Document:

EX-10.2

 Exhibit 10.2 

KERYX BIOPHARMACEUTICALS, INC. 

FOURTH AMENDED AND RESTATED DIRECTORS EQUITY COMPENSATION PLAN 

ARTICLE 1 
 PURPOSE

 1.1. PURPOSE. The purpose of the Keryx Biopharmaceuticals, Inc. Fourth Amended and Restated Directors Equity
Compensation Plan is to attract, retain and compensate highly-qualified individuals who are not employees of Keryx Biopharmaceuticals, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with an
opportunity to participate in the Company’s future growth through the granting of stock-based incentive awards. The Company intends that the Plan will benefit the Company and its stockholders by allowing Non-Employee Directors to have a
personal financial stake in the Company through an ownership interest in the Common Stock and will closely associate the interests of Non-Employee Directors with that of the Company’s stockholders. 

1.2. ELIGIBILITY. All active Non-Employee Directors shall automatically be participants in the Plan. 

ARTICLE 2 
 DEFINITIONS

 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in
the LTIP. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 
 (a) “Award”
means any Option or Restricted Stock Award granted to a Non-Employee Director under Article 5 of the Plan. 
 (b) “Award
Certificate” means a written document, in such form as the Board prescribes from time to time, setting forth the terms and conditions of the Award. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(e) “Company” means Keryx Biopharmaceuticals, Inc., a Delaware corporation. 

(f) “Common Stock” means the common stock, $0.001 par value, of the Company. 

(g) “Disability” has the same meaning as provided in the long-term disability plan or policy maintained by the Company or if
applicable, most recently maintained, by the Company, whether or not such Grantee actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf of Grantee, Disability means
Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination whether a Grantee is Disabled will be made by the Board and may be supported by the advice of a physician competent in the
area to which such Disability relates. 

 (h) “Grantee” means a Non-Employee Director of the Company to whom an Award has been
granted under Article 5. 
 (i) “LTIP” means the Keryx Biopharmaceuticals, Inc. 2013 Incentive Plan, or any subsequent equity
compensation plan approved by the Board and designated as the LTIP for purposes of this Plan. 
 (j) “Non-Employee Director” means
a director of the Company who is not an employee of the Company or any of its Subsidiaries or Affiliates. 
 (k) “Option” means an
option to purchase Common Stock granted under Article 5 of the Plan. Options granted under the Plan are not incentive stock options within the meaning of Section 422 of the Code. 

(l) “Plan” means the Keryx Biopharmaceuticals, Inc. Second Amended and Restated Directors Equity Compensation Plan, as amended from
time to time. 
 (m) “Restricted Stock” means Common Stock granted under Article 5 of the Plan that is subject to certain
restrictions and to risk of forfeiture. 
 (n) “Retirement” means retirement as a director of the Company in accordance with normal
Company policies. 
 ARTICLE 3 

ADMINISTRATION 
 3.1.
ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan,
and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder,
shall be conclusive and binding upon all parties concerned including the Company, its stockholders and persons granted awards under the Plan. Notwithstanding the above, the selection of the directors to whom Awards are to be granted, the timing of
such grants, the number of shares subject to such grant, the exercise price of any Option, the periods during which any Option may be exercised or any Restricted Stock vests, and the term of any Award shall be as hereinafter provided, and the Board
shall have no discretion as to such matters, except that the Board shall be entitled to reduce the number of shares subject to an Award of Options or Restricted Stock to the extent necessary to comply with Section 5.4 of the LTIP. The Board may
appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. 

3.2. RELIANCE. In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and
other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. 

3.3. INDEMNIFICATION. Each person who is or has been a member of the Board or who otherwise participates in the administration or
operation of the Plan shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon or incurred by him or her in connection with or resulting from any claim, action, suit or
proceeding in which such person may be involved by reason of any action taken or failure to act under the Plan and shall be fully 

  
 - 2 - 

 
reimbursed by the Company for any and all amounts paid by such person in satisfaction of judgment against him or her in any such action, suit or proceeding, provided he or she will give the
Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense before he or she undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any other rights
of indemnification. 
 ARTICLE 4 

SHARES 
 4.1. SOURCE OF
SHARES FOR THE PLAN. The Awards and shares of Common Stock that may be issued pursuant to the Plan shall be issued under the LTIP, subject to all of the terms and conditions of the LTIP. The terms contained in the LTIP are incorporated
into and made a part of this Plan with respect to Awards granted pursuant hereto and any such Awards shall be governed by and construed in accordance with the LTIP. In the event of any actual or alleged conflict between the provisions of the LTIP
and the provisions of this Plan, the provisions of the LTIP shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of the Awards provided herein. 

