Document:

Exhibit 10.6

 

EXHIBIT 10.6

NISSAN MOTOR ACCEPTANCE CORPORATION,

NISSAN-INFINITI LT,

NILT TRUST,

NISSAN AUTO LEASING LLC II,

NISSAN AUTO LEASE TRUST 2008-A,

and

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

 

BACK-UP SECURITY AGREEMENT

Dated as of April 23, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE I.            DEFINITIONS	 	 	2	 
	 	1.01	 	 	Definitions
	 	 	2	 
	 	1.02	 	 	Interpretive Provisions
	 	 	2	 
	ARTICLE II.             SECURITY INTEREST	 	 	3	 
	 	2.01	 	 	Grant of Security Interest
	 	 	3	 
	 	2.02	 	 	Certificate of Title
	 	 	3	 
	 	2.03	 	 	Filing of Financing Statements
	 	 	3	 
	 	2.04	 	 	Use of Collateral
	 	 	3	 
	 	2.05	 	 	Further Description of the Collateral
	 	 	4	 
	 	2.06	 	 	Back-Up Rights of Indenture Trustee
	 	 	4	 
	ARTICLE III.           MISCELLANEOUS	 	 	4	 
	 	3.01	 	 	Amendments
	 	 	4	 
	 	3.02	 	 	Governing Law
	 	 	5	 
	 	3.03	 	 	Severability of Provisions
	 	 	5	 
	 	3.04	 	 	Counterparts
	 	 	5	 
	 	3.05	 	 	Successors and Assigns
	 	 	5	 
	 	3.06	 	 	Further Assurances
	 	 	5	 
	 	3.07	 	 	Limitation of Liability of Owner Trustee
	 	 	6	 
	 	3.08	 	 	Notices
	 	 	6	 
	 	3.09	 	 	No Petition
	 	 	6	 
	 	3.10	 	 	No Recourse
	 	 	6	 

-i-

 

BACK-UP SECURITY AGREEMENT

     This Back-Up Security Agreement, dated as of April 23, 2008 (as amended, supplemented or
otherwise modified from time to time, this “Agreement”), is among Nissan Motor Acceptance
Corporation, a California corporation (“NMAC”), Nissan-Infiniti LT, a Delaware statutory
trust (the “Titling Trust”), NILT Trust, a Delaware statutory trust (“NILT Trust”),
Nissan Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), Nissan Auto
Lease Trust 2008-A, a Delaware statutory trust (the “Issuing Entity”), and U.S. Bank
National Association (“U.S. Bank”), as trustee (the “Indenture Trustee”) under the
Indenture, dated as of April 23, 2008 (the “Indenture”), between the Issuing Entity and the
Indenture Trustee.

RECITALS

     WHEREAS, NILT Trust, as Grantor and UTI Beneficiary, NMAC, as Servicer, Wilmington Trust
Company, as Delaware Trustee, NILT, Inc., as Trustee, and U.S. Bank, as Trust Agent, have entered
into an amended and restated trust and servicing agreement, dated as of August 26, 1998 (the
“Titling Trust Agreement”), pursuant to which the Titling Trust was created to, among other
things, take assignments and conveyances of and hold in trust various assets (the “Trust
Assets”);

     WHEREAS, the parties to the Titling Trust Agreement supplemented the Titling Trust Agreement
with the 2008-A SUBI Supplement, dated as of April 23, 2008 (together with the Titling Trust
Agreement, the “SUBI Trust Agreement”), to establish a special unit of beneficial interest,
the “2008-A SUBI” (“2008-A SUBI”);

     WHEREAS, in connection with the SUBI Trust Agreement a separate portfolio of leases (the
“2008-A Leases”), the vehicles that are leased under the 2008-A Leases (the “2008-A
Vehicles”), and certain other related Trust Assets have been allocated to the 2008-A SUBI;

     WHEREAS, the Titling Trust has issued a certificate evidencing a 100% beneficial interest in
the 2008-A SUBI (the “2008-A SUBI Certificate”) to NILT Trust;

     WHEREAS, the Issuing Entity was formed pursuant to a trust agreement, dated as of February 13,
2008, as amended and restated by the Amended and Restated Trust Agreement, dated as of April 23,
2008 (the “Trust Agreement”), each between NALL II and Wilmington Trust Company, as Owner
Trustee;

