Document:

EX-10.5

 Exhibit 10.5 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 NILT LLC 

This Limited Liability Company Agreement (together with the schedules attached hereto, this “Agreement”) of NILT LLC (the
“Company”), is entered into by Nissan Motor Acceptance Company LLC, a Delaware limited liability company (“NMAC”), as the sole equity member (the “Member”), and Kevin P. Burns and Cheryl A.
Lawrence, as the Independent Managers (as defined on Schedule A hereto). Capitalized terms used and not otherwise defined herein have the meanings set forth on Schedule A hereto. 

WHEREAS, NILT Trust (the “Trust”) was formed as a Delaware statutory trust on July 7, 1998 pursuant to a
certificate of trust (the “Certificate of Trust”) and is governed by an Amended and Restated Trust Agreement, dated as of March 1, 1999 (the “Trust Agreement”), by and between NMAC, as grantor and beneficiary,
U.S. Bank Trust National Association, as trustee, NMAC, as administrator, and Wilmington Trust Company, as Delaware trustee; 

WHEREAS, NMAC, as the sole beneficial owner of the Trust has authorized the conversion of the Trust to a limited liability company and
the adoption of this Agreement pursuant to Section 3821 of the Delaware Statutory Trust Act; 
 WHEREAS, on the date hereof, the
Trust was converted to a limited liability company pursuant to Section 18-214 of the Delaware Limited Liability Company Act (6 Del. C. § 18-101 et seq.) (as
amended from time to time, the “Act”) and Section 3821 of the Delaware Statutory Trust Act (the “Conversion”), by causing the filing with the Secretary of State of the State of Delaware of a certificate of
conversion to limited liability company (the “Certificate of Conversion”) and a certificate of formation of the Company (as amended from time to time, the “Certificate of Formation”); and 

WHEREAS, pursuant to this Agreement and the Conversion, the undivided beneficial interest in the Trust held by NMAC as sole beneficiary
immediately prior to the Conversion is converted to all of the limited liability company interests in the Company and NMAC is admitted as a member of the Company owning 100% of the limited liability company interests in the Company. 

NOW, THEREFORE, the Independent Managers and the Member hereby agree as follows effective as the date hereof: 

Section 1. Name. 
 The name of the
limited liability company shall be NILT LLC. 
 Section 2. Principal Business Office. 

The principal business office of the Company shall be located at One Nissan Way, Franklin, Tennessee, 37067, or such other location as may
hereafter be determined by the Member. 

 Section 3. Registered Office. 

The address of the registered office of the Company in the State of Delaware is Corporation Service Company, 251 Little Falls Drive,
Wilmington, County of New Castle, Delaware 19808. 
 Section 4. Registered Agent. 

The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation
Service Company, 251 Little Falls Drive, Wilmington, County of New Castle, Delaware 19808. 
 Section 5. Members. 

(a) The mailing address of the Member is set forth on Schedule B attached hereto. 

(b) Subject to Section 9(j), the Member may act by written consent. 

(c) Upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than upon continuation of the Company
without dissolution upon (i) an assignment by the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 22 and 24, or (ii) the resignation of the
Member and the admission of an additional member of the Company pursuant to Sections 23 and 24), each Person acting as an Independent Manager pursuant to Section 10 shall, without any action of any Person and
simultaneously with the Member ceasing to be a member of the Company, automatically be admitted to the Company as a Special Member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its
rights as Special Member unless (i) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement, and (ii) such successor has also accepted its appointment as Independent
Manager pursuant to Section 10; provided, however, the Special Members shall automatically cease to be members of the Company upon the admission to the Company of a substitute Member. Each Special Member shall be a member
of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets. Pursuant to Section 18-301 of
the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in its capacity as Special Member, may not bind the
Company. Except as required by any mandatory provision of the Act, each Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including,
without limitation, the merger, consolidation, division or conversion of the Company. In order to implement the admission to the Company of each Special Member, each Person acting as an Independent Manager pursuant to
Section 10 shall execute a counterpart to this Agreement. Prior to its admission to the Company as Special Member, each Person acting as an Independent Manager pursuant to Section 10 shall not be a
member of the Company. 

  
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 Section 6. Conversion; Certificates. 

(a) Effective as of the time of the Conversion, (i) the Certificate of Trust and Trust Agreement of the Trust, each as in effect on the
date hereof, are replaced and superseded in their entirety by the Certificate of Formation and this Agreement in respect of all periods beginning on or after the Conversion, (ii) the undivided beneficial interest in the Trust held by NMAC as
sole beneficiary immediately prior to the Conversion is converted to all of the limited liability company interests in the Company, (iii) NMAC, as sole beneficiary of the Trust is hereby automatically admitted as a member of the Company owning
100% of the limited liability company interests in the Company, (iv) the Member continues the business of the Trust without dissolution in the form of a Delaware limited liability company governed by this Agreement, and (v) in accordance
with Section 18-214(g) of the Act, the Company shall constitute a continuation of the existence of the Trust in the form of a Delaware limited liability company and, for all purposes of the laws of the
State of Delaware, the Company shall be deemed to be the same entity as the Trust. All certificates evidencing the beneficial interest in the Trust and outstanding immediately prior to the Conversion shall be surrendered to the Company and shall be
canceled on the books and records of the Trust. The rights, duties and liabilities of the Member, Managers and Officers shall be as provided in the Act, except as otherwise provided in this Agreement. 

(b) Tim Hauck is hereby designated as an “authorized person” within the meaning of the Act, and in such capacity has executed,
delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, their powers as an
“authorized person” ceased, and the Member thereupon became the designated “authorized person” and shall continue as the designated “authorized person” within the meaning of the Act. The Member or an Officer shall
execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. 

(c) The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in
the Act. 
 Section 7. Purposes. (a) The purpose to be conducted or promoted by the Company is to engage in the following activities: 

 

	 	(i)	 to execute, deliver, enter into and perform (and continue performing) its obligations under the Transaction
Documents to which it is a party or by which it is bound; 

  

	 	(ii)	 to execute, deliver, enter into and perform its obligations under the Titling Company Agreement, and to act as
the member of the Titling Company and to acquire, own, hold and, as permitted under the Titling Company Agreement or the Transaction Documents, dispose of or pledge any Series or Series Interest or other interests in the Titling Company, and cause
any collections allocable to the Company’s interest in the Titling Company to be distributed to or upon the order of the Company; 

  
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	 	(iii)	 subject to compliance with the Titling Company Agreement and the Transaction Documents, to engage in such
activities as may be required to be taken by the Company (including in its capacity as member of the Titling Company) pursuant to the Transaction Documents and the Titling Company Agreement, including directing the allocation of Titling Company
assets to one or more Series and authorizing the issuance of one or more Series Interests, and such other activities that are necessary or appropriate to accomplish the foregoing or that are incidental thereto or connected therewith;

  

	 	(iv)	 to engage in any of the other activities described or authorized in the Titling Company Agreement, any
Transaction Document or any document relating to a Securitized Financing; 

  

	 	(v)	 subject to compliance with the Titling Company Agreement and the Transaction Documents, to engage in such other
activities as may be required in connection with the preservation of the Titling Company assets and directing the making of distributions to or upon the holders or pledgees of any Series; and 

 

	 	(vi)	 to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies
organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes. 

(b) The Company is hereby authorized to execute, deliver and perform, and any Manager or Officer on behalf of the Company is hereby authorized
to execute and deliver, the Titling Company Agreement, the Transaction Documents and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, and take all action that may be necessary or desirable in
furtherance of the foregoing, all without any further act, vote or approval of any Member, Manager, Officer or other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing
authorization shall not be deemed a restriction on the powers of the Member or any Manager or Officer to enter into other agreements on behalf of the Company. 

Section 8. Powers. 
 Subject to
Section 9(j), the Company, and the Board of Managers and the Officers of the Company on behalf of the Company, (i) shall have and exercise all powers necessary, convenient or incidental to accomplish its purposes as
set forth in Section 7 and (ii) shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act. 

  
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 Section 9. Management. 

(a) Board of Managers. Subject to Section 9(j), the business and affairs of the Company shall be managed by or
under the direction of a Board of one or more Managers designated by the Member. Subject to Section 10, the Member may determine at any time in its sole and absolute discretion the number of Managers to constitute the
Board. The authorized number of Managers may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all Managers, and subject in all cases to Section 10. The initial number
of Managers shall be five, two of which shall be Independent Managers pursuant to Section 10. Each Manager elected, designated or appointed by the Member shall hold office until a successor is elected and qualified or until
such Manager’s earlier death, resignation, expulsion or removal. Each Manager shall execute and deliver the Managers’ Agreement. A Manager need not be a Member. As of the date hereof, the Managers designated by the Member are listed on
Schedule D hereto. The Member hereby agrees that only the Board of the Company, the Officers of the Company and authorized agents of the Company shall have the authority to bind the Company. The Member shall not have any authority to act for
or bind the Company by reason of its status as such, but shall have only the right to vote on and approve the actions herein specified to be voted on or approved by the Member. 

(b) Powers. Subject to Section 9(j), the Board of Managers shall have the power to do any and all acts
necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. Subject to Sections 7 and 9, the Board of Managers has the authority to bind the Company.

