicer pursuant to Section 2.03(c), Section 2.04(c) or Section 3.03(c) of the Transfer and Servicing Agreement. 

(d) To the extent that the Servicer has determined that any Outstanding Advance is a Nonrecoverable Advance, the Servicer may provide to the
Owner Trustee and the Indenture Trustee an officer’s certificate setting forth the amount of such Nonrecoverable Advance, and on the related Payment Date, the Indenture Trustee shall remit to the Servicer from funds on deposit in the Collection
Account an amount equal to the amount of such Nonrecoverable Advance pursuant to Section 4.04(a)(ii). 
 (e) Notwithstanding
anything to the contrary in this Indenture Supplement, for so long as NMAC is the Servicer, in lieu of causing the Servicer first to deposit and then the Indenture Trustee to remit to the Servicer the amounts described in clauses (i) through
(iii) in Section 4.03(c) reimbursable in respect on Outstanding Advances, or the amounts described in Section 4.03(d) applicable in respect of Nonrecoverable Advances, the Servicer may deduct such amounts from deposits
otherwise to be made into the Collection Account. 
 (f) If the Servicer shall determine not to make an Advance related to delinquency or non-payment of any Receivable pursuant to this Section 4.03 because it determines that such Advance would not be recoverable from subsequent collections on such Receivable, such Receivable shall be
designated by the Servicer to be a Defaulted Receivable, provided that such Receivable otherwise meets the definition of a Defaulted Receivable. 

Section 4.04. Application of Available Amounts on Deposit in the Collection Account, the Accumulation Account and Other Sources of
Payment. 
 (a) On each Payment Date, the Servicer will apply, or cause the Indenture Trustee to apply by written instruction to the
Indenture Trustee, Series 2015-A Investor Available Interest Amounts (excluding Reallocated Principal Collections for such Payment Date) on deposit in the Collection Account with respect to such Payment Date (together with other amounts specified in
this Indenture Supplement) to make the following distributions or deposits in the following priority: 
 (i) to the Servicer,
from amounts on deposit in the Collection Account, any payments in respect of Advances required to be reimbursed and from the sources set forth in Section 4.03(c); 

(ii) to the Servicer, from amounts on deposit in the Collection Account, any payments in respect of Nonrecoverable Advances
required to be reimbursed and to the extent set forth in Section 4.03(d); 

  
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 (iii) an amount equal to the Monthly Servicing Fee for such Payment Date, plus
the amount of any Monthly Servicing Fee previously due but not distributed to the Servicer on a prior Payment Date, will be distributed to the Servicer; 

(iv) an amount equal to Monthly Interest for such Payment Date, plus the amount of any Monthly Interest previously due but not
distributed to the Series 2015-A Noteholders on a prior Payment Date, plus the amount of any Additional Interest for such Payment Date, plus the amount of any Additional Interest previously due but not distributed to the Series 2015-A
Noteholders on a prior Payment Date, will be distributed to the Paying Agent for payment to the Series 2015-A Noteholders, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due, on such Payment Date;

 (v) an amount equal to the sum of (y) the aggregate Series 2015-A Investor Defaulted Amounts for the related
Collection Period and (z) the Series 2015-A Nominal Liquidation Amount Deficit, if any, will be applied as Series 2015-A Investor Available Principal Amounts for such Payment Date and, in the case of the amounts described in clause
(z), will reinstate the Series 2015-A Nominal Liquidation Amount pursuant to Section 4.09(c); 
 (vi) an
amount, if any, equal to the excess of the Specified Reserve Account Balance over all amounts on deposit in the Reserve Account on such Payment Date (after giving effect to the withdrawal of net investment earnings thereon for deposit into the
Collection Account pursuant to Section 4.12(b), will be deposited in the Reserve Account; 
 (vii) on each
Payment Date on and after the occurrence of an Event of Default and a declaration that all Series 2015-A Notes are immediately due and payable pursuant to Section 5.03(a) of the Indenture, remaining Series 2015-A Investor Available Interest
Amounts for such Payment Date will be treated as Series 2015-A Investor Available Principal Amounts and will be distributed pursuant to Section 4.04(e) hereof, unless and until such declaration of acceleration has been rescinded and
annulled pursuant to Section 5.03(b) of the Indenture; 
 (viii) if the Servicer elected to waive the Monthly Servicing
Fee for the preceding Collection Period, the Indenture Trustee will apply any remaining funds to reimburse the Servicer for such waived Monthly Servicing Fee; 

(ix) an amount equal to the Interest Shortfalls for other outstanding Series in Excess Interest Sharing Group One will be
treated as Shared Excess Interest Amounts available from Series 2015-A and applied to cover the Interest Shortfalls for other outstanding Series in Excess Interest Sharing Group One in accordance with Section 8.05(a) of the Indenture; 

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

  
 24 

 (xi) all remaining Series 2015-A Investor Available Interest Amounts for such
Payment Date will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in
Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the
Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such deficiency. 

(b) If Series 2015-A Investor Available Interest Amounts for the Collection Period related to any Payment Date (excluding Reallocated
Principal Collections for such Payment Date) are insufficient to make all distributions and deposits required under clauses (i) through (vi) of Section 4.04(a), available amounts from the following sources on such Payment Date
will be applied in the following order to make up the Interest Shortfall with respect to Series 2015-A: (i) from Shared Excess Interest Amounts for such Payment Date available from other outstanding Series in Excess Interest Sharing Group One
as provided in Section 4.07, provided that such amounts will be applied only to cover shortfalls in the distributions and deposits required under clauses (i) through (vi) of Section 4.04(a) and in the order of
priorities as set forth in Section 4.04(a), (ii) from amounts on deposit in the Reserve Account on such Payment Date as provided in Section 4.12, provided that such amounts will be applied only to cover shortfalls in the
distributions and deposits required under clauses (iii) through (v) of Section 4.04(a) and in the order of priorities as set forth in Section 4.04(a) and (iii) from Reallocated Principal Collections for such
Payment Date as provided in Section 4.06, provided, that such amounts will be applied only to cover shortfalls in the distributions required under clause (iv) of Section 4.04(a) and only to the extent of the Series
2015-A Overcollateralization Amount. 
 (c) On each Payment Date with respect to the Revolving Period, the Servicer will apply, or cause the
Indenture Trustee to apply by written instruction to the Indenture Trustee, Series 2015-A Investor Available Principal Amounts for the Collection Period related to such Payment Date, to make the following distributions or deposits in the following
priority: 
 (i) such Series 2015-A Investor Available Principal Amounts on deposit in the Collection Account for the related
Collection Period, in an amount equal to the Monthly Interest due but not distributed to the Series 2015-A Noteholders on such Payment Date in accordance with Section 4.04(a)(iv), will be distributed to the Paying Agent for payment to
the Series 2015-A Noteholders on such Payment Date; 
 (ii) the balance of such Series 2015-A Investor Available Principal
Amounts not applied pursuant to clause (i) above, will be treated as Shared Excess Principal Amounts available from Series 2015-A and applied to cover the Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One
in accordance with Section 8.05(b) of the Indenture; 

  
 25 

 (iii) the balance of such Series 2015-A Investor Available Principal Amounts not
applied pursuant to clauses (i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor pursuant
to the Transfer and Servicing Agreement; and 
 (iv) the balance of such Series 2015-A Investor Available Principal Amounts
not applied pursuant to clauses (i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant
to a Currency Swap Agreement as described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the
Required Participation Amount, then the Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(d) On each Payment Date with respect to the Accumulation Period, the Servicer will apply, or cause the Indenture Trustee to apply by written
instruction to the Indenture Trustee, the Series 2015-A Investor Available Principal Amounts for the Collection Period related to such Payment Date (together with other amounts specified in this Indenture Supplement) to make the following
distributions or deposits in the following priority: 
 (i) an amount equal to the lesser of (x) the Controlled Deposit
Amount for such Payment Date and (y) the Series 2015-A Invested Amount for such Payment Date shall be deposited into the Accumulation Account; 