ARTICLE 5 
 EQUITY AWARDS

 5.1 INITIAL OPTION AWARD. Subject to share availability under the LTIP, on the first date a Non-Employee Director is initially
elected or appointed to the Board, he or she shall receive an Option to purchase 50,000 shares of Common Stock. Such Option shall vest and become exercisable as to one-third of the Option on each of the first three anniversaries of the date of grant
of the Option. Such Option shall be subject to the terms and restrictions described below in this Article 5. 
 5.2 ANNUAL OPTION
AWARD. Effective as of the 2014 annual meeting and subject to share availability under the LTIP, on the day following each annual meeting of the Company’s stockholders, each Non-Employee Director serving as such on that date (other than a
director who first became a Non-Employee Director at the stockholders meeting held on the previous day) shall be granted an Option to purchase 30,000 shares of Common Stock. Such Option shall vest and become exercisable as to one-third of the Option
on each of the first three anniversaries of the date of grant of the Option. Such Option shall be subject to the terms and restrictions described below in this Article 5, and shall be in addition to any otherwise applicable annual grant of
Restricted Stock granted to such Non-Employee Director under Section 5.3. 
 5.3 ANNUAL RESTRICTED STOCK AWARD. Effective as of
the 2014 annual meeting and subject to share availability under the LTIP, on the day following each annual meeting of the Company’s stockholders, each Non-Employee Director serving as such on that date (other than a director who first became a
Non-Employee Director at the stockholders meeting held on the previous day) shall be granted 10,000 shares of Restricted Stock. Such Restricted Stock shall vest and become non-forfeitable as to one-third of the shares on each of the first three
anniversaries of the date of grant of the Restricted Stock. Such Restricted Stock shall be subject to the terms and restrictions described below in this Article 5, and shall be in addition to any otherwise applicable annual grant of Options granted
to such Non-Employee Director under Section 5.2. 

  
 - 3 - 

 5.4 TERMS AND CONDITIONS OF AWARDS. Awards granted under this Article 5 shall be subject
to the terms and conditions described below and in the LTIP. 
 (a) Vesting. Each Award granted under this Plan shall vest as provided
in Sections 5.1, 5.2 and 5.3 above, respectively; provided, however, that each Award shall become fully vested upon the occurrence of a Change of Control. 

(b) Exercise Price of Options. The exercise price per Share under an Option shall be equal to Fair Market Value of the underlying Common
Stock on the date of grant. 
 (c) Effect of Termination of Directorship. 

(i) Options. Upon termination of a Grantee’s membership on the Board for any reason other than for cause (including without
limitation, by reason of death, Disability, Retirement or failure to be re-nominated or re-elected as a director), (i) the Grantee’s Options, to the extent they were exercisable on the date of termination, shall remain exercisable until
the first anniversary of the Grantee’s termination as a director, and (ii) the Grantee’s Options that were not exercisable on the date of termination shall expire upon the date of such termination. In the event of the death of a
Grantee, the Grantee’s personal representatives, heirs or legatees may exercise the Options held by the Grantee on the date of death, upon proof satisfactory to the Company of their authority. Such exercise otherwise shall be subject to the
terms and conditions of the Plan. If a Grantee’s membership on the Board is terminated for cause, all of such Grantee’s Options, whether vested or unvested, shall expire upon the date of such termination. 

(ii) Restricted Stock. Upon termination of a Grantee’s membership on the Board for any reason (including without limitation, by
reason of death, Disability, Retirement or failure to be re-nominated or re-elected as a director), the Grantee shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such
termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Grantee. 

(d) Transferability of Awards. No right or interest of a Grantee in any Award may be pledged, encumbered, or hypothecated to or in favor
of any party other than the Company or an affiliate, or shall be subject to any lien, obligation, or liability of such Grantee to any other party other than the Company, an affiliate, or a member of the Grantee’s immediate family, a trust for
the benefit of the Grantee or such family members, or a partnership or other entities in which the Grantee and such family members are the only partners, stockholders, or owners (each a “Permitted Transferee”). Unless otherwise
specifically provided in an Award Certificate, no Award shall be assignable or transferable by a Grantee other than (a) by will or the laws of descent and distribution, or (b) pursuant to a domestic relations order that would satisfy
Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan, or (c) except in the case of an Award for which such transferability would result in accelerated taxation, to a Permitted Transferee. 

(e) Rights as Stockholder. No Option gives a Grantee any of the rights of a stockholder of the Company unless and until shares of Common
Stock are in fact issued to such person in connection with such Option. The Grantee shall have all of the rights of a stockholder with respect to the Restricted Stock. 

  
 - 4 - 

 (f) No Awards after Ten Years. No Award shall be granted except within a period of ten
(10) years after the effective date of the Plan. 
 (g) Award Certificates. All Awards shall be evidenced by a written Award
Certificate between the Company and the Non-Employee Director, which shall include such provisions, not inconsistent with the Plan or the LTIP, as may be specified by the Board. 