 (c) Meeting of the Board of Managers. The Board of Managers of the Company may hold meetings, both regular and special, within or
outside the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. Special meetings of the Board may be called by the President on not less
than one day’s notice to each Manager by telephone, e-mail, mail or any other means of communication, and special meetings shall be called by the President or Secretary in like manner and with like notice
upon the written request of any one or more of the Managers. 
 (d) Quorum; Acts of the Board. At all meetings of
the Board, a majority of the Managers shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the Managers present at any meeting at which there
is a quorum shall be the act of the Board. If a quorum shall not be present at any meeting of the Board, the Managers present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a
quorum shall be present. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or any such committee, as the case may be, consent thereto in
writing other than the Independent Managers unless the consent of the Independent Managers is expressly required hereunder, and the writing or writings are filed with the minutes of proceedings of the Board or such committee, as the case may be.

 (e) Electronic Communications. Members of the Board, or any committee designated by the Board, may participate in meetings of the
Board, or of any committee, by means of telephone or video conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in
Person at the meeting. If all the participants are participating by telephone or video conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company. 

  
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 (f) Committees of Managers. 

 

	 	(i)	 The Board may, by resolution passed by a majority of the whole Board, designate one or more committees, each
committee to consist of one or more of the Managers of the Company. The Board may designate one or more Managers as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee.

  

	 	(ii)	 In the absence or disqualification of a member of a committee, the member or members thereof present at any
meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board to act at such meeting in the place of any such absent or disqualified member. 

 

	 	(iii)	 Any such committee of the Board, to the extent provided in the resolution of the Board, and subject to, in all
cases, Sections 9(j) and 10, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such committee or committees shall have such name or names as may be
determined from time to time by resolution adopted by the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board when required. 

(g) Compensation of Managers; Expenses. The Board shall have the authority to fix the compensation of Managers. The Managers may be paid
their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as Manager. No such payment shall preclude any Manager from serving the Company in any other
capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings. 

(h) Removal of Managers. Unless otherwise restricted by law and subject to Section 10, any Manager or the
entire Board of Managers may be removed or expelled, with or without cause, at any time by the Member, and, subject to Section 10, any vacancy caused by any such removal or expulsion may be filled by action of the Member.

 (i) Managers as Agents. To the extent of their powers set forth in this Agreement and subject to
Section 9(j), the Managers are agents of the Company for the purpose of the Company’s business, and the actions of the Managers taken in accordance with such powers set forth in this Agreement shall bind the Company.
Notwithstanding the last sentence of Section 18-402 of the Act, a Manager may not bind the Company except as provided in this Agreement or in a resolution of the Managers. 

(j) Limitations on the Company’s Activities. 
  

	 	(i)	 This Section 9(j) is being adopted in order to comply with certain provisions
required in order to qualify the Company as a “special purpose” entity. 

  
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	 	(ii)	 The Member shall not, so long as any Obligation is outstanding, amend, alter, change or repeal the definition
of “Independent Manager” or Sections 5(c), 7, 8, 9, 10, 16, 21, 22, 23, 24, 25, 26, 27, 31 or 32 or Schedule A of this
Agreement without the unanimous written consent of the Board (including all Independent Managers). Subject to this Section 9(j), the Member reserves the right to amend, alter, change or repeal any provisions contained in
this Agreement in accordance with Section 32. 

  

	 	(iii)	 Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the
Company, the Member, the Board, any Officer or any other Person, so long as any Obligation is outstanding, neither the Member nor the Board nor any Officer nor any other Person shall be authorized or empowered on behalf of the Company, nor shall
they permit the Company, to, and the Company shall not, without the prior unanimous written consent of the Member and the Board (including all Independent Managers), take any Material Action, provided, however, that so long as any Obligation
is outstanding the Board may not vote on, or authorize the taking of, any Material Action, unless there are at least two Independent Managers then serving in such capacity and all such Independent Managers have consented to such action.

  

	 	(iv)	 The Board shall cause the Company to do or cause to be done all things necessary to preserve and keep in full
force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if: (1) the Board shall determine that the
preservation thereof is no longer desirable for the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Company and (2) the Rating Agency Condition is satisfied. The Board also shall cause the
Company to: 

  

	 	(A)	 maintain its own books and records and bank accounts separate from the Member or any other person;

  

	 	(B)	 at all times hold itself out to the public and all other Persons as a legal entity separate from the Member and
any other Person; 

  

	 	(C)	 have a Board of Managers separate from that of the Member and any other Person; 

 

	 	(D)	 file its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a
consolidated group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law; 

  
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	 	(E)	 except as contemplated by the Transaction Documents or the Titling Company Agreement, not commingle its assets
with assets of the Member or any other Person; 

  

	 	(F)	 conduct its business in its own name and strictly comply with all organizational formalities to maintain its
separate existence; 

  

	 	(G)	 maintain separate financial statements; 

 

	 	(H)	 pay its own liabilities only out of its own funds; 

 

	 	(I)	 maintain an arm’s length relationship with its Affiliates and the Member; 

 

	 	(J)	 pay the salaries of its own employees, if any; 

 

	 	(K)	 not hold out its credit or assets as being available to satisfy the obligations of others;

  

	 	(L)	 to the extent its office is located in the offices of any Affiliate, pay fair market rent for its office space
located therein, and otherwise allocate fairly and reasonably any overhead expenses shared with any Affiliate, and not engage in any business transaction with any Affiliate unless on an arm’s-length
basis; 

  

	 	(M)	 use separate stationery, invoices and checks; 

 

	 	(N)	 except as contemplated by the Transaction Documents or the Titling Company Agreement, not pledge its assets for
the benefit of any other Person, 

  

	 	(O)	 correct any known misunderstanding regarding its separate identity; 

 

	 	(P)	 maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;

  

	 	(Q)	 cause its Board of Managers to meet at least annually or act pursuant to written consent and keep minutes of
such meetings and actions and observe all other Delaware limited liability company formalities; 

  

	 	(R)	 not acquire any securities of the Member; and 

 

	 	(S)	 cause the Managers, Officers, agents and other representatives of the Company to act at all times with respect
to the Company consistently and in furtherance of the foregoing limitations and in the best interests of the Company. 

  
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 Failure of the Company, or the Member or the Board on behalf of the Company, to comply with any of the
foregoing covenants or any other covenants contained in this Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of the Member or the Managers. 

 

	 	(v)	 So long as any Obligation is outstanding, the Board shall not cause or permit the Company to:

  

	 	(A)	 except as contemplated by the Transaction Documents or the Titling Company Agreement, guarantee or become
obligated for the debts of any Person, including any Affiliate; 

  

	 	(B)	 engage, directly or indirectly, in any business other than the actions required or permitted to be performed
under Section 7, the Titling Company Agreement, the Transaction Documents or this Section 9(j); 

  

	 	(C)	 incur, create or assume any indebtedness other than as expressly permitted hereunder and under the Titling
Company Agreement or the Transaction Documents; 

  

	 	(D)	 make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any
Person (other than the Titling Company or any series thereof), except that the Company may invest in those investments permitted under the Titling Company Agreement or Transaction Documents and may make any advance required or expressly permitted to
be made pursuant to any provisions of the Titling Company Agreement or the Transaction Documents and permit the same to remain outstanding in accordance with such provisions; 

 

	 	(E)	 to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset
sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision of the Titling Company Agreement or the Transaction Documents; or 

 

	 	(F)	 form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) other
than the Titling Company and any series thereof. 

 Section 10. Independent Managers. 

As long as any Obligation is outstanding, the Member shall cause the Company at all times to have at least two Independent Managers who will be
appointed by the Member. To the fullest extent permitted by law, including Section 18-1101(c) of the Act, the Independent Managers shall consider only the interests of the
Company, including its respective creditors, in acting or otherwise voting on the matters referred to in Section 9(j)(iii). No resignation or 

  
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removal of an Independent Manager, and no appointment of a successor Independent Manager, shall be effective until such successor (i) shall have accepted his or her appointment as an
Independent Manager by a written instrument, which may be a counterpart signature page to the Managers’ Agreement, and (ii) shall have executed a counterpart to this Agreement as required by Section 5(c). In the
event of a vacancy in the position of Independent Manager, the Member shall, as soon as practicable, appoint a successor Independent Manager. Each Independent Manager is a “manager” of the Company within the meaning of the Act;
however, all right, power and authority of the Independent Managers shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement and the Independent Managers shall
otherwise have no authority to bind the Company. Except as provided in the second sentence of this Section 10, in exercising their rights and performing their duties under this Agreement, any Independent Manager shall have
fiduciary duties identical to those of a director of a business corporation organized under the DGCL. No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company. 

Section 11. Officers. 
 (a)
Officers. The initial Officers of the Company shall be designated by the Member. The additional or successor Officers of the Company shall be chosen by the Board and shall consist of at least a President, a Secretary and a Treasurer. The
Board may also choose one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers. Any number of offices may be held by the same person. The Board may appoint such other Officers and agents as it shall deem necessary or advisable who
shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board. The salaries of all Officers and agents of the Company shall be fixed by or in the manner
prescribed by the Board. The Officers of the Company shall hold office until their successors are chosen and qualified. Any Officer may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board. Any vacancy
occurring in any office of the Company shall be filled by the Board. As of the date hereof, the Officers of the Company designated by the Member are listed on Schedule E hereto. 

(b) President. The President shall be the chief executive officer of the Company, shall preside at all meetings of the Board, shall be
responsible for the general and active management of the business of the Company and shall see that all orders and resolutions of the Board are carried into effect. The President or any other Officer authorized by the President or the Board shall
execute all bonds, mortgages and other contracts, except: (i) where required or permitted by law or this Agreement to be otherwise signed and executed, including Section 7(b); (ii) where signing and execution thereof
shall be expressly delegated by the Board to some other Officer or agent of the Company; and (iii) as otherwise permitted in Section 11(c). 