(ii) the balance of such Series 2015-A Investor Available Principal Amounts not applied pursuant to preceding clause
(i) will be treated as Shared Excess Principal Amounts available from Series 2015-A and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the
Indenture; 
 (iii) the balance of such Series 2015-A Investor Available Principal Amounts not applied pursuant to clauses
(i) or (ii) above, will be distributed to the Issuer to be used by the Issuer, to the extent necessary, to acquire Receivables (if any) available to be transferred to the Issuer by the Transferor pursuant to the Transfer and Servicing
Agreement; and 
 (iv) the balance of such Series 2015-A Investor Available Principal Amounts not applied pursuant to clauses
(i), (ii) or (iii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as
described in Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount,
then the Indenture Trustee shall deposit into the Excess 

  
 26 

 
Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(e) On each Payment Date with respect to the Early Amortization Period, the Servicer will apply, or cause the Indenture Trustee to apply by
written instruction to the Indenture Trustee, the Series 2015-A Investor Available Principal Amounts for the Collection Period related to such Payment Date, plus all amounts on deposit in the Accumulation Account (together with other amounts
specified in this Indenture Supplement), to make the following distributions or deposits in the following priority: 
 (i) an
amount equal to the Series 2015-A Invested Amount (determined without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) for such Payment Date will be distributed to the Paying Agent for payment to
the Series 2015-A Noteholders, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due, on such Payment Date and on each subsequent Payment Date until the Series 2015-A Invested Amount (determined
without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) has been paid in full; 

(ii) the balance of such Series 2015-A Investor Available Principal Amounts will be treated as Shared Excess Principal Amounts
available from Series 2015-A and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture; and 

(iii) the balance of the Series 2015-A Investor Available Principal Amounts not applied pursuant to clauses (i) or
(ii) above will be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement, or, to the extent amounts are payable to a Currency Swap Counterparty pursuant to a Currency Swap Agreement as described in
Section 5.08 of the Transfer and Servicing Agreement, to such Currency Swap Counterparty; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required Participation Amount, then the
Indenture Trustee shall deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(f) On the earlier of (i) the first Payment Date with respect to the Early Amortization Period and (ii) the Payment Date which is
also the Series 2015-A Expected Final Payment Date, the Servicer shall, or shall cause the Indenture Trustee to, by written notice to the Indenture Trustee, withdraw from the Accumulation Account all amounts then on deposit in the Accumulation
Account and (A) distribute to the Paying Agent for payment to the Series 2015-A Noteholders on such Payment Date, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due, the amount necessary to
pay the Series 2015-A Invested Amount (determined without giving effect to any reduction thereto arising from amounts on deposit in the Accumulation Account) in full and (B) the balance, if any, of the amounts so withdrawn from the Accumulation
Account will (x) first, be treated as Shared Excess Principal 

  
 27 

 
Amounts available from Series 2015-A to be applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the
Indenture and (y) second, be distributed to the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however, that if, on such Payment Date, the Adjusted Pool Balance is less than the Required
Participation Amount, then the Indenture Trustee will deposit into the Excess Funding Account from the amount that would otherwise have been distributed to the holders of the Transferor Interest the amount of such insufficiency. 

(g) If Series 2015-A Investor Available Principal Amounts for any Payment Date (together with amounts, if any, available for application on
such Payment Date pursuant to Section 4.04(f)) are insufficient to make in full the deposits or distributions required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, then Shared Excess Principal Amounts
for such Payment Date from other outstanding Series in Excess Principal Sharing Group One will be so deposited or distributed to cover the Principal Shortfall with respect to Series 2015-A as provided in Section 4.08. 

(h) If Series 2015-A Investor Available Principal Amounts for any Payment Date (together with amounts, if any, available for application on
such Payment pursuant to Section 4.04(f)) and Shared Excess Principal Amounts for such Payment Date from other outstanding Series in Excess Principal Sharing Group One are insufficient to make in full the deposits and distributions
required pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable, the Indenture Trustee, acting in accordance with written instructions from the Servicer, will withdraw from the Excess Funding Account and distribute to the
Paying Agent for deposit into the Accumulation Account or payment to the Series 2015-A Noteholders, as applicable, the lesser of (i) the product of the Series 2015-A Allocation Percentage and the amount on deposit in the Excess Funding Account
and (ii) the amount of such insufficiency. 
 Section 4.05. Investor Charge-Offs. 

On the Determination Date immediately preceding each Payment Date, the Servicer will calculate the aggregate Series 2015-A Investor Defaulted
Amounts, if any, for the related Collection Period. If, on any Determination Date, the aggregate Series 2015-A Investor Defaulted Amounts for the preceding Collection Period exceed the sum of: 

(i) the Series 2015-A Investor Available Interest Amounts for the related Payment Date applied to fund such Series 2015-A
Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a); and 
 (ii) the Shared Excess Interest
Amounts available from other outstanding Series in Excess Interest Sharing Group One applied to fund such Series 2015-A Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a) in accordance with clause (i) of
Section 4.04(b) and amounts on deposit in the Reserve Account applied to fund such Series 2015-A Investor Defaulted Amounts pursuant to clause (v) of Section 4.04(a) in accordance with clause (ii) of
Section 4.04(b) (such excess, collectively, an “Investor Charge-Off”); 

  
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 then, on the related Payment Date, if the Series 2015-A Overcollateralization Amount is greater than zero, the
Series 2015-A Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 2015-A Overcollateralization Amount and (2) the amount of such Investor Charge-Offs, all as provided in
Section 4.09. 
 Section 4.06. Reallocated Principal Collections. 

On each Determination Date, the Servicer shall determine the amount, if any, by which the Series 2015-A Investor Available Interest Amounts
for the preceding Collection Period (excluding Reallocated Principal Collections for the related Payment Date), together with other amounts specified in Section 4.04(b)(i) and (ii), are insufficient to pay the amounts due pursuant
to Section 4.04(a)(iv) on the related Payment Date and cause the amount of such insufficiency to be reallocated, subject to the limitation in the next succeeding sentence, from the Series 2015-A Investor Available Principal Amounts for
such Collection Period and, to the extent still necessary to pay such insufficiency, from amounts that would constitute Series 2015-A Investor Available Principal Amounts for the current Collection Period. On each Payment Date, the Servicer will
apply, or cause the Indenture Trustee to apply, Reallocated Principal Collections with respect to the preceding Collection Period (and, if necessary, with respect to the current Collection Period) in accordance with clause (iii) of
Section 4.04(b), in an amount not to exceed the Series 2015-A Overcollateralization Amount. If, on any Payment Date, Reallocated Principal Collections for such Payment Date are so applied, then, if the Series 2015-A Overcollateralization
Amount is greater than zero (after giving effect to any reductions thereof pursuant to Section 4.05), the Series 2015-A Overcollateralization Amount will be reduced by an amount not to exceed the lesser of (1) the Series 2015-A
Overcollateralization Amount and (2) the amount of such Reallocated Principal Collections, all as provided in Section 4.09. 

Section 4.07. Excess Interest Amounts. 

Subject to Section 8.05(a) of the Indenture, Shared Excess Interest Amounts with respect to other Series in Excess Interest Sharing Group
One for any Payment Date will be allocated to Series 2015-A in an amount equal to the product of (i) the aggregate amount of Shared Excess Interest Amounts with respect to all other outstanding Series in Excess Interest Sharing Group One for
such Payment Date and (ii) a fraction, the numerator of which is the Interest Shortfall with respect to Series 2015-A for such Payment Date and the denominator of which is the aggregate amount of Interest Shortfalls with respect to all
outstanding Series in Excess Interest Sharing Group One for such Payment Date. 
 Section 4.08. Excess Principal Amounts. 