     WHEREAS, pursuant to the SUBI Certificate Transfer Agreement, dated as of April 23, 2008 (the
“SUBI Certificate Transfer Agreement”), between NILT Trust and NALL II, NILT Trust has
sold, transferred and assigned to NALL II, without recourse, all of NILT Trust’s right, title and
interest in the 2008-A SUBI Certificate;

     WHEREAS, pursuant to the Trust SUBI Certificate Transfer Agreement, dated as of April 23, 2008
(the “Trust SUBI Certificate Transfer Agreement”), between NALL II, as

1

 

depositor (the “Depositor”) and the Issuing Entity, as transferee, the Depositor has
sold, transferred and assigned to the Issuing Entity, without recourse, all of the Depositor’s
right, title and interest in the 2008-A SUBI Certificate;

     WHEREAS, pursuant to the Indenture, the Issuing Entity has pledged and granted a security
interest in the 2008-A SUBI Certificate to the Indenture Trustee to secure payment of the Notes;

     WHEREAS, the parties hereto desire to enter into this Agreement to provide that if, for any
reason, the form of any of the transactions contemplated by the SUBI Trust Agreement, the 2008-A
SUBI Certificate, the Trust Agreement, the SUBI Certificate Transfer Agreement, the Trust SUBI
Certificate Transfer Agreement or the Indenture (collectively, the “Transfer Documents”) is
deemed to constitute a loan by any or all of the Securityholders, secured by a pledge of the 2008-A
SUBI Assets or any interest therein (rather than by the 2008-A SUBI Certificate), each of NMAC, the
Titling Trust, NILT Trust, the Depositor and the Issuing Entity shall be deemed to have granted to
the Indenture Trustee a first priority security interest in such assets to secure the Notes.

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

ARTICLE I.

DEFINITIONS

     1.01 Definitions. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Agreement of Definitions, dated as of April 23, 2008, by
and among the Issuing Entity, as issuer, NILT Trust, as grantor and initial beneficiary (in such
capacity, the “Grantor” and the “UTI Beneficiary,” respectively), the Titling
Trust, NMAC, in its individual capacity, as servicer and as administrative agent (in such capacity,
the “Servicer” and the “Administrative Agent,” respectively), NALL II, NILT, Inc.,
a Delaware corporation, as trustee to the Titling Trust (the “Trustee”), Wilmington Trust
Company, a Delaware banking corporation, as owner trustee and Delaware trustee (in such capacity,
the “Owner Trustee” and the “Delaware Trustee,” respectively) and U.S. Bank, as
Indenture Trustee and trust agent (in such capacity, the “Trust Agent”).

     1.02 Interpretive Provisions. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used herein include, as
appropriate, all genders and the plural as well as the singular, (ii) references to words such as
“herein”, “hereof” and the like shall refer to this Agreement as a whole and not to any particular
part, Article or Section herein, (iii) references to an Article or Section such as “Article One” or
“Section 1.01” shall refer to the applicable Article or Section of this Agreement, (iv) the term
“include” and all variations thereof shall mean “include without limitation”, (v) the term “or”
shall include “and/or” and (vi) the term “proceeds” shall have the meaning ascribed to such term in
the UCC.

Back-Up Security Agreement

2

 

ARTICLE II.

SECURITY INTEREST

     2.01 Grant of Security Interest.

          (a) Each of NMAC, the Titling Trust, NILT Trust, the Depositor and the Issuing Entity hereby
grants to the Indenture Trustee a security interest in all of its present and future right, title
and interest in, to and under (but not, except to the extent required by law, any obligations with
respect to) the following collateral: (i) a 100% beneficial interest in (A) all rights under the
2008-A Leases; (B) to the extent permitted by applicable law, the 2008-A Vehicles; (C) all other
2008-A SUBI Assets, including the 2008-A SUBI Collection Account; and (D) all proceeds of the items
described in clauses (i) (A), (B) and (C), including insurance payable by reason of loss or damage
to the 2008-A Vehicles to the extent not applied to making repairs to the related 2008-A Vehicle or
otherwise paid by the Servicer to the Lessee, a third person or governmental authority as required
by law or pursuant to its normal servicing practices; (ii) the Reserve Account; (iii) all rights
and benefits under the Interest Rate Swap Agreements; and (iv) all proceeds, accounts, money,
general intangibles, instruments, chattel paper, goods, investment property or other property
consisting of, arising from or related to the foregoing (collectively, the “Collateral”). Such
grant is made to secure (i) the payment of all amounts due on the Securities in accordance with
their terms in the priorities of payment set forth in the Indenture, (ii) the payment of all other
sums payable under the Indenture and (iii) compliance with the provisions of the Indenture.