(c) Vice President. In the absence of the President or in the event of the President’s inability to act, the Vice President, if any
(or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board, or in the absence of any designation, then in the order of their election), shall perform the duties of the President, and when so
acting, shall have all the powers of and be subject to all the restrictions imposed upon the President pursuant to this Agreement and the Act. The Vice Presidents, if any, shall perform such other duties and have such other powers as the Board may
from time to time prescribe. 

  
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 (d) Secretary and Assistant Secretary. The Secretary shall be responsible for filing
legal documents and maintaining records for the Company. The Secretary shall attend all meetings of the Board and record all the proceedings of the meetings of the Company and of the Board in a book to be kept for that purpose and shall perform like
duties for the standing committees when required. The Secretary shall give, or shall cause to be given, notice of all meetings of the Member, if any, and special meetings of the Board, and shall perform such other duties as may be prescribed by the
Board or the President, under whose supervision the Secretary shall serve. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board (or if there be no such determination, then in order of
their election), shall, in the absence of the Secretary or in the event of the Secretary’s inability to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board
may from time to time prescribe. 
 (e) Treasurer and Assistant Treasurer. The Treasurer shall have the custody of the Company funds
and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may
be designated by the Board. The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the President and to the Board, at its regular meetings or when the
Board so requires, an account of all of the Treasurer’s transactions and of the financial condition of the Company. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board (or
if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of the Treasurer’s inability to act, perform the duties and exercise the powers of the Treasurer and shall perform
such other duties and have such other powers as the Board may from time to time prescribe. 
 (f) Officers as Agents. The Officers, to
the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Company’s business and, subject to
Section 9(j), the actions of the Officers taken in accordance with such powers shall bind the Company. 
 (g)
Duties of Board and Officers. Except to the extent otherwise provided herein, each Manager and Officer shall have fiduciary duties identical to those of directors and officers of business corporations organized under the DGCL. 

Section 12. Limited Liability. 

Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Member nor the Special Members nor any Manager or Officer shall be obligated personally for any such debt, obligation or liability of the Company
solely by reason of being a Member, Special Member, Manager or Officer of the Company. 

  
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 Section 13. Capital Contributions. 

The Member contributed property to the Company prior to the date of this Agreement and the current value of all property previously contributed
by the Member to the Company is reflected on the books and records of the Member. In accordance with Section 5(c), the Special Members shall not be required to make any capital contributions to the Company. 

Section 14. Additional Contributions. 

The Member is not required to make any additional capital contribution to the Company. However, the Member may make additional capital
contributions to the Company at any time. The provisions of this Agreement, including this Section 14, are intended to benefit the Member and the Special Members and, to the fullest extent permitted by law, shall not be
construed as conferring any benefit upon any creditor of the Company (and no such creditor of the Company shall be a third-party beneficiary of this Agreement) and the Member and the Special Members shall not have any duty or obligation to any
creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement. 
 Section 15.
Allocation of Profits and Losses. 
 The Company’s profits and losses shall be allocated to the Member. 

Section 16. Distributions. 

Distributions may be made to the Member at the times and in the aggregate amounts determined by the Board. Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law or any Transaction
Document. 
 Section 17. Books and Records. 

The Board shall keep or cause to be kept complete and accurate books of account and records with respect to the Company’s business. The
books of the Company shall at all times be maintained by the Board. The Member and its duly authorized representatives shall have the right to examine the Company books, records and documents during normal business hours. The Company’s books of
account shall be kept using the method of accounting determined by the Member. The Company’s independent auditor, if any, shall be an independent public accounting firm selected by the Member. 

Section 18. Reports. 
 (a) Within 60
days after the end of each fiscal quarter, the Board shall cause to be prepared an unaudited report setting forth as of the end of such fiscal quarter: 
  

	 	(i)	 unless such quarter is the last fiscal quarter, a balance sheet of the Company; and 

 

	 	(ii)	 unless such quarter is the last fiscal quarter, an income statement of the Company for such fiscal quarter.

  
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 (b) The Board shall use diligent efforts to cause to be prepared and mailed to the Member,
within 90 days after the end of each fiscal year, an audited or unaudited report setting forth as of the end of such fiscal year: 
  

	 	(i)	 a balance sheet of the Company; 

 

	 	(ii)	 an income statement of the Company for such fiscal year; and 

 

	 	(iii)	 a statement of the Member’s capital account. 

(c) The Board shall, after the end of each fiscal year, use reasonable efforts to cause the Company’s independent accountants, if any, to
prepare and transmit to the Member as promptly as possible any such tax information as may be reasonably necessary to enable the Member to prepare its federal, state and local income tax returns relating to such fiscal year. Nothing in this
Section 18 shall limit the Company from hiring a person or company to perform its bookkeeping, accounting or other related services. 

Section 19. Tax Classification. 
 It
is the intention of the Member that the Company be disregarded as an entity separate from the Member for federal income tax purposes under Section 7701 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation Section 301.7701-2(c)(2)(i) for state income tax purposes under any applicable state or local income tax law or regulation and for similar purposes. Notwithstanding any other provision of this Agreement, unless
required by law, no Member shall take any action inconsistent with the classification as a disregarded entity for purposes of Treasury Regulation Section 301.7701-3. 

Section 20. Other Business. 

Notwithstanding any duty otherwise existing at law or in equity, the Member, the Special Members and any Officer, Manager, employee or agent of
the Company and any Affiliate of the Member or the Special Members may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description, independently or with others. The Company shall not have
any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement. 
 Section 21. Exculpation and
Indemnification. 
 (a) To the fullest extent permitted by applicable law, neither the Member nor the Special Members nor any Officer,
Manager (including any Independent Manager), employee or agent of the Company nor any employee, representative, agent or Affiliate of any of the foregoing (collectively, the “Covered Persons”) shall be liable to the Company or any
other Person bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the
scope of the authority conferred on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence or willful misconduct. 

  
 13 

 (b) To the fullest extent permitted by applicable law, a Covered Person shall be entitled to
indemnification from the Company for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to
be within the scope of the authority conferred on such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such
Covered Person’s gross negligence or willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this Section 20 by the Company shall be provided out of and to
the extent of Company assets only, and the Member and the Special Members shall not have personal liability on account thereof; and provided further, that so long as any Obligation is outstanding, no indemnity payment from funds of the
Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section 21 shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents. 

(c) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in this Section 21. 

(d) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of
the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the Member might properly be
paid. 
 (e) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating
thereto to the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Person bound by this Agreement for its good faith reliance on the provisions of this Agreement or
any approval or authorization granted by the Company or any other Covered Person. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person to the Company or its Members otherwise
existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Covered Person. 
 (f)
The foregoing provisions of this Section 21 shall survive any termination of this Agreement. 

  
 14 

 Section 22. Assignments. 

Subject to Section 24, the Member may assign all of its limited liability company interest in the Company. If the
Member transfers all of its limited liability company interest in the Company pursuant to this Section 22, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument
signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the transfer and, immediately
following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to the Member by merger or consolidation in compliance with the Transaction
Documents shall, without further act, be the Member hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution. 

Section 23. Resignation. 
 So long as
any Obligation is outstanding, the Member may not resign, except as permitted under the Transaction Documents and if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this
Section 23, an additional member of the Company shall be admitted to the Company, subject to Section 24, upon its execution of an instrument signifying its agreement to be bound by the terms and
conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall
cease to be a member of the Company. 
 Section 24. Admission of Additional Members. 

One or more additional Members of the Company may be admitted to the Company with the written consent of the Member; provided,
however, that, notwithstanding the foregoing, so long as any Obligation is outstanding, no additional Member may be admitted to the Company unless the Rating Agency Condition is satisfied. 

Section 25. Dissolution. 
 (a)
Subject to Section 9(j) and the following sentence, the Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of the legal existence of the last
remaining member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by
this Agreement or the Act or (ii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. Upon the occurrence of any event that
causes the last remaining member of the Company to cease to be a member of the Company, or that causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon (i) an assignment by
the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 22 and 24, or (ii) the resignation of the Member and the admission of an additional member of the
Company pursuant to Sections 23 and 24), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the
continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the
Company, effective as of the occurrence of the event that terminated the continued membership of such member in the Company. 

  
 15 

 (b) Notwithstanding any other provision of this Agreement or Section 18-304 of the Act, the Bankruptcy of the Member or a Special Member shall not cause the Member or Special Member, respectively, to cease to be a member of the Company and upon the occurrence of such an
event, the Company shall continue without dissolution. 
 (c) In the event of dissolution, the Company shall conduct only such activities as
are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the order of priority, set forth in
Section 18-804 of the Act. 
 (d) The Company shall terminate when
(i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company (including all Obligations of the Company), shall have been distributed to the Member in the manner provided for
in this Agreement and (ii) the Certificate of Formation shall have been canceled in the manner required by the Act. 
 Section 26. Waiver of
Partition; Nature of Interest. 
 Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each
of the Member and the Special Members hereby irrevocably waives any right or power that such Person might have to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. The
Member shall not have any interest in any specific assets of the Company, and the Member shall not have the status of a creditor with respect to any distribution pursuant to Section 16 hereof. The interest of the Member in
the Company is personal property. 
 Section 27. Benefits of Agreement; No Third-Party Rights.

 None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of
the Member or a Special Member except for the provisions of Sections 5(c), 7, 9(j), 10, 21(b), 24, 25(a) and (b) and 32 (such provisions the “Third Party Benefit
Provisions”). Nothing in this Agreement other than the Third Party Benefit Provisions shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any
respect to be a contract in whole or in part for the benefit of any third Person (except as provided in Section 30 and except for the Third Party Benefit provisions). 

Section 28. Severability of Provisions. 

Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be
invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal. 