Subject to Section 8.05(b) of the Indenture, Shared Excess Principal Amounts with respect to other outstanding Series in Excess Principal
Sharing Group One for any Payment Date will be allocated to Series 2015-A in an amount equal to the product of (i) the aggregate amount of Shared Excess Principal Amounts with respect to all other Series in Excess Principal Sharing Group One
for such Payment Date and (ii) a fraction, the numerator of which is the Principal Shortfall with respect to Series 2015-A for such Payment Date and the denominator of which is the aggregate amount of Principal Shortfalls with respect to all
outstanding Series in Excess Principal Sharing Group One for such Payment Date. 

  
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 Section 4.09. Series Nominal Liquidation Amount, Overcollateralization Amount and
Invested Amount. 
 (a) On each Determination Date for the related Payment Date, the Servicer will, or will cause the Indenture Trustee,
to calculate the Primary Series 2015-A Overcollateralization Amount and the Incremental Overcollateralization Amount. On each day during a Collection Period, the Servicer, will, or will cause the Indenture Trustee, to calculate the Series 2015-A
Invested Amount. 
 (b) The Series 2015-A Nominal Liquidation Amount will be reduced on any Payment Date by the following amounts: 

(i) the amount, if any, of Reallocated Principal Collections (including any Reallocated Principal Collections from the
Collection Period occurring in the same month as the Payment Date) (not to exceed the Series 2015-A Overcollateralization Amount) used on such Payment Date to pay interest on the Series 2015-A Notes pursuant to Section 4.04(b)(iii); and

 (ii) the amount, if any, of Investor Charge-Offs for the related Collection Period pursuant to Section 4.05.

 On each Payment Date, the amount of any reduction in the Series 2015-A Nominal Liquidation Amount due to (A) clause (i) or (ii) above will
be allocated, first, to reduce the Series 2015-A Overcollateralization Amount by the amount of such reduction until the Series 2015-A Overcollateralization Amount is reduced to zero and (B) clause (ii) above will be allocated, second, to
reduce the Series 2015-A Invested Amount by any remaining amount of such reduction until the Series 2015-A Invested Amount is reduced to zero. In addition, the Series 2015-A Invested Amount will be reduced by amounts deposited into the
Accumulation Account and payments of principal of the Series 2015-A Notes. Each reduction of the Series 2015-A Overcollateralization Amount will be applied, first, to reduce the Primary Series 2015-A Overcollateralization Amount and,
second, to reduce the Incremental Overcollateralization Amount. 
 (c) The Series 2015-A Nominal Liquidation Amount will be reinstated on
any Payment Date by the sum of (i) the amount of Series 2015-A Investor Available Interest Amounts that are applied on such Payment Date for such purpose pursuant to Section 4.04(a)(v), (ii) the amount of Shared Excess Interest
Amounts that are applied on such Payment Date for such purpose pursuant to Sections 4.04(b)(i) and (iii) the amounts on deposit in the Reserve Account that are applied on such Payment Date for such purpose pursuant to
Section 4.04(b)(ii). Each such reinstatement will be allocated on such Payment Date, first, if the Series 2015-A Invested Amount has been reduced and not fully reinstated, to the Series 2015-A Invested Amount until it equals the Series
2015-A Outstanding Principal Amount and, second, any remaining reinstatement amount will be allocated to the Incremental Overcollateralization Amount until it has been fully reinstated and then to the Primary Series 2015-A Overcollateralization
Amount until it has been fully reinstated. 

  
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 (d) The Primary Series 2015-A Overcollateralization Amount and the Series 2015-A Invested
Amount will be increased on any date on which the Issuer issues additional Series 2015-A Notes in accordance with Section 8.03(b). The amount of any such increase in the Primary Series 2015-A Overcollateralization Amount and the Series
2015-A Invested Amount will be in proportion to the increase in the aggregate Series 2015-A Outstanding Principal Amount resulting from the issuance of such additional Series 2015-A Notes. 

Section 4.10. Establishment of Accumulation Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 2015-A Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 2015-A Noteholders (the “Accumulation
Account”). The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to
time on deposit in or credited to the Accumulation Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a
discount) solely for the benefit of the Series 2015-A Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Accumulation Account, and will have sole dominion and control of the Accumulation
Account for the benefit of the Series 2015-A Noteholders. Except as expressly provided in the Indenture, the Transfer and Servicing Agreement and this Indenture Supplement, the Servicer agrees that it has no right of setoff or banker’s lien
against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, either
(i) the Servicer, in its sole discretion and for any reason, notifies the Indenture Trustee in writing that there shall be established a new Accumulation Account at the institution selected by the Servicer or (ii) the Accumulation Account
ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf), within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition with respect to the Hired Rating
Agencies shall have been satisfied), will establish a new Accumulation Account meeting the conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such
new Accumulation Account and from the date such new Accumulation Account is established, it will be the “Accumulation Account.” The Indenture Trustee shall assist the Servicer with establishment of a new Accumulation Account described in
the preceding sentence. Pursuant to the authority granted to the Servicer in Section 3.01(a) of the Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee, to make withdrawals and payments from the
Accumulation Account and to instruct the Indenture Trustee to make withdrawals and payments from the Accumulation Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties under the Transfer and Servicing
Agreement, the Indenture and this Indenture Supplement, as applicable. 
 (b) Funds on deposit in the Accumulation Account will, at the
written direction of the Servicer, be invested by the Indenture Trustee or its nominee (including the 

  
 31 

 
Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the Indenture Trustee solely for the benefit of the Series 2015-A
Noteholders. The Indenture Trustee will cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the Accumulation Account maintained by the Indenture Trustee with the
Securities Intermediary. Funds on deposit in the Accumulation Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than the close of business on the Business Day preceding each Payment
Date. On each Payment Date with respect to the Accumulation Period and on the first Payment Date with respect to the Early Amortization Period, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in
the Accumulation Account will be withdrawn from the Accumulation Account and treated as Series 2015-A Investor Available Interest Amounts with respect to the related Collection Period for application in accordance with
Section 4.04(a). Net investment earnings on funds on deposit in the Accumulation Account will not be considered principal amounts on deposit therein for purposes of this Indenture Supplement. The Indenture Trustee will bear no
responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary obligor) in accordance with this Section 4.10(b) nor for the selection of Eligible Investments in
accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 
 (c) The Servicer or
the Indenture Trustee, acting at the written direction of the Servicer, shall (i) make withdrawals from the Accumulation Account in the amounts and for the purposes set forth in this Indenture Supplement and (ii) on each Payment Date with
respect to the Accumulation Period, make deposits into the Accumulation Account in the amounts specified in, and otherwise in accordance with, Section 4.04(d), (g) and (h). 

Section 4.11. Accumulation Period. The Accumulation Period is scheduled to begin at the close of business on July 1, 2017;
provided, however, that if the Accumulation Period Length (as described below) is determined to be less than six months, the date on which the Accumulation Period actually begins may be delayed to the close of business on the last day
of the month preceding the month that is the number of whole months prior to the month in which the Series 2015-A Expected Final Payment Date occurs which is at least equal to the Accumulation Period Length (so that the number of full Collection
Periods in the Accumulation Period will at least equal the Accumulation Period Length). On or prior to July 1, 2017 and, thereafter, on or prior to the first Business Day of each Collection Period prior to the Collection Period in which the
Accumulation Period is scheduled to begin, the Issuer, acting directly or through the Administrator, may at its option, elect to delay the start of the Accumulation Period and thereby reduce the number of full Collection Periods in the Accumulation
Period (the “Accumulation Period Length”), provided, that, (i) the Accumulation Period shall start no later than December 1, 2017; (ii) the Rating Agency Condition shall be satisfied, and
(iii) prior to delaying the start of the Accumulation Period, an Authorized Officer of the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate to the effect that delaying the start of the Accumulation Period is
not expected to delay any payment of principal to the Series 2015-A Noteholders. Once the Accumulation Period has commenced, the Accumulation Period Length cannot be changed. 