5.5 ADJUSTMENTS. The adjustment provisions of the LTIP shall apply with respect to Awards granted pursuant to this Plan. Without
limiting the foregoing, in the event of a subdivision of the outstanding Common Stock (stock-split), a declaration of a dividend payable in shares of Common Stock, or a combination or consolidation of the outstanding Common Stock into a lesser
number of shares of Common Stock, the number of Awards to be granted to Grantees in accordance with Article 5 hereof shall be adjusted proportionately and the shares of Common Stock then subject to each Award shall automatically be adjusted
proportionately without any change in the aggregate purchase price therefore. 
 ARTICLE 6 

AMENDMENT, MODIFICATION AND TERMINATION 

6.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan
without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other
requirements of a securities exchange on which the Common Stock is listed or traded, then such amendment shall be subject to stockholder approval; and provided further, that the Board may condition any other amendment or modification on the approval
of stockholders of the Company for any reason. 
 ARTICLE 7 

GENERAL PROVISIONS 
 7.1.
EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 
 7.2. EFFECTIVE DATE AND
DURATION OF THE PLAN. The Plan shall be effective as of the date it is approved by the Board. The Plan shall remain in effect until terminated by the Board. The Plan was originally adopted by the Board on March 7, 2005. The first amended
and restated Plan was adopted by the Board on September 19, 2006, and subsequently amended on September 20, 2007. The Second Amended and Restated Plan was adopted by the Board of Directors on June 15, 2010. The Third Amended and
Restated Plan was adopted by the Board of Directors on June 23, 2014. The Fourth Amended and Restated Plan was adopted by the Board of Directors on March 31, 2016. 
  

			
	 KERYX BIOPHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Gregory P. Madison

		 	 President & CEO

  

  
 - 5 -EX-10.7

 Exhibit 10.7 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 NISSAN MASTER OWNER TRUST
RECEIVABLES, 
 as Issuer 

NISSAN MOTOR ACCEPTANCE CORPORATION, 

as Sponsor and Servicer 
 and 

[●], 
 as Asset
Representations Reviewer 
 Dated as of [●], 20[●] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 USAGE AND DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	  
			
	 Section 1.2.
	 	 Additional Definitions
	  	 	2	  
			
	 ARTICLE II
	 	 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	  
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	2	  
			
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	2	  
			
	 ARTICLE III
	 	 ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	  
			
	 Section 3.1.
	 	 Review Notices
	  	 	3	  
			
	 Section 3.2.
	 	 Identification of Subject Assets
	  	 	3	  
			
	 Section 3.3.
	 	 Review Materials
	  	 	3	  
			
	 Section 3.4.
	 	 Performance of Reviews
	  	 	3	  
			
	 Section 3.5.
	 	 Review Reports
	  	 	4	  
			
	 Section 3.6.
	 	 Dispute Resolution
	  	 	5	  
			
	 Section 3.7.
	 	 Limitations on Review Obligations
	  	 	5	  
			
	 ARTICLE IV
	 	 ASSET REPRESENTATIONS REVIEWER
	  	 	6	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	6	  
			
	 Section 4.2.
	 	 Covenants
	  	 	7	  
			
	 Section 4.3.
	 	 Fees, Expenses and Indemnities
	  	 	7	  
			
	 Section 4.4.
	 	 Limitation on Liability
	  	 	8	  
			
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	8	  
			
	 Section 4.6.
	 	 Inspections of Asset Representations Reviewer
	  	 	9	  
			
	 Section 4.7.
	 	 Delegation of Obligations
	  	 	9	  
			
	 Section 4.8.
	 	 Confidential Information
	  	 	9	  
			
	 Section 4.9.
	 	 Personally Identifiable Information
	  	 	11	  
			
	 ARTICLE V
	 	 RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	  	 	13	  
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	13	  
			
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	  
			
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	14	  
			
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	14	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VI
	 	 OTHER AGREEMENTS
	  	 	14	  
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	14	  
			
	 Section 6.2.
	 	 No Petition
	  	 	15	  
			
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	15	  
			
	 Section 6.4.
	 	 Termination of Agreement
	  	 	15	  
			
	 ARTICLE VII
	 	 MISCELLANEOUS PROVISIONS
	  	 	15	  
			
	 Section 7.1.
	 	 Amendments
	  	 	15	  
			
	 Section 7.2.
	 	 Notices
	  	 	16	  
			
	 Section 7.3.
	 	 Limitations on Rights of Others
	  	 	17	  
			
	 Section 7.4.
	 	 Severability
	  	 	17	  
			
	 Section 7.5.
	 	 Separate Counterparts
	  	 	17	  
			
	 Section 7.6.
	 	 Headings
	  	 	17	  
			
	 Section 7.7.
	 	 Governing Law
	  	 	17	  
			
	 Section 7.8.
	 	 Waivers
	  	 	17	  
			
	 Schedule A
	 	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

  ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [●], 20[●] (this
“Agreement”), among NISSAN MASTER OWNER TRUST RECEIVABLES, a Delaware statutory trust, as Issuer (the “Issuer”), NISSAN MOTOR ACCEPTANCE CORPORATION, a California Corporation (“NMAC”), as Sponsor
and Servicer, and [●], a [●], as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