  
 16 

 Section 29. Entire Agreement. 

This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. 

Section 30. Binding Agreement. 

Notwithstanding any other provision of this Agreement, the Member agrees that this Agreement, including, without limitation, Sections
7, 8, 9, 10, 21, 22, 23, 24, 26, 27, 30 and 32, constitutes a legal, valid and binding agreement of the Member, and is enforceable against the Member by the
Independent Managers, in accordance with its terms. In addition, the Independent Managers shall be intended beneficiaries of this Agreement. 

Section 31. Governing Law. 
 This
Agreement shall be governed by and construed under the laws of the State of Delaware (without regard to conflict of laws principles), all rights and remedies being governed by said laws. 

Section 32. Amendments. 
 Subject to
Section 9(j), this Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by the Member. Notwithstanding anything to the contrary in this Agreement, so long as any
Obligation is outstanding, this Agreement (other than Schedule B hereto, which may be amended by the Member without the consent of any other Person) may not be modified, altered, supplemented or amended unless one of the following conditions
has been satisfied: 
  

	 	(i)	 the Member delivers an opinion of counsel to the trustee or other agent for any Securities to the effect that
such amendment will not adversely affect in any material respect the interests of any holder of any such Security who has not consented to such amendment; or 

  

	 	(ii)	 (x) with respect to any Security that is rated, the Rating Agency Condition is satisfied with respect to such
amendment; and 

 (y) with respect to any Security that is not rated, holders of such Security evidencing more than 50% by
outstanding principal amount of such Security have consented to such amendment. 
 Section 33. Counterparts. 

This Agreement may be executed by the parties in any number of counterparts, each of which when so executed and delivered shall be deemed an
original of this Agreement and all of which together shall constitute one and the same instrument. 

  
 17 

 Section 34. Notices. 

Any notices required to be delivered hereunder shall be in writing and personally delivered, mailed or sent by electronic mail or other similar
form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company at its address in Section 2, (b) in the case of the Member, to the Member at its
address as listed on Schedule B attached hereto and (c) in the case of either of the foregoing, at such other address as may be designated by written notice to the other party. 

Section 35. Interpretation. 

Notwithstanding any provision herein to the contrary, all references in this Agreement to Nissan Motor Acceptance Company LLC, a Delaware
limited liability company, shall be deemed to refer to (i) Nissan Motor Acceptance Corporation, a California corporation, for all periods of time prior to the conversion (the “First California Conversion”) of Nissan Motor Acceptance
Corporation, a California corporation, to Nissan Motor Acceptance Company LLC, a California limited liability company, or (ii) Nissan Motor Acceptance Company LLC, a California limited liability company, for all periods of time from the
effective time of the First California Conversion to the effective time of the conversion of Nissan Motor Acceptance Company LLC, a California limited liability company, to Nissan Motor Acceptance Company LLC, a Delaware limited liability company.

  
 18 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly
executed this Agreement as of the 1 day of April, 2021. 
  

			
	MEMBER:
	
	NISSAN MOTOR ACCEPTANCE COMPANY LLC
		
	By:	 	 /s/ Kevin J. Cullum

	Name: Kevin J. Cullum
	Title: President

 
	
	INDEPENDENT MANAGERS:
	
	 /s/ Kevin P. Burns

	Name: Kevin P. Burns
	
	 /s/ Cheryl A. Lawrence

	Name: Cheryl A. Lawrence

 SCHEDULE A 

Definitions 
 A. Definitions 

When used in this Agreement, the following terms not otherwise defined herein have the following meanings: 

“Act” has the meaning set forth in the preamble to this Agreement. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under
direct or indirect common Control with such Person. 
 “Agreement” means this Limited Liability Company Agreement of the
Company, together with the schedules attached hereto, as amended, restated or supplemented or otherwise modified from time to time. 

“Bankruptcy” means, with respect to any Person, (A) if such Person (i) makes an assignment for the benefit of
creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking
for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against it in any proceeding of this nature, or (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (B) if 120
days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, the proceeding has not been dismissed, or if within
90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days
after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections
18-101(1) and 18-304 of the Act. 

“Board” or “Board of Managers” means the Board of Managers of the Company. 

“Certificate of Conversion” has the meaning set forth in the recitals to this Agreement. 

“Certificate of Formation” has the meaning set forth in the recitals to this Agreement. 

“Company” means NILT LLC, a Delaware limited liability company (as successor by conversion to NILT Trust). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or otherwise. “Controlling” and “Controlled” shall have correlative meanings. Without
limiting the generality of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of the ownership interests. 

  
 Sch A-1 

 “Conversion” has the meaning set forth in the recitals to this Agreement.

 “Covered Persons” has the meaning set forth in Section 21(a). 

“Independent Manager” means a natural person who, for the five-year period prior to his or her appointment as Independent
Manager has not been, and during the continuation of his or her service as Independent Manager, is not: (i) an employee, director, contractor, stockholder, partner or officer of the Company or any of its Affiliates (other than his or her
service as an Independent Manager or similar capacity of the Company or any of its Affiliates); (ii) a creditor, customer or supplier of the Company or any of its Affiliates (other than an Independent Manager provided by a corporate services company
that provides Independent Managers in the ordinary course of its business); (iii) any member of the immediate family of a person described in (i) or (ii); or (iv) a direct or indirect legal or beneficial owner in the Company or any of its
Affiliates. 
 “Majority in Interest” means the holders of Securities evidencing more than 50% by outstanding principal
amount of all Securities. 
 “Managers” means the Persons elected to the Board of Managers from time to time by the Member,
including the Independent Managers, in their capacity as managers of the Company. A Manager is hereby designated as a “manager” of the Company within the meaning of
Section 18-101(12) of the Act. 
 “Managers’
Agreement” means the agreement of the Managers in the form attached hereto as Schedule C. The Managers’ Agreement shall be deemed incorporated into, and a part of, this Agreement. 

“Material Action” means to consolidate or merge the Company with or into any Person, or to institute proceedings to have the
Company be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Company or file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization or relief
with respect to the Company under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part
of its property, or make any assignment for the benefit of creditors of the Company, or admit in writing the Company’s inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest
extent permitted by law, dissolve or liquidate the Company. 
 “Member” means Nissan Motor Acceptance Company LLC, as the
initial member of the Company, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; provided,
however, the term “Member” shall not include the Special Members. 

  
 Sch A-2 

 “Obligations” shall mean any Securities and the indebtedness, liabilities
and obligations of the Company under or in connection with, the Transaction Documents or any related document in effect as of any date of determination. 

“Officer” means an officer of the Company described in Section 11. 

“Officer’s Certificate” means a certificate signed by any Officer of the Company who is authorized to act for the
Company in matters relating to the Company. 
 “Person” means any individual, corporation, partnership, joint venture,
limited liability company, limited liability partnership, association, joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any governmental authority. 

“Rating Agency” means any nationally recognized statistical rating organization currently rating any Security. 

“Rating Agency Condition” has, with respect to any Security, the meaning set forth in the Securitized Financing Documents
pursuant to which such Security was issued. 
 “Security” means any security (including an asset-backed note or
asset-backed certificate) or loan the payments on which are derived in any material part or collateralized by from amounts received with respect to assets owned by the Titling Company and/or allocated to any Series thereof. 

“Securitized Financing” has the meaning set forth in the Titling Company Agreement. 

“Securitized Financing Documents” has the meaning set forth in the Titling Company Agreement. 

“Series” or “Series Interest” means a separate series of limited liability company interests in the Titling
Company established and formed pursuant to the Titling Company Agreement, as supplemented by a Series Supplement. 
 “Series
Supplement” has the meaning set forth in the Titling Company Agreement. 
 “Special Member” means, upon such
person’s admission to the Company as a member of the Company pursuant to Section 5(c), a person acting as Independent Manager, in such person’s capacity as a member of the Company. A Special Member shall only have
the rights and duties expressly set forth in this Agreement. 
 “Titling Company” means Nissan-Infiniti LT LLC, a Delaware
limited liability company. 
 “Titling Company Agreement” means the Limited Liability Company Agreement of the Titling
Company dated as of April 1, 2021, among the Company, Nissan Motor Acceptance Company LLC, as Administrator, and U.S. Bank National Association, as Titling Company Registrar, as supplemented by each Series Supplement (as defined therein). 

  
 Sch A-3 

 “Transaction Documents” means any Securitized Financing Document and all
documents and certificates contemplated thereby or delivered in connection therewith. 
 B. Rules of Construction 

Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms. The words “include” and
“including” shall be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and
not to any particular Section, paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not
attributed to a particular document shall be references to such parts of this Agreement. 

  
 Sch A-4 

 SCHEDULE B 

Member 
  

					
	 Name
	  	 Mailing Address
	  	Limited Liability
Company
Interest
	 Nissan Motor Acceptance Company LLC
	  	 Nissan Motor Acceptance Company LLC

One Nissan Way
 Franklin, Tennessee, 37067
	  	100%

  
 Sch B-1 

 SCHEDULE C 

Managers’ Agreement 

Dated as of April 1, 2021 
 NILT LLC 

One Nissan Way 
 Franklin, Tennessee, 37067 

 

	 	Re:	 Managers’ Agreement – NILT LLC 

Ladies and Gentlemen: 
 For good and valuable consideration, each
of the undersigned Persons, who have been designated as managers of NILT LLC, a Delaware limited liability company (the “Company”), in accordance with the Limited Liability Company Agreement of the Company, dated as of April 1,
2021 (as it may be amended, modified, supplemented or amended and restated from time to time, the “LLC Agreement”), hereby agrees as follows: 

1. Each of the undersigned accepts such Person’s rights and authority as a Manager under the LLC Agreement and agrees to perform and
discharge such Person’s duties and obligations as a Manager under the LLC Agreement, and further agrees that such rights, authorities, duties and obligations under the LLC Agreement shall continue until such Person’s successor as a Manager
is designated or until such Person’s resignation or removal as a Manager in accordance with the LLC Agreement. Each of the undersigned agrees and acknowledges that it has been designated as a “manager” of the Company within the
meaning of the Delaware Limited Liability Company Act. 
 2. So long as any Obligation is outstanding, each of the undersigned agrees, solely
in its capacity as a creditor of the Company on account of any indemnification or other payment owing to the undersigned by the Company, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining an involuntary case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company. 