  
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 Section 4.12. Establishment of Reserve Account. 

(a) The Issuer will establish and the Indenture Trustee will maintain and hold in the name of the Indenture Trustee, solely for the benefit of
the Series 2015-A Noteholders, a Qualified Account bearing a designation clearly indicating that the funds and other property credited thereto are held solely for the benefit of the Series 2015-A Noteholders (the “Reserve Account”).
The Indenture Trustee will possess all right, title and interest in all Eligible Investments and all monies, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or
credited to the Reserve Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) solely for the
benefit of the Series 2015-A Noteholders. The parties hereto acknowledge that the Indenture Trustee will be the sole entitlement holder of the Reserve Account, and will have sole dominion and control of the Reserve Account for the benefit of the
Series 2015-A Noteholders. Except as expressly provided in the Indenture and the Transfer and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and
other property held in the Reserve Account for any amount owed to it by the Indenture Trustee, the Issuer, any Noteholder or any Series Enhancers. If, at any time, either (i) the Servicer, in its sole discretion and for any reason, notifies the
Indenture Trustee in writing that there shall be established a new Reserve Account at the institution selected by the Servicer or (ii) the Reserve Account ceases to be a Qualified Account, the Indenture Trustee (or the Servicer on its behalf),
within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition with respect to the Hired Rating Agencies shall have been satisfied), will establish a new Reserve Account meeting the
conditions specified above, transfer any monies, instruments, securities, security entitlements, documents, certificates of deposit and other property to such new Reserve Account and from the date such new Reserve Account is established, it will be
the “Reserve Account.” The Indenture Trustee shall assist the Servicer with establishment of a new Reserve Account described in the preceding sentence. Pursuant to the authority granted to the Servicer in Section 3.01(a) of the
Transfer and Servicing Agreement, the Servicer has the power, revocable by the Indenture Trustee, to make withdrawals and payments from the Reserve Account and to instruct the Indenture Trustee to make withdrawals and payments from the Reserve
Account for the purposes of carrying out the Servicer’s or the Indenture Trustee’s duties under the Transfer and Servicing Agreement, the Indenture and this Indenture Supplement, as applicable. 

(b) Funds on deposit in the Reserve Account will, at the written direction of the Servicer, be invested by the Indenture Trustee or its
nominee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments will be held by the Indenture Trustee solely for the benefit of the Series 2015-A Noteholders. The Indenture Trustee will
cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and will be credited to the Reserve Account maintained by the Indenture Trustee with the Securities Intermediary. Funds on deposit in the
Reserve Account will be invested in Eligible Investments that will mature so that all such funds will be available no later than the close of business on the Business Day next preceding each Payment Date. On each Payment Date, all interest and other
investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Account will be withdrawn from the Reserve Account and treated as Series 2015-A Investor Available Interest Amounts with respect to the

  
 33 

 
related Collection Period for application in accordance with Section 4.04(a). Net investment earnings on funds on deposit in the Reserve Account will not be considered principal
amounts on deposit therein for purposes of this Indenture Supplement. The Indenture Trustee will bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds (other than in its capacity as primary
obligor) in accordance with this Section 4.12(b) nor for the selection of Eligible Investments in accordance with the provisions of the Indenture, this Indenture Supplement or the Transfer and Servicing Agreement. 

(c) The Reserve Account will be funded by the Issuer on the Series 2015-A Issuance Date in the amount of the Reserve Account Initial Deposit.

 (d) On each Payment Date, to the extent that Series 2015-A Investor Available Interest Amounts on deposit in the Collection Account with
respect to such Payment Date, are insufficient to make all distributions and deposits required under clauses (iii) through (v) of Section 4.04(a), and to the extent that amounts set forth in Section 4.04(b)(i) are
insufficient to make up the Interest Shortfall with respect to Series 2015-A, the Servicer or the Indenture Trustee, acting at the written direction of the Servicer, will withdraw amounts then on deposit in the Reserve Account, up to the amounts of
any such Interest Shortfall, pursuant to clause (ii) of Section 4.04(b) and apply, or cause the Indenture Trustee to apply, such amounts in accordance with clause (ii) of Section 4.04(b). If the Series 2015-A Notes
are not paid in full on the earlier of (x) the Series 2015-A Final Maturity Date and (y) the first Payment Date on or after the occurrence of an Event of Default and a declaration that all of the Series 2015-A Notes are immediately due and
payable as set forth in Section 5.03(a) of the Indenture, any funds remaining in the Reserve Account, after application of amounts therein on such date in accordance with Section 4.04(b)(ii), will be applied pursuant to
Section 4.04(e) on such date. Upon the payment in full of the Series 2015-A Notes under the Indenture and this Indenture Supplement, any funds remaining in the Reserve Account will be treated as Shared Excess Principal Amounts available
from Series 2015-A and applied to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One in accordance with Section 8.05(b) of the Indenture. Upon the payment in full of the Series 2015-A Notes under the
Indenture and this Indenture Supplement and to the extent such amounts are not needed to cover Principal Shortfalls for other outstanding Series in Excess Principal Sharing Group One, as directed in writing by the Servicer, the Indenture Trustee
shall distribute to the holders of the Transferor Interest, pursuant to the Trust Agreement, any amounts remaining on deposit in the Reserve Account. Upon any such distribution to the holders of the Transferor Interest as set forth in the preceding
sentence, the Issuer, Transferor, Owner Trustee, Indenture Trustee, Series Enhancers and Noteholders will have no further rights in, or claims to, such amounts. 

Section 4.13. Determination of LIBOR. 

(a) On each Interest Determination Date, the Calculation Agent will determine LIBOR based on the rate displayed on the Designated LIBOR Page
on such date. If the Designated LIBOR Page by its terms provides only for a single rate, then LIBOR for the applicable Interest Period will be the rate for deposits in United States dollars having a maturity of one month (commencing on the first day
of such Interest Period) that appears on the Designated LIBOR Page as of 11:00 a.m. London time on the applicable Interest Determination Date. If at least two offered rates appear, LIBOR for the applicable Interest Period will be the

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

  
 35 

 ARTICLE V 

DELIVERY OF SERIES 2015-A NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 2015-A NOTEHOLDERS 

Section 5.01. Delivery and Payment for Series 2015-A Notes. 

The Indenture Trustee will execute the Series 2015-A Notes in accordance with Section 2.03 of the Indenture. The Indenture Trustee will
deliver the Series 2015-A Notes to or upon the order of the Issuer when so authenticated. 
 Section 5.02. Distributions. 

(a) On each Payment Date, the Paying Agent will distribute to each Class A-1 Noteholder and Class A-2 Noteholder of record on the
related Record Date (other than as provided in Section 11.02 of the Indenture) such Class A-1 Noteholder’s and Class A-2 Noteholder’s pro rata share (based on amounts due) of the
amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class A-1 Notes or the Class A-2 Notes, as applicable, pursuant to this Indenture Supplement. 

(b) On each Payment Date, the Paying Agent will distribute to each Class A-1 Noteholder and Class A-2 Noteholder of record on the
related Record Date (other than as provided in Section 11.02 of the Indenture) such Class A-1 Noteholder’s and Class A-2 Noteholder’s pro rata share (based on amounts due) of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay principal on the Class A-1 Notes or the Class A-2 Notes, as applicable, pursuant to this Indenture Supplement. 

(c) The distributions to be made pursuant to this Section are subject to the provisions of Sections 2.03, 6.01 and 7.01 of the Transfer and
Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this Indenture Supplement. 
 (d) Except as
provided in Section 11.02 of the Indenture with respect to a final distribution, distributions to Series 2015-A Noteholders hereunder will be made (i) by wire transfer of immediately available funds to an account designated by the Series
2015-A Noteholders and (ii) without presentation or surrender of any Series 2015-A Notes or the making of any notation thereon. 