BACKGROUND 
 WHEREAS, in the
regular course of business, NMAC provides financing to motor vehicle dealers in the NMAC network of dealers for their new, pre-owned and used automobile and light-duty truck inventory [and new and used forklift inventory]. 

WHEREAS, in connection with a securitization transaction sponsored by NMAC, NMAC sells receivables arising in designated dealer accounts to
Nissan Wholesale Receivables Corporation II (the “Depositor”) who, in turn, sells those receivables to the Issuer. 

WHEREAS, the Issuer has granted a security interest in the receivables to U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”), for the benefit of holders of the Issuer’s notes, as security for the notes issued by the Issuer under the Amended and Restated Indenture dated as of October 15, 2003, between the Issuer and the
Indenture Trustee. 
 WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain receivables for
compliance with the representations and warranties made by NMAC and the Depositor about the receivables in the pool. 
 NOW, THEREFORE, in
consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows. 

ARTICLE I 
 USAGE AND DEFINITIONS

  Section 1.1. Usage and Definitions. Except as otherwise specified herein or if the context may otherwise require,
capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in (i) the Series 20[●]-[●] Indenture Supplement, dated as of [●], 20[●] (the “Series
20[●]-[●] Indenture Supplement”), by and among the Issuer and [U.S. Bank National Association], as Indenture Trustee, or (ii) if not defined in the Series 20[●]-[●] Indenture Supplement, the Amended and Restated
Annex of Definitions, dated as of October 15, 2003 (the “Annex of Definitions”). 
  With respect to all terms in
this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a
visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not
prohibited by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term
“including” means “including without limitation;” and the term “or” is not exclusive. 

 Section 1.2. Additional Definitions. The following terms have the meanings given
below: 
 “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each
Test and each Subject Asset according to Section 3.4. 
 “Confidential Information” has the meaning stated in
Section 4.8(b). 
 “Information Recipients” has the meaning stated in Section 4.8(a). 

“Issuer PII” has the meaning stated in Section 4.9(a). 

“Personally Identifiable Information” or “PII” has the meaning stated in Section 4.9(a). 

“Review Fee” has the meaning stated in Section 4.3(b). 

“Review Materials” means, for an Asset Review and a Subject Asset, the documents and other materials for each Test listed
under “Review Materials” in Schedule A. 
 “Review Report” means, for an Asset Review, the report of the
Asset Representations Reviewer prepared according to Section 3.5. 
 “Test” has the meaning stated in
Section 3.4(a). 
 “Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

“Underwriter” means, any of [●], [●] and [●], in its capacity as underwriter or representative of the
underwriters pursuant to the underwriting agreement, dated as of [●], 20[●], between the Underwriter, NMAC and the Depositor. 

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
  Section 2.1. Engagement; Acceptance. The Issuer engages [●] to act as the Asset
Representations Reviewer for the Issuer. [●] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement. 

Section 2.2. Confirmation of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for
(a) reviewing the Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties
constitutes a breach of the Transaction Documents. 

  
 2 

 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Review Notices. On receipt of a Review Notice from the Indenture Trustee according to Section [●] of the
Series 20[●]-[●] Indenture Supplement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review until a Review Notice is received. 

Section 3.2. Identification of Subject Assets. Within [ten (10)] Business Days after receipt of a Review Notice, the Servicer will
deliver to the Asset Representations Reviewer, with a copy to the Indenture Trustee, a list of the Subject Assets. 
 Section 3.3.
Review Materials. 
 (a) Access to Review Materials. The Servicer will render reasonable assistance to the Asset
Representations Reviewer to facilitate the Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Assets within [ten (10)] days after receipt of the Review Notice in one or more
of the following ways in the Servicer’s reasonable discretion: (i) by providing access to the Servicer’s systems, either remotely or at one of the properties of the Servicer, (ii) by electronic posting of Review Materials to a
password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at one of the properties of the Servicer where the servicer’s records relating to such Receivables are located
or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. So long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and
unchanged, the Servicer may redact or remove from the Review Materials (i) any PII and/or (ii) any confidential corporate information not relevant to the Tests. 