3. THIS MANAGERS’ AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AND ALL RIGHTS AND
REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 Capitalized terms used and not otherwise
defined herein have the meanings set forth in the LLC Agreement. 

  
 Sch C-1 

 This Managers’ Agreement may be executed in any number of counterparts, each of which
shall be deemed an original of this Managers’ Agreement and all of which together shall constitute one and the same instrument. 

[The remainder of this page has been intentionally left blank.] 

  
 Sch C-2 

 IN WITNESS WHEREOF, the undersigned have executed this Managers’ Agreement as of the
day and year first above written. 
  

	
	MANAGERS:
	
	  

	Kevin J. Cullum
	
	  

	Victor Pausin
	
	  

	Ryan L. Nelson
	
	  

	Kevin P. Burns, Independent Manager
	
	  

	Cheryl A. Lawrence, Independent Manager

  
 Sch C-3 

 SCHEDULE D 

Managers 
  

	1.	 Kevin J. Cullum 

  

	2.	 Victor Pausin 

  

	3.	 Ryan L. Nelson 

  

	4.	 Kevin P. Burns 

  

	5.	 Cheryl A. Lawrence 

  
 Sch D-1 

 SCHEDULE E 

Officers 
  

			
	 Officer
	  	 Title

	Kevin J. Cullum	  	President and Chairman of the Board
		
	Jim DeTrude	  	Vice President
		
	Victor Pausin	  	Treasurer
		
	Douglas E. Gwin, Jr.	  	Assistant Treasurer
		
	David R. Killinger, Jr.	  	Assistant Treasurer
		
	Sean O’Hara	  	Assistant Treasurer
		
	Ryan L. Nelson	  	Secretary
		
	Timothy Hauck	  	Assistant Secretary

  
 Sch E-1Exhibit 10.5

 

SECURITY AGREEMENT

 

THIS
SECURITY AGREEMENT, is made as of the 18th day of June, 2019, by and between YIC Acquisitions Corp. (the "Debtor),
and Mid Penn Bank/Miners Bank (the “Secured Party").

 

RECITALS:

 

A.             
Pursuant to the Assumption Agreement dated even date herewith (the “Loan Agreement"), the Secured Party has agreed to
permit Debtor to assume the debt of Yuengling's Ice Cream Corp. as defined in the Assumption Agreement in the total amount of
One Million Eight Hundred Eighty Nine Thousand Eleven and 81/100 Dollars ($1,889,011.81) (the “Loan” and has
agreed to accept in evidence thereof the Assumption Agreement in which Debtor has agreed to the assumption of the three loans
as referenced in the Assumption Agreement of even date in the total amount of One Million Eight Hundred Eighty Nine Thousand
Eleven and 81/100 Dollars ($1,889,011.81) ("Assumption").

 

B.             
The Debtor has agreed to the Assumption and has entered into this Security Agreement to induce the Secured Party to sell
the assets of Yuengling Ice Cream Corp. to Debtor and permit Debtor to assume the debt of Yuengling Ice Cream Corp.

 

AGREEMENT:

 

NOW, THEREFORE, for good
and valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto, with intent to be legally bound, agree
as follows:

 

Section 1.Definitions.

 

1.1          
"Accounts", "Chattel Paper" (including "Tangible Chattel Paper" and "Electronic Chattel
Paper"), "Commercial Tort Claims", "Deposit Accounts", "Documents", "Equipment", "Fixtures",
"General Intangibles", "Goods", "Instruments", "Inventory", "Investment Property",
"Letter of Credit Rights", "Payment Intangibles", "Proceeds" and "Supporting Obligations"
shall each have the meaning set forth in the U.C.C.

 

1.2           
"Additional Collateral" shall mean all funds of the Debtor on deposit with the Secured Party and property of any
nature and the cash and non-cash proceeds thereof owned by the Debtor, or in which the Debtor has an interest, which now or hereafter
are in the possession and control of the Secured Party, including, without limitation, Deposit Accounts.

 

1.3           
"Collateral" shall mean all of Debtor's tangible and intangible assets that relate to and are directly derived
from the assets purchased from Secured Party pursuant to the SECURED CREDITOR ASSET SALE AND PUCHASE AGREEMENT (the "Purchase
Agreement") including, but not limited to, the following: (i) Accounts, Chattel Paper (including Tangible Chattel Paper and
Electronic Chattel Paper), Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory,
Investment Property, Letter of Credit Rights, Payment Intangibles, Supporting Obligations, books and records (including, but not
limited to, manual records, computer runs, print outs, tapes, disks, software, programs, source codes and other computer prepared
information and equipment of any kind), all rents, issues and profits of the business of selling ice cream and any other business
Debtor is involved in; and (ii) all other tangible and intangible personal property, whether now owned or hereafter acquired,
including policies of insurance thereon and all insurance proceeds and unearned premium in connection therewith, together with
all accessions, additions to, replacements for and substitutions of Collateral and all cash and non-cash Proceeds and products
thereof. “General Intangibles" shall include all designs, patents, patent rights and applications therefor, trademarks
and registrations and applications therefor, trade names, inventions, copyrights and all registrations and applications therefor,
license rights, trade secrets, methods, know how, specifications, customer lists, franchises, tax refunds and unearned insurance
premiums regardless of any contrary interpretation of such term as now or hereafter used in the U.C.C. In addition a 2015 Chevrolet
Truck VIN# 1GB65CG6Fl l 14071. It is intended that the Collateral shall include ALL ASSETS of the Debtor including all operating
contracts. Collateral shall also include a certain account# 19046960 held at Mid Penn Bank, the Secured Party in the principal
amount of $50,000.00 including all interest and earnings thereon. ("Secured Bank Account")

 

1.4           
"Event of Default" shall mean any event of default set forth in Section 6 of this Agreement or in any of the Loan
Documents.

 

1.5           
"Loan Documents" shall mean the Assumption Agreement of even date and the underlying loan agreements, the notes
and any other notes, agreements, pledges, instruments, documents, mortgages, financing statements, assignments, leases, guarantees,
suretyship agreements or contracts (including amendments thereto) now or at any time or times hereafter executed and delivered
by the Debtor and by Yuengling's Ice Cream Corp., which have been assumed by Debtor to the Secured Party relating to the Obligations.

 

 

    	 	1	 

     

    

 

1.6           
"Notice Address" means the address for the Debtor or the Secured Party, as the case may be, set forth in Section
14 hereinafter.

 

1.7          
"Obligations" shall mean all responsibilities, obligations, undertakings, liabilities and indebtedness of any
and every kind and nature, heretofore, now or hereafter owing, arising, due or payable from Debtor to Secured Party, howsoever
evidenced, created, incurred, acquired or owing, whether primary, secondary, direct, contingent, fixed, joint and several, joint
or several or otherwise, and whether arising under this Agreement or under the Assumption Agreement, notes or any of the loan documents
or any other notes, contracts, guarantees or other agreements heretofore, now or hereafter executed and delivered by Debtor and
or Yuengling's Ice Cream Corp. to Secured Party and all amounts owed under any modifications, renewals or extensions of any of
the foregoing obligations.

 

1.8          
"Pennsylvania Uniform Commercial Code" shall mean the Uniform Commercial Code as presently enacted in the Commonwealth
of Pennsylvania (the "Commonwealth") (the "Existing Uniform Commercial Code") as supplemented or superseded
by Revised A1iicle 9 of the Uniform Commercial Code, in the form or substantially in the form approved in 1998 by the American
Law Institute and the National Conference of Commissioners on Uniform State Law, as enacted in the Commonwealth and as amended
("Revised Article 9"; together with the Existing Uniform Commercial Code, the "Pennsylvania Uniform Commercial
Code").

 

1.9          
"Security Interest" shall mean the interest in the Collateral granted by Debtor to Secured Party in this Agreement.

 

 1.10         "U.C.C." shall mean the Pennsylvania Uniform Commercial Code.

 

All other capitalized terms
that are not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

 

Section 2.The Security Interests.

 

2.1          
To secure payment to Secured Party and performance of the Obligations, the Debtor hereby grants to the Secured Party a continuing
Security Interest in the Collateral.

 

2.2           
If the Debtor shall at any time, acquire a Commercial Tort Claim, the Debtor shall immediately notify the Secured Party
in a writing signed by the Debtor of the brief details thereof and grant to the Secured Party in such writing a Security Interest
in the Commercial Tort Claim and in the Proceeds thereof, all upon the terms of this Security Agreement, with such writing to be
in form and substance satisfactory to the Secured Party.

 

2.3           
The Security Interest granted pursuant to this Section 2 is granted as security only and shall not subject the Secured Party
to, or transfer or in any way affect or modify, any obligations or liability of the Debtor under any of the Collateral or any transaction
which gave rise thereto.