Section 5.03. Reports and Statements to Series 2015-A Noteholders. 

(a) Not later than the second Business Day preceding each Payment Date, the Servicer will mail or deliver to the Owner Trustee, the Indenture
Trustee, the Paying Agent and each Hired Rating Agency (i) a statement substantially in the form of Exhibit B prepared by the Servicer and (ii) a certificate of an Authorized Officer substantially in the form of Exhibit C; provided that
the Servicer may amend the form of Exhibit B and Exhibit C form time to time. 
 (b) On each Payment Date, the Paying Agent, on behalf of
the Indenture Trustee, will deliver to each Series 2015-A Noteholder a copy of each statement or certificate delivered pursuant to paragraph (a). 

  
 36 

 (c) On or before January 31 of each calendar year, beginning with calendar year 2016, the
Paying Agent, on behalf of the Indenture Trustee, will furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2015-A Noteholder, a statement prepared by the Servicer containing the
information that is required to be contained in the statement to Series 2015-A Noteholders, as set forth in paragraph (b) above, aggregated for such calendar year together with other information as is required to be provided by an issuer of
indebtedness under the Code. Such obligation of the Servicer will be deemed to have been satisfied to the extent that substantially comparable information is provided by the Paying Agent pursuant to any requirements of the Code as from time to time
in effect. Any statement delivered pursuant to this paragraph (c) may be delivered by the Indenture Trustee by electronic transmission so long as the Indenture Trustee shall have provided each Series 2015-A Noteholder with free and open access
(if required) to such statement. 
 (d) Solely with respect to the Series 2015-A Notes, Section 3.06 of the Transfer and Servicing
Agreement shall be revised to read “[Reserved]”. 
 Section 5.04. Tax Treatment. 

Each of the parties to this Indenture Supplement hereby severally covenants and agrees, in each case as to itself individually, to treat the
Series 2015-A Notes (other than Tax Retained Notes, if any) as indebtedness for applicable United States federal, state, and local income and franchise tax law and for purposes of any other tax imposed on, or measured by, income. 

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

The Indenture Trustee shall provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the
“Nissan Parties”) with (i) notification pursuant to Sections 2.03(b), 2.04(b) and 3.03(b) of the Transfer and Servicing Agreement and Sections 2.02(b) and 2.03(b) of the Receivables Purchase Agreement, as soon as
practicable and in any event within ten Business Days, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning February 10, 2015, a report
substantially in the form of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) and
(iii) promptly upon the request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of
Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing required to be made by a securitizer
under the Exchange Act or Regulation AB. 
 Section 5.06. Tax Forms. 

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

  
 37 

 ARTICLE VI 

SERIES 2015-A EARLY AMORTIZATION EVENTS 

Section 6.01. Series 2015-A Early Amortization Events. 

If any one of the Early Amortization Events specified in the definition thereof in the Annex of Definitions or any one of the following events
occurs with respect to the Series 2015-A Notes: 
 (i) failure by the Issuer, the Transferor, the Servicer or NMAC (if
NMAC is no longer the Servicer), as applicable (a) to make any payment or deposit required by the terms of the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement, including but not
limited to any Transferor Deposit Amounts, on or before the date occurring ten Business Days after the date such payment or deposit is required to be made, (b) to deliver a Payment Date Statement on the date required under the Transfer and
Servicing Agreement, or within the applicable grace period which will not exceed five Business Days, (c) to comply with its covenant not to create any Lien on any Receivable, or (d) to observe or perform in any material respect any other
covenants or agreements set forth in the Transfer and Servicing Agreement, the Receivables Purchase Agreement, the Indenture or this Indenture Supplement which failure (in the case of this clause (d)) continues unremedied for a period of 60 days
after the date on which notice of such failure requiring the same to be remedied, has been given to the Issuer, the Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, by the Indenture Trustee, or to the Issuer, the
Transferor, the Servicer or NMAC (if NMAC is no longer the Servicer), as applicable, and the Indenture Trustee by any Holder of a Series 2015-A Note; 

(ii) any representation or warranty made by (x) NMAC, as seller, in the Receivables Purchase Agreement or (y) the
Transferor in the Transfer and Servicing Agreement, or any information required to be delivered by NMAC or the Transferor to identify the Accounts, proves to have been incorrect in any material respect when made or when delivered, which continues to
be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, has been given to the Issuer, NMAC or the Transferor, as applicable, by the Indenture Trustee, or
to the Issuer, NMAC or the Transferor, as applicable, and the Indenture Trustee by any Holder of a Series 2015-A Note and as a result the interests of the Series 2015-A Noteholders are materially and adversely affected; provided,
however, that an Early Amortization Event pursuant to this clause (ii) will not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during
such period in accordance with the provisions of the Transfer and Servicing Agreement; 

  
 38 

 (iii) the occurrence of an Insolvency Event with respect to the Issuer, the
Transferor, NMAC, NNA or NML; 
 (iv) a failure by the Transferor to transfer to the Issuer Receivables in Additional
Accounts within ten Business Days after the day on which it is required to convey those Receivables under the Transfer and Servicing Agreement; 

(v) on any Payment Date, the Series 2015-A Overcollateralization Amount is reduced to an amount less than the product of
(i) the applicable Series 2015-A Overcollateralization Percentage and (ii) the Series 2015-A Initial Principal Amount; provided, that, for the purpose of determining whether an Early Amortization Event has occurred pursuant to
this clause (v), any reduction of the Primary Series 2015-A Overcollateralization Amount resulting from Reallocated Principal Collections to pay interest on the Series 2015-A Notes in the event LIBOR is equal to or greater than the Reference Rate
upon which interest on the Receivables is calculated on the applicable Interest Determination Date will be considered an Early Amortization Event only if LIBOR remains equal to or greater than such Reference Rate for the next 30 consecutive days
following such Interest Determination Date; provided, further that, if the reduction occurs on any Payment Date on which the Series 2015-A Overcollateralization Percentage is increased because the average of the Monthly Payment Rates for the
three preceding Collection Periods is less than 35% or the Series 2015-A Overcollateralization Percentage is further increased because the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 30%, then that
reduction shall be an Early Amortization Event if the Series 2015-A Overcollateralization Amount remains less than the Required Series 2015-A Overcollateralization Amount for five or more days after the Payment Date on which the Series 2015-A
Overcollateralization Percentage increased; 
 (vi) any Servicer Default that adversely affects in any material respect the
interests of any noteholder, or NMAC no longer acts as Servicer under the Transfer and Servicing Agreement; 
 (vii) on any
Determination Date, the average of the Monthly Payment Rates for the three consecutive Collection Periods preceding such Determination Date is less than 25% for a period of at least 5 days after the date on which written notice of such event has
been given to the Issuer, NMAC and the Transferor; 
 (viii) for three consecutive Determination Dates, the amounts on
deposit in the Excess Funding Account on each such Determination Date exceed 30% of the sum of the Invested Amounts of all outstanding Series issued by the Issuer; 

(ix) the Series 2015-A Outstanding Principal Amount is not repaid in full on the Series 2015-A Expected Final Payment Date;

  
 39 

 (x) the Issuer or the Transferor becomes subject to the requirement that it
register as an investment company within the meaning of the Investment Company Act of 1940; or 
 (xi) the occurrence of an
Event of Default with respect to Series 2015-A Notes and the declaration that the Series 2015-A Notes are due and payable pursuant to the Indenture. 

then, in the case of any event described in clauses (i), (ii) or (vi) above, an Early Amortization Event with respect to Series 2015-A will be
deemed to have occurred only if, after the applicable grace period described in those clauses, if any, either the Indenture Trustee or Series 2015-A Noteholders holding Series 2015-A Notes evidencing more than 50% of the Series 2015-A Outstanding
Principal Amount by written notice to the Transferor, NMAC, the Servicer and the Indenture Trustee (if given by Series 2015-A Noteholders), declare that an Early Amortization Event has occurred as of the date of that notice. In the case of any Early
Amortization Event described in the definition thereof in the Annex of Definitions or any event described in clause (iii), (iv), (v) or clauses (vii) through (xi) above, an Early Amortization Event with respect to Series 2015-A will
be deemed to have occurred without any notice or other action on the part of the Indenture Trustee or the Series 2015-A Noteholders immediately upon the occurrence of that event. 