(b) Missing or Insufficient Review Materials. If any of the Review Materials are missing or insufficient for the Asset Representations
Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [20] days before completing the Review, and the Servicer will have [15] days to provide the Asset Representations
Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency. [If the missing or insufficient Review Materials have not been provided by the Servicer within [15] days, the parties agree that the
Subject Asset will have a Test Fail for the related Test(s) and the Test(s) will be considered a Test Complete and the Review Report will indicate the reason for the Test Fail.] 

Section 3.4. Performance of Reviews. 

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Asset the procedures listed
under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Asset, the Asset
Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

  
 3 

 (b) Review Period. The Asset Representations Reviewer will complete the Asset Review of
all of the Subject Assets within [sixty (60)] days after receiving access to the Review Materials under Section 3.3(a). However, if additional Review Materials are provided to the Asset Representations Reviewer under
Section 3.3(b), the Asset Review period will be extended for an additional [thirty (30)] days. 
 (c) Completion of Review
for Certain Subject Assets. Following the delivery of the list of the Subject Assets and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Asset has been paid in full by the Dealer or reassigned to, or purchased by, the Depositor or NMAC according to the Transaction Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such
Receivable and the Review of such Receivable will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivable and the related reason. 

(d) Previously Reviewed Receivable. If any Subject Asset was included in a prior Asset Review (the “Prior Review”),
the Asset Representations Reviewer will perform Tests on such Subject Asset only if the Asset Representations Reviewer has reason to believe that the Prior Review was conducted in a manner that would not have ascertained compliance with one or more
of the representations and warranties set forth on Schedule A hereto; otherwise, the Asset Representations Reviewer will include in the Review Report for the Asset Review the results of the Tests with respect to such Subject Asset from the
Prior Review. 
 (e) Termination of Review. If an Asset Review is in process and the Series 20[●]-[●] Notes will be paid
in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate
the Asset Review immediately and will have no obligation to deliver a Review Report. 
  Section 3.5. Review Reports.
(a) Within five (5) days after the end of the Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each
Subject Asset whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Asset was a Test Complete and the related reason. The Review Report will include the findings and conclusions of the Asset Representations Reviewer with
respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII.

  (b) Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in
writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) payment in full of the Series 20[●]-[●] Notes and (ii) one year after the
delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Series 20[●]-[●] Noteholders or any Person other than the Indenture Trustee or the
Servicer and will direct such Persons to submit written questions or requests to the Servicer. 

  
 4 

 Section 3.6. Dispute Resolution. If a Receivable that was reviewed by the Asset
Representations Reviewer is the subject of a dispute resolution proceeding under Section [●] of the Series 20[●]-[●] Indenture Supplement, the Asset Representations Reviewer will participate in the dispute resolution
proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer together with reasonable compensation for the time it incurs in connection with its participation in any dispute
resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section
[●] of the Series 20[●]-[●] Indenture Supplement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(a). 

Section 3.7. Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Status Trigger has occurred or whether the required percentage of Series 20[●]-[●]
Noteholders has voted to direct an Asset Review under the Series 20[●]-[●] Indenture Supplement, and may rely on the information in any Review Notice delivered by the Indenture Trustee; 

(ii) to determine which Receivables are subject to an Asset Review, and may rely on the lists of Subject Assets provided by the
Servicer; 
 (iii) to obtain or confirm the validity of the Review Materials and no liability for any errors in the Review
Materials and may rely on the accuracy and completeness of the Review Materials; 
 (iv) to obtain missing or insufficient
Review Materials from any party or any other source; 
 (v) to take any action or cause any other party to take any action
under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Assets; or 

(vi) to establish cause, materiality or recourse for any failed Test. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed
under “Tests” in Schedule A, and will have no obligation to perform additional procedures on any Subject Asset or to provide any information other than a Review Report indicating for each Subject Asset whether there was a Test Pass
or a Test Fail for each Test, or whether the Subject Asset was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information about any Subject Asset that it determines in good faith to be
material to the Review. 

  
 5 

 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the
Closing Date: 
 (a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a
[●] in good standing under the laws of [●]. The Asset Representations Reviewer is qualified as a foreign [●] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or
lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on
the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b) Power, Authority and
Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of
this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws
relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No Conflicts and No Violation. The
completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture,
agreement, guarantee or similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms
of any indenture, agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge,
any order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer that applies to the Asset Representations Reviewer,
which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of
this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

  
 6 

 (e) Eligibility. The Asset Representations Reviewer meets the eligibility requirements in
Section 5.1. 
 Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in
Section 5.1. 
 (b) Review Systems; Personnel. It will maintain business process management and/or other systems
necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Subject Asset and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

(c) Maintenance of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an
Asset Review, including internal correspondence and work papers, for a period of two (2) years after the termination of this Agreement. 

Section 4.3. Fees, Expenses and Indemnities. 