 

2.4           
Debtor agrees the Secured Bank Account is hereby assigned to the Secured Party such that, until released by the Secured
Party, Debtor cannot withdraw all or any part of the Secured Bank Account. To the extent of the existence and the continuance of
a payment Default, the Secured Party shall have the right to withdraw all or any part of the Secured Bank Account and apply the
withdrawal toward the payment of the Secured Debt even if the withdrawal causes a penalty.

 

Section 3.Filing; Further Assurances.

 

3.1           
The Debtor agrees to cooperate and join, at its expense, with the Secured Party in taking such steps as are necessary,
in the Secured Party's commercially reasonable judgment, to perfect or continue the perfected status of the Security Interests
granted hereunder, including, without limitation, the execution and delivery of any financing statements, amendments thereto and
continuation statements, the delivery of Tangible Chattel Paper, Documents, Instruments or Investment Property to the Secured
Party, the obtaining of landlords' and mortgagees' waivers required by the Secured Party, the notation of encumbrances in favor
of the Secured Party on certificates of title, and the execution and filing of any collateral assignments and any other instruments
requested by the Secured Party to perfect its Security Interest in any and all of the Debtor's General Intangibles.

 

 

    	 	2	 

     

    

 

3.2           
The Debtor hereby authorizes the Secured Party, at any time and from time to time, to file financing statements, continuation
statements and amendments thereto that describe the Collateral in particular or as all assets of the Debtor or words of similar
effect and which contain any other information required by the U.C.C. for the sufficiency or filing office acceptance of any financing
statement, continuation statement or amendment, including whether the Debtor is an organization, the type of organization and any
organization identification number issued to the Debtor. The Debtor agrees to furnish any such information to the Secured Party
promptly upon request. Any such financing statements, continuation statements or amendments may be filed at any time in any jurisdiction
whether or not Revised Article 9 is then in effect in that jurisdiction.

 

3.3           
The Debtor shall, at any time and from time to time, take such steps as the Secured Party may reasonably require for the
Secured Party, (i) to obtain an acknowledgment, in fo1m and substance satisfactory to the
Secured Party, of any third party having possession of any of the Collateral that the third party holds such Collateral for the
benefit of the Secured Party, (ii) to obtain "control" (as described in the U.C.C.) of any Investment Property, Deposit
Accounts, Letter-of-Credit Rights or Electronic Chattel Paper, with any agreements, establishing control to be in form and substance
satisfactory to the Secured Party, and (iii) otherwise to ensure the continued perfection and priority of the Secured Party's security
interest in any of the Collateral and of the preservation of its rights therein.

 

3.4           
The Debtor will, at its expense, execute, deliver, file and record (in such manner and form as the Secured Party may at
any time reasonably require), and authorize the Secured Party to file and record, any financing statements, any carbon, photographic
or other reproduction of a financing statement or of this Security Agreement (which shall be sufficient as a financing statement
hereunder), any specific assignments or other paper that may be reasonably necessary or desirable or that the Secured Party may
request, to create, preserve, perfect, continue or validate any Security Interest or to enable the Security Party to exercise and
enforce its rights hereunder _with respect to any of the Collateral.

 

Section 4.Representations, Warranties and
Covenants of the Debtor.

 

The Debtor, as of the date hereof, hereby represents,
warrants and covenants as follows:

 

4.1          
Except for the Security Interest, as of the execution of the Purchase Agreement, and subject to the representations and
warranties of Secured Party contained in the Purchase Agreement, Debtor has good and marketable title to, and is the owner of,
the Collateral free from any adverse lien, security interest, claim or encumbrance, and will defend the Collateral against

all claims and demands of all persons at any time claiming
any interest therein.

 

4.2           
The locations of the offices where the Debtor maintains its books and records concerning the Collateral are as set forth
in Schedule 4.2 or at the location(s) hereafter disclosed to the Secured Party pursuant to Section 5 hereof.

 

4.3          
The Debtor is a corporation organized under the laws of Nevada, qualified to do business in Pennsylvania. The Debtor's exact
legal name is as set forth in the first paragraph of this Security Agreement. The Debtor agrees that it will preserve its corporate
existence and will not, either in one transaction or a series of transactions, merge into or consolidate with any entity or change
its name without providing Secured Party thirty (30) days' prior written notice of a proposed change in name.

 

4.4           
The places of business of the Debtor are as set forth on Schedule 4.4. If the Debtor has more than one place of business,
the chief executive offices of the Debtor are at the address set forth in Schedule 4.4 or at the location(s) hereafter disclosed
to the Secured Party pursuant to Section 5 hereof.

 

4.5           
All Goods, Inventory and Equipment of the Debtor are located at one or more of the addresses set forth in Schedule 4.5 or
at the location(s) hereafter disclosed to the Secured Party pursuant to Section 5 hereof.

 

4.6          
Every Account is and will be a good and valid Account representing an undisputed bona fide indebtedness of an account debtor
to the Debtor, and there are and will be no defenses, setoffs or counterclaims of any nature whatsoever against any Account; and
no agreement, under which any deduction, discount, allowance or special terms of payment may be claimed, has been or will be made
with any account debtor without prior notice to the Secured Party.

 

 

    	 	3	 

     

    

 

4.7           
Except as enumerated on Schedule 4.7 attached to this Agreement no financing statement covering the Collateral is on file
in any public office, other than the financing statements filed pursuant to this Security Agreement.

 

4.8           
The Debtor will promptly pay any and all taxes, assessments and governmental charges upon the Collateral prior to the date
penalties are attached thereto, except to the extent that such taxes, assessments and charges shall be contested in good faith
and diligently by the Debtor.

 

4.9           
The Debtor will immediately notify the Secured Party in writing of any event causing a substantial loss or diminution in
the value of all or any material part of the Collateral and the amount or an estimate of the amount of such loss or diminution.

 

4.10       
The Debtor will have and maintain insurance at all times with respect to the Collateral against risks of fire (including
so-called extended coverage) and theft, and such other risks as the Secured Party may reasonably require, containing such terms,
in such amounts (not exceeding replacement value), in such form for such periods and written by such companies as may be reasonably
satisfactory to the Secured Party, such insurance to be payable to the Secured Party and to the Debtor as their interests may
appear. All policies of insurance shall provide for thirty (30) days minimum written notice to the Secured Party of cancellation
or material change, and the Debtor shall furnish the Secured Party original policies of insurance or other evidence satisfactory
to the Secured Party of compliance with the foregoing insurance provisions.

 

4.11       
The Debtor will not sell or offer to sell or otherwise assign, transfer or dispose of the Collateral or any part thereof
or any interest therein without the written consent of the Secured Party; provided, however, that the Debtor may sell its
Inventory, if any, in the ordinary course of its business, and the Debtor may replace Collateral with other Collateral equivalent
thereto.

 

4.12       
The Debtor will keep the Collateral free from any adverse lien, security interest or encumbrance and in good order and repair,
reasonable wear and tear excepted, and will not waste or destroy the Collateral or any part thereof.

 

4.13       
The Debtor will not use the Collateral in violation of any law if such violation could result in a material adverse effect
on the Debtor or the Collateral.

 

4.14       
The Debtor will provide to the Secured Party copies of all periodic financial statements and other statements or information
prepared by or on behalf of Debtor.

 

4.15       
The Debtor shall give thirty (30) days' prior notice to the Secured Party, in writing, of any new place of business and
of the closing of any existing place of business.

 

Section 5.Records Relating to Collateral.

 

The Debtor will maintain
complete and accurate books and records and make all entries therein to reflect the costs, values and location of its Inventory
and Equipment and the transactions and documents giving rise to its Accounts and all payments, credits and adjustments thereto
keep its records concerning the Collateral at its office located at 123 W. Nye Lane, Suite 129 Carson City, Nevada 89706, or at
such other place or places of business as the Secured Party may approve in writing. The Debtor will hold and preserve such records
and Chattel Paper and will permit representatives of the Secured Party at any time during normal business hours to examine and
inspect the Collateral and to make abstracts from or copies of such records and Chattel Paper and will furnish to the Secured Party
such information and reports regarding the Collateral as the Secured Party may from time to time reasonably request. All Collateral
shall be kept at the Debtor's place of business located at 123 W. Nye Lane, Suite 129 Carson City, Nevada 89706, or elsewhere within
the Schuylkill, county, Pennsylvania, metropolitan area at such locations as Debtor has advised the Secured Party in writing. No
Collateral shall be removed from said location without the Secured Party's written consent.

 

Section 6.Events of Default.

 

In addition to any Event
of Default set forth in the Assumption Agreement or Loan Documents, the occurrence of any one or more of the following shall constitute
an Event of Default hereunder:

 

6.1           
Failure of Debtor to pay any of the Obligations within five days of when the same shall become due, whether by demand, stated
maturity, acceleration or otherwise.

 

 

    	 	4	 

     

    

 

6.2           
Failure of Debtor to observe or perform any warranty, covenant, representation, condition or agreement to be observed or
performed by Debtor under this Agreement or any of the Loan Documents.

 

6.3           
Default by Debtor with respect to any indebtedness or liability of Debtor to any person or with respect to any security
interest, lien or document securing any indebtedness or liability of Debtor to any person.

 

6.4           
Any representation, covenant or warranty made herein, in any of the Loan Documents or in any statement, certificate or other
document furnished by Debtor to Secured Party shall be false or misleading in any material respect.

 

6.5           
Debtor shall (i) admit in writing its insolvency or its inability to pay its debts as they mature; (ii) make a general assignment
for the benefit of creditors; or (iii) commence a case under or otherwise seek to take advantage of any bankruptcy, reorganization,
insolvency, readjustment of debt, dissolution or liquidation law, statute or proceeding or by any act indicate its consent to,
approval of or acquiescence in any such proceeding or the appointment of any receiver of or trustee for Debtor or a substantial
part of its property or suffer any such receivership, trusteeship or proceeding to continue undismissed for a period of 90 days.