If an Early Amortization Event (other than an Early Amortization Event specified in clause (iii) or (x) above) has occurred and the
Accumulation Period has not commenced and if the Series 2015-A Noteholders holding Series 2015-A Notes evidencing more than 50% of the Series 2015-A Outstanding Principal Amount consent to the recommencement of the Revolving Period and the Rating
Agency Condition with respect to the Hired Rating Agencies is satisfied, the related Early Amortization Event shall terminate and the Revolving Period shall recommence. Notwithstanding anything to the contrary herein, if an Early Amortization Event
specified in clause (iii) or (x) above has occurred, the Revolving Period shall not recommence under any circumstances. 
 ARTICLE
VII 
 REDEMPTION OF SERIES 2015-A NOTES; 

SERIES FINAL MATURITY; FINAL DISTRIBUTIONS 

Section 7.01. Redemption of Series 2015-A Notes. 

(a) On any day occurring on or after the date on which the Series 2015-A Outstanding Principal Amount is reduced to 10% or less of the Series
2015-A Initial Principal Amount, the Issuer will have the option to redeem the Series 2015-A Notes, in whole but not in part, at a redemption price equal to (i) if such day is a Payment Date, the Reassignment Amount for such Payment Date or
(ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 
 (b) The Issuer will give
the Servicer and the Indenture Trustee reasonable prior written notice of the date on which the Issuer intends to exercise its option to redeem the 

  
 40 

 
Series 2015-A Notes. Not later than 5:00 P.M., New York City time, on the Business Day prior to the date on which the Issuer is to redeem the Series 2015-A Notes, the Issuer will deposit into the
Collection Account in immediately available funds an amount equal to the excess of the Reassignment Amount over amounts then on deposit in the Collection Account and available to be applied to the payment of the Reassignment Amount. Such redemption
option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Account in accordance with the foregoing, the Series 2015-A Invested Amount will be reduced to zero and the Series 2015-A Noteholders will
have no further interest in the Receivables. The Reassignment Amount will be distributed in the manner set forth in Section 7.02. 

Section 7.02. Series Final Maturity. 

(a) The amount to be paid by the Transferor with respect to Series 2015-A in connection with reassignment of the Noteholders’ Collateral
pursuant to Section 2.03 of the Transfer and Servicing Agreement will be the Reassignment Amount for the first Payment Date following the Collection Period in which the reassignment obligation arises under the Transfer and Servicing Agreement.
With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.03 of the Transfer and Servicing Agreement, the Reassignment Amount deposited into the Collection Account pursuant to Section 7.01
hereof and the proceeds from any Foreclosure Remedy pursuant to Section 5.05 of the Indenture, the Indenture Trustee will, in accordance with the written direction of the Servicer, not later than 12:00 noon, New York City time, on the related
Payment Date, make distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: (A) the Series
2015-A Outstanding Principal Amount on such Payment Date will be distributed to the Paying Agent for payment to the Series 2015-A Noteholders, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due
and (B) an amount equal to the sum of (1) Monthly Interest for such Payment Date, (2) any Monthly Interest previously due but not distributed to the Series 2015-A Noteholders on any prior Payment Date and (3) Additional Interest,
if any, for such Payment Date and any Additional Interest previously due but not distributed to the Series 2015-A Noteholders on any prior Payment Date will be distributed to the Paying Agent for payment to the
Series 2015-A Noteholders, pro rata between the Class A-1 Noteholders and the Class A-2 Noteholders based on amounts due. 

(b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or the Transfer and Servicing Agreement, all amounts
distributed to the Paying Agent pursuant to Section 7.02(a) for payment to the Series 2015-A Noteholders will be deemed distributed in full to the Series 2015-A Noteholders on the date on which such funds are distributed to the Paying
Agent pursuant to this Section and will be deemed to be a final distribution pursuant to Section 11.02 of the Indenture. 

Section 7.03. No Defeasance. 

The Issuer shall not have the option to be discharged from its obligations with respect of the Series 2015-A Notes as described in
Section 11.04 of the Indenture. 

  
 41 

 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

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

Section 8.02. Form of Delivery of Series 2015-A Notes. 

(a) The Series 2015-A Notes shall be Global Notes and shall be delivered as provided in Section 2.03 of the Indenture; provided that any
Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of the Indenture. 

Section 8.03. Notices. 

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

(a) This Indenture Supplement may be amended by the Transferor, Servicer and the Issuer with the consent of the Indenture Trustee, but without
the consent of any of the Series 2015-A Noteholders, to cure any ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision herein, or for any other purpose; provided that (i)(A) the Servicer shall
have delivered an Officer’s Certificate to the Indenture Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect any Series 2015-A Noteholder or (B) the Rating Agency Condition with respect
to the Hired Rating Agencies shall have been satisfied with respect to such Amendment and (ii) the Issuer shall have received a Required Federal Income Tax Opinion and have delivered a copy to the Indenture Trustee. 

If any proposed amendment or supplement described in this Section 8.04(a) would materially and adversely affect any of the rights
or obligations of any Certificateholder, the Owner Trustee shall obtain the consent of each Certificateholder prior to the adoption of such amendment or supplement; provided, that no Certificateholder’s consent to any such amendment or
supplement shall be unreasonably withheld or delayed, and provided, further, that each Certificateholder’s consent will be deemed to have been given if such Certificateholder does not object in writing within 10 days of receipt of a written
request for such consent. Upon receipt of 

  
 42 

 
the consent, or deemed consent, of each Certificateholder, the Owner Trustee shall notify the Indenture Trustee of such consent or deemed consent. 

(b) This Indenture Supplement may also be amended from time to time by the Transferor, the Servicer and the Issuer, with the consent of the
Indenture Trustee, receipt by the Issuer with a copy to the Indenture Trustee, of a Required Federal Income Tax Opinion and the consent of: 

(i) the holders of notes evidencing a majority of the outstanding Series 2015-A Notes; or 

(ii) in the case of any amendment that does not adversely affect the Indenture Trustee or any Series 2015-A Noteholders, the
Holders of the Certificates evidencing a majority of the outstanding Certificate balance; 
 for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture Supplement or of modifying in any manner the rights of those Series 2015-A Noteholders or Certificateholders; provided, however, that no amendment shall:

 (x) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the
Series 2015-A Notes or distributions that are required to be made for the benefit of those Series 2015-A Noteholders or Certificateholders or change the Note Interest Rate or the Specified Reserve Account Balance (except as described above
under clause (ii) of subsection (a) above) without the consent of each adversely affected Series 2015-A Noteholder or Certificateholder; or 

(y) reduce the aforesaid percentage of the outstanding Series or Class of Notes or Certificate Balance of the Certificates
which is required to consent to any amendment, without the consent of the holders of all the then outstanding Series 2015-A Notes or Certificates. 

An amendment referred to above will be deemed not to adversely affect a Series 2015-A Noteholder if the Rating Agency Condition with respect
to the Hired Rating Agencies with respect to such amendment shall have been satisfied. In connection with any amendment referred to in clause (x) above, the Servicer shall deliver an Officer’s Certificate to the Indenture Trustee and the
Owner Trustee stating that those Noteholders and Certificateholders whose consents were not obtained were not adversely affected by such amendment. 