(a) Annual Fee. The Sponsor shall pay to the Asset Representations Reviewer, as reasonable compensation for its services, an annual fee
in the amount of $[●] (the “Annual Fee”). The Annual Fee shall be payable on the Closing Date and on each anniversary thereof until this Agreement is terminated in accordance with Section 6.4. The Sponsor shall
reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 
 (b) Review Fee. Following the
completion of an Asset Review and the delivery to the Indenture Trustee of the Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor and the Servicer of a detailed invoice, the
Sponsor shall pay to the Asset Representations Reviewer a fee of $[●] [for each Subject Asset for which the Asset Review was started] [per hour for its time spent conducting the Asset Review] [as a flat fee for such Review] (the
“Review Fee”). However, no Review Fee will be charged for any Subject Asset which was included in a prior Asset Review (unless such Subject Asset is subjected to Tests in such additional Asset Review as described in
Section 3.4(d)) or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). To the extent not paid by the Sponsor and
outstanding for at least 60 days, the Review Fee shall be paid by the Issuer pursuant to Section [●] of the Series 20[●]-[●] Indenture Supplement. 

(c) Indemnification. The Sponsor shall indemnify the Asset Representations Reviewer against any and all loss, liability or expense
(including reasonable attorneys’ fees) 

  
 7 

 
incurred by the Asset Representations Reviewer in connection with the administration of this Agreement and the performance of its duties hereunder. The Asset Representations Reviewer shall notify
the Sponsor promptly of any claim for which it may seek indemnity. Failure by the Asset Representations Reviewer to so notify the Sponsor shall not relieve the Sponsor of its obligations hereunder. The Sponsor shall defend any such claim, and the
Asset Representations Reviewer may have separate counsel and the Sponsor shall pay the fees and expenses of such counsel. The Sponsor shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Asset
Representations Reviewer through the Asset Representations Reviewer’s own bad faith, willful misfeasance, negligence in performing its obligations under this Agreement or breach of this Agreement. The indemnification provided in this
Section 4.3(c) shall survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. The Sponsor acknowledges and agrees that amounts owing to the Asset
Representations Reviewer in respect of the indemnification provided hereunder shall not be limited to or reduced by the amount of Available Amounts on deposit in the Collection Account, except to the extent that such Available Amounts have been
allocated to make a payment to the Asset Representations Reviewer on the next-occurring Payment Date pursuant to Section [●] of the Series 20[●]-[●] Indenture Supplement. 

(d) Payment of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for
any amounts owed to it under this Agreement. To the extent not paid by the Sponsor and outstanding for at least 60 days, the fees and indemnities provided for in this Section 4.3 shall be paid by the Issuer pursuant to Section
[●] of the Series 20[●]-[●] Indenture Supplement; provided, that prior to such payment pursuant to the Series 20[●]-[●] Indenture Supplement, the Asset Representations Reviewer shall notify the Sponsor in writing
that such fees and indemnities have been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Section [●] of the Series 20[●]-[●] Indenture Supplement, the Sponsor shall reimburse the Issuer in
full for such payments. 
 Section 4.4. Limitation on Liability. The Asset Representations Reviewer will not be liable to any
Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith, or negligence in performing its obligations
under this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of
the loss or damage and regardless of the form of action. 
 Section 4.5. Indemnification by Asset Representations Reviewer. The
Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs, expenses (including
reasonable attorneys’ fees and expenses), losses, damages and liabilities, including legal fees and expenses incurred in connection with the enforcement by such Person of an indemnification or other obligation of the Asset Representations
Reviewer, resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its
representations or warranties in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of
the Asset Representations Reviewer. 

  
 8 

 Section 4.6. Inspections of Asset Representations Reviewer. The Asset Representations
Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer, the Sponsor or the Administrator, during the Asset Representations Reviewer’s normal
business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under
this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer
will permit the Issuer’s, the Servicer’s, the Sponsor’s or the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and
employees. Each of the Issuer, the Servicer, the Sponsor and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer, the
Sponsor or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other
documents and materials for a period of at least two years after the termination of its obligations under this Agreement. 

Section 4.7. Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under
this Agreement to any Person without the consent of the Issuer, the Sponsor and the Servicer. 
 Section 4.8. Confidential
Information. 
 (a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it
under this Agreement in confidence and under the terms and conditions of this Section 4.8, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information
will not, without the prior consent of the Issuer, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel
(collectively, the “Information Recipients”) other than for the purposes of performing Asset Reviews of Subject Assets or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not,
and will cause its Affiliates to not (i) purchase or sell securities issued by NMAC or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of
research reports, newsletters or other publications or similar communications. 