 

6.6           
Debtor shall become a debtor in any case under any chapter of the United States Bankruptcy Code.

 

 6.7            Entry of any order, judgment or decree for the dissolution of Debtor.

 

6.8           
Entry of any judgment against Debtor and a good faith determination by Secured Party that the same, when taken together
with all other judgments outstanding against Debtor, could result in any material adverse change in Debtor's financial condition,
property or ability to pay and perform its Obligations to Secured Party, unless such judgment shall have been discharged or execution
thereof stayed within sixty (60) days after entry thereof or discharged within sixty (60) days after the expiration of any such
stay or Debtor has filed a Petition to Open or Strike the Judgment.

 

6.9           
Secured Party shall determine in good faith, but in its sole discretion, that any material adverse change has occurred
in the prospects or financial condition of Debtor, in the value of any Collateral or in the ability of Debtor to pay and perform
the Obligations.

 

6.10        
Injunction or restraint of Debtor from conducting its business in whole or in material part and a determination by Secured
Party that the same could result in a material adverse change in Debtor's prospects, financial condition, property or ability to
pay and perform the Obligations.

 

6.11        
Any assets of Debtor shall be attached, levied upon, seized or repossessed or come into the possession of a trustee, receiver
or other custodian.

 

 6.12         Debtor shall be or become insolvent or unable to pay its debts as they mature.

 

6.13        
Uninsured loss, theft, substantial damage, destruction or transfer or encumbrance of any assets of Debtor unless fair value
has been received by Debtor, which Secured Party, in the reasonable exercise of its discretion, deems to have a materially adverse
effect upon Debtor's ability to repay the Obligations.

 

6.14        
Without Secured Party's prior written consent, Debtor shall enter into or be a party to any merger, division, voluntary
dissolution, consolidation or share exchange.

 

6.15        
Without Secured Party's prior written consent, Debtor shall sell, assign, transfer, convey or lease any interest in all
or any substantial part of its assets except in the ordinary course of Debtor's business as it is now being conducted.

 

6.16        
Without prior written notice to Secured Party, Debtor shall change Debtor's name or Debtor's jurisdiction of organization.

 

6.17        
Secured Party's Security Interest in the Collateral shall have been determined to be subordinate in priority of lien to
the rights of any third party or unperfected.

 

 

    	 	5	 

     

    

 

Section 7.Remedies Upon Event of Default.

 

7.1           
If any Event of Default shall exist, the Secured Party may, after providing Debtor at least five (5) days written notice,
exercise all the rights and remedies of a Secured Party under the U.C.C., and, with respect to Accounts, the rights provided in
Section 9 hereinafter. In addition, the Secured Party may, without being required to give any notice except as herein provided,
(i) set-off the Additional Collateral against the Obligation; (ii) apply the cash, if any, then held by it as Collateral in the
manner specified in Section 11; and (iii) if there shall be no such cash or if such cash shall be insufficient to pay all the Obligations
in full, sell the Collateral, or any part thereof at public or private sale or at any broker's board or on any securities exchange,
for cash, upon credit or for future delivery, and at such price or prices as the Secured Party may deem satisfactory.

 

7.2            The Secured Party may require the
Debtor to assemble all or any part of the Collateral and make it available to the Secured Party at a place to be designated by
the Secured Party which is reasonably convenient to the Secured Party.

 

7.3          
Any holder of any or all of the Obligations may be the purchaser of any or all of the Collateral so sold at any public sale
(or, if the Collateral is of a type customarily sold in a recognized market or is of a type which is subject to widely distributed
standard price quotations, at any private sale) and thereafter hold the same, absolutely, free from any right or claim of whatsoever
kind. Upon any such sale the Secured Party shall have the right to deliver, assign and transfer to the purchaser thereof the Collateral
so sold. Each purchaser at any such sale shall hold the Collateral so sold absolutely free from any claim or right of whatsoever
kind, including any equity or right or redemption of the Debtor. The Debtor, to the extent permitted by law, hereby specifically
waives all rights of redemption, stay or appraisal which it has or may have under any rule of law or statute now existing or hereafter
adopted.

 

7.4          
The Secured Party shall give the Debtor five (5) days' written notice of its intention to make any such public or private
sale or sale at a broker's board or on a securities exchange, which notice period is deemed by Debtor and by the Secured Party
to be commercially reasonable. Such notice, in case of a public sale, shall state the time and place fixed for such sale, and in
case of sale at a broker's board or on a securities exchange, shall state the board or exchange at which such sale is to be made
and the day on which the Collateral, or the portion thereof so being sold, will first be offered for sale at such board or exchange.
Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Secured
Party may fix in the notice of such sale. At any such sale the Collateral may be sold in one lot as an entirety or in separate
parcels, as the Secured Party may determine. The Secured Party shall not be obligated to make any such sale pursuant to any such
notice. The Secured Party may, without notice or publication, adjourn the sale from time to time by announcement at the time and
place fixed for the sale, and such sale may be made at any time or place to which the same may be adjourned. In case of any sale
of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by the Secured Party
until the selling price is paid by the purchaser thereof, but the Secured Party shall not incur any liability in case of the failure
of such purchaser to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be
sold upon like notice.

 

7.5          
Secured Party may sell the Collateral without giving any warranties of any kind. Secured Party may specifically disclaim
any warranties of title or the like and warranties of fitness and merchantibility. The disclaimer of warranties by the Secured
Party shall not be deemed to affect adversely the commercial reasonableness of any disposition of the Collateral.

 

7.6          
The Secured Party, instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits at law
or in equity to foreclose the Security Interest and sell the Collateral, or any portion thereof, under a judgment or decree of
a court or courts of competent jurisdiction.

 

 

    	 	6	 

     

    

 

Section 8.Right of Secured Party to Use
and Operate Collateral, Etc.

 

During the existence of an
Event of Default, the Secured Party shall have the right and power to take possession of all or any part of the Collateral, and
to exclude the Debtor and all persons claiming under the Debtor wholly or partly therefrom, and thereafter to hold, store, and/or
use, operate, manage and control the same. Upon taking possession, the Secured Party may, from time to time, at the expense of
the Debtor, make all such repairs, replacements, alterations, additions and improvements to and of the Collateral as the Secured
Party may deem proper. The Secured Party shall have the right to manage and control the Collateral and to carry on the business
and to exercise all rights and powers of the Debtor in respect thereto as the Secured Party shall deem best, including the right
to enter into any agreements with respect to the leasing and/or operation of the Collateral or any part thereof as the Secured
Party may see fit, and the Secured Party shall be entitled to collect and receive all rents, issues, profits, fees, revenues and
other income of the same and every part thereof. Such rents, issues, profits, fees, revenues and other income shall be applied
to pay the expenses of holding and operating the Collateral and of conducting the business thereof, and of all maintenance, repairs,
replacements, alterations, additions and improvements, and to make all payments which the Secured Party may be required or may
elect to make, if any, for taxes, assessments, insurance and other charges upon the Collateral or any part thereof, and all other
payments which the Secured Party may be required or authorized to make under any provisions of this Agreement (including legal
costs and attorneys, fees). The remainder of such rents, issues, profits, fees, revenues and other income shall be applied to the
payment of the Obligations in such order of priority as the Secured Party shall determine (subject to the provisions of Section
11 hereof).

 

Section 9.Collection of Accounts.

 

9.1           
The Debtor may collect its Accounts in the ordinary course of its business until the occurrence of an Event of Default.
Upon the occurrence of an Event of Default, the Secured Party shall have the right (i) to notify all account debtors and obligors
of Accounts that the Secured Party has a security interest therein and that such Accounts have been assigned to the Secured Party
and (ii) to direct all such persons to make payments to the Secured Party of all sums owing by them to the Debtor. All collections
made by the Debtor during the existence of an Event of Default shall be held in trust by the Debtor for the Secured Party. Any
and all disbursements for costs and expenses incurred or paid by the Secured Party with respect to the enforcement, collection
or protection of its interest in the Accounts, whether by suit or otherwise, or notification to account debtors and obligors, including
reasonable attorneys' fees, court costs and similar expenses, if any, shall become a part of the Obligations secured by the Collateral,
payable on demand.

 

9.2           
The Debtor, at such intervals as the Secured Party may determine, shall permit representatives of the Secured Party to
inspect all invoices and other documents relating to Accounts, provided, however, that such inspections shall not interfere unreasonably
with the operations of the Debtor. The Debtor shall promptly inform the Secured Party of (i) any disputes with any account debtor
or obligor relating to the Accounts and (ii) any claimed offset and counterclaim which may be asserted with respect to any Account.

 

 9.3            Upon the occurrence of an Event of Default,

 

9.31            
the Debtor shall keep all collections separate and apart from all of Debtor's other funds and property. Such funds shall
be delivered to the Secured Party at the time and in the form designated by the Secured Party;

 

9.32             
all collections of Accounts shall be set forth on itemized schedules, showing the name of the account debtor, the amount
of each payment, and such other information as the Secured Party may request; and

 

9.33             
the proceeds of the collections when received by the Debtor shall be deposited into an account designated by the Secured
Party. This account shall be subject to the sole control of the Secured Party, and the Secured Party shall have the right at all
times in its sole discretion to apply all or part of the monies in said account to payment of the Obligations. The Secured Party,
in its sole discretion, may release to the Debtor all or any part of the monies held in said account.

 

Section 10.Power of Attorney.