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

(c) Promptly after the execution of any amendment or consent to this Indenture Supplement, the Servicer shall furnish a copy of such amendment
or consent to each Hired Rating Agency. 

  
 43 

 (d) Prior to the execution of any amendment to this Indenture Supplement, the Owner Trustee and
the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee and the Indenture Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Indenture Supplement or otherwise. 

(e) If, at any time and from time to time when the Series 2015-A Notes are outstanding, the Issuer determines that an amendment to this
Indenture Supplement is desirable for the Issuer to issue additional Series 2015-A Notes, then the Issuer and the Indenture Trustee may enter into such amendment without obtaining the consent of the Series 2015-A Noteholders; provided, that
(a) the Rating Agency Condition with respect to the Hired Agencies has been satisfied, (b) the Issuer has delivered to the Indenture Trustee and the Owner Trustee a Required Federal Income Tax Opinion and (c) the Series 2015-A
Invested Amount of the Series 2015-A Notes and all amounts relating to the Series 2015-A Overcollateralization Amount shall be adjusted proportionately. 

(f) If, at any time when the Series 2015-A Notes are outstanding, and from time to time the Issuer determines that an amendment to the
Indenture is desirable to conform to the Prospectus, then the Issuer and the Indenture Trustee may enter into such amendment without obtaining the consent of the Series 2015-A Noteholders; provided, that (i) the Issuer has delivered notice of
such amendment to the Rating Agencies on the date such amendment becomes effective and (ii) the Rating Agency Condition has been satisfied. 

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

Section 8.06. Governing Law. THIS INDENTURE SUPPLEMENT AND EACH SERIES 2015-A NOTE ARE TO BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 
 Section 8.07. Effect of
Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and are not intended to affect the construction hereof. 

Section 8.08. Waiver of Jury Trial. Each of the parties hereto hereby waives, to the fullest extent permitted by applicable law,
any right that it may have to a trial by jury in respect to any legal action or proceeding relating to this agreement. 
 Section 8.09.
Compliance with Regulation AB. So long as the Transferor is required to file any reports with respect to the Issuer under the Exchange Act, the Servicer agrees to perform all duties and obligations applicable to or required of the Issuer set
forth in Appendix A attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it. 

[Signature Page to Follow] 

  
 44 

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

			
	NISSAN MASTER OWNER TRUST RECEIVABLES, as Issuer
		
	By:		Wilmington Trust Company,
			not in its individual capacity,
			but solely as Owner Trustee
		
	By:		 /s/ Dorri Costello

	Name:		Dorri Costello
	Title:		Assistant Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity,
 but solely as Indenture
Trustee

		
	By:		 /s/ Edwin J. Janis

	Name:		Edwin J. Janis
	Title:		Vice President

  

			
	Agreed and accepted as of
	January 30, 2015
	
	NISSAN MOTOR ACCEPTANCE CORPORATION, as Servicer
		
	By:		 /s/ Mark Kaczynski

	Name:		Mark Kaczynski
	Title:		President
	
	SOLELY WITH RESPECT TO SECTION 5.03(d):
	
	 WILMINGTON TRUST COMPANY,

not in its individual capacity,
 but solely as Owner
Trustee

		
	By:		 /s/ Dorri Costello

	Name:		Dorri Costello
	Title:		Assistant Vice President

  

					
			S-1		Series 2015-A Indenture Supplement

 EXHIBIT A 

FORM OF 
 SERIES 2015-A [CLASS
A-1][CLASS A-2] NOTE 
 [UNLESS THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SERIES 2015-A [CLASS A-1][CLASS A-2] 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.]1 

THE OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS SERIES 2015-A
[CLASS A-1][CLASS A-2] NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT
SHOWN BELOW. ANYONE ACQUIRING THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL
ISSUANCE OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE, THE INDENTURE TRUSTEE IS U.S. BANK NATIONAL ASSOCIATION. 
 THIS NOTE IS NOT AN OBLIGATION
OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN WHOLESALE RECEIVABLES CORPORATION II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES.

 THE HOLDER OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE, BY ACCEPTANCE OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE, AND EACH HOLDER OF A
BENEFICIAL INTEREST THEREIN, AGREES TO TREAT THE SERIES 2015-A [CLASS A-1][CLASS A-2] NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED
BY, INCOME. 
  

	1 	Global Notes only 

  
 A-1 

 THE HOLDER OF THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE (OR ANY INTEREST THEREIN) SHALL BE DEEMED TO
REPRESENT, WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY DEEMED TO
HOLD THE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR (D) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE; OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR RESULT IN A VIOLATION OF ANY OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

  
 A-2 

			
	Registered	  	$            

 No. R-         

NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE 

Nissan Master Owner Trust Receivables (herein referred to as the “Issuer”), a Delaware statutory trust formed by a Trust
Agreement dated as of May 13, 2003, as amended and restated by an Amended and Restated Trust Agreement, dated as of October 15, 2003, for value received, hereby promises to pay to [    ], or registered assigns, subject
to the following provisions, the principal sum of $        , or such lesser amount, as determined in accordance with the Indenture (referred to herein) and the Indenture Supplement (referred to herein), on the
Series 2015-A Final Maturity Date, except as otherwise provided below or in the Indenture Supplement. The Issuer will pay interest on the unpaid principal amount of this Series 2015-A [Class A-1][Class A-2] Note at the
[Class A-1][Class A-2] Note Rate on each Payment Date until the principal amount of this Series 2015-A [Class A-1][Class A-2] Note is paid in full. Interest on this Series 2015-A [Class A-1][Class A-2]
Note will accrue for each Payment Date [from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Series 2015-A Issuance Date to but
excluding such Payment Date.]2 [from and including the 15th day of the preceding calendar month to but excluding the 15th day of the month in which such Payment Date occurs or, for the initial Payment Date, from and including the Series 2015-A Issuance Date to but excluding the 15th day of the month in which such Payment Date occurs.]3 Interest will be computed as provided in the Indenture Supplement. Principal of this Series
2015-A [Class A-1][Class A-2] Note will be paid in the manner specified on the reverse hereof. 
 The principal of and interest on
this Series 2015-A [Class A-1][Class A-2] Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Series 2015-A [Class A-1][Class A-2] Note set forth on the reverse hereof, which will have
the same effect as though fully set forth on the face of this Series 2015-A [Class A-1][Class A-2] Note. 
 Unless the certificate of
authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Series 2015-A [Class A-1][Class A-2] Note will not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on
the reverse hereof, or be valid for any purpose. 
  

	2 	For the Class A-1 Notes 

	3 	For the Class A-2 Notes 

  
 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this Series 2015-A [Class A-1][Class A-2] Note to be
duly executed. 
  

			
	NISSAN MASTER OWNER TRUST RECEIVABLES, as Issuer
		
	By:	 	WILMINGTON TRUST COMPANY,
		 	not in its individual capacity,
		 	but solely as Owner Trustee
		
	By	 	  

	Name:	 	
	Title:	 	

 Dated:             , 2015 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	By	 	  

	Name:	 	
	Title:	 	

  
 A-4 

 NISSAN MASTER OWNER TRUST RECEIVABLES, 

SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE 

Summary of Terms and Conditions 

This Series 2015-A [Class A-1][Class A-2] Note is one of a duly authorized issue of Notes of the Issuer, designated as the Nissan Master Owner
Trust Receivables, Series 2015-A [Class A-1][Class A-2] Note (the “[Class A-1][Class A-2] Notes”), issued under the Amended and Restated Indenture, dated as of October 15, 2003 (the “Indenture”), between
the Issuer and U.S. BANK NATIONAL ASSOCIATION, as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2015-A Indenture Supplement, dated as of January 30, 2015, (the “Indenture
Supplement”), between the Issuer and the Indenture Trustee and representing the right to receive certain payments from the Issuer. The term Indenture, unless the context otherwise requires, refers to the Indenture as supplemented by the
Indenture Supplement. The [Class A-1][Class A-2] Notes are subject to all of the terms of the Indenture and the Indenture Supplement. All terms used in this [Class A-1][Class A-2] Note that are defined in the Annex of Definitions relating to the
Indenture and the other Transaction Documents or the Indenture Supplement have the meanings assigned to them in or pursuant thereto, as applicable. In the event of any conflict or inconsistency between the Annex of Definitions or the Indenture
Supplement, as applicable, and this [Class A-1][Class A-2] Note, the Annex of Definitions or the Indenture Supplement, as applicable, controls. 