          (b) The Indenture Trustee acknowledges such grant and assignment, but all parties hereto
acknowledge and agree that (i) such grant and assignment are made solely for protective purposes
and without representation or warranty as to the nature of any of parties’ rights in and to the
Collateral and (ii) none of the parties hereto intends to imply in any way that any of the Transfer
Documents should not be interpreted or enforced in accordance with its respective terms. The
Indenture Trustee also acknowledges that it shall have no claim to any proceeds or assets of the
Titling Trust or to any of the Trust Assets other than the 2008-A SUBI Assets and any present or
future proceeds thereof.

     2.02 Certificate of Title. None of the parties hereto, including the Titling Trust,
shall have any obligation or otherwise be required to make notation on, or cause to be taken any
other action with respect to, any Certificate of Title for any 2008-A Vehicle to reflect the
back-up Lien created hereby.

     2.03 Filing of Financing Statements. Each of NMAC, the Titling Trust, NILT Trust, the
Depositor and the Issuing Entity will from time to time execute, deliver and file all financing
statements and continuation statements reasonably required or necessary to maintain, perfect or
continue the perfection of the backup Lien created hereby with respect to the 2008-A Leases and the
proceeds thereof and any other Collateral, the perfection of a security interest in which may be
accomplished and continued by the same filings.

     2.04 Use of Collateral. Each of the parties granting a security interest hereunder may
continue to use and deal with its interest in the Collateral in any lawful manner and may sell

Back-Up Security Agreement

3

 

items of Collateral in the ordinary course of its business, subject only to the requirements of the
Transfer Documents and the Servicing Agreement, as appropriate.

     2.05 Further Description of the Collateral. A description of the 2008-A Leases and the
2008-A Vehicles appears on the Schedule of 2008-A Leases and 2008-A Vehicles.

     2.06 Back-Up Rights of Indenture Trustee. If a Back-Up Event shall have occurred and
be continuing, the Indenture Trustee may exercise the rights and remedies with respect to the
Collateral of a secured party under the UCC to the extent permitted by applicable law.
Notwithstanding any other provision hereof, the Indenture Trustee shall have recourse only against
the Collateral and not against any Pledgor hereunder (excluding responsibilities of NMAC solely as
Servicer).

ARTICLE III.

MISCELLANEOUS

     3.01 Amendments.

     (a) Any term or provision of this Agreement may be amended by the parties hereto, without the
consent of any other Person; provided that (i) either (A) any amendment that materially and
adversely affects the interests of the Noteholders shall require the consent of Noteholders
evidencing not less than a Majority Interest of the Notes voting together as a single class or (B)
such amendment shall not, as evidenced by an Officer’s Certificate of the Servicer or the Depositor
delivered to the Indenture Trustee, materially and adversely affect the interests of the
Noteholders and (ii) any amendment that adversely affects the interests of the Trust
Certificateholders, the Indenture Trustee or the Owner Trustee shall require the prior written
consent of the Persons whose interests are adversely affected. An amendment shall be deemed not to
materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is
satisfied with respect to such amendment and the Officer’s Certificate described in the preceding
sentence is provided to the Indenture Trustee. The consent of the Trust Certificateholders or the
Owner Trustee shall be deemed to have been given if the Servicer does not receive a written
objection from such Person within 10 Business Days after a written request for such consent shall
have been given. The Indenture Trustee may, but shall not be obligated to, enter into or consent
to any such amendment that affects the Indenture Trustee’s own rights, duties, liabilities or
immunities under this Agreement or otherwise. Notwithstanding the foregoing, this Agreement may not
be amended in any way that would materially and adversely affect the rights of the Swap
Counterparty without notice to the Rating Agencies and the consent of the Swap Counterparty;
provided that the Swap Counterparty’s consent to any such amendment shall not be unreasonably
withheld, and provided, further that the Swap Counterparty’s consent will be deemed to have been
given if the Swap Counterparty does not object in writing within 10 days of receipt of a written
request for such consent.