  
 9 

 (b) Definition. “Confidential Information” means oral, written and
electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i) lists of Subject Assets and any related Review Materials; 

(ii) origination and servicing guidelines, policies and procedures and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Sponsor or the Servicer, which
contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives. 
 However, Confidential Information will not include
information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis
from a Person or entity other than the Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer, the
Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the
Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the Sponsor or the Servicer provides permission to the applicable Information Recipients to release. 

(c) Protection. The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and
unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally
Identifiable Information is also subject to the additional requirements in Section 4.9. 
 (d) Disclosure. If the Asset
Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Sponsor and the Servicer with notice of the
requirement and will cooperate, at the Sponsor’s expense, in the Issuer’s and the Sponsor’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor is
unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal
counsel it is legally required to disclose. 
 (e) Responsibility for Information Recipients. The Asset Representations Reviewer will
be responsible for a breach of this Section 4.8 by its Information Recipients. 

  
 10 

 (f) Violation. The Asset Representations Reviewer agrees that a violation of this
Agreement may cause irreparable injury to the Issuer, the Sponsor and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to
enforce this Section 4.8, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorney’s fees and expenses, incurred by it for the enforcement. 

Section 4.9. Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or “PII” means information in any format about
an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when
used separately or in combination with other information could identify an individual. “Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or
otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 
 (b) Use of
Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement
or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset
Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset
Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices,
procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity
of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information
access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in Section 4.9(b), the Asset
Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 
 (i) The Asset
Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the
prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset

  
 11 

 
Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use
and protection of Issuer PII. 
 (ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer
PII with or to any third party without the prior consent of the Issuer. 
 (d) Notice of Breach. The Asset Representations Reviewer
will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable,
immediately take action to prevent any further breach. 
 (e) Return or Disposal of Issuer PII. Except where return or disposal is
prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed
in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the
Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law. 

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding
the Asset Representations Reviewer’s compliance with this Section 4.9. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.9 as necessary from time to time for either party to comply with
applicable law. 
 (g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its
authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.9 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset
Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.9 with the inspections
described in Section 4.6. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the
Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 
 (h) Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations
Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.9, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII
related terms of this Section 4.9 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 12 

 ARTICLE V 

RESIGNATION AND REMOVAL; 
 SUCCESSOR
ASSET REPRESENTATIONS REVIEWER 
 Section 5.1. Eligibility Requirements for Asset Representations Reviewer. The Asset
Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person
that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Accounts or Receivables prior to the Closing Date. 

Section 5.2. Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is merged into or becomes an Affiliate of the Sponsor, the Servicer, the Indenture Trustee, the Owner Trustee, (ii) the Asset Representations Reviewer no longer meets the
eligibility requirements in Section 5.1, or (iii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable law and there is no reasonable action that it could take to
make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations Reviewer shall promptly resign and the Sponsor shall appoint a successor Asset
Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Sponsor and the Servicer, and if the Asset Representation Reviewer resigns pursuant to clause (b) above, an Opinion of
Counsel supporting its determination. 
 (b) Removal of Asset Representations Reviewer. If any of the following events occur, the
Indenture Trustee, at the direction of Series 20[●]-[●] Noteholders evidencing a majority of the aggregate Outstanding Amount of the Series 20[●]-[●] Notes, by notice to the Asset Representations Reviewer, shall remove the
Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) [the Asset
Representations Reviewer no longer meets the eligibility requirements in Section 5.1; 
 (ii) the Asset
Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii) an Insolvency Event of the Asset Representations Reviewer occurs.] 

(c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner Trustee and the Indenture Trustee of any
resignation or removal of the Asset Representations Reviewer. The Depositor will report any resignation or removal of the Asset Representations Reviewer, or any appointment of a successor Asset Representations Reviewer, in the Issuer’s Form
10-D report related to the Collection Period in which such resignation, removal or appointment took place. 

  
 13 

 Section 5.3. Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
the Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until
the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or
entered into a new agreement with the Issuer on substantially the same terms as this Agreement. 
 (c) Transition and Expenses. If
the Asset Representations Review resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations
under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 5.4. Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or
consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements
in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s
obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VI 

OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor
and will not be subject to the supervision of, or deemed to be the agent of, the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer,
the Indenture Trustee or the Owner Trustee shall be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder.
Unless authorized by the Issuer, the Indenture Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be
considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership,
joint venture or other separate entity or impose any liability as such on any of them. 

  
 14 

 Section 6.2. No Petition. Each party hereto, by entering into this Agreement, hereby
covenants and agrees that it will not (and, to the fullest extent permitted by applicable law, the Indenture Trustee shall not have the power to) at any time institute against, or join any other Person in instituting against the Depositor or the
Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

Section 6.3. Limitation of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by [●] not in
its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will [●] in its individual capacity or a beneficial owner of the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer under this Agreement, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the
benefits of, the Trust Agreement. 
 Section 6.4. Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.5, on the earlier of (a) the payment in full of all outstanding Series 20[●]-[●] Notes and the satisfaction and discharge of the Series 20[●]-[●] Indenture Supplement and
(b) the date the Issuer is terminated under the Trust Agreement. 
  ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendments. 