The [Class A-1][Class A-2] Noteholder, by its acceptance of this [Class A-1][Class A-2] Note, agrees that it will look solely to the property
of the Issuer allocated to the payment of this [Class A-1][Class A-2] Note for payment hereunder and that the Indenture Trustee is not liable to the Series 2015-A Noteholders for any amount payable under this [Class A-1][Class A-2] Note or the
Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 
 This [Class A-1][Class A-2]
Note does not purport to summarize the Indenture and reference is made to the Indenture and the Indenture Supplement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee. 
 The [Class A-1][Class A-2] Initial Principal Amount is
$[—]. The [Class A-1][Class A-2] Outstanding Principal Amount on any date of determination will be an amount equal to (a) the [Class A-1][Class A-2] Initial Principal Amount, minus
(b) the aggregate amount of principal payments made to the [Class A-1][Class A-2] Noteholders on or before such date. Payments of principal of the [Class A-1][Class A-2] Notes will be made in accordance with the provisions of the Indenture and
the Indenture Supplement. 
 Subject to the terms and conditions of the Indenture and the Trust Agreement, the Transferor may, from time to
time, direct the Owner Trustee, on behalf of the Issuer, to issue one or more new Series of Notes. The Series 2015-A Notes are included in Excess Interest Sharing Group One and Excess Principal Sharing Group One. 

  
 A-5 

 On each Payment Date, the Paying Agent will distribute to each [Class A-1][Class A-2] Noteholder
of record on the related Record Date (except for the final distribution in respect of this [Class A-1][Class A-2] Note) such [Class A-1][Class A-2] Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Payment Date to pay interest and principal on the [Class A-1][Class A-2] Notes pursuant to the Indenture Supplement. Except as provided in the Indenture with respect to a final distribution, distributions to the Series 2015-A
Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this [Class A-1][Class A-2] Note, in United States dollars and in immediately available funds and (ii) without presentation or surrender of
any [Class A-1][Class A-2] Note or the making of any notation thereon. Final payment of this [Class A-1][Class A-2] Note will be made only upon presentation and surrender of this [Class A-1][Class A-2] Note at the office or agency specified in the
notice of final distribution delivered by the Indenture Trustee to the Series 2015-A Noteholders in accordance with the Indenture. 
 On any
day occurring on or after the date on which the Series 2015-A Outstanding Principal Amount is reduced to 10% or less of the Series 2015-A Initial Principal Amount, the Issuer will have the option to redeem the Series 2015-A Notes, at a purchase
price equal to (i) if such day is a Payment Date, the Reassignment Amount for such Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount for the Payment Date following such day. 

This [Class A-1][Class A-2] Note does not represent an obligation of, or an interest in, the Transferor, Nissan Motor Acceptance Corporation,
Nissan Motor Co., Ltd. or any Affiliate of any of them and is not insured or guaranteed by any governmental agency or instrumentality. 

Each Series 2015-A Noteholder, by accepting a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or
the Transferor, or join in instituting against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law.

 The Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, Transferor or the Indenture Trustee will treat the person
in whose name this [Class A-1][Class A-2] Note is registered as the owner hereof for all purposes, and none of the Issuer, the Transferor, the Indenture Trustee or any agent of the Issuer, Transferor or the Indenture Trustee will be affected by
notice to the contrary. 
 THIS SERIES 2015-A [CLASS A-1][CLASS A-2] NOTE IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 

  
 A-6 

 ASSIGNMENT 

Social Security or other identifying number of
assignee                                        

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) the within Series 2015-A
[Class A-1][Class A-2] 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:
                     4 
 Signature
Guaranteed: 
  

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

  
 A-7 

 EXHIBIT B 

FORM OF MONTHLY SERVICER’S STATEMENT 

[On file with the Servicer] 

  
 B-1 

 EXHIBIT C 

FORM OF AUTHORIZED OFFICER CERTIFICATE 

[Name of Servicer] 
 NISSAN MASTER
OWNER TRUST RECEIVABLES, 
 SERIES 2015-A 

Pursuant to Section 3.04 of the Amended and Restated Transfer and Servicing Agreement, dated as of October 15, 2003 (as in effect on
the date hereof, the “Transfer and Servicing Agreement”), among Nissan Wholesale Receivables Corporation II, as transferor (the “Transferor”), Nissan Master Owner Trust Receivables, as issuer (the
“Issuer”) and Nissan Motor Acceptance Corporation, as servicer (the “Servicer”) and Section 5.03(a) of the Indenture Supplement, dated as of January 30, 2015 (as in effect on the date hereof, the
“Indenture Supplement”) to the Amended and Restated Indenture, dated as of October 15, 2003 (as in effect on the date hereof, the “Base Indenture”; and together with the Indenture Supplement,
the “Indenture”), each between the Issuer and U.S. BANK NATIONAL ASSOCIATION, as indenture trustee (the “Indenture Trustee”), the Servicer is required to prepare a Payment Date Statement. The undersigned, a
duly Authorized Officer of the Servicer, does hereby certify in this Certificate (this “Certificate”): 

(i) Capitalized terms used in this Certificate have their respective meanings set forth in the Annex of Definitions attached to
the Transfer and Servicing Agreement or the Indenture Supplement, as applicable. 
 (ii) This Certificate is being delivered
pursuant to Section 5.03(a) of the Indenture Supplement. 
 (iii) The undersigned is the Servicer under the Indenture
and the Transfer and Servicing Agreement. The undersigned is an Authorized Officer of the Servicer. 
 (iv) The date of this
Certificate is on, or prior to, the Determination Date related to the Payment Date occurring on                     . 

(v) As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all
its obligations under the Indenture and the Transfer and Servicing Agreement through the Collection Period preceding such Payment Date [or, if there has been a default in the performance of any such obligation, set forth in detail the
(i) nature of such default, (ii) the action taken by the Transferor and Servicer, if any, to remedy such default and (iii) the current status of each such default]. 

  
 C-1 

 (vi) As of the date hereof, no Early Amortization Event or Event of Default has
occurred and is continuing under (and as defined in) the Indenture and, to the best knowledge of the undersigned, no event or condition exists which with notice and/or the passage of time, would constitute an Early Amortization Event or Event of
Default. 
 (vii) The Payment Date Statement with respect to the Payment Date occurring on
                     is true, complete and accurate in all material respects. 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this      day of
                    . 
  

			
	[                                    
    ],
	as Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-2 

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 

[    ] Check here if nothing to report. 
  

									
	 	  	 	  	 Activity During Period

	 Transaction
	  	 Loan No.
	  	 Date of Reputed Demand
	  	 Party Making Reputed Demand
	  	 Date of Withdrawal of Reputed Demand

					
	NMOTR 2015-A	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 D-1 

 APPENDIX A 

REGULATION AB REPRESENTATIONS, WARRANTIES AND COVENANTS 

PART I 
 DEFINED TERMS

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

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

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

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

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

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

  
 Appendix A-1 

 
of compliance and attestation, as may be required under the then-current interpretations of Regulation AB. 

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

  
 Appendix A-2

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