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

Back-Up Security Agreement

4

 

     (c) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or
principal amount of any Note, or change the due date of any installment of principal of or interest
in any Note, or the Redemption Price with respect thereto, without the consent of the Holder of
such Note or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to
any matter without the consent of the Holders of at least a Majority Interest of the Notes which
were required to consent to such matter before giving effect to such amendment.

     (d) Notwithstanding anything herein to the contrary, any term or provision of this Agreement
may be amended by the Servicer or the Depositor without the consent of any of the Noteholders or
any other Person to add, modify or eliminate any provisions as may be necessary or advisable in
order to comply with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in effect); it being a
condition to any such amendment that the Rating Agency Condition shall have been satisfied the
Officer’s Certificate described in Section 3.01(b)(i)(B) is delivered to the Indenture Trustee.

     (e) Not less than 15 days prior to the execution of any amendment to this Agreement, the
Servicer shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner
Trustee and the Indenture Trustee with written notice of the substance of such amendment. No later
than 10 Business Days after the execution of any amendment to this Agreement, the Servicer shall
furnish a copy of such amendment to each Rating Agency, the Trust Certificateholders, the Indenture
Trustee and the Owner Trustee.

     (f) None of U.S. Bank National Association, as trustee of NILT Trust and as Trust Agent, NILT,
Inc., nor the Indenture Trustee shall be under any obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is
satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of
the Indenture Trustee and U.S. Bank National Association an Officer’s Certificate to that effect,
and U.S. Bank National Association and the Indenture Trustee may conclusively rely upon the
Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with
respect to such amendment.

     3.02 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions (other
than Section 5-1401 of the General Obligations Law of the State of New York).

     3.03 Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid or
unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions and terms of this Agreement, as the same may be
amended or supplemented, and shall in no way affect the validity or enforceability of the other
covenants, agreements, provisions or terms of this Agreement.

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

Back-Up Security Agreement

5

 

     3.05 Successors and Assigns. All covenants and agreements contained in this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and permitted assigns.

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

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

     3.08 Notices. All notices, requests and demands under this Agreement shall be given in
accordance with Section 11.04 of the Indenture. The address for such purpose of the Titling
Trust shall be c/o NILT, Inc., as Trustee, 209 South LaSalle Street, Suite 300, Chicago IL 60604
(telecopier no. (312) 325-8905), Attention: Nissan Auto Lease Trust 2008-A.

     3.09 No Petition. Each of the parties hereto covenants and agrees that prior to the
date that is one year and one day after the date upon which all obligations under each Securitized
Financing have been paid in full, it will not institute against, or join any other Person in
instituting against the Grantor, the Depositor, the Trustee, the Titling Trust, the Issuing Entity,
any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization,
arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state
bankruptcy or similar law.

     3.10 No Recourse.

     (a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by U.S. Bank, not individually or personally, but solely as trustee of NILT
Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings, and agreements herein made on the part of NILT Trust, is made and
intended not as personal representations, undertakings, and agreements by U.S. Bank, but is made
and intended for the purpose of binding only NILT Trust, (iii) nothing herein contained shall be
construed as creating any liability on U.S. Bank, individually or personally, to perform any
covenant, either expressed or implied, contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, and (iv) under no circumstances shall U.S. Bank be personally liable for the
payment of any indebtedness or expenses of NILT Trust under this Agreement or any other related
documents.

Back-Up Security Agreement

6

 

     (b) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by NILT, INC., not individually or personally, but solely as Titling Trustee
of Nissan-Infiniti LT, in the exercise of the powers and authority conferred and vested in it, (ii)
each of the representations, undertakings, and agreements herein made on the part of
Nissan-Infiniti LT, is made and intended not as personal representations, undertakings, and
agreements by NILT INC., but is made and intended for the purpose of binding only Nissan-Infiniti
LT, (iii) nothing herein contained shall be construed as creating any liability on NILT, INC.,
individually or personally, to perform any covenant, either expressed or implied, contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto, and (iv) under no circumstances shall NILT, INC. be
personally liable for the payment of any indebtedness or expenses of Nissan-Infiniti LT under this
Agreement or any other related documents.