 

Upon
demand by the Secured Party for payment of the Obligations in full or acceleration of the Obligations by the holder of the note,
the Debtor does hereby irrevocably make, constitute and appoint the Secured Party and any of its officers, employees or agents
as the true and lawful attorneys of the Debtor with power to:

 

 

    	 	7	 

     

    

 

10.l       sign
the name of the Debtor on any financing statement, renewal financing statement, notice or other similar document which, in the
Secured Party's opinion, must be filed to perfect or continue perfected the Security Interests;

 

10.2       
receive, endorse, assign and deliver, in the name of the Debtor or in the name of the Secured Party, all checks, notes,
drafts and other instruments relating to any Collateral including but not limited to receiving, opening and properly disposing
of all mail addressed to the Debtor concerning Accounts and to notify postal authorities to change the address for delivery of
mail to such address as the Secured Party may designate;

 

10.3       
sign the name of the Debtor on any invoice or bill of lading relating to any Accounts, drafts against account debtors, schedules
and assignments of Accounts, notices of assignment, verification of Accounts and notices to account debtors;

 

10.4        
do all other things necessary to carry out the provisions of this Agreement and the Loan Documents.

 

Neither the Secured Party nor any attorney will
be liable for any act of commission or omission, excluding willful misconduct or gross negligence, nor for any error of judgment
or mistake of fact or law. This power, being coupled with an interest, is irrevocable so long as any of the Obligations remains
unpaid.

 

Section 11.Application of Collateral and
Proceeds.

 

11.1       
The proceeds of any disposition of, or other realization upon, all or any part of the Collateral shall be applied in the
following order of priorities:

 

11.1.1   
first, to pay the expenses of such disposition or other realization, including reasonable commissions of the Secured Party
and its agents, all attorneys fees, costs, and expenses incurred in enforcing the Obligations and the Security Interest, and all
expenses, liabilities and advances incurred or made by the Secured Party in connection therewith, and any other unreimbursed expenses
for which the Secured Party is to be reimbursed pursuant to Section 12 hereof;

 

11.1.2   
second, to the payment of the Obligations in such other manner as the Secured Party, in its sole discretion, shall determine;

 

11.1.3   
third, to pay any indebtedness secured by a security interest in or lien against the Collateral, subordinate to the Security
Interest, with respect to which the Secured Party has received an authenticated demand for such proceeds from the holder thereof,
and:

 

11.1.4   
finally, to pay the Debtor, or its successors or assigns, or as a court of competent jurisdiction may direct, any surplus
then remaining from such proceeds.

 

11.2       
If Secured Party sells any of the Collateral upon credit, Debtor will receive credit only when payments are actually made
by the purchaser, received by the Secured Party and applied to the Obligations.

 

Section 12.Expenses; Secured Party's Lien.

 

The Debtor will forthwith upon demand pay to the
Secured Party:

 

12.1       
the amounts of any taxes, assessments or other amounts which the Secured Party may have been required to pay to free any
of the Collateral from any lien thereon; and

 

12.2       
reasonable fees and disbursements of its counsel and of any agents which the Secured Party may incur in connection with
the collection, sale or other disposition of any of the Collateral or any Event of Default on the Debtor's part hereunder.

 

 

    	 	8	 

     

    

 

Section 13.Termination of Security Interest;
Release of Collateral.

 

Upon the repayment and
performance in full of all the Obligations, the Security Interest shall terminate and all rights to the Collateral shall revert
to the Debtor. Upon any such termination of the Security Interest or release of Collateral, the Secured Party will, at the Debtor's
expense to the extent permitted by law, (a) allow Debtor to file any such documents to evidence the termination of the Security
Interest or the release of such Collateral, or (b) execute and deliver to the Debtor such documents as the Debtor shall reasonably
request, to evidence the termination of the Security Interest or the release of such Collateral, as the case may be.

 

Section 14.Notices.

 

All notices, communications
and distributions hereunder shall be given or made to the following parties at the following address:

 

		(i)	If to the Debtor, to it at: YIC Acquisitions Corp

123 W. Nye Lane, Suite 129

Carson City, Nevada 89706

 

with a copy to:

Anthony F. Newton,
Esquire tony.newton@yahoo.com

		(ii)	If to the Secured Party, to it at: Mid Penn Bank

2407 Park Drive

Harrisburg, PA 17110

Attn: Bonnie Berkoski, Assistant Vice President

 

with a copy to:

Steven J. Schiffman,
Esquire Schiffman, Sheridan & Brown, P.C. Suite 201

2080 Linglestown Road

Harrisburg, PA 17110

 

or at such other
address as the addressee may hereafter specify for that purpose by written notice to the other party hereto. Such notices and
other communications will be effectively given only if and when given in writing and actually (i) hand-delivered at the
address set forth in this Section 14, (ii) received via United States mail, certified or registered mail, return receipt
requested, with postage prepaid, addressed as aforesaid, (iii) delivered to a overnight courier service (charges prepaid); or
(iv) transmitted by telecopy or other means of electronic transmission.

 

Section 15.Waivers, Non-Exclusive Remedies.

 

No failure on the part
of the Secured Party to exercise, and no delay in exercising, and no course of dealing with respect to, any right, power or remedy
under this Security Agreement shall operate as a waiver thereof, nor shall any single or partial exercise by the Secured Party
of any right, power or remedy under this Security Agreement preclude any other right, power or remedy. The remedies in this Security
Agreement are cumulative and are not exclusive of any other remedies provided by law.

 

Section 16.Changes in Writing.

 

Neither this Security
Agreement nor any provision hereof may be changed, waived, discharged or terminated orally but only by a statement in writing signed
by the party against which enforcement of the change, waiver, discharge or termination is sought.

 

Section 17.Applicable Law; Meaning of Terms.

 

This Security Agreement
shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania. Unless otherwise defined herein,
or unless the context otherwise requires, all terms used herein which are defined in the U.C.C. have the meanings therein stated.
This Security Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto
and any subsequent holder of the Note. This Security Agreement is for the benefit of any and all future holders of the Note in
addition to the Secured Party, each of which shall, without further act, become a party hereto by being a holder of the Note.

 

 

    	 	9	 

     

    

 

Section 18.Consent to Jurisdiction.

 

Debtor hereby consents to
the exclusive jurisdiction of the Court of Common Pleas of Dauphin County, Pennsylvania, and/or the United States District Court
for the Middle District of Pennsylvania in any and all actions or proceedings arising hereunder or pursuant hereto, and irrevocably
agrees to service of process by certified mail, return receipt requested, to the Notice Address set forth herein or to such other
address as Debtor may direct by notice to Secured Party.

 

SECTION 19.JURY TRIAL WAIVER

 

DEBTOR HEREBY WAIVES THE
RIGHT TO HAVE ANY CONTROVERSY, ISSUE OR MATTER ARISING HEREUNDER TRIED BY JURY.

 

Section 20.Severability.

 

If any provision hereof
is invalid or unenforceable in any jurisdiction, the other provisions hereof shall remain in full force and effect in such jurisdiction.

 

Section 21.Headings.

 

The headings in this Security
Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

Section 23.ACKNOWLEDGMENT.

 

THIS SECURITY AGREEMENT
CONTAINS A POWER OF ATTORNEY COUPLED WITH AN INTEREST AND IS FOR THE SOLE BENEFIT OF THE SECURED PARTY. THIS SECURITY AGREEMENT
IS BEING EXECUTED IN CONNECTION WITH A LOAN OR OTHER FINANCIAL TRANSACTION FOR BUSINESS PURPOSES AND NOT PRIMARILY FOR PERSONAL,
FAMILY OR HOUSEHOLD PURPOSES. THE SECURED PARTY UNDER THE POWER OF ATTORNEY IS NOT FIDUCIARY FOR THE DEBTOR. IN EXERCISING ANY
OF ITS RIGHTS OR POWERS PURSUANT TO THE POWER OF ATTORNEY, THE SECURED PARTY MAY DO SO FOR THE SOLE BENEFIT OF THE SECURED PARTY
AND NOT FOR THE SECURED PARTY. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE PROVISIONS OF TITLE 20, PENNSYLVANIA CONSOLIDATED STATUTES,
SECTION 5601 ET SEQ. AS AMENDED (SPECIFICALLY INCLUDING ACT 39 OF 1999) SHALL NOT BE APPLICABLE TO THE POWER OF ATTORNEY.

 

{SIGNATURES ON FOLLOWING PAGE}

 

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, this
Security Agreement has been executed by the parties hereto all as of the day and year first above written.

 

 

 

	 	DEBTOR
	 	 
	 	YIC Acquisitions Corp., a Nevada business corporation
	 	 
	 	 
	 	By: 	/s/ Everett Dickson
	 	Name:

        Title:
	Everett Dickson
President
	 	 	 
	 	 	 
	 	Secured Party
	 	 	 
	 	MID PENN BANK
	 	 	 
	 	 	 
	 	By:	/s/ Bonnie Berkoski
	 	Name:	Bonnie Berkoski
	 	Title:	Asset Recovery Manager

 

 

    	 	11	 

     

    

 

 

Schedule 4.2

 

1058 Centre Turnpike

Orwigsburg, PA 17961
And

123 W. Nye Lane, Suite
129 Carson City, Nevada 89706

 

 

 

Schedule 4.4

 

1058 Centre Turnpike

Orwigsburg, PA 17961
And

123 W.
Nye Lane, Suite 129

Carson City, Nevada 89706

 

 

Schedule 4.5

 

1058 Centre Turnpike

Orwigsburg, PA 17961
And

123 W. Nye Lane, Suite
129 Carson City, Nevada 89706

 

 

Schedule 4.7

 

None

 

 

 

 

    	 	12

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