(a) This Agreement may be amended by the parties hereto without the consent of any of the Series 20[●]-[●] Noteholders, to cure any
ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision herein, or for any other purpose; provided that (A) the Servicer shall have delivered an Officer’s Certificate to the Indenture
Trustee and the Owner Trustee stating that such amendment will not materially and adversely affect any Series 20[●]-[●] Noteholder or (B) the Rating Agency Condition with respect to the Hired Rating Agencies shall have been
satisfied with respect to such amendment. 
  If any proposed amendment or supplement described in this Section 7.1 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. 

  
 15 

 (b) This Agreement may also be amended from time to time by the parties hereto with the consent
of: 
  (i) the holders of Series 20[●]-[●] Notes evidencing a majority of the outstanding Series
20[●]-[●] Notes; or 
 (ii) in the case of any amendment that does not adversely affect Series
20[●]-[●] Noteholders, the Certificateholders 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 Agreement or of modifying in any manner the rights of those Series 20[●]-[●] Noteholders or Certificateholders. 

An amendment referred to above will be deemed not to adversely affect a Series 20[●]-[●] Noteholder if the Rating Agency Condition
with respect to the Hired Rating Agencies with respect to such amendment shall have been satisfied. 
  It shall not be necessary for
the consent of the Certificateholders or the Noteholders pursuant to this Section 7.1 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 such amendment or consent, the Servicer shall furnish written notification of the substance of
such amendment or consent to each Hired Rating Agency. 
 (d) Prior to the execution of any amendment to this Agreement, 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 adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

Section 7.2. Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by
registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by telecopier or electronically by email (if an email address is provided), and addressed in each case as follows: (a) in the case
of the Sponsor or the Servicer, to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee, 37067, Attention: Treasurer, (b) in the case of the Issuer or the Owner Trustee, to Nissan Master Owner Trust Receivables, c/o
[●], [●], Attention: Nissan Master Owner Trust Receivables, (c) in the case of the Indenture Trustee, to [●], Attention: [●], [(d) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring
Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007,] [(e) in the case of Fitch, to Fitch Ratings, One State Street Plaza, New York, New York, 10004, Attention: Asset-Backed Securities Group,] (f) in the case of the
Asset Representations Reviewer, to [●], [and (g) in the case of the [Swap Counterparty][Cap Provider], as provided in an Interest Rate [Swap][Cap] Agreement]; or, at such other address as shall be designated by any of the foregoing in a
written notice to the other parties hereto. 
  (a) All notices, requests, reports, consents or other communications required to be
delivered to the Rating Agencies by the Servicer hereunder shall be delivered by the Servicer to 

  
 16 

  
each Rating Agency then rating the Series 20[●]-[●] Notes; provided, however, any demand, notice or communication to be delivered hereunder or under any other
Transaction Document to any Rating Agency shall be deemed to be delivered if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Series
20[●]-[●] Notes in accordance with 17 C.F.R. 240 17g-5(a)(3). 
 Section 7.3. Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the Sponsor, the Servicer, the Issuer and the Asset Representations Reviewer. The Indenture Trustee (for the benefit of the Series 20[●]-[●] Noteholders) will be an express
third-party beneficiary of this Agreement and entitled to enforce this agreement against the parties hereto. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy
or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 7.4. Severability. If any one or more of the covenants, agreement, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Agreement. 
 Section 7.5. Separate Counterparts. This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 7.6. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 Section 7.7. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 7.8. Waivers. No failure or delay on the part of any
party hereto in exercising any power, right or remedy under this Agreement shall operate as a waiver hereof or thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise hereof or
thereof or the exercise of any such power, right or remedy preclude any other or further exercise hereof or thereof or the exercise of any other power, right or remedy. 

[Remainder of Page Left Blank] 

  
 17 

 EXECUTED BY: 
  
  
			
	NISSAN MASTER OWNER TRUST RECEIVABLES,
	      as Issuer
		
	By:	 	[●], not in its individual capacity,
		 	but solely as Owner Trustee
		
	By:	 	  

		 	 Name:

		 	 Title:

	
	NISSAN MOTOR ACCEPTANCE CORPORATION,
	        as Servicer
		
	By:	 	  

		 	 Name:

		 	 Title:

		
		 	 [●],
 as Asset Representations
Reviewer

		
	By:	 	  

		 	 Name:

		 	Title:

  
  [Signature Page to
Asset Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 
  

					
	 Representations and Warranty
	  	 Review Materials
	  	 Tests

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]