[Signature Pages to Follow]

Back-Up Security Agreement

7

 

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

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN MOTOR ACCEPTANCE CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN-INFINITI LT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: NILT, INC., as Titling Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NILT TRUST	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: U.S. BANK NATIONAL
ASSOCIATION, as 
       Managing Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO LEASING LLC II	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Back-Up Security Agreement

S-1

 

	 	 	 	 	 	 	 	 	 
	 	 	NISSAN AUTO LEASE TRUST 2008-A	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Wilmington Trust Company,

not in its individual capacity, but

solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Back-Up Security Agreement

S-2Exhibit 10.7

 

EXHIBIT 10.7

 

NISSAN AUTO LEASE TRUST 2008-A,

U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee and

as Secured Party,

and

U.S. BANK NATIONAL ASSOCIATION,

as Securities Intermediary

 

CONTROL AGREEMENT

Dated as of April 23, 2008

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	1.01 General Definitions
	 	 	1	 
	1.02 Incorporation of UCC by Reference
	 	 	2	 
	1.03 Interpretive Provisions
	 	 	2	 
	 
	ARTICLE TWO ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS
	 	 	2	 
	2.01 Establishment of Reserve Account
	 	 	2	 
	2.02 “Financial Assets” Election
	 	 	2	 
	2.03 Entitlement Orders
	 	 	2	 
	2.04 Subordination of Lien; Waiver of Set-Off
	 	 	3	 
	2.05 Notice of Adverse Claims
	 	 	3	 
	 
	ARTICLE THREE REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY
	 	 	3	 
	3.01 Representations, Warranties and Covenants of the Securities Intermediary
	 	 	3	 
	 
	ARTICLE FOUR MISCELLANEOUS
	 	 	4	 
	4.01 Choice of Law
	 	 	4	 
	4.02 Conflict with Other Agreements
	 	 	4	 
	4.03 Amendments
	 	 	4	 
	4.04 Successors
	 	 	4	 
	4.05 Notices
	 	 	4	 
	4.06 Termination
	 	 	5	 
	4.07 Counterparts
	 	 	5	 
	4.08 No Petition
	 	 	5	 

-i-

 

CONTROL AGREEMENT

     This Control Agreement (this “Agreement”), dated as of April 23, 2008 (as amended,
supplemented or otherwise modified from time to time, this “Agreement”) is among Nissan Auto Lease
Trust 2008-A, a statutory trust formed pursuant to the laws of the State of Delaware (the
“Issuing Entity”), U.S. Bank National Association (“U.S. Bank”), in its capacity as
indenture trustee (the “Indenture Trustee”) on behalf of the holders of the Notes (the
“Secured Party”) under the Indenture, dated as of April 23, 2008 (the “Indenture”),
by and between the Issuing Entity and the Indenture Trustee, and U.S. Bank, in its capacity as
securities intermediary (the “Securities Intermediary”).

RECITALS

     WHEREAS, pursuant to the Indenture, the Issuing Entity has granted to the Secured Party a
security interest in investment property consisting of the Reserve Account, related Security
Entitlements and the financial assets and other investment property from time to time included
therein to secure payment of the Notes;

     WHEREAS, pursuant to the Indenture, on the date on which the lien of the Indenture is
released, rights with respect to the Reserve Account shall be transferred back to the Trust; and

     WHEREAS, the parties hereto desire that the security interest of the Secured Party be a first
priority security interest perfected by “control” pursuant to Articles Eight and Nine of the UCC.

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE ONE

DEFINITIONS

          1.01 General Definitions. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Agreement of Definitions, dated as of April 23,
2008, by and among the Issuing Entity, as issuer, NILT Trust, a Delaware statutory trust, as
grantor and initial beneficiary (in such capacity, the “Grantor” and the “UTI
Beneficiary,” respectively), Nissan-Infiniti LT, a Delaware statutory trust (the “Titling
Trust”), Nissan Motor Acceptance Corporation, a California corporation (“NMAC”), in its
individual capacity, as servicer and as administrative agent (in such capacity, the
“Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC
II, a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware corporation,
as trustee to the Titling Trust (the “Trustee” or “Titling Trustee”), Wilmington
Trust Company, a Delaware banking corporation, as owner trustee and Delaware trustee (in such
capacity, the “Owner Trustee” and the “Delaware Trustee,” respectively) and U.S.
Bank, as Indenture Trustee and trust agent (in such capacity, the “Trust Agent”).

Control
Agreement

1

 

          1.02 Incorporation of UCC by Reference. Except as otherwise specified herein or as the
context may otherwise require, all terms used in this Agreement not otherwise defined herein which
are defined in the UCC shall have the meanings assigned to them in the UCC.

          1.03 Interpretive Provisions. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used in this Agreement
include, as appropriate, all genders and the plural as well as the singular, (ii) references to
words such as “herein”, “hereof”, and the like shall refer to this Agreement as a whole and not to
any particular part, Article, or Section within this Agreement, (iii) the term “include” and all
variations thereof shall mean “include without limitation”, (iv) the term “or” shall include
“and/or”, (v) the term “proceeds” shall have the meaning ascribed thereto in the UCC and (vi) any
defined term that relates to a document shall include within its definition any amendments,
modifications, renewals, restatements, extensions, supplements, or substitutions that have been or
are hereafter executed and delivered in accordance with the terms thereof, except that references
to the SUBI Trust Agreement include only such items as related to the 2008-A SUBI and the Titling
Trust.

ARTICLE TWO

ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

          2.01 Establishment of Reserve Account. The Securities Intermediary hereby confirms
that (i) the Issuing Entity has established the Reserve Account with the Securities Intermediary,
(ii) the Reserve Account is an account to which financial assets are or may be credited, (iii) the
Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the
Secured Party as entitled to exercise the rights with respect to any financial asset credited to
the Reserve Account, (iv) all property delivered to the Securities Intermediary by or on behalf of
the Secured Party for deposit to the Reserve Account will promptly be credited to the Reserve
Account and (v) all securities or other property underlying any financial assets credited to the
Reserve Account shall be registered in the name of the Securities Intermediary, endorsed to the
Securities Intermediary or in blank or credited to another securities account maintained in the
name of the Securities Intermediary and in no case will any financial asset credited to the Reserve
Account be registered in the name of the Issuing Entity, payable to the order of the Issuing Entity
or specially endorsed to the Issuing Entity except to the extent the foregoing have been specially
endorsed to the Securities Intermediary or in blank.

          2.02 “Financial Assets” Election. The Securities Intermediary hereby agrees that each
item of property (whether investment property, financial asset, security, instrument or cash)
credited to the Reserve Account shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC.

          2.03 Entitlement Orders. If at any time the Securities Intermediary shall receive any
Entitlement Order from the Secured Party with respect to the Reserve Account, the Securities
Intermediary shall comply with such Entitlement Order without further consent by the Issuing
Entity, the Secured Party or any other Person. If at any time the Secured Party notifies the
Securities Intermediary in writing that the Lien of the Indenture has been released, the Securities
Intermediary shall thereafter comply with Entitlement Orders with respect to the

Control
Agreement

2

 

Reserve Account from the Secured Party without further consent by the Issuing Entity or any
other Person.

          2.04 Subordination of Lien; Waiver of Set-Off. If the Securities Intermediary has or
subsequently obtains by agreement, operation of law or otherwise a security interest in the Reserve
Account or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees
that such security interest shall be subordinate to the security interests of the Secured Party.
The financial assets and other items deposited to the Reserve Account will not be subject to
deduction, set-off, banker’s lien or any other right in favor of any Person or entity other than
the Secured Party (except that the Securities Intermediary may set off against amounts on deposit
in the Reserve Account (i) all amounts due to it in respect of its customary fees and expenses for
the routine maintenance and operation of the Reserve Account and (ii) the face amount of any checks
that have been credited to the Reserve Account but are subsequently returned unpaid because of
uncollected or insufficient funds).

          2.05 Notice of Adverse Claims. Except for the claims and interests of the Secured
Party and the Issuing Entity in the Reserve Account, the Securities Intermediary does not know of
any claim to, or interest in, the Reserve Account or in any financial asset credited thereto. If
any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Reserve Account or in
any financial asset credited thereto, the Securities Intermediary will promptly notify the Secured
Party and the Issuing Entity thereof.

ARTICLE THREE

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES

INTERMEDIARY

          3.01 Representations, Warranties and Covenants of the Securities Intermediary. The
Securities Intermediary hereby represents and warrants to each of the Secured Party and the Issuing
Entity, and covenants that:

               (a) The Reserve Account has been established as set forth in Section 2.01 and the
Reserve Account will be maintained in the manner set forth herein until termination of this
Agreement. The Securities Intermediary shall not change the name or account number of the Reserve
Account without the prior written consent of the Secured Party.

               (b) No financial asset carried in the Reserve Account is or will be registered in the name of
the Issuing Entity, payable to the order of the Issuing Entity, or specially endorsed to the
Issuing Entity, except to the extent such financial asset has been endorsed to the Securities
Intermediary or in blank.

               (c) This Agreement is the valid and legally binding obligation of the Securities Intermediary,
enforceable against the Securities Intermediary in accordance with its terms.

               (d) The Securities Intermediary has not entered into, and until the termination of this
Agreement will not enter into, any agreement pursuant to which it agrees to

Control
Agreement

3

 

comply with Entitlement Orders of any Person other than the Secured Party to the extent
provided in Section 2.03, with respect to the Reserve Account.

               (e) The Securities Intermediary has not entered into any other agreement with the Issuing
Entity or the Secured Party purporting to limit or condition the obligation of the Securities
Intermediary to comply with Entitlement Orders as set forth in Section 2.03.

ARTICLE FOUR

MISCELLANEOUS

          4.01 Choice of Law. This Agreement and the Reserve Account shall be governed by the
laws of the State of New York, without reference to its conflict of law provisions (other than
Section 5-1401 of the General Obligations Law of the State of New York). Regardless of any
provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the
Securities Intermediary’s jurisdiction and the Reserve Account (as well as the Security
Entitlements related thereto) shall be governed by the laws of the State of New York.

          4.02 Conflict with Other Agreements. There are no other agreements entered into
between the Securities Intermediary in such capacity and the Issuing Entity with respect to the
Reserve Account. In the event of any conflict between this Agreement (or any portion thereof) and
any other agreement now existing or hereafter entered into, the terms of this Agreement shall
prevail.

          4.03 Amendments. No amendment or modification of this Agreement or waiver of any right
hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the
parties hereto.

          4.04 Successors. The terms of this Agreement shall be binding upon, and shall inure to
the benefit of, the parties hereto and their respective corporate successors.

          4.05 Notices. All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed by registered
mail, return receipt requested, to, in the case of (i) the Issuing Entity c/o Wilmington Trust
Company, at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890 (telecopier no.
(302) 651-8882), Attention: Corporate Trust Administration, with a copy to Nissan Motor Acceptance
Corporation, as Administrative Agent, at 333 Commerce Street, 10th Floor, B-10-C,
Nashville, Tennessee 37201-1800 (telecopier no. (615) 725-1720), Attention: Treasurer, (ii) the
Secured Party, at U.S. Bank National Association, 209 South LaSalle Street, Suite 300, Chicago, IL
60604 (telecopier no. (312) 325-8905), Attention: Nissan Auto Lease Trust 2008-A, and (iii) the
Securities Intermediary, at U.S. Bank National Association, 209 South LaSalle, Suite 300, Chicago
IL 60604 (telecopier no. (312) 325-8905), Attention: Nissan Auto Lease Trust 2008-A, or as to any
of such parties, at such other address as shall be designated by such party in a written notice to
the other parties.

Control
Agreement

4

 

          4.06 Termination. The rights and powers granted herein to the Secured Party have been
granted in order to perfect its security interest in the Reserve Account, are powers coupled with
an interest and will neither be affected by the bankruptcy of the Issuing Entity nor by the lapse
of time. The obligations of the Securities Intermediary hereunder shall continue in effect with
respect to the Reserve Account until the Secured Party shall have notified the Securities
Intermediary in writing that its security interests under the Indenture have been terminated.

          4.07 Counterparts. This Agreement may be executed in any number of counterparts, all
of which shall constitute one and the same instrument, and any party hereto may execute this
Agreement by signing and delivering one or more counterparts.

          4.08 No Petition. Each of the parties hereto covenants and agrees that prior to the
date that is one year and one day after the date upon which all obligations under each Securitized
Financing have been paid in full, it will not institute against, or join any other Person in
instituting against the Grantor, the Depositor, the Trustee, the Titling Trust, the Issuing Entity
, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization,
arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state
bankruptcy or similar law.

[Signature Page to Follow]

Control
Agreement

5

 

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

	 	 	 	 	 
	 	 	NISSAN AUTO LEASE TRUST 2008-A
	 
	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Indenture Trustee and Secured Party
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Securities Intermediary
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

Control
Agreement

S-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]